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].

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。 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets announced significant updates, providing insights for investors [2] Company Announcements - Wolong Real Estate will change its stock name to "Wolong New Energy" effective May 15, 2025, while the stock code remains unchanged [3] - Ningbo Fuda has terminated its major asset restructuring plans due to a lack of agreement on the final transaction scheme, with no significant impact on its current operations or financial status [4] - Land usage rights for a site in Shanghai will be returned by Shanghai Xiba due to external economic conditions, expected to reduce profits by approximately 36.42 million yuan, which is about 85% of the previous year's audited net profit [7] - Blue Dai Technology plans to acquire an 18% stake in Chongqing Taiguan for 34.11 million yuan, resulting in full ownership of the subsidiary [6] Performance Metrics - China Merchants Shekou reported a sales amount of 14.764 billion yuan in April, with a cumulative sales area of 2.0594 million square meters for the first four months of 2025 [8] - Shoukai Co. achieved a sales amount of 1.46 billion yuan in April, with a 24.92% decrease in sales area compared to the previous month [9] - Tiankang Biological reported a sales revenue of 380 million yuan from pig sales in April, with a 1.06% increase from the previous month [10] - Longyuan Co. reported a sales revenue of 125 million yuan from pig sales in April, with a 14.59% increase from the previous month [11] - New Wufeng sold 408,100 pigs in April, marking a 36.31% year-on-year increase [13] - Guangqi Group's April automobile sales were 116,400 units, a 12.66% year-on-year decline [16] - Jianghuai Automobile reported April sales of 30,764 units, down 3.55% year-on-year [17] - Shunong Development achieved a sales revenue of 1.533 billion yuan in April, a 0.68% year-on-year increase [19] Contracts and Agreements - Fuling Electric plans to sign a contract for an energy management project in Anhui Province, with an estimated investment of 488 million yuan and projected returns of 790 million yuan over eight years [21] - *ST Weihai has been pre-selected for a construction project with a bid of 108 million yuan, which represents 4.33% of its audited revenue for 2024 [22] Shareholder Actions - Liyuan Technology's shareholder plans to reduce holdings by up to 3.04 million shares, representing no more than 2.0008% of total shares [23] - Baoli Food's shareholder intends to reduce holdings by up to 3% of total shares, equating to approximately 12 million shares [24] Share Buybacks - Hongta Securities' chairman proposed a share buyback plan with a total amount between 100 million and 200 million yuan [26]

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 | ...