证券研究报告 广州酒家 (603043 CH) 2025 年公司食品制造业务实现收入 37.54 亿元/yoy+5.16%，占总营收比重 达 69.76%。核心品类稳健增长，其中月饼系列/速冻食品/其他产品收入分 别为 16.52/10.57/10.45 亿元，同比分别+0.96%/+2.67%/+15.59%。盈利能 力方面，得益于公司聚焦降本增效与供应链一体化优化，食品业务毛利率达 38.30%/同比+0.49pct，其中月饼和速冻食品毛利率同比分别提升 1.56pct 和 1.39pct，改善幅度较优。餐饮业务 25 年实现营收 15.39 亿元/yoy+5.79%， 截至 25 年末拥有餐饮直营门店 56 家/同比净增 3 家，广州酒家+陶陶居"双 品牌"差异化发展战略坚实，规模稳步扩张展现老字号品牌韧性；受市场环 境变化及促销引流力度加大影响，餐饮业务毛利率为 14.34%/yoy-1.64pct。 省外拓展稳步推进，分红强化长期价值 公司四大跨区域生产基地产能协同效应逐步释放，全国化布局扎实推进。 2025 年食品制造业务在境内广东省外实现收入 10.93 亿元/yoy+9.37%，增 速显著高于 ...

Macro Analysis - Industrial enterprises' profits continued to show a strong start in January-February 2026, driven by accelerated industrial production, rising prices, and improved profit margins [1] - Profit distribution is skewed towards the midstream and upstream sectors due to rising resource prices and global capital expenditure [1] - The recovery in PPI readings is expected to support overall corporate profit recovery, although high oil prices may lead to differentiated impacts on profitability across sectors [1] Bond Market - The convertible bond market has resumed its upward trend, with investors advised to track market supply, policy rhythms, and geopolitical disturbances while making refined selections based on bond terms and underlying stock conditions [2] REITs Market - The secondary market for publicly listed REITs has continued to experience price declines for five consecutive weeks, with the CSI REITs index closing at 778.53, reflecting a return rate of -0.83% [3] Banking Sector - Qingdao Bank reported a revenue of 14.6 billion, a year-on-year increase of 8%, and a net profit of 5.2 billion, up 22%, indicating accelerated revenue and profit growth [4] - Wuxi Bank achieved a revenue of 4.8 billion, a 2% increase, and a net profit of 2.3 billion, up 2.5%, showcasing resilient profit growth driven by corporate business [5] - Industrial Bank reported a revenue of 212.7 billion, a slight increase of 0.2%, and a net profit of 77.5 billion, up 0.3%, with a focus on expanding new business areas [7] - Postal Savings Bank's revenue growth improved sequentially, with a 2% increase in revenue and a 6.6% increase in PPOP [8] Non-Banking Financials - China Pacific Insurance reported a net profit increase of 25.5%, with future non-auto insurance business expected to maintain a leading position [9] - New China Life Insurance's net profit reached 36.28 billion, a 38.3% increase, with expectations for continued growth in new business value [10] - Ping An Insurance's net profit grew by 6.5%, with a slight downward adjustment in future profit forecasts [11] - China Insurance's net profit increased by 8.8%, with expectations for stable performance in both property and life insurance segments [12] Real Estate and Property Management - Jianfa Property achieved a revenue of 3.881 billion, a 17.8% increase, with a significant rise in property management service revenue [14][15] Chemical and Semiconductor Sector - Dinglong Co. reported a revenue of 3.66 billion, a 9.66% increase, and a net profit of 720 million, up 38.32%, with expectations for continued growth in the semiconductor sector [16] Oil and Gas Sector - China National Petroleum Corporation reported total revenue of 2864.5 billion, a decrease of 2.5%, and a net profit of 157.3 billion, down 4.5%, with a focus on increasing reserves and production [17] - CNOOC's total revenue was 398.2 billion, down 5.3%, with a net profit of 122.1 billion, down 11.5%, but with a positive outlook for future profit growth [18] Utilities Sector - China General Nuclear Power Corporation reported a revenue of 756.97 billion, down 4.11%, and a net profit of 97.65 billion, down 9.9%, with an upward revision in future profit forecasts [20] Food and Beverage Sector - Haitian Flavor Industry achieved a revenue of 28.873 billion, a 7.3% increase, and a net profit of 7.04 billion, up 10.9%, indicating strong performance in the food sector [48] - Qingdao Beer reported a revenue of 32.47 billion, a 1% increase, and a net profit of 4.59 billion, up 5.6%, with a focus on maintaining strong brand advantages [51]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved an operating revenue of 5.38 billion yuan in 2025, representing a year-on-year increase of 5%. The net profit attributable to the parent company was 490 million yuan, down 1.2% year-on-year [3][4] - In Q4 2025, the company recorded an operating revenue of 1.1 billion yuan, up 7.5% year-on-year, while the net profit attributable to the parent company was 40 million yuan, down 15.9% year-on-year [3][4] - The company has seen steady growth in its performance, with significant expansion in markets outside Guangdong province [4][5] Revenue Performance - The revenue breakdown by product shows that: 1. Mooncake series generated 1.652 billion yuan, up 0.96% year-on-year 2. Frozen food revenue was 1.057 billion yuan, up 2.67% year-on-year 3. Restaurant business revenue reached 1.539 billion yuan, up 5.79% year-on-year 4. Other food products generated 1.045 billion yuan, up 15.59% year-on-year [4] Regional Performance - Revenue from Guangdong province was 3.937 billion yuan, up 4.04% year-on-year - Revenue from outside Guangdong province was 1.337 billion yuan, up 8.96% year-on-year - Revenue from overseas markets was 61 million yuan, down 11.21% year-on-year [5] Profitability Metrics - The company's gross margin for 2025 was 31.6%, with a slight decline due to changes in product mix - The net profit margin for 2025 was 9.1%, reflecting a decrease of 0.55 percentage points year-on-year [6][12] Future Outlook - The company plans to continue optimizing its product matrix and deepen its channel strategies, focusing on expanding in East China, North China, and overseas markets [7] - The forecast for net profit attributable to the parent company for 2026 and 2027 is adjusted to 527 million yuan and 560 million yuan, respectively [8][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a total revenue of 5.38 billion yuan in 2025, representing a year-on-year growth of 5.04%. However, the net profit attributable to shareholders decreased by 1.19% to 488 million yuan [7] - The company maintains stable product categories, with steady growth in both food manufacturing and catering services. The food manufacturing segment generated revenue of 3.75 billion yuan, up 5.16% year-on-year, while the catering service segment saw revenue of 1.54 billion yuan, increasing by 5.79% [7] - The company plans to continue its dual business strategy of "catering + food" in 2026, focusing on product development and channel expansion, including online sales and store openings [7] Financial Summary - Total revenue projections for the company are as follows: 5.65 billion yuan in 2026, 5.96 billion yuan in 2027, and 6.30 billion yuan in 2028, with respective year-on-year growth rates of 5.02%, 5.53%, and 5.63% [1][8] - The net profit attributable to shareholders is forecasted to be 509 million yuan in 2026, 525 million yuan in 2027, and 543 million yuan in 2028, with year-on-year growth rates of 4.22%, 3.17%, and 3.44% respectively [1][8] - The company's earnings per share (EPS) is projected to be 0.89 yuan in 2026, 0.92 yuan in 2027, and 0.95 yuan in 2028 [1][8] - The current price-to-earnings (P/E) ratio is estimated at 18x for 2025, decreasing to 17x by 2027 [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a total revenue of 5.38 billion yuan in 2025, representing a year-on-year growth of 5.04%. The net profit attributable to shareholders was 488 million yuan, a slight decline of 1.19% year-on-year [7] - The company maintains stable product categories, with steady growth in both food manufacturing and catering services. The food manufacturing segment generated revenue of 3.75 billion yuan, up 5.16% year-on-year, while the catering service segment brought in 1.54 billion yuan, growing by 5.79% year-on-year [7] - The company plans to continue its dual business strategy of "catering + food" in 2026, focusing on product development and channel expansion, including online sales and store openings [7] Financial Summary - Total revenue forecast for 2024A is 5.12 billion yuan, with a projected increase to 6.30 billion yuan by 2028E, reflecting a compound annual growth rate (CAGR) of approximately 5.63% [1][8] - The net profit attributable to shareholders is expected to grow from 488 million yuan in 2025A to 543 million yuan in 2028E, with growth rates of 4.22% and 3.44% for 2026E and 2027E respectively [1][8] - The earnings per share (EPS) is projected to increase from 0.86 yuan in 2025A to 0.95 yuan in 2028E, indicating a steady growth trajectory [1][8]

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Insights - The company reported a revenue of 5.38 billion yuan in 2025, reflecting a year-on-year growth of 5.0%, while the net profit attributable to shareholders was 488 million yuan, down 1.2% year-on-year [4] - The company plans to maintain net profit forecasts of 540 million yuan, 570 million yuan, and 590 million yuan for 2026, 2027, and 2028 respectively, with corresponding EPS of 0.95, 1.00, and 1.04 yuan [4] - The company distributed a total dividend of 280 million yuan in 2025, with a dividend payout ratio of 58.03%, enhancing shareholder returns [4] Financial Performance Summary - In Q4 2025, the company achieved a revenue of 1.1 billion yuan, up 7.5% year-on-year, while the net profit for the same period was 39 million yuan, down 15.9% year-on-year [4] - The overall gross margin for 2025 was 31.6%, a slight decrease of 0.1 percentage points year-on-year, with specific margins for mooncakes at 53.3% (up 1.6 percentage points), frozen foods at 27.5% (up 1.4 percentage points), and restaurant operations at 14.3% (down 1.6 percentage points) [6] - The company’s revenue from the food business in Q4 2025 was 670 million yuan, with mooncake sales down 0.42% and frozen food sales up 5.33% [5] Future Outlook - The company is expected to continue enhancing its operational efficiency through refined management practices, which may lead to a recovery in net profit margins as store upgrades are completed [6] - The company is focusing on expanding its market presence outside Guangdong, with significant growth in sales from these regions [5]

证券代码：603043 证券简称：广州酒家 公告编号：2026-023 广州酒家集团股份有限公司 变更回购股份用途：广州酒家集团股份有限公司拟将存放于公司股份回购 证券账户中已回购尚未使用的 1,503,435 股股份用途由"用于员工持股计划或 股权激励"变更为"减少注册资本"。 本次变更回购股份用途并注销事项尚需提交公司股东会审议通过后方可 实施。 广州酒家集团股份有限公司（以下简称"公司"）于 2026 年 3 月 25 日召开 第四届董事会第四十次会议审议通过了《公司关于变更回购股份用途并注销的议 案》，同意对公司已回购但尚未使用的 1,503,435 股股份的用途进行变更并注销， 具体情况如下： 一、回购股份方案及实施情况 公司于 2025 年 3 月 19 日召开第四届董事会第三十三次会议以及 2025 年 4 月 22 日召开 2024 年年度股东大会，均审议通过《公司关于以集中竞价交易方式 回购公司股份方案的议案》，公司拟使用自有资金和/或自筹资金通过集中竞价交 易方式回购公司股份，回购股份将全部用于实施股权激励。本次回购的资金总额 约为 1 亿元-1.43 亿元，回购价格不超过人民币 23.0 ...

广州酒家集团股份有限公司 2025 年度 计 报 告 曲 华兴审字[2026]25014230060 号 华兴会计师事务所（特殊普通合伙） 您可使用手机"扫一扫"或进入"注册会计师行业统一是否由具有执业许可的会计师事务所出具 据告编码:闽26ELU3405 жȽᇗ䇗ᝅ㿷 ࣗਮδԛсㆶ〦ćᒵᐔ䞈ᇬĈε䍘ޢᡇԢᇗ䇗Ҽᒵᐔ䞈ᇬ䳼ഘ㛗Գᴿ䲆 ᣛ㺞θऻᤢᒪᴾᰛⲺਾᒬ∃ޢਮ䍺ӝ䍕ٰ㺞θᒪᓜⲺਾᒬ ∃ޢਮ⏜㺞Ƚਾᒬ∃ޢਮ⧦䠇⍷䠅㺞Ƚਾᒬ∃ޢਮᡶᴿ㘻ᵹⴀࣞ㺞 ԛީ䍘ࣗᣛ㺞䱺⌞Ⱦ ᡇԢ䇚Ѱθ䱺Ⲻ䍘ࣗᣛ㺞൞ᡶᴿ䠃ཝᯯ䶘➝ԷѐՐ䇗ࡏⲺ㿺ᇐ㕌 θݷޢਃ᱖Ҽᒵᐔ䞈ᇬᒪᴾᰛⲺਾᒬ∃ޢਮ䍘ࣗ⣬߫ԛ ᒪᓜⲺਾᒬ∃ޢਮ㔅㩛ᡆ᷒ૂ⧦䠇⍷䠅Ⱦ ᇗ䇗ᣛ ުᇗᆍ>@ਭ ᒵᐔ䞈ᇬ䳼ഘ㛗Գᴿ䲆ޢਮޞ։㛗ђφ пȽީ䭤ᇗ䇗Ӂ亯 ީ䭤ᇗ䇗Ӂ亯ᱥᡇԢṯᦤ㚂ѐ࡚ᯣθ䇚Ѱሯᵢᵕ䍘ࣗᣛ㺞ᇗ䇗ᴶѰ䠃㾷 1 1 ӂȽᖘᡆᇗ䇗ᝅ㿷Ⲻะ ᡇԢ➝ѣള⌞߂Ր䇗ᐾᇗ䇗ࡏⲺ㿺ᇐᢝ㺂Ҽᇗ䇗ᐛ֒Ⱦᇗ䇗ᣛⲺ ć⌞߂Ր䇗ᐾሯ䍘ࣗᣛ㺞ᇗ䇗Ⲻ䍙ԱĈ䜞࠼䘑ж↛䱆䘦ҼᡇԢ൞䘏ӑࡏс Ⲻ䍙ԱȾ➝ѣള⌞߂Ր䇗ᐾ⤢ᙝࡏૂѣള⌞߂Ր䇗ᐾ㚂ѐ䚉ᗭᆾࡏθ ᡇԢ⤢ӄᒵᐔ䞈ᇬθᒬኛ㺂Ҽ㚂ѐ䚉ᗭᯯ䶘ⲺެԌ䍙ԱȾᡇԢ ...

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广州酒家集团股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总 则 第一条 为规范广州酒家集团股份有限公司（以下简称"公 司"）信息披露暂缓与豁免行为，确保公司依法合规履行信息披 露义务，保护投资者的合法权益，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》 （以下简称"《股票上市规则》"）、《上市公司信息披露暂缓 与豁免管理规定》《广州酒家集团股份有限公司章程》（以下简 称"《公司章程》"）以及《广州酒家集团股份有限公司信息披 露管理制度》（以下简称"《信息披露管理制度》"）等规定， 特制定本制度。 第二条 公司和信息披露义务人暂缓、豁免披露临时报告， 在定期报告、 临时报告中豁免披露中国证券监督管理委员会和 证券交易所规定或者要求披露的内容， 适用本制度。 第二章 信息披露暂缓、豁免的适用范围 - 1 - 误导投资者，并且符合以下条件的，公司可以向上交所申请暂缓 披露，说明暂缓披露的理由和期限。 （一）拟披露的相关信息尚未泄漏； （二）有关内幕人士已书面承诺保密； （三）公司股票及其衍生品种的交易未发生异常波动。 经上海证券交易所同意，公司可以暂缓披露相关信息。 ...