证券代码：603027 证券简称：千禾味业 公告编号：临 2024-018 一、本次收回现金管理产品的情况 千禾味业食品股份有限公司 关于使用闲置募集资金购买现金管理产品部分收回的 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： ●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：2023 年第 27 期公司类法人客户人民币大额 存单产品 ●本次收回现金管理本金金额：3,000 万元 ●本次收回现金管理收益：61.63 万元 截至本公告日，公司使用闲置募集资金购买的部分现金管理产品已收回，公 司已收回该现金管理产品部分资金本金和收益，具体情况如下： 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 | 2023年第27期公司类法人客户 | 35,000 | 3,000 | ...

Industry Overview - The condiment industry is characterized by a large market size, high consumption frequency, and minimal impact from macroeconomic fluctuations and import/export dynamics, indicating a lack of cyclical differences [1] - The industry is experiencing increased concentration, with larger companies leveraging R&D, production, branding, and channel advantages to expand capacity and market share [1] - Consumer preferences are diversifying, with a simultaneous focus on quality and experience upgrades alongside cost-effective and convenient options [1] - Distribution channels are evolving, with a decline in foot traffic in key account channels and a shift towards online and community store sales, alongside the rise of content e-commerce [1] Company Strategy - The company remains committed to the condiment sector, focusing on high-end, high-quality product development in response to consumer trends and diverse market demands [1] - Emphasis on R&D innovation and product quality enhancement to meet and lead consumer needs [1] - Tailored product and channel strategies based on regional market characteristics [1] Product Development Focus - Strengthening research on health, nutrition, and taste, while emphasizing functional and situational product positioning [2] - Prioritizing the exploration of key technologies related to health and taste [2] Cost Control Measures - Enhancing supply chain management and analysis capabilities to monitor raw material price trends and optimize cost control [2] - Identifying cost-saving opportunities across the supply chain while ensuring product quality [2] - Focusing on scale efficiency and improving labor productivity [2] Marketing Strategies - Strengthening offline marketing networks and accelerating channel development [2] - Implementing precise marketing strategies tailored to different markets and channels [2] - Enhancing online brand promotion and utilizing big data to capture consumer trends and marketing opportunities [2]

Investment Rating - Maintains a "Buy" rating with a target price of 27.57 CNY [2][3] Core Views - The company is expected to lead the expansion of the zero-additive seasoning market due to improvements in product and channel capabilities [2] - The company is transitioning towards becoming a platform-type seasoning enterprise by expanding its product categories, including soy sauce, vinegar, cooking wine, and oyster sauce [2] - The company's performance elasticity is expected to further release in 2024, driven by the maturation of newly recruited distributors and improved efficiency in expense allocation [2] Financial Summary - Revenue is projected to grow from 1,925 million CNY in 2021 to 4,434 million CNY in 2025, with a CAGR of 23.2% [2] - Net profit is expected to increase from 221 million CNY in 2021 to 770 million CNY in 2025, with a CAGR of 36.6% [2] - EPS is forecasted to rise from 0.22 CNY in 2021 to 0.75 CNY in 2025 [2] Profitability and Valuation Metrics - Operating profit margin is expected to improve from 13.1% in 2021 to 20.1% in 2025 [2] - ROE is projected to increase from 10.7% in 2021 to 19.2% in 2025 [2] - EV/EBITDA is expected to decline from 54.52 in 2021 to 18.31 in 2025 [2] Market Performance - The stock price has fluctuated between 13.70 CNY and 26.10 CNY over the past 52 weeks [3] - The company's market capitalization is 17,276 million CNY [3] Product and Channel Development - The company has launched a 7 CNY zero-additive product targeting the mainstream price segment [2] - The number of distributors has significantly increased, leading to a doubling of terminal outlets [2] Industry Position - The company is well-positioned to compete in the seasoning industry, with a focus on zero-additive products and category expansion [2] - The company is expected to continue squeezing competitors in the seasoning industry, ensuring long-term excess returns [2]

证券代码：603027 证券简称：千禾味业 公告编号：2024-017 千禾味业食品股份有限公司 2023 年季度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.2 元 相关日期 本次利润分配以方案实施前的公司总股本 1,027,731,086 股为基数，每股派发现金红利 0.2 元（含税），共计派发现金红利 205,546,217.2 元。 三、 相关日期 | | | 1. 发放年度：2023 年季度 2. 分派对象： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/3/15 | － | 2024/3/18 | 2024/3/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 2 月 1 日的 2024 年第一次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上 ...

证券代码：603027 证券简称：千禾味业 公告编号：临 2024-016 千禾味业食品股份有限公司 关于使用闲置募集资金购买现金管理产品部分收回的 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： ●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：2023 年第 27 期公司类法人客户人民币大额 存单产品 ●本次收回现金管理本金金额：3,000 万元 ●本次收回现金管理收益：54.86 万元 一、本次收回现金管理产品的情况 千禾味业食品股份有限公司董事会 2024 年 2 月 29 日 单位：万元 序 号 理财产品类型 实际投入 金额 实际收回 本金 实际收益 尚未收回 本金金额 1 2023年第27期公司类法人客户人民币大额 存单产品 35,000 23,000 257.85 12,000 2 共 赢智信 汇率 挂钩人民 币结构 性存 款 15864 期 3,000 3,000 22.93 0 3 中信银行单位大额存单 230496 期 5,000 0 ...

证券代码：603027 证券简称：千禾味业 公告编号：2024-015 千禾味业食品股份有限公司董高集中竞价减持计划 时间届满暨未减持股份结果公告 本公司董事会、全体董事及相关股东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： 披露的减持时间区间届满且减持计划实施完毕 集中竞价减持计划的实施结果情况 公司董事何天奎先生、董事李进先生、董事会秘书吕科霖女士于 2023 年 8 月 5 日披露了集中竞价减持股份计划（详见公司于 2023 年 8 月 5 日披露在上海 证券交易所网站 www.sse.com.cn 上的《千禾味业食品股份有限公司董事及高管 集中竞价减持股份计划公告》）。公司于 2024 年 2 月 27 日收到何天奎先生、李进 先生、吕科霖女士出具的《关于股份减持计划时间届满暨减持结果的告知函》, 截止目前，该减持计划时间届满，何天奎先生、李进先生、吕科霖女士均未减持 公司股份。 1 上述减持主体无一致行动人。 2 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 何天奎 董事、监事、 高级管理人员 1,0 ...

证券代码：603027 证券简称：千禾味业 公告编号：临 2024-014 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。 千禾味业食品股份有限公司（以下简称"公司"）分别于 2023 年 10 月 30 日 召开第四届董事会第二十次会议、第四届监事会第十九次会议，于 2024 年 1 月 3 日召开第四届董事会第二十一次会议、第四届监事会第二十次会议，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 7.982 元/股的回 购价格，回购注销向激励对象左上春授予的尚未解除限售的 7 万股限制性股票、 向激励对象郭江授予的尚未解除限售的 2 万股限制性股票，具体内容详见公司于 2023 年 10 月 31 日、2024 年 1 月 4 日在上海证券交易所网站（www.sse.com.cn） 及指定信息披露媒体披露的《关于回购注销部分限制性股票的公告》。公司独立 董事和监事会对上述议案发表了同意的独立意见和核查意见。北京市金杜（深圳） 回 ...

证券代码：603027 证券简称：千禾味业 公告编号：临 2024-013 | 序 | 理财产品类型 | 实际投入金 | 实际收回本 | 实际收益 | 尚未收回 | | --- | --- | --- | --- | --- | --- | | 号 | | 额 | 金 | | 本金金额 | | 1 | 四川银行定开系列6个月9号净 | 1,000 | 1,000 | 17.09 | 0 | | | 值型理财产品 | | | | | 千禾味业食品股份有限公司 关于使用闲置自有资金购买理财产品到期收回的公告 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： ●本次收回理财收益：17.09 万元 一、本次到期收回理财产品的情况 截至本公告日，公司使用闲置自有资金购买的理财产品已到期收回，公司已 收回该理财产品自有资金本金和收益，相关协议履行完毕。具体情况如下： 单位：万元 二、截至本公告日，公司最近十二个月使用自有资金委托理财的情况 单位：万元 | 序 | 理财产品类型 | 实际投入 | 实际收回 | 实际收益 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 19.52 CNY per share, based on a 30x PE for 2024 [94]. Core Insights - The company is expected to benefit from the growth of the zero-additive soy sauce category, with a projected growth rate exceeding 20% over the next two years. This is supported by the company's strong brand recognition and proactive channel policies, which are anticipated to create a positive cycle of sales growth and market expansion [7][33][61]. - The soy sauce market in China has been steadily expanding, with a CAGR of approximately 7% from 2017 to 2022. The industry is entering a phase where value-driven growth is expected to continue, particularly with the rising demand for healthier products [30][41]. - The company has successfully navigated through various phases of growth, focusing on product expansion and channel development, particularly in the zero-additive segment, which has become a key driver of its business [12][37][51]. Summary by Sections 1. Zero-Additive Strategy - The company has established itself as a leader in the zero-additive category, launching its first zero-additive soy sauce in 2007 and continuously expanding its product line and consumer education efforts [51][80]. - The zero-additive soy sauce market is projected to reach approximately 4.4 billion CNY in retail sales by 2023, with an expected annual penetration rate increase of 2% [46]. 2. Market Expansion and Channel Development - The company has been actively expanding its presence in the national market since 2013, focusing on both product quality and channel diversification. This includes significant investments in production capacity and channel partnerships [12][58]. - The company has seen a nearly 75% increase in the number of distributors in external markets from the end of 2021 to the first half of 2023, indicating strong growth in its distribution network [58]. 3. Financial Projections - Revenue growth for soy sauce is expected to be 35.4%, 20.4%, and 18.4% from 2023 to 2025, with corresponding volume growth rates of 35%, 20%, and 18% [32][93]. - The company anticipates improvements in gross margins due to a favorable product mix and declining raw material costs, projecting gross margins of 38.9%, 39.1%, and 39.2% for the same period [63]. 4. Competitive Positioning - The company has a strong competitive edge due to its early entry into the zero-additive market and its established brand reputation. This is expected to enhance its market share as consumer preferences shift towards healthier options [51][80]. - The report highlights the importance of brand strength and channel synergy in driving growth across its product lines, including soy sauce, vinegar, and cooking wine [84].

1 北京金杜（成都）律师事务所 关于千禾味业食品股份有限公司 2024 年第一次临时股东大会的 3．公司 2023 年 10 月 31 日刊登于《上海证券报》《中国证券报》《证券 时报》及上海证券交易所网站的《千禾味业食品股份有限公司第四届监事会第十 九次会议决议公告》； 法律意见书 致：千禾味业食品股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受千禾味业食品股份有限 公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会《上市公司股东大会规则》（2022 年修订）（以下简称《股东大会 规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的 法律、行政法规、规范性文件和现行有效的《千禾味业食品股份有限公司章程》 （以下简称《公司章程》）的规定，指派律师出席了公司于 2024 年 2 月 1 日召 开的 2024 年第一次临时股东大会（以下简称本次股东大会），并就本次股东大 会的相关事项出具本法律意见书。 为出具本 ...