Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.2 CNY [1] Core Insights - The company demonstrated steady performance with revenue growth momentum continuing, achieving a total revenue of 2.133 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 10.5% [6] - The third quarter of 2025 saw a total revenue of 753 million CNY, up 14.6% year-on-year, and a net profit attributable to shareholders of 75 million CNY, reflecting a 15.7% increase [6] - The company benefits from strong performance in the B-end market despite challenges in the restaurant sector, with significant contributions from new product launches and pre-holiday stocking [6] - The C-end market shows continued improvement, with new products contributing positively to sales [6] - The company’s gross margin improved to 32.6% in Q3 2025, up 1.3 percentage points year-on-year, driven by better cost control and product mix optimization [6] Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 2,651 million CNY, 2,894 million CNY, 3,197 million CNY, and 3,519 million CNY respectively, with year-on-year growth rates of 11.9%, 9.2%, 10.5%, and 10.1% [2] - Net profit attributable to shareholders is forecasted to be 233 million CNY, 267 million CNY, 306 million CNY, and 349 million CNY for the same years, with growth rates of -22.5%, 14.3%, 14.6%, and 14.0% respectively [2] - Earnings per share (EPS) is projected to be 0.58 CNY, 0.67 CNY, 0.76 CNY, and 0.87 CNY for 2024A to 2027E [2] Market Performance - The company’s stock price closed at 14.39 CNY on October 29, 2025, with a market capitalization of 57.56 billion CNY [3] - The company has shown resilience in its market performance compared to the Shanghai and Shenzhen 300 index, with a notable increase in revenue and profit margins [5] Future Outlook - The company is expected to maintain stable growth throughout 2025, with a projected revenue increase of around 10% year-on-year, supported by ongoing improvements in both B-end and C-end markets [6] - The report anticipates that the company will continue to benefit from structural trends in the restaurant industry and retail adjustments, providing ample growth opportunities [6]

Macro Insights - The Federal Reserve's October meeting resulted in a 25 basis point rate cut, with Chairman Powell indicating that December's rate cut remains uncertain, leading to a decrease in market expectations for future cuts [2][3] - The Chinese Yuan has appreciated by 2.8% against the US dollar this year, with a notable 12% increase against the Japanese Yen since July, indicating a shift towards an "independent trend" in the Yuan's valuation [2][3] Fixed Income - In October, the People's Bank of China announced a resumption of bond purchases, leading to a significant rise in government bond futures [5][6] - The US financial sector is seeing a new model of support for national strategy, with JPMorgan's $1.5 trillion initiative focusing on key industries and supply chain resilience [6] Energy and New Energy - The "15th Five-Year Plan" emphasizes the development of new energy storage and smart grid infrastructure, benefiting companies in the storage and wind power sectors [10][11] - A significant $80 billion investment in nuclear power by Cameco and Brookfield Asset Management aims to enhance energy infrastructure in the US [11] Real Estate - The "15th Five-Year Plan" outlines a shift towards high-quality development in real estate, focusing on improving housing quality and supply systems, which may enhance long-term value in the sector [13] Financial Services - The brokerage sector is experiencing a slight decrease in positions, with a focus on high-quality financial strategies amid a recovering market sentiment [9] - The banking sector shows signs of improvement, with a notable increase in credit issuance and a stable asset quality outlook [23] Key Companies - Huafeng Measurement Control reported a 67.21% year-on-year revenue increase in Q3, driven by cost reduction and improved testing performance [17] - Shaanxi Coal and Chemical Industry's Q3 revenue showed a 6.03% quarter-on-quarter increase, benefiting from a recovery in coal prices [18] - Kweichow Moutai's Q3 revenue growth was lower than expected, but the company is implementing strategies to boost market confidence [19] - Guangdong Investment's Q3 performance reflects a stable business model with strong cash flow, supporting high dividend returns [20] - Yutong Bus reported a 32.27% year-on-year revenue increase in Q3, driven by strong export performance [21]

Core Insights - Baoli Food (603170.SH) reported its Q3 2025 results on October 30, 2025, highlighting significant institutional investor activity [1] Institutional Holdings - As of October 29, 2025, four institutional investors disclosed holdings in Baoli Food, totaling 191 million shares, which represents 47.70% of the company's total share capital [1] - The institutional holding percentage decreased by 1.80 percentage points compared to the previous quarter [1] Public Fund Activity - In this reporting period, 84 public funds were not disclosed compared to the previous quarter, including notable funds such as Taiping Fenghe One-Year Open-End Bond Fund and GF Multi-Factor Mixed Fund [1] Social Security Fund - One social security fund, the National Social Security Fund 111 Portfolio, was not disclosed in this quarter compared to the previous quarter [1]

Group 1 - The company reported a total revenue of 2.133 billion yuan for Q3 2025, with a net profit attributable to shareholders of 192 million yuan [1] - The net cash inflow from operating activities was 216 million yuan, representing a decrease of 73.84 million yuan or 25.47% compared to the same period last year [1] Group 2 - The company's latest debt-to-asset ratio is 28.44%, ranking 9th among disclosed peers, with an increase of 4.88 percentage points from the previous quarter [3] - The latest gross profit margin is 33.28%, ranking 6th among disclosed peers, with a decrease of 0.40 percentage points from the previous quarter [3] - The return on equity (ROE) is reported at 13.59% [3] - The diluted earnings per share (EPS) is 0.48 yuan, ranking 7th among disclosed peers [3] - The total asset turnover ratio is 0.97 times, and the inventory turnover ratio is 4.84 times, which is a decrease of 0.48 times or 8.96% compared to the same period last year [3] Group 3 - The number of shareholders is 10,300, with the top ten shareholders holding a total of 297 million shares, accounting for 74.36% of the total share capital [3] - The largest shareholder is Hangzhou Zhenpin Zhixin Investment Partnership (Limited Partnership) with a holding ratio of 30.60% [3]

Core Viewpoint - Baoli Food announced its second board meeting on October 29, 2025, to discuss the "Shareholder Dividend Return Plan for the Next Three Years" [1] Group 1: Financial Performance - For the first half of 2025, Baoli Food's revenue composition was as follows: Light Cooking Solutions accounted for 46.1%, Compound Seasonings 45.61%, Beverage and Dessert Ingredients 5.8%, and Other Businesses 2.49% [1] - As of the report date, Baoli Food's market capitalization was 5.8 billion yuan [1]

Group 1 - The company announced the appointment of Mr. Ren Ming as the secretary of the board of directors [1]

Group 1 - The company Baoli Food (SH 603170) announced the appointment of Mr. Ren Ming as the secretary of the board of directors on October 29 [1] - For the first half of 2025, Baoli Food's revenue composition is as follows: light cooking solutions account for 46.1%, compound seasonings account for 45.61%, beverage and dessert ingredients account for 5.8%, and other businesses account for 2.49% [1] - As of the report date, Baoli Food has a market capitalization of 5.8 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a "slow bull" new pattern [1]

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。 证券代码：603170 证券简称：宝立食品 公告编号：2025-037 上海宝立食品科技股份有限公司 关于变更签字注册会计师的公告 二、本次变更的签字注册会计师相关信息 章宏瑜，2013 年成为注册会计师，2010 年开始从事上市公司审计，2013 年 开始在天健执业，2021 年起为公司提供审计服务；近三年签署或复核 4 家上市 公司审计报告。 章宏瑜不存在违反《中国注册会计师职业道德守则》有关独立性要求的情 形，最近三年未曾因执业行为受到过刑事处罚、行政处罚、监督管理措施和纪 律处分。 三、本次变更签字注册会计师对公司的影响 本次变更过程中相关工作安排已有序交接，变更事项不会对公司 2025 年度 财务报表审计和 2025 年末财务报告内部控制审计工作产生不利影响。 上海宝立食品科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第二届董事会第十三次会议，审议通过了《关于续聘会计师事务所的议案》， 同意续聘天健会计师事务所（特殊普通合伙）（以下简称"天 ...

证券代码：603170 证券简称：宝立食品 公告编号：2025-034 经董事会提名委员会审查，任铭先生熟悉证券相关法律法规及公司业务， 已取得上海证券交易所颁发的《董事会秘书资格证明》，其任职资格符合《公司 法》《上海证券交易所股票上市规则》等相关法律法规的要求，具备担任公司董 事会秘书所必需的专业知识和能力。 二、董事会秘书联系方式 联系地址：上海市松江茸北工业区茸兴路 433 号 联系电话：021-31823950 上海宝立食品科技股份有限公司 关于聘任董事会秘书的公告 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。 上海宝立食品科技股份有限公司（以下简称"公司"）于 2025年 10月 29日 召开第二届董事会第十五次会议，审议通过了《关于聘任董事会秘书的议案》， 同意聘任任铭先生为公司董事会秘书。现将有关情况公告如下： 一、董事会秘书聘任情况 公司于 2025 年 10 月 29 日召开第二届董事会第十五次会议，审议通过了 《关于聘任董事会秘书的议案》，经董事长马驹先生提名，董事会提名委员会审 核通过，公司董事会同意 ...

上海宝立食品科技股份有限公司 二、 本规划的制定原则 公司重视对投资者的合理投资回报，并保持连续性和稳定性，同时兼顾公 司的实际经营情况和可持续发展。利润分配不得损害公司持续经营能力，且应 以满足公司经营发展和重大资金支出需求为前提。公司董事会和股东大会对利 润分配政策的决策和论证过程中应当充分考虑独立董事和公众投资者的意见。 未来三年（2025—2027 年）股东分红回报规划 上海宝立食品科技股份有限公司（以下简称"公司"） 为保护投资者合法 权益、实现股东价值、积极回报投资者，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司监管指引第 3 号——上市公司现金分红》等相关 法律、法规、规范性文件以及《公司章程》的规定，结合公司实际经营发展情 况，特制定《上海宝立食品科技股份有限公司未来三年（2025—2027 年）股东 分红回报规划》（以下简称"本规划"），具体如下： 一、 本规划的制定考虑因素 公司着眼于长远和可持续发展，在综合分析公司经营发展实际情况、股东 意愿、社会资金成本、外部融资环境等因素的基础上，充分考虑公司目前及未 来盈利规模、现金流状况、外部融资成本等因素，建立对投资者持续、 ...