投 资 者 关 系 活 动类别 □特定对象调研 分析师会议 □媒体采访 □业绩说明会 □新闻发布会 路演活动 现场参观 □其他 参与单位名称 南方基金、景顺长城基金、中信资管、中信研究、CLSA 消费、 诺安基金、大家资管、众行远基金等 8 家机构 时间 2025 年 12 月 地点 线上、线下交流 上 市 公 司 接 待 人员姓名 1、投资者关系负责人张圣烨 2、IR 王丹琦 投 资 者 关 系 活 动 主 要 内 容 介 绍 Q：问：研发费用下降的原因是什么？是否会影响产品创新？ A：2025 年前三季度研发费用同比有所下降，主要系公司依 据既定的研发计划和研究进度，有序开展研发活动所致。公 司依托云南省特色植物提取实验室平台和贝泰妮研究院的 资源和优势，结合日本、法国建设研究院和前沿联合实验室 资源和能力，有针对性地开展特色植物基础理论研究、创新 原料研发、原料筛选研发、功效性化妆品研发、功能性食品 研发、医疗器械研发、皮肤新药研发以及包装开发研究等多 维度深层次研发项目。公司的研发投入与研究方向、研究进 度基本匹配。 Q：行业竞争日益激烈，公司核心的、短期内难以被模仿的 护城河是什么？ A：是"医学背 ...

Q&A 如何看待高端国货美妆龙头的增长延续性 20251227 摘要 毛戈平凭借会员运营和品类迭代，预计未来两年内保持 25%-30%的增 长。长期增长需依赖品类拓展，目前在化妆品行业中具备稀缺性和永续 增长潜力。 2025 年毛戈平线上渠道增速近 40%，线下渠道增速 20%-25%，整体 业绩符合年初目标。线下会员运营体系贡献主要收入，约 10%的忠诚会 员贡献 70%以上收入。 毛戈平线上渠道不仅贡献收入，还能为线下引流，2025 年线上新客占 比超 75%，其中 25%-30%转化为线下客户，线上小规格彩妆产品适合 引流，提升整体复购率。 毛戈平通过会员服务维持用户粘性，电商引流至线下，升级服务提高老 客户复购率，吸引年轻消费者，实现客群年轻化，共同推动公司稳定发 展。 某品牌 2025 年主要驱动大单品复购，预计增长可持续两年，增长率或 达 40%，未来几年约为 30%。现有大单品预计两三年内达 20 亿营收量 级。 请介绍一下国货美妆龙头某品牌在化妆品行业中的独特定位及其增长逻辑。 化妆品行业的企业可以分为三类。第一类是以珀莱雅为代表的企业，这些企业 在 2015 年至 2021 年间抓住了国内电 ...

国泰海通主要观点如下： 爆品套餐+会员运营，蹲苗计划后重启增长 ①爆品套餐：2024年5月下旬，公司推出"99元毛肚自由火锅套餐"深受广大消费者欢迎，2024全年该套 餐累计售出超过人民币5亿元。2025年继续推出多款高性价比套餐，通过多层级的抖音账号矩阵增强曝 光，实现销售高增。 ②会员运营：锅圈的会员战略经历了从流量思维到用户资产经营的演进。一方面持续推动会员拉新，结 合知名电视广告，线下社区广告和社交电商平台触达消费者;同时通过完善会员计划，提高会员黏性。 2025年11月锅圈注册会员数突破6000万。 乡镇市场具备开店潜力，品类与时段拓展提升店效 国泰海通发布研报称，预测锅圈(02517)2025-2027年收入分别为76.12/88.32/101.75亿元(人民币，下同)， 增速分别为18%/16%/15%预测公司2025-2027年核心经营利润分别为4.48/5.53/6.75亿元，增速分别为 44%/23%/22%;2025-2027年归母净利润分别为4.35/5.37/6.55亿元，增速分别为89%/23%/22%。参考同行 业可比公司估值，给予公司2026年核心经营利润20xPE，目标市值1 ...

12 Nov 2025 Pou Sheng International 2025 9M Results Disclaimer Yue Yuen and Pou Sheng have taken every reasonable care in preparing this presentation. However, please be reminded that the information, materials, opinions and statements contained or referred to in this presentation are all provided on an "as is" basis. None of the aforesaid information, materials, opinions and statements constitutes or will be viewed as investment advice or an offer, or a solicitation, recommendation or suggestion by Yue Yue ...

Investment Rating - The investment rating for the company has been downgraded from "Buy" to "Outperform" [3][7]. Core Insights - The company reported a profit turnaround in Q3 2025, with a single-quarter revenue of 1.092 billion yuan, a year-on-year decline of 10%, and a net profit of 25 million yuan, indicating a successful shift from loss to profit [7]. - Revenue for the first three quarters of 2025 was 3.464 billion yuan, down 13.8% year-on-year, with a net profit of 272 million yuan, down 34.5% year-on-year [7]. - The company has streamlined its product line, which has led to revenue pressure but improved profitability through reduced promotional expenses [7]. - The Q4 outlook is optimistic due to strong sales during the Double 11 shopping festival, with the main brand ranking 8th in beauty sales on Tmall [7]. - The company is focusing on brand building and member operations, with a strategy to reduce promotional rights and streamline product offerings [7]. Financial Summary - Total revenue for 2025 is projected at 5.354 billion yuan, with a year-on-year decline of 6.7% [2]. - The net profit forecast for 2025 is 402 million yuan, a decrease of 20.2% year-on-year [2]. - The gross profit margin is expected to be 74.9% in 2025, with a return on equity (ROE) of 6.5% [2]. - The company has adjusted its revenue forecasts for 2025-2027, now expecting 5.354 billion yuan, 5.804 billion yuan, and 6.467 billion yuan respectively [7].

Core Viewpoint - The report from Guosen Securities expresses optimism about the operational resilience and long-term cash returns of Tabo (06110), highlighting a narrowing decline in retail sales and stable gross margins despite a challenging retail environment [1] Group 1: Financial Performance - In the first half of the 2026 fiscal year, Tabo's revenue decreased by 5.8% year-on-year to 12.3 billion, with retail channel revenue at 10.6 billion (down 3.0%) and wholesale channel revenue at 1.62 billion (down 20.3%) [1] - The main brands, Nike and Adidas, generated 10.81 billion in revenue, down 4.8%, while other brands saw a 12.2% decline to 1.41 billion [1] - Net profit attributable to shareholders fell by 9.8% to 790 million, with a slight decrease in gross margin to 41.0% and a net profit margin of 6.4% [1] Group 2: Cash Flow and Dividends - Operating cash flow decreased by 48.2% year-on-year to 1.35 billion, with a net cash ratio of 1.7 [1] - The interim dividend payout ratio was 102.2%, with a dividend of 0.13 per share [1] Group 3: Store and Membership Strategy - As of August 2025, the number of direct-operated stores decreased by 1,125 to 4,688 (down 19.4%), while total sales area declined by 14.1% [2] - The cumulative user base reached 89.1 million, with membership contributing 92.9% of sales, and high-value members accounting for nearly 35% of sales [2] Group 4: Market Position and Growth Strategy - The company is strategically enhancing its presence in the running and outdoor segments, partnering with high-end brands and opening specialized stores [2] - Online retail business experienced double-digit growth, with significant contributions from content e-commerce and private domain operations [2]

Core Insights - The current consumer market values experiences over material goods, with consumers willing to pay for emotional resonance and unique memories [1] - The fifth "Super V Fun Season" by Huqiang captures this trend by integrating national IPs, city premieres, cultural circles, and anniversaries to create a multi-touchpoint emotional supply space [1][3] Group 1: Experience Economy - The experience economy is driving consumers to seek emotional connections and memorable moments, transforming commercial activities into deep dialogues with consumers [3][4] - Huqiang Commercial leverages city-level IP premieres and exclusive performances to reshape commercial spaces into social hotspots, effectively driving foot traffic and online engagement [3][4] Group 2: Cultural Integration - The integration of local culture and consumer interests is key, with events like the "Boonie Bears" zodiac exhibition and traditional performances enhancing the emotional connection with consumers [4][5] - The use of traditional art forms during celebrations creates a unique immersive experience, blending modern and traditional elements [4][5] Group 3: Emotional Engagement - Anniversary celebrations feature giant cakes shared with consumers, enhancing the sense of belonging and participation through ritualistic experiences [6][7] - The "balloon rain" event at shopping centers surprises consumers with gifts, fostering emotional interactions and closer connections [7] Group 4: Fan Economy - The rise of fan economy and social circles is evident, with events like fan support gatherings and themed activities attracting large crowds and driving significant traffic [8][10] - Innovative events that combine gaming and cultural elements, such as the "King of Glory" city competition, create new consumption scenarios by engaging diverse consumer groups [8][10] Group 5: Family and Youth Engagement - Family-oriented activities, such as youth sports events and hands-on cultural experiences, cater to the growing demand for quality family time and educational engagement [10][12] - Events designed for children not only enhance their experiences but also strengthen family bonds through shared activities [12] Group 6: Membership and Loyalty - Huqiang Commercial emphasizes the importance of membership systems for long-term consumer engagement, offering various benefits to enhance loyalty and belonging [13][14] - Regular consumer research and exclusive member events foster deeper emotional connections between consumers and the brand [14] Group 7: Future Strategies - The company plans to introduce more cross-industry collaborations and innovative experiences, continuously reshaping the social attributes and experiential value of commercial spaces [14]

Core Viewpoint - The company reported strong mid-year performance for 2025, with significant increases in revenue and net profit, driven by improved store operations and robust sales to enterprise clients [1][2]. Group 1: Financial Performance - Revenue for the first half of 2025 reached 3.24 billion RMB, a year-on-year increase of 21.6% [1] - Net profit was 190 million RMB, up 122.5% year-on-year [1] - Core operating profit also stood at 190 million RMB, reflecting a 52.3% increase [1] - The net profit attributable to shareholders was 183 million RMB, marking a 113.2% rise [1] Group 2: Operational Improvements - The company added 250 new stores in the first half of 2025, including 270 new stores in rural areas [1] - Franchise store revenue per store increased by 7.9% year-on-year, supported by the launch of 175 new hot pot and barbecue product SKUs [1] - Over 2,000 community stores underwent 24-hour unmanned retail transformations, enhancing store efficiency [1] Group 3: Membership and Supply Chain - The number of registered members exceeded 50 million, a 62.8% increase year-on-year, with prepaid card amounts reaching approximately 590 million RMB, up 37.2% [2] - The company achieved 3.2 billion platform exposures through a multi-tiered Douyin account matrix [2] - New production facilities and a digital central warehouse were established, with plans for further investment in Hainan and overseas markets [2] Group 4: Profitability and Future Outlook - The gross profit margin for the first half of 2025 was 22.1%, a decrease of 0.7 percentage points, attributed to the higher sales proportion of cost-effective package products [2] - The net profit margin and core operating profit margin were 5.9%, with the core operating profit margin increasing by 1.2 percentage points year-on-year [2] - The company plans to distribute an interim dividend of 0.0716 RMB per share, totaling approximately 190 million RMB, with a payout ratio close to 100% [2] Group 5: Earnings Forecast - The company is expected to accelerate store openings in the second half of the year, with same-store sales projected to achieve low single-digit growth [3] - Forecasted net profits attributable to shareholders for 2025-2027 are 450 million, 561 million, and 680 million RMB, corresponding to current price-to-earnings ratios of 20, 16, and 13 times, respectively [3]

Core Insights - The recent promotional activities for the 88VIP anniversary have caused confusion among Hema's paid members, leading to a surge in refund requests [1][2][4] - Hema is facing significant challenges in maintaining its paid membership model due to competitive pricing from the 88VIP program, which offers combined membership at a lower cost [1][4][5] Membership Pricing and Structure - During the 88VIP anniversary, Hema's existing paid membership pricing was undermined, as 88VIP members can access Hema's services for 176 yuan for a year, compared to Hema's own price of 258 yuan for the same membership [1][4] - Hema's paid membership base was nearly 3 million by the end of 2022, contributing approximately 588 million yuan in revenue from membership fees alone [4] Customer Response and Refunds - Following the announcement of the closure of the last Hema X member store, many paid members expressed dissatisfaction and sought refunds, resulting in long wait times for customer service [2][4] - Hema is attempting to retain members by offering a 30 yuan no-threshold coupon for those who choose to keep their membership, despite many opting for refunds due to the competitive pricing of 88VIP [4][5] Strategic Challenges and Opportunities - The closure of Hema X member stores highlights the company's struggle with its positioning between premium offerings and fresh produce, as well as its supply chain disadvantages compared to competitors like Sam's Club [5] - Hema is now part of Alibaba's broader strategy to integrate various platforms, which may enhance user engagement and membership growth, but it also faces the challenge of protecting existing member rights [5][6] Brand Image and Customer Experience - The pricing confusion resulting from the integration with 88VIP necessitates careful management to avoid damaging Hema's brand image and customer trust [6] - Hema must also focus on improving delivery efficiency, product variety, and service quality to enhance the overall customer experience [6]

Core Insights - The recent promotional activities for the 88VIP anniversary have caused confusion among Hema's paid members, leading to a surge in refund requests [1][3] - Hema's membership pricing strategy has been disrupted, as the 88VIP membership offers significant savings compared to Hema's traditional membership fees [1][3] - The closure of Hema X membership stores has further diminished the value of existing memberships, prompting dissatisfaction among users [1][3] Membership Pricing and Strategy - Hema's paid membership was a significant revenue source, contributing approximately 588 million yuan annually with nearly 3 million members by the end of 2022 [3] - The company has experienced strategic shifts regarding its membership offerings, including a halt on new memberships in December 2023, followed by a reevaluation and resumption of membership renewals [3][4] - The introduction of the 88VIP membership has created a competitive pricing environment, potentially increasing user engagement and membership scale for Hema [4][5] Operational Challenges - The closure of Hema X membership stores highlights issues in Hema's positioning between premium offerings and its fresh produce roots, as well as supply chain disadvantages compared to competitors like Sam's Club [4] - Hema faces the challenge of maintaining member loyalty and protecting existing member benefits while aligning with Alibaba's broader strategy to integrate various platforms [4][5] - The company must address the confusion in its pricing strategy and ensure that existing members receive adequate compensation or upgraded services to maintain brand integrity [5]