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 ...

证券代码：603317 证券简称：天味食品 公告编号：2024-064 四川天味食品集团股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 委托理财受托方：中国银行股份有限公司双流分行 本次委托理财金额：2 亿元 委托理财产品名称：（四川）对公结构性存款 202412017、（四川）对公 结构性存款 202412018 委托理财期限：99、101 天 履行的审议程序：四川天味食品集团股份有限公司（以下简称"公司"）于 2024 年 3 月 7 日召开第五届董事会第二十八次会议和第五届监事会第二十七次 会议，并于 2024 年 3 月 25 日召开 2024 年第一次临时股东大会，会议审议通过 《关于使用暂时闲置募集资金进行现金管理的议案》，同意使用不超过 150,000 万元（含 150,000 万元）暂时闲置募集资金进行现金管理，该额度可在 2024 年第 一次临时股东大会审议通过之日起 12 个月内滚动使用。具体内容详见 2024 年 3 月 8 日刊载 ...