Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

证券代码：603317 证券简称：天味食品 公告编号：2025-095 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 一、投资情况概述 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： 基本情况 | 投资金额 | 万元 9,000 | | --- | --- | | 投资种类 | 结构性存款 | | 资金来源 | 募集资金 | 已履行的审议程序 四川天味食品集团股份有限公司（以下简称"公司"）于 2025 年 3 月 4 日召 开第五届董事会第三十九次会议和第五届监事会第三十八次会议，并于 2025 年 3 月 20 日召开 2025 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 13 亿元（含）暂时闲置募集资 金进行现金管理，该额度可在 2025 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 2025 年 3 月 5 日刊载于《中国证券报》《上海证 券报》《证券时报》《证券日报》及上海证券交易所网站（ww ...

Core Points - The company has announced the repurchase and cancellation of 281,500 shares from the 2024 employee stock ownership plan due to the departure of 9 holders and 4 holders not meeting performance targets, at a price of 6.13 yuan per share [1][2] - Following the repurchase, the total number of shares will decrease from 1,064,996,294 to 1,064,714,794, and the registered capital will also reduce correspondingly [2] Group 1: Repurchase and Cancellation Details - The board of directors approved the repurchase and cancellation of shares during the sixth board meeting on August 27, 2025, and the second extraordinary shareholders' meeting on October 16, 2025 [1] - The repurchase is a result of personal reasons for some holders leaving and others not achieving performance targets [1] - The repurchase price is set at 6.13 yuan per share, totaling 1.72 million yuan for the 281,500 shares [1] Group 2: Notification to Creditors - The company is notifying creditors about the capital reduction due to the share repurchase, allowing them to claim debts or request guarantees within specified timeframes [3] - Creditors have 30 days from receiving the notice or 45 days from the announcement date to assert their rights [3] - Required documentation for creditors includes contracts and proof of debt relationships, with specific requirements for both corporate and individual creditors [3][4] Group 3: Shareholder Meeting Resolutions - The second extraordinary shareholders' meeting held on October 16, 2025, approved several key resolutions, including the issuance of H shares and the related listing on the Hong Kong Stock Exchange [6][10] - All resolutions were passed with the required majority, including the repurchase of shares from the employee stock ownership plan [12][13] - The meeting was attended by all board members, with some participating via video conference [9]

证券代码：603317 证券简称：天味食品 公告编号：2025-094 四川天味食品集团股份有限公司 关于回购注销 2024 年员工持股计划部分股份减资 暨通知债权人的公告 本 次 完 成 回 购 注 销 后 ， 公 司 股 份 总 数 将 由 1,064,996,294 股 减 少 为 1,064,714,794 股，公司注册资本也相应由 1,064,996,294 元减少为 1,064,714,794 元。最终的股本变动情况以中国证券登记结算有限责任公司上海分公司确认的数 据为准。 二、需债权人知晓的相关信息 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。 一、通知债权人的原由 四川天味食品集团股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第六届董事会第五次会议，并于 2025 年 10 月 16 日召开 2025 年第二次临 时股东会审议通过《关于回购注销 2024 年员工持股计划部分股份的议案》。鉴 于 2024 年员工持股计划中 9 名持有人因个人原因离职及 4 名持有人因业绩未完 全达标，其 ...

之 法律意见书 成都市高新区天府二街 269 号无国界 26 号楼 9 层 邮编：610000 国浩律师（成都）事务所 关于 四川天味食品集团股份有限公司 2025 年第二次临时股东会 Floor 9,Building 26,Boundary-Free Land Center,269 Tianfu 2 Street,Hi-Tech Zone,Chengdu, China 电话/Tel: +86 28 86119970 传真/Fax: +86 28 86119827 网址/Website: http://www.grandall.com.cn 国浩律师（成都）事务所 法律意见书 国浩律师（成都）事务所 关于四川天味食品集团股份有限公司 2025 年第二次临时股东会之法律意见书 致：四川天味食品集团股份有限公司 国浩律师（成都）事务所（以下简称"本所"）接受四川天味食品集团股份 有限公司（以下简称"公司"）的委托，指派刘小进律师、李伟律师（以下简称 "本所律师"）出席公司 2025 年第二次临时股东会（以下简称"本次股东会"或 "本次会议"），对本次股东会的合法性进行见证。本所律师根据《中华人民共 和国公司法》（ ...

证券代码：603317 证券简称：天味食品 公告编号：2025-093 四川天味食品集团股份有限公司 2025年第二次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 16 日 (二)股东会召开的地点：成都市双流区西航港街道腾飞一路 333 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 242 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 744,365,439 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.1104 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 表决方式符合《公司法》《公司章程》的规定，本次股东会由董事长邓文先 生主持。 (五)公司董事和董事会秘书的出席情况 审议结果：通过 ...

Market Overview - The seasoning and fermentation sector increased by 0.26% on October 16, with Qianhe Flavor Industry leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Qianhe Flavor Industry (603027) closed at 11.70, up 0.95% with a trading volume of 73,800 shares and a turnover of 85.97 million yuan [1] - Haitian Flavor Industry (603288) closed at 39.77, up 0.71% with a trading volume of 114,900 shares and a turnover of 456 million yuan [1] - Tianwei Food (603317) closed at 11.60, up 0.69% with a trading volume of 40,500 shares and a turnover of 46.85 million yuan [1] - Hengshun Vinegar (600305) closed at 8.11, up 0.37% with a trading volume of 88,800 shares and a turnover of 71.93 million yuan [1] - ST Jiajia (002650) closed at 6.97, up 0.29% with a trading volume of 80,000 shares and a turnover of 56.31 million yuan [1] - Other notable performances include Zhongju High-tech (600872) at 18.63, up 0.11%, and Jialong Co. (002495) at 2.64, down 1.12% [1] Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 97.25 million yuan from institutional investors, while retail investors saw a net inflow of 75.91 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow by Stock - Baoli Food (603170) had a net inflow of 3.31 million yuan from institutional investors, while retail investors saw a net outflow of 5.69 million yuan [3] - Qianhe Flavor Industry (603027) experienced a net inflow of 0.58 million yuan from institutional investors, but a net outflow of 3.64 million yuan from retail investors [3] - Haitian Flavor Industry (603288) had a net outflow of 1.02 million yuan from institutional investors, with retail investors contributing a net inflow of 0.56 million yuan [3] - Hengshun Vinegar (600305) faced a significant net outflow of 12.81 million yuan from institutional investors, while retail investors had a net inflow of 14.96 million yuan [3]

Core Insights - The seasoning and fermentation sector experienced a 0.9% increase on October 15, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 31.40, up 3.05% with a trading volume of 25,000 shares and a transaction value of 78.11 million yuan [1] - Baoli Food (603170) closed at 14.74, up 2.79% with a trading volume of 44,800 shares and a transaction value of 65.71 million yuan [1] - Anji Food (603696) closed at 12.27, up 2.34% with a trading volume of 98,000 shares [1] - Other notable stocks include: - Anding Yeast (600298) at 42.15, up 1.47% - Haitian Flavoring (603288) at 39.49, up 1.00% [1] Capital Flow - The seasoning and fermentation sector saw a net outflow of 67.73 million yuan from main funds, while retail funds experienced a net inflow of 89.51 million yuan [2] - Retail investors had a net outflow of 21.78 million yuan [2] Individual Stock Capital Flow - Anji Food (603696) had a main fund net inflow of 8.77 million yuan, while retail funds saw a net outflow of 5.08 million yuan [3] - Richen Co., Ltd. (603755) had a main fund net inflow of 5.47 million yuan, with retail funds experiencing a net outflow of 6.47 million yuan [3] - Haitian Flavoring (603288) had a main fund net inflow of 4.10 million yuan, while retail funds had a net outflow of 45.18 million yuan [3]

证券代码：603317 证券简称：天味食品 公告编号：2025-092 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到期赎回的公告 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： 基本情况 | 产品名称 | （四川）对公结构性存款 202509320 | | --- | --- | | 受托方名称 | 中国银行股份有限公司双流分行 | | 购买金额 | 9,000 万元 | | 产品期限 | 天 105 | | 特别风险提示（如有请勾选） | 其他：不适用 | 风险提示 本次公司投资理财产品为低风险投资产品，但金融市场受宏观经济、财政及 货币政策的影响较大，不排除该项投资可能受到市场波动的影响。 | 分行 | 司双流 | 有限公 | 行股份 | 中国银 | 名称 | | 受托方 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 理财 | 银行 | | | 类型 | | 产品 | | | 025/10/14 | 2025/07/0 ...

Core Viewpoint - The seasoning and fermentation sector experienced a decline of 0.6% on October 13, with Tianwei Food leading the drop. The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1]. Market Performance - The seasoning and fermentation sector's individual stock performance is summarized in the following table, highlighting the closing prices, percentage changes, trading volumes, and transaction amounts [1]. | Code | Name | Closing Price | Change (%) | Volume (hands) | Transaction Amount (CNY) | | --- | --- | --- | --- | --- | --- | | 600186 | Lianhua Holdings | 5.96 | 4.20% | 973,200 | 577 million | | 002650 | ST Jiajia | 6.81 | 2.41% | 113,800 | 76.59 million | | 920726 | Zhu Laoliu | 19.23 | 1.64% | 16,500 | 3.17 million | | 603696 | Anji Food | 12.00 | 0.93% | 74,800 | 89.40 million | | 600298 | Anzhi Yeast | 41.07 | 0.29% | 103,900 | 424 million | | 603755 | Richen Co. | 30.76 | -0.03% | 24,000 | 72.60 million | | 300908 | Shengjing Food | 29.00 | -0.58% | 90,529 | 26.22 million | | 600872 | Zhongju High-tech | 18.42 | -0.59% | 84,300 | 155 million | | 600305 | Hengshun Vinegar | 7.99 | -0.62% | 107,400 | 85.60 million | | 002495 | Jialong Co. | 2.64 | -0.75% | 220,000 | 57.50 million | [1] Capital Flow - On the same day, the seasoning and fermentation sector saw a net outflow of 76.08 million CNY from main funds, while retail funds experienced a net inflow of 81.47 million CNY. The overall net outflow from retail investors was 5.38 million CNY [2]. Individual Stock Capital Flow - The capital flow for individual stocks within the seasoning and fermentation sector is detailed in the following table, indicating the net inflows and outflows from main funds, retail funds, and the respective percentages [3]. | Code | Name | Main Fund Net Inflow (CNY) | Main Fund Net Ratio | Retail Fund Net Inflow (CNY) | Retail Fund Net Ratio | Retail Net Inflow (CNY) | Retail Net Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | 002495 | Jialong Co. | > 8.82 million | 15.34% | -3.62 million | -6.29% | -5.20 million | -9.05% | | 600186 | Lianhua Holdings | 7.19 million | 1.25% | -1.43 million | -0.25% | -5.76 million | -1.00% | | 002650 | ST Jiajia | 5.13 million | 6.69% | -1.99 million | -2.61% | -3.13 million | -4.09% | | 603170 | Baoli Food | -0.10 million | -0.29% | 2.44 million | 6.69% | -2.33 million | -6.40% | | 603317 | Tianwei Food | -1.20 million | -1.57% | -4.97 million | -6.50% | 6.16 million | 8.07% | | 603696 | Anji Food | -2.71 million | -3.03% | 0.84 million | 0.94% | 1.87 million | 2.09% | | 300908 | Zhongjing Food | -2.84 million | -10.82% | 1.11 million | 4.25% | 1.72 million | 6.57% | | 600305 | Hengshun Vinegar | -6.23 million | -7.28% | 5.49 million | 6.41% | 0.74 million | 0.87% | | 603027 | Qianhe Flavor | -7.97 million | -9.33% | 3.01 million | 3.52% | 4.96 million | 5.81% | | 600872 | Zhongju High-tech | -8.98 million | -5.80% | -0.54 million | -0.35% | 9.52 million | 6.15% | [3]