证券代码：603317 证券简称：天味食品 公告编号：2026-033 四川天味食品集团股份有限公司 四川天味食品集团股份有限公司（以下简称"公司"）于 2025 年 3 月 4 日召 开第五届董事会第三十九次会议和第五届监事会第三十八次会议，并于 2025 年 3 月 20 日召开 2025 年第一次临时股东大会，会议审议通过《关于使用暂时闲置 募集资金进行现金管理的议案》，同意使用不超过 13 亿元（含）暂时闲置募集资 金进行现金管理，该额度可在 2025 年第一次临时股东大会审议通过之日起 12 个月内滚动使用。具体内容详见 2025 年 3 月 5 日刊载于《中国证券报》《上海证 券报》《证券时报》《证券日报》及上海证券交易所网站（www.sse.com.cn）的公 司《第五届董事会第三十九次会议决议公告》（公告编号：2025-012）、《第五届 监事会第三十八次会议决议公告》（公告编号：2025-013）、《关于使用暂时闲置 募集资金进行现金管理的公告》（公告编号：2025-015）及 2025 年 3 月 21 日的 《2025 年第一次临时股东大会决议公告》（公告编号：2025-021）。 公司 ...

| 序号 | 股东名称/姓名 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 邓文 | 606,103,020 | 56.93 | | 2 | 唐璐 | 89,539,382 | 8.41 | | 3 | 深圳盈富汇智私募证券基金有限公司－盈 富增信添利 号私募证券投资基金 19 | 24,128,000 | 2.27 | | | 深圳盈富汇智私募证券基金有限公司－盈 | | | | 4 | 富增信添利 号 期私募证券投资基金 19 1 | 18,422,000 | 1.73 | | 5 | 香港中央结算有限公司 | 12,513,841 | 1.18 | | 6 | 全国社保基金一零二组合 | 9,291,076 | 0.87 | | 7 | 中国工商银行股份有限公司－景顺长城新 | 8,636,311 | 0.81 | | | 兴成长混合型证券投资基金 | | | | 8 | 上海思勰投资管理有限公司－思勰投资安 | 8,059,520 | 0.76 | | | 欣九号一期私募证券投资基金 | | | | 9 | 上海思勰投资管理有限公司－思勰投 ...

Core Insights - The report highlights a significant recovery in the Chinese economy, with key indicators such as industrial output and retail sales showing better-than-expected performance in early 2026, particularly in the food and beverage sector [44][45][29] - The Hong Kong Stock Exchange is undergoing major reforms to enhance its listing mechanisms, aiming to attract more high-quality innovative companies and improve market competitiveness [14][15][52] - The pharmaceutical industry is expected to see a cyclical recovery in raw material prices, driven by rising upstream costs and improved demand in the antibiotic sector [24][27] Group 1: Economic Indicators - In January-February 2026, the industrial output increased by 6.3% year-on-year, exceeding expectations of 5.2% [44] - The retail sales of consumer goods rose by 2.8% year-on-year, with significant growth in categories such as grain, oil, and alcoholic beverages, particularly benefiting from the Chinese New Year [30][29] - The food and beverage sector is experiencing a structural recovery, with high-end liquor demand remaining resilient and expected to stabilize in the first quarter of 2026 [46][48] Group 2: Hong Kong Stock Exchange Reforms - The Hong Kong Stock Exchange has proposed significant changes to its listing rules, including lowering the thresholds for companies with dual-class shares and easing requirements for overseas issuers seeking secondary listings [14][16] - The reforms aim to enhance the attractiveness of the Hong Kong market, particularly for innovative enterprises and to facilitate the return of Chinese companies listed abroad [15][52] - The proposed changes are expected to increase market liquidity and expand the range of available investment opportunities [53] Group 3: Pharmaceutical Industry Trends - The Chinese chemical raw material pharmaceutical industry is anticipated to experience a price rebound in 2026, following a prolonged period of price declines due to oversupply and weak demand [24][27] - The report notes that the prices of key antibiotics are beginning to stabilize, with specific products like 6-APA and penicillin showing signs of recovery [24] - The vitamin industry is also expected to enter a price increase cycle due to geopolitical tensions affecting supply chains and raw material costs [26]

Investment Rating - The investment rating for Tianwei Foods is maintained at "Outperform" [1] Core Insights - The company reported a slight decline in revenue and net profit for 2025, with revenue at 3.45 billion yuan and net profit at 570 million yuan, reflecting a year-on-year decrease of 0.8% and 8.8% respectively, primarily due to the timing of the Spring Festival [4][6] - The forecast for net profit from 2026 to 2028 is projected to grow to 640 million yuan, 746 million yuan, and 866 million yuan respectively, indicating year-on-year growth rates of 12.7%, 16.3%, and 16.0% [4][6] - The company is expected to benefit from a low base effect and Spring Festival inventory preparations, anticipating a strong start in Q1 2026 [7] Financial Performance Summary - For 2025, the gross margin increased by 0.9 percentage points to 40.7%, while the net margin decreased by 1.1 percentage points to 16.5% [6] - The company’s online channel revenue grew significantly by 56.9% in 2025, while offline channels saw a decline of 12.8% [5] - The company’s total revenue is projected to reach 3.81 billion yuan in 2026, with a year-on-year growth of 10.4% [10]

证券代码：603317 证券简称：天味食品 公告编号：2026-032 四川天味食品集团股份有限公司 2026年第二次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 (一) 股东会召开的时间：2026 年 3 月 17 日 (二) 股东会召开的地点：成都市双流区西航港街道腾飞一路 333 号会议室 (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、公司在任董事8人，列席8人，董事长邓文先生出席现场会议，董事唐璐 女士、于志勇先生、吴学军先生、蒋耀超先生、独立董事吕先锫先生、独立董事 陈祥贵先生、独立董事李铃女士以视频通讯方式参会； 2、公司副总裁沈松林先生、财务总监汪悦先生、董事会秘书李燕桥女士出 席会议。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 503 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 627,555,894 | | 3、出席会议的股东所持有表决权股份数占公 ...

关于 四川天味食品集团股份有限公司 2026 年第二次临时股东会 国浩律师（成都）事务所 之 法律意见书 成都市高新区天府二街 269 号无国界 26 号楼 9 层 邮编：610000 Floor 9,Building 26,Boundary-Free Land Center,269 Tianfu 2 Street,Hi-Tech Zone,Chengdu, China 电话/Tel: +86 28 86119970 传真/Fax: +86 28 86119827 网址/Website: http://www.grandall.com.cn 国浩律师（成都）事务所 法律意见书 国浩律师（成都）事务所 关于四川天味食品集团股份有限公司 2026 年第二次临时股东会之法律意见书 致：四川天味食品集团股份有限公司 国浩律师（成都）事务所（以下简称"本所"）接受四川天味食品集团股份 有限公司（以下简称"公司"）的委托，指派刘小进律师、李伟律师（以下简称 "本所律师"）出席公司 2026 年第二次临时股东会（以下简称"本次股东会" 或"本次会议"），对本次股东会的合法性进行见证。本所律师根据《中华人民 共和国公司法》（ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company is expected to achieve a total revenue of 3.449 billion yuan in 2025, a decrease of 0.79% year-on-year, and a net profit attributable to shareholders of 570 million yuan, down 8.79% year-on-year [7][2]. - The company is focusing on channel layout improvement and has a dividend payout ratio of 105%, indicating a strong commitment to returning value to shareholders [12][2]. - The company is experiencing pressure on profit margins due to structural adjustments and impairments, with a gross margin of 40.65% in 2025, up 0.85 percentage points year-on-year [10][2]. Summary by Sections Financial Performance - In 2025, the company reported a total revenue of 3.449 billion yuan, with a net profit of 570 million yuan and a net profit margin of approximately 16.5%, down 1.5 percentage points year-on-year [2][10]. - The fourth quarter of 2025 saw a revenue of 1.038 billion yuan, a decrease of 6.69% year-on-year, and a net profit of 178 million yuan, down 7.65% year-on-year [7][2]. Revenue Breakdown - Revenue from offline and online channels in 2025 was 2.51 billion yuan and 940 million yuan, respectively, showing a year-on-year decline of 12.8% for offline and an increase of 56.9% for online [9][2]. - The contributions from acquired companies, including Shicui and Jiadian Zhiwei, were 320 million yuan and 300 million yuan, respectively, with year-on-year growth of 14.5% and 108.7% [9][2]. Profitability Metrics - The company's gross margin improved to 40.65% in 2025, with the fourth quarter gross margin reaching 43.5%, benefiting from a higher proportion of higher-margin products and a decrease in some raw material costs [10][2]. - The sales and management expense ratios were 14.2% and 4.9%, respectively, reflecting an increase in sales expenses due to online investments and higher salaries from acquired subsidiaries [10][2]. Future Projections - The company is projected to achieve revenues of 3.86 billion yuan and 4.21 billion yuan in 2026 and 2027, respectively, with year-on-year growth rates of 11.8% and 9.2% [13][3]. - The net profit is expected to reach 680 million yuan and 770 million yuan in 2026 and 2027, respectively, with corresponding year-on-year growth rates of 18.9% and 13.7% [13][3].

证券代码：603317 证券简称：天味食品 公告编号：2026-031 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回购股份的回购报告书 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。 重要内容提示： ● 回购股份用途：实施股权激励计划或员工持股计划。公司如未能在股份回购实 施完成之后 36 个月内将已回购股份使用完毕，尚未使用的已回购股份将依法予以 注销。如国家对相关政策做调整，则本回购方案按调整后的政策实行。 ● 回购股份价格：不超过人民币 16 元/股（含），该回购价格上限不高于董事会通 过回购股份决议前 30 个交易日公司股票交易均价的 150%。 公司持有股份的董事、高级管理人员、控股股东、实际控制人及其一致行动 人在回购期间没有明确的股份减持计划。 ● 相关风险提示： 1、公司股票价格持续超出回购方案确定的价格上限，导致回购方案无法实施的风 险； 2、因公司生产经营、财务状况、外部客观情况发生重大变化等原因，可能存在根 据规则变更或终止回购方案的风险； 3、若发生对公司股票交易价格产生重大影响的重大事项 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company's Q4 2025 revenue and net profit attributable to shareholders decreased by 6.69% and 7.65% year-on-year, respectively, which aligns with market expectations. The internal business faced pressure due to a lack of major products in the base material category, while external growth from acquisitions like "Shicui" and "Jiaodianziwei" continued. The company is expected to see significant growth in Q1 2026 due to a low base and improved performance, with a projected dividend yield exceeding 4% [5][6] - The report forecasts EPS for 2026 and 2027 to be 0.59 yuan and 0.66 yuan, respectively, with a corresponding valuation of 21X for 2026, suggesting potential for valuation improvement [6] Financial Performance Summary - For the full year 2025, the company achieved revenue of 3.449 billion yuan, a decrease of 0.79% year-on-year, and a net profit of 570 million yuan, down 8.79% year-on-year. Q4 alone saw revenue of 1.038 billion yuan and net profit of 178 million yuan [5][6] - The company reported a cash dividend of 582 million yuan for 2025, with a total dividend payout ratio of 105%, marking a record high. The company has committed to maintaining a dividend payout ratio of no less than 80% from 2026 to 2028 [5][6] - The gross profit margin for 2025 was 40.7%, an increase of 0.89 percentage points year-on-year, while the net profit margin was 16.5%, a decrease of 1.4 percentage points year-on-year [5][6] Segment Performance Summary - In terms of product performance, the hot pot seasoning segment generated 1.23 billion yuan in revenue, down 2.87% year-on-year, while the recipe seasoning segment saw revenue of 1.77 billion yuan, a slight decrease of 0.2% year-on-year. The sausage and cured meat seasoning segment experienced a 12.52% decline in revenue [5][6] - Regionally, the core market in the western region reported revenue of 1.16 billion yuan, down 8.69% year-on-year, while the eastern, southern, northern, and central regions showed varied performance [5][6] - Online sales grew significantly by 56.91% year-on-year, while offline sales declined by 12.76% year-on-year, indicating a shift in consumer purchasing behavior [5][6] Future Outlook - The company aims for revenue and profit growth in 2026, focusing on business synergy and channel optimization. The internal business will continue to operate through a tiered distributor model, while external acquisitions will support product and channel expansion [5][6] - The report highlights potential cost fluctuations due to rising prices of spices and oils, which may impact gross margins [5][6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The restaurant recovery is significant, with inflation presenting opportunities, and the condiment sector is expected to continue benefiting [4][12] - The food and beverage index increased by 0.3% from March 9 to March 13, outperforming the CSI 300 by approximately 0.1 percentage points, with meat products (+2.3%), beer (+1.2%), and dairy products (+1.0%) leading the sub-industry performance [11][13] - Rising geopolitical factors are driving global energy prices up, which may lead to cost transmission in the supply chain and create inflation expectations. Segments within the food and beverage industry that can pass on costs will benefit [11][12] Summary by Sections Weekly Insights - The restaurant recovery is evident, and inflation is creating opportunities, particularly for the condiment sector, which is closely tied to restaurant demand [11][12] - The food and beverage index's performance indicates a positive trend, with specific sub-sectors like meat products and beer showing strong growth [11][13] Market Performance - The food and beverage index rose by 0.3%, ranking 9th among 28 sectors, and outperformed the CSI 300 by about 0.1 percentage points [11][13] - Leading individual stocks include Jinzi Ham, Aipu Co., and Laiyifen, while ST Chuntian, New Dairy, and Ximai Foods experienced declines [13][15] Upstream Data - Some upstream raw material prices are declining, with whole milk powder auction prices at $3,863 per ton, down 4.9% year-on-year, and fresh milk prices at 3.03 yuan per kilogram, down 1.6% year-on-year [17][19] - As of March 13, pork prices were 16.9 yuan per kilogram, down 30.9% year-on-year, while white strip chicken prices were stable at 17.4 yuan per kilogram, up 0.4% year-on-year [19][20] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Haitian Flavoring, and Ganyuan Foods, with a focus on companies that can leverage market recovery and inflationary pressures [5][12]