Investment Rating - The report suggests a stable configuration value for the liquor sector, indicating a defensive characteristic despite being in a bottoming phase [1][11]. Core Viewpoints - The liquor industry is currently experiencing a downtrend in market sentiment, similar to the period from late 2014 to 2015, with a slight decline in overall sales due to weak demand [1][10]. - The price of Feitian Moutai has decreased by approximately 50 yuan week-on-week, with the original box price falling below 2200 yuan, indicating a soft demand in the off-season [1][10]. - The report anticipates that the price of Feitian Moutai will fluctuate between 2100 and 2200 yuan before the upcoming peak seasons of Mid-Autumn and National Day, while monitoring the recovery of business demand [1][11]. - Despite the price drop, market sentiment towards the liquor sector remains stable, with expectations for a smooth performance in Q1 2025 for most liquor companies [1][11]. - The report highlights potential offensive opportunities in the liquor sector due to ongoing policy implementations that may bolster economic recovery expectations [2][11]. Summary by Sections Liquor Sector - The liquor sector is in a downtrend but shows signs of stabilization, with a focus on high-end brands like Guizhou Moutai and Wuliangye, which are expected to benefit from resilient consumer demand [2][11]. - Recommendations include focusing on high-end liquor with solid pricing and market positioning, as well as cyclical stocks with potential for growth [2][11]. Soft Drinks - The soft drink sector is entering a peak season, with an upward turning point in market sentiment. The report expresses optimism for improved performance in 2025, particularly for companies like Nongfu Spring and Dongpeng Beverage [3][12]. Snacks - The snack industry continues to thrive due to the release of new channels and product categories, with companies like Weilong and Yanjinpuzi expected to perform well [3][13]. Restaurant Chains - The restaurant chain sector is stabilizing at a low point, with strong growth in customized meal preparation services benefiting from the trend towards standardized dishes in chain restaurants [3][4][13].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved its revenue target of +10% for 2024, with a total revenue of 3.48 billion yuan, representing a year-on-year increase of 10.4%. The net profit attributable to shareholders reached 630 million yuan, up 36.8% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 1.11 billion yuan, a year-on-year increase of 21.6%, and a net profit of 190 million yuan, up 41.0% year-on-year [1][2]. - The company plans to achieve a revenue and profit growth of no less than 15% in 2025, focusing on new product launches and expanding into county-level markets [3][4]. Summary by Sections Financial Performance - In 2024, the company generated a total revenue of 3.48 billion yuan, with a net profit of 630 million yuan and a non-deducted net profit of 570 million yuan, reflecting increases of 36.8% and 40.0% respectively [1][2]. - Q4 2024 saw a significant improvement in profitability, with a gross margin of 40.8% and a net profit margin of 17.3%, both showing year-on-year increases [3]. Product and Channel Analysis - Revenue from hot pot base materials reached 1.26 billion yuan, with a year-on-year increase in volume of 7.9% but a price decrease of 4.1% due to policy adjustments [2]. - Online sales grew significantly by 51.7% year-on-year, contributing to a total of 600 million yuan in revenue, while offline sales increased by 4.4% [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.99 billion yuan in 2025, 4.40 billion yuan in 2026, and 4.83 billion yuan in 2027, representing year-on-year growth rates of 14.6%, 10.3%, and 9.9% respectively [4][5]. - The company aims to enhance its product offerings in the hot pot and fresh soup categories while expanding its market presence [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved its revenue target of +10% for 2024, with a total revenue of 3.48 billion yuan, representing a year-on-year increase of 10.4%. The net profit attributable to shareholders reached 630 million yuan, up 36.8% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 1.11 billion yuan, a year-on-year increase of 21.6%, and a net profit of 190 million yuan, up 41.0% year-on-year [1][2]. - The company plans to achieve a revenue and profit growth of no less than 15% in 2025, focusing on new product launches and expanding into county-level markets [3][4]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 3.48 billion yuan, with a year-on-year growth rate of 10.4%. The net profit attributable to shareholders was 630 million yuan, reflecting a growth of 36.8% [1][5]. - Q4 2024 saw a significant increase in revenue and profit, with revenue reaching 1.11 billion yuan and net profit at 190 million yuan, marking increases of 21.6% and 41.0% respectively [1][2]. Product and Channel Analysis - In 2024, the revenue from hot pot base materials was 1.26 billion yuan, with a year-on-year growth of 3.5%. The revenue from Chinese seasoning products was 1.77 billion yuan, up 16.6% year-on-year [2]. - Online sales grew significantly, with a revenue of 600 million yuan, representing a year-on-year increase of 51.7% [2]. Cost and Profitability - The gross margin for Q4 2024 was 40.8%, with a net profit margin of 17.3%, indicating continuous improvement in profitability [3][4]. - The company has implemented cost control measures, resulting in a reduction in sales expense ratio and improved gross profit [3]. Future Outlook - The company aims for a revenue of 3.99 billion yuan in 2025, with a projected growth rate of 14.6% [4][5]. - The focus will be on new product development in the hot pot and fresh soup categories, as well as expanding distribution channels [3][4].

Core Viewpoint - Tianwei Food achieved record high revenue and net profit in 2023, indicating strong operational efficiency and profitability growth [1][3] Financial Performance - In 2023, Tianwei Food reported revenue of 3.476 billion yuan, a year-on-year increase of 10.41% - The net profit attributable to shareholders reached 625 million yuan, up 36.77% year-on-year - The company plans to distribute a cash dividend of 0.55 yuan per share, totaling 585 million yuan [1] Business Segments - Online channel revenue grew over 51.7% year-on-year, while offline channel revenue increased by 4.42% - Main product revenues included hot pot base (1.265 billion yuan), Chinese dish seasoning (1.771 billion yuan), and sausage and cured meat seasoning (329 million yuan), with respective growth rates of 3.53%, 16.56%, and 10.99% [2] Strategic Focus - The company is focusing on cost reduction and efficiency improvement, diversifying marketing strategies, enhancing R&D capabilities, and strengthening digital operations to support growth [2] - Tianwei Food is developing a product matrix centered around major products and expanding categories for the "thick hot pot" series [2][5] Market Outlook - The compound seasoning market is expected to grow significantly due to increasing demand from both B-end and C-end consumers for standardized, convenient, and healthy products [4] - Companies in the sector, including Tianwei Food, need to enhance product innovation, optimize production processes, and expand sales channels to maintain competitiveness [4] Future Goals - Tianwei Food aims for a revenue and net profit growth of no less than 15% in 2025, focusing on quality improvement and organizational efficiency [6]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, and a net profit attributable to shareholders of 625 million yuan, up 36.77% year-on-year [6] - The company plans to achieve a revenue and net profit growth of no less than 15% in 2025 [6] - The company has improved its operational efficiency and strategic planning since its listing, transitioning from a rough operational model to a more refined one [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.972 billion yuan, with a year-on-year growth rate of 14.3% [5] - Net profit attributable to shareholders is projected to be 722 million yuan in 2025, with a year-on-year growth of 15.5% [5] - The company’s gross margin is expected to improve, reaching 39.9% in 2025 [5] Revenue Breakdown - In 2024, the company’s revenue from hot pot base reached 1.265 billion yuan, growing 3.53% year-on-year, while the revenue from Chinese cuisine seasonings was 1.771 billion yuan, up 16.56% year-on-year [6] - Online sales grew significantly, with a revenue of 596 million yuan, a year-on-year increase of 51.70% [6] Cost and Profitability - The gross margin for 2024 was 39.78%, an increase of 1.9 percentage points year-on-year [6] - The sales expense ratio decreased to 12.98%, down 2.39 percentage points year-on-year, indicating improved cost management [6]

Investment Rating - The report maintains a "Recommendation" rating for Tianwei Foods (603317) with a target price of 16 CNY [1][5]. Core Views - The company achieved a total revenue of 3.476 billion CNY in 2024, representing a year-on-year growth of 10.4%. The net profit attributable to shareholders reached 625 million CNY, with a significant increase of 36.8% year-on-year [5][6]. - For 2025, the company plans to achieve a revenue and net profit growth of no less than 15% [5]. - The company proposed a cash dividend of 5.5 CNY per 10 shares (before tax), totaling 585 million CNY in cash dividends [5]. - The fourth quarter of 2024 saw a revenue of 1.112 billion CNY, up 21.5% year-on-year, and a net profit of 192 million CNY, increasing by 41.2% year-on-year [5][6]. - The company is expected to maintain double-digit growth in 2025, driven by both internal and external contributions, alongside a high dividend payout ratio [5][6]. Financial Summary - **Revenue Forecast**: - 2024A: 3,476 million CNY - 2025E: 3,858 million CNY (11.0% growth) - 2026E: 4,199 million CNY (8.8% growth) - 2027E: 4,543 million CNY (8.2% growth) [1][5] - **Net Profit Forecast**: - 2024A: 625 million CNY - 2025E: 701 million CNY (12.2% growth) - 2026E: 766 million CNY (9.3% growth) - 2027E: 839 million CNY (9.5% growth) [1][5] - **Earnings Per Share (EPS)**: - 2024A: 0.59 CNY - 2025E: 0.66 CNY - 2026E: 0.72 CNY - 2027E: 0.79 CNY [1][5] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 24 times [5]. - Price-to-Book (P/B) ratio for 2025 is projected at 3 times [5]. Market Performance - The company’s stock price has shown a significant increase, with a current price of 13.56 CNY, compared to a 12-month high of 15.58 CNY and a low of 8.56 CNY [2][5]. Conclusion - The report indicates a positive outlook for Tianwei Foods, with expectations of continued growth and strong financial performance in the coming years, supported by strategic initiatives and market demand [5][6].

Investment Rating - The report maintains a "Recommended" rating for Tianwei Foods (603317) with a target price of 16 yuan [1][5]. Core Views - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.4%, and a net profit attributable to shareholders of 625 million yuan, up 36.8% year-on-year [5][6]. - For 2025, the company plans to achieve a revenue and net profit growth of no less than 15% [5]. - The company proposed a cash dividend of 5.5 yuan per 10 shares (before tax), totaling 585 million yuan [5]. - The fourth quarter of 2024 saw a significant revenue acceleration due to pre-holiday stocking, with a revenue of 1.112 billion yuan, up 21.5% year-on-year [5][6]. - The company is expected to maintain double-digit growth in 2025, driven by new product launches and potential acquisitions [5]. Financial Summary - **Revenue Forecasts**: - 2024: 3,476 million yuan - 2025: 3,858 million yuan (11.0% growth) - 2026: 4,199 million yuan (8.8% growth) - 2027: 4,543 million yuan (8.2% growth) [1][5]. - **Net Profit Forecasts**: - 2024: 625 million yuan - 2025: 701 million yuan (12.2% growth) - 2026: 766 million yuan (9.3% growth) - 2027: 839 million yuan (9.5% growth) [1][5]. - **Earnings Per Share (EPS)**: - 2024: 0.59 yuan - 2025: 0.66 yuan - 2026: 0.72 yuan - 2027: 0.79 yuan [1][5]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 24 times [5]. - Price-to-Book (P/B) ratio for 2025 is projected at 3 times [5]. Market Performance - The company’s stock price has shown a significant increase, with a current price of 13.56 yuan, compared to a 12-month high of 15.58 yuan and a low of 8.56 yuan [2][5]. Product and Regional Performance - The hot pot base material revenue grew by 3.5% year-on-year, while the Chinese compound seasoning benefited from the food extract segment, achieving a 16.6% year-on-year growth [5]. - Revenue growth varied by region, with the southern region showing an 18.1% increase, while the northern region experienced a decline of 2.3% [5]. Conclusion - The report indicates a positive outlook for Tianwei Foods, with expectations of continued growth driven by strategic initiatives and market demand [5].

Group 1 - CIMC reported a net profit of RMB 29.72 billion for 2024, a year-on-year increase of 605.60% [1] - CIMC's revenue reached RMB 1,776.64 billion, up 39.01% from the previous year [1] - The container manufacturing segment generated revenue of RMB 622.05 billion, a 105.89% increase year-on-year [1] Group 2 - CIMC Vehicles reported revenue of RMB 209.98 billion, a decrease of 16.30% year-on-year [2] - Net profit for CIMC Vehicles fell to RMB 10.81 billion, down 55.83% compared to the previous year [2] - The decline in net profit was attributed to normalization of North American business and non-recurring gains from a previous equity disposal [2] Group 3 - SMIC's revenue for 2024 was RMB 57,795.6 million, an increase of 27.7% year-on-year [3] - The net profit for SMIC decreased by 23.3% to RMB 3,698.7 million [3] - The increase in revenue was driven by a rise in wafer sales volume, which increased by 36.7% [3] Group 4 - Haier Smart Home achieved a net profit of RMB 187.41 billion, a year-on-year increase of 12.92% [4] - The company reported revenue of RMB 2,859.81 billion, up 4.29% from the previous year [4] - The gross margin for Haier Smart Home was 27.8%, an increase of 0.3 percentage points from 2023 [4] Group 5 - CNOOC reported a net profit of RMB 137.94 billion for 2024, an increase of 11.4% year-on-year [6] - The company's revenue was RMB 420.51 billion, a slight increase of 0.9% from the previous year [6] - CNOOC's oil and gas production reached 199 million barrels of oil equivalent per day [6] Group 6 - CNOOC's oil liquid sales volume increased by 9.4% to 562.9 million barrels [7] - The average realized oil price was USD 76.75 per barrel, a decrease of approximately 1.6% [7] - The company achieved a reserve replacement rate of 167% with 11 new discoveries [7] Group 7 - China Merchants Securities reported a net profit of RMB 103.86 billion, an increase of 18.51% year-on-year [8] - The company achieved revenue of RMB 208.91 billion for the year [8] - Wealth management and institutional business contributed RMB 102.33 billion to the revenue [8] Group 8 - China Merchants Energy reported a net profit of RMB 51.07 billion for 2024 [9] - The company's revenue was RMB 257.99 billion, with a slight decrease of 0.32% [9] - The revenue decline was influenced by fluctuations in the oil tanker market [9] Group 9 - Industrial Bank achieved a net profit of RMB 772.05 billion, a year-on-year increase of 0.12% [11] - The bank's revenue was RMB 2,122.26 billion, up 0.66% from the previous year [11] - The non-performing loan ratio was 1.07%, indicating stable asset quality [11] Group 10 - Weichai Power reported a net profit of RMB 114.03 billion, a year-on-year increase of 26.51% [12] - The company's revenue reached RMB 2,156.9 billion, up 0.81% [12] - The sales of various engines totaled 734,000 units, with a 5% increase in exports [13] Group 11 - Lens Technology achieved a net profit of RMB 36.24 billion, a year-on-year increase of 19.94% [14] - The company reported revenue of RMB 698.97 billion, up 28.27% [14] - The smartphone and computer segments contributed significantly to revenue growth [14] Group 12 - Shandong Gold reported a net profit of RMB 29.52 billion, a year-on-year increase of 26.80% [15] - The company's revenue was RMB 825.18 billion, up 39.21% [15] Group 13 - Huadian International achieved a net profit of RMB 57.03 billion, a year-on-year increase of 26.11% [16] - The company's revenue was RMB 1,129.94 billion, a decrease of 3.57% [16] Group 14 - Postal Savings Bank reported a revenue of RMB 348.77 billion, a year-on-year increase of 1.83% [16] - The bank's net interest income was RMB 286.12 billion, up 1.53% [16] Group 15 - Joyoung reported a net profit of RMB 1.22 billion, a year-on-year decrease of 68.55% [17] - The company's revenue was RMB 8.85 billion, down 7.94% [17] Group 16 - Shanghai Pharmaceuticals achieved a net profit of RMB 45.53 billion, a year-on-year increase of 20.82% [18] - The company's revenue was RMB 2,752.51 billion, up 5.75% [18] Group 17 - CITIC Securities reported a net profit of RMB 72.23 billion, a year-on-year increase of 2.68% [19] - The company's revenue was RMB 211.29 billion, down 9.1% [19] Group 18 - Three squirrels plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] - The company aims to enhance global brand recognition and expand overseas financing capabilities [21] Group 19 - CIMC announced the termination of the spin-off of its subsidiary CIMC Tianda for listing on the Shenzhen Stock Exchange [22] - The decision was made for comprehensive considerations regarding business development and capital operation planning [22] Group 20 - CNOOC's subsidiary CIMC Tianda withdrew its IPO application [23] - The expected fundraising amount was RMB 1.41941 billion [23]

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 2024 年度募集资金存放与使用情况的专项核查意见 东兴证券股份有限公司(以下简称"东兴证券"或"保荐机构")作为四川 天味食品集团股份有限公司(以下简称"天味食品"或"公司")2020年度非公 开发行的保荐机构和持续督导机构，根据《证券发行上市保荐业务管理办法》 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号— —规范运作》等有关法律、法规和规范性文件的要求，对天味食品2024年度募 集资金存放与使用事项进行了审慎核查，具体核查情况如下： 一、募集资金基本情况 （一）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 ...

四川天味食品集团股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-111 | | 信永中和会计师事务所 北京市东城区朝阳门北大街 联系电话: +86 (010) 6554 2288 | | | | --- | --- | --- | | telephone: +86 (010) 6554 2288 | 8 号富华大厦 A 座 9 层 | | | ShineWing | 9/F, Block A, Fu Hua Mansion, | | | No.8, Chaoyangmen Beidajie, | | | | ...