证券代码：603170 证券简称：宝立食品 公告编号：2025-018 上海宝立食品科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 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： 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度暨 2025 年第 一季度的经营成果和财务指标的具体情况与投资者进行互动交流和沟通，在信息 会议召开时间：2025 年 6 月 3 日(星期二) 上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 27 日(星期二) 至 5 月 30 日(星期五)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 bolex_office@bolexfoods.com 进行提 ...

证券代码：603170 证券简称：宝立食品 公告编号：2025-019 上海宝立食品科技股份有限公司2024年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0.25元（含税） 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 | 2025/5/30 | － | 2025/6/3 | 2025/6/3 | 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 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 1. 实施办法 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [13]. Core Insights - The company reported a revenue of 2.651 billion yuan for 2024, an increase of 11.91% year-on-year, while the net profit attributable to the parent company decreased by 2.09% to 215 million yuan [7]. - The company's main businesses, light cooking and complex seasoning, both achieved double-digit growth, with light cooking revenue reaching 1.130 billion yuan, up 10.41% year-on-year, and complex seasoning revenue at 1.296 billion yuan, up 13.21% year-on-year [7]. - The overall gross margin decreased to 32.81%, primarily due to rising costs in the light cooking segment, which saw a cost increase of 19.75% year-on-year [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 669 million yuan, a year-on-year increase of 7.18%, while the net profit attributable to the parent company increased by 9.89% to 58 million yuan [7]. - The gross margin for light cooking was 45.68%, down 4.23 percentage points year-on-year, while complex seasoning's gross margin rose to 24.02%, up 2.85 percentage points [7][8]. Market Performance - The core market in East China saw a revenue growth of 11.47%, with other regions like Central China and Northeast China experiencing growth rates of 20.78% and 17.36%, respectively [7]. - The contribution of light cooking to total revenue reached 42.62%, an increase of 27.75 percentage points since 2020 [7]. Cost and Efficiency - The company's inventory turnover days decreased by 1.37 days in 2024 compared to 2023, indicating improved efficiency [8]. - The financial expenses increased due to short-term borrowings and lease liabilities, impacting the overall profit margins [8]. Future Projections - The company forecasts earnings per share of 0.68 yuan, 0.78 yuan, and 0.91 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 20.57, 17.94, and 15.40 [10].

Group 1 - The company is expanding its product matrix and consumer scenarios, with nearly 2,600 products sold in 2024, and 60% of these developed in the last three years, covering various categories such as staple foods, snacks, beverages, and desserts [1] - The company has maintained its leading position in the instant pasta category for four consecutive years, achieving the top retail sales in this category nationwide [1] - The company is actively exploring new channels, including membership systems and large chain supermarkets, to capture growth opportunities and enhance collaboration with core customers [2] Group 2 - The company is expected to achieve revenue of 3 billion, 3.449 billion, and 3.998 billion yuan in 2025-2027, with year-on-year growth rates of 13.17%, 14.95%, and 15.91% respectively [2] - The projected net profit attributable to the parent company for 2025-2027 is 285 million, 342 million, and 421 million yuan, with growth rates of 22.12%, 20.17%, and 23.13% respectively [2] - The company maintains a strong recommendation rating with projected PE ratios of 19.32, 16.08, and 13.06 for the years 2025-2027 [2]

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 investment rating for the company is "Buy" with a target price set for the next six months [6][17]. Core Views - The company is expected to achieve revenue and net profit of 2.651 billion and 233 million yuan in 2024, representing a year-on-year growth of 11.91% and a decline of 22.52% respectively [1]. - The company has a strong product portfolio with nearly 2,600 products sold to B-end customers, and 60% of these products were developed in the last three years [1]. - The company is anticipated to benefit from the recovery of B-end demand and the accelerated launch of new products, leading to sustained growth [4]. Revenue and Profitability - In 2024, the company reported a revenue of 2.651 billion yuan, with a growth rate of 11.91% [5]. - The gross margin and net margin for 2024 were 32.81% and 10.08%, showing a slight decline from the previous year [3]. - The company expects revenues of 2.949 billion, 3.273 billion, and 3.620 billion yuan for 2025, 2026, and 2027 respectively, with a consistent growth rate of approximately 11% [4]. Regional Performance - In 2024, the company reported revenues from various regions, with East China at 2.08 billion yuan (up 11%), South China at 90 million yuan (down 3%), and Northeast at 80 million yuan (up 56%) [2]. - The number of distributors increased by 78 to a total of 465 by the end of Q1 2025, indicating a positive trend in distribution [2]. Financial Metrics - The company's net profit for 2024 is projected to be 233 million yuan, with an expected increase to 272 million yuan in 2025 [5]. - The earnings per share (EPS) for 2024 is estimated at 0.58 yuan, with a projected increase to 0.68 yuan in 2025 [5]. - The price-to-earnings (P/E) ratio is expected to be 23.60 for 2024, decreasing to 20.25 in 2025 [5].

证券代码：603170 证券简称：宝立食品 公告编号：2025-017 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 05 月 19 日 (二)股东大会召开的地点：上海市松江区沈砖公路 6088 号 2 号楼 4F 多功能厅 (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 | 129 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 313,186,337 | | 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 | 78.2946 | | 总数的比例（%） | | 上海宝立食品科技股份有限公司 2024年年度股东大会决议公告 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 会议由董事长马驹先生主持，采取现场投票与网络投票相结合的表决方式。 表决方式符合《公司法》及《公司章程》的有关规定。 ...

浙江天册律师事务所 浙江天册律师事务所 关于上海宝立食品科技股份有限公司 法律意见书 编号：TCYJS2025H0672 号 关于 上海宝立食品科技股份有限公司 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 致：上海宝立食品科技股份有限公司 浙江天册律师事务所（以下简称"本所"）接受上海宝立食品科技股份有限 公司（以下简称"宝立食品"或"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会，并根据《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》"）和《上市公司股东会规 则（2025 年修订）》（以下简称"《股东会规则》"）等法律、法规和有关规范 性文件，以及《上海宝立食品科技股份有限公司章程》 （以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议 所审议的议案内容和该等议案中所表述的事实 ...

浙江天册律师事务所 关于 上海宝立食品科技股份有限公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于上海宝立食品科技股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0672 号 致：上海宝立食品科技股份有限公司 浙江天册律师事务所（以下简称"本所"）接受上海宝立食品科技股份有限 公司（以下简称"宝立食品"或"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会，并根据《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》"）和《上市公司股东会规 则（2025 年修订）》（以下简称"《股东会规则》"）等法律、法规和有关规范 性文件，以及《上海宝立食品科技股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发表意 ...

Core Viewpoint - Baoli Food (603170) has shown steady revenue growth but faces profit pressure due to structural adjustments, leading to a buy rating from Huaxin Securities [1][3]. Financial Performance - In 2024, Baoli Food reported total revenue of 2.651 billion yuan, a 12% increase year-on-year, while net profit attributable to shareholders was 233 million yuan, a 23% decrease, primarily due to a one-time government compensation received in the previous year [2]. - For Q4 2024, total revenue reached 721 million yuan, an 18% increase, with net profit of 60 million yuan, a slight decrease of 0.5% [2]. - In Q1 2025, total revenue was 669 million yuan, a 7% increase, with net profit of 58 million yuan, down 4% [2]. Investment Highlights - Revenue growth is stable, but profit margins are under pressure due to product structure changes and increased competition [3]. - The company is expanding its supplier base and improving production efficiency, which may lead to cost optimization [3]. - The net profit margin decreased by 3 percentage points to 10.08% in 2024, reflecting the impact of non-recurring government subsidies [3]. Customer and Market Development - Rapid growth in new customers, with revenue from major clients like Yum maintaining stability [4]. - The company is leveraging production efficiency to meet customer demand, with a focus on expanding its product offerings [4]. - Revenue from the beverage and dessert ingredients segment increased significantly in Q1 2025, driven by changes in product categorization [4]. Channel Strategy - Direct sales revenue grew by 12% in 2024 and 8% in Q1 2025, with ongoing development of restaurant distribution channels [5]. - Initial partnerships with major retail channels like Sam's Club and Hema are expected to capitalize on retail market opportunities [5]. - Non-direct sales channels also showed growth, indicating a gradual recovery in consumer demand [5]. Profit Forecast - As a leading player in the Western-style food sector, Baoli Food is expected to maintain a positive growth trajectory, with projected EPS of 0.69, 0.79, and 0.90 yuan for 2025-2027 [6]. - The current stock price corresponds to PE ratios of 19, 17, and 15 for the respective years, supporting the buy rating [6].