证券代码：603057 证券简称：紫燕食品 公告编号：2025-064 紫燕食品集团股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为 首发 股份；股票认购方式为 网下 ，上市股数为 343,938,075股。 本次股票上市流通总数为343,938,075股。 一、 本次限售股上市类型 根据中国证券监督管理委员会《关于核准上海紫燕食品股份有限公司首次公 开发行股票的批复》（证监许可〔2022〕1975 号），紫燕食品集团股份有限公司 （以下简称"公司"）首次公开发行人民币普通股（A 股）4,200 万股，每股面值 人民币 1.00 元，发行价格为人民币 15.15 元/股，并于 2022 年 9 月 26 日在上海 证券交易所上市。 本次上市流通的限售股均为公司首次公开发行限售股，涉及 12 名股东共计持 有 343,938,075 股，占公司总股本的 83.17%，该部分限售股锁定期为自公司股票 上市之日起 36 个月，将于 2025 年 ...

广发证券股份有限公司 关于紫燕食品集团股份有限公司 首次公开发行部分限售股上市流通的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为紫燕 食品集团股份有限公司（以下简称"紫燕食品"或"公司"）的保荐机构，根据 《中华人民共和国证券法》《证券发行上市保荐业务管理办法》《上海证券交易 所上市公司自律监管指引第 11 号——持续督导》及《上海证券交易所股票上市 规则（2025 年 4 月修订）》等相关法律法规及规范性文件的规定，对紫燕食品本 次首次公开发行部分限售股上市流通的事项进行了认真核查，核查情况如下： 一、本次限售股上市类型 根据中国证券监督管理委员会《关于核准上海紫燕食品股份有限公司首次公开发 行股票的批复》（证监许可〔2022〕1975 号），紫燕食品首次公开发行人民币普通股 （A 股）4,200 万股，每股面值人民币 1.00 元，发行价格为人民币 15.15 元/股，并于 2022 年 9 月 26 日在上海证券交易所上市。 本次上市流通的限售股均为公司首次公开发行限售股，涉及 12 名股东共计持有 343,938,075 股，占公司总股本的 83.17%，该部分限售股锁定期 ...

证券代码：603057 证券简称：紫燕食品 公告编号：2025-065 紫燕食品集团股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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： | 产品名称 | 招商银行点金系列看涨两层区间 91 天结构 | | --- | --- | | | 性存款 | | 受托方名称 | 招商银行 | | 购买金额 | 3,000 万元 | | 产品期限 | 91 天 | | 特别风险提示（如有请勾选） | 其他：不适用____ | 现金管理产品的基本情况 已履行的审议程序 紫燕食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开 第二届董事会第十次会议，审议通过了《关于使用部分闲置募集资金进行现金管 理的议案》，使用不超过人民币 4.7 亿元的闲置募集资金进行现金管理，使用期 限为本次董事会审议通过之日起 12 个月内，在前述额度及有效期内，资金可以 循环滚动使用。公司保荐机构对相关事项发表了同意的意见，本事项无需提交股 东大会审议。具体内容详见 ...

每经头条（nbdtoutiao）——5万亿ETF的370名基金经理薪酬大揭秘！他们的日常工作，就是跟着指数 买股票吗？ （记者 曾健辉） 每经AI快讯，紫燕食品（SH 603057，收盘价：20.72元）9月19日晚间发布公告称，公司限售股份约 3.44亿股将于2025年9月26日解禁并上市流通，占公司总股本比例为83.17%。 2024年1至12月份，紫燕食品的营业收入构成为：卤制食品销售占比93.14%，其他占比3.33%，加盟商 管理占比2.02%，其他业务占比1.5%。 截至发稿，紫燕食品市值为86亿元。 ...

紫燕食品（603057）公告，343,938,075股首次公开发行限售股将于9月26日上市流通，占总股本 83.17%，涉及12名股东。2022年9月公司上市后，经历股权激励和回购注销等股本变动，目前总股本为 413,513,750股。股东均作出股份锁定等承诺且已严格履行。保荐机构广发证券核查后认为，本次限售股 份上市流通符合相关法规要求，对该事项无异议。本次上市后，有限售条件流通股减至1,513,750股，无 限售条件流通股增至412,000,000股。 ...

Core Viewpoint - The prepared food industry, particularly the marinated products sector, is facing significant structural challenges, leading to declining revenues and profits for several listed companies since 2024. The traditional growth model has failed, and mere promotional efforts or new product launches are insufficient to address these issues [1]. Structural Challenges - The four listed companies in the marinated products sector—Juewei, Zhou Hei Ya, Huang Shang Huang, and Ziyan Food—have all experienced a collective decline in performance in the first half of the year. Their combined revenue was 6.507 billion, down 11.25% from 7.332 billion in the same period last year, while net profit fell by 20.78% to 465 million from 587 million [2]. - Juewei, the largest player, saw the most significant decline, with revenue dropping 15.57% to 2.82 billion and net profit plummeting 40.71% to 175 million. Ziyan Food's net profit nearly halved to 105 million, with revenue shrinking to 1.146 billion [3]. Performance Data | Rank | Company Name | Revenue (Billion) | Change (%) | Net Profit (Billion) | Change (%) | | --- | --- | --- | --- | --- | --- | | 1 | Juewei | 2.82 | -15.57% | 0.175 | -40.71% | | 2 | Ziyan Food | 1.473 | -11.46% | 0.105 | -47.20% | | 3 | Zhou Hei Ya | 1.223 | -2.93% | 0.108 | 228.00% | | 4 | Huang Shang Huang | 0.984 | -7.19% | 0.077 | 26.90% | - Zhou Hei Ya and Huang Shang Huang performed relatively better, with Zhou Hei Ya's net profit increasing by 228% to 108 million, although it remains at half the level of 230 million from mid-2021 [3]. Historical Context - Juewei's peak profit was in 2021 at 981 million, but profits fell to 233 million and 344 million in 2022 and 2023, respectively, despite revenue reaching a high of 7.261 billion in 2023. In 2024, Juewei's revenue dropped 13.84% to 6.257 billion, with net profit declining over 30% [4]. - The overall trend shows that from 2021 to 2024, these companies have experienced a significant decline in performance after reaching their highs around 2021 [6]. Market Dynamics - The decline in performance is attributed to intensified competition, consumer perception of value, and the inability to meet consumer expectations regarding price and quality. Consumers have expressed dissatisfaction with high prices, leading to reduced purchasing behavior [8]. - Companies have resorted to frequent discounts and promotions, which have not effectively changed consumer perceptions of high prices and have negatively impacted net profits [8]. Old Growth Model Failure - The previous growth model, which relied heavily on store expansion, is no longer effective. Juewei's franchise model was once a significant growth driver, but recent trends indicate that the closure of stores is directly linked to declining revenues [9]. - Juewei's revenue from franchise stores accounted for 73.5% of total revenue in 2024, down from 54.17 billion in 2023, indicating a 15% decline [9]. Store Closure Trends - The total number of operating stores for the four listed companies has decreased by over 8,700 since 2023, with significant closures also occurring among regional brands [13]. - Juewei's store count dropped from 15,950 at the end of 2023 to 10,725 by September 2024, while Zhou Hei Ya's stores decreased from 3,816 to 2,864 [10][12]. Future Outlook - The marinated products sector is at a crossroads, needing to identify new growth models or second growth curves. Current efforts, such as Juewei's new store format and Zhou Hei Ya's brand upgrades, have yet to show significant results [14]. - The industry requires a deep restructuring around channels, products, and organization to adapt to the changing market dynamics and consumer preferences [14].

Market Overview - The leisure food sector increased by 0.94% on September 16, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Wancheng Group (300972) closed at 173.03, up 3.30% with a trading volume of 35,500 lots and a transaction value of 610 million [1] - Ziyan Food (603057) closed at 22.08, up 2.03% with a trading volume of 36,600 lots [1] - Guifaxiang (002820) closed at 13.26, up 2.00% with a trading volume of 158,500 lots [1] Underperformers - Ganyuan Food (002991) closed at 57.10, down 0.63% with a trading volume of 11,500 lots [2] - Jinzai Food (003000) closed at 12.34, down 0.48% with a trading volume of 36,300 lots [2] - Guangzhou Restaurant (603043) closed at 17.70, down 0.39% with a trading volume of 67,900 lots [2] Capital Flow - The leisure food sector experienced a net outflow of 4.44 million from institutional investors, while retail investors saw a net outflow of 31.84 million [2] - Speculative funds had a net inflow of 36.29 million [2] Individual Stock Capital Flow - Wancheng Group had a net inflow of 59.33 million from institutional investors, accounting for 9.73% of its total [3] - Guifaxiang saw a net inflow of 13.49 million from institutional investors, representing 6.45% [3] - Ziyan Food had a net inflow of 4.86 million from speculative funds, accounting for 3.78% [3]

Core Insights - The leisure food sector experienced a decline of 0.36% on September 15, with Huang Shang Huang leading the drop [1][2] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1] Sector Performance - The leisure food sector saw a net outflow of 135 million yuan from main funds, while retail investors contributed a net inflow of 119 million yuan [2][3] - Key stocks in the sector showed varied performance, with Guangzhou Restaurant up by 1.25% and Huang Shang Huang down by 2.34% [1][2] Individual Stock Analysis - Guangzhou Restaurant closed at 17.77 yuan with a trading volume of 89,000 shares and a transaction value of 158 million yuan [1] - Huang Shang Huang closed at 13.35 yuan, with a trading volume of 156,700 shares and a transaction value of 211 million yuan, marking a decline of 2.34% [2] - Other notable stocks included Salted Fish Shop, which rose by 0.64%, and Li Gao Food, which also increased by 0.64% [1][2] Fund Flow Analysis - Main funds showed a net inflow in stocks like Jin Zai Food, while stocks like Guangzhou Restaurant and Youyou Food experienced net outflows from main funds [3] - Retail investors showed a positive net inflow in several stocks, indicating a potential shift in market sentiment [3]

Core Viewpoint - The report indicates that Ziyan Food's revenue declined year-on-year in the first half of 2025, but there was improvement in the second quarter [1] Financial Performance - In H1 2025, the company's operating revenue was 1.473 billion yuan, down 11.5% year-on-year, and the net profit attributable to shareholders was 105 million yuan, down 47.2% [1] - In Q2 2025, the revenue was 909 million yuan, a decrease of 6.2%, while the net profit attributable to shareholders was 89 million yuan, down 38.0%, showing a significant narrowing of the decline compared to Q1 [1] Market Conditions - The overall pressure on the company is attributed to weak consumer recovery and rising labor costs, leading to a decline in gross profit and an increase in expense ratios [1] - Despite challenges in the distribution channel, direct sales and other models provided some support [1] Strategic Initiatives - The company is actively expanding new scenarios such as "University Town + Factory Canteen" and is exploring overseas channels [1] Future Outlook - Overall, while the company faces revenue pressure, there has been improvement in Q2, and future focus will be on the pace of cost and expense recovery [1] - Based on comparable company valuation levels, the reasonable valuation corresponds to a 2025 price-to-earnings ratio of 45 times, leading to a target price of 25.20 yuan, maintaining a "buy" rating [1]

Core Viewpoint - The performance of Ziyan Food Group Co., Ltd. continues to decline in the first half of 2025, with both revenue and net profit decreasing, raising market concerns [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.473 billion yuan, a year-on-year decrease of 11.46% [1]. - The net profit attributable to shareholders was 105 million yuan, with a significant year-on-year decline of 47.2% [1]. - The company's revenue has been on a downward trend for three consecutive years, with a 1.46% decline in 2023 and a 5.28% decline in 2024 [2]. - Despite a quarter-on-quarter improvement of 61.3% in Q2 2025, the revenue still fell by 6.16% year-on-year [2]. - The gross profit margin decreased from 24.79% in 2024 to 22.24% in 2025, while the net profit margin fell to 7.35% [2]. Cost and Expense Analysis - Rising labor costs are identified as a significant factor contributing to the decline in gross profit [2]. - Logistics costs have also increased, adding to overall cost pressures [2]. - Sales expenses grew by 2.25% year-on-year, while financial expenses surged by 395.39% due to increased short-term loan interest and foreign exchange losses [2]. Product and Market Structure - Fresh products remain the main revenue driver, accounting for 77.96% of total revenue in the first half of 2025, with "husband and wife lung slices" and whole poultry being key products [3]. - Pre-packaged and other products saw a revenue increase of over 40%, but still only accounted for 17.09% of total revenue [3]. - The company faces regional dependency issues, with 68.96% of revenue coming from the East China region, indicating a lack of nationwide market penetration [3]. Debt and Expansion Challenges - The asset-liability ratio rose to 49.31%, an increase of 11.98 percentage points year-on-year, highlighting short-term debt repayment pressures [4]. - Inventory turnover days increased to 24.89 days, indicating declining operational efficiency [4]. - Despite ongoing efforts to expand into North America and Australia, overseas revenue remains minimal at 6.4873 million yuan, raising questions about the balance between short-term investments and long-term returns [4]. - The industry faces structural challenges such as product homogenization and shifts towards healthier consumption, which may impact the company's strategic initiatives [4].