证券代码：603027 证券简称：千禾味业 公告编号：2025-036 千禾味业食品股份有限公司 2025年半年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： A 股每股现金红利0.1元 每股转增股份0.3股 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售 条件流通股 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | | | | | | 放日 | | | | | | 份上市日 | | | Ａ股 | 2025/10/22 | － | 2025/10/23 | 2025/10/23 | 2025/10/23 | 差异化分红送转： 否 一、 通过分配、转增股本方案的股东会届次和日期 本次利润分配及转增股本方案经公司2025 年 9 月 29 日的2025年第一次临时股东会审议通过。 二、 分配、转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结 ...

Core Insights - The seasoning and fermentation sector experienced a 0.9% increase on October 15, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 31.40, up 3.05% with a trading volume of 25,000 shares and a transaction value of 78.11 million yuan [1] - Baoli Food (603170) closed at 14.74, up 2.79% with a trading volume of 44,800 shares and a transaction value of 65.71 million yuan [1] - Anji Food (603696) closed at 12.27, up 2.34% with a trading volume of 98,000 shares [1] - Other notable stocks include: - Anding Yeast (600298) at 42.15, up 1.47% - Haitian Flavoring (603288) at 39.49, up 1.00% [1] Capital Flow - The seasoning and fermentation sector saw a net outflow of 67.73 million yuan from main funds, while retail funds experienced a net inflow of 89.51 million yuan [2] - Retail investors had a net outflow of 21.78 million yuan [2] Individual Stock Capital Flow - Anji Food (603696) had a main fund net inflow of 8.77 million yuan, while retail funds saw a net outflow of 5.08 million yuan [3] - Richen Co., Ltd. (603755) had a main fund net inflow of 5.47 million yuan, with retail funds experiencing a net outflow of 6.47 million yuan [3] - Haitian Flavoring (603288) had a main fund net inflow of 4.10 million yuan, while retail funds had a net outflow of 45.18 million yuan [3]

Core Insights - The seasoning and fermentation sector saw a 0.63% increase on October 14, with ST Jia Jia leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - ST Jia Jia (002650) closed at 7.15, up 4.99% with a trading volume of 142,000 shares and a turnover of 100 million yuan [1] - Angel Yeast (600298) closed at 41.54, up 1.14% with a trading volume of 136,700 shares and a turnover of 568 million yuan [1] - Other notable stocks include Shengjing Food (300908) at 29.30, up 1.03%, and Tianwei Food (603317) at 11.41, up 0.97% [1] Capital Flow - The seasoning and fermentation sector experienced a net inflow of 42.71 million yuan from institutional investors, while retail investors saw a net inflow of 4.31 million yuan [2] - However, speculative funds recorded a net outflow of 47.02 million yuan [2] Individual Stock Capital Flow - Angel Yeast (600298) had a net inflow of 32.36 million yuan from institutional investors, while it faced a net outflow of 11.01 million yuan from speculative funds [3] - Hai Tian Flavoring (603288) saw a net inflow of 23.23 million yuan from institutional investors, but a net outflow of 18.56 million yuan from speculative funds [3] - ST Jia Jia (002650) had a net inflow of 19.29 million yuan from institutional investors, with significant outflows from both speculative and retail investors [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

Core Insights - The seasoning and fermentation sector saw a slight increase of 0.27% on October 10, with Angel Yeast leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Angel Yeast (600298) closed at 40.95, up 2.30% with a trading volume of 126,100 shares and a turnover of 517 million yuan [1] - Other notable performers included Baoli Food (603170) with a 1.61% increase, and Zhu Laoliu (920726) with a 1.23% increase [1] - The overall trading data for the seasoning and fermentation sector is summarized in a table, highlighting various stocks and their respective performance metrics [1] Capital Flow - The seasoning and fermentation sector experienced a net inflow of 2.7553 million yuan from institutional investors, while retail investors contributed a net inflow of 24.7942 million yuan [2] - The table detailing capital flow indicates that major stocks like Haitian Flavoring (603288) had a significant net outflow from institutional investors, while others like Tianwei Food (603317) saw mixed results [3]

Core Viewpoint - The seasoning and fermentation sector experienced a 0.78% increase on October 9, with ST Jiajia leading the gains. The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1]. Group 1: Stock Performance - ST Jiajia (002650) closed at 6.70, with a rise of 4.04% and a trading volume of 138,000 shares, amounting to 92.2185 million yuan [1]. - Other notable performers included Zhu Laoliu (920726) at 18.69, up 1.58%, and Anji Food (603696) at 11.75, up 1.47% [1]. - Hai Tian Flavor Industry (603288) closed at 39.34, with a 0.98% increase and a trading volume of 166,800 shares, totaling 648 million yuan [1]. Group 2: Capital Flow - The seasoning and fermentation sector saw a net outflow of 147 million yuan from institutional investors, while retail investors contributed a net inflow of 73.4491 million yuan [2]. - The capital flow data indicates that Hengshun Vinegar Industry (600305) had a net inflow of 5.63 million yuan from institutional investors, while it experienced a net outflow of 6.6557 million yuan from retail investors [3]. - Tianwei Food (603317) faced a significant net outflow of 10.6287 million yuan from institutional investors, despite a net inflow of 10.7552 million yuan from retail investors [3].

Core Viewpoint - Qianhe Flavor Industry (603027.SH) faced significant pressure on its performance in the first half of the year due to negative public sentiment, resulting in a revenue decline of 17.07% year-on-year to 1.318 billion yuan and a net profit drop of 30.81% to 173 million yuan [2] Group 1: Impact of Public Sentiment - The public sentiment crisis began in Q1, leading to a further decline in Q2 performance, with revenue dropping 29.86% year-on-year to 487 million yuan and net profit plummeting 86.66% to 12.75 million yuan [2][3] - The company's two core product categories, soy sauce and vinegar, experienced significant revenue declines, with soy sauce revenue falling 16.09% to 839 million yuan and vinegar revenue down 21.51% to 159 million yuan in the first half of the year [3][4] - Negative public sentiment was a direct driver of brand damage and declining product sales, particularly following a media report in March that raised concerns about cadmium levels in one of its soy sauce products [5][6] Group 2: Industry Competition and Challenges - The competitive landscape in the condiment industry has intensified, with major brands like Haitian and Lee Kum Kee entering the "zero-additive" market, eroding Qianhe's initial advantages [6][7] - The overall condiment industry is transitioning to a phase of low growth and strong differentiation, with companies facing challenges in maintaining growth amid a backdrop of regulatory changes and market dynamics [7][8] - Qianhe has launched several high-end products to enhance its product matrix and improve profit margins, but its gross margin in Q2 fell by 2.5 percentage points to 32.6% due to declining revenue base effects [8][9] Group 3: Sales and Distribution - The number of distributors decreased by 34 in Q1, but increased by 25 in Q2, bringing the total to 3,307 by the end of the first half [9] - Despite the increase in distributor numbers, offline channel revenue fell 14.06% to 1.099 billion yuan, and online channel revenue also declined by 29.2% to 198 million yuan [9]

Core Insights - The seasoning and fermentation sector saw a slight increase of 0.19% on September 30, with ST Jiajia leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - ST Jiajia (002650) closed at 6.44, with a rise of 5.06% and a trading volume of 57,800 shares, amounting to 37.17 million yuan [1] - Other notable stocks include: - Rihou Co. (603755) at 32.23, up 1.67% [1] - Qianhe Flavor (603027) at 11.43, up 0.97% [1] - Hengshun Vinegar (600305) at 7.92, up 0.89% [1] - Haitian Flavor (603288) at 38.96, up 0.21%, with a trading volume of 122,000 shares and a transaction value of 475 million yuan [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 124 million yuan from institutional investors, while retail investors saw a net inflow of 105 million yuan [2] - Key individual stock capital flows include: - Qianhe Flavor (603027) with a net inflow of 12.29 million yuan from institutional investors [2] - ST Jiajia (002650) with a net inflow of 7.45 million yuan from institutional investors [2] - Jialong Co. (002495) with a net inflow of 2.86 million yuan from institutional investors [2]

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector, indicating a positive outlook for their performance over the next 12 months [10][11][12][13][16][21][22]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textiles and apparel, light industry, food, home appliances, and pharmaceuticals, with specific stock recommendations for each sector [3][6]. - The recommended stocks are expected to benefit from various growth drivers, including market expansion, product innovation, and operational efficiency improvements [10][11][12][13][16][21][22]. Summary by Sector Agriculture - Recommended Stock: Muyuan Foods (牧原股份) - Expected net profits for 2025-2027 are projected at 227.9 billion, 413.8 billion, and 447.7 billion respectively, with corresponding PE ratios of 13, 7, and 6 [10][25]. Retail - Recommended Stock: Shangmei Co., Ltd. (上美股份) - Expected net profits for 2025-2027 are projected at 10.9 billion, 13.6 billion, and 16.4 billion respectively, with corresponding PE ratios of 33, 27, and 22 [11][25]. Social Services - Recommended Stock: Core International (科锐国际) - Expected net profits for 2025-2027 are projected at 2.95 billion, 3.68 billion, and 4.60 billion respectively, with corresponding PE ratios of 20, 16, and 13 [12][25]. Automotive - Recommended Stock: Xusheng Group (旭升集团) - Expected net profits for 2025-2027 are projected at 4.6 billion, 6.2 billion, and 7.7 billion respectively, with corresponding PE ratios of 39, 29, and 23 [13][25]. Textiles and Apparel - Recommended Stock: Bosideng (波司登) - Expected net profits for 2025-2027 are projected at 39.3 billion, 43.5 billion, and 47.5 billion respectively, with corresponding PE ratios of 12, 11, and 10 [16][25]. Light Industry - Recommended Stock: Pop Mart (泡泡玛特) - Expected net profits for 2025-2027 are projected at 2.35 billion, 8.38 billion, and 12.19 billion respectively, with corresponding PE ratios of 35.7, 31.6, and 21.9 [17][25]. Food - Recommended Stock: Qianhe Flavoring (千禾味业) - Expected net profits for 2025-2027 are projected at 0.50 billion, 0.42 billion, and 0.53 billion respectively, with corresponding PE ratios of 24.1, 26.9, and 21.4 [18][25]. Home Appliances - Recommended Stock: Roborock (石头科技) - Expected net profits for 2025-2027 are projected at 20.47 billion, 28.87 billion, and 34.24 billion respectively, with corresponding PE ratios of 26, 19, and 16 [21][25]. Pharmaceuticals - Recommended Stock: Junshi Biosciences (君实生物) - Expected net profits for 2025-2027 are projected at -1.30 billion, -0.91 billion, and -0.34 billion respectively, with a PE ratio of 66.3 for 2027 [22][25].

证券代码：603027 证券简称：千禾味业 公告编号：2025-035 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 29 日 (二)股东会召开的地点：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 2025年第一次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 (一)非累积投票议案 1、 议案名称：《关于 2025 年半年度利润分配及资本公积金转增股本方案的议 案》 审议结果：通过 表决情况： (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,583 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 569,050,832 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 55.4911 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本 ...