摘要：打造极致产品力，破局商业新增长 2025年悠山进化者大会在深圳中洲万豪酒店成功举办，悠山酱酒为本次活动主办方，以"打造极致产品 力，破局商业新增长"主题，聚焦复杂市场环境下企业如何通过持续进化实现高质量增长，汇聚人工智 能、新能源、智能制造、半导体、生物科技、智慧物流、PCB制造、模具等30余家上市公司、200多家 专精特新企业董事长、实控人以及企业代表、20余位商协会领袖，共同构建了一个集思想碰撞与资源对 接于一体的高能场域。 在"进化者圆桌派"环节，同创伟业合伙人张一巍主持论坛，华为终端代表、华为数字能源智能电动代 表、丝路视觉董事长李萌迪、华大基因华大营养总裁张海峰、悠山酱酒创始人&首席产品官张辉军展开 深度对话。他们从产品创新、技术深耕、场景创新与生态协同等不同维度，为我们揭开"极致产品力"的 秘密： 悠山酱酒则以产品力为核心驱动，推出颠覆传统酱酒行业的悠山518·第二代，并针对企业场景提出企业 用酒解决方案。 此次大会也是悠山酱酒的产品进化成果的最好呈现：悠山518·第二代新品发布会，产品核心升级可概括 为"有型、有料、有范、有颜"四大升级，充分体现了 "平价奢品"的产品定位。悠山酱酒创始人& ...

Core Viewpoint - The article emphasizes that "extreme product power" is the primary productivity force for companies, highlighting the importance of product development over marketing in a competitive environment [2][3]. Group 1: Importance of Product Development - In a highly competitive market, companies must focus on product development to create extreme product power, which serves as a significant leverage point for business operations [2][3]. - The concept of the power law in product development suggests that even a small improvement in product quality can lead to exponential growth in sales and market presence over time [4][6]. - Companies with strong product foundations can outperform larger competitors, as demonstrated by the power law where a small base raised to a high exponent can yield greater results than a larger base with a lower exponent [6][8]. Group 2: Key Recognitions for Building Extreme Product Power - Companies must adopt a consumer-centric perspective, recognizing that their products are just one of many choices available to consumers [8][10]. - Products should aim to achieve at least two out of three desirable attributes: being good (taste, appearance, fun), strong (technology, craftsmanship, supply chain), and large (market scale) to create competitive advantages [12][16]. - Establishing the shortest possible connection with consumers is crucial, as it aligns with their instinctive decision-making processes [14][15]. Group 3: Strategic Product Selection - Selecting the right products is the most critical factor in building extreme product power, accounting for 40% of its importance [23]. - Products should be high-frequency, essential, versatile, and unique to ensure future sales potential [24]. - Successful examples include products that are widely applicable and have high consumer value, such as the "耗油牛柳" from 欧赛斯, which can be used in various dishes [24][25]. Group 4: Research and Development - R&D is the second most important factor, contributing 30% to extreme product power, where defining and developing outstanding products is essential [28][29]. - Companies that prioritize R&D and foster a culture of continuous product improvement tend to excel in the market [29][31]. Group 5: Marketing and Branding - Effective product naming is crucial for extreme product power, requiring names that are memorable, clear, and directly address consumer needs [34][36]. - The creation of compelling product selling points is essential, focusing on a single, strong reason for consumers to purchase [46][49]. - Packaging design should convey the product's value and brand identity, enhancing market appeal and driving conversion [49].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.08 [8][9]. Core Insights - The company reported a revenue of RMB 2.504 billion for 2024, a year-on-year decrease of 13.08%, and a net profit attributable to the parent company of RMB 404 million, down 25.87%, primarily due to a decline in downstream demand in the lithium battery and photovoltaic sectors. However, in Q1 2025, the company achieved a revenue of RMB 620 million, reflecting a year-on-year increase of 14.75%, and a net profit of RMB 122 million, up 26.48%, driven by strong growth in the 3C sector [1][2]. - The company aims to build a new strategic framework focusing on "extreme product strength," which connects customer needs with corporate capabilities, emphasizing aspects like cost-effectiveness, delivery speed, and customization [4]. Revenue and Profitability - The revenue structure for Q1 2025 is similar to that of 2024, with the lithium battery sector showing a year-on-year growth rate of 16% and the automotive sector experiencing a significant increase of 56% [2]. - The gross margin for 2024 was 35.26%, a decrease of 2.69 percentage points year-on-year, while the net margin was 16.15%, down 2.78 percentage points, mainly due to poor market conditions in the lithium battery and photovoltaic sectors. In Q1 2025, the gross margin improved significantly to 38.1%, an increase of 3.07 percentage points year-on-year [3]. Financial Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is RMB 471 million, RMB 617 million, and RMB 775 million, respectively. The comparable company PE for 2025 is projected at 35x, while the company is given a valuation of 42x, with a target price of RMB 31.08 [5][7].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to a decrease in demand in the lithium battery and photovoltaic sectors, but showed signs of recovery in Q1 2025 with growth in the 3C sector [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.504 billion yuan, a year-on-year decrease of 13.08%, and a net profit attributable to shareholders of 404 million yuan, down 25.87% [1][2]. - For Q1 2025, the company reported revenue of 620 million yuan, an increase of 14.75% year-on-year, and a net profit of 122 million yuan, up 26.48% [1][2]. Revenue Breakdown - In 2024, the 3C mobile phone sector accounted for 29% of revenue, growing by 22% year-on-year; the automotive sector represented 10%, increasing by 30%; the semiconductor sector made up 5%, with a 9% growth; and other sectors contributed 30%, up by 13% [2]. - The previously dominant lithium battery and photovoltaic sectors saw significant declines, with revenue contributions of 18.47% and 7.64%, respectively, down 48.03% and 54.70% year-on-year [2]. Profitability Metrics - The company's gross margin for 2024 was 35.26%, a decrease of 2.69 percentage points year-on-year, and the net margin was 16.15%, down 2.78 percentage points, primarily due to poor performance in the lithium battery and photovoltaic sectors [3]. - In Q1 2025, the gross margin improved to 38.1%, an increase of 3.07 percentage points year-on-year [3]. Strategic Direction - The company aims to build a new strategic framework focusing on "extreme product strength," which connects customer needs with enterprise capabilities, including technology research and development, supply chain resilience, and digital ecosystems [4]. Profit Forecast and Valuation - Due to intense competition in the lithium battery sector and lower-than-expected demand in photovoltaics, the company has adjusted its profit forecasts for 2025-2027, predicting net profits of 471 million, 617 million, and 775 million yuan, respectively [5]. - The company maintains a buy rating with a target price of 31.08 yuan, reflecting a high barrier to entry in its business model [5].