Investment Rating - The investment rating for Tianwei Foods is maintained at "Outperform" [1] Core Views - The company's Q1 2025 revenue and net profit were below expectations, with revenue at 640 million and net profit at 70 million, representing year-on-year declines of 24.8% and 57.5% respectively. This was attributed to factors such as early inventory stocking for the Spring Festival, channel inventory clearance, and slightly lower-than-expected demand recovery [2][3] - The gross margin for Q1 2025 decreased by 3.3 percentage points year-on-year to 40.7%, while the net profit margin fell by 8.56 percentage points year-on-year. This decline in profitability was mainly due to changes in product mix and increased expense ratios as a result of lower revenue [3] - The company is focusing on expanding its small B channel and has made acquisitions to enhance its market position. The expectation is that the synergies from these acquisitions will gradually be realized, supporting long-term growth [4] Financial Summary - For the fiscal years 2023 to 2027, the projected revenue growth rates are 17.0%, 10.4%, 10.6%, 14.2%, and 13.9% respectively, with net profit growth rates of 33.7%, 36.8%, 11.3%, 12.0%, and 12.4% [6] - The projected P/E ratios for 2025 to 2027 are 17.8, 15.9, and 14.1 respectively, indicating a decreasing trend in valuation multiples over the forecast period [6][11] - The company’s total assets are expected to grow from 5,274 million in 2023 to 7,943 million in 2027, reflecting a robust growth trajectory [10]

●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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance was below expectations, with revenue of 642 million yuan, a year-on-year decrease of 24.8%, and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [7] - The decline in revenue across various product categories is attributed to pre-holiday inventory buildup and proactive inventory clearance by the company [7] - Online sales showed strong growth, with a year-on-year increase of 54%, while offline sales decreased by 39.5% [7] - The company has expanded its distributor network, adding 98 new distributors by the end of Q1 2025 [7] - The company's gross margin decreased by 3.3 percentage points year-on-year, indicating pressure on profitability due to fixed costs amidst declining revenue [7] - The company anticipates a gradual improvement in performance moving forward, supported by healthy channel inventory levels [7] Financial Summary - Revenue projections for 2025-2027 have been adjusted to 3.66 billion yuan, 4.02 billion yuan, and 4.44 billion yuan, respectively, reflecting year-on-year growth rates of 5%, 10%, and 11% [7] - Net profit forecasts for the same period have been revised to 626 million yuan, 706 million yuan, and 798 million yuan, with year-on-year growth rates of 0.3%, 12.72%, and 12.94% [7] - The company's P/E ratios for 2025-2027 are projected to be 20x, 18x, and 16x, respectively [7]

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].

Financial Performance - The company's operating revenue for 2024 reached CNY 3,476,251,642.23, representing a 10.41% increase compared to CNY 3,148,561,102.73 in 2023[21]. - The net profit attributable to shareholders for 2024 was CNY 624,635,066.00, a significant increase of 36.77% from CNY 456,697,459.03 in 2023[21]. - The net profit after deducting non-recurring gains and losses was CNY 566,128,976.88, up 40.00% from CNY 404,371,618.92 in the previous year[21]. - Cash flow from operating activities for 2024 was CNY 820,343,767.29, reflecting a 36.13% increase from CNY 602,633,193.74 in 2023[21]. - The total assets at the end of 2024 amounted to CNY 4,572,235,268.39, a 5.67% increase from CNY 4,327,039,744.56 at the end of 2023[22]. - The company achieved operating revenue of 3.476 billion yuan, a year-on-year increase of 10.41%[33]. - Net profit attributable to shareholders reached 625 million yuan, reflecting a year-on-year growth of 36.77%[33]. - Basic earnings per share increased to 0.5926 yuan, up 36.26% from the previous year[23]. - Diluted earnings per share rose to 0.5885 yuan, marking a 36.64% increase compared to last year[23]. - The weighted average return on equity improved to 14.43%, an increase of 3.44 percentage points year-on-year[23]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 5.5 per 10 shares, totaling CNY 609,751,994.08, which accounts for 97.62% of the net profit attributable to shareholders[5]. - The total cash dividend amount (including tax) is 609,751,994.08 RMB, representing 97.62% of the net profit attributable to ordinary shareholders[128]. - The cash dividend amount accounts for 93.59% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is 624,635,066 RMB[128]. Risk Management and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company has outlined potential risks in its future development discussions, emphasizing the importance of investor awareness[8]. - The company has implemented a risk management system covering the entire supply chain, ensuring food safety from raw material procurement to product delivery[47]. - The company adheres to strict governance structures and complies with relevant laws and regulations, ensuring clear responsibilities and checks among its governing bodies[94]. - The company has implemented measures to protect the rights of shareholders, particularly minority shareholders, ensuring they can fully exercise their voting rights[94]. - The company has no significant changes in the composition of R&D personnel that would impact future development[64]. - The company has not reported any violations regarding guarantees during the reporting period[156]. Strategic Initiatives - The company focused on cost reduction and efficiency enhancement through supply chain optimization and digital upgrades[34]. - The marketing strategy includes a diversified approach, strengthening both online and offline channels while enhancing B-end channel exploration[34]. - The company aims to optimize supply chain costs and enhance operational efficiency to improve profitability in the B-end catering customization business, despite current profit margins being significantly lower than the company average[35]. - A strategic alliance with offline distributors is being established to enhance market operations and service capabilities, focusing on local ingredient connections and community fresh food[35]. - The company is building a comprehensive digital marketing system across four core areas: content e-commerce, platform e-commerce, community e-commerce, and online distribution, to achieve precise user engagement[35]. - The company is implementing a systematic innovation framework that integrates product, process, raw materials, technology, and flavor monitoring to enhance product development and flavor advantages[36]. - The company is enhancing its quality management system (QMS) through data-driven approaches to improve quality control efficiency and customer satisfaction[37]. - The company is investing in digital capabilities, including a smart profit-sharing system, flexible manufacturing models, and upgraded ERP systems to enhance operational efficiency[38]. Research and Development - The total R&D expenditure for the period was CNY 35,860,639.70, accounting for 1.03% of operating revenue[63]. - The company employed 163 R&D personnel, representing 5.46% of the total workforce[64]. - The company has applied for a total of 175 national patents, including 65 invention patents, with 27 authorized[48]. Market Trends and Consumer Behavior - The compound seasoning market is expected to grow significantly due to increasing consumer demand for convenience and health, with substantial room for market penetration[39]. - The company focuses on over 100 varieties of compound seasonings, including hot pot seasonings and Chinese dish seasonings, catering to both household and catering needs[40]. - Product innovation is accelerating, with a shift towards healthier and younger product structures, as consumers increasingly prioritize taste and quality over price[84]. - The rise of digital consumption is reshaping the industry’s online and offline channels, leading to a new retail system where online channels are gaining a larger share[85]. Corporate Governance - The company has a designated board secretary responsible for information disclosure, ensuring timely and accurate communication with all shareholders[95]. - The company has approved several resolutions in its recent shareholder meetings, including cash management proposals and financial reports for 2023[97]. - The company plans to continue enhancing its governance level and competitiveness to provide better returns to investors[96]. - The company has independent directors serving in various capacities, including positions at Sichuan Education Audit Society and Yibin Wuliangye Xianlin Distillery[101]. - The company has a total of 12 board members, with a diverse range of professional backgrounds[100]. Environmental Responsibility - The company has been certified under the ISO 14001 environmental management system, with the latest certification valid until June 2025[146]. - The company’s noise levels at the factory boundary were compliant with the industrial noise emission standards, with nighttime values between 47.4 and 51 dB(A)[145]. - The company’s waste management practices involve qualified units for the treatment and recycling of solid waste[145]. - The company has prepared emergency response plans for environmental incidents, with the latest plan filed in December 2024, indicating a general environmental risk level for its subsidiaries[147]. - The company has invested 3.3065 million yuan in environmental protection during the reporting period[141]. Financial Products and Investments - The company has invested a total of 5,949,800,000 RMB in bank wealth management products from its own funds, with an outstanding balance of 1,252,200,000 RMB[161]. - The company has also invested 4,100,600,000 RMB in bank wealth management products using raised funds, with an outstanding balance of 1,140,000,000 RMB[161]. - The company is focusing on expanding its financial product offerings to enhance revenue streams[168]. - The financial products are linked to various currencies, including USD and EUR, indicating a diversified approach to funding[169]. - The company is actively managing its financial strategies to optimize returns on its financial products[168]. Shareholder Information - The total number of shares held by the board members at the end of the reporting period was 72,236.69 million shares, a decrease of 9.10 million shares compared to the beginning of the year[99]. - The total pre-tax remuneration received by the board members during the reporting period amounted to 990.17 million yuan[99]. - The chairman and president, Deng Wen, held 62,730.30 million shares, with no change in shareholding during the year[99]. - The vice chairman, Tang Lu, held 8,953.94 million shares, also with no change in shareholding[99]. - The company has a total of 318,500 restricted shares remaining at the end of the reporting period[196].