Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.57 CNY, maintaining the rating [4][8]. Core Views - The company has shown strong revenue growth, achieving 9.95 billion CNY in Q1 2025, a year-on-year increase of 30.10%, and a net profit of 1.31 billion CNY, up 27.27% year-on-year [1][4]. - The company is focusing on expanding its market share through product structure optimization and channel expansion, particularly in e-commerce [4][8]. - The company’s gross margin slightly decreased to 53.32%, while the net margin was 13.12%, reflecting a minor decline [3][4]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 9.95 billion CNY, a 30.10% increase year-on-year, and a net profit of 1.31 billion CNY, which is a 27.27% increase year-on-year [1]. - The company’s gross margin was 53.32%, down 1.04 percentage points year-on-year, and the net margin was 13.12%, down 0.29 percentage points year-on-year [3]. Channel Performance - The e-commerce channel generated 3.22 billion CNY in revenue in Q1 2025, growing 8.6% year-on-year, while core provinces saw a 26.7% increase and peripheral provinces experienced a remarkable 125.1% growth [2]. - The company is shifting its marketing strategy to a multi-channel approach, increasing investments in platforms like Tmall, Pinduoduo, and Xiaohongshu, in addition to Douyin [2]. Future Projections - The company is projected to achieve revenues of 43.20 billion CNY, 55.09 billion CNY, and 70.31 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.76%, 27.51%, and 27.62% [4][9]. - Net profits are expected to reach 3.72 billion CNY, 4.74 billion CNY, and 6.45 billion CNY for the same years, with growth rates of 29.46%, 27.14%, and 36.02% [4][9].

4月25日晚间，海欣食品（002702）（002702.SZ）披露2024年年度报告。报告期内，公司实现营业收入 17.06亿元，其中电商与特通渠道销售实现逆势增长，鲍鱼产品、速冻菜肴等高附加值品类贡献亮眼。 全年新品SKU达1700余个，成功提升产品结构层次和消费景多元性。依托多品牌协同、产能布局优化以 及新渠道突破，公司在消费端不断积蓄动能，为持续发展夯实基础。 电商与特通渠道发力，鲍鱼类高端产品放量增长 报告期内，海欣食品持续推动全渠道融合，电商业务表现稳健，全年电商渠道营业收入同比增长 2.39%，达到1.42亿元。公司积极在天猫、京东、抖音等平台建设自营旗舰店，并借助直播与社群运营 等新媒体工具强化品牌渗透，满足年轻消费群体对便捷、高品质速食的需求。 与此同时，特通渠道实现营收3.50亿元，同比增长14.29%，占比提升至20.5%。鲍鱼类预制菜为代表的 速冻菜肴制品板块2024年实现同比增长超过60%，其中东鸥品牌全年营业收入达3.03亿元，贡献新品收 入1.39亿元，成为公司增长新引擎。此外，公司整合"海欣串吧"产品线，涵盖烤串、海鲜串等多样 SKU，借助"场景+场合"策略打入休闲餐饮市场。 扩 ...

原材料成本压力增大拖累毛利，盈利亟待修复。1、24年毛利率28.8%，同比+2.0pp；25Q1毛利率19.5%， 同比-11.0pp。25Q1毛利率下滑较多主要系原材料成本压力，受内蒙水灾影响葵花籽价格虽然Q1环比有所 下降但是依然高于去年同期，部分坚果原材料如巴旦木、腰果受关税影响价格上涨。2、24年销售费用率 10.0%，同比+0.9pp；25Q1销售费用率10.6%，同比-1.8pp。24年管理费用率4.3%，同比+0.1pp；25Q1管理 费用率4.6%，同比+0.9pp。规模效应虽有减弱，但费用率基本保持平稳。3、24年净利率11.9%，同比 +0.1pp；25Q1净利率4.9%，同比-8.3pp；由于费用管控得当，净利率下滑幅度小于毛利率。 经营节奏稳健，静待龙头穿越周期。渠道方面，公司拓展下沉市场专业经销商、探索核心城市联合业代模 式，瓜子业务与餐饮、零食专营等新兴渠道深度合作，坚果业务加大年节坚果团购及礼盒渠道终端开拓迎 合行业礼赠场景修复。成本方面，公司加码上游原料布局强化原料掌控，国葵种植面积进一步提升，新采 购季葵花籽原材料价格后续有望回落带来成本改善，坚果业务规模效应逐步凸显以及原材 ...

2025 年 04 月 27 日 贵州三力(603439.SH) 业绩短期承压，加速拓展 OTC 渠道 事件：公司发布 2024 年年报及 2025 年一季报。 2024 年，公司实现营业收入 21.44 亿元，同比增长 31.16%；归母净 利润 2.74 亿元，同比下降 6.38%；扣非归母净利润 2.68 亿元，同比 增长 9.08%。Q4 单季度，公司实现营业收入 6.97 亿元，同比增长 4.78%；归母净利润 0.80 亿元，同比下降 40.70%；扣非归母净利润 0.81 亿元，同比下降 12.56%。2025Q1，公司实现营业收入 4.09 亿 元，同比下降 3.18%；归母净利润 0.42 亿元，同比下降 25.16%；扣 非归母净利润 0.39 亿元，同比下降 31.56%。 2024 年呼吸系统用药收入平稳增长，开喉剑终端覆盖度持续提升。 2024 年公司呼吸系统用药实现销售收入 14.55 亿元，同比增长 11.89%，其中核心产品开喉剑的渠道开拓工作再次取得积极进展： （1）截至 2024 年末，开喉剑喷雾剂（儿童型）已经覆盖 289 个城 市和 2461 个县，覆盖各类终端共计 1 ...

今天分享的是：沙利文：2025年辣条行业发展趋势报告 报告共计：16页 《2025年辣条行业发展趋势报告》由弗若斯特沙利文发布，对中国辣条行业进行了深入剖析，涵盖宏观经济环境、行业发展现状及趋势展望等方面。 1. 宏观经济环境：中国经济虽有波动但整体向好，内需和消费成为稳定经济的关键因素。下沉市场展现出消费"向上"的潜力，各线级城市人均可支配收入不 断增长，居民人均消费支出和食品烟酒支出也逐年递增，为休闲零食行业发展提供了经济基础。 2. 辣条行业发展现状：休闲零食市场持续增长，辣味零食市场增速尤为突出。辣条行业受居民消费升级、健康意识提升、政策支持等因素驱动，市场规模不 断扩张。2022年辣条行业标准出台，填补了行业空白，有助于规范市场、提升产品质量。品牌营销与渠道拓展助力辣条企业发展，通过社交媒体等创新营销 方式吸引年轻消费者，并拓展至电商等新兴渠道。消费升级推动辣条高端化转型，企业通过包装和产品创新吸引高端消费群体，满足消费者多样化需求。然 而，辣条行业头部品牌虽有优势，但市场集中度较低，前四大企业合计市场份额不足20%。 3. 辣条行业趋势展望：麻辣口味成为辣条的高增长细分类型和首选口味，在全国及辣条 ...

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit, indicating a mixed performance in financial health and growth potential [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.651 billion, a year-on-year increase of 11.91%, while the net profit attributable to shareholders was 233 million, a decrease of 22.52%. The non-recurring net profit was 247 million, an increase of 8.99% [1]. - For Q1 2025, the company reported a revenue of 669 million, a year-on-year increase of 7.18%, with a net profit of 58 million, down 4.19%. The non-recurring net profit was also 58 million, up 9.89% [1]. Product Matrix and Market Expansion - The company continues to enrich its product matrix and expand consumption scenarios, with compound seasonings, light cooking solutions, and beverage dessert ingredients generating revenues of 1.296 billion, 1.130 billion, and 147 million respectively in 2024, showing year-on-year growth of 13.21%, 10.41%, and 3% [2]. - In Q1 2025, the revenues for these segments were 301 million, 302 million, and 47 million, with respective year-on-year changes of -1.03%, +12.81%, and +34.5% [2]. Channel and Customer Strategy - The company’s direct sales and non-direct sales achieved revenues of 2.138 billion and 435 million in 2024, reflecting year-on-year growth of 12.35% and 6.63% respectively. In Q1 2025, direct sales and non-direct sales revenues were 548 million and 102 million, with year-on-year increases of 7.96% and 2.71% [3]. Cost Structure and R&D Investment - The company reported a gross margin of 32.81% and a net margin of 8.8% for 2024, with a slight decrease in both margins compared to the previous year. The expense ratio was 19.32%, showing a minor increase [4]. - In Q1 2025, the gross margin was 32.61% and the net margin was 8.71%, with a decrease in net margin year-on-year. The expense ratio was 18.33%, indicating a reduction [4]. Innovation and Growth Strategy - The company focuses on R&D innovation to drive product iteration and market responsiveness, aiming to capture growth opportunities through a well-defined product matrix and channel strategy [5]. - The company anticipates revenue growth from 3 billion in 2025 to nearly 4 billion by 2027, with corresponding net profit growth, indicating a positive outlook for future performance [5].

以下文章来源于硬氪 ，作者张子怡 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 是当前中国最大的自营海外仓运营商 和跨境供应链综合服务商之一。 文 ｜ 张子怡 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ Pexels 硬氪获悉，全球一体化供应链综合服务商泛鼎国际集团（以下简称"泛鼎国际"）完成数千万美元C轮融资。本轮融资由嘉御资本 领投，神骐资本、明裕创投、金銮证券跟投，顺为资本、普华资本等老股东继续加注，光源资本担任独家财务顾问。融资资金将 用于加速新兴市场的本土化运营能力构建，提升企业内部智能化、数字化升级。 泛鼎国际创立于2013年，为跨境企业提供从出港、洲际运输、清关报关、海外仓储及增值服务、尾程配送到目的国销售的一站式 全链条服务。目前已在全球100多个国家服务超过5000家核心客户，提供精细化、定制化和高效响应的物流及供应链服务。 经历数十年的发展，泛鼎国际构建了"物流仓配+分销渠道"的双轮驱动模式，为生产高附加值产品的客户在海外建立销售渠道，去 掉不必要的中间大贸环节，让厂商在高税率环境下保有利润空间。 此外，泛鼎国际介绍称，公司还服务大量海外中小分销 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 公司 2024 年 营收同比减少 6.49 %，归母净利润同比减少 81.11 % 公司公布 2024年 年 报： 2024 年 实现营业收入 94.64 亿元，同比减少 6.49 %， 实现归母净利润 0.44 亿 元，同比减少 81.11 %， 实现扣非归母净利润 0.25 亿元，同比减少 85.97 %。 单季度拆分来看， 4 Q2024实现营业收入1 6.33 亿元，同比减少 12.62 %， 实现归母净利润 -1.23 亿元， 上年同期为 0.04亿元 ， 实现扣非归母净利润 -1.24 亿元， 上年同期为 0.03亿元 。 公司 2024 年 综合毛利率下降 1.75 个百分点，期间费用率下降 0. 9 4个百分点 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, despite facing challenges from public sentiment issues and cash flow disruptions due to promotional activities [1][4]. Financial Performance - The company achieved revenue of 9.95 billion, a year-on-year increase of 30.10% - The net profit attributable to shareholders was 1.31 billion, up 27.27% year-on-year - The net profit after deducting non-recurring items was 1.29 billion, reflecting a 32.40% increase year-on-year [1]. Product and Market Performance - The company focused on sanitary napkin products, with revenue from the Freedom Point sanitary napkin line reaching 9.52 billion, a 35.8% increase year-on-year - High-end product revenue share continued to rise, while offline channel revenue grew by 49.0% to 6.50 billion, with outer provinces seeing a 125.1% increase [2]. - E-commerce channel revenue was 3.22 billion, reflecting an 8.6% year-on-year growth [2]. Cost and Profitability Analysis - The overall gross margin decreased by 1.04 percentage points to 53.32% due to changes in channel and product structure - Sales expenses increased by 28.5% year-on-year, but the sales expense ratio was diluted due to rapid revenue growth, with net profit margin at 13.12%, down 0.29 percentage points [3]. Cash Flow and Operational Insights - Operating cash flow net amount was 0.07 billion, down 92.92% year-on-year, primarily due to increased accounts receivable from promotional activities - The company is managing the aftermath of the public sentiment issue and is expected to recover its reputation over time, which may lead to a more standardized development in the sanitary napkin industry [4]. Future Outlook - The company anticipates continued growth in the probiotic series, which is expected to drive e-commerce and outer market expansion - Revenue projections for 2025-2027 are 42.30 billion, 54.02 billion, and 67.39 billion, with year-on-year growth rates of 29.99%, 27.71%, and 24.74% respectively - Net profit forecasts for the same period are 3.68 billion, 4.52 billion, and 5.58 billion, with corresponding growth rates of 28.02%, 22.67%, and 23.47% [5].

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance and outlook of a company in the food industry, specifically focusing on its revenue growth, product categories, and market strategies. Key Points Financial Performance - The company reported a total revenue of 2.412 billion yuan for 2024, representing a year-on-year growth of 16.79% [1] - The scale of operations reached 291 million yuan, with a year-on-year increase of 39.01% [1] - The company's Q4 revenue was 76.62 million yuan, marking a record high for a single quarter in its history [1] Product Categories and Growth - All three core product categories showed growth, with cloud products performing exceptionally well [1] - Small packaging products exhibited strong performance, particularly in circulation and human channels [4] - The company has introduced new products, including various types of meat and plant-based options, which have received positive market feedback [2] Channel Performance - The company achieved steady growth across all seven major regions in China, with notable performance in temporary and modern channels [3] - The temporary channel expanded to cover over 100 temporary systems and more than 30,000 stores, achieving over 100% growth [3] - Online sales faced challenges, experiencing a single-digit decline, but showed signs of recovery towards the end of the year [7] Market Strategy - The company is focusing on a multi-channel strategy, including traditional retail and e-commerce, to enhance market penetration [9] - There is an emphasis on product innovation and differentiation to meet consumer demands and maintain competitive advantages [22][23] - The company plans to expand its product offerings and improve packaging to cater to different consumer preferences [10][28] Supply Chain and Cost Management - The company is expanding its production capabilities, including a new facility in Guangxi, to enhance supply chain efficiency [18] - Cost pressures are anticipated due to rising raw material prices, but the company expects to manage these within a stable range [20][46] Future Outlook - The company aims for continued growth in the fish product category, projecting a high-speed growth trajectory [26] - There is confidence in the market potential for the safety egg product category, with expectations of reaching a market size of 100 billion yuan [36] - The company is committed to maintaining quality over price competition, focusing on long-term brand development [25] Additional Insights - The company has received recognition for its social responsibility initiatives, including awards for sustainable development [5] - The management emphasizes the importance of innovation and adapting to consumer trends to ensure long-term success [24][37] Conclusion - The company is positioned for growth in 2025, with a focus on expanding its product lines, enhancing supply chain capabilities, and maintaining a strong market presence through innovative strategies and quality products.