证券代码：603057 证券简称：紫燕食品 公告编号：2024-053 上海紫燕食品股份有限公司 关于使用部分闲置募集资金进行现金管理到期收回 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法律责任。 重要内容提示： 一、现金管理到期收回情况 公司于 2024 年 5 月 20 日购买招商银行单位结构性存款 2,000 万元。具体 情况详见公司于上海证券交易所网站（www.sse.com.cn）及指定媒体披露的相 关公告。 公司已于近日赎回上述募集资金现金管理到期产品，收回本金合计 2,000 万元，收到收益 11.85 万元。具体情况如下： 单位：万元 | | | 现金管理到期收回情况：上海紫燕食品股份有限公司（以下简称"公司"）于近 日到期收回部分募集资金现金管理产品本金合计 2,000 万元，收到收益 11.85 万元。 履行的审议程序：2024 年 4 月 19 日召开了第二届董事会第五次会议和第 二届监事会第五次会议，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》。董事会授权管理层在经批准的现金管理额度、 ...

证券代码：603057 证券简称：紫燕食品 公告编号：2024-052 上海紫燕食品股份有限公司 2024 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： 每股分配比例 A 股每股现金红利 0.3 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/29 | － | 2024/8/30 | 2024/8/30 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上 海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办 理指定交易的投资者可于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易 的股东红利暂由中国结算上海分公司保管，待办理指定交易后再进行派发。 本次利润分配方案经公司 2024 年 5 月 10 日的 2023 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a total revenue of 1.663 billion yuan in H1 2024, a decrease of 4.59% year-on-year, while the net profit attributable to the parent company was 198 million yuan, an increase of 10.28% [2]. - The company plans to distribute a cash dividend of 0.30 yuan per share, with a payout ratio of 62.74% [2]. - The company added 103 new stores in H1 2024, with positive revenue growth in Central China, Southwest, North China, and South China regions [2]. Financial Performance - In H1 2024, the company's revenue from fresh goods, pre-packaged and other products, packaging materials, franchise fees, store management fees, and information system usage fees were 1.386 billion, 176 million, 42 million, and 33 million yuan respectively, with year-on-year changes of -6.48%, +4.11%, +5.47%, and +7.32% [2]. - The gross profit margin increased by 3.66 percentage points year-on-year to 24.79% in H1 2024, primarily due to declining costs [2]. - The company expects net profits attributable to the parent company to be 362 million, 408 million, and 456 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 9.04%, 12.94%, and 11.58% [2][3]. Store Performance - The company had a total of 6,308 stores by the end of H1 2024, with 6,279 being franchise stores and 29 being direct stores, reflecting a year-on-year increase of 2.79% in total store count [2]. - The revenue from direct stores and franchise stores in H1 2024 was 138.7 million and 3.2 million yuan respectively, with year-on-year changes of -8.42% and +3.64% [2]. Regional Performance - Revenue growth was positive in Central China, Southwest, North China, and South China, with year-on-year increases of 0.54%, 3.63%, 13.33%, and 7.23% respectively in H1 2024 [2].

Investment Rating - The investment rating for the company is "Accumulate" with a target price adjusted to 17.84 yuan, down from the previous forecast of 24.28 yuan [5]. Core Views - The company's performance has fallen short of expectations, leading to a downward revision of growth assumptions for store openings and same-store sales. The earnings per share (EPS) forecasts for 2024, 2025, and 2026 have been adjusted to 0.89, 0.98, and 1.03 yuan respectively, down from 0.93, 1.07, and 1.16 yuan [2]. - Despite the disappointing performance, the company announced a mid-term dividend that exceeded expectations, with a proposed cash dividend of 3 yuan for every 10 shares, amounting to 124,278,150 yuan, which represents 41.69% of the distributable profits at the end of the period. This corresponds to a dividend yield of approximately 6.5% for 2024 [2][3]. - The company reported a revenue of 1.663 billion yuan for the first half of 2024, a year-on-year decrease of 4.59%, while the non-GAAP net profit was 163 million yuan, an increase of 14.78% year-on-year [2]. Financial Summary - The company's revenue for 2022 was 3.603 billion yuan, with a projected decline to 3.426 billion yuan in 2024, reflecting a decrease of 3.5%. The net profit attributable to shareholders is expected to rise from 332 million yuan in 2023 to 369 million yuan in 2024, marking an increase of 11.3% [3]. - The gross profit margin improved to 27.59% in the second quarter of 2024, up 4.59% year-on-year, primarily due to a decrease in raw material costs [2]. - The company had a total of 6,308 stores nationwide as of June 30, 2024, representing a year-on-year increase of 2.79% [2].

证 券 研 究 报 告 紫燕食品（603057）2024 半年报点评 推荐（维持） 盈利持续改善，分红更显积极 目标价：17.8 元 当前价：13.73 元 事项： ❖ 公司发布 2024 半年度报告，2024 年上半年公司实现营收 16.6 亿，同比-4.6％； 实现归母净利润 2.0 亿，同比+10.3％。单 Q2 公司实现营收 9.7 亿，同比-2.0％； 实现归母净利润 1.4 亿，同比+6.8％。 ❖ 公司发布半年度利润分配方案的公告，每 10 股派发现金红利 3 元（含税）。 评论： ❖ 开店放缓、单店下降收窄，Q2 营收小幅下降，略好于此前预期。24Q2 公司 营收同比-2.0％，略好于此前预期，主要是去年二季度基数较低，加上今年新 兴市场拓展相对顺利。其中分产品来看，鲜货类产品同比-3.1％，夫妻肺片/ 整禽类/香辣休闲/其他鲜货销售收入分别同比-6.5%/-2.4%/-24.6%/+11.3%。而 分地区来看，核心区域华东同比-4.6%，华中/西南/华北/华南地区表现较好， 分别同比+2.0%/+14.9%/+14.5%/+5.3%，而西北/东北区域下滑较多，分别同比 -38.9%/-36. ...

证券研究报告 非金融公司|公司点评|紫燕食品（603057） 经营承压，期待修复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月19日 证券研究报告 |报告要点 紫燕食品发布 2024 半年报，2024H1 公司实现收入 16.63 亿元，同比-4.59%，实现归母净利润 1.98 亿元，同比+10.28%。单 2024Q2 公司实现收入 9.69 亿元，同比-1.98%；实现归母净利润 1.44 亿元，同比+6.77%。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1/5 非金融公司|公司点评 glzqdatemark2 2024年08月19日 紫燕食品(603057) 经营承压，期待修复 | --- | --- | |----------------------------|---------------------| | | | | 行业： | 食品饮料 / 休闲食品 | | 投资评级： | 买入（维持） | | 当前价格： | 13.73 元 | | 基本数据 | | | 总股本/ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [1]. Core Insights - The company reported a revenue of 1.663 billion yuan in H1 2024, a year-on-year decrease of 4.59%, but net profit increased by 10.28% to 198 million yuan [1]. - In Q2 2024, revenue was 969 million yuan, showing a year-on-year decline of 1.98%, while net profit reached 144 million yuan, a year-on-year increase of 6.77% [1]. - The company is experiencing a steady increase in store openings, with a net addition of 103 stores in H1 2024, bringing the total to 6,308 stores [1]. - The gross margin improved by 4.60 percentage points to 27.59% in Q2 2024, primarily due to declining costs [1]. - The report forecasts revenue for 2024-2026 to be 3.571 billion, 3.867 billion, and 4.219 billion yuan respectively, with growth rates of 1%, 8%, and 9% [1]. Financial Summary - Revenue (in million yuan): 2022A: 3,603; 2023A: 3,550; 2024E: 3,571; 2025E: 3,867; 2026E: 4,219 [1]. - Net Profit (in million yuan): 2022A: 222; 2023A: 332; 2024E: 380; 2025E: 431; 2026E: 481 [1]. - Earnings Per Share (in yuan): 2022A: 0.54; 2023A: 0.80; 2024E: 0.92; 2025E: 1.04; 2026E: 1.16 [1]. - Price-to-Earnings (P/E) ratio: 2024E: 15.0; 2025E: 13.2; 2026E: 11.8 [1].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Insights - The company experienced a decline in total operating revenue by 4.59% year-on-year, amounting to 1.663 billion yuan, while achieving a net profit of 198 million yuan, reflecting a growth of 10.28% year-on-year [2][3]. - The decrease in raw material costs has positively impacted the company's profitability, with a gross margin increase of 3.66 percentage points to 24.79% [2][3]. - The company is expanding its store count, reaching 6,308 stores nationwide, with a focus on long-term strategic positioning despite external pressures [3][4]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a net profit margin of 11.95%, an increase of 1.79 percentage points year-on-year, and a net profit of 198 million yuan [2][3]. - The second quarter of 2024 saw total operating revenue of 969 million yuan, a year-on-year decrease of 1.98%, but with a gross margin of 27.59%, up 4.59 percentage points [3]. Revenue Breakdown - Revenue from the distribution model accounted for approximately 85% of total revenue, while direct sales contributed about 2%, and other models made up 13% [2]. Profitability Forecast - The report slightly adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.83, 0.93, and 1.04 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17, 15, and 13 times [4].

一、利润分配方案内容 经立信会计师事务所（特殊普通合伙）审计，截至 2023 年 12 月 31 日，母 公司期末可供分配利润为 587,499,164.21 元，根据公司 2024 年半年度财务报 告（未经审计），截至 2024 年 6 月 30 日，母公司期末可供分配利润为 298,109,794.47 元，经董事会决议，本次利润分配方案如下： 公司以实施权益分派股权登记日登记的总股本为基数，拟向全体股东每 10 股派发现金红利 3 元（含税），以公告日总股本为 41,426.05 万股计算，本次 拟派发现金红利为 124,278,150.00 元，本次拟分配的现金红利占母公司期末可 供分配利润 41.69%。 如在本分配方案披露之日起至实施权益分派股权登记日期间公司总股本发 生变动的，公司拟维持每股分配比例不变，相应调整分配总额。如后续总股本 发生变化，将另行公告具体调整情况。 本半年度不进行资本公积金转增股本，不送红股。本次利润分配方案在公 司 2023 年年度股东大会授权范围内，无需提交股东大会审议。 1 证券代码：603057 证券简称：紫燕食品 公告编号： 2024-051 上海紫燕食品股份有限 ...

证券代码：603057 证券简称：紫燕食品 公告编号：2024-048 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海证券交易所 上市公司自律监管指南第 1 号——公告格式》的相关规定，上海紫燕食品股份有 限公司（以下简称"紫燕食品"或者"公司"）就 2024 年半年度募集资金存放与使 用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 根据公司第一届董事会第九次会议审议通过，并经中国证券监督管理委员会 （证监许可〔2022〕1975 号）《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》核准，公司公开发行人民币普通股（A 股）4,200 万股，每股面值 1.00 元，每股发行价为人民币 15.15 元,募集资金总额为人民币 636,300,000.00 元，扣 ...