[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 朝云集团（6601）公司公告点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------|------------------------------------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 04 日收盘价 ] | 1.90 港元 | | 52 周股价波动 | 1.21~1.96 港元 | | 总股本 / 流通港股 | 13.33 亿 /13.33 亿 | | 总市值 / 流通市值 | 25 亿港元 /25 亿港元 | | 相关研究 | | | [T 《全年高派息 able_ReportInfo] & | 业绩高增长，宠物线下实体门 | | 店服务业态加速布局》 | 2024.04.09 | | | 《家居护理主业基石稳固，宠物相关业务快速 | | 放量，利润率 & | 派息率大幅提升》 2023.09.14 | 市 ...

朝云集团（6601 HK） | 2024 年 9 月 4 日 香港股市 | 消费 朝云集团 (6601 HK) 产品推陈出新，宠物业态高质量成长 2024 半年毛利率提升至 46.4%，高于预期 朝云集团（6601 HK）上半年实现总收入 12.5 亿元（人民币，下同），同比增长 10.3%。 得益于公司履带式推出爆款单品，平均单价上升，以及原材料价格下跌，公司上半年整 体毛利率提升 5.1 百分点至 46.4%，高于原先预期。费用方面，销售费用和行政费用因广 告促销和人工开支上升略有提升，费用率为32.4%，大致平稳。公司整体盈利能力提升， 上半年净利润 1.8 亿，同比提升 31.5%，净利润率上涨 2.3 百分点至 14.4%。公司半年派 息 0.059 港元，派息率维持 40% 家居护理护城河坚实；宠物品类加速拓店 公司基本盘家居护理收入保持增长趋势，其中杀虫驱蚊/家居清洁/空气护理产业收入分 别提升 12.7%/8.2%/2.4%，家居护理品类占收入 70.4%。杀虫驱蚊产品连续九年市占率第 一，以及家居清洁产品市占率保持第二，证明消费者对品牌忠诚度较高，用户粘性较 强。公司以已有拳头产品，叠加产品 ...

[Table_TargetPrice] [Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 朝云集团(6601.HK)公司点评报 告2024 年 09 月 01 日 [Table_Title] 业绩稳健增长，宠物版图持续扩张 ——朝云集团 2024 年半年度业绩点评 [Table_Invest]买入|维持 [Table_Summary] 事件： 公司发布 2024 年半年度业绩报告：2024 年半年度，公司实现营业收入 12.49 亿元，同比增长 10.27%；对应净利润为 1.76 亿元，同比增长 29.60%。截至 2 024 年 6 月 30 日，公司在手现金及等价物为 26.65 亿元；2024 年半年度公司 派息率为 40%，经营期内继续维持高派息比例。 家居护理业务稳健增长，线上渠道占比稳步提升 分业务来看，2024 年半年度公司家居护理/个人护理/宠物及宠物产品业务分别 营收 11.64/0.35/0.48 亿元，同比分别增减 11.47%/-18.41%/5.28%。分渠道看， 公司线上渠道（线上自营店、线上分销商、社区电商平台）/线下渠道（线下分 销商、企业及团体客户 ...

证 券 研 究 报 告 朝云集团（6601.HK）2024 年中报点评 推荐（维持） 盈利能力提升，宠物门店高质量发展 目标价：2.6 港元 事项： ❖ 据公告，公司 2024 上半年实现营业收入 12.5 亿元，同比增长 10.3%；实现归 母净利润 1.8 亿元，同比增长 31.5%。公司拟宣派中期股息 0.0538 元/股，派 息率 40%，保持稳定。 评论： ❖ 分品类看，家居护理品类稳健增长，宠物品类高质量拓店。作为业务基本盘， 2024 上半年公司家居护理业务实现营业收入 11.6 亿元，同比增长 11.5%，毛 利率 46.4%，yoy+5.2pct，系公司不断提升杀虫驱蚊、家居清洁的品牌认可度， 推出具有差异化、强功效性、成分健康的大单品，带动业务盈利能力提升；宠 物品类实现营收 0.48 亿元，同比增长 5.3%，毛利率 49.5%，yoy+4.1pct，明显 改善。公司发布宠物线下实体门店服务业态战略布局，全国开启火速开店，截 至 24 年 6 月 30 日在深圳、上海、杭州、成都、广州等城市开设 46 家门店（其 中爪爪喵星球 20 家，米乐乖乖 26 家），提供宠物活体售卖、猫咖、宠物 ...

市场数据 2024/08/27 近一月换手（%） 1.11 2024 年 08 月 28 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 林昕宇 S0350522110005 linxy01@ghzq.com.cn [Table_Title] 技术创新打造高毛利履带式爆品矩阵， 看好宠物门店高质量拓店 ——朝云集团（06601）2024 年中报业绩点评 最近一年走势 事件: 8 月 26 日，朝云集团发布 2024 年半年度报告：2024H1，公司实现营业 收入 12.50 亿元/同比+10.28%，实现净利润 1.79 亿元/同比+31.47%， 实现扣非后归母净利润 1.79 亿元/同比+37.56%。 投资要点: 技术创新打造高毛利爆品矩阵，家居护理类产品高速增长。2024H1， 家居护理类产品实现营业收入 11.64 亿元/同比+11.5%，毛利率由 2023H1 的 41.2%上升至 46.4%。宠物及宠物类产品相对稳健，实现 营业收入 0.48 亿元/同比+5.3%，毛利率由 2023H1 的 45.4%上升至 49.5%。公司不断提升杀虫驱蚊、家居清洁产品的头部品牌力，推出 具有差异化 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Cheerwin Group Limited 朝雲集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6601） 截 至2024年6月30日止六個月之 中期業績公告 | --- | --- | --- | --- | |------------------|-----------------|---------------------------------|----------------| | | | | | | 財務摘要 | | | | | | | 6 30 | | | | 截 至 2024 | 月 日止六個月 | | | | 年 人民幣千元 | 2023 人民幣千元 | 年 變動 | | | | | (%) | | | （未 經 審 核） | （未 經 審 核） （未 經 審 核） | | | 收 入 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Cheerwin Group Limited 朝雲集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6601） 有關截至2023年12月31日止年度之 年度報告之補充公告 茲提述朝雲集團有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）於2024 年4月30日刊發的截至2023年12月31日止年度之年度報告（「2023年度報告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與2023年 度 報 告 所 界 定 者 具 有 相 同 涵 義。 本公司根據上市規則第17章謹此提供以下有關2023年度報告所載「受 限 制 股 份 獎 勵 計 劃」之 進 一 步 資 料。 根據上市規則第17.07(2)條，本 公 司 謹 此 澄 清，於2023年1月1日 及2023年12月31 日 ...

Q：您提到我们革新大单品，有这种檀香香的产品，还有一些蚊 香液，如果这几个传统的檀香电、蚊香液，还有一些新型的精油 户外，大概一个产品结构是怎么样的？ | --- | |-------------------------------------------------------------| | | | A: 目前我们看到 | | 这种点火的，它还是每年销售都会过亿。它的 销量完全没有减， | | 甚至有一点点的增长。 大家主要买的其实还是这种。点火的盘香、 | | 电、蚊液之类的。新产品是户外的喷雾的这些是之前看可能没那 | | 么多需求，现在需求在增。但是它的量跟传统的这些差距比较大 | | 明白。所以我们判断传统 的这些形式在近几年它的这种体量的趋 | 净利润将实现双位数增长。家居清洁产品有望实现约 10%的增长， 而宠物业务被视为第二增长曲线，预计 5 年后将占公司总收入的 其中单店收入以活体宠物销售为主，占比 50%。 全文概要 多品类发展战略。在家居清洁市场，公司仍有提升空间，与市场 领先者相差约 10 个百分点。 Q：我们的家居清洁产品类市场份额还有提升空间，未来的打法 是怎样的? 一，家居清 ...

明白明白好的好的嗯 然后还想请教一下从销售费用率角度来看当然我们能够看到的是公司总体的会包含不同的业务整体的销售费用率在25%以上未来我们在宠物业务方面单独来看的话比如说这块的销售费用我们怎么去展望以及对整体公司的销售费用率可能会有一个什么样的影响能不能请您给我们分享一下 我们其实在今年开始我们因为我们要大力布局宠物线下的这种实体门店嘛但是那个其实我们开店的成本也不是很多就比如说这个我们那个因为我们米勒怪可能它偏向大店呢它这种商场店它的那个单店初始投资也就50万然后爪爪那个品牌也就30万 所以它不会造成太大的这种费用的特别增长然后其他的整体的费用来说因为我们今年的整体的收入肯定还要同比去年还是要涨的 所以整体的我们预计的费用率会可能增加一点点但是我们目前看到的和我们计划的宠物这一块今年的综合费用率也就是增加一个百分点什么的所以也不会对我们大盘会造成太大的影响另外我们现在原有的业务 嗯今年的费用率应该比去年会下降一点点但是可能就是一个点或者是一个百分点或者是零点五个百分点这样所以整体的那个也不会偏差太大啊嗯明白明白好的就是宠物门店呃之外我们公司的这些就是呃产品方面啊比如说您刚刚提到的这个食品啊用品啊这一些就是 ...

Financial Performance - Net profit increased by 164.0% from RMB 65.5 million in 2022 to RMB 172.8 million in 2023, with a net profit margin rising from 4.5% to 10.7%[46] - Pre-tax profit surged by 151.3% from RMB 86.5 million in 2022 to RMB 217.3 million in 2023[45] - Operating cash inflow increased significantly to RMB 326.9 million in 2023, compared to RMB 71.7 million in 2022[47] - Revenue for 2023 increased to 1,615,585 thousand RMB, up from 1,446,638 thousand RMB in 2022, representing an 11.7% year-over-year growth[81] - Net profit for 2023 rose to 172,817 thousand RMB, a significant increase from 65,456 thousand RMB in 2022, marking a 164% growth[81] - Gross profit for 2023 was 718,258 thousand RMB, up from 601,374 thousand RMB in 2022, reflecting a 19.4% increase[81] - Other income for 2023 surged to 123,471 thousand RMB, compared to 76,001 thousand RMB in 2022, a 62.5% increase[81] - Earnings per share (EPS) for 2023 stood at 13.13 RMB cents, up from 4.96 RMB cents in 2022, a 164.7% increase[81] - Profit for the year rose to RMB 175,016 thousand in 2023, compared to RMB 66,101 thousand in 2022[129] - Total comprehensive income for the year was RMB 193,653 thousand in 2023, compared to RMB 171,872 thousand in 2022[129] - Home care segment revenue grew to RMB 1,471,917 thousand in 2023, accounting for 91.1% of total revenue, up from 89.6% in 2022[135] - Total revenue increased to RMB 1,615,585 thousand in 2023, up from RMB 1,446,638 thousand in 2022[135] Cash Flow and Liquidity - Cash and cash equivalents, along with fixed deposits, totaled RMB 2,901.3 million as of December 31, 2023[48] - Cash and cash equivalents at the end of 2023 were 1,543,424 thousand RMB, up from 1,340,980 thousand RMB at the end of 2022, a 15.1% increase[83] - Investment activities used a net cash of 43,930 thousand RMB in 2023, significantly lower than the 1,289,423 thousand RMB used in 2022[83] - The company paid dividends of 84,000 thousand RMB in 2023, down from 96,133 thousand RMB in 2022[83] - Fixed deposits under current assets surged to RMB 1,737,883 thousand in 2023 from RMB 1,455,986 thousand in 2022[124] - Dividends recognized as distributions amounted to RMB 84,000 thousand in 2023, down from RMB 96,133 thousand in 2022[129] - Operating cash flow before working capital changes increased to RMB 190,776 thousand in 2023, up from RMB 48,693 thousand in 2022[132] - Net cash from operating activities rose to RMB 326,915 thousand in 2023, compared to RMB 71,681 thousand in 2022[132] Assets and Liabilities - As of December 31, 2023, the company had no pledged assets[25] - The company's capital gearing ratio increased from 0.6% in 2022 to 1.0% in 2023 due to the rise in lease liabilities and right-of-use assets[49] - The company's total assets minus current liabilities stood at 2,843,250 thousand RMB in 2023, up from 2,838,452 thousand RMB in 2022[66] - The company's non-current assets were 417,855 thousand RMB in 2023, slightly up from 417,853 thousand RMB in 2022[66] - Total assets increased to RMB 2,968,402 thousand in 2023, up from RMB 2,843,250 thousand in 2022[124] - Net current assets decreased to RMB 2,274,316 thousand in 2023 from RMB 2,425,395 thousand in 2022[124] - Total equity increased to RMB 2,937,472 thousand in 2023, up from RMB 2,824,568 thousand in 2022[126] - Trade and other receivables decreased to RMB 87,632 thousand in 2023 from RMB 97,231 thousand in 2022[124] - Inventory levels dropped to RMB 268,033 thousand in 2023 from RMB 319,177 thousand in 2022[124] - Non-current liabilities increased to RMB 30,930 thousand in 2023 from RMB 18,682 thousand in 2022[126] - Contract liabilities increased by RMB 89,866 thousand in 2023, up from RMB 74,653 thousand in 2022[132] Taxation and Financial Costs - Income tax expenses increased by 111.5% from RMB 21.0 million in 2022 to RMB 44.4 million in 2023, driven by higher pre-tax profits[45] - The company's effective tax rate was 20.5% in 2023, lower than the statutory rate of 25%, due to preferential tax rates for high-tech enterprises[45] - Financial costs remained relatively stable at RMB 1.0 million in 2023, compared to RMB 0.9 million in 2022[44] Corporate Governance and Board Structure - The company's board of directors includes three independent non-executive directors with diverse industry backgrounds, accounting for one-third of the board members[14] - The company's gender ratio (including senior management) was approximately 52% male and 48% female as of December 31, 2023[14] - The company encourages directors to participate in continuous professional development to update their knowledge and skills[15] - The company's directors and senior management received at least 15 hours of relevant professional training during the fiscal year ended December 31, 2023[96] - The company's internal control measures include establishing an audit committee, implementing policies to ensure compliance with listing rules, and conducting regular training for employees and management[95] - The company's directors' remuneration is determined based on the time commitment, responsibilities, and performance of the group, with details provided in the annual report[87] - The company's shareholder communication policy was reviewed for implementation and effectiveness during the fiscal year ended December 31, 2023[98] Acquisitions and Investments - The company acquired 100% equity of Guangdong Zhongke Research Cosmetics Technology Co., Ltd., which focuses on scientific analysis, research, and testing of cosmetics, maternal and infant care products, personal care products, and pet products[21] - The company acquired 100% equity of Guangdong Zhongke Research Cosmetics Technology Co., Ltd. for RMB 5.036 million in cash, which was fully paid on April 6, 2023[106] Inventory and Asset Management - The carrying value of finished goods as of December 31, 2023, was approximately RMB 216.786 million, with a provision of approximately RMB 1.982 million[103] - Inventory decreased by RMB 50,689 thousand in 2023, compared to a decrease of RMB 20,649 thousand in 2022[132] - Impairment losses on intangible assets amounted to RMB 9,323 thousand in 2023, with no such losses recorded in 2022[132] - Depreciation of property, plant, and equipment increased to RMB 25,655 thousand in 2023, up from RMB 24,490 thousand in 2022[132] Foreign Exchange and Risk Management - The company faces foreign exchange risks primarily due to deposits denominated in USD and HKD, and closely monitors exchange rate fluctuations while reviewing foreign exchange risk management strategies[24] - Other losses amounted to RMB 10.4 million in 2023, compared to other gains of RMB 9.8 million in 2022, primarily due to valuation changes in investments and exchange rate impacts[43] Revenue Recognition and Financial Reporting - The company's consolidated financial statements for the year ended December 31, 2023, include the impact of a business combination under common control, with revenue increasing by RMB 1.446 million and net profit increasing by RMB 1.371 million[112] - The company's financial statements for the year ended December 31, 2023, were audited by an independent auditor, with key audit matters including the provision for finished goods[101][103] - The company's financial statements reflect the application of revised International Accounting Standard 12, which narrows the scope of exemptions for recognizing deferred tax liabilities and assets[90] - The company recognizes revenue from customer contracts when control of goods is transferred according to agreed delivery terms, and at the point when customers obtain control of specific goods[179] - Goodwill from business acquisitions is recorded at cost established on the acquisition date, less any accumulated impairment losses[177] - The company measures lease liabilities at the present value of unpaid lease payments at the lease commencement date, using the incremental borrowing rate if the implicit lease rate is difficult to determine[181] - Intangible assets with finite useful lives acquired in business combinations are presented at cost less accumulated amortization and any accumulated impairment losses[186] - Deferred tax assets and liabilities are measured at the tax rates expected to apply when the liability is settled or the asset is realized, based on tax rates enacted or substantively enacted at the reporting date[191] - Variable consideration is included in the transaction price only if it is not likely to result in a significant revenue reversal when the uncertainty related to the variable consideration is subsequently resolved[189] - The company uses the effective interest method to calculate the amortized cost of financial assets or liabilities and allocate interest income or expense over the relevant period[173] - Non-controlling interests are initially measured at the proportionate share of the acquiree's identifiable net assets or at fair value, with the measurement basis selected on a transaction-by-transaction basis[171] - The company allocates goodwill to cash-generating units expected to benefit from the synergies of the business combination for impairment testing purposes[168] - The company consolidates subsidiaries from the date it obtains control and ceases consolidation when control is lost, with income and expenses of subsidiaries acquired during the year included from the date control is obtained[175] - The company expects to refund part or all of the consideration received from customers, and records a refund liability (included in trade and other payables)[198] - Revenue from transferred products is recognized based on the amount of consideration the company expects to be entitled to, and no revenue is recognized for products expected to be returned[199] - The consolidated financial statements notes are for the year ended December 31, 2023[200] Interest and Other Financial Metrics - Interest income rose to RMB 91,362 thousand in 2023, compared to RMB 48,065 thousand in 2022[132] - Trade and other receivables decreased by RMB 12,393 thousand in 2023, compared to an increase of RMB 22,921 thousand in 2022[132]