近日，欢乐家(300997.SZ)宣布与国民级IP「奶龙」达成合作，推出联名黄桃罐头新品。新品宣发以「桃 气一下，欢乐+1」为主题，将经典果罐产品与潮流IP形象结合，借助情绪价值与场景化消费表达，开辟 了水果罐头行业在年轻群体中的新增长空间。 欢乐家作为水果罐头领域的头部企业，此次合作奶龙，不仅是品牌与IP跨界的尝试，更代表着传统罐头 产业在消费升级与文化赋能背景下的创新探索。欢乐家突破了以往单纯的IP授权逻辑，将「IP×场景×情 绪×产品」深度融合，推动罐头产品完成从储备品向情绪品的转型升级。 通过「奶龙」联名，欢乐家展示了罐头行业在内容化与年轻化方面的可能性：既巩固了传统市场的品质 优势，又打通了情绪消费与文化消费的连接点。业内人士认为，这种跨界创新有望为罐头品类注入长期 的成长动力，推动整个行业健康发展。 展望未来，欢乐家将继续坚持品质为基石，探索更多跨界合作模式，在满足年轻人情绪消费需求的同 时，保持水果罐头品类的稳健发展。(CIS) 从储备品到情绪品，消费场景加速拓展 长期以来，水果罐头以高性价比和长保质期，被视为家庭储备品。然而，在年轻消费群体崛起与情绪消 费趋势兴起的背景下，欢乐家通过「奶龙」联 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Viewpoints - The company, originally focused on canned fruits, has successfully expanded into the coconut juice market, which now accounts for over 50% of its revenue. Despite facing short-term pressure from raw material cost fluctuations in 2024, there are positive signals from Q4 improvements and new product iterations [8][14]. - The company benefits from the increasing concentration in the canned fruit industry and the expansion of the coconut beverage market, with a strategic focus on customized product development and enhanced channel management under new leadership [8][14]. Summary by Sections Company Overview - The company was founded in 2001 and has established a strong market presence in canned fruits and coconut juice, achieving significant sales in both categories [15][16]. - The company has undergone three developmental phases: initial focus on canned products, expansion into coconut juice, and diversification into a broader product range and channel strategies [16][17]. Industry Analysis - The canned fruit market has seen fluctuations, with a decline from 115.7 billion yuan in 2017 to 81.8 billion yuan in 2021, but a recovery to 94.97 billion yuan in 2022 due to increased demand during the pandemic [8][66]. - The coconut beverage market is projected to grow significantly, with coconut water expected to reach nearly 9 billion yuan in 2024, growing at over 20% annually [8][14]. Strategic Initiatives - The company is focusing on product innovation, including healthier options and expanding its distribution channels, particularly in snack retail [8][14]. - A robust supply chain strategy is in place, integrating domestic production with Southeast Asian sourcing to mitigate raw material price volatility [8][14]. Financial Projections - Revenue is projected to be 18.6 billion yuan in 2025, with a slight increase of 0.4% year-on-year, and net profit expected to reach 1.5 billion yuan, reflecting a growth of 2.7% [1][8].

Core Viewpoint - The canned fruit industry in China is expected to develop towards diversification and quality enhancement, driven by the abundant supply of fresh fruits and evolving consumer preferences [4][6]. Industry Overview - Canned fruit is a preserved food product made from fresh fruits through processes such as cleaning, peeling, pitting, cutting, mixing with syrup, sealing, and sterilization to ensure safety and extend shelf life [2][4]. - The industry supply chain includes upstream suppliers of fresh fruits, packaging materials, production equipment, and ingredients like sugar and additives; the midstream involves the manufacturing process, while the downstream encompasses sales channels such as supermarkets, convenience stores, and e-commerce platforms [4][6]. Upstream Analysis - The canned fruit industry relies heavily on the supply of various fresh fruits, including citrus, apples, pears, and peaches, which directly impacts production capacity and product variety. China is one of the largest fruit producers globally, with a fruit production volume of 312.96 million tons in 2022 [6]. Market Development - The report by Huajing Industry Research Institute aims to provide insights into the development trends and current status of the canned fruit industry in China, utilizing a combination of desktop research, quantitative surveys, and qualitative analysis [8]. Future Trends - The report outlines the operational status and development trends of the canned fruit industry from 2025 to 2031, focusing on market predictions, investment opportunities, and potential risks [21][23].

Core Viewpoint - The company, Huanlejia, reported a revenue of approximately 1.855 billion yuan for 2024, a year-on-year decrease of 3.53%, and a net profit of about 147 million yuan, down 47.06%, primarily due to poor sales of coconut juice products [2][3]. Group 1: Financial Performance - Huanlejia's coconut juice beverage products generated revenue of 964 million yuan, a decline of 3.66% year-on-year, accounting for 51.95% of the company's total revenue [2]. - The company experienced revenue growth from 2021 to 2023, with figures of approximately 1.473 billion yuan, 1.596 billion yuan, and 1.923 billion yuan respectively, with coconut juice revenue surpassing 1 billion yuan for the first time in 2023 [2]. - The gross profit margin for the coconut juice business was 40.18%, significantly higher than that of canned fruit at 28.90%, but the overall gross margin for the company decreased by 12.25 percentage points to 34.0% [3]. Group 2: Market Position and Competition - Huanlejia ranks third in the domestic coconut juice market, following major competitors like Coconut Tree Group and Guangdong Coconut Thai, facing pressure from leading brands [3]. - The coconut juice market is becoming increasingly competitive, with major beverage companies like Wahaha and Dongpeng entering the market, leading to a crowded landscape [3]. - Huanlejia's product offerings are primarily focused on fresh coconut juice, with 70.09% of its coconut juice revenue coming from 1.25L PET bottles and 245ml blue iron cans [3]. Group 3: Strategic Initiatives and Challenges - To boost sales, Huanlejia is exploring new channels, including a shift towards snack specialty stores and e-commerce platforms, with a target of increasing terminal outlets to 1 million by the end of 2024 [4]. - The company relies heavily on a distribution model, with sales from this channel accounting for approximately 85.32% of its main business revenue, while direct sales and other models contribute significantly less [4]. - Huanlejia's accounts receivable reached 127 million yuan, representing 85.96% of net profit, alongside a significant decline in operating cash flow, indicating pressure on cash flow management [4][5].