Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 31, 2024 [1] Core Views - The company reported a strong performance in its online business, with significant growth potential. The Q2 revenue was 614 million yuan, down 6.8% year-on-year, while the net profit attributable to shareholders was 71 million yuan, down 10.9% year-on-year. The first half of the year showed a revenue increase of 2.95% to 1.468 billion yuan and a net profit increase of 18.79% to 247 million yuan [1] - The report highlights that the hot pot seasoning and Chinese compound seasoning revenues for Q2 were 198 million yuan and 392 million yuan, respectively, with year-on-year changes of -23% and +5%. The performance of hot pot seasoning was affected by seasonal factors, while the growth in Chinese compound seasoning was driven by the consolidation of Shicui [1] - The company is focusing on enhancing its online channels, which saw a revenue decline of 15% year-on-year, while offline channels grew by 57% [1] Financial Performance Summary - For H1 2024, the company achieved a revenue of 1.468 billion yuan, with a net profit of 247 million yuan, reflecting an 18.79% increase year-on-year [1] - The gross profit margin for Q2 increased by 2.2 percentage points to 33.33%, driven by lower raw material costs [1] - The report projects that the company will achieve revenues of 3.149 billion yuan, 3.447 billion yuan, 3.863 billion yuan, and 4.296 billion yuan for the years 2024E to 2026E, with year-on-year growth rates of 9.5%, 12.1%, and 11.2% respectively [3][4] Profitability and Valuation Metrics - The net profit attributable to the parent company is expected to be 457 million yuan, 532 million yuan, 600 million yuan, and 677 million yuan for 2024E to 2026E, with corresponding year-on-year growth rates of 16.5%, 12.8%, and 12.8% [3][4] - The report indicates an expected increase in the gross margin from 37.9% in 2023A to 39.5% in 2026E [6] - The P/E ratios for 2024E, 2025E, and 2026E are projected to be 30.56, 20.36, and 18.05 respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 1.468 billion RMB in H1 2024, representing a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 247 million RMB, up 18.79% year-on-year [1]. - The report highlights that the demand in the off-season is under pressure, but the online segment continues to contribute growth, particularly through the "Shicui" brand [1]. - The company is expected to stabilize and recover its performance in the second half of the year, driven by its leading position in the hot pot base market [1]. Summary by Sections Performance Overview - In Q2 2024, the company reported a revenue of 614 million RMB, down 6.8% year-on-year, and a net profit of 71 million RMB, down 10.9% year-on-year [1]. - The adjusted net profit for Q2 was 63 million RMB, reflecting a year-on-year increase of 6.07% [1]. Operational Analysis - The hot pot base product faced significant demand pressure during the off-season, while the lobster base product performed well due to seasonal sales [1]. - Online sales grew significantly by 57.37% in Q2, while offline sales decreased by 15.32% [1]. - The company added 33 distributors in Q2, bringing the total to 3,183, with a focus on quality over speed in expansion [1]. Profitability Improvement - The gross margin in Q2 was 33.33%, an increase of 2.0 percentage points year-on-year, attributed to lower raw material costs and reduced promotional activities [1]. - The report notes a decrease in sales and management expense ratios, with advertising expenses rising by 29% year-on-year [1]. - Investment income decreased by 59% year-on-year in Q2, but the adjusted net profit margin showed a slight increase [1]. Profit Forecast and Valuation - The report lowers the profit forecast for 2024 by 6% to 10% due to demand pressures, projecting net profits of 520 million RMB, 600 million RMB, and 670 million RMB for 2024-2026, respectively [1]. - The corresponding price-to-earnings ratios are projected at 21x, 18x, and 16x for the same period [1].

证券代码：603317 证券简称：天味食品 公告编号：2024-071 四川天味食品集团股份有限公司（以下简称"公司"）于2024年8月30日召开 第五届董事会第三十三次会议和第五届监事会第三十二次会议，审议通过《关于 部分募投项目延期的议案》，经综合考量项目实际建设情况并谨慎研究论证，公 司拟对2020年非公开募集资金投资项目"食品、调味品产业化生产基地扩建项目" 达到预定可使用状态的时间进行调整。具体内容公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准四川天味食品集团股份有限公司非公 开发行股票的批复》（证监许可[2020]2135）核准，公司获准非公开发行股票不 超过 10,000 万股。公司本次非公开发行股票实际发行 28,596,491 股，募集资金 总额为人民币 1,629,999,987.00 元，扣除各项发行费用人民币 8,309,996.69 元（不 含增值税），实际募集资金净额为人民币 1,621,689,990.31 元。上述募集资金已 于 2020 年 11 月 13 日到位，经信永中和会计师事务所（特殊普通合伙）进行审 验，并出具《XYZH/2020CDA4001 ...

四川天味食品集团股份有限公司 第五届董事会第三十三次会议决议公告 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。 四川天味食品集团股份有限公司（以下简称"公司"）第五届董事会第三十三 次会议于 2024 年 8 月 30 日以通讯表决方式召开。会议通知于 2024 年 8 月 20 日 以微信方式发出。会议应出席董事 9 人，实际出席董事 9 人。本次会议的召开符 合《公司法》和《公司章程》等有关法律法规的规定。本次会议由董事长邓文先 生召集并主持，全体与会董事经认真审议和表决，形成以下决议： 证券代码：603317 证券简称：天味食品 公告编号：2024-066 具体内容详见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《2024 年半年度募集资金存放与实 际使用情况的专项报告》（公告编号：2024-070）。 表决结果：9 票同意、0 票反对、0 票弃权。 三、审议通过《关于部分募投项目延期的议案》 根据 2020 年非公开募集资金投资项目"食品、调味品产 ...

东兴证券股份有限公司 关于四川天味食品集团股份有限公司部分募集资金投资项目延 期的核查意见 | 项目名称 | 募集资金承诺投资金 | 截至期末投入 截至期末累计投 | 进度（%） | 项目达到预定可使 | | --- | --- | --- | --- | --- | | | 额（1） | 入金额（2） | （3）=（2）/ | 用状态日期 | | | | | （1） | | | 食品、调味品产 | | | | 原计划为 2024 年 12 | | 业化生产基地扩 | 58,694.34 | 32,832.55 | 55.94 | 月，现调整为 2027 | | 建项目 | | | | 年 12 月 | | 营销服务网络及 | 16,212.95 | 5,244.61 | 32.35 | 2025 年 12 月 | | 数字化升级建设 | | | | | 1 | 项目 | | | | | | --- | --- | --- | --- | --- | | 双流生产基地综 合技改建设项目 | 12,179.17 | 1,802.47 | 14.80 | 2025 年 12 月 | | 家园生产基地综 合技改建设 ...

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：2024-067 第五届监事会第三十二次会议决议公告 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。 四川天味食品集团股份有限公司（以下简称"公司"）第五届监事会第三十二次 会议于 2024 年 8 月 30 日以通讯表决方式召开，会议通知于 2024 年 8 月 20 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，全体与会 监事经认真审议和表决，形成以下决议： 一、审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审核，监事会认为公司 2024 年半年度报告的编制和审议程序符合法律、行 政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见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 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-070 四川天味食品集团股份有限公司 2024年半年度募集资金存放与实际使用情况的专项报告 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。 2. 2024 年半年度募集资金使用金额及余额 截至 2024 年 6 月 30 日，2020 年非公开发行股票募集资金专项账户资金余额 为 44,601,014.08 元（含尚未转出的发行费用 377,358.49 元、募集资金存放银行利 息及现金管理投资收益尚未使用的净额 44,223,655.59 元），均存放于募集资金专 户将继续用于项目投资。另外，公司对闲置募集资金进行现金管理，购买银行理 财产品尚未到期的金额为 1,280,000,000.00 元，到期赎回后将根据募投项目投资进 度继续用于项目投资。 单位：人民币元 二、2020 年非公开发行股票募集资金管理情况 （一）募集资金的管理情况 为规范公司募集资金管理，保护投资者权益，根据《公司法》《证券法》《首 次公开发行股票并上市管理办法》《上市公司证券发行管理办法 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-068 四川天味食品集团股份有限公司 2024 年半年度主要经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》的相 关规定，现将四川天味食品集团股份有限公司 2024 年半年度主要经营数据（未经审 计）公告如下： 1、主营业务收入按销售渠道分布情况： 单位：人民币万元 | 产品 | 2024 年半年度 | 2023 年半年度 | 同比变动（%） | | --- | --- | --- | --- | | 火锅调料 | 49,058.49 | 54,598.88 | -10.15 | | 中式菜品调料 | 88,689.75 | 79,456.77 | 11.62 | | 香肠腊肉调料 | 3,347.83 | 2,757.10 | 21.43 | | 其他 | 5,449.64 | 5,473.41 | -0.43 | | 小计 | 146,545.71 | 142,286.16 | 2 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,467,651,298.68, representing a 2.95% increase compared to ¥1,425,590,300.12 in the same period last year[10]. - Net profit attributable to shareholders of the listed company was ¥246,833,021.06, an increase of 18.79% from ¥207,783,372.99 in the previous year[10]. - The net profit after deducting non-recurring gains and losses was ¥209,945,532.90, up 17.68% from ¥178,410,474.27 year-on-year[10]. - The net cash flow from operating activities was ¥297,469,633.91, showing an 81.44% increase compared to ¥163,948,955.66 in the same period last year[10]. - Basic earnings per share for the first half of 2024 was ¥0.2346, an increase of 18.78% from ¥0.1975 in the same period last year[10]. - Diluted earnings per share was ¥0.2333, reflecting a 19.09% increase from ¥0.1959 year-on-year[10]. - The weighted average return on net assets increased by 0.68 percentage points to 5.84% from 5.16% in the previous year[10]. - The company achieved operating revenue of 1.468 billion RMB, representing a year-on-year growth of 2.95%[20]. - Net profit attributable to shareholders reached 247 million RMB, with a year-on-year increase of 18.79%[20]. - The total comprehensive income for the period reached CNY 254,565,099.88, an increase of 22.5% compared to CNY 207,652,916.81 in the previous period[61]. Assets and Liabilities - The net assets attributable to shareholders of the listed company decreased by 3.55% to ¥4,173,558,691.98 from ¥4,327,039,744.56 at the end of the previous year[10]. - Total assets decreased by 3.73% to ¥5,077,162,295.89 from ¥5,273,690,813.13 at the end of the previous year[10]. - Cash and cash equivalents increased to ¥658.24 million, up 41.05% from ¥466.66 million[23]. - Accounts receivable rose to ¥48.85 million, a significant increase of 149.63% from ¥19.57 million[23]. - Inventory decreased to ¥94.15 million, down 40.89% from ¥159.27 million, indicating reduced stock levels[23]. - Long-term equity investments slightly increased to ¥312.66 million, up 0.43% from ¥311.34 million[23]. - Fixed assets grew to ¥1,048.84 million, a 0.64% increase from ¥1,042.18 million[23]. - Total liabilities decreased to CNY 823,398,476.49 from CNY 872,155,327.25, a reduction of about 5.6%[57]. - Current liabilities totaled CNY 808,736,727.03, down from CNY 866,441,391.03, indicating a decrease of approximately 6.7%[57]. Research and Development - The company has published 62 academic papers and filed 174 patents, including 64 invention patents, demonstrating its commitment to innovation in the seasoning industry[19]. - Research and development expenses rose by 20.01% to 17.75 million RMB, reflecting the company's commitment to innovation[21]. - The company is actively collaborating with agricultural research institutions to improve the quality of core raw materials[20]. - The company aims to enhance customer competitiveness and satisfaction through personalized solutions for large chain restaurants and food industries[18]. Market and Product Strategy - The company focuses on the research, production, and sales of compound seasonings, with over 100 product varieties including hot pot seasonings and Chinese dish seasonings[13]. - The compound seasoning industry is experiencing growth driven by the increasing demand for convenience and stable flavors, particularly in the B-end "restaurant chain" and C-end "core family" trends[17]. - The company has established a marketing structure primarily based on distributors, supplemented by e-commerce, customized catering, and direct sales in supermarkets[17]. - The company has expanded its market presence to nearly 40 countries, including the USA, Australia, Spain, Japan, Singapore, and Peru, enhancing its market share and product launch capabilities[19]. Governance and Compliance - The company continues to focus on internal control evaluations and financial management strategies as part of its governance practices[30]. - The company has committed to strict adherence to its promises regarding environmental responsibilities and has been actively monitoring its pollution sources[37]. - There are no significant lawsuits or arbitration matters during the reporting period[40]. - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[40]. Environmental Responsibility - The company has established wastewater treatment stations, with COD emissions ranging from 15 to 160 mg/L and ammonia nitrogen from 0.01 to 43.98 mg/L, all meeting the discharge standards[35]. - The company reported no instances of exceeding emission standards for wastewater and air pollutants in the first half of 2024[36]. - The company has been certified with ISO14001 environmental management system, with the latest certification valid until June 2025[36]. - The company has implemented measures to reduce carbon emissions, although specific details were not disclosed[36]. Shareholder and Capital Management - The company did not distribute dividends or increase capital reserves for the year 2023[32]. - A total of 231,000 shares were released from restrictions on February 2, 2024, as part of the 2022 restricted stock incentive plan[33]. - The company completed the repurchase and cancellation of 119,700 restricted shares on February 29, 2024, reducing the total share capital to 1,065,374,014 shares[33]. - The company plans to implement an employee stock ownership plan for 2024, as approved in the meetings held on March 26 and April 19, 2024[33]. Financial Management and Strategy - The company focused on cost reduction and efficiency improvement, enhancing supply chain management to ensure delivery and stabilize growth[20]. - The company has engaged in cash management for raised funds, with a maximum balance of CNY 128,000,000 during the reporting period[46]. - The company has not reported any significant changes in financial indicators due to share changes during the reporting period[48]. - The company has not disclosed any additional necessary information as required by regulatory authorities[48].

证券代码：603317 证券简称：天味食品 公告编号：2024-065 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 9 月 2 日(星期一)14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo. com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 26 日(星期一)至 8 月 30 日(星期五)16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dsh@teway.cn 进行提 问。公司将在说明会上对投资者普遍关注的问题进行回答。 四川天味食品集团股份有限公司（以下简称"公司"）将于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 2 日 14:00-15:00 举行 2024 年半年度业 ...