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：2025-014 | | □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） | | 详见附件 | 重要提示：参会人员为电话接入或网络接入，接入名单 | | 参与单位名称及人员 | 由会议组织方提供。公司无法保证参会单位名称的完整 | | | 性和准确性，敬请投资者注意。 | | 时间 | 2025年8月27日 | | 地点 电话会议 | | | 上市公司接待人员姓名 | 董事、副总裁 程松 | | | 副总裁、董事会秘书 范崇澜 主要内容如下： | | 1. | 公司2025年上半年经营情况及下半年规划 2025年上半年公司实现营业收入7.48亿元，归属于 | | | 上市公司股东的净利润为1,855.25万元，公司毛利率为 | | 29.52%。 | | | 投资者关系活动主要内 | 2025年上半年公司主要工作进展情况：（1）积极开 | | 容介绍 | ...

在当前的财报季中，大消费领域的业绩表现明显分化：一边是传统龙头业绩集体承压，另一边是新消费势力逆势强劲增长，进一步证实消费市场的深层变 革。 随着中报业绩的逐步验证，港股新消费概念的整体热度亦有再度点燃的迹象。据Wind数据，8月22日，万得（港股）中国新消费指数再度攀升，刷新年内最 高点位。 来源：wind 这些线索无疑为当下的新消费投资带来了新的风向标。 同时，从已披露的财报情况中可以看到，健康消费与情绪消费并行，焕发出蓬勃活力，不乏相关企业保持高增长，价值愈发凸显。 在这样的背景下，椰子水品牌if的母公司IFBH作为具备健康属性的新消费企业，自然成为了重要的观察样本。下面不妨从三个维度挖掘其价值成长潜力。 1、财务数据透视：高成长、稳盈利、强动销 从中期财报来看，IFBH的表现可以说是不失稳健，不乏惊喜。 上半年，IFBH实现营收9446万美元，同比增长31.5%，整体与预期相符，增速跑赢行业平均水平。其中，椰子水收入为9151万美元，同比增长33.3%，其他 饮料收入也同比增长了约57.2%，可见核心品类和新品类均具备较强的成长动能，也对公司的品类延伸能力有所验证。 | | | 截至6月30日止六個月 ...

Core Insights - The Chinese soft drink industry has undergone three major development stages: dominance of carbonated drinks, diversified growth, and structural growth [1][2] - The current competitive landscape is intense, with traditional leaders maintaining advantages while emerging segments are also making significant breakthroughs [2][3] - Future trends indicate a shift towards health-oriented and functional products, with high growth potential in bottled water, sugar-free tea, and energy drinks [3][4] Historical Overview - The industry initially saw the dominance of carbonated drinks until the mid-1990s, led by international giants like Coca-Cola and Pepsi [1] - From 1995 to 2014, the market diversified with local brands emerging and consumer demand for various categories increasing [1] - Since 2015, the rise of the middle class has led to differentiated consumption demands, with bottled water and functional drinks continuing to grow [1] Current Landscape - Major players are leveraging "big product iteration and scene penetration" to build competitive advantages, with significant single products emerging in various segments [2] - Key players in bottled water include Nongfu Spring and Master Kong, with respective market sizes of 16 billion and 12.1 billion [2] - The energy drink segment is led by brands like Red Bull and Dongpeng, with market sizes of 20 billion and 13.3 billion respectively [2] Future Trends - The bottled water packaging rate in China is expected to rise from 14.4% in 2023 to 18.9% by 2028, indicating a clear long-term growth trajectory [3] - The sugar-free tea segment is seeing significant growth, with brands like Dongfang Shuye achieving over 10 billion in market size [3] - Energy drinks are expanding into Southeast Asia, with local partnerships being crucial for market penetration [3] Investment Recommendations - Companies like Dongpeng Beverage and Nongfu Spring are recommended for their strong positions in high-growth segments [4] - The focus is on companies that can adapt to health and functional trends while maintaining strong single product capabilities [4] - Attention is also drawn to potential investments in China Resources Beverage and IFBH due to their emerging market presence [4]

Core Insights - IFBH reported its first half-year financial results since its listing, showing a revenue of $94.46 million, a year-on-year increase of 31.5% [2] - The company’s coconut water revenue reached $91.51 million, growing by 33.3%, and accounted for 96.9% of total revenue [2] - The mainland China market remains the primary revenue source, contributing over 92% of total income, with a year-on-year growth of approximately 30% [2] Financial Performance - The net profit for the first half of the year decreased by about 5% to $14.976 million, while the gross margin fell by 4.7 percentage points to 33.7% [3] - The decline in gross margin was attributed to the appreciation of the Thai Baht against the US dollar, which negatively impacted the financial results [3] - The reduction in net profit was mainly due to professional fees related to the company's listing [3]

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：宏观经济不及预期；食品安全问题；市场竞争加剧。 2025 年 08 月 21 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 行业走势 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2024/8/21 2024/12/20 2025/4/20 2025/8/19 食品饮料 沪深300 软饮料行业深度：后来居上，中国软饮料巨 头的平台化之路 相关研究 《硬折扣系列报告：机遇窗口期，百 舸争流》 2025-07-24 《2025Q2 基金食品饮料持仓分析：持 仓处于低位，白酒明显减配》 2025-07-22 东吴证券研究所 1 / 34 请务必阅读正文之后的免责声明部分 ◼ 观过往：历经三大阶段，品类多元化共振。纵向复盘中国软饮料行业的 发展，大致经历了碳酸饮料主导、多元化增长、结构性增长 ...

Group 1 - The core viewpoint is that leading companies in the coconut water market have significant supply chain advantages and stable channels, with multi-category collaboration driving growth [1][2] - IFBH (06603) is identified as a leading player in the domestic coconut water market, leveraging a light asset model for cost advantages and enhancing brand influence through celebrity endorsements and cross-industry collaborations [1][2] - The health-driven demand for coconut water is supported by its low sugar content and natural electrolytes, establishing a stable consumption structure across various scenarios such as office (45%), sports (32%), and home (18%) [1][3] Group 2 - The global coconut water market is experiencing rapid expansion, with the market size projected to grow from $2.52 billion in 2019 to $4.99 billion by 2024, reflecting a CAGR of 14.7% [2] - The Greater China market is leading this growth, with a projected increase from $0.1 billion to $1.09 billion, achieving a remarkable compound growth rate of 60.8% [2] - The competitive landscape is evolving, with a shift from a highly concentrated market to a more diversified one, where leading brands like Vita Coco maintain their positions while new entrants like IFBH rapidly gain market share [2] Group 3 - The Chinese coconut water market is transitioning from a high-end niche to mass consumption, with the mainstream price range dropping to 6-8 RMB per 500ml, and distribution expanding to convenience stores and lower-tier cities [3] - The per capita consumption of coconut water in China is currently low at 0.1 liters, indicating significant growth potential compared to markets like the US and Hong Kong [3] - The industry is expected to reach a scale of 18 billion RMB by 2029, driven by expanding consumption habits and increased availability across various channels [3]

Group 1: Nintendo's Competitive Edge - Nintendo has maintained its competitiveness in the gaming industry despite inferior graphics compared to its competitors, focusing instead on unique gameplay experiences [2][3] - The design philosophy of Nintendo's iconic character Mario, created by Shigeru Miyamoto, was initially "anti-mainstream," which contributed to its distinctiveness in the gaming market [3][4] - Nintendo's approach to gaming includes engaging non-gamers, as evidenced by the popularity of games like "Just Dance" during the pandemic, appealing to a broader audience [4] Group 2: Coconut Water Pricing Dynamics - The price of bottled 100% coconut water is significantly lower than fresh coconuts, with 1 liter priced at 9.9 yuan, highlighting cost efficiencies in processing and packaging [5] - China consumes over 4 billion coconuts annually, while Hainan only produces about 200 million, indicating a reliance on imports for fresh coconuts [5] - The production process of bottled coconut water minimizes losses during transportation, allowing for competitive pricing compared to fresh coconuts [5] Group 3: Snack Flavor Innovations - The development of new snack flavors is a complex process, requiring advanced technology to create unique taste experiences [6] - The introduction of cheese and onion-flavored chips by Tayto in 1954 marked a significant innovation in the snack industry, moving beyond traditional salt flavoring [7] - Nestlé's KitKat brand successfully adapted to local tastes in Japan by introducing strawberry-flavored variants, demonstrating the importance of regional flavor preferences [7]

Investment Rating - The report does not explicitly provide an investment rating for the food and beverage industry Core Insights - The health consumption trend is reshaping beverage consumption patterns, with functional plant-based drinks experiencing rapid growth, particularly birch juice beverages, which saw a 155.5% month-on-month increase on Douyin e-commerce platforms [4] - Vitamin drinks are witnessing a resurgence in 2024, with brands like Yuanqi Forest and Kangshifu launching new products targeting specific vitamins and consumption scenarios [3][15] - The market for sugar-free tea has stabilized, while the future of electrolyte drinks remains uncertain, with significant market share held by brands like Nongfu Spring [6] Industry Trends - Health consumption trends are driving the popularity of functional plant-based beverages, with domestic brands leading the upgrade in this category [4] - The vitamin drink market is becoming more competitive, with new products focusing on specific vitamins and tailored marketing strategies for different consumption scenarios [3][15] - The sugar-free tea market is dominated by Nongfu Spring's Dongfang Shuye, which holds over 70% market share, while the electrolyte drink market is led by Yuanqi Forest's Alien brand [6] - The Chinese soft drink industry is transitioning from an incremental growth phase to a stock competition phase, with health and functionality becoming key trends [7] - The market for traditional Chinese health drinks is rapidly growing, driven by the health consciousness of the younger generation [8][16] Brand Dynamics - Yuanqi Forest is actively entering the birch juice market, which has seen a sales increase of 834.8% on Douyin, indicating strong consumer interest [13] - The collaboration between Kangshifu and Yili aims to innovate within the instant noodle market, targeting nighttime consumption [9] - The partnership between Yuanqi Forest and Deli to create eco-friendly stationery from recycled beverage bottles highlights a commitment to sustainability [21]

Market Overview - On July 29, the Shanghai Composite Index rose by 0.33%, the CSI 300 increased by 0.39%, the STAR 50 climbed by 1.45%, the CSI 1000 went up by 0.65%, and the ChiNext Index surged by 1.86%. In contrast, the Hang Seng Index fell by 0.15% [4]. - The best-performing sectors on July 29 were telecommunications (+3.29%), steel (+2.59%), pharmaceuticals and biology (+2.06%), electronics (+1.42%), and national defense and military industry (+1.19%). The worst-performing sectors included agriculture, forestry, animal husbandry, and fishery (-1.36%), banking (-1.19%), beauty and personal care (-0.71%), light industry manufacturing (-0.63%), and environmental protection (-0.6%) [4]. - The total trading volume for the entire A-share market on July 29 was 1,829.3 billion yuan, with net inflow from southbound funds amounting to 12.72 billion Hong Kong dollars [4]. Key Recommendations - The report focuses on IFBH (06603), a leading brand in the coconut water industry, which is positioned in a high-growth quality sector. The company is expected to achieve rapid market penetration through a light asset model in the short term, while in the long term, it aims to solidify its market share through excellent product development capabilities, a high-quality product matrix, and an expanding distribution network [5]. - The light asset model is driving rapid market penetration, leading to revenue exceeding expectations. New product launches are contributing to revenue growth, and the standards for the coconut water industry are being further refined [5]. - Revenue projections for 2025-2027 are estimated at 208 million, 270 million, and 336 million USD, with growth rates of 32.3%, 29.4%, and 24.5% respectively. Net profit attributable to the parent company is projected to be 45 million, 59 million, and 77 million USD, with growth rates of 33.8%, 32.0%, and 31.5%. The expected EPS for 2025-2027 is 0.17, 0.22, and 0.29 USD, corresponding to PE ratios of 29, 22, and 17. Given the company is in a favorable period for the coconut water sector, there is still room for growth, and an "Accumulate" rating is given [5]. Catalysts - Key catalysts for the company include the implementation of coconut water standards, expansion of offline channels, and the launch of new products [6].

Core Insights - China has developed a comprehensive supply chain over 40 years, supported by open policies and significant market consumption potential, which are key advantages in attracting foreign investment [1] - Charoen Pokphand Group (CP Group) has established a full industry chain in China, including seed, planting, breeding, slaughtering, processing, and cold chain logistics [1] - There is a growing demand among Chinese consumers for personalized, high-cost performance products, particularly high-quality and safe food [1] Group 1 - CP Group has been active in the Chinese market since 1979, being the first foreign enterprise to invest in China, and currently operates 670 enterprises with over 80,000 employees [2] - The company anticipates that the richness of trade between China and Thailand will further manifest due to the maturation of procurement and supply channels [2] - CP Group's total revenue in China is projected to reach 208 billion RMB in 2024, making it one of the largest foreign investment enterprises in China [2] Group 2 - Thai products like durian, mangosteen, and coconut water are popular among Chinese consumers, while Chinese products such as kiwi and lychee are well-received in Thailand [2] - The 50th anniversary of China-Thailand diplomatic relations and the ongoing benefits from the upgraded China-ASEAN Free Trade Area are expected to enhance trade opportunities [2]