资料来源：山姆会员商 出品 | 搜狐财经 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"山姆商店"篇。 研究员 | 张子豪 山姆频上热搜，选品争议与食品安全问题齐爆发 近期，山姆会员上点频频登上"热搜"。 7月15日，山姆陷入"选品风波"。货架新增好丽友派、卫龙魔芋爽、溜溜梅、徐福记等普通商超常见品 牌，被会员讽刺"花260元年费买便利店同款"。 店官网 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 | Q 山姆线上已下架好丽友 | | | --- | --- | | Q 山姆下架多款口碑商品上新好丽友 | | | Q 山姆回应一女子脚踩取冰机内取冰 | | | Q 山姆越来越像沃尔玛了 | | | Q 山姆让会员破防的岂止性价比 | | | Q 山姆拿什么留住百万会员 | | | Q 山姆回应被质疑选品质量下滑 | 答题: | 资料来源：互联网 其中，争议焦点商品"低 ...

Core Viewpoint - The company is expected to achieve a revenue growth rate of 15%-20% year-on-year in the first half of 2025, with profit growth slightly lower than revenue growth due to a high base in the first half of 2024, aligning with market expectations [1] Group 1: Revenue and Profit Forecast - The company anticipates a revenue growth of 15%-20% for 1H25, with the konjac product category maintaining high growth [1] - Adjustments in SKU displays for seasoning noodle products may lead to growth pressure in Q2 [1] - Increased promotional efforts in the channel for 1H25 may offset revenue growth, impacting overall revenue growth rate [1] Group 2: Margin and Cost Management - The company expects an improvement in gross margin compared to 2H24, with management expense ratio likely to narrow year-on-year [1] - The company plans to counteract rising konjac raw material costs through supply chain efficiency and optimization of production personnel [1] - Overall, the pressure on net profit margin is expected to be manageable, with a projected low double-digit year-on-year profit growth for 1H25 [1] Group 3: Organizational Structure and Management Changes - The company has a complete organizational structure, and recent executive changes are expected to have a controllable impact on operations [2] - The new CFO, Yufeng, is expected to maintain stability following the resignation of the previous CFO, Peng Hongzhi [2] Group 4: Market Expansion and New Products - The company anticipates new growth from Sam's Club and overseas channels in the second half of the year [2] - New product launches, including spicy strips and konjac products, are expected to contribute to revenue growth [2] - The company expects to maintain a growth rate in the second half of the year similar to that of 1H25, with significant profit improvement due to a low base in 2H24 [2] Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with a target price of HKD 17.5 [2] - The current stock price corresponds to a P/E ratio of 20.2/16.4 for 2025/2026, with a target price reflecting approximately 28/23 times P/E for the same years, indicating a potential upside of about 38.7% from the current price [2]

Core Viewpoint - Recent controversies involving brands like Holley, Panpan, and Liuliu Mei at Sam's Club highlight the increasing scrutiny on snack brands and their collaboration with the retailer, emphasizing the need for high-quality standards across the entire supply chain [1][8][9] Group 1: Brand Collaboration with Sam's Club - Sam's Club has established a customized cooperation model with various snack brands, leading to the introduction of "Sam's exclusive" products [8][9] - Brands such as Ganyuan Foods and Youyou Foods have successfully launched products specifically for Sam's, which have gained significant market traction [9][10] - The entry of snack brands into Sam's Club is seen as a pathway to higher market recognition and increased sales [1][9] Group 2: Product Quality and Consumer Perception - The perception of high-end quality is associated with products sold at Sam's Club, which is known for its strict selection standards [8][9] - Some consumers express skepticism about the actual quality improvements of products featuring high-end ingredients, viewing them as marketing strategies rather than genuine enhancements [12][13] - Experts suggest that brands need to focus on real quality improvements and not just on high-end concepts to maintain consumer trust [12][13] Group 3: Market Performance and Sales Data - Companies like Qiaqia Foods reported approximately 200 million yuan in sales through Sam's Club in 2024, marking a 50%-60% year-on-year increase [9] - Liuliu Mei's exclusive product quickly topped the new product popularity chart within eight days of launch at Sam's Club, indicating strong consumer interest [9] - Youyou Foods' duck feet product consistently ranks among the top three in sales within the meat snack category at Sam's Club, with monthly sales exceeding 200,000 units [9][10]

Group 1 - The core issue arises from the rebranding of well-known consumer products sold at Sam's Club, leading to consumer dissatisfaction and accusations of brand betrayal [1][4] - Brands like Wei Long and Panpan have introduced products with altered packaging and branding, causing confusion among consumers who expect familiar branding [1][4] - The controversy has sparked significant public discourse, with consumers expressing their frustrations over perceived quality discrepancies and branding changes [1][4] Group 2 - Panpan's representative stated that the special products differ from regular packaging, and any inquiries about the branding should be directed to Sam's Club [4] - Lu Lu Mei's official customer service clarified that their products at Sam's Club are exclusive channel items made with imported ingredients, emphasizing that they maintain the same food safety standards across all sales channels [4][6] - Lu Lu Mei acknowledged the need to rebuild consumer trust, which is often more challenging than losing it, indicating a commitment to improving products and services in response to public sentiment [6]