千禾味业食品股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 证券代码：603027 证券简称：千禾味业 公告编号：2025-021 会议召开时间：2025 年 6 月 26 日 （星期四） 09:30-10:30 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.s seinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 6 月 19 日 （星期四） 至 6 月 25 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 irm@qia nhefood.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 千禾味业食品股份有限公司（以下简称"公司"）已于 2025 年 4 月 16 日发 布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2024 年度、2025 年第一季度经营成 ...

证券代码：603027 证券简称：千禾味业 公告编号：2025-020 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 30 日 10 点 召开地点：四川省眉山市东坡区千禾味业食品股份有限公司 千禾味业食品股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (七)涉及公开征集股东投票权 无 二、 会议审议事项 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年6月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日 至2025 年 6 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时 ...

Core Insights - Qianhe Flavor Industry has officially partnered with CCTV's flagship program "Home Cooking," marking the first collaboration of a "zero additive" seasoning brand with a national media program [1][3] - The partnership aligns with the national "Nutrition Plan (2023-2030)" and aims to promote healthy eating concepts among Chinese families through advanced product ideas from private enterprises [1][3] Company Positioning - Qianhe holds a 38.7% market share in the zero additive soy sauce segment, as reported by the China Condiment Association in 2023 [3] - The company's product philosophy of "simple ingredients, natural flavors" aligns with the core requirements of reducing chemical interventions in food, as emphasized in the national health initiative [3][6] Consumer Trends - A 2024 KPMG survey indicates that nearly half of Chinese consumers prefer purchasing pure, natural foods, while a Mintel report shows that 86% of consumers desire simpler ingredient lists [4] - This consumer preference reflects a growing demand for products that emphasize minimal ingredients and high quality [4][8] Production Capacity - Qianhe has faced tight production capacity since the previous year, with some product categories experiencing supply shortages, highlighting the urgent market demand for "extremely simple ingredients and exceptional quality" [8] - The company has completed the main construction of its 600,000-ton intelligent manufacturing project, with a total investment of 1.26 billion yuan, which will significantly increase its production capacity to over 1.2 million tons [8]

Investment Rating - The report maintains a "Buy" rating for Qianhe Flavor Industry [4][7] Core Views - The company experienced revenue pressure in 2024, with a total revenue of 3.07 billion yuan, a year-on-year decrease of 4.2%. However, there was a slight improvement in profitability, with a net profit of 510 million yuan, down 3.1% year-on-year [1][2] - The revenue decline in Q1 2025 was less severe compared to previous quarters, indicating a potential stabilization in sales [2] - The company has optimized its product structure and benefited from lower raw material costs, leading to improved profitability in Q4 2024 and Q1 2025 [3] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 37.2% and a net margin of 16.7%. In Q4 2024, the gross margin improved to 40.1% and the net margin to 20.7% [3] - For Q1 2025, the gross margin was 38.9% and the net margin was 19.3%, reflecting ongoing improvements in profitability [3] Revenue Breakdown - In 2024, revenue from soy sauce and vinegar was 1.96 billion yuan and 370 million yuan, respectively, with year-on-year changes of -3.8% and -12.5%. Sales volume for soy sauce increased by 1.3%, while vinegar saw a decline of 9.5% [2] - Online and offline sales in 2024 were 600 million yuan and 2.43 billion yuan, respectively, with year-on-year declines of 4.9% and 4.0% [2] Future Projections - Revenue forecasts for 2025-2027 are 3.24 billion yuan, 3.53 billion yuan, and 3.83 billion yuan, representing year-on-year growth of 5.4%, 8.8%, and 8.7% respectively. Net profit forecasts for the same period are 550 million yuan, 618 million yuan, and 687 million yuan, with growth rates of 6.9%, 12.5%, and 11.0% [4][6]

关于千禾味业食品股份有限公司 2022 年度向特定对象发行股票之 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）担千禾味 业食品股份有限公司（以下简称"千禾味业"、"发行人"、"公司"）2022 年度 向特定对象发行股票的保荐机构，负责本次股票发行上市后的持续督导工作，持 续督导期自 2023 年 7 月 11 日至 2024 年 12 月 31 日止（以下简称"持续督导期 间"）。招商证券根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，出具本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）根据公司提供的相关资料和信息，保荐总结报告书和证明文件及其相 关资料的内容不存在虚假记载、误导性陈述或重大遗漏，保荐机构及保荐代表人 对其真实性、准确性、完整性承担法律责任。 （二）保荐机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称 "中国证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 千禾味业食品股份有限公司 持续督导保荐总结报告书 （三）保荐机构及保荐代 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 3.073 billion yuan for 2024, a decrease of 4.16% year-on-year, and a net profit attributable to shareholders of 514 million yuan, down 3.07% [2][4]. - In Q4 2024, the company achieved a revenue of 785 million yuan, down 10.3%, but the net profit increased by 13.45% to 163 million yuan [2][4]. - For Q1 2025, the company reported a revenue of 831 million yuan, a decline of 7.15%, while the net profit rose by 3.67% to 161 million yuan [2][4]. - The company is experiencing short-term sales pressure due to public opinion issues, but its profitability continues to improve [10]. Summary by Sections Financial Performance - In 2024, the company’s revenue from soy sauce was 1.964 billion yuan (down 3.75%), and vinegar revenue was 370 million yuan (down 12.52%) [10]. - The gross profit margin improved significantly due to cost reductions and product structure adjustments, with a gross margin of 37.19% for 2024 [10]. - The net profit margin for 2024 increased by 0.19 percentage points to 16.73% [10]. Future Outlook - The company is expected to return to a growth trajectory following adjustments made since Q2 2024, with a projected net profit of 567 million yuan for 2025 and 645 million yuan for 2026 [10]. - The dividend payout ratio for 2024 was 99.9%, amounting to 514 million yuan, indicating strong shareholder returns [10]. Market Position - The company is well-positioned in the health-oriented condiment market, aligning with the trend of health upgrades in the seasoning industry [10]. - Despite short-term challenges, the company has a strong execution team and significant growth potential in national penetration [10].

Investment Rating - The report maintains an "Accumulate" rating for Qianhe Flavor Industry (603027.SH) with a current price of 11.99 CNY [1] Core Views - In 2024, Qianhe Flavor Industry's revenue is under pressure, achieving 3.07 billion CNY, a year-on-year decrease of 4.2%, while the net profit attributable to shareholders is 514 million CNY, down 3.1% year-on-year [5] - The company is facing intensified market competition and is undergoing strategic adjustments, which have led to a decline in revenue from soy sauce and vinegar products [6] - Despite revenue challenges, the company's profitability has improved due to cost control and a favorable raw material cost environment, with a gross margin of 37.2% in 2024, slightly up from the previous year [7] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 790 million CNY, down 10.3% year-on-year, but net profit increased by 13.4% to 160 million CNY [5] - For Q1 2025, revenue was 830 million CNY, a decrease of 7.2% year-on-year, while net profit rose by 3.7% to 160 million CNY [5] - The company maintained a high dividend payout ratio of 99.9% in 2024 [5] Product Performance - In 2024, revenue from soy sauce and vinegar was 1.96 billion CNY and 370 million CNY, respectively, with year-on-year declines of 3.8% and 12.5% [6] - The company plans to increase R&D investment and enhance product quality in 2025 [8] Cost and Profitability - The gross margin for 2024 was 37.2%, with a slight increase attributed to lower raw material costs and product mix optimization [7] - The net profit margin improved to 16.7% in 2024, up 0.2 percentage points year-on-year [7] Future Outlook - The company aims to enhance organizational efficiency and improve operational effectiveness through dynamic compensation and differentiated authorization in 2025 [8] - Revenue forecasts for 2025 and 2026 are set at 3.27 billion CNY and 3.51 billion CNY, respectively, with expected growth rates of 6.31% and 7.38% [9]

千禾味业食品股份有限公司 2024 年度持续督导年度报告书 招商证券股份有限公司 关于千禾味业食品股份有限公司 2024 年度持续督导年度报告书 经中国证券监督管理委员会（以下简称"证监会"）《关于同意千禾味业食品 股份有限公司向特定对象发行股票注册的批复》（证监许可[2023]1097 号）同意， 千禾味业食品股份有限公司（以下简称"千禾味业"、"公司"、"上市公司"）向 特定对象伍超群先生共计发行 62,402,496 股股票，本次向特定对象发行股票募集 资金总额为人民币 80,000.00 万元；扣除发行费用（不含增值税）420.50 万元， 募集资金净额为人民币 79,579.50 万元，上述募集资金已于 2023 年 6 月 30 日全 部到位，经信永中和会计师事务所（特殊普通合伙）验资并于 2023 年 7 月 3 日 出具了《千禾味业食品股份有限公司向特定对象发行股票募集资金验资报告》 （XYZH/2023CDAA9B0199）。 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为千禾味 业 2022 年度向特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业 务管理办法》《 ...

Core Insights - The company reported a revenue of 3.073 billion in 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 514 million, down 3.07% year-on-year [1] - The company plans to distribute a cash dividend of 514 million, with a dividend payout ratio of 99.94% [1] - The company has adjusted its profit forecasts for 2025-2026 downwards due to slow demand recovery and increased competition [1] Revenue and Product Performance - In 2024, the company generated revenue of 1.964 billion from soy sauce and 370 million from vinegar, with year-on-year declines of 3.75% and 12.52% respectively [2] - Soy sauce volume and price changed by 1.27% and -4.96% year-on-year, while vinegar saw a volume decline of 9.50% and a price drop of 3.33% [2] - In Q1 2025, soy sauce revenue was 540 million, down 4.7% year-on-year, and vinegar revenue was 100 million, down 10.6% [2] Regional and Channel Analysis - In 2024, revenue by region was 700 million in the East, 237 million in the South, 417 million in the Central, 560 million in the North, and 1.12 billion in the West, with varying year-on-year changes [2] - Online and offline sales in 2024 were 600 million and 2.433 billion respectively, both showing declines [2] - In Q1 2025, online revenue was 126 million, down 12.3%, while offline revenue was 691 million, down 5.9% [2] Profitability and Cost Management - The company achieved a gross margin of 37.19% in 2024, a slight increase year-on-year, with soy sauce and vinegar gross margins at 38% and 40.27% respectively [3] - Despite revenue and price declines, the company benefited from cost reductions, with soy sauce and vinegar costs down 5.6% and 5.2% respectively [3] - In Q1 2025, the gross margin improved to 38.89%, attributed to lower costs [3] Investment Rating and Valuation - The company maintains a "buy" rating, with adjusted profit forecasts for 2025-2027 at 540 million, 610 million, and 690 million respectively, reflecting year-on-year growth of 5%, 13%, and 14% [1] - The latest stock price corresponds to PE valuations of 23x, 20x, and 18x for 2025-2027 [1]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [2][6]. Core Views - The company reported a total revenue of 3.073 billion yuan for 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 514 million yuan, down 3.07% year-on-year [6]. - The company is experiencing pressure on revenue due to slow demand recovery and intensified competition, with a forecasted net profit of 537 million yuan for 2025, reflecting a 4.5% year-on-year increase [5][6]. - The report highlights that the gross profit margin improved slightly to 37.19% in 2024, despite a decline in revenue, due to a decrease in costs [6]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 3,073 million yuan - 2025E: 3,039 million yuan - 2026E: 3,283 million yuan - 2027E: 3,506 million yuan - Year-on-year growth rates for revenue are projected at -4.2% for 2024, -1.1% for 2025, 8.0% for 2026, and 6.8% for 2027 [5][7]. - The net profit attributable to shareholders is forecasted to be: - 2024: 514 million yuan - 2025E: 537 million yuan - 2026E: 605 million yuan - 2027E: 688 million yuan [5][7]. - The report indicates a slight increase in gross profit margin from 37.2% in 2024 to 39.7% in 2027 [5][7]. Revenue Breakdown - In 2024, the company’s revenue from soy sauce and vinegar was 1.964 billion yuan and 370 million yuan, respectively, with year-on-year declines of 3.75% and 12.52% [6]. - The company’s revenue by region showed varied performance, with the eastern region experiencing a decline of 1.78% while the southern region saw an increase of 13.99% [6]. - Online and offline sales for 2024 were 600 million yuan and 2.433 billion yuan, respectively, both showing a decline compared to the previous year [6].