千禾味业食品股份有限公司 2024 年年度股东大会会议资料 千禾味业食品股份有限公司 2024 年年度股东大会会议资料 2025 年 6 月 30 日 千禾味业食品股份有限公司 2024 年年度股东大会会议资料 目录 | 年年度股东大会议程 2 | 千禾味业食品股份有限公司 2024 | | --- | --- | | 议案一、《千禾味业食品股份有限公司 2024 年度财务决算报告》 4 | | | 议案二、《千禾味业食品股份有限公司 2025 年度财务预算报告》 12 | | | 议案三、《千禾味业食品股份有限公司董事会 2024 年年度工作报告》 16 | | | 议案四、《千禾味业食品股份有限公司监事会 2024 年年度工作报告》 23 | | | 议案五、《关于公司 2024 年年度利润分配方案的议案》 28 | | | 议案六、《千禾味业食品股份有限公司 2024 年年度报告》 29 | | | 议案七、《关于 2025 年度公司董事薪酬方案的议案》 30 | | | 议案八、《千禾味业食品股份有限公司 2024 年度内部控制评价报告》 31 | | | 议案九、《关于续聘信永中和会计师事务所为公司 ...

Group 1 - In May, Qianhe Flavor Industry's online sales increased by approximately 35% compared to April, driven by the 618 promotion on e-commerce platforms, with significant growth on Douyin, JD, and Tmall, where Tmall's flagship store became the industry leader in liquor categories [1] - Offline sales for Qianhe Flavor Industry in May rose by about 20% month-on-month, with notable increases in major retailers such as RT-Mart East China, Walmart, and Hongqi, and a single-day sales growth of 18% due to joint marketing activities with Yonghui, Wumart, and Zhongbai [1] - The inventory turnover rate for key accounts improved, with May inventory decreasing by 4.5 days compared to April [1] Group 2 - The "Qianhe 0" trademark was established to distinguish between zero-additive and non-zero-additive products, facilitating consumer recognition, with the zero-additive products made solely from food ingredients without additives [2] - In response to recent regulatory changes, Qianhe Flavor Industry plans to comply with the new food labeling regulations by removing "zero additive" labels from certain products [2]

Core Viewpoint - The discussion surrounding the "Qianhe 0" trademark and "zero additive" soy sauce has brought the topic of consumption upgrades and food safety in the Chinese soy sauce market into the public eye, leading to a more rational market perspective on condiment consumption [1][2]. Group 1: Market Performance - In May, Qianhe Weiye's online sales increased by approximately 35% compared to April, driven by early promotions for the 618 shopping festival on e-commerce platforms [1][3]. - Offline sales also saw a significant rebound, with a 20% increase in May compared to April, particularly in major retail chains like Walmart and Hongqi [3]. - During the Dragon Boat Festival, Qianhe Weiye conducted 625 promotional activities nationwide, resulting in a 31% increase in sales compared to May [3]. Group 2: Regulatory Changes - The introduction of new regulations by the National Health Commission and the State Administration for Market Regulation aims to standardize food labeling, prohibiting terms like "no additives" and "zero additives" on pre-packaged foods, with a two-year transition period before full implementation [2]. - Qianhe Weiye plans to comply with these new regulations by adjusting product labels to eliminate the "zero additive" wording where applicable [2]. Group 3: Consumer Trends - There is a growing consumer demand for healthy condiments with simple ingredients and natural flavors, reflecting a shift towards health-conscious consumption [4]. - The increasing scrutiny on food safety and quality has created opportunities for companies that can guarantee product quality, while also leading to a market shakeout [5][6]. - Qianhe Weiye's commitment to transparency in its ingredient sourcing and production processes has garnered recognition from authoritative media, reinforcing its brand credibility [5][6].

Core Viewpoint - The condiment industry is experiencing a decline in the "zero additives" trend, impacting Qianhe Flavor Industry's performance, which reported its first dual decline in earnings since its listing in 2016, with a 4.16% drop in annual revenue to 3.073 billion yuan [1][4]. Revenue and Sales Performance - In 2024, Qianhe Flavor Industry's core product, soy sauce, saw a revenue decline of 3.75% year-on-year, contributing to an overall revenue decrease of 4.16% [1]. - The company's revenue for Q1 2024 fell by 7.15% to 830 million yuan, with a net reduction of 34 distributors due to negative publicity [1][8]. - From 2021 to 2023, the company experienced significant revenue growth, with sales rising from 1.925 billion yuan in 2021 to 3.207 billion yuan in 2023, and a net profit increase of over 50% annually from 2022 to 2023 [4]. Distributor Network and Sales Model - Qianhe Flavor Industry's distributor count peaked at 3,560 in H1 2024 but fell to 3,316 by year-end, indicating a significant slowdown in expansion compared to previous years [7]. - The company transitioned its sales model from a focus on distributors to a division between online and offline sales, with offline revenue declining by 4% to 2.433 billion yuan [8]. Competitive Landscape - Competitors like Haitian Flavor Industry are rapidly expanding their "zero additives" product lines, with Haitian reporting a 60% increase in sales of its "zero additives" series in 2024 [6]. - Qianhe's soy sauce sales growth of 1.27% in 2024 is significantly lower than the previous years' growth rates of 27.49% in 2022 and 33.19% in 2023, reflecting increased competition [5]. Cost Structure and Profitability - Qianhe's soy sauce has a gross margin of 38%, which is 6.7 percentage points lower than Haitian's, despite having a lower direct material cost of approximately 1,933.45 yuan per ton compared to Haitian's 2,422.99 yuan [8]. - The lower gross margin is attributed to a higher proportion of lower-end products in Qianhe's portfolio, which dilutes overall profitability [8]. Regulatory Environment - New regulations set to take effect in March 2025 will prohibit the use of "zero additives" in marketing, requiring Qianhe to adjust its branding and product strategy within a two-year transition period [9].

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]

Group 1 - The "Measures for Promoting and Managing the Catering Industry" will be implemented on June 15, 2025, with significant enhancements in industry promotion, including support for digital development and local特色餐饮 cultivation [1] - The revised measures provide practical guidance for catering service operators, aiming to improve service quality and competitiveness in the industry [1] - Analysts predict a recovery opportunity for the catering industry in 2025, driven by increased demand for banquets, ongoing subsidy policies like dining vouchers, and a potential rise in business dining as economic activity picks up [1][2] Group 2 - Following the announcement of the new measures, companies like Baba Food and Tianwei Food saw significant stock price increases, indicating positive market sentiment towards the catering sector [2] - Key companies in the catering supply chain include Hai Tian Wei Ye, Tian Wei Food, and An Qi Yeast, with projected revenue growth rates varying across the sector [5][6] - The core companies in the catering industry chain encompass various segments, including basic and compound condiments, as well as small dining chains [6]

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]

Core Viewpoint - The newly implemented national food safety standard (GB7718—2025) prohibits the use of terms like "no additives" or "zero additives" on pre-packaged food labels, leading to significant promotional activities for products previously marketed under these terms [1][4][5]. Group 1: Market Response - Many brands, especially in the soy sauce category, are currently offering substantial discounts, with some products being sold at up to 50% off their original prices [2][3]. - For example, a 1-liter bottle of Qianhe zero-additive soy sauce, originally priced at 39.9 yuan, is now being sold for 29.9 yuan, while other brands are also engaging in similar promotional strategies [2]. - The trend of increased discounts is not limited to physical stores; online platforms are also offering promotions, although the discounts are generally smaller compared to offline [3]. Group 2: Industry Dynamics - The competitive landscape for zero-additive soy sauce is intensifying, with market demand not meeting expectations, prompting businesses to resort to discount promotions to stimulate sales [4]. - The number of zero-additive products has surged from over 300 in Q2 2022 to more than 800 by Q4 2024, indicating a saturated market [4]. - Experts suggest that the new standard signals a need for companies to shift their focus from marketing gimmicks to product quality, emphasizing the importance of innovation and consumer education [5][6]. Group 3: Consumer Perception - The perception of zero-additive products is changing among consumers, with many indicating they will no longer prioritize purchasing these items [6]. - A survey revealed that while some consumers are concerned about the availability of natural products post-standard implementation, the majority support the regulation of the zero-additive label [6]. - The new standard is expected to lead to a transformation in the food market, encouraging consumers to focus more on the actual nutritional value and safety of food products rather than relying solely on marketing labels [7].