根据市场公开信息及4月21日披露的机构调研信息，知名私募同犇投资近期对3家上市公司进行了调研， 相关名单如下： 3）百克生物 （上海同犇投资管理中心(有限合伙)参与公司特定对象调研&业绩说明会） 调研纪要：百克生物2024年及2025年第一季度业绩下滑明显，分别下降32.64%和39.96%，主要因带状 疱疹疫苗销售受影响。公司计划通过多种方式提升带状疱疹疫苗市场认知度，继续稳固水痘疫苗市场地 位，并推进国际市场的扩展。研发方面，多个项目取得进展，包括液体鼻喷流感疫苗、狂犬单抗等。 2025年，公司预计研发投入和销售费用率将提升，随后逐步下降。 机构简介： 同犇投资是一家有特色的阳光私募。公司成立于2014年1月，实缴资本1000万，2014年5月4日获得私募 投资基金管理人登记证书，是为数不多的由新财富最佳分析师创建的阳光私募，也是"五年金牌分析师 转型阳光私募"的唯一团队。公司总经理、投资总监童驯先生02-13年曾在上海申银万国证券研究所工作 12年，08-12年连续五年荣获新财富食品饮料行业最佳分析师第一名，擅长大消费投资。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备3101043457 ...

Core Insights - The company aims to establish a professional brand image centered around a big product model, focusing on high-quality protein categories such as leisure fish products, poultry products, and bean products [1] - In 2024, the company achieved a revenue of 2.412 billion yuan, a year-on-year increase of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% [1] - The company launched innovative products such as nitrogen-packed deep-sea fish rich in DHA and zero-additive products, seeking differentiated competition and leading category upgrades [1] Product Performance - Revenue from the core categories of fish products, poultry products, and bean products all saw growth in 2024, with the deep-sea fish product growing by 18.76% and exceeding 1.5 billion yuan in revenue [1] - The company plans to continue product innovation through the establishment of a food research institute, focusing on nutritional health and differentiated competitive products [2] Channel Development - In 2024, offline channel revenue grew by 23%, with a product gross margin increase of 3.1%, and the snack specialty channel became a new growth point [2] - The company partnered with over 100 snack systems, covering more than 35,000 terminals, resulting in a year-on-year revenue growth of over 100% [2] Shareholder Returns - The company proposed a cash dividend of 3.0 yuan per 10 shares for 2024, with a total cash dividend amounting to 179 million yuan, accounting for 61.46% of the net profit attributable to shareholders [2] - The company has maintained a high dividend payout ratio of over 60% in recent years and plans to continue this trend with a minimum of 20% dividend payout in the next three years [3]

导语： 休闲食品行业竞争激烈，公司面临来自全国性和地方休闲食品公司的竞争。 溜溜果园集团股份有限公司在港交所递交的招股书中透露，公司拟在香港联合交易所主板上市。此 次发行的股份数目、融资规模等具体细节暂未完全确定，不过招股书明确了中信证券（香港）有限 公司及国元融资（香港）有限公司为联席保荐人。 溜溜果园是中国果类零食的领军企业，在梅产品领域占据领导地位。公司秉持 "让世界共享'梅'好" 的使命，借助 "梅 +" 产品开发战略，构建了多元化的梅产品矩阵，涵盖梅干零食、西梅产品、梅冻 以及其他梅产品，如梅精软糖和梅茶茶汤等。 公司产品通过多元化销售渠道，包括线上线下平台，推向广大消费者。在原材料采购和生产环节， 公司建立了一体化供应链体系，从源头把控产品质量。 其次，公司自身竞争优势明显。品牌影响力强大，"溜溜梅" 品牌已成为梅产品的代名词；产品创新 能力突出，不断推出如梅冻、梅精软糖等新产品，满足消费者多样化需求；销售渠道多元化，线上 线下协同发展，有效触达各类消费者群体。 在商业模式上，公司采用多元化销售网络，结合直销与经销模式，线上运营旗舰店并与电商及直播 带货平台合作，线下与众多经销商合作，覆盖全国 3 ...

以下文章来源于天天IPO ，作者余梦莹 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 第一线 IPO 报道，「天天 IPO 」系投资界旗下专注上市公司报道公众号，欢迎关注！ 溜溜梅要IPO了 。 作者 I 余梦莹 报道 I 投资界-天天IPO "你没事吧？没事就吃溜溜梅。" 12年前，杨幂这句魔性广告一度霸占各大卫视黄金档，也带火了一个蜜饯零食品牌—— 溜溜梅。4月16日，溜溜梅背后的溜溜果园正式向港交所递交招股书，拟在主板挂牌上 市，中信证券和国元国际为联席保荐人。 始 于 占 地 不 足 十 亩 的 夫 妻 档 小 公 司 ， 农 民 出 身 的 杨 帆 实 现 了 他 年 轻 时 代 " 走 出 去 " 的 梦 想。这匹休闲食品垂类行业的新晋黑马，一年卖出20亿颗青梅，成为徽派创业大军最新 一员。 安徽小城 走出一个梅子IPO 执掌着"中国第一梅"溜溜果园，媒体照片上的杨帆笑得温厚、朴实。很难将他和198 8年 辍学打工时的青年形象联系在一起。 彼 时 正 值 改 革 开 放 的 浪 潮 ， 19 岁 的 杨 帆 离 开 家 乡 安 徽 芜 湖 ， 拿 着 5 ...

以下文章来源于天天IPO ，作者余梦莹 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 第一线 IPO 报道，「天天 IPO 」系投资界旗下专注上市公司报道公众号，欢迎关注！ 溜溜梅要IPO了 。 作者 I 余梦莹 报道 I 投资界-天天IPO "你没事吧？没事就吃溜溜梅。" 为 什 么 在 中 国 吃 不 到 优 质 的 青 梅 食 品 ， 反 而 要 将 其 作 为 原 料 出 口 ？ 杨 帆 的 心 里 很 是 疑 惑，也开始萌生另一个创业念头。 12年前，杨幂这句魔性广告一度霸占各大卫视黄金档，也带火了一个蜜饯零食品牌—— 溜溜梅。4月16日，溜溜梅背后的溜溜果园正式向港交所递交招股书，拟在主板挂牌上 市，中信证券和国元国际为联席保荐人。 始 于 占 地 不 足 十 亩 的 夫 妻 档 小 公 司 ， 农 民 出 身 的 杨 帆 实 现 了 他 年 轻 时 代 " 走 出 去 " 的 梦 想。这匹休闲食品垂类行业的新晋黑马，一年卖出20亿颗青梅，成为徽派创业大军最新 一员。 安徽小城 走出一个梅子IPO 执掌着"中国第一梅"溜溜果园，媒体照片上的杨帆笑得温厚、 ...

公司研究 评论： 休闲食品 2025 年 04 月 21 日 甘源食品（002991）2024 年报&2025 一季报点评 强推（上调） 当前价：76.62 元 华创证券研究所 证 券 研 究 报 告 经营筑底，改善可期 目标价：95 元 事项： ❖ 公司发布2024年年报及2025年一季报。24年实现营收22.57 亿，同比+22.18%； 归母净利润 3.76 亿，同比+14.32%；扣非归母净利润 3.41 亿，同比+16.91%。 24Q4 实现营收 6.52 亿，同比+22.05%；归母净利润 0.99 亿，同比-13.91%；扣 非归母净利 0.93 亿，同比-10.4%。25Q1 实现营收 5.04 亿，同比-13.99%；归 母净利润 0.53 亿，同比-42.21%；扣非归母净利润 0.46 亿，同比-45.14%。 公司基本数据 | 总股本(万股) | 9,321.58 | | --- | --- | | 已上市流通股(万股) | 4,968.55 | | 总市值(亿元) | 71.42 | | 流通市值(亿元) | 38.07 | | 资产负债率(%) | 18.86 | | 每股净资产 ...

整理 ｜ 李小霞 #Big News# 中国消费者买不动爱马仕 爱马仕在中国市场增长放缓。 4月17日，爱马仕发布2025年第一季度财报，该集团收入达到41.29亿欧元，按当前汇率同比增长 9%，接近双位数增长。按恒定汇率则增长7%。亚洲市场（不含日本）增长仅为1.2%至19.7亿欧 元，主要受中国市场奢侈品消费低迷，人流量下降的影响。 从地区来看，日本市场表现最为强劲，增长17%至4.2亿欧元，法国本土增长14.2%至3.6亿欧元，欧 洲其他地区增长12.7%至5亿欧元，美洲市场增长11%至7亿欧元，中东所在的其他区域增长14.1% 至1.9亿欧元。 按业务来分，皮具与成衣领跑，但腕表与香水承压。皮具与马具依旧是集团收入支柱，同比增长 10%，成衣与配饰增长7.2%，丝绸与纺织品增长4.5%，珠宝与家居等增长6.1%，其他产品类别增 长16.5%，香水与美妆板块基本持平，同比下降0.5%。腕表业务大跌10%，为本季度中唯一出现明 显下滑的板块。 报告期内，溜溜果园营销开支分别为0.7亿元、0.77亿元、0.61亿元；广告开支分别为0.67亿元、 0.74亿元、0.79亿元。经计算，三年间，溜溜果园营销开支、 ...

Group 1 - The core viewpoint of the articles highlights the strategic marketing efforts of Weilong Delicious Global Holdings Co., Ltd. in the konjac snack sector, particularly through the endorsement of young actor Wang Anyu, which aligns with the brand's image of "delicious and low-burden" products [1][3] - The konjac market in China is experiencing significant growth, with a market size of approximately 3.98 billion yuan in 2022 and a year-on-year growth of 16.26% projected for 2023 [3] - Weilong's konjac snack, "Weilong Magic Konjac," has been a pioneer in the market since its launch in 2014, focusing on low-calorie and high dietary fiber positioning, contributing to the company's second growth curve [3] Group 2 - The recent endorsement by Wang Anyu is seen as a strategic move to connect with younger consumers, enhancing brand engagement through emotional links and leveraging celebrity influence to drive actual consumption [3][4] - The spicy snack food sector is expanding, with a projected compound annual growth rate of 9.6% for the market by 2026, indicating a favorable environment for Weilong to capitalize on fan economy and emotional marketing strategies [4]

Company Overview - The company focuses on the research, production, and sales of leisure foods, expanding from a single category of bean products to a diversified product range including flavored nuts and baked snacks [3][4] - The main product categories include green pea series, sunflower seed series, broad bean series, mixed nuts and beans series, and others, with core products being well-received by consumers due to their diverse flavors [3][4] Industry Development - The leisure food market is increasingly becoming an essential part of residents' lives, with rising consumer demands for variety and quality [6] - The government has encouraged the development of nutritious and healthy foods, pushing companies to innovate and enhance their competitiveness [6] - The competition in the leisure food industry is intensifying, with sales channels becoming more significant, and the integration of traditional and emerging channels providing new opportunities [6] Competitive Advantages - The company has established itself as a leading brand in the leisure food segment, leveraging market insights to continuously innovate and launch new products [7] - A robust marketing channel has been developed, combining online and offline platforms, ensuring efficient product reach to consumers [8] - The company emphasizes product innovation, with a diverse product matrix and a strong focus on R&D, holding over a hundred patents [9][10] Production and Quality Advantages - The company has modernized its production processes with automated production lines, enhancing efficiency and product quality [11] - A strict quality control system is in place, ensuring the safety and reliability of products from sourcing to production [12] Financial Performance - The company reported a net profit of approximately 376.19 million yuan for the year 2024, with a proposed cash dividend of 17.84 yuan per 10 shares, totaling around 163.43 million yuan [19][20] - The cumulative cash dividends and share buybacks over the last three years exceeded 563.20 million yuan, indicating a strong commitment to shareholder returns [23]

Core Viewpoint - Youyou Foods achieved a revenue of 1.182 billion yuan in 2024, marking a year-on-year growth of 22.37%, and a net profit of 157 million yuan, up 35.44%, reversing a trend of declining revenue since 2022 [1][2] Group 1: Financial Performance - The company reported a significant increase in revenue and net profit in 2024, indicating a potential turning point after three years of declining net profit and two years of declining revenue [1][2] - The revenue growth was primarily driven by the entry into membership-based supermarket channels such as Sam's Club, where a new product, deboned duck feet, became a bestseller [1][2] - The segment "other flavored meat products" saw a dramatic increase of 840.69%, growing from 16.21 million yuan to 152 million yuan, contributing significantly to revenue growth [1] Group 2: Market Strategy and Challenges - The company has partnered with Sam's Club and Hema to launch customized products, which has bolstered management's confidence in achieving a revenue growth target of no less than 20% for 2025 [2] - Despite the positive developments, the core product, spicy chicken feet, has been experiencing declining sales since 2019, with 2024 sales still below 2020 levels [2][3] - The company faces challenges similar to other snack food companies, including brand aging and reliance on a single product, which limits its ability to innovate in response to changing consumer trends [2] Group 3: Operational Insights - The company has seen a significant increase in accounts receivable, rising from 3.7948 million yuan to 74.6145 million yuan, indicating longer payment terms with direct sales channels [5] - The gross margin for traditional products remains high, but new products have lower margins, which could impact overall profitability as their revenue share increases [4][5] - The company’s production capacity has stagnated, with total production in 2024 at 26,300 tons, similar to 2018 levels, suggesting underutilization of capacity [5][6]