一鸣食品 20251127 摘要 伊明食品前三季度归属上市公司股东的净利润同比增长 25.74%，扣非 净利润增长 16.33%，显示出较强的盈利能力。 奶吧渠道销售额占比最高，但直营门店收入同比下降 11.83%，直销和 经销渠道分别增长 19.12%和 27.87%，线上渠道增长 48.46%，渠道 表现分化。 加盟店单店收入增长主要得益于客流量增加，特别是中餐和下午茶时段， 新品类如米类产品和三明治的推出是关键驱动因素，且该增长趋势具有 一定持续性。 健康轻食系列毛利率约为 60%，显著高于乳制品（20%-30%），成为 提升公司整体盈利能力的重要因素，目前所有类型门店净利润水平约为 4%到 5%左右。 直销业务增长迅速，核心客户包括盒马、古茗等，其中盒马销售额同比 增长显著，但古茗因新品调整业绩有所下滑，与大 B 端客户合作的净利 润水平较高，大约有 10%左右。 Q&A 请介绍一下伊明食品截至 2025 年 9 月底的整体经营情况及各主要渠道的表现。 截至 2025 年 9 月底，伊明食品共实现营业收入 21.46 亿元，同比增长 4.26%。单季实现收入 7.44 亿元，同比增长 8.52%。归属 ...

Core Insights - Company reported a revenue of approximately 2.751 billion yuan for 2024, representing a year-on-year growth of 4.09% and a net profit of approximately 28.9438 million yuan, up 30.16% year-on-year [1] - In Q1 2025, the company achieved a revenue of approximately 654 million yuan, a year-on-year increase of 1.75%, and a net profit of approximately 13.3067 million yuan, up 28.38% year-on-year [1] - The total number of operating stores reached 1,968, including 1,471 franchise stores and 497 directly operated stores, with a net increase of 31 stores during the same period [1] Business Model and Sales Channels - The company's primary sales channel is the "Yiming True Fresh Milk Bar" chain, supplemented by non-store sales channels such as regional distribution and direct sales [2] - The milk bar model combines fresh dairy products with baked goods, catering to the demand for convenient ready-to-eat food in densely populated areas [2] - The company emphasizes the freshness and health characteristics of its products, expanding the variety of dairy products offered alongside baked goods [2] Research and Development - The company increased its R&D investment, with R&D expenses reaching 55.8885 million yuan in 2024, a year-on-year growth of 13.13% [2] - The company holds a total of 69 valid patents, including 16 invention patents, 17 utility model patents, and 36 design patents, establishing a comprehensive protection system [2] - The company has developed and published its own standards for "nutritious breakfast," covering nutrient ratio models and visual identification systems [2] Production and Logistics - The company has established three efficient and intelligent central factories, enabling same-day production and delivery of products [3] - With the rapid growth of e-commerce, the order volume has increased by 200%, and the company has set up five distribution centers in central and eastern China to improve delivery efficiency [3] - The company has implemented a "Smart Yiming" integrated production and sales information system, receiving recognition as a pilot demonstration project for the integration of manufacturing and the internet [3] Market Positioning and Strategy - The company aims to maintain its position as the "first brand of milk bar chain in China" by expanding its channels through differentiated models such as experience stores and standard stores [3] - The focus is on the core consumer group of families with post-95s, enhancing product offerings and marketing strategies around four key consumption scenarios: nutritious breakfast, healthy lunch, colorful afternoon tea, and children's social spaces [3] - The company is committed to brand rejuvenation and precise targeting of its audience through improved product strength and creative promotions [3]

Financial Performance - The company reported a basic earnings per share of 0.0040 yuan for Q1 2025, a significant increase of 102.18% compared to a loss of 0.1835 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.01 billion yuan, showing a remarkable improvement of 103.13% from a net loss of 0.32 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 0.31% in Q1 2025 from -7.27% in Q1 2024, indicating a positive turnaround in profitability [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 54.26 million shares, accounting for 33.53% of the circulating shares, which is a decrease of 11.89 million shares from the previous period [2] - Xinjiang Maiqu'er Group Co., Ltd. holds 15.57 million shares, representing 9.62% of the total share capital, with a reduction of 14.84 million shares [3] - New entrants among the top shareholders include Shenzhen Shanggu Investment Management Co., Ltd. and several private equity funds, while UBS AG and other entities have exited the top ten shareholders list [3][4] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares in the current period [5]