Core Insights - AIRMETER successfully leveraged precise marketing strategies and multi-channel collaboration during the 618 shopping festival, achieving over 1.7 billion yuan in online sales and maintaining its position as the top brand in the instant pasta category on major platforms [1] Group 1: Marketing Strategies - The collaboration with celebrity He Haonan as the brand ambassador injected new energy and connection with young consumers, resulting in over 1 billion brand exposure and sales exceeding 3 million yuan within 24 hours of the announcement [2] - The partnership with top food influencer "Special Ula La" created a new marketing model combining short video promotion and live streaming, leading to over 40 million brand exposures and sales surpassing 6.6 million yuan in a single session [4][5] Group 2: Product Innovation - The launch of a new instant noodle series during the 618 promotion achieved sales exceeding 10 million yuan, featuring unique flavors that cater to various dining scenarios [10] - The introduction of the "Corn Pig Soft Bone Baby Noodle" series specifically targets the needs of parents dealing with picky eaters, achieving significant sales growth and enhancing brand influence in the niche market [10] Group 3: Brand Experience - The collaboration with Disney IPs created a multi-dimensional brand experience, successfully extending the consumer base to include pet owners and enhancing emotional connections through themed products [7][8] - The brand's focus on emotional resonance and social value has transformed simple food products into emotional carriers, elevating the consumer experience beyond mere sustenance [12] Group 4: Future Outlook - The impressive performance during the 618 festival reflects the unique value and strong potential of AIRMETER in the food sector, motivating the company to continue prioritizing product innovation and consumer value [13]

Z世代零食消费 偏好：口味创新 与包装社交属性 千禧研究 目录 Z世代——零食 消费主力军 01 Z世代零食口味 偏好趋势 02 零食口味创新案 例 03 Z世代对零食包 装的要求 04 零食包装的社交 属性体现 05 目录 包装创新案例 06 Z世代零食消费场 景与口味、包装 适配 07 零食品牌迎合Z 世代的策略 08 Z世代零食消费 未来趋势 09 总结与启示 10 Z世代——零食消 费主力军 01 Z世代人口规模 与消费能力 消费市场提供了广阔的基础。 庞大的人口规模 中国90/00后人口规模达3.4亿人，约占总人口 的1/4，Z世代在人口数量上占据相当比例，为 Z世代消费对零 食行业的影响 里斯战略定位咨询调查数据显示，Z世代月均可 支配收入比全国平均值高出49.36%，具备较强 的消费潜力。 较高的可支配收入 全国80%以上的Z世代群体，每月零食饮料花费在400元以上，即日均消费在10元以上。其中，一二线城 市Z世代群体里有40%每月零食饮料花费在800元以上，有21%每月在食品饮料上的开销达1000元及以 上。 零食饮料消费支出高 Z世代成为零食消费主力军，促使新品 牌有机会打破既有领导品牌主导 ...

Core Insights - The company reported a total revenue of 2.651 billion yuan in 2024, reflecting a year-on-year increase of 11.91%, while the net profit attributable to shareholders decreased by 22.52% to 233 million yuan [1] - The company experienced a robust growth in its compound seasoning and light cooking solutions, with significant contributions from both direct and online sales channels [2] Financial Performance - In 2024, the total revenue was 2.651 billion yuan, with a net profit of 233 million yuan and a non-recurring net profit of 215 million yuan [1] - The fourth quarter of 2024 saw a revenue of 721 million yuan, with a slight decline in net profit to 59.75 million yuan [1] - For Q1 2025, the revenue was 669 million yuan, with a net profit of 58.25 million yuan, indicating a year-on-year decrease [1] Product and Sales Analysis - The revenue breakdown for 2024 shows that compound seasonings generated 1.296 billion yuan (+13.21%), light cooking solutions 1.130 billion yuan (+10.41%), and beverage and dessert ingredients 147 million yuan (+3.00%) [2] - Direct sales accounted for 2.138 billion yuan (+12.35%), while non-direct sales reached 435 million yuan (+6.63%) [2] - Online sales were 808 million yuan (+2.19%), and offline sales were 1.765 billion yuan (+16.10%) [2] Competitive Positioning - The company maintained a strong competitive advantage in the B2B sector, with revenue from the top five clients reaching 791 million yuan (+7.45%) [3] - The first major client, Yum China, reported a revenue of 376 million yuan (-4.57%), while the second to fourth clients collectively generated 415 million yuan (+21.28%) [3] - In the C2C sector, the company’s online platform achieved a revenue of 918 million yuan (+5.99%) in 2024, recovering from a decline in 2023 [3] Profitability Metrics - The net profit margin for 2024 decreased by 3.91 percentage points to 8.8%, while the gross margin slightly declined by 0.33 percentage points to 32.81% [4] - The gross margin for compound seasonings increased by 2.85 percentage points, while light cooking solutions saw a decrease of 4.23 percentage points [4] - In Q1 2025, the net profit margin further declined to 8.71%, despite a slight increase in gross margin to 32.61% [4] Future Outlook - The company forecasts net profits for 2025-2027 to be 274 million, 315 million, and 358 million yuan respectively, with corresponding EPS of 0.69, 0.79, and 0.90 yuan [4] - The current price-to-earnings ratio is projected to be 20, 17, and 15 times for the respective years [4]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit, indicating mixed performance across different segments and products [1][4]. Financial Performance - In 2024, the company achieved a revenue of 2.651 billion yuan, up 11.9% year-on-year, while the net profit attributable to shareholders was 233 million yuan, down 22.5% year-on-year [1]. - For Q4 2024, revenue was 721 million yuan, up 18.2% year-on-year, with a net profit of 60 million yuan, down 0.5% year-on-year [1]. - In Q1 2025, revenue reached 669 million yuan, up 7.2% year-on-year, with a net profit of 58 million yuan, up 0.3% year-on-year [1]. Product Segmentation - The company’s product revenue for 2024 was as follows: compound seasoning 1.3 billion yuan (+13.2%), light cooking 1.13 billion yuan (+10.4%), and beverage ingredients 150 million yuan (+3.0%) [2]. - The light cooking segment saw C-end revenue of 920 million yuan, up 6.0% year-on-year, driven by new product launches [2]. - B-end business is expected to generate 1.73 billion yuan in revenue for 2024, up 15.3% year-on-year, with a slight decrease in revenue contribution from the largest customer [2]. Profitability and Margins - The overall gross margin for 2024 was 32.8%, down 0.3 percentage points year-on-year, primarily due to the introduction of lower-priced products in the C-end segment [3]. - The gross margin for compound seasoning improved by 2.8 percentage points to 24.0% in 2024, with Q4 gross margin reaching 35.5%, up 4.6 percentage points year-on-year [3]. - The net profit margin for 2024 was 10.1%, down 3.1 percentage points year-on-year, while the net profit margin for Q1 2025 was 10.1%, showing stability [3]. Future Outlook - For 2025, the company expects continued double-digit growth in the C-end segment, supported by new product launches and channel expansions [4]. - The B-end segment is anticipated to maintain steady growth due to new product introductions and increased penetration in existing accounts [4]. - Revenue projections for 2025-2027 are 3.01 billion yuan, 3.44 billion yuan, and 3.95 billion yuan, with corresponding net profits of 280 million yuan, 330 million yuan, and 390 million yuan, indicating a positive growth trajectory [4].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit, indicating a mixed performance in financial health and growth potential [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.651 billion, a year-on-year increase of 11.91%, while the net profit attributable to shareholders was 233 million, a decrease of 22.52%. The non-recurring net profit was 247 million, an increase of 8.99% [1]. - For Q1 2025, the company reported a revenue of 669 million, a year-on-year increase of 7.18%, with a net profit of 58 million, down 4.19%. The non-recurring net profit was also 58 million, up 9.89% [1]. Product Matrix and Market Expansion - The company continues to enrich its product matrix and expand consumption scenarios, with compound seasonings, light cooking solutions, and beverage dessert ingredients generating revenues of 1.296 billion, 1.130 billion, and 147 million respectively in 2024, showing year-on-year growth of 13.21%, 10.41%, and 3% [2]. - In Q1 2025, the revenues for these segments were 301 million, 302 million, and 47 million, with respective year-on-year changes of -1.03%, +12.81%, and +34.5% [2]. Channel and Customer Strategy - The company’s direct sales and non-direct sales achieved revenues of 2.138 billion and 435 million in 2024, reflecting year-on-year growth of 12.35% and 6.63% respectively. In Q1 2025, direct sales and non-direct sales revenues were 548 million and 102 million, with year-on-year increases of 7.96% and 2.71% [3]. Cost Structure and R&D Investment - The company reported a gross margin of 32.81% and a net margin of 8.8% for 2024, with a slight decrease in both margins compared to the previous year. The expense ratio was 19.32%, showing a minor increase [4]. - In Q1 2025, the gross margin was 32.61% and the net margin was 8.71%, with a decrease in net margin year-on-year. The expense ratio was 18.33%, indicating a reduction [4]. Innovation and Growth Strategy - The company focuses on R&D innovation to drive product iteration and market responsiveness, aiming to capture growth opportunities through a well-defined product matrix and channel strategy [5]. - The company anticipates revenue growth from 3 billion in 2025 to nearly 4 billion by 2027, with corresponding net profit growth, indicating a positive outlook for future performance [5].