灵兽 . 以下文章来源于灵兽 ，作者十里 专注零售，聚焦消费。商业改变世界。你们负责改变世界，我们带你们改造商业。灵兽，零售消费行业 头部新媒体平台，为商业原创报道而生。投稿及合作：lingshouke@126.com 来源丨灵兽（ID：lingshouke） 作者丨十里 卤味业绩下跌 2024年，曾经风光无限的"卤味三巨头"——绝味食品、周黑鸭和煌上煌，集体陷入业绩下滑的困境。 从财务数据来看，三家企业无一幸免。绝味食品作为行业龙头，2024年营收降至62.57亿元，同比减少 13.84%，净利润更是大幅缩水34.04%至2.27亿元。这是绝味自2017年上市以来首次出现营收负增长。 周黑鸭同样出现了下滑，2024年收入同比下滑10.7%，至24.51亿元，净利润下降15.03%，至9820万元。 煌上煌全年营收则同比减少9.44%，至17.39亿元，净利润锐减42.86%，仅为4033万元。值得注意的是， 煌上煌已经连续四年出现营收负增长。 这轮业绩下滑并非偶然。早在2022年，三家公司的净利润就已出现较大幅度下跌。近两年，"卤味太 贵"频繁登上社交媒体热搜，许多消费者抱怨价格不再亲民。 究其原因，市场竞 ...

Company Performance - Jiangxi Huangshanghuang Food Co., Ltd. is the only company among the disclosed reports to achieve positive net profit growth in Q1 2025, with a net profit of 44.37 million yuan, a year-on-year increase of 36.21% [1] - Huangshanghuang plans to achieve a revenue of 2.1 billion yuan and a net profit of 145 million yuan in 2025, aiming for double growth in both revenue and profit [2] Industry Trends - The market growth rate of the marinated food industry has been slowing down, leading to intensified competition as new brands enter the market [3] - Leading companies are shifting from rapid expansion to refined operations, focusing on optimizing store models and enhancing single-store revenue to cope with market pressures [3] - Future competition will be determined by supply chain capabilities, with top companies investing in self-built breeding bases, central factories, and cold chain logistics to enhance competitiveness [3] - The industry is transitioning from "scale expansion" to "quality competition," emphasizing product health and innovation, with a focus on low-salt and low-fat formulations [3][4] Market Opportunities - The diverse consumption trends in marinated products provide ample market space for production companies to expand sales and develop new leading products [4] - Leading brands will further consolidate their advantages through technological investments and resource integration, while smaller brands need to seek differentiation in niche markets [4]

Group 1 - The recent wave of bubble tea companies going public does not signify the end of intense competition in the industry over the past 20 years, but rather aims to accumulate resources for future overseas expansion [1] - Bawang Chaji's market value soared to over 50 billion RMB on its debut in the US stock market [2] - This year marks the third bubble tea company to go public, following Guming and Mixue Ice City, with the latter achieving a market value approaching 200 billion RMB [3] Group 2 - The surge in bubble tea companies going public is driven by their strong performance in the capital market [5] - The business model of these bubble tea brands primarily revolves around franchising, with a significant portion of their revenue coming from selling equipment and materials to franchisees rather than direct sales to consumers [11][13] - The majority of revenue for brands like Mixue Ice City and Guming comes from franchise fees and sales of raw materials, with franchise stores making up over 99% of their outlets [17] Group 3 - The current wave of listings is essentially the capital market investing in China's supply chain, as many suppliers to these bubble tea brands have already gone public [24][25] - The capital market's interest in these brands is akin to the relationship between Apple and its suppliers, where the brand itself holds the most value in the supply chain [26][30] - The successful listings of these bubble tea brands indicate that the capital market has found an effective way to price the Chinese supply chain [34] Group 4 - The reason for the recent surge in listings is to secure financing for future expansion, particularly in overseas markets, especially Southeast Asia [36][41] - Southeast Asia presents a rapidly growing market for bubble tea, with an expected market size of around 50 billion USD by 2028 and a compound annual growth rate of nearly 20% [41] - Companies like Mixue Ice City and Guming are establishing local supply chains in Southeast Asia to support their expansion efforts [42]

Core Insights - The company reported a revenue of 10.99 billion yuan and a net profit of 21.62 million yuan for the year 2024, marking a year-on-year growth of 101.41% and achieving profitability after losses in previous periods [1] - The improvement in financial performance is attributed to the recovery in the pig and pork market prices, significant reduction in losses in traditional sectors, and investment gains from the sale of a wholly-owned subsidiary [1] Food Sector - The food segment generated revenue of 1.90 billion yuan, with a gross margin of 11.23%, an increase of 1.11 percentage points year-on-year [2] - The revenue contribution from the food segment rose from 16.69% to 17.31% [2] - The company has established a national production capacity of 330,000 tons, covering various regions and leveraging its experience in food processing, slaughtering, and breeding to enhance supply chain integration and cost control [2] Traditional Sector - The company has optimized its traditional business by reducing the scale of underperforming slaughterhouses and focusing resources on profitable regions [3] - Investments in automation have improved product yield and labor efficiency, enhancing product quality [3] - The company has phased out inefficient and non-compliant breeding farms, investing in standardized breeding facilities to support the launch of premium products like "Longda Black Tianpeng" pork [3] Sales Strategy - The company employs a dual-brand strategy with "Longda Meishi" and "Longda Meat Products," actively participating in industry events to enhance brand visibility [4] - The company has developed a new brand IP "Fafa Long," promoting a friendly brand image and connecting with consumers [4] - The company has received multiple accolades, including "National Key Leading Enterprise in Agricultural Industrialization" and "Top 500 Agricultural Enterprises in China" [4] Customer Development and E-commerce - The company is focused on expanding its customer base and optimizing customer quality, achieving a 7.64% year-on-year increase in online sales revenue, reaching 159 million yuan [5] - The company is enhancing its presence in new retail channels and leveraging short videos and live streaming for product promotion [5] - The future strategy emphasizes a "one body, two wings" approach, focusing on food as the core business while supporting it with breeding and slaughtering operations [5]

Group 1: Investor Relations Activities - The company held an earnings briefing on April 21, 2025, via the China Securities Network [4] - Participants included the Chairman, General Manager, CFO, and Secretary of the Board [4][5] Group 2: Key Issues Discussed - **Difference between the company and Guangzi International**: The company focuses on bidding and procurement services, while Guangzi International operates in engineering consulting [6] - **Focus areas for 2025**: The company plans to emphasize strategic mergers and acquisitions, deepening reforms, technological innovation, and lean management [7][8] - **Dividend plan**: A cash dividend of 2.00 CNY per 10 shares will be distributed based on the total shares of 15,382,000 as of December 31, 2024 [9] Group 3: Financial Performance and Challenges - **Revenue and profit decline**: The company experienced a decrease in revenue and net profit due to a complex economic environment and intensified competition [10] - **Provincial business contraction**: The company aims to optimize its provincial business layout and enhance client acquisition efforts [11] Group 4: Industry Trends and Company Strategy - **Digital transformation**: The industry is accelerating digitalization, with electronic bidding systems becoming prevalent [13][14] - **Green procurement**: There is a growing emphasis on sustainable practices in procurement processes [14] - **Market outlook**: The company is committed to enhancing its market presence and improving investor relations to create long-term value [15]

在全球化贸易环境波动与美国关税政策调整的背景下，中国外贸企业面临出口受阻的挑战。京东、美团、抖音、百 度、永辉、盒马、东方甄选等企业集体推出"出口转内销"扶持计划，不仅是对国家扩大内需战略的响应，更是一次 品牌营销策略的集体升级。从品牌定位、渠道整合、流量赋能到用户触达，这些企业的举措体现了多维度的营销创 新，以下从品牌营销角度进行点评。 供应链整合与渠道赋能：京东、盒马的"基建型"营销 京东、盒马等平台的核心优势在于供应链与渠道资源。京东宣布未来一年采购2000亿元外贸商品，通过自营模式直 接对接企业，开设外贸优品专区，并提供流量倾斜、全渠道营销支持。这一举措不仅是供应链整合，更通过"流量 +选品"双重赋能，帮助外贸企业快速建立国内品牌认知。 盒马则通过云享会频道和绿色入驻通道，缩短外贸商品的上架周期，并联合开发自有品牌新品。这种"基建型"营销 策略，既强化了平台作为优质商品枢纽的品牌形象，又通过联合品牌开发提升了产品溢价能力。 营销启示：通过供应链深度整合与流量倾斜，平台将自身定位为内外贸桥梁，既解决外贸企业的渠道痛点，又丰富 了自身商品矩阵，形成双向品牌价值提升。 场景化触达与本地化运营：美团、永辉的" ...

Core Viewpoint - The article discusses the challenges faced by tea farmers in China, particularly in the West Lake area, and highlights the efforts of HeBubBu, a brand under Hema, to eliminate middlemen and provide high-quality tea at competitive prices [2][4][5]. Group 1: Tea Farming and Pricing - Tea farmers in the Longwu tea town earn minimal profits despite the high market prices of West Lake Longjing tea, which can reach over 5000 yuan per pound [2][4]. - The cost of producing one pound of dry tea from fresh leaves is approximately 1600 yuan, leading to significant markups as the tea passes through various distribution channels [4][5]. - HeBubBu aims to address the issue of inflated prices and quality discrepancies by establishing direct relationships with tea producers and implementing strict quality standards [5][6]. Group 2: Market Trends and Consumer Behavior - The Chinese tea market is projected to grow from 618.1 billion yuan in 2023 to 664.6 billion yuan in 2024, with a significant portion of the market driven by younger consumers [9][11]. - HeBubBu has quickly expanded its offerings, responding to consumer demand for tea, with a notable increase in sales during key holidays [8][9]. - The brand's strategy focuses on providing affordable, high-quality tea products, appealing to the growing health-conscious consumer base [7][8]. Group 3: Supply Chain Innovations - HeBubBu's approach includes cutting out intermediaries and reducing marketing costs, allowing for lower prices compared to traditional retail channels [5][11]. - The brand's pricing strategy is significantly lower than competitors, often around 60% of market prices, by optimizing supply chain management [11][12]. - The article emphasizes the importance of supply chain integration in the retail industry, showcasing how companies like HeBubBu leverage this to enhance product competitiveness [12][13].

Core Viewpoint - The article discusses the decline of the hot pot chain "Xiabuxiabu," which has transformed from a leading brand to a "penny stock" due to strategic missteps and increasing competition in the hot pot industry. The company reported a loss of 398 million yuan in 2024, accumulating losses of 1.2 billion yuan since 2021, with its stock price plummeting to 0.86 HKD per share [3][6][7]. Company Overview - Established in 1998, Xiabuxiabu initially thrived with its unique "Taiwan-style individual hot pot" model, gaining popularity in the market. However, recent strategic shifts during brand upgrades have led to significant financial losses [3][8]. - The company experienced rapid expansion after receiving investments in 2008 and 2012, reaching nearly 1,000 stores by 2022 and serving over 100 million customers [9][10]. Financial Performance - In 2024, Xiabuxiabu reported a loss of 398 million yuan, bringing total losses since 2021 to 1.2 billion yuan. The stock price has dropped from a peak of 27.15 HKD in 2021 to 0.86 HKD in 2025, resulting in a 97% decrease in market value [6][11]. Industry Challenges - The hot pot market is projected to exceed 650 billion yuan by 2025, but competition is intensifying. Major brands like Haidilao are expanding their market share, while smaller and emerging brands are capturing niche markets through differentiated offerings [4][20]. - The article highlights the need for hot pot brands to innovate in product offerings, enhance service quality, and optimize supply chains to maintain competitive advantages [20][21]. Strategic Missteps - Xiabuxiabu's attempt to upgrade its brand and increase prices led to a loss of its original customer base, as consumers shifted to lower-priced competitors. The company's failure to effectively manage this transition contributed to its financial decline [11][17]. - The brand's identity became muddled as it moved away from its initial value proposition of affordability, leading to decreased consumer trust and loyalty [17]. Recovery Efforts - In 2019, Xiabuxiabu acquired a key agricultural enterprise to strengthen its supply chain, aiming to enhance its operational capabilities and product offerings [13]. - The company has introduced a "Chongqi Card" to boost customer engagement, achieving sales of 2 million cards in 2024, with a significant increase in average spending among members [13][15]. Market Trends - The hot pot industry is experiencing a shift towards diverse regional flavors, with new entrants offering unique culinary experiences. This trend necessitates that established brands adapt to changing consumer preferences [20][21]. - The article suggests that brands should explore new growth opportunities in lower-tier cities and consider cross-industry collaborations to enhance their market presence [22].

比亚迪如何赚钱？ | 电厂 与净利润和毛利率增长相反的是走低的车价。2024年，比亚迪单车均价14.45万元，比2023年减少约1.5万元。 财报数据显示，2024年，比亚迪实现营业收入达7771亿元，同比增29%；归母净利润402.5亿元，同比增34%；汽车业务毛利率21.02%，同比增加0.63个百 分点，领先许多定位高端市场的同行。 比亚迪一直是打价格战的熟手。2024年，比亚迪在年初推出了低至7.98 万元的秦 PLUS DM-i，将A级轿车市场价格打入7万元区间，随后将价格战范围扩 大到B级车市场；7月，方程豹"豹5"车型全系降价5万元，降价幅度最高达17.25%；年底，秦PLUS EV荣耀版限时优惠1万元，还搭配其他优惠政策……今 年开年一个"智驾平权"的大招，甚至让整个行业被其牵着鼻子走。 车越卖越便宜，挣得却越来越多了。看起来像在做"赔本生意"的比亚迪，怎么做到的？ 规模效应+供应链整合，成本一降再降 "比亚迪的利润从哪来的？" 3月24日，比亚迪的2024年财报一出，不少股民都有此疑问。 比亚迪对供应链的垂直整合也是降本的一大原因。比亚迪在财报中称，公司在零部件供应链体系建设上，始终坚持垂直 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 4Q24 at 4.71 billion yuan, a year-on-year increase of 22.7%, with an adjusted net profit of 790 million yuan, reflecting a 20% increase year-on-year [1]. - For the full year 2024, the company achieved a revenue of 16.99 billion yuan, up 22.8% year-on-year, and an adjusted net profit of 2.72 billion yuan, a 15% increase year-on-year [1]. - The gross profit margin reached a historical high of 47% in 4Q24, driven by rapid growth in overseas direct markets and an increase in the proportion of IP products [1]. Summary by Sections Financial Performance - 4Q24 revenue was 4.71 billion yuan, with a net profit margin of 16.8% [1]. - The company expects adjusted net profits for 2025, 2026, and 2027 to be 3.27 billion yuan, 4.08 billion yuan, and 4.94 billion yuan respectively, with corresponding P/E ratios of 13, 11, and 9 times [3]. Domestic Market - By the end of 2024, the company had 4,386 stores in China, with a net increase of 460 stores [2]. - Same-store sales in China faced pressure, with a slight decline expected in 2024, but a focus on optimizing same-store performance is planned for 2025 [2]. International Market - The company's overseas revenue grew significantly, with a 41.9% increase in revenue and a 27.4% increase in GMV for 2024 [2]. - The number of overseas stores reached 3,118, with a notable increase in direct stores [2]. Cost Structure - The report indicates that expenses related to direct store operations, depreciation, and logistics have increased significantly, but operational leverage is expected to improve in 2025 [1][2].