Group 1 - The controlling shareholder, Mr. Deng Wen, holds 627,303,020 shares, accounting for 58.90% of the total share capital of Sichuan Tianwei Food Group Co., Ltd. [1] - Mr. Deng and his concerted parties collectively hold 792,430,800 shares, representing 74.41% of the total share capital [1] - Mr. Deng plans to transfer up to 21,299,925 shares, which is 2% of the total share capital, through block trading to private equity funds [1][2] Group 2 - The actual transfer involved 21,200,000 shares, which is 1.99% of the total share capital, completed between July 21 and July 23, 2025 [2] - The transfer price ranged from 10.34 to 10.40 yuan per share, totaling 219,580,000 yuan [2] - After the transfer, Mr. Deng's remaining shares are 606,103,020, which is 56.91% of the total share capital [2] Group 3 - The internal transfer does not change the total number or percentage of shares held by the controlling shareholder and concerted parties, and it does not involve market reduction or trigger a takeover bid [1][2] - The transfer plan was disclosed on May 23, 2025, and has been fully implemented [2] - The transfer plan has concluded as the expected number of shares has been fully transferred [2]

四川天味食品集团股份有限公司 证券代码：603317 证券简称：天味食品 公告编号：2025-071 关于控股股东及其一致行动人之间内部转让股份 计划的结果公告 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。 重要内容提示： 控股股东持股的基本情况 截至本转让计划披露日，四川天味食品集团股份有限公司（以下简称"公司"） 控股股东邓文先生持有公司股份 627,303,020 股，占公司总股本的 58.90%；邓文 先生及其一致行动人合计持有公司股份 792,430,800 股，占公司总股本的 74.41%。 转让计划的实施结果情况 因个人资产规划需要，邓文先生拟通过大宗交易方式向盈富增信添利 19 号 私募证券投资基金（以下简称"添利 19 号基金"）、盈富增信添利 19 号 1 期私 募证券投资基金（以下简称"添利 19 号 1 期基金"）合计转让不超过 21,299,925 股，占公司总股本的 2%。 邓文先生于 2025 年 7 月 21 日至 7 月 23 日通过大宗交易方式向添利 19 号基 金、添利 19 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on July 21, with a total transaction volume of 1.717 billion yuan across 75 stocks, indicating notable investor interest in specific companies [1]. Group 1: Trading Activity - A total of 75 stocks had block trades, with a total transaction value of 1.717 billion yuan [1]. - The top three stocks by transaction value were SAIC Motor Group (1.57 billion yuan), Tianwei Food (1.55 billion yuan), and Sifang Co., Ltd. (1.07 billion yuan) [1]. Group 2: Pricing Trends - Among the stocks traded, 10 stocks were sold at par value, 5 at a premium, and 60 at a discount [1]. - The stocks with the highest premium rates were Jiangsu Shentong (2.64%), Jindi Group (1.83%), and Minsheng Bank (1.11%) [1]. - The stocks with the highest discount rates were Langke Intelligent (27.09%), Energy Iron Han (25.78%), and Betta Pharmaceuticals (22.86%) [1]. Group 3: Institutional Trading - The top stocks by institutional buying were SAIC Motor Group (1.57 billion yuan), XCMG Machinery (1.04 billion yuan), and Milky Way (77.6 million yuan) [2]. - The top stocks by institutional selling included North Copper Industry (30.9 million yuan), Jindi Group (15.9 million yuan), and New Strong Link (3.5 million yuan) [2].

Group 1: Core Views - The report suggests that the food and beverage industry is expected to see a valuation recovery as market sentiment improves, with a focus on low-priced leading companies in the liquor sector and structural opportunities in the food sector [2][7][10]. Group 2: Liquor Sector - The liquor sector is experiencing a phase of demand decline due to seasonal factors and regulatory impacts, leading to pressure on high-end liquor prices, while mass consumption remains stable [7][13]. - Major companies like Moutai are expected to maintain their performance due to strong brand positioning, while others are entering an adjustment phase, with varying adjustment speeds among companies [7][14]. - Q2 performance forecasts for major liquor companies indicate a range of revenue and profit changes, with Moutai expected to see a 9% increase in both revenue and profit [14][15][16]. Group 3: Food Sector - The food sector shows signs of recovery, with segments like beverages, snacks, and pet food experiencing upward trends, while beer and restaurant supply chains face structural challenges [21][24]. - The beverage industry remains vibrant with new product launches and a clear trend towards reduced sugar options, while competition intensifies [24][30]. - Dairy products are seeing mixed performance, with some segments like low-temperature dairy and cheese growing, while others face challenges [24][33]. Group 4: Investment Recommendations - The report recommends focusing on leading liquor companies with a safety margin for investment, as well as food companies that are expected to exceed mid-year performance expectations [10][28]. - Specific companies highlighted for potential investment include Nongfu Spring, Uni-President China, and Tianwei Foods, among others [10][28].

Core Viewpoint - The announcement details the completion of the first lock-up period of the 2024 employee stock ownership plan (ESOP) for Sichuan Tianwei Food Group Co., Ltd, and confirms that the conditions for unlocking shares have been met [1][3][6] Implementation Progress of the Employee Stock Ownership Plan - The first lock-up period of the 2024 ESOP ended on July 8, 2025, following the approval of the plan at the annual shareholders' meeting on April 19, 2024 [1][2] - The purchase price for the 2024 ESOP was adjusted from 6.53 yuan per share to 6.13 yuan per share due to the company's 2023 annual equity distribution [2] Unlocking Conditions Achievement - A total of 2,646,000 shares, representing 0.25% of the company's total share capital, are eligible for unlocking [3][6] - The unlocking is structured in two phases: 50% after 12 months and the remaining 50% after 24 months from the last transfer date of the stock, which was July 8, 2024 [3][4] Performance Assessment for Unlocking - The performance target for the first unlocking period was set at a revenue of 3,476,251,642.23 yuan for 2023, with a required growth rate of at least 10% for 2024 [4][5] - The actual growth rate achieved was 10.41%, exceeding the performance requirement, thus meeting the conditions for unlocking [5] Subsequent Arrangements Post Unlocking - The management committee of the ESOP will manage the distribution of the unlocked shares, either through sale or transfer to individual accounts, while addressing any unfulfilled unlock conditions due to employee departures or performance issues [5][6] Verification by the Compensation and Assessment Committee - The board's compensation and assessment committee confirmed that the number of shares eligible for unlocking complies with the relevant regulations and that the decision-making process was lawful and did not harm the interests of shareholders [6]

关于 2024 年员工持股计划第一个锁定期届满暨 解锁条件成就的公告 证券代码：603317 证券简称：天味食品 公告编号：2025-070 四川天味食品集团股份有限公司 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、准确性和完整性依法承担法律责任。 四川天味食品集团股份有限公司（以下简称"公司"）2024 年员工持股计划 （以下简称"本员工持股计划"）第一个锁定期已于 2025 年 7 月 8 日届满，根 据中国证监会《关于上市公司实施员工持股计划试点的指导意见》以及《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等相关规定，现将本员工 持股计划第一个锁定期届满及解锁情况公告如下： 一、本员工持股计划的实施进展 1、2024年3月26日，公司召开第五届董事会第二十九次会议和第五届监事会 第二十八次会议，并于2024年4月19日召开2023年年度股东大会，审议通过《关于 <公司2024年员工持股计划（草案）>及其摘要的议案》《关于<公司2024年员工持 股计划管理办法>的议案》及《关于提请股东大会授权董事会办理公司2024年员工 持股计划有 ...

证券代码：603317 证券简称：天味食品 公告编号：2025-069 四川天味食品集团股份有限公司 2024 年员工持股计划第二次持有人会议决议公告 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。 2025 年 7 月 9 日 一、持有人会议召开情况 四川天味食品集团股份有限公司（以下简称"公司"）2024 年员工持股计 划第二次持有人会议于 2025 年 7 月 8 日（星期二）在公司会议室以现场结合通 讯方式召开。本次会议由管理委员会主任于志勇先生召集和主持，出席本次会议 的员工持股计划持有人份额 32,764,850 份，占公司 2024 年员工持股计划持有人 当前所持份额的 100%。本次会议的召集、召开及表决程序符合公司 2024 年员工 持股计划的相关规定，所作决议合法有效。 二、持有人会议审议情况 审议通过《关于补选公司 2024 年员工持股计划管理委员会委员的议案》 根据公司《2024 年员工持股计划》《2024 年员工持股计划管理办法》的有关 规定及股东会授权，因何昌军先生离任，本次持有人会议选举李燕桥女士 ...

证券代码：603317 证券简称：天味食品 公告编号：2025-067 四川天味食品集团股份有限公司 关于股份回购进展公告 2025 年 6 月，公司未实施回购。截至 2025 年 6 月 30 日，公司已累计回购股 份数量 999,920 股，占公司目前总股本比例为 0.0939%，成交最高价为 11.9 元/股、 最低价为 11.47 元/股，已支付的总金额为 11,679,490.80 元（不含交易费用）。 本次回购股份符合相关法律法规的规定和回购股份方案的要求。 三、 其他事项 重要内容提示： | 回购方案首次披露日 | 2025/4/30 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 | 29 | 日~2026 | 年 4 | 月 | 28 | 日 | | 预计回购金额 | 万元 1,800 万元~3,600 | | | | | | | | 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 ...

证券代码：603317 证券简称：天味食品 公告编号： 2025-067 四川天味食品集团股份有限公司 关于股份回购进展公告 2025 年 6 月，公司未实施回购。截至 2025 年 6 月 30 日，公司已累计回购股 份数量 999,920 股，占公司目前总股本比例为 0.0939%，成交最高价为 11.9 元/股、 最低价为 11.47 元/股，已支付的总金额为 11,679,490.80 元（不含交易费用）。 本次回购股份符合相关法律法规的规定和回购股份方案的要求。 三、其他事项 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。 | 回购方案首次披露日 | 2025/4/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 4 月 | 29 | 日~2026 | 年 | 28 | 日 | | 预计回购金额 | 1,800万元~3,600万元 | | | | | | | | □减少注册资本 √用于员工持股计划或股权 ...