千禾味业食品股份有限公司 2024年年度股东会决议公告 证券代码：603027 证券简称：千禾味业 公告编号：2025-024 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 6 月 30 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 (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 | 633 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 542,468,056 | | 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（%） | 52.7831 | (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： 本次股东大会表决方式符合《公司法》及《公司章程》的规定，会议由董事长伍 超群先生主持。 (五)公司董事和董事会秘书的出席情况 1、公司在任董事9人， ...

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 年年度股东大会的 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《上市公司股东会规则》（以下简称《股东会规则》）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省）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 2025 年 6 月 30 日召开的 2024 年年度股东大 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。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 7．出席现场会议的股东到会登记记录及凭证资料； 8．上证所信息网络有限公司提供的本次股东大会网络投票情况的统计结果； 9．公司本次股东大会相关议案及涉及议案内 ...

Core Viewpoint - Qianhe Flavor Industry faces challenges with its controlling shareholder's pledged shares and declining stock prices, leading to concerns about future growth amidst a weakening demand environment and brand crisis [1][6]. Group 1: Shareholder and Financing Situation - The controlling shareholder, Wu Chaoqun, has pledged 122,280,000 shares to raise funds for subscribing to a private placement, but the stock price has fallen below the subscription price, resulting in a loss [1][2]. - The private placement raised nearly 800 million yuan at a price of 12.83 yuan per share, with Wu being the sole subscriber [1][2]. - Wu previously sold shares for over 200 million yuan at a high point in 2020, raising questions about the timing of the private placement when the stock was at a low [2]. Group 2: Financial Performance and Capacity Utilization - Qianhe's fixed assets increased from 883 million yuan to 1.297 billion yuan in 2023, and further to 1.577 billion yuan in 2024, indicating significant investment in capacity [3]. - The company has experienced a decline in capacity utilization, with soy sauce production capacity utilization dropping to 88% in 2024, raising concerns about the ability to absorb the remaining capacity [4][3]. - The company has seen a revenue decline of 4.16% in 2024, marking the first revenue drop since 2016, with soy sauce revenue decreasing by 3.75% [5][6]. Group 3: Market Position and Growth Challenges - The soy sauce industry is dominated by a few key players, with Qianhe positioned in the second tier alongside Zhongju Gaoxin, while leading player Haitian is experiencing significant growth slowdown [4][5]. - The "zero additives" strategy that previously drove growth has seen its benefits diminish, with Qianhe's revenue growth stalling in 2024 [5][6]. - A recent report questioning the authenticity of Qianhe's "zero additives" claim has led to a brand crisis, further complicating the company's efforts to regain growth [6].

证券代码：603027 证券简称：千禾味业 公告编号：临 2025-023 千禾味业食品股份有限公司 关于使用闲置自有资金购买国债逆回购的公告 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。 千禾味业食品股份有限公司(以下简称"公司")第四届董事会第二十二次会 议、第五届董事会第五次会议审议通过了《关于使用闲置自有资金进行现金管理 的议案》，同意公司使用额度不超过 5 亿元的自有资金购买中低风险、流动性好 的理财产品及国债逆回购等品种。在上述额度内，该类资金可以自该事项经公司 董事会审议通过之日起 12 个月内滚动使用，授权公司董事长自该事项经公司董事 会审议通过之日起 12 个月内行使现金管理投资决策权。公司监事会、独立董事对 此事项发表了明确同意意见。近期，公司使用闲置自有资金人民币 40,000 万元滚 动购买了上海证券交易所、深圳证券交易所交易的国债逆回购品种，现将相关事 宜公告如下： 一、 使用闲置自有资金操作国债逆回购的基本情况 公司近期使用闲置自有资金购买上海证券交易所、深圳证券交易所交易的国 债逆回购品种 ...

Group 1 - The company has recently utilized idle self-owned funds to purchase government bond reverse repos, totaling 400 million yuan [1] - The purchased reverse repos include GC091, R-28, and GC028, with maturities ranging from 7 to 91 days and annualized yields between 1.58% and 1.90% [1] - The company states that this investment in reverse repos is low-risk and short-term, having minimal impact on cash flow [1] Group 2 - As of March 31, 2025, the company's debt-to-asset ratio stands at 15.94% [1] - The amount invested in reverse repos represents 29.14% of the company's latest cash balance, 10.5% of net assets, and 8.82% of total assets [1] - The company asserts that this investment will not significantly affect its main business operations, financial condition, or operating results [1]

| | | | 伍超群 | | | | | 名称 | 股东 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 是 | | | 东 | 股 | 股 | 控 | 为 | 否 | 是 | | | | | 122,280,000 | | | | | 押展期股数 | 本次质 | | | | | | | | 否 | | | | 售 股 | 限 | 为 | | 否 | 是 | | | | | 否 | | | | 质 押 | 充 | 补 | | 否 | 是 | | 月 8 | 年 1 | 2024 | 日、 | 月 26 | 2023 年 6 | | | 日 | 起始 | 质押 | | | | | 日 | 25 | 月 | 年 6 | 2025 | | | 期日 | 押到 | 原质 | | | | | | 日 | 25 | 月 | 2026 年 6 | | | | 期日 | 押到 | 后质 | 展期 | | | 公司 | 有 限 | 股 份 | 证 券 | 招 商 | | | 人 | ...

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].