| | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | ☑现场参观 □其他（线上交流会） | | 参与单位名 | 深交所投资者服务部、申万宏源证券组织的投资者"走进上市公司"一行个人 | | 称及人员 | 投资者 33 人 | | 时间 | 2025 年 5 月 27 日 14：30-16：00 | | 地点 | 广西贺州西麦生物食品有限公司 | | 形式 | 线下 | | 上市公司 接待人员 | 证券事务代表：何剑萍 | | | 公司工作人员带领投资者参观公司展厅、部分生产车间，讲解企业发展历程、 | | | 核心业务，主要产品。向投资者介绍公司近年来的整体发展情况和未来发展规 | | | 划，并就投资者关注的问题进行了交流。 | | | Q1：2025 年一季度公司营收和利润增长主要来自于哪些方面？ | | | A1：春节在一季度，是传统的销售旺季：1、电商一季度增速较高。一季度电 | | 投资者关系 | 商的增长主要来自于传统电商平台，传统电商平台盈利能力高于兴趣电商平 | | 活动主 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The oat industry has broad market prospects and growth space, with strong growth momentum in the oat market and an industry competition pattern that needs optimization [32]. - Ximai Food has core competitive advantages, including brand influence, diversified product matrix, comprehensive sales channels, consumer - oriented R & D, full - industry chain advantages, healthy financial status, and excellent corporate governance [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Ximai Food, belonging to the food and beverage industry. The reception time was May 20, 2025. The listed company's reception personnel included the general manager, director, secretary of the board, deputy general manager, financial director, and independent director [17]. 3.2. Detailed Research Institutions - The types of reception objects include institutional relevant personnel, network investors, and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Potential Products**: The company will continue to update and iterate oat + composite products, which have maintained high growth in the past few years and are in line with market trends. It will also continuously introduce new products in the fields of health and oral liquid, such as those in the directions of homologous medicine and food and traditional Chinese health preservation. Additionally, it aims to give more leisure attributes to oat foods and develop more leisure channels [24]. - **Core Competitive Advantages**: Ximai is the first oat cereal brand in China, with an expanding brand influence. It has a diversified product matrix, a comprehensive online and offline sales channel matrix, and is actively exploring overseas business. It is consumer - oriented in R & D, has full - industry chain advantages, a healthy financial status, and excellent corporate governance [24][25]. - **2025 Employee Stock Ownership Plan and Revenue Target**: The company is confident in maintaining a good development trend and will strive to achieve its business goals, although no clear indication of whether the 15% year - on - year revenue growth in 2025 can be achieved is given [25]. - **Raw Material Procurement Cost**: The company closely monitors market dynamics, and will optimize supply chain management and improve procurement efficiency to reduce cost pressure [26]. - **Gross Margin**: The company's gross margin in the first quarter of 2025 was basically the same as that of the previous year. It will optimize supply chain management and improve procurement efficiency, and also enhance competitiveness and profitability through product innovation and market expansion [28]. - **Overseas Business**: The company's overseas business is still in the exploration and cultivation stage and will continue to expand overseas markets [29]. - **Industry Position**: The company maintains the leading position in the Chinese oat cereal market, ranking first in both offline and online sales [30]. - **Oat Industry Development Prospect**: The oat market has strong growth momentum, with the Chinese breakfast food market scale of about 1 billion and a steady compound growth rate, and the oat category growing faster. The industry competition pattern needs optimization, and compared with overseas, China's industry concentration has room for improvement [32][33].

Group 1: Product Potential and Innovation - The company is focusing on the development of oatmeal and composite products, which have shown high growth and consumer acceptance [1] - The company plans to continue launching new health-oriented products, including traditional Chinese medicine and wellness items [1] - There is an emphasis on enhancing the leisure attributes of oatmeal products to expand into more casual consumption channels [1] Group 2: Competitive Advantages - The company is recognized as the leading oatmeal brand in China, with a strong brand influence and consumer trust [2] - A diversified product matrix is being developed, including innovations in oatmeal milk, protein powder, and oatmeal porridge [2] - The company maintains a comprehensive online and offline sales network, with a strong presence in e-commerce, holding the top position in the oatmeal category [2] Group 3: Financial Performance and Market Outlook - The company expects a 15% year-on-year revenue growth in 2025, supported by a favorable market outlook for the oatmeal industry [2] - The company is actively managing raw material costs and optimizing supply chain efficiency to mitigate cost pressures [3] - The gross profit margin for Q1 2025 is expected to remain stable compared to the previous year [3] Group 4: Market Position and Industry Trends - The company holds the number one position in the Chinese oatmeal market, with both online and offline sales leading the industry [5] - The breakfast food market in China is valued at approximately 100 billion, with oatmeal showing faster growth [5] - The market share of the top three companies in the oatmeal industry in China is around 51%, indicating room for increased concentration compared to Japan (82%) and the USA (66%) [5]