编号：2026-001 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 按机构名称首字母排序： | | 人员姓名 | 长江证券 顾熀乾、刘文一 | | | 华福证券 谢丽媛、贺虹萍 | | | 中泰证券 严瑾 | | | 中信证券 彭家乐 | | 时间 | 2026 年 3 月 2 日 | | 地点 | 乖宝宠物办公楼 5 楼会议室 | | 上市公司接待人 | 董事长：秦华； | | 员姓名 | 董事、总裁：杜士芳； | | | 董事会秘书：王鹏；证券事务代表：袁伟中、陈雪姣 | | | 1、公司所处行业线上竞争激烈，公司是否会根据行业的线上投放 | | | 策略而改变自身的营销策略？公司未来有什么样的自有品牌发展 | | | 展望？ | | | 答：公司不会过于关注行业内其他品牌的产品策略，公司将始终遵 | | | 循自身发展战略，坚持持续提升品牌价值与产品实力，着眼于长远， | | | 坚持以 ...

Core Viewpoint - The company announced a strategic acquisition of 100% equity in Shanghai Siyuanli Industrial Co., Ltd. for 1.25 billion RMB, further solidifying its leading position in China's beauty service industry, which is projected to grow significantly in the coming years [1][2]. Group 1: Acquisition Details - The acquisition of Siyuanli, a high-end beauty service brand established in 1996, positions the company among the top three beauty service brands in China, with Siyuanli projected to generate 850 million RMB in revenue and 81 million RMB in net profit in 2024 [1]. - Following the acquisition, the company will hold a market share among the top three brands in the beauty industry, enhancing its competitive advantage, especially in first-tier cities, which contribute nearly 20% of the national beauty service market share [1]. Group 2: Performance Impact - The acquisition is expected to significantly increase the company's performance, with Siyuanli's approximately 60,000 active members being integrated into the group's membership system, leading to a projected 44% year-on-year growth in active members [2]. - The company has a strong track record of improving profitability through mergers and acquisitions, as evidenced by the net profit margin increase of the recently acquired brand Naieryi from 6.5% in 2023 to 10.4% in the first half of 2025 [2]. Group 3: Business Growth - The company's recent anniversary celebration activities showed robust growth, with total rights revenue exceeding 510 million RMB, a year-on-year increase of 13.7%, and net consumption reaching 400 million RMB, up 9.3% year-on-year [2]. - Various business segments, including beauty and health, medical beauty, and healthcare, demonstrated steady growth, with net consumption and customer traffic increasing across the board [2]. Group 4: Profit Forecast - The company has adjusted its profit forecast, expecting net profits of 330 million RMB, 370 million RMB, and 420 million RMB for 2025 to 2027, representing year-on-year growth rates of 43%, 14%, and 11% respectively [3]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 21X, 19X, and 17X, respectively, maintaining a "buy" rating based on the anticipated performance growth [3].

Investment Rating - The report maintains a rating of "Add" for the company [6] Core Viewpoints - The company has strategically acquired 100% of Shanghai Siyuanli Industrial Co., Ltd. for 1.25 billion RMB, further solidifying its position as a leader in the high-end beauty sector [1] - Following the acquisition, the company will hold the top three brands in China's beauty industry, enhancing its competitive advantage, especially in first-tier cities [5] - The acquisition is expected to significantly boost performance, with approximately 60,000 active members from Siyuanli being integrated into the company's membership system, leading to a 44% year-on-year increase in active members [5] - The company has a strong track record in merger integration, which has previously improved profitability, and this trend is expected to continue post-acquisition [5] - Recent business activities have shown robust growth, with a notable increase in revenue and customer traffic during the company's anniversary celebration [5] Financial Projections - The company forecasts net profits of 330 million, 370 million, and 420 million RMB for 2025, 2026, and 2027, representing year-on-year growth rates of 43%, 14%, and 11% respectively [6] - Revenue projections for 2025, 2026, and 2027 are set at 2.991 billion, 3.290 billion, and 3.555 billion RMB, with growth rates of 16.29%, 10.00%, and 8.06% respectively [7]

Investment Rating - The investment rating for Huakang Co., Ltd. is "Outperform the Market" [4][6][24] Core Views - The company experienced a 3.38% year-on-year decline in net profit attributable to shareholders in the first half of 2025, primarily due to increased depreciation from the Zhoushan project [1][9] - The company achieved a revenue of 1.866 billion yuan in the first half of 2025, representing a 37.32% year-on-year growth [1][9] - The new production capacity in Zhoushan is expected to significantly boost the company's performance as it gradually comes online [2][4] - The acquisition of Yuxin Sugar Alcohol is aimed at consolidating the company's leading position in the xylitol industry, with a transaction value of 1.098 billion yuan [3][18] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 1.866 billion yuan, a 37.32% increase year-on-year, while the net profit attributable to shareholders was 134 million yuan, down 3.38% [1][9] - The second quarter of 2025 saw revenues of 1.049 billion yuan, a 44.95% increase year-on-year, but net profit decreased by 9.79% year-on-year [1][9] Production Capacity and Projects - The Zhoushan "200,000 tons corn deep processing health food ingredients project" is being developed in two phases, with the first phase nearing completion [2][4] - The first phase of the project focuses on liquid syrup and some crystalline sugar alcohol products, while the second phase will introduce dietary fibers and modified starches [2] Acquisition Strategy - The company plans to acquire 100% of Yuxin Sugar Alcohol through a combination of cash and stock, with the acquisition expected to enhance its market position in xylitol [3][18] - Post-acquisition, the company’s domestic production capacity in xylitol is projected to exceed 50% [3][18] Future Outlook - The company is expected to maintain a growth trajectory over the next five years, driven by new production capacities and strategic acquisitions [4][23] - Revenue projections for the next three years are adjusted to 4.161 billion yuan, 5.482 billion yuan, and 6.304 billion yuan, respectively [4][23]