Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4] Core Views - The company's Q1 2025 performance shows a significant decline in revenue and net profit, with total revenue at 642 million yuan, down 25% year-on-year, and net profit at 75 million yuan, down 58% year-on-year [1] - Increased expenses have pressured profit margins, with gross margin decreasing by 3 percentage points to 40.74% due to changes in channel structure and higher sales/management expense ratios [2] - Inventory has been largely digested, leading to improved sales momentum in March 2025, with expectations for revenue to improve sequentially [3] - The company is adjusting its earnings per share (EPS) forecasts for 2025-2027 to 0.64, 0.72, and 0.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [4] Summary by Sections Financial Performance - Q1 2025 total revenue was 642 million yuan, a 25% decrease year-on-year, with net profit at 75 million yuan, down 58% [1] - Gross margin decreased to 40.74%, with net margin down 9 percentage points to 12.34% due to weak market demand and increased expenses [2] Sales and Inventory - Revenue from hot pot condiments, recipe-style condiments, and sausage products was 173 million, 434 million, and 15 million yuan respectively, with declines of 41%, 12%, and 56% year-on-year [3] - The company expects improved sales performance moving forward as inventory levels have normalized [3] Earnings Forecast - Adjusted EPS forecasts for 2025-2027 are 0.64, 0.72, and 0.80 yuan, with PE ratios of 18, 16, and 14 times [4] - The company is positioned as a leader in the complex seasoning market, focusing on product innovation and channel collaboration [4]

Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4] Core Views - The company's Q1 2025 performance shows a significant decline in revenue and net profit, with total revenue at 642 million yuan, down 25% year-on-year, and net profit at 75 million yuan, down 58% year-on-year [1] - Increased expenses have pressured profit margins, with gross margin decreasing by 3 percentage points to 40.74% due to changes in channel structure and higher sales/management expense ratios [2] - Inventory has been largely digested, leading to improved sales momentum in March, with expectations for revenue to improve sequentially [3] - The company is adjusting its earnings per share (EPS) forecasts for 2025-2027 to 0.64, 0.72, and 0.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [4] Summary by Sections Financial Performance - Q1 2025 total revenue was 642 million yuan, a 25% decrease year-on-year, with net profit at 75 million yuan, down 58% [1] - Gross margin decreased by 3 percentage points to 40.74%, while net margin fell by 9 percentage points to 12.34% [2] Sales and Inventory - Revenue from hot pot condiments, recipe-style condiments, and sausage products was 173 million, 434 million, and 15 million yuan respectively, with declines of 41%, 12%, and 56% year-on-year [3] - The company expects improved sales performance moving forward as inventory levels have normalized [3] Earnings Forecast - Adjusted EPS forecasts for 2025-2027 are 0.64, 0.72, and 0.80 yuan, with PE ratios of 18, 16, and 14 times [4] - Projected revenue growth rates for 2025-2027 are 10.8%, 9.5%, and 8.6% respectively, with net profit growth rates of 8.8%, 12.3%, and 11.0% [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline of 24.80% year-on-year in Q1 2025, with a total revenue of 642 million yuan and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [2] - The sales pressure in Q1 2025 was attributed to the timing of the Spring Festival, while online channels provided incremental growth [3] - The company has been actively exploring external mergers and acquisitions, which have contributed to growth in online channels and improved performance in certain product categories [5] - The overall business performance is expected to stabilize and recover in the future [5] Revenue and Profitability Analysis - In Q1 2025, the company's revenue from various product categories showed significant declines, with hot pot condiments down 41.05% and sausage and cured meat condiments down 55.77% [3] - The company's gross margin in Q1 2025 was 40.74%, a decrease of 3.32 percentage points year-on-year, primarily due to a significant decline in high-margin products [4] - The net profit margin for Q1 2025 was 11.65%, down 8.98 percentage points year-on-year, indicating a decline in profitability due to cost and expense pressures [4] Financial Forecasts - The revenue forecasts for 2025 to 2027 have been adjusted downwards to 37.04 billion yuan, 41.19 billion yuan, and 45.23 billion yuan respectively [6] - The earnings per share (EPS) forecasts for the same period have also been revised down to 0.57 yuan, 0.65 yuan, and 0.75 yuan respectively [6] - The price-to-earnings (PE) ratios corresponding to the closing price of 11.29 yuan per share are projected to be 20, 17, and 15 times for 2025, 2026, and 2027 respectively [6]

证券代码：603317 证券简称：天味食品 公告编号：2025-053 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 4 月 29 日 召开第六届董事会第三次会议，审议通过《关于以集中竞价交易方式回购股份预 案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股份不低于 2,000,000 股且不超过 4,000,000 股，预计回购金额为 1,800 万元至 3,600 万元，回 购期限自 2025 年 4 月 29 日起至 2026 年 4 月 28 日止，用于后续实施员工持股计 划或股权激励计划。具体内容详见公司于上海证券交易所网站（www.sse.com.cn） 及《中国证券报》《上海证券报》《证券时报》《证券日报》上刊登的《关于以集中 竞价交易方式回购股份的预案》（公告编号：2025-052）。 二、回购股份的进展情况 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： 2025 年 4 月， ...

Core Viewpoint - The company, Tianwei Foods, reported a significant decline in revenue and net profit for Q1 2025, attributed to seasonal factors and high base effects from the previous year [3][4][6] Financial Performance - Q1 2025 revenue was 642 million yuan, down 24.80% year-on-year; net profit attributable to shareholders was 75 million yuan, down 57.53% year-on-year; and net profit excluding non-recurring items was 51 million yuan, down 65.41% year-on-year [3] - The combined revenue and net profit for Q4 2024 and Q1 2025 showed a slight decline of 0.8% and 14.5% respectively [3] Product Performance - Revenue from various product lines in Q1 2025: hot pot condiments (173 million yuan, -41.05% YoY), Chinese cuisine condiments (434 million yuan, -12.24% YoY), sausage and cured meat condiments (15 million yuan, -55.77% YoY), and others (17 million yuan, -44.13% YoY) [4] - The decline in revenue across all product lines was primarily due to intensified industry competition, changes in expense policies, and the timing of the Spring Festival [4] Channel Performance - Revenue from offline and online channels in Q1 2025 was 435 million yuan (-39.54% YoY) and 204 million yuan (+54.03% YoY) respectively [4] - The significant growth in online revenue was attributed to the continued rapid growth of the "Shicui" business and contributions from the "Jia Dian Zi Wei" brand [4] Regional Performance - Revenue changes by region in Q1 2025: Eastern region (+9.3% YoY), Southern region (-22.82% YoY), Western region (-26.86% YoY), Northern region (-43.61% YoY), and Central region (-41.06% YoY) [4] - The company had a total of 3,115 distributors by the end of Q1 2025, an increase of 98 from the beginning of the year, with most new distributors located in the Eastern, Southern, Northern, and Central regions [4] Profitability - The gross profit margin for Q1 2025 was 40.74%, a decrease of 3.32 percentage points year-on-year [5] - The operating expense ratio increased to 30.39%, up 7.51 percentage points year-on-year, with sales expense ratio at 22.26% (+5.24 pcts) and management expense ratio at 7.06% (+1.99 pcts) [5] - The net profit margin attributable to shareholders was 11.65%, down 8.98 percentage points year-on-year due to the combined effects of declining gross margin and rising expense ratios [5] Future Outlook - For 2025, the company plans to focus on a big product strategy, emphasizing core products like sauerkraut fish and handmade hot pot, while also expanding into seasonal products like crayfish condiments and new categories like fresh soup materials [6] - The company aims to enhance channel operations with a strategy of "expanding stores and increasing products," focusing on deeper market penetration [6] - Attention will be on the performance during the crayfish season in Q2 and the traditional peak season in the second half of the year [6]

Group 1 - The core viewpoint of the article emphasizes the financial performance and growth prospects of various companies based on their recent annual and quarterly reports [4][5][6][7][8][9]. Group 2 Binjiang Group (002244.SZ) - In 2024, the company achieved total revenue of 69.152 billion yuan, a year-on-year decrease of 1.83%, with real estate sales at 68.876 billion yuan, also down 1.83%. The net profit attributable to shareholders was 2.546 billion yuan, an increase of 0.66% year-on-year [4]. - For Q1 2025, the company reported total revenue of 22.508 billion yuan, a year-on-year increase of 64.27%, and a net profit of 976 million yuan, up 47.88% year-on-year [4]. China Chemical (601117.SH) - In 2024, the company reported revenue of 185.84 billion yuan, net profit of 5.69 billion yuan, and net profit after deducting non-recurring gains and losses of 5.51 billion yuan, with year-on-year increases of 4.2%, 4.8%, and 6.0% respectively [5]. - For Q1 2025, the company achieved revenue of 44.5 billion yuan, net profit of 1.44 billion yuan, and net profit after deducting non-recurring gains and losses of 1.41 billion yuan, with year-on-year changes of -1.0%, +18.8%, and +22.6% respectively [5]. Lu'an Environmental Energy (601699.SH) - In 2024, the company reported revenue of 35.85 billion yuan, a year-on-year decrease of 16.9%, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [6]. - For Q1 2025, the company achieved revenue of 6.97 billion yuan, a year-on-year decrease of 19.5%, and a net profit of 660 million yuan, down 49.0% year-on-year [6]. Longi Green Energy (601012.SH) - In 2024, the company reported revenue of 82.582 billion yuan, a year-on-year decrease of 36.23%, and a net loss attributable to shareholders of 8.618 billion yuan, down 180.15% year-on-year [7]. - For Q1 2025, the company achieved revenue of 13.652 billion yuan, a year-on-year decrease of 22.75%, and a net loss of 1.436 billion yuan, with a reduction in losses compared to the previous quarter [7]. Longhua Technology (300263.SZ) - In 2024, the company reported revenue of 2.711 billion yuan, a year-on-year increase of 9.87%, and a net profit of 131 million yuan, up 3.37% year-on-year [8]. - For Q1 2025, the company achieved revenue of 639 million yuan, a year-on-year decrease of 0.46%, and a net profit of 45 million yuan, down 18.12% year-on-year [8]. Tianwei Foods (603317.SH) - For Q1 2025, the company reported revenue of 642 million yuan, a year-on-year decrease of 24.80%, and a net profit of 75 million yuan, down 57.53% year-on-year [9]. - The combined performance for Q4 2024 and Q1 2025 showed revenue and net profit changes of -0.8% and -14.5% year-on-year respectively [9]. United Imaging Healthcare (688271.SH) - In 2024, the company reported revenue of 10.3 billion yuan, a year-on-year decrease of 9.7%, and a net profit of 1.262 billion yuan, down 36.1% year-on-year [9]. - For Q1 2025, the company achieved revenue of 2.478 billion yuan, a year-on-year increase of 5.4%, and a net profit of 370 million yuan, up 1.87% year-on-year [9].

Core Viewpoint - Tianwei Food, known as the "first stock of Sichuan-style hot pot ingredients," reported a shocking Q1 performance with a revenue decline of 24.8% to 642 million yuan and a net profit drop of 57.53% to 74.73 million yuan, leading to a significant stock price drop of nearly 19% over three trading days [1] Revenue Decline - The company's three core product categories experienced significant revenue declines in Q1 2025: hot pot base ingredients down 41.05%, seasonings down 12.24%, and sausage and cured meat seasonings plummeting 55.77% from 33.47 million yuan to 14.80 million yuan [2] - Seasonal products like hot pot base ingredients and sausage seasonings were hit hardest, while the decline in Chinese dish seasonings was partially offset by the contribution from the newly acquired "Jia Dian Zi Wei" brand [2] - Sales expenses only slightly decreased by 1.38%, indicating that the company did not cut marketing investments despite revenue drops, but rather adjusted its expense structure to focus on online content marketing and user operations, which increased short-term profit pressure [2] - Regionally, the traditional stronghold in the western market saw a revenue drop of 26.86%, while the northern region faced a 43.62% decline, with a net reduction in distributors leading to market loss [2] - Efforts to expand into eastern and southern markets yielded minimal results, with eastern revenue only increasing by 9.3%, insufficient to offset losses in the western and northern markets [2] - Notably, the previously strong southern and central regions also turned negative in Q1 2025 [2] Internal Control Issues - More critically, the company faced transparency issues in its financial reporting, as a correction notice revealed that the acquired "Jia Dian Zi Wei" and its subsidiaries were not included in the internal control evaluation, despite their asset and revenue contributions being minimal [3] - Following this, the internal control audit report changed from a "standard unqualified opinion" to an "unqualified opinion with emphasis of matter," highlighting internal control deficiencies [3] - In February, company executives disclosed a share reduction plan, intending to sell up to 1,381,118 shares, representing 0.1297% of the total share capital, raising concerns about management confidence [3] - The seasoning industry is currently facing dual pressures from weak consumer demand and intense competition, posing significant challenges for Tianwei Food as a leading player in the segment [3] - In this period of deep adjustment in the seasoning industry, cash flow health and channel control will be critical for the company's survival [3]

Core Viewpoint - The company reported Q1 2025 earnings that fell short of expectations, with revenue and net profit declining significantly year-on-year, leading to a slight downward revision of profit forecasts for 2025-2027 [1][2]. Group 1: Financial Performance - Q1 2025 revenue and net profit were 640 million and 70 million yuan, respectively, representing year-on-year declines of 24.8% and 57.5% [1]. - The revenue drop was attributed to early inventory stocking for the Spring Festival, channel inventory clearance, and slightly lower-than-expected demand recovery [1]. - The gross margin for Q1 2025 decreased by 3.3 percentage points year-on-year to 40.7%, while the net profit margin fell by 8.56 percentage points year-on-year [2]. Group 2: Cost and Expense Analysis - The company experienced an increase in expense ratios across sales, management, finance, and R&D, primarily due to a decrease in revenue volume while maintaining stable absolute expense values [2]. - The company is expected to control expenses effectively throughout 2025, particularly by reducing spending in traditional supermarket channels and increasing investment in small B channels [3]. Group 3: Strategic Outlook - The company is focusing on strengthening its position in the C-end channel and has made breakthroughs in e-commerce platforms like Douyin and Xiaohongshu [3]. - The completion of acquisitions such as Shicui and Jiadian Zhiwei is anticipated to enhance the company's channel capabilities and support long-term growth [3]. - The company is actively preparing for seasonal products, such as crayfish seasoning, which is expected to drive revenue recovery in Q2 2025 [1].

Investment Rating - The report maintains a "Recommendation" rating for Tianwei Foods, with a target price of 16 yuan [2][8]. Core Views - The company reported a total operating revenue of 642 million yuan in Q1 2025, a year-on-year decrease of 24.8%. The net profit attributable to the parent company was 75 million yuan, down 57.53% year-on-year [2][8]. - Short-term operational pressure is expected to improve throughout the year, with a potential return to growth in Q2 2025 as inventory levels decrease and seasonal products become available [8][9]. - The company aims for single-digit revenue growth for the full year 2025, driven by new product launches and potential acquisitions, despite a competitive industry landscape [8][9]. Financial Summary - For 2024A, total operating revenue is projected at 3,476 million yuan, with a growth rate of 10.4%. The net profit attributable to the parent company is expected to be 625 million yuan, reflecting a growth rate of 36.8% [4][8]. - The earnings per share (EPS) forecast for 2025E is 0.59 yuan, with a price-to-earnings (P/E) ratio of 20 times [4][8]. - The company has a total market capitalization of 12.375 billion yuan and a debt-to-asset ratio of 14.92% [5][8].

Investment Rating - The investment rating for Tianwei Foods is maintained at "Outperform" [1] Core Views - The company's Q1 2025 revenue and net profit were below expectations, with revenue at 640 million and net profit at 70 million, representing year-on-year declines of 24.8% and 57.5% respectively. This was attributed to factors such as early inventory stocking for the Spring Festival, channel inventory clearance, and slightly lower-than-expected demand recovery [2][3] - The gross margin for Q1 2025 decreased by 3.3 percentage points year-on-year to 40.7%, while the net profit margin fell by 8.56 percentage points year-on-year. This decline in profitability was mainly due to changes in product mix and increased expense ratios as a result of lower revenue [3] - The company is focusing on expanding its small B channel and has made acquisitions to enhance its market position. The expectation is that the synergies from these acquisitions will gradually be realized, supporting long-term growth [4] Financial Summary - For the fiscal years 2023 to 2027, the projected revenue growth rates are 17.0%, 10.4%, 10.6%, 14.2%, and 13.9% respectively, with net profit growth rates of 33.7%, 36.8%, 11.3%, 12.0%, and 12.4% [6] - The projected P/E ratios for 2025 to 2027 are 17.8, 15.9, and 14.1 respectively, indicating a decreasing trend in valuation multiples over the forecast period [6][11] - The company’s total assets are expected to grow from 5,274 million in 2023 to 7,943 million in 2027, reflecting a robust growth trajectory [10]