Market Overview - A-shares experienced slight fluctuations on May 19, with the Shanghai Composite Index closing flat at 3367 points, the Shenzhen Component Index down 0.08%, and the ChiNext Index down 0.33% [1] - Total trading volume reached 1.12 trillion yuan, a decrease of 52 billion yuan from the previous trading day, with over 3,500 stocks rising across the market [1] Sector Performance - High-profile stocks continued to perform well in the afternoon, with Chengfei Integration achieving a nine-day winning streak, and several stocks including Zhongyida, Youfu Co., and Lijun Co. hitting the daily limit [2] - The shipping and port sector saw a resurgence, with stocks like Lianyungang and Ningbo Shipping hitting the daily limit, driven by a significant increase in shipping demand following tariff reductions between China and the U.S. [4][5] - The chemical fiber sector also rose, with Jilin Chemical Fiber hitting the daily limit, and other related stocks following suit [6] - The real estate sector showed broad gains, with stocks such as Konggang Co. and Shahe Co. hitting the daily limit, supported by government policies aimed at stabilizing the market [7] - The food processing sector was active, with stocks like Tianwei Food and Baihe Co. hitting the daily limit, and others like Guangzhou Restaurant and Three Squirrels rising over 7% [8][9] - The titanium dioxide sector saw gains, with stocks like Annada hitting the daily limit, and others like Zhenhua Co. and Huiyun Titanium Industry rising over 3% [10] - The beauty and personal care sector also performed well, with stocks like Qingsong Co. rising over 12% and Lafang Co. hitting the daily limit [11] - The tourism and hotel sector collectively rose, with stocks like Dalian Shengya and Lingnan Holdings increasing over 5% [12] Declining Sectors - The small metals sector declined, with stocks like Yian Technology dropping over 7% and others like Xianglu Tungsten and Zhangyuan Tungsten falling over 3% [13] - The robotics sector faced significant declines, with Longxi Co. down nearly 8% and other stocks following suit [14] - The liquor sector saw some stocks decline, including Wuliangye and Moutai, amid concerns over new regulations limiting government consumption of alcohol [15] - The CRO sector showed weakness, with stocks like Hendi Pharmaceutical and Xinghao Pharmaceutical dropping over 4% [16] Future Outlook - The market is expected to remain in a phase of weak stabilization, with potential for upward elasticity as policies are implemented to support risk appetite [16] - The investment strategy suggests a focus on dividend stocks, domestic demand, and technology, with specific recommendations for sectors benefiting from government spending and currency appreciation [16]

Investment Rating - The report upgrades the investment rating of Tianwei Foods (603317) to "Strong Buy" [2][8] Core Views - The low point has passed, and the value of the company is becoming evident, with expectations for gradual recovery in operations throughout the year [2][8] - The company is expected to achieve double-digit growth in the medium to long term, driven by both internal improvements and external acquisitions [8][9] Financial Summary - **Revenue Forecast**: - 2024A: 3,476 million - 2025E: 3,666 million - 2026E: 4,033 million - 2027E: 4,426 million - Year-on-year growth rates: 10.4% (2024A), 5.5% (2025E), 10.0% (2026E), 9.8% (2027E) [3][9] - **Net Profit Forecast**: - 2024A: 625 million - 2025E: 629 million - 2026E: 704 million - 2027E: 801 million - Year-on-year growth rates: 36.8% (2024A), 0.7% (2025E), 11.9% (2026E), 13.8% (2027E) [3][9] - **Earnings Per Share (EPS)**: - 2024A: 0.59 - 2025E: 0.59 - 2026E: 0.66 - 2027E: 0.75 [3][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 18 (2024A), 18 (2025E), 16 (2026E), 14 (2027E) - Price-to-Book (P/B) ratio: 2.5 (2024A), 2.5 (2025E), 2.4 (2026E), 2.3 (2027E) [3][9] Market Position and Strategy - The company is focusing on product innovation and market expansion, particularly in hot pot base materials and Chinese-style seasonings, to capture a broader consumer base [8][9] - The company aims to enhance its market share through new product iterations and targeting younger demographics [8][9] - The report highlights the importance of maintaining a high dividend payout ratio, which has exceeded 90% in recent years, providing a stable cash flow and attractive yield for investors [8][9]

Mergers and Acquisitions - Multiple companies are experiencing stock price increases due to merger and acquisition activities, with notable gains including Zongyi Co. at 10.10% and Daqimo at 10.06% [2][3] - New entrants in the market such as Binhai Energy and Jinhongshun also saw significant increases of 10.00% and 9.98% respectively, attributed to similar merger activities [2] - The trend continues with companies like Huayuan Real Estate and Hunan Development achieving first board listings with gains of 9.94% and 9.97% [3] Shipping and Ports - Following the implementation of tariff adjustments between China and the US, there has been a surge in container bookings from China to the US, positively impacting shipping and port stocks [4] - Nanjing Port, Ningbo Shipping, and Lianyungang have all recorded five consecutive days of price increases, with gains of 9.97%, 10.04%, and 10.07% respectively [4][6] Robotics - The robotics sector is gaining attention, with Nvidia's CEO indicating that all mobile devices will become robots, potentially revolutionizing the industrial sector [7] - Companies like Zhongchao Holdings and Xinlong Health have seen stock increases of 10.13% and 10.01% respectively, driven by advancements in robotics [8] Chemical Products - Recent price hikes in chemical products such as dibutyl phthalate and hydroxyl esters have drawn market attention, benefiting companies like Zhongyida and Youfu Co. with stock increases of 9.99% and 10.04% [10][11] Food and Beverage - The release of new regulations by the Ministry of Commerce and the National Development and Reform Commission is expected to boost the food and beverage sector, with stocks like Jiaoda Angli and Baihe Co. seeing gains of 10.00% and 10.01% [12][15] Military and Aerospace - The debut of the "Jiutian" drone at the 15th China Airshow is anticipated to enhance the military sector, with companies like Chengfei Integration and Lijun Co. achieving stock increases of 10.00% and 10.02% [16][19] Nuclear Power - The announcement of procurement projects by China Fusion Energy Co. is expected to stimulate the nuclear power sector, benefiting companies like Wangzi New Materials and Baili Electric with stock increases of 9.99% and 9.92% [16][17] Venture Capital - Recent regulatory changes encouraging private equity participation in mergers and acquisitions are positively impacting venture capital stocks, with companies like Jiuding Investment and Electronic City seeing gains of 10.01% and 9.90% [19] Pet Economy - The pet economy is projected to grow significantly, with companies like Yuande Pet and Tianyuan Pet achieving stock increases of 9.98% and 20.00% [20][21] Carbon Fiber - Price increases in carbon fiber products have been reported, benefiting companies like Jilin Chemical Fiber with a stock increase of 10.04% [22][23] Smart Driving - The Ministry of Industry and Information Technology's push for mandatory standards in smart connected vehicles is expected to drive growth in the automotive sector, with companies like Wan'an Technology and Luchang Technology seeing stock increases of 10.00% [26][27] Rare Earth Permanent Magnets - Tightening supply of rare earth materials due to export controls has led to price increases, benefiting companies like Huayang New Materials and Jiuwu High-Tech with stock increases of 10.10% and 20.02% [28][29] Huawei Harmony - Huawei's upcoming product launch is expected to positively impact related stocks, with companies like Dongfang Zhongke and Dahua Intelligent seeing stock increases of 10.01% and 9.94% [30]

Investment Rating - The report upgrades the investment rating of Tianwei Food (603317) to "Strong Buy" [2][8] Core Views - The low point in operations has passed, and the company's value is becoming evident, with expectations for gradual recovery in business performance throughout the year [2][8] - The company is positioned as an industry leader, with potential for double-digit growth driven by both internal improvements and external acquisitions [8][9] - The current stock price has significantly corrected, providing an attractive entry point for investors, especially considering the high dividend yield and stable cash flow [8][9] Financial Summary - **Revenue Forecast**: Projected total revenue for 2024 is 3,476 million, with a growth rate of 10.4%. By 2027, revenue is expected to reach 4,426 million, with a growth rate of 9.8% [3][9] - **Net Profit Forecast**: Expected net profit for 2024 is 625 million, with a growth rate of 36.8%. By 2027, net profit is projected to be 801 million, with a growth rate of 13.8% [3][9] - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.59 in 2024, increasing to 0.75 by 2027 [3][9] - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 18 in 2024 to 14 in 2027, while the price-to-book (P/B) ratio is projected to decline from 2.5 to 2.3 over the same period [3][9] Business Strategy - The company is focusing on product innovation and market expansion, particularly in hot pot base materials and Chinese-style seasonings, to capture a broader consumer base [8][9] - There is an emphasis on enhancing sales channels and exploring new retail opportunities, including partnerships with new retail and customized meal enterprises [8][9] - The company aims to maintain a high dividend payout ratio, which has exceeded 90% in recent years, providing a stable return for investors [8][9]

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Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's Q1 2025 total revenue was 642 million yuan, a year-on-year decrease of 24.8%, while the net profit attributable to the parent company was 74.73 million yuan, down 57.53% year-on-year [2][4] - The decline in revenue is primarily attributed to the timing of the Spring Festival, which negatively impacted performance, although online channels showed significant growth [5] - The company is expected to benefit from its leading position in the market, with ongoing product innovation and strategic acquisitions enhancing its business model [7] Revenue Breakdown - Offline channel revenue for Q1 2025 was 435 million yuan, down 39.54% year-on-year, while online channel revenue reached 204 million yuan, up 54.03% year-on-year [5] - Revenue from hot pot condiments was 173 million yuan, down 41.05% year-on-year, while Chinese-style dish condiments generated 434 million yuan, down 12.24% year-on-year [5] - Regional revenue showed mixed results, with the eastern region at 171 million yuan (up 9.3% year-on-year) and the northern region at 45 million yuan (down 43.61% year-on-year) [5] Financial Metrics - The net profit margin for Q1 2025 decreased by 8.98 percentage points to 11.65%, and the gross profit margin fell by 3.32 percentage points to 40.74% [6] - The operating expense ratio increased by 7.51 percentage points to 30.39%, driven by higher sales and management expenses [6] - The company anticipates EPS of 0.59 yuan for 2025 and 0.66 yuan for 2026, with corresponding PE ratios of 19 and 18 times [7]

Core Viewpoint - The company has announced an adjustment to the maximum repurchase price of its shares following the 2024 annual equity distribution, reducing it from 16 RMB per share to 15.45 RMB per share, effective from May 16, 2025 [1][2][3] Summary of Key Points 1. Share Repurchase Basic Information - The company plans to use its own funds ranging from 18 million RMB to 36 million RMB to repurchase between 2 million and 4 million shares through centralized bidding [1][2] - The repurchase price ceiling was initially set at 16 RMB per share and will now be adjusted to 15.45 RMB per share [1][3] 2. Reason for Adjustment - The adjustment is due to the company's decision to distribute a cash dividend of 0.55 RMB per share to shareholders, which necessitates a recalibration of the repurchase price limit according to regulatory guidelines [2][3] 3. Specifics of the Price Adjustment - The new maximum repurchase price is calculated as follows: (16 RMB - 0.5489 RMB) / (1 + 0) = 15.45 RMB per share, with the cash dividend being based on the total share capital [3] - The company will not experience changes in circulating shares as the profit distribution only involves cash dividends [3] 4. Impact of the Adjustment - Aside from the price adjustment, all other aspects of the share repurchase plan remain unchanged, and the company will adhere to relevant regulations while making repurchase decisions based on market conditions [3]

Core Viewpoint - Sichuan Tianwei Food Group Co., Ltd. announced its 2024 annual equity distribution plan, detailing a cash dividend of 0.55 CNY per share for A-shares, with a total distribution amounting to approximately 584.54 million CNY [1][2]. Summary by Sections Dividend Distribution Plan - The company will distribute a cash dividend of 0.55 CNY per share, totaling approximately 584,537,407.30 CNY (including tax) based on a total share capital of 1,064,996,294 shares, excluding 2,201,008 shares held in the repurchase account [1]. - The equity registration date is set for May 15, 2025, with the last trading day and the ex-dividend date both on May 16, 2025 [2]. Implementation Details - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with shareholders who have designated transactions able to receive their dividends on the payment date [2][6]. - Shares held in the company's repurchase account will not participate in this profit distribution [1][2]. Taxation Policies - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.55 CNY per share [4]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the transfer of shares [4]. - For limited shares, a 10% tax will be withheld, resulting in a net cash dividend of 0.495 CNY per share [5]. - Qualified Foreign Institutional Investors (QFIIs) will also receive a net cash dividend of 0.495 CNY per share after a 10% withholding tax [5]. Contact Information - For inquiries regarding this equity distribution, shareholders can contact the company's securities department at 028-82808166 [6].

重要内容提示： 证券代码：603317 证券简称：天味食品 公告编号：2025-057 四川天味食品集团股份有限公司 回购价格调整起始日期：2025年5月16日（2024年年度权益分派除权除息 日） 关于实施 2024 年年度权益分派后调整回购股份 价格上限的公告 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。 调整后的回购股份价格上限=（调整前的回购股份价格上限-每股现金红利） ÷（1+流通股份变动比例） 由于公司回购专用账户持有的公司股份不参与利润分配，公司2024年度进 行差异化分红，上述公式中现金红利指根据总股本摊薄计算的每股现金红利。 一、回购股份的基本情况 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1,800万元至3,600万元，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，用于后续实施员工持股计 划或股权激励计划。回购价格上限不超过人民币1 ...

四川天味食品集团股份有限公司 差异化分红事项 之 法律意见书 国浩律师（成都）事务所 关于 成都市高新区天府二街 269 号无国界 26 号楼 9 层邮编：610000 Floor9,Building26,Boundary-FreeLandCenter,269Tianfu2Street,Hi-TechZone,Chengdu,China 电话/Tel:+862886119970 传真/Fax:+862886119827 网址/Website:http://www.grandall.com.cn 国浩律师（成都）事务所 法律意见书 （一）本所律师依据《中华人民共和国公司法》《中华人民共和国证券法》《律 师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》 等规定及本法律意见书出具之日以前已经发生或者存在的事实，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见书 所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记 载、误导性陈述或者重大遗漏，并承担相应法律责任。 （二）本所律师依据本法律意见书出具日之前已经发生或存在的事实，并基 ...