Group 1 - Healthy eating is no longer an optional lifestyle choice but a fundamental aspect of pursuing a high-quality life and maintaining physical and mental health [1] - A balanced, moderate, and diverse diet is essential for health, ensuring the intake of proteins, carbohydrates, healthy fats, vitamins, and minerals [1][3] - Overconsumption of any nutrient can lead to health issues such as obesity, cardiovascular diseases, and diabetes, emphasizing the importance of moderation in dietary choices [3] Group 2 - A diverse diet not only ensures comprehensive nutrient intake but also enhances the enjoyment of food, preventing monotony and overeating [3] - The internet provides vast resources for healthy eating, allowing access to nutritional knowledge, dietary plans, and diverse culinary cultures [3] - The application of internet technologies like big data and artificial intelligence is driving the trend towards more precise and personalized healthy eating solutions [5] Group 3 - The industry is witnessing a transformation as companies leverage the internet for marketing and sales, utilizing platforms like mini-programs and social media for targeted outreach [5]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a revenue decline of 0.8% with constant currency revenue growth of 0.7% [28] - Gross margin expanded by 450 basis points year-over-year to 31.6%, marking the best quarterly results since the company went public [28][29] - Adjusted EBITDA loss was €3.7 million, an improvement of €9.5 million compared to the same quarter last year [28][32] Business Line Data and Key Metrics Changes - Volume grew by 9.2% in the quarter, with strong performance in Greater China and solid growth in Europe and International [6][29] - North America segment underperformed due to a change in sourcing strategy at the largest customer and SKU rationalization in frozen items [20][32] - The company continues to outperform both the plant-based milk category and the oat milk category, despite challenges in North America [21][32] Market Data and Key Metrics Changes - The German market saw accelerated growth to nearly 8% in the last twelve weeks, while the UK market is moving from decline to incipient growth [18][19] - The Greater China segment is performing well, with a focus on food service and rebuilding retail presence [23][24] Company Strategy and Development Direction - The company aims for disciplined resource allocation to create value and achieve its first full year of profitable growth as a public company [4][5] - Key priorities include igniting positive momentum globally, pursuing cost efficiencies, and enhancing brand relevance [9][25] - The company plans to roll out its strategy to more European markets and North America in Q2 2025 [26][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges in North America but believes investments and action plans will drive positive momentum later in the year [7][20] - The company expects constant currency growth in the range of 2% to 4% for the full year, with adjusted EBITDA projected between €5 million to €15 million [35][36] Other Important Information - The company reduced its cost of goods sold per liter by 15% year-over-year and 6% compared to the previous quarter [25] - Free cash flow improved to a use of cash of €21 million, marking the best quarterly performance as a public company [34] Q&A Session Summary Question: What gives confidence that initiatives in the U.S. will lift the soft oat milk category? - Management acknowledges that while Europe is outperforming, turning around category momentum in the U.S. will take time, but they see significant distribution opportunities [41][44] Question: How is the company thinking about gross margin for the full year? - Management expects gross margin to improve compared to the previous year, driven by supply chain efficiencies and product mix management [46][48] Question: What are the biggest distribution opportunities in North America? - Management sees ample opportunities across all channels, including retail and food service, and emphasizes the importance of executing the new playbook [53][56] Question: What is the outlook for the U.S. consumer and category momentum? - Management notes that while the category is experiencing a paradigm shift, they believe in the long-term fundamentals supporting growth in plant-based products [59][64] Question: What feedback is being received from food service operators regarding plant-based offerings? - Management observes that small to medium food service customers are adapting quickly to trends and adopting the company's offerings, indicating a shift in consumer preferences [78][81] Question: Are there opportunities for plant-based beverages to gain endorsements from health organizations? - Management confirms that they are actively building alliances and engaging in public education to support the plant-based narrative [84][86]

当人均 12 元就能在火锅店实现 "野菜自由"，当海底捞、巴奴等连锁巨头纷纷推出 "荠菜鸡肉滑""春日 脆嫩笋蔬拼盘"，当小红书上 "野菜自助火锅" 笔记突破万篇、抖音话题播放量逼近 5 千万....... 这场从贵州山野蔓延至全国餐桌的 "吃草狂欢"，究竟藏着怎样的消费密码？为何曾被视作 "土味" 的蒲 公英、马齿苋，如今成了火锅人竞相追逐的 "流量密码"？ 这些年，这种 "土味蔬菜" 的搜索热度一直呈攀升态势。据中国餐饮协会数据，"乡土食材""怀旧菜系" 相关搜索量年均增长 47%。在一些社交媒体上，野菜的讨论热度也在持续升温。 据小红书数据显示，野菜相关笔记同比增长 380%，"野菜美学""氛围感野餐" 成为新兴话题。其中围绕 "挖野菜""挖野菜的乐趣" 等话题已产生近2.5 亿浏览量。 随着 "野菜" 热度增长的势头越发迅猛，越来越多的火锅店和品牌盯上了"野菜"，开始深度挖掘它的市 场增量。 01 这次，火锅人又盯上了"野菜" 野菜通常指可直接食用的野生植物，它们生长在野外，未经过人工栽培和干预，纯粹是自然生长而成。 1、一方面，野菜自助火锅开始在市场上风靡，引发了不少关注。 在小红书上，野菜自助火锅 ...

Core Viewpoint - The Chinese coffee market is undergoing a significant adjustment period, with a notable decline in the number of stores and a shift towards healthier food options, particularly bagels, as a key product for Tims [2][3][4]. Group 1: Market Dynamics - Over 45,000 coffee shops have disappeared in China in 2024, indicating a market contraction [3]. - The coffee industry is experiencing a price war, particularly with the "9.9 yuan" pricing strategy, but the situation is becoming more rational [28][29]. - The market is transitioning from rapid expansion to refined operations, focusing on new growth points such as lower-tier markets [32]. Group 2: Tims' Strategy - Tims is focusing on brand differentiation and has initiated internal reforms, including the divestment of the Popeyes brand and the closure of underperforming stores [7][26]. - The company has sold over 58 million bagels, which have become its most popular product, and aims to increase sales during lunch hours [15][16]. - Tims' warm food sales now account for over 50% of total orders, with an average transaction value stable at around 30 yuan [17]. Group 3: Product Development - Tims emphasizes the importance of bagels in its product lineup, which aligns with the health-conscious trends in the Chinese market [14]. - The company maintains a new product launch frequency of every 2 to 3 weeks, focusing on core products rather than rapid expansion [21]. - Tims is also exploring new flavors, such as tomato-flavored coffee, to cater to evolving consumer preferences [24][25]. Group 4: Operational Insights - The company has a membership base exceeding 24 million, indicating strong customer engagement [22]. - Tims has a healthy store ratio of 40% franchise to 60% company-owned, with plans to expand its franchise model [36][35]. - The average initial investment for a Tims franchise is between 600,000 to 700,000 yuan, with a payback period of 2 to 3 years for most stores [39]. Group 5: Future Outlook - Tims aims to achieve cash flow profitability by 2025, with a focus on enhancing its breakfast and lunch offerings [46]. - The company is cautious about aggressive expansion, preferring to solidify its presence in first and second-tier cities while exploring franchise opportunities [41][42].