Beingmate(SZ:002570)2022-11-19 02:34Financial Performance - In 2021, the company achieved a revenue of CNY 2.54 billion, with a net profit of CNY 73.31 million, representing a growth of 122.61% compared to 2020 [2] - In Q1 2022, the company reported a revenue of CNY 814 million, a year-on-year increase of 43.68%, and a net profit of CNY 20.13 million, also showing growth [2] Product Development and Sales - The company has successfully launched the main product "Aijia" and the new product "Keruixin," which have shown strong sales performance since 2022 [3] - The "Keruixin" product has gained consumer recognition due to its excellent formula and high cost-performance ratio, leading to a high repurchase rate [3] Market Strategy and Adaptation - The company has adapted to the challenges posed by the pandemic by ensuring the supply of raw materials and maintaining production operations, thus safeguarding its performance [4] - The shift towards new retail channels has been effective, with the new retail model showing strong sales growth, particularly for the "Keruixin" product, which nearly matched the total sales of 2021 in April 2022 [4] Industry Outlook - The infant formula industry is expected to experience increased competition, with smaller brands likely to exit the market, leading to higher industry concentration [4] - The company anticipates structural growth opportunities due to supportive policies for childbirth and an expected rebound in newborn population numbers [5] Management and Operational Improvements - Following the return of the founder as General Manager, the company has implemented significant reforms aimed at improving profitability and operational performance [5] - Key strategies include optimizing organizational structure, enhancing cost control measures, and transitioning towards a new retail model to improve overall operational efficiency [5]