Core Viewpoint - The company, Qianhe Flavor Industry Co., Ltd., has announced the initiation of futures hedging business to mitigate the impact of raw material price fluctuations on its operations, with a focus on maintaining cost stability and competitive advantage [3][10]. Group 1: Announcement Details - The board of directors and the audit committee have approved the decision to engage in futures hedging business [2][9]. - The maximum trading margin to be utilized is capped at 20 million RMB, with the highest contract value held on any trading day not exceeding 200 million RMB, and these amounts can be reused within the specified period [4][25]. - The funding for this trading will come from the company's own funds and will not involve raised capital [5]. Group 2: Trading Specifications - The trading will occur on domestic commodity futures exchanges, focusing on futures contracts related to key raw materials such as soybeans, wheat, and sugar [6]. - The trading period is set for 12 months from the date of board approval, with management authorized to execute decisions within the approved limits [6][25]. Group 3: Risk Management - The company acknowledges the inherent risks associated with futures hedging, including market, funding, operational, technical, and policy risks, but emphasizes that the primary goal is not speculation or arbitrage [3][10]. - To manage these risks, the company has established a comprehensive internal control and risk management system, ensuring that the scale of hedging aligns with production needs and operational stability [13][15].

（文章来源：证券日报） 证券日报网讯 12月29日，千禾味业发布公告称，公司第五届董事会第八次会议审议通过《关于修订的 议案》《关于审议的议案》《关于开展期货套期保值业务的议案》。 ...

Core Insights - The company, Qianhe Flavor Industry, focuses on the clear trend of health-oriented condiments, emphasizing "clean ingredients" as its core principle [1] - Qianhe has developed a comprehensive product matrix that includes zero-additive, organic, and reduced-salt series, supported by a verifiable system for health commitments [1] - The company won the "2025 Industry Influence Brand" award at the New Consumption·New Economy Awards, reflecting its recognition in the context of consumer upgrades in the condiment industry [1] Product Quality and Safety - Qianhe implements a complete quality control system throughout the production chain, utilizing big data and supply chain management to ensure food safety [2] - The company has established strategic partnerships with core raw material suppliers, ensuring quality control from raw materials to sales, achieving over 2000 inspections and zero errors in CCP management over the past decade [2] Product Innovation and Consumer Focus - Qianhe has successfully combined tradition and innovation, focusing on consumer needs and transforming R&D results into high-quality products [3] - The company has launched several clean ingredient series products, including the Qianhe 0 series soy sauce, which has become a preferred choice among consumers [3] Transparency and Industry Standards - Qianhe addresses the "ingredient label trap" by being the first to place ingredient lists on the front of packaging, enhancing transparency and consumer trust [4] - The Qianhe 0 series soy sauce has achieved the first clean label product certification in the Chinese condiment industry, meeting compliance, safety, and transparency standards [4] Market Trends and Future Directions - The clean ingredient soy sauce is expected to become the preferred choice for Chinese households, with leading brands capturing 50% of the market share, projected to rise to 63.9% in the next three years [1] - The condiment industry is entering a turning point towards clean ingredient products, with quality competition becoming a central theme for sustainable development [4]

千禾味业食品股份有限公司 期货套期保值业务管理制度 第一章 总则 第一条 为规范千禾味业食品股份有限公司（以下简称"公司"）期货套期 保值业务（以下简称"套保业务"），防范交易风险，确保套保业务有序进行， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上 海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》及《千禾味业 食品股份有限公司章程》（以下简称"《公司章程》"）等有关规定，结合公司 实际情况，特制订本制度。 第二条 本制度适用于公司及全体子公司。 第三条 公司进行套保业务的期货品种仅限于与公司生产经营相关的产品或 者所需的原材料。以保证原材料供应、公司正常生产为前提，以规避生产经营中 的商品价格风险为目的。公司不得进行以投机为目的的交易。 第四条 公司从事套保业务，应遵循以下原则： （一）公司在进行套保业务时，应严格遵守相关法律、法规和规范性文件与 期货交易的规定，不得进行违法违规的交易； （二）公司进行套保业务，只能在依法经过批准或者核准，具有衍生品交易 业务经营资格的机构进行。 第五条 从 ...

Group 1 - The core viewpoint of the article highlights that Qianhe Flavor Industry (SH 603027) held its eighth meeting of the fifth board of directors on December 29, 2025, to discuss the feasibility analysis report on futures hedging business [1] - For the year 2024, Qianhe Flavor Industry's revenue composition is reported to be 98.7% from the food manufacturing sector and 1.3% from other businesses [1] - As of the time of reporting, Qianhe Flavor Industry has a market capitalization of 13 billion yuan [1] Group 2 - The article also mentions a significant event involving Moutai distributors, where over 2,000 attendees gathered for a conference that announced major changes regarding Moutai pricing and distribution [1] - Chairman Chen Hua emphasized that distributors can no longer rely on passive income [1]

关于开展期货套期保值业务的可行性分析报告 一、开展期货套期保值业务的必要性 千禾味业食品股份有限公司（以下简称"公司"）专业从事高品质酱油、食醋、 料酒、蚝油等调味品的研发、生产和销售，公司主要原材料为大豆、小麦和白糖 等农副产品。农副产品价格受当年的种植面积、气候条件、市场供求以及国际期 货市场价格等因素的影响，长期以来波动频繁，为控制主要原材料价格波动对公 司经营可能产生的风险，保证产品成本的相对稳定和竞争优势，公司开展期货套 期保值业务具有必要性。 千禾味业食品股份有限公司 4、交易期限 自董事会审议通过之日起 12 个月内。 三、开展期货套期保值业务的可行性 2、资金额度 1、期货套期保值的交易方式 预计动用的交易保证金上限不超过 2,000 万元人民币，任一交易日持有的最 高合约价值不超过 2 亿元人民币，上述资金额度在期限内可循环使用。 交易场所：境内商品期货交易所。 3、资金来源 二、期货套期保值业务的基本情况 交易品种：商品期货交易所挂牌交易的与公司生产经营有直接关系的大豆、 小麦和白糖等商品的期货合约。 公司的自有资金，不涉及募集资金。 公司进行原材料的期货套期保值业务，可规避原材料价格大幅 ...

千禾味业食品股份有限公司 关于开展期货套期保值业务的公告 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： 交易主要情况 | 交易目的 | □获取投资收益 | | | --- | --- | --- | | | ☑套期保值（合约类别：☑商品；□外汇；□其他：________） | | | | □其他：________ | | | 交易品种 | 与公司生产经营有直接关系的大豆、小麦和白糖等商品的期 | | | | 货合约 | | | 交易金额 | 预计动用的交易保证金和权利金 上限（单位：万元） | 2,000 | | | 预计任一交易日持有的最高合约 价值（单位：万元） | 20,000 | | 资金来源 | ☑自有资金 □借贷资金 □其他：___ | | | 交易期限 | 自董事会审议通过之日起12个月内 | | 履行及拟履行的审议程序 本事项已经公司董事会审计委员会、第五届董事会第八次会议审议通过。 证券代码：603027 证券简称：千禾味业 公告编号：临 2025-041 特别风险提示 公司进行期货套期保值 ...

会议经过董事会充分讨论和认真审议，通过了如下决议： 证券代码：603027 证券简称：千禾味业 公告编号：临 2025-040 千禾味业食品股份有限公司 第五届董事会第八次会议决议公告 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。 一、董事会会议召开情况 千禾味业食品股份有限公司（以下简称"公司"）第五届董事会第八次会议通知 于2025年12月25日以书面、电子邮件、电话形式通知了全体董事，会议于2025年 12月29日在公司会议室以现场结合通讯方式召开。本次会议应参加表决董事9名， 实际参加表决董事9名。会议由公司董事长伍超群先生主持，公司高级管理人员列 席了本次会议。本次会议的召集和召开符合《公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的公告。 1、审议并通过《关于修订<千禾味业食品股份有限公司期货套期保值业务管 理制度>的议案》 董事会同意公司根据《中华 ...

Market Overview - The seasoning and fermentation sector increased by 0.17% compared to the previous trading day, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 37.28, up 6.67% with a trading volume of 39,700 lots and a transaction value of 145 million [1] - Lianhua Holdings (600186) closed at 5.93, up 1.02% with a trading volume of 592,300 lots and a transaction value of 350 million [1] - ST Jiajia (002650) closed at 6.72, up 0.60% with a trading volume of 61,500 lots and a transaction value of 40.68 million [1] - Tianwei Food (603317) closed at 12.61, up 0.56% with a trading volume of 38,900 lots and a transaction value of 49.14 million [1] - Other notable stocks include Jieling Pickles (002507) at 13.16, up 0.38%, and Qianhe Flavor Industry (603027) at 9.81, up 0.20% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 162 million from institutional investors, while retail investors saw a net inflow of 113 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Richen Co., Ltd. had a net inflow of 20.38 million from institutional investors, but a net outflow of 17.56 million from retail investors [3] - Qianhe Flavor Industry saw a net inflow of 373,540 from institutional investors, but a net outflow of 295,030 from retail investors [3] - Other stocks like Jiajia Co. (002495) and Tianwei Food (603317) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The seasoning and fermentation products sector experienced a short-term surge on December 22, with significant stock price increases [2] - Anji Food reached its daily limit increase, indicating strong market interest and investor confidence [2] - Other companies in the sector, including Angel Yeast, Qianhe Flavor, Zhongjing Food, Haitian Flavor, and Baoli Food, also saw their stock prices rise [2]