本报讯 （记者桂小笋）8月26日晚间，欢乐家食品集团股份有限公司（以下简称"欢乐家"）发布2025年 半年报，财报显示，报告期，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1855.25万 元。 半年报还解释了公司在营销改革、渠道拓展及品牌创新方面的最新进展。面对行业竞争和市场环境变 化，公司坚持"主动求变"的姿态，聚焦水果罐头和椰基饮料两大核心赛道，持续推动营销体系改革，通 过因地制宜的区域渠道策略优化组织架构和绩效体系，打造高效执行团队，进一步提升运营效率和管理 效能。 在渠道拓展方面，公司积极拥抱零食专营连锁等新兴渠道，报告期内黄桃罐头、橘子罐头以及椰子汁饮 料已进入部分头部零食连锁门店。同时，依托在越南的椰子加工项目，公司推动椰子类原料初加工销售 业务，体现出多元化布局对整体业务的支撑作用。 下半年，欢乐家将结合行业发展情况，从多个层面共同着手，稳步推进公司整体经营计划和目标的实 现，努力提升公司经营质量。继续深化营销改革工作，在产品端、渠道端和销售端加快优化升级，针对 终端网点进行有效梳理和维护，加强流通和餐饮渠道的开拓，提高有效网点的质量和数量，为迎接下半 年多个重要节日礼品销售旺季 ...

行业层面，植物饮品市场正保持高速增长。公开研究数据显示，全球植物基饮品市场规模在2022年已达 268亿美元，预计到2030年将突破700亿美元，年复合增长率超过13%，其中亚太市场占据主导地位。作 为其中增长最快的细分品类之一，椰基饮品受益于天然、低糖、健康化消费趋势，吸引了众多品牌加码 布局。 在此背景下，欢乐家不仅在渠道和产品上持续深耕，还积极探索品牌年轻化路径。公司近期推出与热门 IP"奶龙"的跨界联名产品，借助IP影响力强化消费者认知度和情感联结，拓展年轻群体市场。这种跨圈 层合作不仅增强了品牌曝光，也为企业注入了更多潮流和活力。 业内人士认为，欢乐家在水果罐头与椰基饮品赛道的长期深耕，加之在渠道端的多元化布局与品牌创 新，有望在行业高增长周期和竞争格局重塑中实现结构性突破，为投资者带来长期价值。 近日，欢乐家（SZ:300997）在披露半年报的同时，展示了其在营销改革、渠道拓展及品牌创新方面的 最新进展。面对行业竞争和市场环境变化，公司坚持"主动求变"的姿态，聚焦水果罐头和椰基饮料两大 核心赛道，持续推动营销体系改革，通过因地制宜的区域渠道策略优化组织架构和绩效体系，打造高效 执行团队，进一步提升 ...

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]

Core Viewpoint - The third China International Supply Chain Promotion Expo showcases the innovative practices of Shandong Lushang Group, emphasizing a new supply chain model that integrates product co-research, channel collaboration, ecological construction, and financial empowerment [1][3]. Group 1: Supply Chain Innovations - Lushang Group utilizes a "one plate of goods" approach to overcome traditional resource fragmentation and channel disconnection, forming a supply chain platform that integrates various internal and external resources [3]. - The company will present its supply chain highlights at the expo, including products from its subsidiary, Furuida, which features advanced technologies and sustainable practices in the beauty industry [3][4]. - Furuida's star products, such as the hyaluronic acid series and patented collagen technology, will be showcased, demonstrating significant advancements in product efficacy and sustainability [3][4]. Group 2: Collaboration and Product Development - The Shandong Pharmaceutical Institute, a key player in Lushang Group's healthcare sector, recently won a provincial science and technology award for its innovative drug delivery technology, enhancing product efficacy and stability [4]. - Lushang Group's retail arm, Yinzou Group, is focused on deepening partnerships with manufacturers to streamline the supply chain and create a unique commercial ecosystem [4]. - The expo will feature products from various regions in Shandong, highlighting local specialties and Lushang's own brand offerings, thereby reconstructing an efficient demand-production-consumption chain [4]. Group 3: Strategic Initiatives - Yitong Jinfu Supply Chain is implementing the national "dual circulation" strategy by assisting companies like Weifang Sheng'an Food Co., Ltd. in transitioning from export to domestic sales [5]. - The Shandong Innovation Research Institute will showcase self-developed products under its brands, emphasizing high-quality offerings in the tea market [5]. - Lushang Group's wine division, Chateau de Cugat, ensures quality control from grape cultivation to consumer delivery, enhancing the supply chain's transparency and efficiency [6]. Group 4: Agricultural Practices - Lushang's agricultural operations focus on full-chain control from seed to shelf, utilizing standardized planting and traceable farming practices to ensure product quality [6]. - The company employs advanced techniques to maintain the nutritional integrity of its products, showcasing a commitment to sustainable agricultural practices [6]. Group 5: Overall Impact - The expo serves as a platform for Lushang Group to demonstrate its comprehensive supply chain innovations and achievements, with a focus on collaboration and sustainability [6].

Group 1 - The nostalgia for the past highlights the simplicity and warmth of life in earlier decades, emphasizing the kindness and support among people during those times [1][4][19] - The cultural elements such as traditional paintings, calendars, and children's books played a significant role in daily life, fostering community connections [3][13] - The era was marked by a sense of hope and vitality despite material scarcity, with significant anticipation for family gatherings and celebrations [4][8] Group 2 - The memories of childhood experiences, such as drinking water directly from taps and enjoying simple treats, evoke a sense of warmth and happiness [6][15] - The dedication and responsibility of students in vocational schools during the 1980s reflect a strong work ethic that surpasses some modern educational achievements [8][25] - The portrayal of workers in the 1980s showcases their dedication and the sense of community within workplaces, highlighting a more integrated work-life balance [9][19] Group 3 - The unique fashion and lifestyle of the 1980s, characterized by simplicity and individuality, represent a distinct social atmosphere [11][21] - The use of ration tickets for shopping illustrates the communal spirit and mutual assistance among neighbors during that time [13][19] - The vibrant culture of the 1980s, including music and transportation, contributed to a collective memory that continues to resonate today [14][17]

Core Points - The successful landing of the Shenzhou 19 manned spacecraft marks a significant achievement in China's space exploration, with astronauts spending 183 days in space and completing various missions [1] - The variety of food available to astronauts has increased significantly, with options including traditional dishes and innovative food production methods [3][5] Group 1: Food Variety and Innovations - Astronauts now have access to a diverse range of foods, including stir-fried rice, dumplings, and even ice cream, showcasing advancements in space food technology [1][3] - NASA's "Deep Space Food Challenge" has led to innovative food solutions, such as using carbon dioxide exhaled by astronauts to produce alcohol and developing systems to grow vegetables and insects in space [3][5] Group 2: Food Restrictions in Space - Certain foods, like Brussels sprouts, are prohibited in space due to their potential to cause gas, which poses a risk in the confined environment of a spacecraft [5][7] - Foods that can create crumbs or liquid, such as bread and juicy fruits, are also restricted to prevent contamination and hazards in microgravity [10][11] Group 3: Taste Preferences in Microgravity - The microgravity environment affects astronauts' taste and smell, leading to a preference for stronger flavors, such as spicy sauces [11][14] - The use of liquid seasonings instead of solid ones is common to avoid issues with floating particles in the spacecraft [10][12]

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]