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 report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

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].

点击注册小程序 特别申明： 竞争加剧、公司主动变革叠加高基数，酱油、食醋营收增长承压 分产品：24年，酱油/食醋分别实现营收19.6/3.7亿元，分别同比-3.8%/-12.5%，主要系市场竞争压力加 剧，公司主动进行战略调整以及23年基数较高；分量价看，24年酱油量/价分别同比+1.3%/-5.0%，食醋量 价分别同比-9.5%/-3.3%。25Q1酱油/食醋分别实现营收5.4/1.0亿元，分别同比-4.7%/-10.6%，主要系24Q1 基数较高以及负面舆情扰动。 分地区：24年，东/南/中/北/西部营收分别同比-1.8%/+14.0%/-7.1%/-1.4%/ -8.9%，南部市场表现较好。 25Q1东/南/中/北/西部营收分别同比-1.3%/ -2.4%/-6.1%/-12.0%/-8.9%。 分渠道：24年，线上/线下营收分别同比-4.9%/-4.0%；25Q1线上/线下营收分别同比-12.3%/-5.9%。 25Q1末公司经销商总数为3282家，较24年末净减少34家，持续优化经销商团队 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和 ...

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].

Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]

Core Viewpoint - Qianhe Flavor Industry reported a decline in both revenue and net profit for 2024, marking the first revenue drop since its IPO in 2016, raising concerns about its future development amid increased market competition and regulatory changes regarding its "zero-additive" concept [1][3][5]. Financial Performance - In 2024, Qianhe Flavor Industry achieved revenue of 3.073 billion yuan, a year-on-year decrease of 4.16%, and a net profit of 514 million yuan, down 3.07% [3]. - The decline in revenue continued into Q1 2025, with revenue of 831 million yuan, a decrease of 7.15%, while net profit rose by 3.67% to 161 million yuan [3]. - The soy sauce business, which accounts for over 60% of revenue, saw a revenue decline of 3.75%, while the vinegar segment, making up over 10%, experienced a 12.52% drop [4]. Market Competition - Increased competition in the "zero-additive" sector, particularly from rivals like Haitian Flavor Industry, has led to market share erosion for Qianhe Flavor Industry [3][5]. - The company's reliance on the "zero-additive" concept has been challenged by new regulations prohibiting the use of such marketing terms, necessitating a shift in its marketing strategy [6]. Strategic Response - Qianhe Flavor Industry plans to focus on optimizing product structure and enhancing cost control to improve profitability [3][4]. - The company aims to strengthen its brand and channel development, emphasizing high-quality products to meet consumer health and taste demands [4][6]. - New product initiatives include a 30% reduced-salt soy sauce, which has already captured 5% of soy sauce revenue, and plans for a dedicated production line for customized products targeting infants and the elderly [6][7]. Future Outlook - Experts suggest that Qianhe Flavor Industry must innovate and differentiate its products to build a competitive edge and enhance brand recognition [7]. - The company is expected to adapt its marketing strategies in response to regulatory changes while continuing to explore functional product extensions to attract consumers [6][7].