证券代码：603317 证券简称：天味食品 公告编号：2026-037 四川天味食品集团股份有限公司 关于股份回购进展公告 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： 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，回购期间，公司应在每个月的前 3 个交易日内公告 截至上月末的回购进展情况。现将公司回购进展情况公告如下： 2026 年 3 月，公司通过集中竞价交易方式回购股份 1,328,100 股，回购股份占 公司总股本的比例约为 0.1247%，回购成交的最高价为 12.67 元/股，最低价为 11.81 元/股，成交总金额为 16,096,883 元（不含交易费用）。 截至 2026 年 3 月 31 日，公司已累计回购股份数量 1,328,100 股，占公司目前 总股本比例为 0.1247%，成交最高价为 12.67 元/股、最低价为 11.81 元/股，已支付 的总金额为 16,096,883 元（不含交易费用）。 本次回购股份符合相关法律法规的规 ...

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported its 2025 annual results, which met expectations [6] - The company is expected to achieve revenues of 3.86 billion, 4.27 billion, and 4.72 billion yuan for 2026, 2027, and 2028 respectively, representing year-on-year growth of 11.8%, 10.8%, and 10.4% [7] - The net profit attributable to the parent company is projected to be 660 million, 750 million, and 850 million yuan for 2026, 2027, and 2028 respectively, with year-on-year growth of 16%, 13%, and 13% [7] Financial Performance Summary - In 2025, the company achieved revenue of 3.45 billion yuan (down 0.79% year-on-year) and a net profit of 570 million yuan (down 8.8% year-on-year) [9] - The fourth quarter of 2025 saw revenue of 1.04 billion yuan (down 6.7% year-on-year) and a net profit of 180 million yuan (down 7.7% year-on-year) [9] - The company maintained a high dividend payout, with a total cash dividend of 598 million yuan in 2025, resulting in a dividend rate of 105% [10] Revenue and Profitability Forecast - Revenue and net profit forecasts for 2026 to 2028 are as follows: - Revenue: 3.86 billion (2026), 4.27 billion (2027), 4.72 billion (2028) - Net Profit: 660 million (2026), 750 million (2027), 850 million (2028) [12] - The gross margin is expected to improve slightly from 40.7% in 2025 to 41.3% in 2028 [12] - The return on equity (ROE) is projected to increase from 12.5% in 2025 to 19.0% in 2028 [12]

Core Insights - The report highlights that the snack chain industry is undergoing a transformation with a focus on product innovation and channel efficiency, particularly in the context of the 2026 Spring Sugar Conference [8][16][39] - It emphasizes the trend of integrating health-conscious elements into both Chinese and Western snacks, with popular ingredients and flavors being identified at recent trade shows [18][22][27] - The report suggests that the convenience store model is evolving, with new store formats like "snack + fresh" stores being introduced to expand product boundaries and enhance customer experience [31][39] Weekly Focus: 2026 Spring Sugar Conference Feedback - Snack Chains - The report discusses the gradual recovery of the liquor industry and the strong performance of the seasoning industry post-holiday, indicating a clear "Matthew Effect" [8][16] - It notes that Chinese snacks are leaning towards "popular element combinations," while Western snacks emphasize "clean ingredient lists" and health benefits [18][27] - Key products observed at the conference included konjac, quail eggs, and chicken feet, with innovative combinations like "konjac + quail eggs" gaining traction [18][22] - The report identifies leading brands participating in the conference, such as Yanjinpuzi and Ganyuan Foods, showcasing their new product lines and marketing strategies [22][27] Industry Overview - The food and beverage sector experienced a -1.0% change in stock performance from March 23 to March 27, ranking 18th out of 31 sectors, slightly outperforming the CSI 300 index by 0.4 percentage points [40][44] - Within the sector, processed foods and seasoning products showed positive performance, with increases of +4.3% and +3.2% respectively, while soft drinks and liquor lagged behind with declines of -1.5% and -1.8% [40][44] - The report indicates that 57 stocks in the food and beverage sector rose, while 61 fell, reflecting a balanced market sentiment [40][44] Valuation Situation - As of March 27, the food and beverage sector's PE-TTM was reported at 20.5X, with a valuation percentile of 1.0% over the past five years, while the liquor sector's PE-TTM was 17.8X with a 0.7% percentile [56][59] - The relative valuations of the food and beverage and liquor sectors compared to the CSI 300 index were 1.47 and 1.28 times, respectively [56][59] Liquor Price Tracking - The report provides insights into liquor pricing, noting that the price of a bottle of Feitian Moutai was 1550 CNY, a decrease of 10 CNY from the previous week, while the price for a case increased by 10 CNY to 1645 CNY [56][60]

四川天味食品集团股份有限公司 2025年年度股东会会议资料 四川天味食品集团股份有限公司 2025 年年度股东会 会议资料 四川天味食品集团股份有限公司 证券代码：603317 二〇二六年四月八日 四川天味食品集团股份有限公司 2025年年度股东会会议资料 目 录 | 一、2025 | 年年度股东会会议须知 | 2 | | --- | --- | --- | | 二、2025 | 年年度股东会议程 | 3 | | 三、股东会会议议案 | | | | 议案 | 1、关于《2025 年度董事会工作报告》的议案 | 5 | | 议案 | 2、关于《2025 年年度报告》及其摘要的议案 | 9 | | 议案 | 3、关于《2025 年度内部控制评价报告》的议案 | 10 | | 议案 | 4、关于《2025 年度募集资金存放、管理与实际使用情况的专项报告》的议案 | 11 | | 议案 | 5、关于《2025 年度利润分配预案》的议案 | 28 | | 议案 | 6、关于《2026 年度董事薪酬方案》的议案 | 29 | | 议案 | 7、关于 年度日常关联交易预计的议案 2026 | 30 | | 议案 | 8、关 ...

Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for the sector as it is expected to outperform the benchmark index [4]. Core Insights - The white liquor sector is in a bottoming phase, with a focus on cost transmission in the consumer goods segment. The industry is shifting from channel competition to consumer engagement and cultivation [8][26]. - The report highlights that 2026 will be a critical year for the industry, with an emphasis on inventory reduction and channel profit recovery in the first half, while the second half will see a transition towards consumer-centric strategies [9][19]. Summary by Sections Overall Feedback from Spring Sugar 2026 - The Spring Sugar event saw fewer participating companies and personnel compared to previous years, with major brands like Moutai and Wuliangye canceling events, indicating a shift in focus towards consumer operations and brand value [8][9]. - The white liquor sector is experiencing increased differentiation in sales performance, with stable pricing and cautious but calm sentiments among distributors. The expectation is for a stabilization year in 2026, with a focus on inventory management and profit recovery [10][11]. White Liquor Sector - Sales performance is showing signs of differentiation, with Moutai stabilizing and Wuliangye expected to follow suit. The overall sentiment is that the sector is still in a bottoming process, with a focus on inventory reduction and profit recovery [10][12]. - The report anticipates that 2026 will be a year of price stabilization, with major brands not setting aggressive sales targets, leading to improved cash flow for distributors [10][19]. Consumer Goods Sector - The report notes improvements in the restaurant chain sector, slight growth in dairy products, and continued stability in beverages and snacks. Key players in the restaurant chain are expected to see operational improvements in Q1 2026 [11][12]. - Dairy product companies like Mengniu and Yili are projected to experience single-digit growth in shipments, while beverage leaders like Nongfu Spring are expected to maintain robust growth [12][19]. Investment Recommendations - The report suggests focusing on cyclical improvements in the restaurant chain sector, recommending companies such as Haitian Flavoring and Yihai International. It also highlights the potential for recovery in the dairy sector with companies like Yili and Mengniu [26]. - In the beverage sector, Nongfu Spring is recommended due to its strong performance and favorable valuation outlook for 2026 [26]. Company-Specific Feedback - Wuliangye is expected to stabilize in 2026, with a focus on inventory management and pricing strategies. The company has seen significant growth in sales compared to previous years [13][19]. - Moutai's pricing strategy and inventory management are expected to support its market position, with a focus on maintaining stable prices and improving distributor confidence [19][22].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve revenue growth of 11.89% in 2026, 7.56% in 2027, and 6.97% in 2028, with projected revenues of 38.59 billion, 41.51 billion, and 44.40 billion respectively [6] - The net profit attributable to the parent company is forecasted to grow by 12.80% in 2026, 11.53% in 2027, and 8.70% in 2028, reaching 6.43 billion, 7.17 billion, and 7.79 billion respectively [6] - The report highlights the company's ongoing efforts in brand and channel development, as well as seeking acquisition opportunities [6] Financial Data Summary - Total market capitalization is 12,989.52 million [4] - The company reported a revenue of 34.49 billion in 2025, a decrease of 0.79% year-on-year, with a net profit of 5.70 billion, down 8.79% [5] - The gross profit margin for 2025 was 40.67%, with a net profit margin of 17.48% [13] - The company’s earnings per share (EPS) for 2026 is projected to be 0.60, with a price-to-earnings (P/E) ratio of 20.21 [7][12] Revenue and Profit Forecast - Revenue and profit forecasts for the upcoming years are as follows: - 2025: Revenue 34.49 billion, Net Profit 5.70 billion - 2026: Revenue 38.59 billion, Net Profit 6.43 billion - 2027: Revenue 41.51 billion, Net Profit 7.17 billion - 2028: Revenue 44.40 billion, Net Profit 7.79 billion [6][7][12] Market Performance - The company’s stock has seen a 52-week increase of 14.45% [4] - The stock's price-to-book (P/B) ratio is currently at 2.93, with a projected P/B of 2.87 for 2026 [12][13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2025, the company achieved total revenue of 3.449 billion yuan, a year-on-year decrease of 0.79%. The net profit attributable to shareholders was 570 million yuan, down 8.79% year-on-year, while the net profit excluding non-recurring items was 508 million yuan, a decline of 10.22% [2][4]. - For Q4 2025, the company reported total revenue of 1.038 billion yuan, a year-on-year decrease of 6.69%. The net profit attributable to shareholders was 178 million yuan, down 7.65%, and the net profit excluding non-recurring items was 151 million yuan, a decline of 14.79% [2][4]. - The company's online channel revenue grew significantly, with total online revenue for 2025 reaching 936 million yuan, an increase of 56.91% year-on-year, while offline channel revenue was 2.507 billion yuan, down 12.76% [4]. - The gross profit margin for 2025 improved by 0.89 percentage points to 40.67%, while the net profit margin decreased by 1.45 percentage points to 16.52% [4]. Financial Performance - The company’s total revenue is projected to grow to 3.745 billion yuan in 2026 and 4.063 billion yuan in 2027, with corresponding EPS estimates of 0.58 yuan and 0.61 yuan [15]. - The company’s gross profit margin is expected to remain stable, with slight fluctuations in operating expenses [15]. - The company has successfully integrated acquisitions to enhance its product matrix and channel strategies, indicating a sustainable growth model [4].

Investment Rating - The report provides a "Buy" rating for the liquor sector, indicating an expectation of strong performance in the next 12 months, particularly for companies like Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai [4][32]. Core Insights - The liquor industry is undergoing a phase of adjustment, with expectations for marginal improvement in the second half of the year. The first half of 2026 is anticipated to remain under pressure due to high base effects from 2025 and ongoing macroeconomic challenges [3][12]. - A new trend in the liquor industry is emerging, characterized by a "winner takes all" approach in the high-end and mid-high-end markets, where companies are focusing on core products and cost efficiency [3][12]. - The report highlights a shift towards healthier and lower-alcohol products, particularly targeting younger consumers, as evidenced by the increasing presence of health-oriented and low-alcohol brands at trade shows [3][14]. Summary by Sections 1. Liquor: Industry Adjustment and Expected Improvement - The liquor industry is expected to experience a gradual clearing, with marginal improvements anticipated in the latter half of the year. The first half of 2026 will likely face challenges due to high sales volumes in 2025 and macroeconomic pressures [3][12]. - Feedback from industry forums indicates a trend of "price for volume" in the high-end market, with companies focusing on core products and market efficiency [3][12]. - The report notes a decrease in foot traffic at trade shows, reflecting a deep adjustment phase in the liquor industry, with a growing emphasis on health and lower-alcohol options [3][14]. 2. Seasoning Products: Positive Post-Festival Sales - The report indicates that post-festival sales for seasoning products, particularly soy sauce, are performing well, with leading brands like Haitian and Qianhe maintaining strong market positions [3][24]. - The report highlights a "Matthew Effect," where leading brands are gaining market share, and the overall health of inventory levels is improving [3][24]. 3. Company Valuation and Financial Analysis - The report includes detailed financial metrics for key companies in the liquor and seasoning sectors, with projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [4]. - Companies such as Kweichow Moutai and Luzhou Laojiao are highlighted for their strong market positions and expected growth, with specific price targets set for their stocks [4].

近日，公司就上述经营范围变更事项进行了工商变更登记，并取得了变更 后的营业执照，具体情况如下： | 公司名称 | 四川天味食品集团股份有限公司 | | --- | --- | | 统一社会信用代码 | 915101007978308873 | | 注册资本 | 1,064,714,794 元 | | 成立日期 | 2007 年 3 月 2 日 | | 法定代表人 | 邓文 | | 注册地 | 成都市双流区西航港街道腾飞一路 333 号 | | 经营范围 | 许可项目：食品生产；调味品生产；食品销售；餐饮服务；农产 | | | 品质量安全检测；检验检测服务；道路货物运输（网络货运）； | | | 道路货物运输（不含危险货物）。（依法须经批准的项目，经相 | | | 关部门批准后方可开展经营活动，具体经营项目以相关部门批准 | | | 文件或许可证件为准）一般项目：普通货物仓储服务（不含危险 | | | 化学品等需许可审批的项目）；低温仓储（不含危险化学品等需 | | | 许可审批的项目）；机械设备销售；软件开发；软件销售；食用 | 证券代码：603317 证券简称：天味食品 公告编号：2026-036 四川天味 ...

重要内容提示： 证券代码：603317 证券简称：天味食品 公告编号：2026-035 | 回购方案首次披露日 | 2026/3/14 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2026 年 3 月 3 | 12 | 日~2027 | 年 | 月 | 11 | 日 | | 预计回购金额 | 1,600万元~3,200万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 29.31万股 | | | | | | | | 累计已回购股数占总股本比例 | 0.0275% | | | | | | | | 累计已回购金额 | 364.57万元 | | | | | | | | 实际回购价格区间 | 12.37元/股~12.67元/股 | | | | | | | 四川天味食品集团股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 ...