Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

Core Viewpoint - Qianhe Flavor Industry, once a rising star in the competitive condiment market with its "zero additive" positioning, is now facing unprecedented challenges due to a trust crisis and complaints from distributors, putting the company under severe pressure [1][3]. Group 1: Trust Crisis and Distributor Complaints - A conflict between Qianhe Flavor Industry and distributor Mr. Feng from Kaifeng has exposed systemic flaws in the company's channel expansion, internal processes, and crisis management [3]. - Mr. Feng reported that his warehouse is filled with Qianhe products that remain unaddressed despite multiple promises from the company's sales representatives [4]. - The root of the issue lies in inconsistencies between promised promotional wages, market expenses, and shipping prices, leading to significant inventory buildup and potential product expiration [4][5]. Group 2: Sales and Financial Performance - Qianhe's sales have seen a relative decline, particularly from March 18 to March 28, with the chairman acknowledging the negative impact of public sentiment on brand and sales [3]. - As of December 31, 2024, Qianhe's inventory was approximately 890 million yuan, a nearly 20% increase from the previous year, while revenue from soy sauce and vinegar has also declined [7]. - In the first quarter of 2025, revenue from soy sauce was around 540 million yuan, down approximately 4.7% year-on-year, and vinegar revenue was about 100 million yuan, down roughly 10.6% [7]. Group 3: Market Competition and Brand Image - The overall growth rate of the soy sauce industry in 2024 is only 3.1%, the lowest in a decade, with Qianhe's market share being significantly pressured by competitors like Haitian and Lee Kum Kee [6][9]. - The "zero additive" concept, once a unique selling point for Qianhe, has become a standard in the industry, diminishing its competitive edge as major players rapidly expand into this segment [9]. - A recent report revealed that 12 out of 13 tested "zero additive" soy sauces contained trace amounts of cadmium, with Qianhe's product being highlighted, leading to widespread consumer backlash and a decline in brand trust [10][11].

在食品健康意识加速普及的今天，消费者对调味品的选择已不再满足于风味好与否，而是更加关注原料 来源、添加成分、营养结构乃至生产过程的可追溯性。"吃得干净""吃得透明"逐渐成为新的消费共识。 最新行业调研报告也佐证了这一趋势。从市场份额来看，调味品市场呈现出了"健康化""便捷化"等发展 态势，市场份额第一的传统刚需品类酱油保持份额增长，而与健康概念相关性较差的类目则均面临一定 程度上的市场份额下滑。 面对这一趋势，千禾味业近日重磅推出有机老抽酱油与有机窖醋系列新品，以覆盖400项农残检测的超 高标准，为调味品健康化、高端化发展提供了一个范式样本。 有机调味品破局 近年来，"有机"成为食品行业的高频关键词。《中国有机产品认证与有机产业发展（2024）》显示， 2023年中国有机产品销售额首次突破1000亿元，是2018年的1.61倍。中国已成为全球第三大有机消费市 场。 在这样的背景下，调味品市场迎来了新的机遇和挑战。一方面，消费者对酱油、醋等调味品的健康属性 提出了更高要求；另一方面，传统调味品行业长期存在的"添加剂滥用""风味趋同"等问题也逐渐暴露。 如何在满足消费者健康需求的同时，又能保持产品风味的独特性，成 ...

Core Viewpoints - The white liquor industry is currently under pressure, with high-end and mid-range products affected by economic and policy influences, leading to a decline in prices from approximately 2200 yuan to around 1850 yuan since the Spring Festival of 2025 [4][29] - The beer industry is expected to benefit from a low base effect in 2025, with a recovery in overall demand as the summer approaches, supported by favorable weather conditions and government consumption incentives [4][42] - The dairy industry is in a transitional phase, with prices expected to stabilize as demand improves and production levels off, leading to enhanced profitability for upstream and downstream companies [4][58] - The seasoning industry is experiencing steady demand, with a focus on high-end products and a resilient consumer base, despite short-term pressures from the restaurant sector [4][76] White Liquor - The high-end liquor segment remains a long-term investment opportunity, with leading brands maintaining market share despite current pressures [4][34] - The mid-range liquor market is facing intensified competition and declining sales, particularly in the business dining sector [4][36] - The overall valuation of leading white liquor companies is currently at historical lows, with expected valuations between 13-19 times for 2025 [4][4] Beer - The beer market is showing signs of recovery, with a notable increase in production and sales during the summer months, particularly benefiting national brands [4][42] - The industry is moving towards a high-end product strategy, with significant growth in premium beer segments [4][47] - The overall market structure is becoming more concentrated, with the top five companies controlling over 90% of the market [4][47] Dairy Products - The dairy sector is expected to see a rebound in profitability as raw milk prices stabilize and consumer demand for high-quality products increases [4][58] - The long-term growth potential for dairy products remains strong, driven by rising disposable incomes and changing consumer preferences [4][63] - The industry is witnessing a shift towards premium products, with a focus on high-end milk and cheese offerings [4][74] Seasoning Products - The seasoning industry is characterized by stable demand, with a focus on health and premiumization trends [4][76] - The restaurant sector's recovery is anticipated to positively impact seasoning sales, particularly in the B2B market [4][76] - Cost reductions in raw materials are expected to support profitability in the seasoning industry [4][76] Frozen Foods - The frozen food sector is projected to maintain strong growth, driven by the increasing chain restaurant market and consumer demand for convenience [4][41] - Leading companies in the frozen food industry are expected to capture market share from smaller competitors due to their scale and distribution advantages [4][41] Food Additives - The food additives market is experiencing significant growth potential, with a trend towards natural and healthy ingredients [4][41]

北京市金杜（深圳）律师事务所 关于千禾味业食品股份有限公司 法律意见书 致：千禾味业食品股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）受千禾味业食品股份有限 公司（以下简称千禾味业或公司）委托，担任公司本次实施 2022 年限制性股票 激励计划（以下简称本计划、本激励计划或本次激励计划）的专项法律顾问。本 所根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《上市公司股权激励管理办法（2018 修正）》 及《上市公司股权激励管理办法（2025 修正）》1（以下合称《管理办法》）等 法律、行政法规、部门规章及其他规范性文件（以下简称法律法规）、《千禾味 业食品股份有限公司 2022 年限制性股票激励计划（草案）》（以下简称《激励 计划（草案）》）、《千禾味业食品股份有限公司 2022 年限制性股票激励计划 （草案修订稿）》（以下简称《激励计划（草案修订稿）》）、《千禾味业食品 股份有限公司 2022 年限制性股票激励计划实施考核管理办法（草案修订稿）》 （以下简称《考核管理办法（草案修订稿）》）、《千禾味业食品股份有限公司 章程》（以下简称《公司章 ...

证券代码：603027 证券简称：千禾味业 公告编号：临 2025-025 千禾味业食品股份有限公司 关于部分股权激励限制性股票回购注销实施公告 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个别及连带责任。 重要内容提示： ? 回购注销原因：根据公司《2022年限制性股票激励计划（草案修订稿）》 （以 下简称"《激励计划》"、"本激励计划"）、《2022年限制性股票激励计划实 施考核管理办法（草案修订稿）》 （以下简称"《考核管理办法》"）的规定， 鉴于7名激励对象因离职而不再具备激励对象资格，合计41.40万股限制性 股票应由公司回购注销；同时，根据公司2024年年度报告数据，公司业绩 未能达到本激励计划第二期的解除限售条件，公司对其余64名在职激励对 象对应考核当年不能解除限售的183.60万股限制性股票进行回购注销。 ? 本次注销股份的有关情况 回购股份数量 注销股份数量 注销日期 一、本次限制性股票回购注销的决策与信息披露 千禾味业食品股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第 五届董事会第五会议 ...

千禾味业食品股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第 五届董事会第五会议、第五届监事会第五次会议，审议通过了《关于回购注销部 分限制性股票的议案》等议案，同意公司以 7.482 元/股的回购价格，回购注销已 离职 7 名激励对象所涉 41.40 万股限制性股票，回购注销其余 64 名在职激励对 象因第二期解除限售条件未成就所涉 183.60 万股限制性股票。公司董事会薪酬 与考核委员会和监事会对上述议案发表了同意意见。北京市金杜（深圳）律师事 务所对该事项出具了专项法律意见书。同时，公司已于 2025 年 4 月 16 日发出《关 回购注销原因：根据公司《2022年限制性股票激励计划（草案修订稿）》（以 下简称"《激励计划》"、"本激励计划"）、《2022年限制性股票激励计划实 施考核管理办法（草案修订稿）》（以下简称"《考核管理办法》"）的规定， 鉴于7名激励对象因离职而不再具备激励对象资格，合计41.40万股限制性 股票应由公司回购注销；同时，根据公司2024年年度报告数据，公司业绩 未能达到本激励计划第二期的解除限售条件，公司对其余64名在职激励对 象对应考核当年不能解除 ...

北京市金杜（深圳）律师事务所 关于千禾味业食品股份有限公司 2022 年限制性股票激励计划回购注销部分限制性股票的 法律意见书 致：千禾味业食品股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）受千禾味业食品股份有限 公司（以下简称千禾味业或公司）委托，担任公司本次实施 2022 年限制性股票 激励计划（以下简称本计划、本激励计划或本次激励计划）的专项法律顾问。本 所根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《上市公司股权激励管理办法（2018 修正）》 及《上市公司股权激励管理办法（2025 修正）》1（以下合称《管理办法》）等 法律、行政法规、部门规章及其他规范性文件（以下简称法律法规）、《千禾味 业食品股份有限公司 2022 年限制性股票激励计划（草案）》（以下简称《激励 计划（草案）》）、《千禾味业食品股份有限公司 2022 年限制性股票激励计划 （草案修订稿）》（以下简称《激励计划（草案修订稿）》）、《千禾味业食品 股份有限公司 2022 年限制性股票激励计划实施考核管理办法（草案修订稿）》 （以下简称《考核管理办法（草案修订稿）》 ...

Core Insights - The condiment market experienced strong demand in June, driven by summer dining consumption and the 618 mid-year shopping festival [1][4] - Online and offline sales of health-oriented condiments surged, with Qianhe Flavor Industry's online sales increasing by 19% month-on-month [1][4] - Consumer preferences are shifting towards simpler ingredient products, with 49.5% of consumers favoring health-oriented condiments with reduced additives [3] Sales Performance - Qianhe Flavor Industry's online sales saw significant growth across various platforms: Tmall up 63%, Kuaishou up 56%, Douyin up approximately 50%, and JD.com up 26% [1][3] - Offline sales in major supermarkets also showed robust growth, with Dazhonghua's sales increasing by 31% and other supermarkets like Biyoute and Yinzou exceeding 20% growth [4] Consumer Trends - The trend towards "simplified formulas" in food products is gaining traction, aligning with government initiatives to reduce food additives [3] - Consumers are increasingly inclined to purchase health-oriented condiments that are lower in sodium, sugar, and salt, reflecting a shift from "harmless" to "beneficial" products [3] Product Innovation - Qianhe Flavor Industry is focusing on developing low-sodium and zero-sugar products that meet consumer demands for healthier options, utilizing natural ingredients and traditional fermentation techniques [3][4] - The company has launched over 1,600 "empty bottle exchange" health education activities to enhance product repurchase rates and attract new customers [4]

Core Viewpoint - The marketing strategy of "zero additives" by Qianhe Flavor Industry has backfired, leading to a significant loss of consumer trust and a drop in stock price, resulting in a market value loss of nearly 1 billion yuan [1][10]. Company Overview - Founded by Wu Chaoqun nearly 30 years ago, Qianhe Flavor Industry has become one of the top three players in the seasoning industry [2]. - In 2023, Wu Chaoqun injected 800 million yuan into Qianhe for the construction of 600,000 tons of production capacity, indicating his ambitious plans for the company [3]. Financial Performance - In 2024, Qianhe Flavor Industry experienced its first decline in both revenue and net profit, with a projected revenue of 3.073 billion yuan and a net profit of 514 million yuan, marking a year-on-year decrease of 4.16% and 3.07% respectively [19]. - In the first quarter of 2024, the company reported a revenue of 831 million yuan, a year-on-year decline of 7.15% [19]. Marketing and Consumer Trust Issues - The "zero additives" claim has been called into question after a report revealed that many soy sauces, including Qianhe's, contained trace amounts of harmful substances like cadmium [6][7]. - Qianhe's branding strategy, particularly the "Qianhe 0" trademark, has been criticized for misleading consumers into believing it signifies "zero additives" [8][9]. - The company has faced backlash for perceived false advertising, leading to a significant drop in consumer trust and sales [10][22]. Industry Context - The seasoning industry is experiencing increasing product homogeneity, making it difficult for Qianhe to maintain a competitive edge [22]. - New regulations from the National Health Commission and the State Administration for Market Regulation will restrict the use of terms like "zero additives," which could further impact Qianhe's marketing strategy [23][24]. Production Capacity Expansion - In 2023, Qianhe Flavor Industry completed a major expansion, increasing its annual production capacity to approximately 1.2 million tons, doubling its capacity from the end of 2022 [26][27]. - The new production facility aims to enhance efficiency, optimize costs, and replicate traditional soy sauce flavors on a large scale [27]. Future Outlook - The company is currently focused on brand recovery, product development, and expanding its sales network as it navigates the aftermath of the trust crisis [28].