华福证券 公 司 研 究 五芳斋（603237.SH） 毛利改善盈利稳定，增质提效修炼内功 事件：公司披露 24 年年报，报告期内，公司实现营收 22.51 亿元，同比-14.57%； 归母净利润 1.42 亿元，同比-14.24%；扣非归母净利润 1.30 亿元，同比-9.66%。 其中，24Q4 实现营收 2.03 亿元，同比-7.61%；归母净亏损 0.68 亿元，同比 +9.64%，扣非归母净亏损 0.69 亿元，同比+19.99%，同比亏损均有所收窄。 研 究 报 告 盈利预测与投资建议:考虑到 24 年公司业绩不及此前预期，我们下调盈利 预测，预计 25-26 年归母净利润为 1.73/1.95 亿元（原 25-26 年为 1.99/2.19 亿元）， 并引入 27 年归母净利润预测为 2.17 亿元，对应 25-27 年 EPS 为 0.87/0.99/1.10 元，当前股价对应 P/E 为 22/20/18 倍，维持"买入"评级。 公 司 财 报 点 评 Q4 淡季需求弱恢复，粽子及经销渠道恢复正增长。分产品看，24 年粽子 系列/月饼系列/餐食系列/蛋制品、糕点及其他实现收入 15.8/2. ...

食品饮料/食品加工 五芳斋（603237.SH） 2025 年 04 月 17 日 投资评级：增持（维持） | 日期 | 2025/4/16 | | --- | --- | | 当前股价(元) | 19.55 | | 一年最高最低(元) | 29.16/14.35 | | 总市值(亿元) | 38.76 | | 流通市值(亿元) | 23.83 | | 总股本(亿股) | 1.98 | | 流通股本(亿股) | 1.22 | | 近 3 个月换手率(%) | 113.11 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 2025-04 五芳斋 沪深300 相关研究报告 《业绩阶段性承压，中秋月饼逆势增 长—公司信息更新报告》-2024.11.1 《业绩阶段性承压，盈利能力有所提 升—公司信息更新报告》-2024.8.27 《粽子主业稳健前行，股息率明显提 升—公司信息更新报告》-2024.4.28 2024 年主业销售承压，期待 2025 年经营改善 ——公司信息更新报告 | 张宇光（分析师） | 逄晓娟（分析师） | 张恒玮（分析师） ...

投资评级：增持（维持） | 日期 | 2025/4/16 | | --- | --- | | 当前股价(元) | 19.55 | | 一年最高最低(元) | 29.16/14.35 | | 总市值(亿元) | 38.76 | | 流通市值(亿元) | 23.83 | | 总股本(亿股) | 1.98 | | 流通股本(亿股) | 1.22 | | 近 3 个月换手率(%) | 113.11 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 2025-04 五芳斋 沪深300 食品饮料/食品加工 五芳斋（603237.SH） 2025 年 04 月 17 日 相关研究报告 《业绩阶段性承压，中秋月饼逆势增 长—公司信息更新报告》-2024.11.1 《业绩阶段性承压，盈利能力有所提 升—公司信息更新报告》-2024.8.27 《粽子主业稳健前行，股息率明显提 升—公司信息更新报告》-2024.4.28 连锁门店提升经营效率，电商优化运营策略 2024 年连锁门店 3.3 亿元，同比-10.1%，公司注重提升门店经营效率，对低效门 店进行关闭 ...

浙江五芳斋实业股份有限公司 第九届董事会审计与合规委员会由 3 名成员构成： 委员会成员均具备专业资质及丰富的履职经验，有效保障监督工作的独立性、 专业性与合规性。 二、审计与合规委员会会议召开情况 2024 年度，委员会共召开 5 次会议，全体委员出席率 100%。会议程序合法 合规，审议事项如下： | 序号 | 会议届次 | 召开日期 | 审议事项 | | --- | --- | --- | --- | | 1 | 第九届董事会审 计委员会第九次 | 2024 年 3 月 | 关于公司 年年报审中沟通事项的议案 2023 | | | | 21 日 | | | | 会议 | | | | | | | 1.关于公司 2023 年度年报审计沟通事项的议 | | | | | 案 | | | | | 2.关于董事会审计与合规委员会 2023 年度履 | | | | | 职情况报告的议案 | | | | | 3.关于 2023 年度会计师事务所履职情况评估 | | | 第九届董事会审 | 2024 年 4 月 | 报告的议案 | | 2 | 计委员会第十次 | | 4.关于董事会审计与合规委员会对会计师事 | | | ...

证券代码：603237 证券简称：五芳斋 公告编号：2025-030 股东大会召开日期：2025年5月8日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 浙江五芳斋实业股份有限公司 关于召开 2024 年年度股东大会的通知 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： 召开的日期时间：2025 年 5 月 8 日 14 点 30 分 召开地点：浙江省嘉兴市秀洲区新城街道木桥港路 677 号兴耀商务广场（五 芳斋总部大楼）1 幢 323 室 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 8 日 至 2025 年 5 月 8 日 采用上海证券交易所网络投票系统，通过交易 ...

本公司监事会及全体监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：603237 证券简称：五芳斋 公告编号：2025-017 浙江五芳斋实业股份有限公司 第九届监事会第十四次会议决议公告 一、监事会会议召开情况 浙江五芳斋实业股份有限公司（以下简称"公司"）第九届监事会第十四次 会议于 2025 年 4 月 15 日（星期二）在嘉兴市秀洲区新城街道木桥港路 677 号五 芳斋总部大楼 1 幢 21 楼会议室以现场结合通讯的方式召开。会议通知已于 2025 年 4 月 9 日通过邮件的方式送达各位监事。本次会议应出席监事 5 人，实际出席 监事 5 人。 会议由监事会主席胡建民主持，部分高级管理人员列席会议。会议召开符合 有关法律、法规、规章和《公司章程》的规定。出席会议的监事对各项议案进行 了认真审议并做出了如下决议： 二、监事会会议审议情况 出席会议的监事对议案进行了认真审议并做出了如下决议： （一）审议通过《关于 2024 年度监事会工作报告的议案》 表决结果：5 票同意，0 票反对，0 票弃权。 本议案需提交公司股东大会审议。 ...

证券代码：603237 证券简称：五芳斋 公告编号：2025-016 浙江五芳斋实业股份有限公司 第九届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 浙江五芳斋实业股份有限公司（以下简称"公司"）第九届董事会第十九次会 议于 2025 年 4 月 15 日（星期二）在嘉兴市秀洲区新城街道木桥港路 677 号五芳 斋总部大楼 1 幢 21 楼会议室以现场结合通讯的方式召开。会议通知已于 2025 年 4 月 4 日通过邮件的方式送达各位董事。本次会议应出席董事 9 人，实际出席董 事 9 人。 表决结果：9 票同意，0 票反对，0 票弃权。 本议案需提交公司股东大会审议。 （二）审议通过《关于董事会审计与合规委员会 2024 年度履职情况报告的 议案》 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《浙江 五芳斋实业股份有限公司董事会审计与合规委员会 2024 年度履职情况报告》。 本议案已经第九届董事会审计与合规委员会第十五次会议审议通过。 表决 ...

证券代码：603237 证券简称：五芳斋 公告编号：2025-018 浙江五芳斋实业股份有限公司 关于 2024 年度利润分配方案的公告 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： 每股分配比例：每 10 股派送现金红利人民币 5 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本（扣减公司回购 专用证券账户中股份、扣减拟回购注销的限制性股份）为基数，具体日期将在权 益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本（扣减公司回购专用证券账 户中股份、扣减拟回购注销的限制性股份）发生变动的，拟维持每股分配比例不 变，相应调整分配总额，并将在相关公告中披露。 本次利润分配方案尚需提交公司股东大会审议。 本次利润分配不会触及《上海证券交易所股票上市规则》（以下简称《股 票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的 情形。 一、利润分配方案内容 经天健会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，浙 江五芳斋实业股份有限公司（以 ...

证券代码：603237 证券简称：五芳斋 公告编号：2025-024 浙江五芳斋实业股份有限公司 关于回购注销部分限制性股票的公告 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： 一、已履行的决策程序和信息披露情况 1、2023 年 1 月 12 日，公司召开第九届董事会第四次会议，审议通过了《关 于公司〈2023 年限制性股票激励计划（草案）〉及其摘要的议案》《关于公司 〈2023 年限制性股票激励计划实施考核管理办法〉的议案》《关于提请公司股 东大会授权董事会办理公司 2023 年限制性股票激励计划有关事项的议案》，公 司独立董事就相关议案发表了同意的独立意见。同日，公司召开第九届监事会第 三次会议，审议通过了《关于公司〈2023 年限制性股票激励计划（草案）〉及 其摘要的议案》《关于公司〈2023 年限制性股票激励计划实施考核管理办法〉 的议案》《关于公司〈2023 年限制性股票激励计划激励对象名单〉的议案》。 公司监事会对激励计划相关事项出具了核查意见。 2、2023 年 1 月 13 日，公司披露了《 ...

Profit Distribution and Financial Performance - The proposed profit distribution plan for 2024 includes a cash dividend of 5 RMB per 10 shares, totaling 96,757,242 RMB (including tax) based on a total share capital of 198,273,527 shares[7]. - The company's net profit attributable to shareholders for 2024 is projected to be 144,708,162 RMB, which represents 101.81% of the total cash dividends and share repurchase amounts[7]. - The company has completed a share repurchase amounting to 47,950,920 RMB, which will not participate in the profit distribution[7]. - The total undistributed profits at the end of the reporting period amount to 357,050,403.60 RMB[7]. - The company will not conduct any stock bonus or capital reserve transfer to increase share capital for the current year[7]. - The company's operating revenue for 2024 was approximately RMB 2.25 billion, a decrease of 14.57% compared to RMB 2.64 billion in 2023[27]. - Net profit attributable to shareholders for 2024 was approximately RMB 142.14 million, down 14.24% from RMB 165.74 million in 2023[27]. - Basic earnings per share for 2024 were RMB 0.73, reflecting a decrease of 13.10% from RMB 0.84 in 2023[26]. - The weighted average return on equity for 2024 was 8.24%, a decrease of 1.31 percentage points from 9.55% in 2023[26]. - The net cash flow from operating activities for 2024 was approximately RMB 314.76 million, an increase of 12.53% compared to RMB 279.70 million in 2023[27]. - The company's total assets at the end of 2024 were approximately RMB 2.26 billion, down 3.30% from RMB 2.34 billion at the end of 2023[27]. - The company’s net assets attributable to shareholders at the end of 2024 were approximately RMB 1.72 billion, a decrease of 2.62% from RMB 1.76 billion at the end of 2023[27]. - The cumulative cash dividend amount over the last three fiscal years is 347,418,930 RMB, with an average net profit of 148,762,808.52 RMB, resulting in a cash dividend ratio of 233.54%[152]. Operational Changes and Strategies - The company closed 86 inefficient stores and opened 13 new direct stores, 2 joint venture stores, 87 distribution stores, and 35 franchise stores, totaling 476 stores[39]. - Online operations expanded to 37 direct e-commerce stores and over 300 partner stores, achieving a gross profit margin increase of 8.05%[40]. - The company implemented a flat management structure to improve operational efficiency and clarify responsibilities[42]. - The company has established a standardized central kitchen for its restaurant business, ensuring unified supply and production management, enhancing brand image and consumer trust[50]. - The company has actively developed group purchasing and large customer channels, collaborating with major enterprises like China Petrochemical and Shangri-La[59]. - The company achieved over 10 million exposure through high-frequency reports on platforms like CCTV and CGTN, enhancing brand recognition[60]. - The company has implemented a digital transformation strategy, including the launch of a product traceability project and the integration of supplier and customer management systems[64]. - The company has a strong offline terminal penetration capability, with over a thousand coverage points through direct sales and a stable distributor network[61]. - The company has upgraded its R&D center to a food research institute, focusing on technological innovation and production process optimization, including the installation of new equipment for rice dumpling production[63]. - The company has established a comprehensive marketing network, with online sales covering major platforms such as Tmall, JD.com, Douyin, and Pinduoduo[58]. Research and Development - The company has continuously increased R&D investment, focusing on high-end, healthy, and light food products, leading to the release of the international standard for zongzi, marking a significant step for traditional Chinese food on the global stage[43]. - Research and development expenses rose by 35.53% to CNY 26,466,109.93, indicating increased investment in innovation[68]. - The proportion of research and development expenses to operating income is 1.22%[77]. - The total amount of capitalized research and development expenses was ¥1,028,949.04, accounting for 3.74% of total R&D expenditures[77]. Market Trends and Challenges - The food industry is experiencing a shift towards health and safety, with increasing consumer demand for natural and additive-free products, reflecting a broader trend in food consumption[47]. - The rise of new retail channels, such as membership-based supermarkets, is reshaping the market landscape, necessitating a balance between traditional and emerging sales channels[46]. - The traditional food industry is undergoing structural adjustments, with a shift from rapid growth to refined operations, influenced by macroeconomic factors and changing consumer behavior[45]. - The zongzi market is projected to grow at a compound annual growth rate (CAGR) of 7% from 2020 to 2023, with the market size expected to exceed CNY 10.3 billion in 2024, driven by cultural tourism and gift economies[46]. - The company faces food safety risks due to increasing consumer awareness and stringent regulations, which could impact product quality[102]. - Fluctuations in raw material prices, including glutinous rice and pork, pose a risk to the company's operational stability[102]. - The company's sales are highly seasonal, with significant sales of rice dumplings and mooncakes concentrated around specific festivals, leading to potential inventory management challenges[102]. Governance and Compliance - The company held 3 shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[106]. - The board of directors conducted 5 meetings and established specialized committees to enhance decision-making and risk management[108]. - The company disclosed 59 announcements and four quarterly reports in compliance with regulatory requirements, achieving an A-level rating for information disclosure[110]. - The company has implemented measures to maintain independence from its controlling shareholders, ensuring operational autonomy[112]. - The company has a total of 10.00 million CNY in remuneration for independent directors for the reporting period[114]. - The company reported a total of 10 million CNY in remuneration for independent directors, including Wu Yongmin and Wang Miao, during the reporting period[114]. - The company plans to hold its second extraordinary shareholders' meeting on September 10, 2024[113]. Environmental and Social Responsibility - The company has invested a total of 139.45 million yuan in social responsibility projects, including 109.45 million yuan in cash donations and 30 million yuan in material contributions[178]. - The company has directly purchased agricultural products from individual farmers and cooperatives, generating over 100 million yuan in income for farmers in 2024[182]. - The company has implemented a carbon management system and is actively planning carbon audits to set clear emission reduction targets[176]. - The company has achieved ISO 50001 energy management certification, indicating compliance with energy management standards[173]. - The company has established a comprehensive emergency response plan for environmental incidents, including regular training and drills[163]. - The company has received no administrative penalties for environmental issues during the reporting period[165]. - The company has committed to donating 20 million yuan annually for 10 years to support educational initiatives at local universities[180]. - The company has engaged in poverty alleviation and rural revitalization efforts, providing employment opportunities and training to over 2,000 rural residents[182]. - The company has actively promoted green packaging solutions, utilizing biodegradable materials and reducing packaging waste[176]. Shareholder Commitments and Regulations - The company has a commitment from its controlling shareholder to not transfer or manage shares for 36 months post-IPO, with a potential extension of 6 months if certain stock price conditions are met[189]. - The company’s actual controller has committed to not transfer shares for 36 months post-IPO and to limit annual transfers to 25% of their holdings during their tenure as directors[191]. - Shareholders holding more than 5% of the company's shares, such as Ocean Construction, are committed to not transferring or entrusting the management of shares for 36 months post-IPO[195]. - Directors, such as Wei Rongming, are also subject to a 12-month lock-up period post-IPO and can only sell up to 25% of their holdings annually during their tenure[199]. - Any income gained from not adhering to these commitments must be returned to the company within five days[197]. - The company will bear legal responsibility for any losses incurred by investors due to non-compliance with these commitments[197].