国泰君安：蒋杰、李优 （二）现场检查时间 2024 年 12 月 16 日 （三）现场检查人员 国泰君安证券股份有限公司 关于上海宝立食品科技股份有限公司 2024 年度持续督导工作 现场检查报告 国泰君安证券股份有限公司（以下简称"国泰君安证券"或"保荐机构"） 作为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"）首次 公开发行股票并在主板上市的保荐机构及持续督导机构，根据《证券发行上市保 荐业务管理办法》（以下简称"《保荐办法》"）、《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》、《上海证券交易所上市公司自律监管指引第 11 号 ——持续督导》等国家有关法律、法规和规范性文件的要求，本着审慎和勤勉尽 责的原则，对宝立食品进行了现场检查，现将本次检查的情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构及保荐代表人 国泰君安：李优、段新彤 （四）现场检查内容 公司治理和内部控制情况，信息披露情况，公司的独立性以及与控股股东、 实际控制人及其他关联方资金往来情况，募集资金使用情况，关联交易、对外担 保、重大对外投资情况，公司经营情况等。 （五）现场检查手段 1、与公司董事、 ...

一、交易情况概述 （一）交易目的 近年来，随着公司业务规模的持续扩大，境外原材料采购需求持续增长，公 司也一直致力于拓展海外市场，出现了外币兑换操作日渐频繁的发展趋势，继而 可能造成公司的外汇风险敞口不断扩大。为此，公司及子公司拟开展外汇衍生品 交易业务，以期能够规避部分外汇市场汇率波动风险，合理降低财务费用，增强 财务稳健性。 （二）交易业务品种 国泰君安证券股份有限公司 关于上海宝立食品科技股份有限公司 开展外汇衍生品交易业务的核查意见 国泰君安证券股份有限公司（以下简称"保荐机构"、"国泰君安"）作为 上海宝立食品科技股份有限公司（以下简称"宝立食品"、"公司"）持续督导 的保荐机构。根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关 法律法规和规范性文件的要求，对宝立食品开展外汇衍生品交易的事项进行了核 查，核查情况如下： 公司拟开展的外汇衍生品业务只限于从事与公司及子公司生产经营所使用 的主要结算货币相同的币种，主要外币币种包括但不限于美元、欧元等与实际业 务相关的币种。 公司主要进行的外汇衍生品业务品种包括但不限 ...

证券代码：603170 证券简称：宝立食品 公告编号：2024-054 上海宝立食品科技股份有限公司 关于首次公开发行募投项目结项的公告 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： 本次结项的募投项目名称：山东宝莘食品科技有限公司食品调味料全产 业链基地建设项目（以下简称"宝莘项目"）。 截至 2024年 12月 18日，宝莘项目结项后的节余募集资金 520.13万元， 主要为建设工程合同及设备购买合同的保证金。宝莘项目为募集资金及自筹资 金共同建设项目，对于"宝莘项目"部分尚未支付的合同尾款等，公司后续将 使用自有或自筹资金进行支付。 根据《上海证券交易所上市公司自律监管指引第 1 号——规范运作》， 募投项目全部完成后，节余募集资金（包括利息收入）低于 500 万或者低于募 集资金净额 5%的，可以免于董事会审议程序，无需保荐人、监事会发表明确同 意意见，公司将在最近一期定期报告中披露其使用情况。 上海宝立食品科技股份有限公司（以下简称"公司"）2022 年公开发行股 票募集资金投资项目即宝莘项目，现已 ...

上海宝立食品科技股份有限公司 关于开展外汇衍生品业务的可行性分析报告 一、 业务开展背景 因上海宝立食品科技股份有限公司（以下简称"公司"）业务持续发展， 外币收付汇金额逐年增长，为了降低汇率波动对公司经营的影响，公司及合并 报表范围内下属子公司（包括授权期限内新设立、收购等方式取得的全资子公 司、控股子公司，以下简称"子公司"）拟根据实际情况，围绕日常经营业务， 适时开展外汇衍生品交易业务。 二、 交易情况概述 1、交易业务品种 公司拟开展的外汇衍生品业务只限于从事与公司及子公司生产经营所使用 的主要结算货币相同的币种，主要外币币种包括但不限于美元、欧元等跟实际 业务相关的币种。主要进行的外汇衍生品业务品种包括但不限于远期结售汇、 外汇掉期、外汇互换、外汇期货、外汇期权业务及其他外汇衍生产品等业务。 2、交易金额及期限 申请交易额度为任意时点衍生品对应外汇交易标的的最高余额不超过人民 币 4,000 万元（或等值外币），在授权期限内该额度可循环使用。拟开展的外 汇衍生品交易业务期限匹配实际业务需求期限，一般不超过一年。本次开展的 外汇衍生品交易业务授权期限自董事会审议通过之日起 12 个月内有效，如单笔 交 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.2 yuan [1]. Core Insights - The C-end is expected to recover with double-digit growth, driven by operational efficiency improvements and strategic adjustments. The company is focusing on specific customer segments such as urban mothers and white-collar workers, enhancing its product offerings and marketing strategies [1]. - The B-end shows stable improvement, with core customers providing growth momentum. The company is strengthening partnerships with major clients and adapting to the new retail landscape [1]. - Profit pressure has been alleviated, and with the acceleration of new product launches and operational efficiency, profitability is expected to improve moderately [1]. Financial Summary - Total revenue for 2023 is projected at 2,369 million yuan, with a year-on-year growth of 16.3%. Revenue is expected to reach 2,594 million yuan in 2024, reflecting a growth rate of 9.5% [1][9]. - The net profit attributable to the parent company for 2023 is estimated at 301 million yuan, with a significant year-on-year increase of 39.8%. However, a decline of 21.1% is anticipated in 2024 [1][9]. - Earnings per share (EPS) for 2023 is projected at 0.75 yuan, with forecasts of 0.59 yuan, 0.73 yuan, and 0.87 yuan for 2024, 2025, and 2026 respectively [1][9]. Market Position - The company is enhancing its market presence through increased coverage in offline channels, with expectations of over 50% growth in contributions from these channels, raising their revenue share from over 10% to 20% [1]. - The company is also diversifying its product range, including high-end and mid-range offerings, to cater to different market segments [1]. Future Outlook - The report suggests that if the restaurant sector recovers, it could provide additional elasticity for the company's growth. The company is well-positioned to benefit from potential improvements in downstream demand due to its strong supply chain and R&D capabilities [1].

证券代码：603170 证券简称：宝立食品 公告编号：2024-052 上海宝立食品科技股份有限公司 关于召开 2024 年第三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： 会议召开时间：2024 年 11 月 18 日(星期一) 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 2024 年 11 月 11 日(星期一) 至 11 月 15 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 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 上海宝立食品科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解 ...

证券代码：603170 证券简称：宝立食品 上海宝立食品科技股份有限公司 投资者关系活动记录表 编号：2024-05 | --- | --- | --- | --- | |------------------|-------------------------------|-------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for Baoli Food (603170 SH) [4] Core Views - Baoli Food's Q3 2024 revenue reached 660 million yuan, up 4 1% YoY, but net profit attributable to shareholders declined by 13 4% YoY to 60 million yuan [1] - The company's light cooking business continues to grow, driven by the strong performance of its Kongke pasta product line [2] - Future growth is expected from the company's expansion into central kitchen and bakery businesses [4] Financial Performance Revenue - Total revenue for the first three quarters of 2024 was 1 93 billion yuan, a 9 7% YoY increase [1] - Q3 2024 revenue breakdown by product: compound seasoning (350 million yuan, +0 7% YoY), light cooking (250 million yuan, +9 6% YoY), beverage and dessert ingredients (30 million yuan, +1 9% YoY) [2] Profitability - Q3 2024 gross margin was 31 3%, down 1 1 percentage points YoY [3] - Net profit margin attributable to shareholders was 9 9% in Q3 2024, a 2 0 percentage point decrease YoY [3] Regional Performance - East China region maintained growth with 512 million yuan in Q3 2024 revenue, up 5 5% YoY [2] - North China region saw a 19 9% YoY decline in Q3 2024 revenue to 33 million yuan [2] Business Development - The company added 51 new distributors in Q3 2024, bringing the total to 496 [2] - Baoli Food launched a new product, Kongke Juicy Pure Meat Sausage, in September 2024 to expand its product portfolio [3] Valuation and Forecast - 2024-2026 EPS forecasts: 0 57 yuan, 0 68 yuan, and 0 80 yuan respectively [4] - Current PE ratios: 23x for 2024, 19x for 2025, and 16x for 2026 [4] - 2024-2026 revenue growth forecasts: 8 57%, 13 41%, and 13 02% respectively [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 15.8 CNY [1][2]. Core Insights - The company reported a revenue of 1.93 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 9.7%, while the net profit attributable to shareholders decreased by 28.0% to 170 million CNY [1][2]. - In Q3 2024, the revenue was 660 million CNY, up 4.1% year-on-year, but the net profit attributable to shareholders fell by 13.4% to 60 million CNY [1][2]. - The company is facing profit pressure but is focused on maintaining customer share, with expectations of better performance compared to peers due to strong enterprise capabilities and new product reserves [2][3]. Financial Performance Summary - Total revenue for 2023 is projected at 2.369 billion CNY, with a growth rate of 16.3%. For 2024, the revenue is expected to be 2.562 billion CNY, reflecting an 8.2% growth rate [3][8]. - The net profit attributable to shareholders is forecasted to decline to 227 million CNY in 2024, a decrease of 24.5% compared to 2023 [3][8]. - Earnings per share (EPS) for 2024 is estimated at 0.57 CNY, with subsequent years projected at 0.63 CNY for 2025 and 0.73 CNY for 2026 [3][8]. Business Segment Analysis - The compound seasoning revenue in Q3 2024 grew by 0.8% year-on-year, impacted by a slowdown in the restaurant sector and reduced new product launches from major clients [2]. - The light cooking solutions segment saw a year-on-year increase of 9.7%, mainly driven by growth in emerging business areas targeting large B-end clients [2]. - The beverage ingredient business experienced a negative growth of 5.7% year-on-year in Q3 2024 [2]. Regional Performance - Revenue growth varied by region, with East China showing a stable growth of 5.5%, while South China and North China experienced declines of 18.2% and 19.9%, respectively [2]. - Emerging markets such as Southwest and Northwest China showed significant growth, with increases of 69.5% and 90.5% year-on-year, respectively [2].

Investment Rating - The report maintains an "Accumulate" rating for Baoli Food (603170) with a target price of 15.84, up from the previous forecast of 14.36 [4][7]. Core Views - The performance of Baoli Food meets expectations, with significant improvement in sales of its "Kongke" product line. The company is expected to achieve excess returns driven by the recovery in dining demand and expansion in product categories and channels [3][7]. Financial Performance Summary - For Q3 2024, Baoli Food reported revenue of 1.93 billion, a year-on-year increase of 9.72%, and a net profit attributable to shareholders of 173 million, a decrease of 28.01%. The single-quarter revenue for Q3 was 657 million, up 4.06% year-on-year, with a net profit of 65 million, down 13.45% year-on-year [7]. - The revenue breakdown for Q3 shows that the "Kongke" product line and light cooking solutions saw revenue growth of 0.7% and 9.64% respectively, while beverage and dessert ingredients experienced a decline of 5.69% due to weak dining demand [7]. - The gross margin for Q3 was 31.28%, down 1.06 percentage points year-on-year, primarily due to increased promotional efforts for the "Kongke" products. The net profit margin was 9.9%, down 2 percentage points year-on-year [7]. Market Position and Growth Potential - The company is expected to accelerate its market share in the Western-style dining supply chain, supported by the resolution of production capacity constraints and enhanced R&D capabilities. The "Kongke" brand is anticipated to benefit from the trend towards healthier eating [7]. - The report highlights that the company added 51 new distributors in Q3 2024, indicating a successful expansion into new channels such as offline group purchases and convenience stores [7]. Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be 0.58, 0.72, and 0.89 respectively, reflecting year-on-year changes of -23%, +26%, and +23% [7]. - The estimated revenue for 2024 is 2.586 billion, with a growth rate of 9.2%, and net profit is projected at 231 million, a decrease of 23.3% [8]. Valuation Metrics - The report assigns a 22X PE ratio for 2025 based on comparisons with similar companies, leading to an upward revision of the target price to 15.84 [7]. - The current market capitalization of Baoli Food is 5.224 billion, with a price-to-book ratio of 4.0 [5][6].