10月27日，欢乐家（300997.SZ）发布2025年第三季度业绩报告。在当前复杂多变的市场环境下，欢乐 家持续推进产品创新和渠道拓展，积极应对市场变化，在食品行业中展现出稳健的发展态势。 近日，欢乐家携新品袋装水果罐头出席糖酒会，展现了公司对消费者新兴需求的深刻理解。与传统的玻 璃包装相比，袋装水果罐头更加轻便、易携带，方便在各种场景下食用，满足了轻量化出行和年轻消费 者便捷食用的需求。此外，欢乐家的水果罐头强调保留水果的原始风味和营养成分，符合消费者对健康 食品的偏好。 从市场表现来看，欢乐家丰富的产品种类和良好的品牌口碑，让产品在销售终端获得了好评。公司多样 化的包装设计，满足了不同消费者的需求，独特的新包装更是受到消费者关注，为品牌在激烈的市场竞 争中赢得机会。 进入第四季度，食品饮料市场即将迎来年末销售旺季。欢乐家表示将提前布局迎接年底节日销售高峰 期，通过优化产品陈列、拓展渠道、维护网点，并针对不同渠道推出专项营销方案，抢占春节市场。同 时，公司将稳步推进印度尼西亚椰子加工项目，拓展国际市场。随着欢乐家有序落实渠道建设、节日营 销推广与项目推进，公司有望延续健康平稳的成长轨迹，进一步提升市场竞争 ...

Core Viewpoint - The article discusses the tax implications for agricultural producers selling their products, specifically focusing on the exemption from value-added tax (VAT) for primary agricultural products and the taxation of processed products like canned oranges. Group 1: Tax Exemption for Agricultural Products - Agricultural producers selling their self-produced agricultural products are exempt from VAT according to the relevant regulations [4][5]. - The policy references include the "Interim Regulations on Value-Added Tax of the People's Republic of China" and the "Notice on the Scope of Taxation for Agricultural Products" [4]. Group 2: Processing and Taxation of Canned Products - Processing primary agricultural products into canned goods, such as orange cans, is subject to a VAT rate of 13% [5]. - The sale of processed products does not qualify for the same tax exemption as primary products, indicating a clear distinction in tax treatment [4][5]. Group 3: Cost Management through Agricultural Product Purchase - Purchasing oranges from farmers for processing can help manage costs, as agricultural product purchase invoices can be used to deduct input tax [5]. - The invoices can also be used as a cost for income tax purposes, thereby reducing overall expenses [5]. Group 4: Invoice Issuance for Agricultural Purchases - Agricultural product purchase invoices are essential for tax deductions and must be issued correctly to ensure compliance with tax regulations [5].

Core Viewpoint - The company is adapting to changes in sales channels and consumer demands by expanding into emerging channels such as snack specialty chains, with a focus on fruit canned products and coconut juice beverages [1] Group 1 - The company reported that its canned fruit products, including yellow peach and orange canned goods, have entered leading and mid-tier snack specialty chains [1] - In the first half of 2025, the revenue from this channel reached 87.82 million yuan [1] - The company aims to actively promote new product development and partnerships to enhance sales scale in response to market demand [1]

Core Insights - The company reported a revenue of 748 million yuan and a net profit attributable to shareholders of 18.55 million yuan for the first half of 2025 [1] - The company is focusing on two core segments: fruit canned goods and coconut-based beverages, while implementing marketing reforms and optimizing channel strategies [1][2] - The company is expanding into emerging channels such as snack specialty chains and has begun selling products like peach and orange canned goods in major snack retail stores [1] Group 1 - The company is committed to proactive changes in response to industry competition and market environment shifts [1] - The company is enhancing its operational efficiency and management effectiveness through a restructured organizational framework and performance system [1] - The company is leveraging its coconut processing project in Vietnam to support its diversified business layout [1] Group 2 - In the second half of the year, the company plans to improve its overall operational quality by deepening marketing reforms and optimizing product, channel, and sales strategies [2] - The company aims to develop new products based on consumer dietary habits, focusing on taste, health, and functionality, while also preparing for seasonal sales peaks [2] - The company is actively pursuing new product development and partnerships to meet the demands of the snack specialty system market and is steadily advancing its overseas coconut processing project [2]

Company Insights - Company has showcased its latest progress in marketing reform, channel expansion, and brand innovation while releasing its semi-annual report [1] - The company focuses on two core segments: canned fruits and coconut-based beverages, and is committed to enhancing operational efficiency and management effectiveness through a reformed marketing system [1] - The company has entered emerging channels such as snack specialty chains, with products like peach and orange canned fruits and coconut juice now available in leading snack chain stores [1] - The company is leveraging its coconut processing project in Vietnam to support its diversified business layout [1] - New product launches include reduced-sugar canned fruits and coconut water beverages, with a focus on promoting gift beverage markets during festive seasons [1] Industry Insights - The global plant-based beverage market reached $26.8 billion in 2022 and is expected to exceed $70 billion by 2030, with a compound annual growth rate of over 13% [2] - The coconut-based beverage segment is one of the fastest-growing categories, benefiting from trends towards natural, low-sugar, and health-conscious consumption [2] - The company is exploring brand rejuvenation by launching cross-industry collaboration products with popular IPs, enhancing consumer recognition and emotional connection [2] - Industry experts believe that the company's long-term focus on canned fruits and coconut-based beverages, along with diversified channel strategies and brand innovation, positions it for structural breakthroughs during high growth cycles [2]

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 748 million yuan, down 20.90% year-on-year, and net profit at 18.55 million yuan, down 77.50% [1] - The decrease in performance is attributed to early-stage marketing reforms, fluctuations in marketing business, rising costs of key raw materials, and changes in product structure [1] Financial Performance - Revenue for the first half of 2025: 748 million yuan, a decrease of 20.90% year-on-year [1] - Net profit for the same period: 18.55 million yuan, a decline of 77.50% year-on-year [1] - Gross margin: 29.52%, down 6.33 percentage points year-on-year [1] Business Development - The company is expanding into new sales channels, particularly focusing on snack specialty chains [1] - Revenue from snack specialty channels reached 87.82 million yuan during the reporting period [1] - The company has initiated a coconut processing project in Vietnam, generating 38.79 million yuan in revenue from initial processing sales [1]

Industry Overview - The canned fruit industry in China is experiencing steady growth, projected to reach approximately 10.3 billion yuan by 2024, driven by increasing consumer demand and expansion into overseas markets [1][8] - Canned fruits are processed from fresh fruits through various methods to extend shelf life, and they include a variety of products such as pineapple, citrus, pear, cherry, peach, lychee, longan, water chestnut, and mixed fruit [1][4] Current Industry Status - China's per capita consumption of canned fruits is only 1 kg, significantly lower than the 90 kg in the US, 50 kg in Western Europe, and 23 kg in Japan, indicating a large market potential [6] - The market size for canned fruits in China decreased from 10.08 billion yuan in 2017 to 9.18 billion yuan in 2021, but rebounded to 9.497 billion yuan in 2022 due to increased home stocking demand [8] Import and Export - In 2024, China's canned fruit exports reached 640,900 tons, a year-on-year increase of 12%, with a total export value of 822 million USD, up 5% [10] - The main export products include canned oranges, peaches, pears, lychees, cherries, pineapples, longans, and mixed fruit, with canned oranges accounting for 41% of total exports [12] Competitive Landscape - The canned fruit industry has low entry barriers with over 3,000 companies, predominantly small to medium-sized enterprises, leading to a fragmented market [16] - Major players include traditional food manufacturers and emerging snack brands, with top companies in the fruit and vegetable processing market being Zhenxin, Huanlejia, Linjiapuzi, Xiduo, and Zhenpengda [18][19] Development Trends - The market is expected to grow amid fluctuations, driven by both export and domestic demand, with a projected total export volume of 2.8507 million tons for canned fruits in 2024 [23] - There is a noticeable trend towards product innovation and health-oriented offerings, with companies introducing low-sugar, additive-free, and functional products to meet consumer health demands [24] - The competitive landscape is evolving, with leading companies leveraging brand strength, technology, and distribution channels to increase market share, while smaller firms may face challenges due to rising labor costs and environmental regulations [25]

Core Insights - The company is enhancing its channel diversification strategy to adapt to changing consumer demands and sales channels, particularly focusing on emerging snack specialty chains [1] - The company reported significant revenue from snack specialty channels, achieving 115 million yuan in revenue and 46.4462 million yuan in the first quarter of 2025 [1] - The company has a strong presence in central, southwestern, and eastern China, with these regions accounting for 66.05% of total revenue [1] Group 1 - The company plans to continue optimizing existing sales points and expanding into the catering channel to increase product exposure [2] - The company aims to deepen its channel diversification and brand promotion, focusing on coconut juice and fruit canned products while enhancing brand vitality [2] - The company will advance its dual-driven development strategy for fruit canned goods and coconut juice, while also progressing its coconut processing project in Vietnam [2] Group 2 - The company is committed to improving supply chain management to enhance responsiveness and efficiency [2]

Group 1: Company Progress and Strategy - The company has deepened its channel diversification strategy, entering snack specialty chains, achieving revenue of 1.15 million CNY in 2024 and 46.44 million CNY in Q1 2025 from this channel [2][4] - The company plans to enhance product R&D to offer more personalized and higher value-added products [2][4] Group 2: Management Changes - Mr. Li Xing resigned as president but remains chairman and strategic committee convener; Mr. Li Zihao has been appointed as the new president [3][4] - Mr. Lv Jianliang has been appointed as vice president, responsible for marketing, bringing extensive experience from previous roles in fast-moving consumer goods [3][4] Group 3: Product Development Plans - The company focuses on high-quality canned fruit products, introducing smaller, portable packaging and reduced-sugar options to meet diverse consumer needs [3][4] - Coconut water products are being developed to expand the company's offerings in the ready-to-drink market, with plans for new product categories [3][4] Group 4: Market Position and Sales Strategy - The company has a national layout with factories in multiple provinces, leveraging regional fruit characteristics to maintain a competitive edge [4][5] - In 2024, the company had 2,236 distributors, with 65.07% located in central, southwestern, and eastern China, generating 12.25 billion CNY in revenue, accounting for 66.05% of total revenue [4][5] Group 5: Raw Material Costs and Procurement - The procurement price of peach raw materials decreased by over 30% in 2024 due to a bountiful harvest, while orange prices increased slightly due to lower production [5] - Coconut water and fresh coconut juice are sourced from Southeast Asia, with procurement prices rising due to supply-demand factors [5] Group 6: Sales Strategy and Incentives - The company will continue to refine its sales strategies in 2025, optimizing marketing expenses based on market conditions [5] - Currently, there is no equity incentive plan in place [5]