Core Viewpoint - The peach canning industry in China is facing dual challenges of "internal and external pressure" and "structural adjustment," but with a complete industrial chain, a large consumer market, and continuous technological upgrades, it can transition from "scale expansion" to "value growth" by focusing on quality and innovation [1][4]. Group 1: Industry Overview - The main raw materials for peach canning in China are yellow peaches and white peaches, with yellow peaches accounting for over 80% of the raw materials [2]. - The major production areas, such as Ding Shan and Ping Yi, have experienced slight reductions in yield due to weather and infrastructure factors, but the overall supply-demand balance remains controllable with a planting area of nearly 500,000 acres and an output of over 800,000 tons [2]. - In 2024, China's canned fruit and vegetable exports reached 2.85 million tons, remaining stable year-on-year, while peach canning exports increased by 13.58% to 173,300 tons, although the export value decreased to $210 million, indicating intense price competition in the international market [2]. Group 2: Market Challenges - The international market presents both risks and opportunities, with major producing countries experiencing "production adjustments and structural competition" [4]. - China's canned peach production is expected to decrease by 4.24% in 2024, totaling approximately 723,000 tons, while traditional retail channels show weak growth, contrasting with significant growth in discount stores and lower-tier markets [4]. - The industry faces challenges from non-professional distributors engaging in low-price dumping of inferior products, leading to a chaotic pricing system and decreased consumer trust, although a market correction is anticipated following recent industry consolidation [4]. Group 3: Strategic Recommendations - To address the dual challenges, the peach canning industry should focus on stabilizing the supply chain, enhancing quality control, rationally managing raw material procurement, and improving raw material consistency and yield [5]. - The industry must revitalize the domestic market by reshaping channel ecosystems and activating diverse consumption scenarios while actively responding to trade barriers and enhancing bargaining power in international markets [5]. - Emphasis should be placed on accelerating digital transformation and sustainable development, promoting digital processing equipment, and innovating packaging materials [5].

证券代码：300997 证券简称：欢乐家 欢乐家食品集团股份有限公司投资者关系活动记录表 编号：2025-013 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他（电话会议） | | 参与单位名称及人员 | 详见附件 | | 时间 | 2025年7月3日 | | 地点 | 电话会议 | | 上市公司接待人员姓名 | 副总裁、董事会秘书 范崇澜 | | | 证券事务代表 孙嘉彤 | | | 主要内容如下： | | | 1. 公司水果罐头和椰子水产品的发展规划？ | | | 公司坚持高品质的罐头产品，对水果罐头产品研发 | | | 思路主要是在便携、休闲化和配料多元化的小包装罐头 | | | 产品，近期公司根据不同消费者的需求，推出了减糖版 | | | 水果罐头、果汁水果罐头等不同配料的水果罐头产品， | | 投资者关系活动主要内 | 同时，在产品包装形式上，除传统玻璃瓶包装外，还增 | | 容介绍 | 加了果杯等多样化的产品包装。随着公司多元化渠道的 | | ...

内容概要：水果罐头，是以新鲜水果为主要原料，经过加工处理、灌装、排气、密封、加热杀菌、冷却 等工序，达到商业无菌，从而延长食品保质期的一种保鲜食品。近两年来，随着全球经济逐步回升，居 民消费日益增长，以及国内企业海外市场开拓力度增强，我国水果罐头行业呈现稳步增长态势，2024年 已达到103亿元左右。未来，随着消费者健康意识增强，水果罐头制造企业在产品开发、工艺改进、新 包装应用、食品安全和品牌培养等方面不断创新，适应市场多样化的需求，行业发展空间有望拓宽。 相关上市企业：林家铺子（871930）；欢乐家（300997）等 相关企业：大连真心罐头食品有限公司；山东天同食品有限公司；丰岛控股集团有限公司；芝麻官食品 有限公司；临沂奇伟罐头食品有限公司；上海都乐食品有限公司；安徽宿州科技食品有限公司；山东玉 泉食品有限公司；辣妹子食品股份有限公司等 关键词：产业链；水果罐头行业规模；水果罐头出口量；水果罐出口金额；竞争格局；重点企业；发展 趋势 一、行业概况 水果罐头，是以新鲜水果为主要原料，经过加工处理、灌装、排气、密封、加热杀菌、冷却等工序，达 到商业无菌，从而延长食品保质期的一种保鲜食品。根据原材料水果种类 ...

iiMedia Research(艾媒咨询)是全球领先的新经济产业数据挖掘与分析机构，以自主研发的CMDAS大数 据监测系统(省部级重大科技专项，项目编号：2016B010110001)和AI智能分析引擎为核心，构建了覆盖 135个国家和地区、10000+行业细分领域的全球实时数据网络，监测3000余项核心商业指标，打造新经 济产业的"数据气象局"。 艾媒咨询深度洞察行业前沿领域，以"全球产业数据库+AI算法"双轮驱动，为企业提供精准市场洞察与 战略支持，赋能全球化增长。旗下iiMedia Ranking(艾媒金榜)通过iiMeval大数据评价模型，为新消费品 牌提供权威评估与消费指南，引领行业标准。 基于艾媒自主研发并获得省部级重大科技专项立项的CMDAS大数据系统监测及严格的调查，以及对中 国(不含港澳台)桔子罐头和辣椒酱行业研究比对的结果进行统计确认，辣妹子荣获全球领先的新经济产 业第三方数据挖掘和分析机构iiMedia Research(艾媒咨询)授予的"桔子罐头湖南区域销量第一""辣椒酱 餐饮渠道全国销量第一"双项市场地位确认。 近期，辣妹子获全球领先的新经济产业第三方数据挖掘和分析机构iiMedi ...

Group 1 - Postal Savings Bank of China (PSBC) is enhancing financial support for private enterprises, focusing on cross-border financial service needs and providing comprehensive services to assist foreign trade companies in market expansion [1] - PSBC Dalian Branch is recognized as a significant window for opening up in Northeast China, continuously optimizing financial supply and innovating service models to support "going global" enterprises [1] - Dalian Ditop Heavy Industry Co., Ltd. has benefited from PSBC's support, receiving a loan of 4.3 million yuan to alleviate financial pressure due to rising raw material costs [1] Group 2 - PSBC Dalian Branch is promoting a financing coordination mechanism to support small and micro enterprises, continuously innovating financial products and service models [2] - The "No Repayment Renewal Loan" service allows small and micro enterprises to seamlessly renew loans, helping to reduce overall costs and support business growth [2] - Dalian Xinglong Food Co., Ltd. utilized the "No Repayment Renewal Loan" to address high financing costs and received an additional credit line of 10 million yuan to enhance liquidity [2]

Core Insights - The canned mushroom industry in China has rapidly developed, becoming an important part of the food industry, driven by modern lifestyles and health-conscious eating habits [1][10] - In 2023, China's total mushroom production exceeded 40 million tons, accounting for over 75% of global production, providing ample quality raw materials for canning [1][10] - The market size of the canned mushroom industry reached 9.5 billion yuan in 2023, with a year-on-year growth of 11.8%, and is expected to surpass 12 billion yuan by 2025, maintaining a stable compound annual growth rate of around 12% [1][10] Industry Overview - Canned mushrooms are made from high-quality fresh mushrooms, processed through scientific pre-treatment and advanced canning technology, retaining nutritional value and flavor while offering long shelf life and convenience [2][4] - The industry has evolved from experimental production in the 1950s to becoming a global leader in production and export, with a complete industrial chain established [4][5] Market Dynamics - The industry is characterized by a "large industry, small enterprises" structure, with the top ten companies holding less than 30% market share, indicating significant room for consolidation [18] - Major companies like Hualu Biological, Zhongxing Mushroom Industry, and Xue Rong Biological lead the market through capital, technology, and brand advantages [18] Development Trends - The industry is moving towards health-oriented and functional products, with innovations such as high-protein and low-sodium options emerging to meet consumer demands [20][21] - Smart production technologies are being adopted to enhance efficiency and safety, including ultra-high pressure sterilization and AI quality monitoring [22] - Sales channels are diversifying, with a rise in cross-border e-commerce and new retail models, allowing for better access to international markets [23][24] - The internationalization of the industry is increasing, with exports expanding to countries along the "Belt and Road" initiative, creating new opportunities for growth [24]

Core Viewpoint - The canned food industry in China is undergoing a significant digital transformation, driven by government policies and technological advancements, enhancing efficiency and competitiveness while reducing costs. Group 1: Digital Transformation in Canned Food Industry - The digital transformation in the canned food industry is exemplified by the implementation of batch management, pressure gauge management, and temperature management in production facilities, leading to improved operational efficiency [1] - The recent "Implementation Plan for Digital Transformation in the Food Industry" identifies the canned food sector as a key area for digitalization, aiming to address pain points and accelerate the application of information technology [2] - The domestic canned food industry has seen a rise in the localization rate of key equipment from 60% to 70% during the "14th Five-Year Plan" period, reflecting increased investment in automation and intelligent equipment [3] Group 2: Technological Advancements and Efficiency Gains - The introduction of energy-efficient sterilization equipment has resulted in a 40% reduction in steam consumption, while a heat recovery system has lowered average energy consumption per product by 18% [4] - The digital production management system has improved production efficiency by 30% and reduced labor costs by 25%, showcasing the benefits of digitalization in operational processes [4] - Companies like Ningbo Today Food Co., Ltd. have achieved a 95% automation rate in key equipment and a 95% rate of automatic data collection, leading to a 30% increase in production efficiency and a 15% decrease in operational costs [4] Group 3: Future Outlook and Industry Evolution - The digital transformation is expected to significantly alter the competitive landscape and business models within the canned food industry, with potential new data service models emerging [5] - The industry is moving towards a more efficient, green, and innovative future, shedding its traditional labor-intensive image [6] - The "Implementation Plan" provides detailed guidance for the industry to better execute digital transformation, addressing challenges faced by small and medium-sized enterprises in terms of funding, technology, and talent [7]

证券研究报告·公司深度研究·饮料乳品 欢乐家（300997） 供应链稳步进阶，产品渠道多元并进 2025 年 06 月 16 日 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,923 | 1,855 | 1,863 | 1,974 | 2,144 | | 同比（%） | 20.47 | (3.53) | 0.42 | 5.99 | 8.61 | | 归母净利润（百万元） | 278.39 | 147.38 | 151.35 | 167.05 | 186.17 | | 同比（%） | 36.85 | (47.06) | 2.69 | 10.37 | 11.45 | | EPS-最新摊薄（元/股） | 0.64 | 0.34 | 0.35 | 0.38 | 0.43 | | P/E（现价&最新摊薄） | 25.99 | 49.10 | 47.81 | 43.32 | 38.87 | [Table_Tag] [T ...

"我们的生死存亡依赖于稳定性和可预测性，而现在我们两者都没有。" ——美国罐头企业负责人 4日，美国政府对进口钢铁和铝征收50%关税的政策正式生效。《华盛顿邮报》的一篇报道认为，这给美国各地依赖金属进口进行机械、建筑和制 造的企业增加了成本，并带来了新的不确定性。 《华盛顿邮报》报道截图 《华盛顿邮报》报道截图 报道最后又回到罐头公司的故事，称由于关税，这家美国小企业不得不推迟对老化设备的升级。该公司约75%的金属来自海外，部分原因是企业在 争夺美国国内订单时，经常要面对规模大得多的竞争对手。经过多年的努力，企业好不容易在几个月前与美国钢铁公司签订了一份合同，满足其部 分需求。然而，加征关税的到来，让这家企业再次看不到明天。 报道援引彼得森国际经济研究所高级研究员加里·赫夫鲍尔的话说，铝用于各种产品，包括飞机、汽车和建筑。钢铁应用于整个经济领域，因此， 加征钢铝关税会导致美国制造业价格上涨和失业。 报道说，提高钢铁和铝关税只是美国政府今年接连出台的一系列贸易政策中的最新一项。特朗普政府坚称所谓"50%的钢铁和铝关税将刺激美国生 产，创造就业机会"。但美国制造商表示，突如其来的关税冲击使其运营更加困难。许多制造 ...

| 巩固公司水果罐头产品优势，近期也推出了减糖版、果 | | --- | | 汁水果罐头等不同配料的水果罐头产品，以满足不同消 | | 费者的需求。同时，在包装形式上，除传统玻璃瓶包装 | | 外，增加了果杯等多样化的产品包装。 | | 3. 公司椰子水产品的发展规划？ | | 椰子水作为含有天然电解质的饮品，受到消费者的 | | 喜爱。椰子水产品可以较好的增加公司在即饮市场的产 | | 品品类。公司椰子水产品坚持高品质生产，也进行了椰 | | 子水品牌换新，目前仍作为公司培育型的产品，对公司 | | 营业收入贡献有限。近期，公司围绕椰子水产品推出了 | | 椰果椰子水、椰子水饮料等新产品，拓宽产品价格带， | | 满足不同消费者的需求，但新产品可能存在销售未达效 | | 果的风险，需要一定的市场培育和认知时间以及市场检 | | 验。 | | 4. 公司水果及椰子原料成本及采购情况？ | | 公司水果原料主要采自山东、湖北等地，水果原料 | | 价格透明，采购价格随行就市。2024年由于黄桃产季丰 | | 收，采购单价同比下降超过30%，橘子产季的产量低于上 | | 年产季同期水平，因此橘子原材料的采购单价有 ...