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》《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 相关法律法规的要求，对千禾味业 2024 年度持续督导进行现场检查，现将本次 检查有关情况汇报如下： 一、本次现场检查的基本情况 保荐机构：招商证券 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 年度持续督导工作现场检查报告 上海证券交易所： 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 ...

证券代码：603027 证券简称：千禾味业 公告编号：临 2025-001 千禾味业食品股份有限公司 关于使用闲置自有资金购买国债逆回购的公告 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。 千禾味业食品股份有限公司(以下简称"公司")第四届董事会第二十二次会 议审议通过了《关于使用闲置自有资金进行现金管理的议案》，同意公司使用额 度不超过 5 亿元的自有资金购买中低风险、流动性好的理财产品及国债逆回购等 品种。在上述额度内，该类资金可以自该事项经公司董事会审议通过之日起 12 个月内滚动使用，授权公司董事长自该事项经公司董事会审议通过之日起 12 个月 内行使现金管理投资决策权。公司监事会、独立董事对此事项发表了明确同意意 见。近期，公司使用闲置自有资金人民币 3,000 万元购买了深圳证券交易所交易 的国债逆回购品种，现已收回该投资本金和收益，现将相关事宜公告如下： 一、 使用闲置自有资金操作国债逆回购的基本情况 公司近期使用闲置自有资金购买深圳证券交易所交易的国债逆回购品种，截 止本公告日，公司购买的国债逆回购已全 ...

关于使用闲置募集资金购买现金管理产品收回的公告 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： 证券代码：603027 证券简称：千禾味业 公告编号：临 2024-074 千禾味业食品股份有限公司 单位：万元 | 序 | 理财产品类型 | 实际总投入 | 本次收回本 | 本次收益 | 尚未收回 | | --- | --- | --- | --- | --- | --- | | 号 | | 金额 | 金 | | 本金金额 | | 1 | 2024年第10期公司类法人客户 | 6,000 | 2,000 | 20.5 | 0 | | | 人民币大额存单产品 | | | | | 注：上述现金管理产品期限为三年（可随时收回），公司已于 2024 年 9 月 4 日收 回 2,000 万元，2024 年 10 月 17 日收回 2,000 万元,本次收回 2,000 万元，该现 金管理产品已收回全部本金和投资收益。 ●本次收回现金管理的受托方：中国农业银行股份有限公司成都马鞍支行 ●本次收回现金管理产品名称：202 ...

投资者可于 2024 年 12 月 02 日(星期一) 至 12 月 06 日(星期五)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@qianhefood.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。 千禾味业食品股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 12 月 09 日 上午 09:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：603027 证券简称：千禾味业 公告编号：2024-073 千禾味业食品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2024 年 12 月 09 日(星 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 2.288 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.85%. The net profit attributable to the parent company was 352 million yuan, down 9.19% year-on-year [3][4]. - In Q3 2024 alone, the company generated a total revenue of 699 million yuan, reflecting a year-on-year decline of 12.63%, with a net profit of 101 million yuan, down 22.58% year-on-year [3][4]. - The company is undergoing product and channel adjustments, which have led to an increased revenue decline. The revenue from soy sauce was 1.435 billion yuan (down 2.44% year-on-year), while vinegar revenue was 287 million yuan (down 10.41% year-on-year) [4][5]. - The company is positioned as a health-oriented brand, aligning with the trend of health upgrades in the condiment industry. It is expected to return to a growth trajectory as adjustments near completion [5]. Financial Performance Summary - For the first three quarters of 2024, the gross profit margin decreased by 1.6 percentage points to 36.2%, while the net profit margin fell by 1.24 percentage points to 15.36% [4]. - The company’s operating expenses increased, with the expense ratio rising by 0.56 percentage points to 18.65% [4]. - The forecast for net profit is 512 million yuan for 2024 and 596 million yuan for 2025, with corresponding EPS of 0.50 yuan and 0.58 yuan, respectively [5][10].

Investment Rating - The report maintains a "Hold" rating for Qianhe Flavor Industry (603027) [1] Core Views - Qianhe Flavor Industry's Q3 performance continues to be under pressure, with expectations for operational improvement in the future [1][3] - The company reported a revenue of 2.29 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 350 million yuan, down 9.2% year-on-year [1][2] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 700 million yuan, a decline of 12.6% year-on-year, and a net profit of 101 million yuan, down 22.6% year-on-year [1][2] - For the first three quarters, the revenue breakdown by product shows soy sauce, vinegar, and other businesses generating 1.43 billion, 290 million, and 360 million yuan respectively, with year-on-year changes of -2.4%, -10.4%, and +12.9% [2] - The gross margin for the first three quarters was 36.2%, a decrease of 1.6 percentage points year-on-year, while Q3 gross margin improved to 37.5%, an increase of 0.7 percentage points year-on-year [3] Market Dynamics - The zero-additive market is facing intensified competition, particularly affecting the core soy sauce business due to high base effects from the previous year and increased competition from leading brands [2][3] - The company is adjusting its channel strategy by reducing the pace of expansion and focusing on improving the quality of existing operations [3] Future Outlook - The company plans to continue enriching its zero-additive product line and expand into categories like vinegar and cooking wine while controlling the proportion of low-margin products [3] - The report anticipates that the trend towards healthier products in the seasoning industry will continue, benefiting the company as a leading player in the zero-additive soy sauce market [3] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.51 yuan, 0.60 yuan, and 0.68 yuan respectively, with corresponding dynamic price-to-earnings (PE) ratios of 25, 22, and 19 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance remains under pressure, with a focus on the effects of adjustments becoming evident [2] - Despite short-term competitive pressures, the company is expected to optimize its channel and organizational strategies, leading to market expansion and resource allocation becoming more precise [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 2.288 billion yuan, a decrease of 2% year-on-year, and a net profit attributable to shareholders of 352 million yuan, down 9% year-on-year [2] - In Q3 2024, revenue was 699 million yuan, a decline of 13% year-on-year, with a net profit of 101 million yuan, down 23% year-on-year [2] - The gross profit margin in Q3 2024 increased by 1 percentage point to 37.54%, while the net profit margin decreased by 2 percentage points to 14.45% [2] Market Competition and Strategy - The seasoning market is facing intensified competition, with Q3 2024 revenue from soy sauce and vinegar declining by 14% and 16% respectively due to weak market demand [3] - Revenue by region in Q3 2024 showed declines in most areas, with the western region being the focus for future market development [3] - The company is expanding its direct sales channels and enhancing its marketing network, with the number of distributors increasing to 3,424 by the end of Q3 2024 [3] Earnings Forecast - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 0.49, 0.56, and 0.64 yuan respectively, with corresponding price-to-earnings (PE) ratios of 25, 22, and 19 times [4] - The company is expected to continue expanding its scale despite short-term challenges, with a projected revenue growth rate of 0.8% in 2024 and 9.8% in 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [4][11]. Core Views - The company experienced pressure on its Q3 performance, with a revenue decline of 1.85% year-on-year to 2.288 billion yuan and a net profit drop of 9.19% to 352 million yuan [1]. - Despite the challenges in Q3, the long-term growth logic remains clear, with the company actively adapting to market changes by expanding product categories and channels [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenues of 2.288 billion yuan, a decrease of 1.85% year-on-year, and a net profit of 352 million yuan, down 9.19% [1]. - In Q3 alone, revenues were 699 million yuan, reflecting a 12.63% decline year-on-year, while net profit fell by 22.58% to 101 million yuan [1]. - The gross margin improved to 37.54%, an increase of 0.67 percentage points year-on-year, but the net profit margin decreased to 14.45%, down 1.86 percentage points [3]. Sales Performance - The sales of key products such as soy sauce and vinegar faced significant declines, with revenues dropping 13.82% and 15.67% year-on-year, respectively [2]. - The distribution channels also showed weakness, with revenue from the distribution channel down 17.32% year-on-year [2]. Future Outlook - The company is focusing on expanding its product categories and enhancing its distribution channels, including a significant investment in a new 300,000-ton soy sauce production line [3]. - The profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 519 million yuan, 605 million yuan, and 702 million yuan, respectively [4].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a revenue of 2.288 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.85%, and a net profit attributable to shareholders of 352 million yuan, down 9.19% year-on-year. In Q3 2024, revenue was 699 million yuan, a decrease of 12.63%, with a net profit of 101 million yuan, down 22.58% year-on-year. Both revenue and profit fell short of expectations [2][6] - The decline in revenue is attributed to base disturbances and proactive strategic adjustments, with a focus on stabilizing revenue and protecting profits. For Q3 2024, soy sauce revenue was 435 million yuan, down 13.82%, and vinegar revenue was 85 million yuan, down 15.67%. Revenue from distribution and direct sales models was 468 million yuan and 218 million yuan, down 17.32% and 0.43% respectively [6] - The company’s gross margin increased by 0.67 percentage points to 37.54% in Q3 2024, likely due to product upgrades and cost benefits. However, the overall net profit margin decreased by 1.85 percentage points to 14.45% [6] Summary by Sections Financial Performance - For 2024, the company expects revenue of 3.248 billion yuan, a year-on-year increase of 1.28%, and net profit of 518 million yuan, a decrease of 2.42%. EPS is projected at 0.50 yuan [7] - The company’s revenue for 2022, 2023, and projected for 2024E, 2025E, and 2026E are 2.436 billion yuan, 3.207 billion yuan, 3.248 billion yuan, 3.573 billion yuan, and 3.932 billion yuan respectively, with growth rates of 26.55%, 31.62%, 1.28%, 10.01%, and 10.05% [7] Strategic Adjustments - The company is undergoing a strategic adjustment period, which is expected to lead to operational improvements. The revenue projections for 2024-2026 are adjusted to 3.248 billion yuan, 3.573 billion yuan, and 3.932 billion yuan respectively, with net profits of 518 million yuan, 610 million yuan, and 691 million yuan [6][7]

Investment Rating - The report maintains a "Buy" rating for Qianhe Flavor Industry (603027) [3][5] Core Views - The company is experiencing temporary pressure on performance due to weak demand, but is expected to rebound in the medium to long term through product optimization and channel expansion [2][3] - The company's Q3 2024 results were below market expectations, with revenue of 2.288 billion yuan, down 1.85% year-on-year, and a net profit of 352 million yuan, down 9.19% year-on-year [3] - Despite short-term growth challenges, the company's brand positioning in healthy condiments aligns with long-term trends in health-conscious eating, which is expected to support future growth [3] Financial Summary - For Q3 2024, the company reported a single-quarter revenue of 699 million yuan, a decrease of 12.63% year-on-year, and a net profit of 101 million yuan, down 22.58% year-on-year [3] - The gross margin for Q3 2024 was 37.54%, an increase of 0.67 percentage points year-on-year, primarily due to declining costs, while the net margin was 14.45%, a decrease of 1.85 percentage points year-on-year [3] - The company has revised its EPS forecasts for 2024-2026 to 0.49, 0.55, and 0.63 yuan, reflecting year-on-year changes of -5.2%, +12.4%, and +15.3% respectively [3][4] Valuation - The target price for the company is set at 15.68 yuan, based on a 2025 PE ratio of 28.5x, referencing comparable companies such as Haitian Flavor Industry and Tianwei Food [3][5] - The current market capitalization of Qianhe Flavor Industry is approximately 12.477 billion yuan [5]