Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown steady revenue growth, with total revenue for 2024 reaching 2.651 billion yuan, a year-on-year increase of 12%. However, the net profit attributable to shareholders decreased by 23% to 233 million yuan due to a one-time government compensation received in the previous year [4][5] - The company is expanding its customer base rapidly, with significant contributions from new clients such as Yum and Domino's, while maintaining stable performance from existing clients [6] - The company is accelerating its channel expansion, particularly in the food service sector, and has begun initial collaborations with major retail channels like Sam's Club and Hema [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 2.651 billion yuan, with a growth rate of 11.9%. The net profit attributable to shareholders was 233 million yuan, reflecting a decline of 22.5% [11] - For Q1 2025, total revenue was 669 million yuan, a 7% increase year-on-year, while net profit decreased by 4% to 58 million yuan [4][5] Revenue Breakdown - The company's revenue from the B-end business was 1.296 billion yuan in 2024, growing by 13%, while the light cooking solutions segment generated 1.130 billion yuan, up 10% [6] - The beverage and dessert ingredients segment saw revenue of 147 million yuan in 2024, with a 3% increase, and a significant 35% increase in Q1 2025 [6] Profitability Metrics - The gross margin for 2024 was 32.81%, slightly down by 0.3 percentage points year-on-year, while the net margin decreased by 3 percentage points to 10.08% [5] - The report forecasts EPS for 2025, 2026, and 2027 to be 0.69, 0.79, and 0.90 yuan respectively, with corresponding PE ratios of 19, 17, and 15 times [9][11] Market Position and Strategy - The company is positioned as a leader in the Western-style seasoning market, leveraging its R&D capabilities and expanding its customer base in the food service sector [9] - The ongoing optimization of the competitive landscape in the seasoning market is expected to enhance the company's growth potential [6]

上海宝立食品科技股份有限公司 2024年年度股东大会会议资料 上海宝立食品科技股份有限公司 2024 年年度股东大会 会议资料 中国·上海 二〇二五年五月十九日 | | | 上海宝立食品科技股份有限公司 2024年年度股东大会会议资料 上海宝立食品科技股份有限公司 2024 年年度股东大会会议须知 为了维护投资者合法权益，确保公司 2024 年年度股东大会的正常秩序和议 事效率，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股 东会规则》及本公司《公司章程》《股东大会议事规则》的有关规定，特制定本 会议须知。 一、请拟出席现场会议的股东或股东授权代表按照本次股东大会会议通知中 规定的时间和登记方法办理参会登记。具体内容详见公司于 2025 年 4 月 26 日在 上海证券交易所网站（www.sse.com.cn）及《中国证券报》《上海证券报》《证券 时报》《证券日报》和《经济参考报》上披露的《关于召开 2024 年年度股东大会 的通知》（公告编号：2025-015）。 二、请登记出席现场会议的股东或股东授权代表携带相关身份证明及相关授 权文件准时出席会议，证明文件不齐或手续不全的，谢绝参会。 ...

证券代码：603170 证券简称：宝立食品 公告编号：2025-016 上海宝立食品科技股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 减持计划的主要内容 公司于 2025 年 5 月 9 日收到上海厚旭发来的《关于股份减持计划的告知函》。 上海厚旭拟减持公司股份合计不超过 12,000,300 股，即不超过公司总股本的 3%。 其中，拟通过集中竞价交易方式减持不超过 4,000,100 股，即不超过公司总股本 的 1%；拟通过大宗交易方式减持不超过 8,000,200 股，即不超过公司总股本的 2%。减持期间自本减持计划公告发布之日起 15 个交易日后的 3 个月内。 减持期间，如公司发生送红股、资本公积金转增股本、增发新股或配股、回 购等股本变动事项的，上述拟减持的比例不变，减持数量将根据公司总股本的变 动进行相应调整。 | 股东名称 | 上海厚旭 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | ...

Group 1 - The company Baoli Food (603170) announced that its shareholder Shanghai Houxu plans to reduce its holdings by no more than 12 million shares, which accounts for up to 3% of the company's total share capital [1]

Core Insights - The company reported a total revenue of 2.651 billion yuan in 2024, reflecting a year-on-year increase of 11.91%, while the net profit attributable to shareholders decreased by 22.52% to 233 million yuan [1] - The company experienced a robust growth in its compound seasoning and light cooking solutions, with significant contributions from both direct and online sales channels [2] Financial Performance - In 2024, the total revenue was 2.651 billion yuan, with a net profit of 233 million yuan and a non-recurring net profit of 215 million yuan [1] - The fourth quarter of 2024 saw a revenue of 721 million yuan, with a slight decline in net profit to 59.75 million yuan [1] - For Q1 2025, the revenue was 669 million yuan, with a net profit of 58.25 million yuan, indicating a year-on-year decrease [1] Product and Sales Analysis - The revenue breakdown for 2024 shows that compound seasonings generated 1.296 billion yuan (+13.21%), light cooking solutions 1.130 billion yuan (+10.41%), and beverage and dessert ingredients 147 million yuan (+3.00%) [2] - Direct sales accounted for 2.138 billion yuan (+12.35%), while non-direct sales reached 435 million yuan (+6.63%) [2] - Online sales were 808 million yuan (+2.19%), and offline sales were 1.765 billion yuan (+16.10%) [2] Competitive Positioning - The company maintained a strong competitive advantage in the B2B sector, with revenue from the top five clients reaching 791 million yuan (+7.45%) [3] - The first major client, Yum China, reported a revenue of 376 million yuan (-4.57%), while the second to fourth clients collectively generated 415 million yuan (+21.28%) [3] - In the C2C sector, the company’s online platform achieved a revenue of 918 million yuan (+5.99%) in 2024, recovering from a decline in 2023 [3] Profitability Metrics - The net profit margin for 2024 decreased by 3.91 percentage points to 8.8%, while the gross margin slightly declined by 0.33 percentage points to 32.81% [4] - The gross margin for compound seasonings increased by 2.85 percentage points, while light cooking solutions saw a decrease of 4.23 percentage points [4] - In Q1 2025, the net profit margin further declined to 8.71%, despite a slight increase in gross margin to 32.61% [4] Future Outlook - The company forecasts net profits for 2025-2027 to be 274 million, 315 million, and 358 million yuan respectively, with corresponding EPS of 0.69, 0.79, and 0.90 yuan [4] - The current price-to-earnings ratio is projected to be 20, 17, and 15 times for the respective years [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a total revenue of 2.651 billion yuan for 2024, representing a year-on-year increase of 11.91%. However, the net profit attributable to the parent company decreased by 22.52% to 233 million yuan [2][4]. - In Q4 2024, the total revenue was 721 million yuan, up 18.24% year-on-year, while the net profit attributable to the parent company was 59.75 million yuan, a slight decrease of 0.49% [2][4]. - For Q1 2025, the total revenue reached 669 million yuan, reflecting a growth of 7.18%, with a net profit of 58.25 million yuan, down 4.19% [2][4]. Summary by Sections Financial Performance - The company's total revenue for 2024 was 2.651 billion yuan, with a net profit of 233 million yuan and a non-recurring net profit of 215 million yuan [2][4]. - The revenue growth was driven by various product segments, with compound seasonings generating 1.296 billion yuan (up 13.21%), light cooking solutions at 1.130 billion yuan (up 10.41%), and beverage and dessert ingredients at 147 million yuan (up 3.00%) [9]. - The company maintained a gross margin of 32.81% in 2024, with slight variations across product categories [9]. Business Segments - The B-end business showed a solid competitive advantage, with revenue from the top five customers amounting to 791 million yuan, a year-on-year increase of 7.45% [9]. - The C-end business, represented by the brand "Kongke," achieved revenue of 918 million yuan, marking a growth of 5.99% after a brief decline in 2023 [9]. Profitability and Forecast - The company expects net profits for 2025-2027 to be 274 million, 315 million, and 358 million yuan respectively, with corresponding EPS of 0.69, 0.79, and 0.90 yuan [9]. - The current price-to-earnings ratio (PE) is projected to be 20, 17, and 15 times for the years 2025, 2026, and 2027 respectively [9].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit, indicating mixed performance across different segments and products [1][4]. Financial Performance - In 2024, the company achieved a revenue of 2.651 billion yuan, up 11.9% year-on-year, while the net profit attributable to shareholders was 233 million yuan, down 22.5% year-on-year [1]. - For Q4 2024, revenue was 721 million yuan, up 18.2% year-on-year, with a net profit of 60 million yuan, down 0.5% year-on-year [1]. - In Q1 2025, revenue reached 669 million yuan, up 7.2% year-on-year, with a net profit of 58 million yuan, up 0.3% year-on-year [1]. Product Segmentation - The company’s product revenue for 2024 was as follows: compound seasoning 1.3 billion yuan (+13.2%), light cooking 1.13 billion yuan (+10.4%), and beverage ingredients 150 million yuan (+3.0%) [2]. - The light cooking segment saw C-end revenue of 920 million yuan, up 6.0% year-on-year, driven by new product launches [2]. - B-end business is expected to generate 1.73 billion yuan in revenue for 2024, up 15.3% year-on-year, with a slight decrease in revenue contribution from the largest customer [2]. Profitability and Margins - The overall gross margin for 2024 was 32.8%, down 0.3 percentage points year-on-year, primarily due to the introduction of lower-priced products in the C-end segment [3]. - The gross margin for compound seasoning improved by 2.8 percentage points to 24.0% in 2024, with Q4 gross margin reaching 35.5%, up 4.6 percentage points year-on-year [3]. - The net profit margin for 2024 was 10.1%, down 3.1 percentage points year-on-year, while the net profit margin for Q1 2025 was 10.1%, showing stability [3]. Future Outlook - For 2025, the company expects continued double-digit growth in the C-end segment, supported by new product launches and channel expansions [4]. - The B-end segment is anticipated to maintain steady growth due to new product introductions and increased penetration in existing accounts [4]. - Revenue projections for 2025-2027 are 3.01 billion yuan, 3.44 billion yuan, and 3.95 billion yuan, with corresponding net profits of 280 million yuan, 330 million yuan, and 390 million yuan, indicating a positive growth trajectory [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved revenue and net profit of 2.651 billion and 233 million yuan respectively in 2024, with year-on-year changes of +11.9% and -22.5% [5] - The company continues to expand its product matrix and new channel layouts, with steady growth in its core business areas [1][6] - The company is expected to maintain a positive growth outlook, with projected net profits of 276 million, 315 million, and 348 million yuan for 2025, 2026, and 2027 respectively [9] Summary by Sections Financial Performance - In 2024, the company reported revenue of 2.651 billion yuan, with a net profit of 233 million yuan, reflecting a year-on-year revenue growth of 11.9% but a decline in net profit by 22.5% [5] - For Q4 2024, revenue and net profit were 721 million and 60 million yuan, showing a year-on-year increase of 18.2% in revenue and a slight decrease of 0.5% in net profit [5] - In Q1 2025, the company achieved revenue of 669 million yuan and a net profit of 58 million yuan, with year-on-year changes of +7.2% and -4.2% respectively [5] Business Segments - The revenue from various product lines in 2024 was as follows: compound seasoning at 1.3 billion yuan (+13.2%), light cooking at 1.13 billion yuan (+10.4%), and dessert ingredients at 150 million yuan (+3.0%) [6] - The company’s revenue from direct sales and non-direct sales in 2024 was 2.14 billion and 430 million yuan, with year-on-year growth of 12.4% and 6.6% respectively [6] Regional Performance - In 2024, the East China region generated 2.08 billion yuan in revenue (+11.47%), while North China contributed 160 million yuan (+0.33%) [6] - The company saw significant growth in South China (+70.4%) and Southwest China (+55.8%) in Q1 2025 [6] Profitability and Margins - The gross margin for 2024 was 32.8%, slightly down from the previous year, primarily due to intense market competition [7] - The net profit margin for 2024 was 8.8%, reflecting a decrease of 3.9 percentage points year-on-year [7] Innovation and Growth Strategy - The company launched nearly 2,600 products in 2024, with new products accounting for 60% of total sales over the past three years [8] - The company plans to continue expanding its product matrix and enhancing its market share in new channels, including membership-based stores and large chain supermarkets [8] Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.69, 0.79, and 0.87 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 20x, 17x, and 16x [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady growth in its compound seasoning and light cooking businesses, with a continuous improvement in its product matrix and new channel layout [1] - In 2024, the company achieved revenue and net profit attributable to shareholders of 2.651 billion and 233 million yuan, respectively, representing a year-on-year growth of 11.9% and a decline of 22.5% [5] - The company is expected to maintain a positive outlook due to its ongoing product innovation and channel expansion strategies [9] Summary by Sections Revenue Performance - In 2024, the company reported revenues of 2.651 billion yuan, with a breakdown of 1.3 billion from compound seasoning, 1.13 billion from light cooking, and 150 million from dessert ingredients, all showing year-on-year growth [6] - For Q1 2025, revenues were 669 million yuan, with light cooking showing a significant year-on-year increase of 12.8% [5][6] Profitability - The company's gross margin slightly declined to 32.8% in 2024, primarily due to intense market competition affecting the light cooking segment [7] - The net profit margin for 2024 was 8.8%, down from the previous year, reflecting the challenges faced in maintaining profitability [7] Innovation and Capacity Expansion - The company launched nearly 2,600 products in the B-end market in 2024, with new products accounting for 60% of total sales over the past three years [8] - A new processing base in Guangxi is set to commence operations in the second half of 2024, enhancing upstream supply chain stability [8] Financial Forecast and Valuation - The company is projected to achieve net profits of 276 million, 315 million, and 348 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.69, 0.79, and 0.87 yuan [9][10] - The current stock price corresponds to a PE ratio of 20x for 2025, indicating a favorable valuation outlook [9]

Summary of Baoli Food's Conference Call Company Overview - **Company**: Baoli Food - **Industry**: Food Production and Supply Key Financial Performance - **2024 Financials**: - Net profit (excluding non-recurring items) was 247 million yuan, a year-on-year increase of approximately 9% - Net profit attributable to shareholders (excluding non-recurring items) was 214.5 million yuan, a year-on-year decrease of 2.09% due to the impact of a joint venture in Zhejiang [2][3] - Total revenue for 2024 was 2.65 billion yuan, a year-on-year increase of 11.91% [3] - Overall gross margin was 32.81%, a decrease of approximately 0.33 percentage points year-on-year [11] - **Q1 2025 Performance**: - Revenue was 669 million yuan, a year-on-year increase of 7.18% - Net profit was 67.28 million yuan, a year-on-year increase of 0.28% - Net profit (excluding non-recurring items) was 66.18 million yuan, a year-on-year increase of over 13% [2][4] Business Segmentation - **B-end Business**: - Grew approximately 15% in 2024, with significant growth in the catering distribution sector [5][10] - Q1 2025 growth slowed to about 5% [2] - Compound seasoning was the fastest-growing category, with B-end growth exceeding 30% [5] - **C-end Business**: - Grew approximately 6% in 2024, with recovery to nearly 10% growth in the second half of the year [2][5] - Q1 2025 saw double-digit growth in C-end business, influenced by the timing of the Spring Festival [2][5] Product Performance - **Compound Seasoning**: - Fastest-growing product category, with a year-on-year growth rate of 10.41% for clean label solutions [5] - **Beverage and Dessert Ingredients**: - Positive growth but slower than other categories due to increased competition in the tea beverage market [8] Future Outlook - **Growth Expectations**: - C-end business expected to stabilize, with accelerated product iteration enhancing growth potential [6][7] - Continued focus on diversifying customer base and product applications through compound seasoning and light cooking solutions [6][7] Cost Control and Profitability - **Gross Margin Trends**: - Overall gross margin increased by approximately 0.6 percentage points in Q1 2025, influenced by structural changes [11][13] - **Net Profit Margin**: - 2024 net profit margin was 10.08%, a decrease of approximately 3 percentage points year-on-year [14] - Q1 2025 net profit margin improved to 9.93%, an increase of approximately 0.57 percentage points year-on-year [15] Market Strategy and Competition - **Online Sales Strategy**: - Implementing a strategy of online lead generation and offline support to counteract declining ROI from platforms like Douyin [26] - **Market Position**: - Baoli Food maintains a leading position in market share and competitive standing, with ongoing investments in marketing and product innovation [21][22] Customer Dynamics - **Key Customers**: - Significant revenue from major clients like Yum China, with stable income despite some product volume fluctuations [33] - **New Channel Development**: - Successful entry into new retail channels such as Sam's Club, contributing positively to revenue [23][30] Conclusion - Baoli Food demonstrates a solid financial performance with a focus on both B-end and C-end growth, innovative product offerings, and strategic market positioning. The company is well-prepared to navigate competitive pressures and capitalize on emerging opportunities in the food industry.