公司拥有覆盖全国、深度渗透的经销网络，同时也通过直销、电商、云商以及出口渠道，持续拓展市场 覆盖面，不断提升悍高品牌的知名度。作为高新技术企业，公司拥有完整的研发体系和专业的研发团 队，并设立了省级工业设计中心，曾参与《家用厨房设备》《家居用功能五金拉篮》《智能净化不锈钢 水槽》等行业标准的制订，也是橱柜行业首套教材参编单位之一。报告期内，公司被评为中国家居业高 质量发展示范企业、佛山制造业100强以及佛山高新区制造业单打冠军企业等，并获得CF设计金奖、德 国IF设计奖、德国红点设计奖、喜马拉雅设计之巅等奖项。 财务方面，于2022年度、2023年度及2024年度，公司实现营业收入分别约为16.20亿元、22.22亿元、 28.57亿元人民币;同期净利润分别约为2.06亿元、3.33亿元、5.31亿元人民币。 | 项目 | 2024 年度 | 2023 年度 | 2022 年度 | | --- | --- | --- | --- | | 营业收入 | 285,677.03 | 222,191.10 | 162,028.69 | | 营业利润 | 59,518.79 | 38,307.85 | 22,864.3 ...

内需引擎轰鸣，老百姓的钱包正为股市指明方向。 老铁们，帮主郑重又带着干货来了！今儿这消息够劲爆——商务部亲口宣布：今年社零总额要冲50万亿大关！ 这可不是拍脑袋的数字，过去四年社零年均增速稳稳站在5.5%，消费对经济的贡献率更是年均60%左右。啥概念？咱们每花100块钱，就有60块在给GDP加 油！ 但最让我眼前一亮的，是藏在数据里的"黄金密码"：服务消费占比飙到46.1%，四年足足涨了3.5个百分点。餐饮旅游、健康养老、文化娱乐这些"看不见的 消费"，正悄悄取代冰箱彩电，成为老百姓花钱的新主场！ 01 消费新地图：服务消费成主战场 这场50万亿的消费盛宴，结构早已翻天覆地。以前大家抢茅台买空调，现在更愿意为体验买单——上半年服务零售额同比猛增7.5%，增速碾压商品零售。 重庆十八梯的老巷子里，年轻人排队体验非遗技艺；上海豫园的夏日市集，国潮茶饮配汉服写真成了流量密码。消费升级的战场，正从货架转向生活场景。 县域市场更藏着超级彩蛋！上半年乡村消费增速4.5%，比城镇快0.9个百分点。拼多多上"跟着演出去旅行"的县城青年，携程直播间抢高端民宿的四线家庭 ——下沉市场的消费升级，比一线城市更凶猛。 必选消费稳如老 ...

Group 1 - Yangtuo Technology Inc. (referred to as "海拍客") submitted its listing application to the Hong Kong Stock Exchange on June 30, with CITIC Securities as the exclusive sponsor [1] - 海拍客 is a leading trading and service platform in China, focusing on the home care and nutrition products sector, aiming to enhance consumer experience and promote consumption upgrades in lower-tier markets [1] - By 2024, the transaction volume of home care and nutrition products in China's lower-tier markets is expected to reach RMB 8.6 billion, making 海拍客 the largest trading and service platform in this sector with a market share of 10.1% [1][1] Group 2 - As of December 31, 2024, 海拍客's platform is projected to connect approximately 4,200 registered sellers and cover over 290,000 registered buyers across 31 provinces, cities, and autonomous regions in China [1] - The platform has over 93,000 core buyers, with each core buyer placing an average of 11 orders per month [1] - Financially, the company's revenues for 2022, 2023, and 2024 are projected to be RMB 900 million, RMB 1.07 billion, and RMB 1.03 billion, respectively, with losses of RMB 56.54 million and RMB 78.83 million in 2023 and 2024 [2]

Core Viewpoint - Yangtuo Technology Inc. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, positioning itself as the largest trading and service platform in China's low-tier market for household care and nutrition products, holding a market share of 10.1% based on 2024 transaction volume [1][4]. Group 1: Company Overview - Yangtuo Technology Inc. is a leading trading and service platform in China, focusing on household care and nutrition products, optimizing consumer experience and driving consumption upgrades in low-tier markets [4]. - The company's platform, Haipai Ke, operates on a light asset model, efficiently connecting sellers (manufacturers, distributors, and brands) with various buyers, creating a sustainable ecosystem [4]. Group 2: Market Position - By 2024, the company is expected to generate a transaction volume of RMB 8.6 billion in the low-tier market for household care and nutrition products [4]. - The Haipai Ke platform has connected approximately 4,200 registered sellers and covers over 290,000 registered buyers across 31 provinces, cities, and autonomous regions in China [4]. Group 3: Financial Performance - The company's revenue increased by 19.2% from RMB 895.3 million in 2022 to RMB 1,066.8 million in 2023, primarily due to a strategic shift towards a profit-focused model [5][7]. - Revenue is projected to remain relatively stable at RMB 1,066.8 million for 2023 and RMB 1,032.4 million for 2024 [5][7]. - The company reported a net loss of RMB 56.5 million for the year ending December 31, 2023, and a projected loss of RMB 78.8 million for 2024 [7].

Core Insights - A new model centered around "wild vegetable self-service" is rapidly emerging in the hot pot industry, driven by high cost-performance and local sentiment, reshaping consumption patterns in lower-tier markets [1][3][10] Group 1: Market Trends - The wild vegetable self-service model has established a cost moat, with examples like Chen's Family Bean and Rice Hot Pot offering a 12.9 yuan package that includes unlimited seasonal wild vegetables, achieving a gross margin of 60%-80% [3] - In 2024, hot pot stores in third-tier cities and below will account for 55% of the market, with average spending only 60% of that in first-tier cities, indicating a price-sensitive consumer base [7] - The trend of "increased volume and decreased price" provides a fertile ground for wild vegetable self-service hot pots, appealing to consumers seeking quality at reasonable prices [7] Group 2: Consumer Behavior - Consumers in lower-tier cities are more sensitive to price but seek "refined savings" rather than absolute low prices, making the 12 yuan wild vegetable self-service appealing for social dining [7] - The emotional value associated with wild vegetables, such as nostalgia and health, resonates strongly with younger consumers, particularly those born in the 1980s and 1990s [10] - The wild vegetable hot pot model is not just about low prices but also about supply chain efficiency, cultural empowerment, and innovative dining experiences [10] Group 3: Competitive Landscape - Traditional hot pot brands are struggling with cost fluctuations, while the wild vegetable self-service model leverages a flat supply chain and high-value pricing due to the perceived health benefits of wild vegetables [3][8] - New brands are transforming wild vegetables from menu supplements into core immersive experiences, enhancing customer retention through value-added services [8] - The market shows remarkable elasticity, with both low-cost and high-end strategies proving viable, as seen in the success of premium brands using rare ingredients [8] Group 4: Future Opportunities - Despite the promising outlook for wild vegetable hot pots, challenges such as low standardization of vegetable varieties and food safety risks remain [10] - Future innovations may include developing "wild vegetable + tavern" models or portable hot pot packages for outdoor settings, expanding the market reach [10] - Understanding the needs of the lower-tier market will be crucial for industry players to gain a competitive edge in this evolving landscape [10]