证券代码：603317 证券简称：天味食品 公告编号：2025-086 四川天味食品集团股份有限公司 关于修订《公司章程》《董事会议事规则》 并修订于 H 股发行上市后生效的《公司章程（草案）》 及部分公司治理制度（草案）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。 四川天味食品集团股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召开第六届董事会第七次会议，审议通过《关于修订<公司章程>及<董事会议 事规则>的议案》《关于修订于 H 股发行上市后生效的<公司章程（草案）>及部 分公司治理制度（草案）的议案》，现将具体内容公告如下： 一、现行《公司章程》及《董事会议事规则》修订情况 （一）注册资本的变更情况 根据公司第六届董事会第五次会议审议通过的《关于回购注销 2024 年员工 持股计划部分股份的议案》，公司拟将 2024 年员工持股计划中 13 名持有人尚未 解锁份额对应的 28.15 万股股票回购注销。 本 次 完 成 回 购 注 销 后 ， 公 司 股 份 总 数 将 由 1,064,996, ...

2025 年第二次临时股东会 会议资料 四川天味食品集团股份有限公司 证券代码：603317 2025 年 10 月 16 日 | 一、2025 | 年第二次临时股东会会议须知 3 | | | --- | --- | --- | | 二、2025 | 年第二次临时股东会议程 4 | | | 议案 | 1、关于公司发行 股股票并在香港联合交易所有限公司上市的议案 H 6 | | | 议案 | 2、关于公司发行 H 股股票并在香港联合交易所有限公司上市方案的议案 7 | | | 议案 | 3、关于公司发行 H 股股票募集资金使用计划的议案 | 10 | | 议案 | 4、关于公司转为境外募集股份有限公司的议案 11 | | | 议案 | 5、关于提请股东会授权董事会及其授权人士全权办理公司发行 H 股并上市相关事 | | | | 宜的议案 12 | | | 议案 | 6、关于公司发行 H 股股票前滚存利润分配方案的议案 | 19 | | 议案 | 7、关于回购注销 2024 年员工持股计划部分股份的议案 20 | | | 议案 | 8、关于修订《公司章程》及《董事会议事规则》的议案 | 21 | | 议案 | 股 ...

Core Viewpoint - The company Tianwei Foods plans to issue shares overseas (H-shares) and list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company aims to expand its capital base through the issuance of H-shares [1] - Listing on the Hong Kong Stock Exchange is expected to enhance the company's visibility and access to international investors [1] - This move is part of the company's broader strategy to strengthen its market position and support future growth initiatives [1]

Core Insights - The seasoning and fermentation sector saw a 0.56% increase on September 26, with Angel Yeast leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Angel Yeast (600298) closed at 40.54, up 2.37% with a trading volume of 128,000 shares and a turnover of 520 million yuan [1] - Anji Food (603696) closed at 12.01, up 1.78% with a trading volume of 94,400 shares and a turnover of 113 million yuan [1] - Qianhe Flavor (603027) closed at 11.32, up 0.89% with a trading volume of 81,100 shares and a turnover of 91.29 million yuan [1] - Haitian Flavor (603288) closed at 38.80, up 0.52% with a trading volume of 135,000 shares and a turnover of 522 million yuan [1] - Other notable stocks include Jialong Co. (002495) at 2.60, up 0.39%, and Hengshun Vinegar (600305) at 7.86, up 0.26% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 13.39 million yuan from institutional investors, while retail investors saw a net outflow of 47.95 million yuan [2] - Conversely, speculative funds recorded a net inflow of 61.34 million yuan [2] Individual Stock Capital Flow - Angel Yeast (600298) had a net inflow of 10.98 million yuan from institutional investors, while retail investors experienced a net outflow of 43.58 million yuan [3] - Qianhe Flavor (603027) saw a net inflow of 10.51 million yuan from institutional investors, with retail investors also experiencing a net outflow of 4.44 million yuan [3] - Other stocks like Hengshun Vinegar (600305) and Haitian Flavor (603288) also showed varied capital flows, with net inflows and outflows from different investor types [3]

Core Viewpoint - The seasoning and fermentation products sector experienced a decline of 1.19% on September 24, with XD Haitian leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] - The main funds in the seasoning and fermentation products sector saw a net outflow of 94.34 million yuan, while retail investors had a net inflow of 122 million yuan [2] Group 2: Individual Stock Performance - The top-performing stocks in the sector included: - Richen Co., Ltd. (603755) with a closing price of 31.57, up 2.87% and a trading volume of 26,100 lots [1] - Baoli Food (603170) closed at 14.48, up 2.40% with a trading volume of 39,000 lots [1] - Jialong Co., Ltd. (002495) closed at 2.61, up 1.16% with a trading volume of 182,200 lots [1] - XD Haitian (603288) closed at 38.80, down 0.61% with a trading volume of 136,900 lots [2] - Other notable stocks included: - Anji Food (603696) closed at 11.92, up 0.25% with a trading volume of 66,300 lots [2] - Zhongjing Food (300908) closed at 29.68, up 0.44% with a trading volume of 13,600 lots [2]

在调味品行业竞争日益激烈的背景下，天味食品能否通过产品创新、渠道优化和国际化布局实现持续增长，市场正拭目以待。 注：本文结合AI 作为天味食品传统优势品类的火锅调料，上半年销售面临明显压力。这一核心产品线的下滑直接影响了公司整体业绩表现。与此同时，中式菜品调料虽然保持了一定增长，但增速较为有限。 区域市场呈现不均衡发展态势。东部地区市场表现相对较好，而西部和中部这两个核心市场却出现下滑情况。这种区域表现分化表明天味食品在不同市场的竞争力存在差异，未来需要采取更具针 线上渠道成为天味食品上半年业绩中的一个亮点。通过收购食萃和加点滋味等线上优势品牌，公司线上销售实现显著增长。然而，这些新业务与公司主业的整合效果以及其盈利能力仍有待提升。 多元化转型的机遇与挑战 面对主营业务增长放缓的压力，天味食品正通过多元化布局寻找新的增长点。公司近年来先后收购了多家调味品企业股份，逐步完善产品矩阵。 国际化战略是天味食品破解增长瓶颈的又一重要举措。公司正在筹划港股上市，旨在为海外市场拓展提供资本支持。目前，天味食品产品已销往多个国家和地区，公司也启动了国际食品安全标准 行业竞争态势日趋激烈。随着复合调味品市场潜力不断显现，越来 ...

区域市场呈现不均衡发展态势。东部地区市场表现相对较好，而西部和中部这两个核心市场却出现下滑 情况。这种区域表现分化表明天味食品在不同市场的竞争力存在差异，未来需要采取更具针对性的市场 策略。 线上渠道成为天味食品上半年业绩中的一个亮点。通过收购食萃和加点滋味等线上优势品牌，公司线上 销售实现显著增长。然而，这些新业务与公司主业的整合效果以及其盈利能力仍有待提升。 多元化转型的机遇与挑战 2025年上半年，天味食品业绩呈现下滑态势。公司上半年营业收入约 13.91 亿元，同比减少 5.24%；归 属于上市公司股东的净利润约 1.9 亿元，同比降幅进一步扩大至 23.01%，业绩承压态势明显。公司两 大核心产品——火锅调料和中式菜品调料增长乏力，主要销售区域市场表现疲软。 面对国内市场的增长瓶颈，公司正积极寻求多元化发展路径，包括并购整合与筹划港股上市，以开拓海 外市场空间。 核心产品承压，区域市场表现分化 作为天味食品传统优势品类的火锅调料，上半年销售面临明显压力。这一核心产品线的下滑直接影响了 公司整体业绩表现。与此同时，中式菜品调料虽然保持了一定增长，但增速较为有限。 国际化战略是天味食品破解增长瓶颈的又一 ...

Market Overview - The seasoning and fermentation sector saw a slight increase of 0.04% on September 19, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 30.75, up 3.33% with a trading volume of 50,500 shares and a turnover of 152 million yuan [1] - ST Jiajia (002650) closed at 6.49, up 1.41% with a trading volume of 57,400 shares and a turnover of 37.19 million yuan [1] - Tianwei Food (603317) closed at 11.72, up 0.69% with a trading volume of 41,100 shares and a turnover of 47.95 million yuan [1] - Other notable stocks include Zhongju Gaoxin (600872) at 18.80, up 0.59%, and Anqi Yeast (600298) at 39.63, up 0.35% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 98.62 million yuan from institutional investors, while retail investors saw a net inflow of 7.02 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Anqi Yeast (600298) had a net inflow of 7.01 million yuan from institutional investors, but a net outflow of 30.54 million yuan from retail investors [3] - Richen Co., Ltd. (603755) saw a net inflow of 5.98 million yuan from institutional investors and a net outflow of 13.68 million yuan from retail investors [3] - Jiagang Co., Ltd. (002495) had a net inflow of 5.39 million yuan from retail investors, despite a net outflow from institutional investors [3]

Investment Rating - The report provides a positive investment rating for the low-alcohol and beverage sectors, recommending specific companies based on their performance and market positioning [2]. Core Insights - The report emphasizes the structural recovery in the consumer goods sector, highlighting the importance of channel dynamics and product innovation in driving growth [2][25]. - It identifies key players in the beer segment, such as Yanjing Beer and Zhujiang Beer, which are expected to outperform due to their strong regional presence and operational efficiency [2][11]. - The report also notes the challenges faced by the seasoning and food supply sectors, particularly due to weak downstream demand, but suggests potential for recovery as the restaurant industry stabilizes [2][26]. Summary by Sections Beer Sector - The beer sector experienced a revenue of 41.73 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [7]. - Major companies like Qingdao Beer and China Resources Beer showed mixed performance, with Qingdao Beer achieving a revenue increase of 1.9% [11][12]. - The report highlights the impact of channel structure on revenue performance, with companies like Yanjing and Zhujiang benefiting from a higher proportion of non-immediate sales channels [11][12]. Yellow Wine Sector - The yellow wine sector reported a revenue of 1.93 billion yuan in the first half of 2025, reflecting a year-on-year growth of 3.4% [26]. - Kuaijishan, a leading player, achieved a double-digit growth rate of 11% in the same period, driven by its high-end and youth-oriented strategies [26][27]. - The report indicates a trend of market share concentration among leading companies, with Kuaijishan and Guyue Longshan capturing a larger portion of the market [31]. Seasoning and Food Supply Sector - The seasoning and food supply sector faced revenue pressure due to weak restaurant demand, but companies that successfully launched new products or expanded channels showed resilience [2][26]. - The report suggests that a recovery in restaurant demand could lead to increased supply chain needs, benefiting leading companies in the sector [2][26]. Beverage Sector - The beverage sector is highlighted for its high growth potential, particularly for companies like Dongpeng Beverage, which is expanding its national presence [2]. - The report recommends focusing on companies that are effectively navigating the competitive landscape and capitalizing on emerging consumer trends [2][26].

Market Overview - The seasoning and fermentation sector experienced a decline of 0.37% on September 17, with ST Jia Jia leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Key stocks in the seasoning and fermentation sector showed mixed results, with notable declines in several companies: - ST Jia Jia (002650) closed at 6.53, down 4.39% with a trading volume of 114,000 shares and a turnover of 75.18 million yuan [2] - Anji Food (603696) closed at 12.41, down 3.87% with a trading volume of 152,800 shares and a turnover of 192 million yuan [2] - Other notable declines include: - Day Chen Co. (603755) down 1.40% - Jialong Co. (002495) down 1.37% [2] Capital Flow Analysis - The seasoning and fermentation sector saw a net outflow of 228 million yuan from institutional investors, while retail investors contributed a net inflow of 180 million yuan [2] - The following stocks had significant capital flow changes: - Tianwei Food (603317) had a net inflow of 5.51 million yuan from institutional investors, but a net outflow of 6.63 million yuan from retail investors [3] - ST Jia Jia (002650) experienced a net outflow of 12.21 million yuan from institutional investors, while retail investors contributed a net inflow of 9.33 million yuan [3] - Fuling Pickles (002507) had a net outflow of 17.49 million yuan from institutional investors, with a net inflow of 19.78 million yuan from retail investors [3]