证 券 研 究 报 告 评论： 天味食品（603317）2025 年一季报点评 推荐（维持） 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题。 短期经营承压，年内有望改善 目标价：16 元 [ReportFinancialIndex] 主要财务指标 事项： 公司发布 2025 年一季报，25Q1 公司实现总营业收入 6.42 亿元，同比减少 24.8%；实现归母净利润 0.75 亿元，同比减少 57.53%。 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,476 | 3,666 | 4,033 | 4,426 | | 同比增速(%) | 10.4% | 5.5% | 10.0% | 9.8% | | 归母净利润(百万) | 625 | 629 | 704 | 801 | | 同比增速(%) | 36.8% | 0.7% | 11.9% | 13.8% | | 每股盈利(元) | 0.59 | 0.59 | 0.66 | 0.75 | | 市盈率(倍) | 20 | 20 | 18 ...

食品饮料/调味发酵品Ⅱ 天味食品（603317.SH） 收入利润短期承压，期待并购协同效应释放 2025 年 04 月 30 日 投资评级：增持（维持） zhangyuguang@kysec.cn 证书编号：S0790520030003 张宇光（分析师） 方一苇（分析师） fangyiwei@kysec.cn 证书编号：S0790524030001 分品类：2025Q1 底料/中式菜品调料/香肠腊肉调料/其他营收分别同比 -41.0%/-12.2%/-55.8%/-44.1%。2025Q1 收入下滑明显，我们认为主要系：（1）春 节提前备货前置，部分收入确认至 2024Q4；（2）渠道库存清理；（3）终端竞争 同时需求恢复略低预期。2025Q2 公司积极布局季节性大单品小龙虾调料，在去 年同期低基数的背景下收入有望实现恢复性增长。 产品结构及成本影响，2025Q1 盈利能力有所下降 2025Q1 公司毛利率同比/环比分别-3.3/-0.1pct 至 40.7%（2024 年公司毛利率为 39.8%），整体来看毛利率整体保持平稳（2025Q1 毛利率同比下滑主要系去年同 期冬调等高毛利率产品占比较高）。费用端， ...

●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 ...

证券研究报告·公司点评报告·调味发酵品Ⅱ 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 天味食品（603317） 2025 年一季报点评：短期调整致业绩承压， 轻装上阵改善可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,149 | 3,476 | 3,655 | 4,019 | 4,443 | | 同比（%） | 17.02 | 10.41 | 5.16 | 9.94 | 10.54 | | 归母净利润（百万元） | 456.70 | 624.64 | 626.63 | 706.32 | 797.71 | | 同比（%） | 33.65 | 36.77 | 0.32 | 12.72 | 12.94 | | EPS-最新摊薄（元/股） | 0.43 | 0.59 | 0.59 | 0.66 | 0.75 | | P/E（现价&最新摊薄） | 27.10 | 1 ...

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（%） | | --- | -- ...

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].