证券之星消息，8月28日调味发酵品板块较上一交易日下跌0.71%，日辰股份领跌。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。调味发酵品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603696 | 安记食品 | 13.10 | 4.97% | 38.59万 | | 4.91亿 | | 603170 | 宝立食品 | 13.76 | 1.10% | 3.11万 | | 4268.07万 | | 600298 | 安頂酵母 | 39.42 | 0.92% | 11.38万 | | 4.44亿 | | 002650 | ST加加 | 6.96 | 0.87% | 11.81万 | | 8259.16万 | | 600186 | 连化控股 | 6.42 | 0.78% | 74.85万 | | 4.74亿 | | 002495 | 佳隆股份 | 2.70 | 0.00% | 41.26万 | | 1.11亿 | ...

Core Viewpoint - The company reported a decline in total revenue and net profit for H1 2025, but showed strong growth in Q2 2025, indicating a recovery in business performance driven by improved sales and new product contributions [1][4]. Financial Performance - H1 2025 total revenue was 1.39 billion, down 5.2% year-on-year, with a net profit of 190 million, down 23.0% [1]. - Q2 2025 revenue reached 749 million, up 21.9% year-on-year, and net profit was 115 million, up 62.7% [1]. Business Segments - The main business saw a significant recovery in Q2, with hot pot base and recipe-style condiments growing by 29.0% and 17.8% year-on-year, respectively [2]. - Online and offline channel revenues increased by 66.7% and 9.5% year-on-year, with online growth driven by contributions from new acquisitions [2]. - Regional performance varied, with Eastern and Southern regions showing strong growth of 52.1% and 22.1%, while the Central region declined by 8.6% [2]. Profitability - Q2 2025 gross margin improved to 37.0%, up 3.6 percentage points year-on-year, attributed to revenue recovery and better product mix [3]. - The company managed to reduce sales, management, and R&D expense ratios, leading to a net profit margin of 15.4%, up 3.9 percentage points year-on-year [3]. Future Outlook - The company anticipates continued growth in revenue for the full year 2025, supported by new product launches and the integration of acquired businesses [4]. - Despite potential pressures on the main business due to external demand, the new business segments are expected to maintain growth [4]. Investment Perspective - The company is viewed positively with a "strong buy" rating, as Q2 showed improvement and profitability exceeded expectations [5]. - EPS forecasts for 2025-2027 have been adjusted slightly, with a target price of 16, corresponding to a PE ratio of 27.6 for 2025 [5].

Investment Rating - The report maintains a "Strong Buy" rating for Tianwei Foods (603317) [2][8] Core Views - The company reported a total revenue of 1.39 billion yuan for H1 2025, a decrease of 5.2% year-on-year, while the net profit attributable to shareholders was 190 million yuan, down 23.0%. However, Q2 showed a recovery with revenue of 749 million yuan, an increase of 21.9%, and a net profit of 115 million yuan, up 62.7% [2][8] - The company is expected to achieve revenue growth for the full year 2025, driven by the recovery in its main business and contributions from newly consolidated businesses [8] Financial Performance Summary - **2025 H1 Financials**: - Total revenue: 1.39 billion yuan, down 5.2% YoY - Net profit: 190 million yuan, down 23.0% - Q2 revenue: 749 million yuan, up 21.9% - Q2 net profit: 115 million yuan, up 62.7% [2][8] - **Future Financial Projections**: - 2024A: Total revenue of 3.476 billion yuan, net profit of 625 million yuan - 2025E: Total revenue of 3.58 billion yuan, net profit of 615 million yuan - 2026E: Total revenue of 3.939 billion yuan, net profit of 698 million yuan - 2027E: Total revenue of 4.325 billion yuan, net profit of 789 million yuan [4][8] - **Earnings Per Share (EPS)**: - 2025E: 0.58 yuan - 2026E: 0.66 yuan - 2027E: 0.74 yuan [4][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025: 27.6 times - Price-to-Book (P/B) ratio for 2025: 2.9 times [4][8] Market Performance - The stock price as of August 27, 2025, was 12.37 yuan, with a target price set at 16 yuan [4][8] - The company has shown a recovery in Q2, with a gross margin of 37.0%, up 3.6 percentage points YoY, indicating improved profitability [8]

证券研究报告 | 公司点评报告 2025 年 08 月 28 日 天味食品（603317.SH） 内生收入复苏，利润超预期反弹 消费品/食品饮料 公司 25Q2 收入/归母净利润分别同比+21.93%/+62.72%，业绩超预期，主要在 于 Q1 公司去库存后轻装上阵，内生业务受益于新品推广，小龙虾料增速可观， 及定制渠道加码明显改善，外延食萃+加点滋味增长态势延续。下半年看公司高 基数压力收入增速环比 Q2 或有放缓，但考虑到成本红利及费用端优化，整体 盈利能力预计仍有改善空间。中期看内生外延多元发展份额再升，公司承诺保 持高分红，未来 3 年股息有望维持在较高水平。我们预计 25-27 年公司 eps 分 别为 0.59 元、0.68 元、0.76 元，对应 25 年估值 21X，维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：NA 当前股价：12.37 元 基础数据 | 总股本（百万股） | 1065 | | --- | --- | | 已上市流通股（百万股） | 1065 | | 总市值（十亿元） | 13.2 | | 流通市值（十亿元） | 13.2 | | 每股净资产（MRQ） | 3.9 | ...

Core Insights - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 1.39 billion yuan, down 5.24% year-on-year, and net profit at 190 million yuan, down 23.01% year-on-year [1] - In Q2 2025, the company saw a revenue rebound to 749 million yuan, up 21.93% year-on-year, and net profit increased to 115 million yuan, up 62.72% year-on-year [1] Group 1: Financial Performance - In H1 2025, the company's revenue from the seasoning business was 1.38 billion yuan, up 20.52% year-on-year, with net profit at 240 million yuan, up 30.88% year-on-year [2] - The newly acquired subsidiary contributed 133 million yuan in revenue and 7 million yuan in net profit in H1 2025 [2] - The company added 234 distributors, bringing the total to 3,251 [2] Group 2: Revenue Breakdown - In H1 2025, offline and online revenues were 974 million yuan and 407 million yuan, respectively, with year-on-year changes of -19.60% and 60.11% [2] - By product category, hot pot condiments and recipe-style condiments generated revenues of 428 million yuan and 896 million yuan, with year-on-year changes of -12.85% and 1.06% [2] - By region, revenues in the eastern, southern, western, northern, and central regions were 380 million yuan, 144 million yuan, 496 million yuan, 90 million yuan, and 270 million yuan, with year-on-year changes of 29.35%, -3.95%, -5.85%, -25.92%, and -27.46% [2] Group 3: Profitability Metrics - The company's gross margin decreased by 0.86 percentage points to 38.70% in H1 2025, but Q2 saw an increase of 3.63 percentage points to 36.96% [4] - The net profit margin for H1 2025 decreased by 3.16 percentage points to 13.66%, while Q2 saw an increase of 3.86 percentage points to 15.39% [4] Group 4: Future Earnings Forecast - The company revised its revenue forecasts for 2025-2027 to 3.617 billion yuan, 3.889 billion yuan, and 4.165 billion yuan, with year-on-year growth rates of 4%, 8%, and 7% [5] - The projected net profits for the same period are 594 million yuan, 646 million yuan, and 702 million yuan, with year-on-year growth rates of -5%, 9%, and 9% [5] - The expected earnings per share (EPS) are 0.56 yuan, 0.61 yuan, and 0.66 yuan, with corresponding price-to-earnings (PE) ratios of 22.2x, 20.4x, and 18.8x [5]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed significant improvement in the second quarter, driven by scale effects and cost control, leading to an increase in gross margin [1][2]. Financial Performance - 1H25 revenue was 1.391 billion yuan, down 5.2% year-on-year, while net profit attributable to shareholders was 190 million yuan, down 23.0% year-on-year [1]. - In 2Q25, revenue reached 749 million yuan, up 21.9% year-on-year, and net profit attributable to shareholders was 115 million yuan, up 62.7% year-on-year [1][2]. - The gross margin in 2Q25 improved to 37%, an increase of 3.6 percentage points year-on-year, attributed to a higher proportion of high-margin online business and better performance in retail compared to low-margin dining [2]. Growth Trends - The company expects to maintain a double-digit growth rate in organic growth, excluding the impact of acquisitions [2]. - In 2Q25, revenue from hot pot base materials was 255 million yuan, up 29% year-on-year, and revenue from Chinese compound seasonings was 462 million yuan, up 18% year-on-year [2]. - E-commerce and offline channel revenues grew by 67% and 10% year-on-year, respectively, with e-commerce growth driven by enhanced online presence and acquisitions focused on online business [2]. Outlook for 2H25 - The company anticipates a continued growth momentum in the second half of 2025, despite a higher base effect, due to proactive inventory management and channel cleaning in 1Q [3]. - The company has established platform management capabilities through years of mergers and acquisitions, with subsidiaries achieving revenues of 138 million yuan and 133 million yuan, respectively [3]. Profit Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been revised down by 8.3% and 9.8% to 3.655 billion yuan and 3.884 billion yuan, respectively, with net profit forecasts adjusted down by 9.8% and 10.0% to 640 million yuan and 693 million yuan [4]. - The current stock price is trading at 20.6 and 19.0 times P/E for 2025 and 2026, with a target price adjustment of 5% down to 14.63 yuan per share, indicating an 18.3% upside potential [4].

格隆汇8月27日丨天味食品(603317.SH)发布中报，2025上半年实现营业总收入13.91亿元，同比下降 5.24%；归属母公司股东净利润1.9亿元，同比下降23.01%；基本每股收益为0.1797元。 ...

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月27日，天味食品发布2025年半年报，报告期内，公司 实现营业收入13.91亿元，同比减少5.24%；实现归母净利润1.9亿元，同比减少23.01%。 ...

Group 1 - The board of directors of Sichuan Tianwei Food Group Co., Ltd. held its fifth meeting of the sixth session on August 27, 2025, via communication voting, with all 9 directors participating [1] - The meeting approved the proposal regarding the 2025 semi-annual report, which objectively and comprehensively reflects the company's financial status and operational results for the first half of 2025 [2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, with a unanimous vote of 9 in favor [2] Group 2 - The board approved the "Quality Improvement and Efficiency Enhancement to Return" action plan for 2025, with all 9 directors voting in favor [3] - A proposal to repurchase and cancel part of the 2024 employee stock ownership plan shares was also approved, with 5 votes in favor, 0 against, and 4 abstentions due to conflicts of interest among certain directors [3] - This proposal will be submitted for shareholder meeting approval [3]

证券代码：603317 证券简称：天味食品 公告编号：2025-080 四川天味食品集团股份有限公司 2025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。 根据《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指 引第1号——规范运作》的相关规定，四川天味食品集团股份有限公司（以下简称 "公司"或"天味食品"）现就2025年半年度募集资金存放与实际使用情况报告 如下： 一、募集资金基本情况 1. 募集资金金额及到位时间 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，天味食品获准非公开发行股票 不超过 10,000 万股。天味食品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 ...