摘要 李子园传统渠道（商超、小店等）销售额下滑明显，上半年降幅超 10%，但现代渠道如零食系统、自动售卖机、电商等增长强劲，其中零 食系统增长率达 40%，但新兴渠道占比小，整体收入仍下滑。 二季度收入环比一季度恶化，同比下降十几个百分点，因传统渠道持续 受冲击。公司正调整结构，加强与新兴渠道合作，虽这些渠道实现双位 数增长，但难抵传统渠道下滑影响。 新品表现优于老品，营养素水 5 月底上市，销量已达 1,500 万左右。零 售渠道增长的 40%以上来自新品贡献，如 380 毫升产品和 100 毫升甜 牛奶等，新品补充了老品下滑。 上半年净利润同比增长 15%-16%，扣非后约 5%-6%。毛利率因原材 料成本优势有所提升，但二季度收入下降导致制造费用增加，毛利率增 幅低于一季度。 公司拓展零食系统（鸣鸣很忙、万城等）、特通（早餐、小餐饮等）及 便利店等现代渠道，针对自动售卖机开发专门产品，以寻找新的市场增 量，稳定传统渠道。 Q&A 2025 年上半年及下半年，行业整体情况如何？公司与竞争对手的表现对比如 何？ 整个消费市场仍然较为疲软，主要体现在渠道上的变化。传统渠道如商超类持 续下滑，而新兴流通渠道如零 ...

Summary of the Conference Call for 日辰股份 Company Overview - **Company**: 日辰股份 - **Industry**: Food Processing and Seasoning Key Points and Arguments Financial Performance - **Q1 Revenue Growth**: Approximately 10.5% increase in revenue year-on-year, with net profit rising by 36% [2][4] - **Q2 Performance**: Decline in chain restaurant clients; however, the newly acquired 嘉兴艾贝邦 is expected to contribute approximately 50 million yuan in revenue for the year, positively impacting overall performance [2][7] - **Half-Year Outlook**: Anticipated to maintain double-digit growth in the first half, with potential improvement in the second half due to new product launches [2][5] Market Dynamics - **Chain Restaurant Sector**: The decline in the second quarter is attributed to a market downturn rather than loss of market share; demand from small and medium clients is weak, while large clients remain stable [6][8] - **Customer Base**: Focus on large clients such as 百胜, 沙普, and 三木 for revenue growth in the second half, particularly through new product launches in the autumn [9] Product and Capacity Insights - **Product Performance**: Shrimp cracker products have shown significant growth, although their low profit margin limits net profit contribution [10] - **Membership Store System**: The brand customization segment has performed exceptionally well, with revenue expected to exceed 80 million yuan by year-end [11] - **Production Capacity**: 青岛工厂 is nearing full capacity, while 嘉兴工厂 is expected to commence production between October and December, enhancing efficiency and order management [14] Strategic Initiatives - **Stock Incentive Plan**: A new stock incentive plan targets mid-to-senior management, with performance metrics set for a compound annual growth rate of 20% [3] - **C-end Strategy**: The company is adopting a contraction strategy in the C-end market, avoiding large-scale investments in distributors or offline supermarkets due to poor returns [24] - **Expansion Plans**: Plans to expand the 爱必诺 production line to reduce dependency on 百胜, which currently accounts for over 80% of its revenue [22] Challenges and Risks - **Market Environment**: The overall market remains cautious, with pressure from customer price negotiations impacting profit margins, which are expected to stabilize between 38% and 39% [18] - **Future Growth**: If the restaurant sector does not recover in the next three years, the company aims to achieve growth through new client acquisition and enhancing existing client contributions [29] Additional Insights - **Traditional Supermarket Channels**: Limited engagement in traditional supermarkets, with lower profit margins compared to overall business [12] - **Product Development**: Ongoing product development efforts with a focus on market feedback to align with consumer preferences [26][27] This summary encapsulates the essential insights from the conference call, highlighting the company's financial performance, market dynamics, strategic initiatives, and potential challenges.

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown resilience in its direct sales channels and is focusing on new product development and channel expansion [7][8] - The company experienced a decline in revenue and net profit in FY24, but there are signs of recovery in Q1 FY25 with a slight revenue increase [2][3] - The company is actively investing in R&D and expanding its product lines, particularly in baked goods and frozen prepared dishes, to meet customer demand [7][12] Financial Performance Summary - In FY24, the company achieved revenue of 1.868 billion, a year-on-year decrease of 1.71%, and a net profit of 84 million, down 37.67% [2][10] - The revenue for Q4 FY24 was 504 million, reflecting an 11.93% decline year-on-year, while Q1 FY25 saw revenue of 470 million, a 1.5% increase year-on-year [2] - The gross margin for FY24 was 23.66%, showing a slight decline compared to previous periods, primarily due to price adjustments in staple and snack products [4][6] Expense and Profitability Analysis - The company faced increased selling and administrative expenses, with the selling expense ratio rising significantly in Q1 FY25 due to heightened online promotion efforts [5] - The net profit margin for FY24 was 4.48%, which has been under pressure due to declining gross margins and increased expenses [6] Future Outlook - The company plans to explore C-end business opportunities and diversify sales channels, including e-commerce and traditional retail [12] - There is an expectation of improved performance as the restaurant market recovers and the company's expansion efforts take effect [8] - Revenue forecasts for FY25 and FY26 have been adjusted to 2.030 billion and 2.231 billion, respectively, with EPS estimates revised to 0.97 and 1.07 [9][10]

2025年5月16日15:00 - 17:00，江西黑猫炭黑股份有限公司举办了2024年度网上业绩说明会，线上全体投 资者参与此次调研活动。公司董事兼总经理李毅先生、董事兼财务总监汪晓芳女士、独立董事骆剑明先 生、董事会秘书张志景先生接待了投资者。 此次业绩说明会聚焦公司业绩表现、新品研发与市场等多方面要点。 此外，公司在轮胎领域一直与国内头部企业保持密切合作，包括新品的联合开发。对于投资者关心的回 购股份用于激励等用途的实施时间和价格，公司表示请以披露的公告为准。 总体来看，黑猫股份在面 对业绩压力的同时，积极推进新品研发与产业化，未来发展态势值得关注。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 ...

2025年05月15日，洽洽食品2024年度及2025年第一季度业绩网上说明会在全景网顺利举行。出席本次业 绩说明会的人员有董事长、总经理陈先保、副董事长、副总经理陈奇、董事，副总经理，董事会秘书陈 俊、副总经理徐涛、财务总监胡晓燕、独立董事李姚矿、保荐代表人孙彬。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问 104个，公司嘉宾共回答问题104个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：针对于2025年Q1，有如下问题：1、公司毛利率为何同比有30忽然降低至19，具体原因是哪方 面？2、公司短期借款由8.5以猛增至11.5亿，具体这些钱是哪方面花费？3、营收同比由18.2亿降低至 15.7亿，是整个行业问题还是公司个例，具体原因是啥？谢谢！！！【征集问题】 回答：您好！公司毛利率下降主要是葵花籽采购成本上升和部分坚果原料采购价格的上升导致，另外， 坚果产品结构、渠道结构变化也对毛利率有一定的影响；公司短期借款主要是由于葵花籽原料采购以及 年节销售旺季备货的资金需求，公司在银行贷款成本相对较低，整体资产负债率 ...

作为职业烘焙人，最头疼的事情是什么？很多人可能会不约而同回答 ——研发新产品！ ——产品更新好难，工作和我总得先疯一个！ t 2017 te 201 e te Elec t 11:51 am te . .. 12 . * 6 750 100 . 1 5 这组甜品有很明显的个人风格，外型都采用整齐优美的流线弧度（这也是2024年的烘焙趋势之 一，清晰边缘的几何造型在国际上越来越受青睐~），喜欢用水果搭配巧克力线条等进行装饰，整体 颜色都比较偏向饱和度较低的莫兰迪色，在上方用橘色或者绿色的植物装点，画龙点睛。当作为一系 列甜品出现的时候，显得非常高级，而且比较容易完成~ ——上头，CPU都要烧干了！ 鉴于后台有很多同学提出需求，本期我们就为大家整理了近期一些优质的国内外甜品师的案例作品， 包括口味、造型、装饰等各方面，为大家上新产品提供灵感参考！并在文末附上 意大利甜品师 Sal De Riso 的 阿马尔菲 柠檬提拉米苏配方食谱 ，别忘了收藏起来！ 甜 品 案 例 这是一组芬兰甜点专家朱莉安娜·霍卡宁 (Juliana Hokkanen)近期的作品~ P211P E Ture's THE CASE SECTIO ...