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]

Core Insights - The Chinese seasoning market has seen significant growth, with market size increasing from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 9.60% [1][2] - The shift in consumer behavior towards home cooking and health-conscious eating, particularly among younger generations, is reshaping the seasoning landscape [1][2] Group 1: Market Dynamics - The seasoning market in China is characterized by a mix of established brands and emerging players, with over 6,000 companies and the top ten brands holding less than 30% market share, indicating a highly fragmented market [2][3] - Traditional brands like Haidilao and Lee Kum Kee dominate, while new entrants focusing on health and natural ingredients are gaining traction [2][3] Group 2: Product Trends - The compound seasoning segment is experiencing rapid growth, with a CAGR of 13.90% from 2011 to 2021, driven by the increasing popularity of ready-to-use cooking solutions [4][6] - Health-conscious consumers are prioritizing clean ingredient labels, leading to a rise in products that emphasize natural and additive-free formulations [7][8] Group 3: Consumer Behavior - New consumption scenarios, such as solo dining and outdoor activities, are driving demand for convenient and personalized seasoning options [8][9] - Brands targeting younger consumers are leveraging aesthetics and lifestyle branding to create emotional connections with their products [11][14] Group 4: Cultural and Regional Influences - The diverse culinary landscape in China fosters regional seasoning brands that resonate with local tastes, creating opportunities for cultural storytelling and brand differentiation [15][16] - Successful regional brands can achieve high profit margins, but the challenge lies in expanding their reach beyond local markets [15][16] Group 5: Competitive Landscape - The competition in the seasoning industry is evolving, with a focus on digital marketing and e-commerce channels, such as live-streaming sales and instant retail [16][17] - Brands that can effectively address niche consumer needs and create standout products are likely to succeed in this competitive environment [17][18]

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].

关于千禾味业食品股份有限公司 2022 年度向特定对象发行股票之 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）担千禾味 业食品股份有限公司（以下简称"千禾味业"、"发行人"、"公司"）2022 年度 向特定对象发行股票的保荐机构，负责本次股票发行上市后的持续督导工作，持 续督导期自 2023 年 7 月 11 日至 2024 年 12 月 31 日止（以下简称"持续督导期 间"）。招商证券根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，出具本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）根据公司提供的相关资料和信息，保荐总结报告书和证明文件及其相 关资料的内容不存在虚假记载、误导性陈述或重大遗漏，保荐机构及保荐代表人 对其真实性、准确性、完整性承担法律责任。 （二）保荐机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称 "中国证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 千禾味业食品股份有限公司 持续督导保荐总结报告书 （三）保荐机构及保荐代 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 3.073 billion yuan for 2024, a decrease of 4.16% year-on-year, and a net profit attributable to shareholders of 514 million yuan, down 3.07% [2][4]. - In Q4 2024, the company achieved a revenue of 785 million yuan, down 10.3%, but the net profit increased by 13.45% to 163 million yuan [2][4]. - For Q1 2025, the company reported a revenue of 831 million yuan, a decline of 7.15%, while the net profit rose by 3.67% to 161 million yuan [2][4]. - The company is experiencing short-term sales pressure due to public opinion issues, but its profitability continues to improve [10]. Summary by Sections Financial Performance - In 2024, the company’s revenue from soy sauce was 1.964 billion yuan (down 3.75%), and vinegar revenue was 370 million yuan (down 12.52%) [10]. - The gross profit margin improved significantly due to cost reductions and product structure adjustments, with a gross margin of 37.19% for 2024 [10]. - The net profit margin for 2024 increased by 0.19 percentage points to 16.73% [10]. Future Outlook - The company is expected to return to a growth trajectory following adjustments made since Q2 2024, with a projected net profit of 567 million yuan for 2025 and 645 million yuan for 2026 [10]. - The dividend payout ratio for 2024 was 99.9%, amounting to 514 million yuan, indicating strong shareholder returns [10]. Market Position - The company is well-positioned in the health-oriented condiment market, aligning with the trend of health upgrades in the seasoning industry [10]. - Despite short-term challenges, the company has a strong execution team and significant growth potential in national penetration [10].