Core Insights - Yanzhiwu (1497.HK) reported a revenue of 2.05 billion yuan for 2024, marking a recent high, but the growth rate of 4.37% is significantly slower compared to the previous year [1][2] - The company's sales expenses surged by 19.08% to 670 million yuan, outpacing revenue growth and indicating a structural imbalance in input-output efficiency [1][2] - Net profit fell sharply by 24.18% to 160 million yuan, marking the first instance of "increased revenue but decreased profit" since 2021 [1][2] Revenue and Profit Analysis - The core business of pure bird's nest products showed signs of weak growth, with revenue from this segment only increasing by 0.06% to 1.795 billion yuan in 2024 [4][8] - The decline in net profit is attributed to three main factors: investment in brand high-end strategy, increased production costs due to new factory construction, and conservative consumer spending affecting offline channel revenue [2][4] Marketing and Sales Expenses - The sales expense ratio rose to 32.72% in 2024, a historical high, driven by high endorsement fees and multi-channel marketing activities [2][4] - The company has relied heavily on celebrity endorsements to enhance brand visibility, with notable figures like Wang Yibo and Gong Li joining the endorsement roster in 2024 [2][4] Distribution Channel Performance - Offline channel revenue decreased by 6.1% to 808 million yuan, primarily due to conservative consumer behavior and a slowdown in distributor store expansion [8] - The number of self-operated stores increased by 12 to 108, while distributor-operated stores only saw a net increase of 3 to 650, indicating a significant slowdown in expansion compared to previous years [6][8] E-commerce and Competition - E-commerce revenue reached 1.24 billion yuan, growing by 12.5% and accounting for 60.6% of total revenue, highlighting the increasing importance of online sales channels [7][8] - The competitive landscape in the e-commerce sector is intensifying, with brands like Xiaoxian Dun and Xu Guanghe ramping up their online presence [7][8] Future Strategy and Challenges - The company aims to transition from a single product category to a composite nourishment solution, targeting a doubling of revenue in five years [8] - Despite launching new products like bird's nest porridge, the scale remains small, posing challenges for sustaining overall performance [8]

Core Viewpoint - The market for bird's nest products is expected to exceed 100 billion yuan by 2025, but high-priced products are facing declining consumer interest, as evidenced by the poor sales performance of brands like Yan Zhi Wu and Xiao Xian Dun [1][18][20]. Group 1: Market Overview - The bird's nest market reached 623 billion yuan in 2023, an increase of nearly eight times from 70 billion yuan in 2016, with projections indicating it will surpass 1 trillion yuan by 2025 [8][18]. - The introduction of ready-to-eat bird's nest products has made this luxury item more accessible to the general public, contributing to market growth [8][12]. Group 2: Consumer Behavior - There is a noticeable decline in consumer willingness to pay high prices for bird's nest products, with brands like Yan Zhi Wu experiencing stagnant revenue growth and declining profits [18][20]. - The perception of bird's nest as a luxury item is changing, with consumers becoming more skeptical about its health benefits and questioning the value of high-priced products [20][24]. Group 3: Brand Performance - Yan Zhi Wu's revenue for 2024 is projected at 2.05 billion yuan, with a profit drop of 24.53% to 160 million yuan, indicating a challenging market environment [18][21]. - Xiao Xian Dun is also facing difficulties, including allegations of financial misconduct and a significant reduction in employee numbers during promotional periods [19][20]. Group 4: Marketing Strategies - Both Yan Zhi Wu and Xiao Xian Dun have heavily invested in celebrity endorsements and marketing campaigns, but the effectiveness of these strategies is diminishing as consumer preferences shift [21][23]. - Yan Zhi Wu's marketing expenses reached 670 million yuan in 2024, significantly outpacing its revenue growth, highlighting the unsustainable nature of its current marketing approach [21][23]. Group 5: Product Innovation - In response to declining sales of pure bird's nest products, Yan Zhi Wu is focusing on developing more affordable options like bird's nest porridge to attract a broader consumer base [25]. - Xiao Xian Dun emphasizes a daily consumption model, promoting the idea of small, regular purchases to encourage long-term customer engagement [25].

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 这是燕之屋近五年以来首次出现"增收不增利"的情形。2021年至2023年，燕之屋的净利润分别为1.64亿 元、1.88亿元、1.97亿元，同比增速分别为34.81%、14.42%、4.93%。 与此同时，燕之屋在资本市场的表现也不尽如人意，截至4月23日收盘，其股价报6.53港元，相较于去年 7月的高点，累计跌幅已达57.4%，相较于IPO发行价（9.7港元）下跌32.7%，总市值缩水至30.4亿港元。 值得一提的是，就在前不久，燕之屋高调官宣万科集团创始人王石，成为其最新产品——"全球首款男 人燕窝"总裁碗燕的品牌代言人，引起市场关注及讨论。 这款总裁碗燕的售价高达3168元，但截至4月22日，在燕之屋天猫官方旗舰店上，这款总裁碗燕的销量 颇为惨淡，仅有65人付款。 本文转载自侃见财经 值班编辑 | 江江 视觉 | 诺言 王石没能"拯救"燕之屋。 近日，号称"燕窝第一股"的燕之屋（01497.HK）披露了最新财报，其中显示，2024年全年实现营收20.5 亿元，同比增长4.37%；净利润为1.6亿元，同比大幅下降24.18%。 | | ...

Core Viewpoint - Xiamen Yan's Nest Industry Co., Ltd. (referred to as "Yan's Nest") has entered the capital market after multiple IPO attempts, but its performance post-listing has been weak, with revenue growth accompanied by a significant decline in net profit in 2024 [1] Financial Performance - In 2024, Yan's Nest reported a revenue increase of 4.37% year-on-year to 2.05 billion yuan, while net profit plummeted by 24.18% to 160 million yuan, marking the first time net profit margin fell below 10% [1] - The sales revenue from pure bird's nest products was 1.795 billion yuan, accounting for 87.6% of total revenue, with a mere 0.06% growth year-on-year [2] Marketing and Cost Structure - Sales and distribution expenses surged by 19% year-on-year to 670 million yuan, representing 32.7% of total revenue, primarily due to high-profile endorsements and increased promotional costs [2] - The strategy of relying on celebrity endorsements and e-commerce channels has led to a significant increase in promotional expenses, with over 60% of revenue coming from e-commerce [2] Competitive Landscape - Yan's Nest faces intensified competition, with brands like Xiaoxian Stewed and pharmaceutical-backed companies entering the health market, while prices for ready-to-eat bird's nest products have dropped significantly [3] - The company's attempt to diversify with "bird's nest+" products has seen limited success, with these products only accounting for 11.3% of revenue and lacking technological barriers [3] Consumer Trust and Market Dynamics - The industry continues to grapple with trust issues, particularly following past incidents related to product safety, which have led to consumer skepticism about quality [3] - The core customer base is shifting, with younger consumers gravitating towards more affordable health products, while high-end customers are increasingly attracted to competing brands [3] Strategic Challenges - Yan's Nest's strategies, such as cost reduction through smart factories and expanding into county markets, are unlikely to reverse the profit decline in the short term [3] - Without significant breakthroughs in research and development or product innovation by 2025, the company's leading position in the market may be at risk [3]