结语： 南方黑芝麻的危机本质是治理失效与战略短视的必然结果：当控股股东把上市公司当作融资工具，当管 理层用投机掩盖主业颓势，国民品牌便沦为资本游戏的牺牲品。这给所有老牌企业敲响警钟——没有健 康的公司治理，再辉煌的情怀招牌终将倒塌。 南方黑芝麻正陷入"主业守不住、跨界不成器"的战略困局。作为黑芝麻糊品类的开创者，公司核心产品 在黑芝麻糊市场占有率长期位居首位，然而近年来营收却持续下滑，2023年同比下跌11.25%，2024年 再降7.92%。其根源在于品牌严重老化——核心客群集中在中老年，对年轻消费者缺乏吸引力。尽管推 出轻脂饮品、燕麦糊等新品，但这些尝试未能突破"传统糊粉"的品牌刻板印象。更危险的是，管理层选 择用激进跨界掩盖主业颓势：举债22亿投入储能锂电池项目却停滞不前；通过质押担保2.6亿元跨界医 疗却卷入债务官司，需赔付6553万元。高频低效的跨界掏空现金流——2024年违规担保及被占用资金已 达数亿元，迫使公司以股权质押饮鸩止渴。这种盲目追逐热点的机会主义，最终导致传统经销体系崩 塌：2024年经销商流失，三大渠道全面萎缩。 公司治理崩盘触发系统性风险，控股股东成最大隐患 战略失焦引发主业萎缩， ...

【五谷磨房品牌年轻化遇挑战，投资风险需关注】在"悦己消费"成主流背景下，品牌年轻化能力成食品 行业增长韧性关键。五谷磨房(1837.HK)虽在传统营养粉领域有认知基础，但近年在品牌调性等方面落 后，渗透Z世代面临压力。 其主力产品面向追求家庭健康管理的消费者，主要用户为31 - 40岁女性，占 比48.6%，Z世代用户占比不足30%。相比minayo，五谷磨房品牌语言和视觉资产保守，产品缺乏创 新，触达新用户能力受限。 传播策略上，五谷磨房强调理性属性，以养生知识科普为主，缺乏情绪价 值和场景化内容。社交平台投放有限，互动性弱，未形成完整内容资产池或品牌人格表达机制。而同类 品牌在包装、故事讲述和场景构建上表现更佳。 线下方面，五谷磨房曾靠"现磨现卖"专柜起家，但线 下专柜成负担，数量从2018年末的3,895家降至2023年上半年的1,966家，预计2025年约210个专柜关闭， 营收或减5,000万元至8,000万元，品牌体验构建受影响。 线上投入增加，但产品溢价策略面临竞争压 力。以黑芝麻糊为例，五谷磨房单位价格高出80%至130%，对性价比敏感型用户吸引力有限。且2023 年和2024年销售费用分别为 ...

Core Insights - The event "Taste of Guangzhou, Flavor of Paris" successfully showcased Cantonese cuisine in Paris, enhancing the international recognition of Guangzhou as a culinary hub [1][4] - The event featured live cooking demonstrations by Cantonese chefs, highlighting the fusion of Eastern and Western culinary techniques [2][3] Group 1: Event Highlights - The event included a variety of activities such as culinary showcases, cultural exchanges, and food tastings, emphasizing Guangzhou's role as the birthplace and innovation center of Cantonese cuisine [1][4] - Notable dishes presented included "Stir-fried Milk" and "Crab Shell Baked with French Bread," which exemplified the blend of Cantonese and French flavors [2][3] Group 2: Culinary Techniques and Innovations - Cantonese chefs demonstrated their skills, with dishes like "East River Salt Baked Chicken" and "Ten-Year Aged Tangerine Peel Duck Soup," showcasing the health-conscious philosophy of Cantonese cooking [2][3] - The event also featured intricate dim sum creations that combined traditional techniques with modern aesthetics, enhancing the visual and taste experience for attendees [3] Group 3: Cultural Significance - Guangzhou's long history as an open port has allowed for a rich exchange of culinary traditions, making Cantonese cuisine a vital part of Chinese culinary culture and a bridge for international cultural exchange [4] - The local restaurant industry is thriving, with over 240,000 establishments and annual revenues exceeding 100 billion RMB, reflecting the city's vibrant culinary scene [4] Group 4: Future Prospects - Guangzhou aims to further promote its culinary heritage through initiatives like the "Service Consumption 23 Measures" policy, which focuses on enhancing its status as a "Culinary Capital" and fostering international culinary collaborations [4] - The city plans to leverage the "Taste of Guangzhou" brand to deepen global culinary partnerships and expand the reach of Cantonese culture [4]

证券代码：000716 证券简称：黑芝麻 南方黑芝麻集团股份有限公司 投资者关系活动记录表 编号：2025-01 投资者关系活动 类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 线上参与公司2024年度业绩说明会的全体投资者 时间 2025年5月21日 15:00-17:00 地点 价值在线（www.ir-online.cn）网络互动 上市公司接待人员 姓名 副董事长、总裁李文全 副董事长、副总裁、董事会秘书周淼怀 财务总监王炳波 独立董事叶志锋 投资者关系活动 主要内容介绍 公司于2025年5月21日（星期三）15:00-17:00采用网络互动的方式，在 价值在线（www.ir-online.cn）举办了2024年年度报告网上业绩说明会。投 资者关注和交流的主要问题和公司的回复内容如下： 1.请问贵公司和黑芝麻智能 HK02533 有无关系？ 答:尊敬的投资者您好，本公司与您所提及的单位（公司）无任何关系。 感谢您对公司的关注。 2.公司股票怎么一直阴跌？ 答：您好！股票市场价格受多方面因素共同影响 ...

Core Viewpoint - The company reported strong revenue growth and profitability in 2024 and Q1 2025, driven by its core oat business and expansion into new retail channels [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.9 billion yuan, a year-on-year increase of 20.2%, and a net profit attributable to shareholders of 130 million yuan, up 15.4% [1]. - For Q1 2025, revenue reached 660 million yuan, reflecting a year-on-year growth of 15.9%, with a net profit of 60 million yuan, increasing by 21.2% [1]. Product Performance - The company's main oat products, including pure oat flakes, compound oat flakes, and cold oat products, generated revenues of 710 million, 850 million, 150 million, 140 million, and 50 million yuan respectively, with growth rates of 9.6%, 28.8%, 24.1%, 23.9%, and 25.3% [2]. - The "Oat+" series and the classic milk oat series each surpassed 200 million yuan in sales, with the "Oat+" series growing over 20% and the milk oat series over 30% year-on-year [2]. Channel Development - The company emphasized the development of direct sales channels, achieving revenue of 830 million yuan from direct sales, a year-on-year increase of 31.0% [2]. - Online sales, particularly through traditional e-commerce and social e-commerce platforms like Douyin, saw significant growth, with Douyin's GMV reaching 470 million yuan, up 20.3% year-on-year [2]. Cost and Profitability - The gross margin for 2024 was 41.3%, a decrease of 3.2 percentage points year-on-year, primarily due to rising raw material costs and low capacity utilization of new production facilities [3]. - The net profit margin for 2024 was 7.0%, down 0.3 percentage points year-on-year, but improved to 8.3% in Q1 2025, reflecting a 0.3 percentage point increase [3]. Strategic Expansion - The company is expanding its product range beyond oats, developing new products such as instant porridge, lotus root powder, sesame paste, and probiotic protein powder, while also pursuing strategic partnerships and acquisitions [3][4]. - The company is actively embracing new retail channels, including snack wholesale, Douyin e-commerce, and membership stores, leading to rapid growth [4]. Market Outlook - The company forecasts net profits of 180 million, 230 million, and 280 million yuan for 2025-2027, with corresponding EPS of 0.81, 1.01, and 1.24 yuan [4]. - As a leading player in the oat industry, the company is expected to benefit from market expansion and increased concentration, with potential for profit improvement in the future [4].