中西糕点

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元祖股份净利降96% 线下销售收入跌39%门店反增20家
Chang Jiang Shang Bao· 2025-08-28 07:23
Core Insights - The company, Yuanzhu Co., Ltd. (元祖股份), reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 829 million yuan, down 13.71% year-on-year, and net profit at 1.23 million yuan, down 96.26% [1][3][4] Financial Performance - In the first half of 2025, the company's revenue from offline sales was 215 million yuan, a decrease of 39.33% year-on-year [1][7] - The total number of offline stores increased to 777, up from 757 a year earlier, indicating a net addition of 20 stores despite declining sales [1][7] - The company's sales expenses reached 453 million yuan, a decrease of 4.26%, but still accounted for approximately 55% of total revenue [4] Product Performance - Revenue from different product categories showed declines: cakes at 412 million yuan (down 14.58%), Western and Chinese pastries at 362 million yuan (down 13.64%), and other products at 21.89 million yuan (down 17.22%) [3][5] - The gross profit margins for cakes and pastry gift boxes were reported at 71.3% and 56.9%, respectively [3] Market Strategy - The company is focusing on expanding its presence in southern markets while optimizing underperforming stores in mature markets [1][8] - Yuanzhu Co., Ltd. aims to enhance market competitiveness through precise marketing strategies and differentiation [4][6] Industry Context - The Chinese baking market is projected to grow, with a retail market size of 611.07 billion yuan in 2024, expected to reach 859.56 billion yuan by 2029, indicating significant growth potential despite the company's current challenges [5][6]
元祖股份实施优化闭店净利降96% 线下销售收入跌39%门店反增20家
Chang Jiang Shang Bao· 2025-08-27 23:47
Core Viewpoint - Yuan Zuo Co., Ltd. (元祖股份) reported a significant decline in revenue and net profit for the first half of 2025, attributed to macroeconomic pressures and intensified industry competition [2][3][10] Financial Performance - The company achieved a revenue of 829 million yuan in the first half of 2025, a year-on-year decrease of 13.71% [2][3] - Net profit was 1.23 million yuan, down 96.26% year-on-year, while the non-recurring net profit was -37.36 million yuan, a decline of 270.98% [3][4] - Sales revenue from offline channels reached 215 million yuan, a drop of 39.33% year-on-year, while online sales increased by 1.26% to 581 million yuan, accounting for 73.01% of total revenue [11][12] Product Performance - Revenue from cakes, Western and Chinese pastries, and other categories was 412 million yuan, 362 million yuan, and 21.89 million yuan, respectively, with declines of 14.58%, 13.64%, and 17.22% year-on-year [3][4] - Gross margins for cake and pastry gift boxes were 71.3% and 56.9% [3] Store Expansion Strategy - Despite the revenue decline, the number of offline stores increased to 777, up from 757 a year earlier, indicating a net addition of 20 stores [2][12][13] - The company is focusing on optimizing store operations and expanding into southern markets while closing underperforming stores in mature markets [2][10][13] Market Outlook - Yuan Zuo Co., Ltd. remains optimistic about long-term market potential and plans to enhance competitiveness through targeted marketing and product differentiation [4][10] - The Chinese baking market is projected to grow significantly, with a market size expected to reach 859.56 billion yuan by 2029 [10]
元祖股份2025年中报简析:净利润同比下降96.26%
Zheng Quan Zhi Xing· 2025-08-27 22:57
Financial Performance - The company reported a significant decline in net profit, down 96.26% year-on-year, with a total revenue of 829 million yuan, a decrease of 13.71% [1] - In Q2, total revenue was 491 million yuan, down 8.97% year-on-year, and net profit was 26.25 million yuan, a decrease of 36.6% [1] - Gross margin stood at 61.55%, a slight decrease of 0.35%, while net margin was only 0.14%, down 95.8% [1] - Total expenses (selling, administrative, and financial) amounted to 506 million yuan, accounting for 61.01% of revenue, an increase of 11.2% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased by 9.22% to 0.59 yuan, while earnings per share dropped by 92.86% to 0.01 yuan [1] - Accounts receivable decreased by 35.93% due to the recovery of receivables from the previous year and a reduction in clients for the Dragon Boat Festival [2] - Other non-current financial assets increased by 125.45% due to the appreciation of investments in funds [3] Liabilities and Equity - Deferred tax liabilities rose by 221.63% due to increased fair value changes from investments [4] - Other comprehensive income surged by 699.53% attributed to exchange rate fluctuations [5] - Undistributed profits decreased by 31.3% due to profit distribution for 2024 and a reduction in net profit [5] Revenue and Cost Analysis - Revenue decreased by 13.71% primarily due to market supply and demand dynamics [6] - Operating costs also fell by 13.22%, correlating with the decline in revenue [7] - Selling expenses decreased by 4.26%, while administrative expenses dropped by 14.18% due to lower office and personnel costs [8] Business Model and Future Outlook - The company's business model is heavily reliant on marketing strategies, necessitating further investigation into the underlying drivers [9] - Analysts project the company's performance for 2025 to be around 213 million yuan, with an average earnings per share of 0.89 yuan [10] Fund Holdings - The largest fund holding in the company is the Southern Small and Medium Growth Stock A, with 570,500 shares held, and a current scale of 277 million yuan [11] New Developments - A new subsidiary, Yuanzu High-tech Co., Ltd., commenced production in October 2024, focusing on Chinese and Western pastries, with ongoing product innovation planned [12]
元祖股份(603886):门店收入承压,刚性支出致利润下行
HTSC· 2025-08-27 05:27
Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company experienced a significant decline in revenue and profit in the first half of 2025, with revenue down 13.71% year-on-year to 829 million RMB and net profit down 96.26% to 1 million RMB [1][4]. - The second quarter of 2025 saw a revenue drop of 8.97% year-on-year, with net profit decreasing by 36.60% [1]. - Despite the challenges, the company is expected to continue exploring online membership potential and drive single-store revenue recovery, indicating a potential operational improvement [1][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 829 million RMB, with a net profit of 1 million RMB and a loss of 3.7 million RMB in net profit excluding non-recurring items [1]. - The second quarter of 2025 reported revenue of 491 million RMB, with net profit at 26 million RMB and a net profit of 16 million RMB excluding non-recurring items [1]. - The gross margin remained relatively stable at 61.5%, with a slight year-on-year decrease of 0.2 percentage points [3]. Product and Channel Performance - Revenue from cakes, Western and Chinese pastries, and other businesses in the first half of 2025 was 412 million RMB, 362 million RMB, and 22 million RMB, respectively, reflecting declines of 14.58%, 13.64%, and 17.22% year-on-year [2]. - Offline store revenue fell by 39.33% to 215 million RMB, while online e-commerce revenue grew by 1.26% to 581 million RMB [2]. Cost and Profitability - The first half of 2025 saw an increase in sales expense ratio by 5.4 percentage points to 54.6%, while the management expense ratio remained stable at 5.1% [3]. - The net profit margin for the first half of 2025 was 0.1%, down 3.3 percentage points year-on-year, and for the second quarter, it was 5.3%, down 2.3 percentage points [3]. Future Outlook - The report projects earnings per share (EPS) for 2025-2027 to be 0.96 RMB, 1.13 RMB, and 1.26 RMB, respectively, with a target price of 17.28 RMB based on a price-to-earnings (PE) ratio of 18x for 2025 [4][10].
元祖股份(603886) - 元祖股份2025年半年度经营数据公告
2025-08-26 11:28
证券代码:603886 证券简称:元祖股份 公告编号:2025-033 上海元祖梦果子股份有限公司 一、2025年半年度主要经营数据 1、主营业务分渠道情况 2、主营业务分产品情况 单位:万元 币种:人民币 渠道 2025 年半年度 2024 年半年度 变动比例 线下销售 21,470.77 35,388.65 -39.33% 线上销售 58,076.91 57,356.99 1.26% 合计 79,547.68 92,745.64 -14.23% 单位:万元 币种:人民币 产品类别 2025 年半年度 2024 年半年度 变动比例 蛋糕 41,189.62 48,220.80 -14.58% 中西糕点 36,169.23 41,880.70 -13.64% 其他 2,188.83 2,644.14 -17.22% 合计 79,547.68 92,745.64 -14.23% 3、主营业务分地区情况 二、报告期公司经营模式 2025 年半年度经营数据公告 1、蛋糕、中西式糕点为公司报告期内的主要产品。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性 ...
元祖股份: 元祖股份2025年半年度经营数据公告
Zheng Quan Zhi Xing· 2025-08-26 11:08
本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露》第十 四号食品制造业相关规定,现将上海元祖梦果子股份有限公司(以下简称"公 司")2025年半年度主要经营数据(未经审计)公告如下: 证券代码:603886 证券简称:元祖股份 公告编号:2025-033 上海元祖梦果子股份有限公司 一、2025年半年度主要经营数据 告期内,随着顾客消费习惯的改变等多种因素的影响下,2025年半年度线上电商 销售额占集团主营收入为73.01%。 特此公告。 上海元祖梦果子股份有限公司董事会 | | | | 单位:万元 币种:人民币 | | | | --- | --- | --- | --- | --- | --- | | 渠道 | 2025 | 年半年度 | 2024 年半年度 | 变动比例 | | | 线下销售 | | 21,470.77 | 35,388.65 | -39.33% | | | 线上销售 | | 58,076.91 | 57,356.99 | 1.26% | ...
元祖股份: 元祖股份2024年年度经营数据公告
Zheng Quan Zhi Xing· 2025-03-25 11:13
Group 1 - The core viewpoint of the announcement is that Shanghai Yuanzu Dream Fruit Co., Ltd. reported a significant decline in total operating revenue for the year 2024 compared to 2023, with a total revenue of 2.22 billion RMB, down 13.25% from 2.56 billion RMB in the previous year [1] Group 2 - Offline sales for 2024 were 838.84 million RMB, a decrease of 34.82% from 1.29 billion RMB in 2023 [1] - Online sales increased by 8.54% to 1.38 billion RMB, accounting for 62.24% of the company's main business revenue [1] - The sales of cakes decreased by 8.35% to 955.20 million RMB, while the sales of Chinese and Western pastries fell by 16.41% to 1.21 billion RMB [1] - The company reported a complete loss of sales in the fruit category, which was previously 9.60 million RMB [1] - Revenue from the mainland region was 2.21 billion RMB, down 13.18% from 2.54 billion RMB in 2023, while revenue from Taiwan decreased by 22.23% to 15.54 million RMB [1]