一鸣食品20251201

Summary of Earnings Call for Yiming Foods Company Overview - Yiming Foods reported a year-on-year revenue growth of 5.5%, with significant online channel growth reaching 48.64% [2][5] - The company’s future growth is expected to come from products such as low-temperature modified milk, low-temperature white milk, yogurt, large rice ball series, and sandwich series [2][14] Financial Performance - As of September 2025, the company achieved a revenue of 2.146 billion yuan, a year-on-year increase of 4.26%. The net profit attributable to shareholders was 46.4 million yuan, up 25.74% [3] - The revenue from franchise stores accounted for 35.63% of total sales, while direct stores contributed 20.4% [3] Channel Performance - Franchise store revenue decreased by 2.35%, while direct store revenue fell by 11.83% [3][26] - Direct sales channel revenue grew by 19.12%, and distribution channel revenue increased by 27.87% [3][26] - The company plans to focus on opening franchise stores, targeting the addition of 600-800 new stores by 2026, with direct store proportion expected to drop below 20% [2][6] Product Development and Market Strategy - The company emphasizes healthy eating in its R&D, focusing on zero-additive baked goods, gut health in yogurt, and nutrition-based Chinese meals [2][8] - Current products are well-suited for the elderly, but collaboration with community elderly service centers is still in exploration [8][9] Online Sales and Profitability - Online sales are divided into three segments: Douyin live streaming (not profitable), Tmall/JD (low profit margin), and New Selection Mall (high gross margin) [10][11] - Despite high transaction volume on Douyin, promotional costs lead to a low overall e-commerce profit margin of about 1% [11] - The online revenue growth is driven by both promotional activities and natural traffic [12] Supply Chain and Cost Management - The company has reduced reliance on bulk powder for milk production, with fresh milk procurement being the primary source, and self-supplied milk accounting for about 20% [17][18] - Fresh milk prices are expected to remain stable or slightly decrease, minimizing cost impact [17] Customer Base and Membership System - The B2B customer base is growing significantly, with expectations to exceed 250 million yuan in total volume by 2025 [4][24] - The membership system is crucial for driving sales in franchise stores, with membership sales accounting for over one-third of total sales [25] Future Outlook - The company aims for balanced development in both new product R&D and channel expansion, focusing on high-quality protein, nutritional balance, and gut health [15][16] - The breakfast and school channels are expanding, with significant growth expected in direct sales [23] Additional Insights - The company is exploring partnerships with community elderly service centers for customized delivery services [9] - The coffee business, Yicheng Coffee, leverages the existing franchise store network for expansion [7] This summary encapsulates the key points from the earnings call, highlighting the company's performance, strategies, and future outlook in detail.