证券代码：603317 证券简称：天味食品 公告编号：2024-088 经审核，监事会认为：2022 年限制性股票激励计划预留授予部分限制性股票 第二个限售期即将届满且解除限售的条件已经成就，本次解除限售符合《上市公司 股权激励管理办法》《2022 年限制性股票激励计划实施考核管理办法》《2022 年限 制性股票激励计划（草案）》的有关规定。公司监事会对本次可解除限售的激励对 象名单进行核查后认为 40 名激励对象的解除限售资格合法、有效，同意公司对此 40 名激励对象所获授的 673,120 股限制性股票进行解除限售并办理解除限售相关 事宜。 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。 特此公告。 四川天味食品集团股份有限公司（以下简称"公司"）第五届监事会第三十五次 会议于 2024 年 12 月 3 日以通讯表决方式召开，会议通知于 2024 年 11 月 28 日以 微信方式发出。会议应出席监事 3 人，实际出席监事 3 人。会议的召开符合《公司 法》和《公司章程》的规定。会议由监事会主席周小利女士召集并主持，全体 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-089 四川天味食品集团股份有限公司 关于 2022 年限制性股票激励计划预留授予部分 第二期解除限售条件成就暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 673,120 股。 本次股票上市流通总数为 673,120 股。 本次股票上市流通日期为 2024 年 12 月 9 日。 2024 年 12 月 3 日，四川天味食品集团股份有限公司（以下简称"公司"）召开 第五届董事会第三十六次会议和第五届监事会第三十五次会议，审议通过《关于公司 2022 年限制性股票激励计划预留授予部分第二期解除限售条件成就的议案》，同意公 司为 40 名符合解锁条件的激励对象统一办理解除限售事宜，共计解除限售 673,120 股。现将有关事项说明如下： 一、本激励计划已履行的相关审批程序和信息披露情况 1、2022年2月25日，公司召开第四届董事会第二十八次会议和第四届监事会 第二十七次 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-086 四川天味食品集团股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 3. 截至 2024 年 6 月 30 日，募集资金使用情况： （三）委托理财产品的基本情况 序号 募集资金项目名称 实施主体 拟投入募集资金 募集资金投入金额 1 食品、调味品产业化 生产基地扩建项目 公司 58,694.34 32,832.55 2 营销服务网络及数字 化升级建设项目 公司 16,212.95 5,244.61 3 双流生产基地综合技 改建设项目 公司 12,179.17 1,802.47 4 家园生产基地综合技 改建设项目 四川天味家园 食品有限公司 19,667.97 1,974.14 合计 106,754.43 41,853.77 其他 剩余募集资金 具体金额以募集资金账户实际余额为准。 单位：人民币万元 履行的审议程序：四川天味食品集团股份有限公司（以下简称"公司"）于 2024 年 3 月 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-085 四川天味食品集团股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 委托理财产品名称：（四川）对公结构性存款 202417221、（四川）对公 结构性存款 202417222 委托理财期限：128、130 天 履行的审议程序：四川天味食品集团股份有限公司（以下简称"公司"）于 2024 年 3 月 7 日召开第五届董事会第二十八次会议和第五届监事会第二十七次 会议，并于 2024 年 3 月 25 日召开 2024 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 150,000 万元（含 150,000 万元）暂时闲置募集资金进行现金管理，该额度可在 2024 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 2024 年 3 月 8 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 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-084 四川天味食品集团股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 重要内容提示： 履行的审议程序：四川天味食品集团股份有限公司（以下简称"公司"） 于 2024 年 3 月 7 日召开第五届董事会第二十八次会议和第五届监事会第二十七 次会议，并于 2024 年 3 月 25 日召开 2024 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 150,000 万元（含 150,000 万元）暂时闲置募集资金进行现金管理，该额度可在 2024 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 2024 年 3 月 8 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《第五届董事会第二十八次会 议决议公告》（公告编号：2024-012）、《第五届监事会第二十七次会议决议公告》 （公告编号：2024-013）、《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：2024-015）及 ...

Investment Rating - The report maintains a "Buy" rating for the company with an expected price increase of over 20% within the next six months [5][12]. Core Views - The company achieved revenue of 2.364 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% year-on-year [1]. - In Q3 2024, the company reported revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, which is a significant year-on-year growth of 64.79% [1]. - The company is expected to see accelerated growth in performance as it enters the traditional peak season in Q4, particularly in hot pot base material demand [3]. Revenue Growth - Revenue from key product categories in Q3 2024 includes hot pot condiments (303 million yuan), Chinese cuisine condiments (385 million yuan), sausage and cured meat condiments (186 million yuan), and other revenues (22 million yuan), with notable growth in sausage and cured meat condiments at nearly 20% [1]. - Online sales maintained high growth at 55.38% year-on-year, while offline sales showed recovery with a growth of 5.98% [2]. Profitability Improvement - The company's gross margin and net margin improved significantly in Q3 2024, with gross margin increasing by 0.76 percentage points to 38.83% and net margin increasing by 7.33 percentage points to 21.19% [2]. - The reduction in expenses contributed to the notable increase in net margin, with sales expense ratio decreasing by 7.78 percentage points to 7.81% [2]. Financial Forecast - The company is projected to achieve revenues of 3.465 billion yuan, 3.890 billion yuan, and 4.339 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 10%, 12%, and 12% [3]. - The net profit attributable to shareholders is expected to be 593 million yuan, 691 million yuan, and 799 million yuan for the same years, reflecting growth rates of 30%, 17%, and 16% [3]. Valuation Metrics - The report provides a projected P/E ratio of 28X, 24X, and 21X for the years 2024, 2025, and 2026, respectively [3].

证券代码：603317 证券简称：天味食品 公告编号：2024-083 四川天味食品集团股份有限公司 二、 对公司的影响 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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： 履行的审议程序：四川天味食品集团股份有限公司（以下简称"公司"） 于 2024 年 3 月 7 日召开第五届董事会第二十八次会议和第五届监事会第二十七 次会议，并于 2024 年 3 月 25 日召开 2024 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 150,000 万元（含 150,000 万元）暂时闲置募集资金进行现金管理，该额度可在 2024 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 2024 年 3 月 8 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《第五届董事会第二十八次会 议决议公告》（公告编号：2024-012）、 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 2.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.84%. The net profit attributable to the parent company was 432 million yuan, up 34.96% year-on-year, and the net profit after deducting non-recurring items was 389 million yuan, an increase of 38.1% year-on-year [3][4]. - In Q3 2024 alone, the total revenue reached 897 million yuan, reflecting a year-on-year growth of 10.93%. The net profit attributable to the parent company was 186 million yuan, a significant increase of 64.79%, while the net profit after deducting non-recurring items was 179 million yuan, up 73.44% year-on-year [3][4]. - The company is experiencing an improvement in the demand for Chinese-style seasoning products, although the demand for hot pot base ingredients remains under pressure. Revenue from hot pot condiments was 794 million yuan for the first three quarters, down 6.15% year-on-year, while revenue from Chinese dish condiments was 1.272 billion yuan, up 13.5% year-on-year [3][4]. Financial Performance - The company's net profit margin increased by 3.95 percentage points to 18.29% for the first three quarters of 2024, with a gross profit margin of 39.28%, up 2.39 percentage points year-on-year. The expense ratio decreased by 2.83 percentage points to 18.66% [4]. - In Q3 2024, the net profit margin rose by 6.77 percentage points to 20.7%, with a gross profit margin of 38.83%, up 0.76 percentage points year-on-year. The expense ratio decreased significantly by 8.05 percentage points to 14.23% [4]. - The company is expected to maintain steady and rapid growth in the medium term, with projected net profits attributable to the parent company of 551 million yuan, 633 million yuan, and 719 million yuan for 2024, 2025, and 2026, respectively [5]. Market Position and Strategy - The company is positioned as a leader in the industry, benefiting from product innovation, capacity layout, and channel establishment. There are still external growth opportunities available in the industry [5]. - The company is expected to increase its investment efforts in Q4, which will support a faster revenue growth rate [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported significant improvement in its third-quarter performance, with a notable increase in net profit and revenue growth [2][3] - The compound seasoning industry is expected to gradually recover, and the company is positioned to benefit from both volume and profit growth [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% [2] - In Q3 alone, revenue reached 897 million yuan, reflecting a year-on-year growth of 10.93%, while net profit surged by 64.79% to 186 million yuan [2] Revenue Breakdown - Revenue from Chinese cuisine seasonings and sausage products saw rapid growth, with Q3 revenue growth rates of 1.14%, 18.07%, and 19.68% respectively [3] - Online sales channels continued to show high growth, with a year-on-year increase of 55.38% in Q3, while offline channels grew by 5.98% [3] Profitability Metrics - The gross profit margin improved to 38.83% in Q3, an increase of 0.76 percentage points year-on-year [3] - The net profit margin for Q3 increased by 6.77 percentage points year-on-year, driven by improved gross margins and reduced sales and management expense ratios [3] Future Projections - Revenue forecasts for 2024-2026 are projected at 3.441 billion yuan, 4.012 billion yuan, and 4.624 billion yuan respectively, with net profits expected to be 595 million yuan, 674 million yuan, and 785 million yuan [4] - The report anticipates continued operational improvement as the company enters the peak demand season for seasonings in Q4 [3]

Investment Rating - The report maintains a "Recommended" rating for Tianwei Foods, with projected net profits for 2024-2026 expected to be 6.23 billion, 6.94 billion, and 7.54 billion respectively, corresponding to EPS of 0.58, 0.65, and 0.71 [5][7][10]. Core Views - Tianwei Foods achieved a revenue of 2.364 billion yuan for the first nine months of 2024, representing a year-on-year increase of 5.84%, and a net profit of 432 million yuan, up 34.96% year-on-year, indicating better-than-expected performance [1][2]. - The company has seen significant growth in its Chinese-style seasoning and sausage products, with revenue from hot pot seasonings, Chinese-style seasonings, and sausage seasonings for the first nine months being 794 million, 1.272 billion, and 219 million yuan respectively [1]. - The online channel revenue increased by 68.98% year-on-year, driven by the acquisition of Shicui, which has enhanced the company's online capabilities [2][5]. Summary by Sections Financial Performance - For Q3 2024, Tianwei Foods reported revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, up 64.79% year-on-year [1]. - The gross profit margin for the first nine months was 39.28%, an increase of 2.39 percentage points year-on-year, attributed to a decrease in commodity prices and improved product mix [2][5]. Product Categories - Revenue from hot pot seasonings decreased by 6.15%, while Chinese-style seasonings and sausage seasonings saw increases of 13.50% and 19.95% respectively [1]. - New product launches in the first half of the year contributed to a recovery in revenue growth during the peak season [1]. Channel Performance - Offline and online channel revenues for the first nine months were 1.967 billion and 394 million yuan, respectively, with offline revenue declining by 1.3% and online revenue increasing by 68.98% [2]. - The Q3 performance showed offline revenue growth of 5.98% and online revenue growth of 55.38% [2]. Cost Management - The company experienced a significant reduction in expense ratios, with sales expense ratio and management expense ratio for Q3 being 7.81% and 5.19%, down 7.78 and 0.73 percentage points year-on-year [2][5].