●回购股份资金来源：自有资金。 证券代码：603317 证券简称：天味食品 公告编号：2025-052 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预案 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： ●回购股份数量：200 万股至 400 万股。 ●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%。 ●回购股份金额：本次拟回购股份的资金总额不低于人民币 1,800 万元且不超 过人民币 3,600 万元。 ●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。 ●回购股份方式：以集中竞价交易方式回购公司股份。 ●回购股份期限：自董事会审议通过回购股份方案之日起不超过 12 个月。 ●相关股东是否存在减持计划： 2025 年 2 月 15 日，公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance was below expectations, with revenue of 642 million yuan, a year-on-year decrease of 24.8%, and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [7] - The decline in revenue across various product categories is attributed to pre-holiday inventory buildup and proactive inventory clearance by the company [7] - Online sales showed strong growth, with a year-on-year increase of 54%, while offline sales decreased by 39.5% [7] - The company has expanded its distributor network, adding 98 new distributors by the end of Q1 2025 [7] - The company's gross margin decreased by 3.3 percentage points year-on-year, indicating pressure on profitability due to fixed costs amidst declining revenue [7] - The company anticipates a gradual improvement in performance moving forward, supported by healthy channel inventory levels [7] Financial Summary - Revenue projections for 2025-2027 have been adjusted to 3.66 billion yuan, 4.02 billion yuan, and 4.44 billion yuan, respectively, reflecting year-on-year growth rates of 5%, 10%, and 11% [7] - Net profit forecasts for the same period have been revised to 626 million yuan, 706 million yuan, and 798 million yuan, with year-on-year growth rates of 0.3%, 12.72%, and 12.94% [7] - The company's P/E ratios for 2025-2027 are projected to be 20x, 18x, and 16x, respectively [7]

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0707 | 0.1672 | -57.72 | 0.1220 | | 每股净资产（元） | 4.37 | 4.21 | 3.8 | 5.14 | | 每股公积金(元) | 1.54 | 1.6 | -3.75 | 2.19 | | 每股未分配利润(元) | 1.56 | 1.52 | 2.63 | 1.51 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.42 | 8.53 | -24.74 | 7.66 | | 净利润(亿元) | 0.75 | 1.76 | -57.39 | 1.28 | | 净资产收益率(%) | 1.62 | 3.90 | -58.46 | 3.13 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | ...

证券代码：603317 证券简称：天味食品 公告编号：2025-051 四川天味食品集团股份有限公司 关于全资子公司及全资子企业完成工商变更登记并 换发营业执照的公告 四川天味食品集团股份有限公司（以下简称"公司"）之全资子公司四川瑞 生投资管理有限公司因经营发展管理需要，于近日完成了法定代表人的变更，并 取得了变更后的营业执照，具体情况如下： | 名称 | 四川瑞生投资管理有限公司 | | --- | --- | | 统一社会信用代码 | 91510122080620049R | | 注册资本 | 万元 75000 | | 类型 | 有限责任公司（非自然人投资或控股的法人独资） | | 成立日期 | 年 月 日 2013 10 18 | | 法定代表人 | 沈松林 | | 住所 | 中国（四川）自由贸易试验区成都高新区府城大道中段 号 栋 88 1 21 | | 层 | 9 号 | | 经营范围 | 项目投资管理、资产管理（不得从事非法集资、吸收公众资金等金融 | | | 活动）（依法须批准的项目，经相关部门批准后方可开展经营活动）。 | 由此，公司全资子企业海南博怀企业管理合伙企业（有限合伙）完成了执 行 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 641.62 million, a decrease of 24.80% compared to CNY 853.19 million in the same period last year[3]. - Net profit attributable to shareholders was CNY 74.73 million, down 57.53% from CNY 175.98 million year-on-year[3]. - The net profit after deducting non-recurring gains and losses decreased by 65.41%, amounting to CNY 50.82 million compared to CNY 146.90 million in the previous year[3]. - Basic earnings per share were CNY 0.0707, down 57.72% from CNY 0.1672 year-on-year[3]. - Net profit for Q1 2025 was CNY 79,149,600.44, a decline of 55.7% from CNY 178,286,911.26 in Q1 2024[19]. - The company reported a total comprehensive income of CNY 79,149,600.44 for Q1 2025, compared to CNY 178,286,911.26 in Q1 2024[19]. Cash Flow - The net cash flow from operating activities was CNY 11.84 million, a significant decline of 93.71% from CNY 188.33 million in the same period last year[3]. - In Q1 2025, the cash inflow from operating activities was CNY 797,786,289.13, a decrease of 11.95% compared to CNY 905,894,809.71 in Q1 2024[21]. - The cash inflow from sales of goods and services was CNY 793,575,497.97, a decrease of 11.6% compared to CNY 898,211,729.16 in Q1 2024[21]. - The cash paid for purchasing goods and services was CNY 561,689,620.74, an increase of 10.6% from CNY 507,702,292.98 in the same quarter last year[21]. - The cash paid to employees increased to CNY 128,406,794.45, up 16.9% from CNY 109,669,298.84 in Q1 2024[21]. - The net cash flow from investment activities was CNY 504,181,749.52, up 36.3% compared to CNY 369,508,803.02 in Q1 2024[22]. - The total cash outflow from investment activities was CNY 3,939,884,212.70, an increase of 33.0% from CNY 2,963,050,074.76 in the previous year[22]. - The net cash flow from financing activities was -CNY 7,129,856.95, an improvement from -CNY 27,189,154.52 in Q1 2024[22]. - The ending balance of cash and cash equivalents was CNY 736,487,063.18, down from CNY 994,494,386.95 at the end of Q1 2024[22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5.60 billion, a slight decrease of 1.03% from CNY 5.66 billion at the end of the previous year[3]. - Total liabilities as of the reporting date were CNY 835,811,096.36, down from CNY 977,664,169.15 in the previous period[15]. - The company's equity attributable to shareholders increased to CNY 4,651,526,656.27 from CNY 4,572,235,268.39[15]. - The company reported a total current assets of RMB 3,764,020,888.36 as of March 31, 2025, compared to RMB 3,604,684,896.30 as of December 31, 2024, indicating an increase of approximately 4.4%[13]. - Cash and cash equivalents increased significantly to RMB 743,082,826.67 from RMB 233,717,474.15, representing a growth of about 217%[13]. - The company's inventory rose to RMB 147,027,708.54 from RMB 115,736,880.91, reflecting an increase of approximately 27%[13]. - The total amount of trading financial assets decreased to RMB 2,167,000,000.00 from RMB 2,592,200,000.00, showing a decline of about 16.4%[13]. - Accounts receivable decreased to RMB 63,066,454.79 from RMB 116,771,516.25, a reduction of approximately 46%[13]. - The company has a significant amount of held-for-sale assets valued at RMB 108,230,479.40, up from RMB 13,593,497.23, indicating a substantial increase[13]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,015[8]. - The company has not reported any significant changes in shareholder structure or major financing activities during the reporting period[10]. Research and Development - Research and development expenses for Q1 2025 were CNY 7,227,075.25, a decrease from CNY 8,984,155.29 in Q1 2024[18]. - There are no new product launches or technological advancements mentioned in the current report[10]. Market Strategy - The company has not indicated any plans for market expansion or mergers and acquisitions in the near future[10].

单位：人民币万元 证券代码：603317 证券简称：天味食品 公告编号：2025-050 四川天味食品集团股份有限公司 2025 年第一季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 2025 年第一季度主要经营数据公告如 下： 1、主营业务收入按销售渠道分布情况： 单位：人民币万元 | 渠道 | 年第一季度 2025 | 年第一季度 2024 | 同比变动（%） | | --- | --- | --- | --- | | 线下渠道 | 43,466.58 | 71,894.29 | -39.54 | | 线上渠道 | 20,373.53 | 13,227.20 | 54.03 | | 小计 | 63,840.11 | 85,121.49 | -25.00 | 2、主要产品收入变动情况： | 产品 | 2025 年第一季度 | 2024 年第一季度 | 同比变动（%） | | --- | -- ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

证券代码：603317 证券简称：天味食品 公告编号：2025-049 四川天味食品集团股份有限公司 关于 2024 年年度报告的更正公告 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"）于 2025 年 3 月 28 日 在上海证券交易所网站（www.sse.com.cn）上披露了《2024 年年度报告》，经事 后核查发现，报告正文第 41 页"第四节 公司治理"之"十四 内部控制审计报 告的相关情况说明"中部分信息有误，现更正如下： 一、本次年度报告更正说明 更正前： 十四、内部控制审计报告的相关情况说明 √适用 □不适用 信永中和会计师事务所（特殊普通合伙）按照《企业内部控制审计指引》 及中国注册会计师执业准则的相关要求，审计了公司 2024 年 12 月 31 日财务报 告内部控制的有效性，认为公司于 2024 年 12 月 31 日按照《企业内部控制基本 规范》及相关规定在所有重大方面保持了有效的财务报告内部控制。 是否披露内部控制审计报告：是 内部控制审计报告意见类型 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [13]. Core Views - The company achieved a revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, with a notable increase in net profit attributable to the parent company of 40% [7]. - The growth in revenue is attributed to a balanced focus on both C-end and B-end markets, with a significant increase in cash received from sales in the fourth quarter, which rose by 63.13% year-on-year [7]. - The rapid growth of Chinese-style compound seasonings has become the main driver of revenue growth, with this segment generating 1.771 billion yuan, up 16.56% year-on-year, and accounting for 50.94% of total revenue [7]. - The company's gross profit margin improved to 39.8%, an increase of 1.95 percentage points from the previous year, driven by a decrease in raw material costs and increased production efficiency [7][8]. - The report forecasts earnings per share of 0.66 yuan, 0.74 yuan, and 0.84 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 21.36, 18.91, and 16.70 based on the closing price of 14.01 yuan on April 22 [10][11]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 34.76 billion yuan, a 10.41% increase year-on-year, with a net profit of 5.66 billion yuan, reflecting a 40% increase [7]. - The gross profit margin for the main business reached 39.8%, up 1.95 percentage points, with the hot pot base material margin at 37.53% and the Chinese-style compound seasoning margin at 41.30% [7][8]. Revenue Breakdown - The revenue from Chinese-style compound seasonings increased significantly, while the revenue from hot pot base materials saw a slight increase of 3.53% [7]. - Online sales grew by 51.7%, contributing 17.15% to total revenue [7]. Cost and Profitability - The decrease in costs contributed to enhanced profitability, with a net profit margin increase of 3.77 percentage points to 18.55% [10]. - The report highlights a reduction in sales, management, and R&D expense ratios, which further improved the company's profitability metrics [10].