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 （一）现金管理目的 为提高募集资金的使用效率和收益，合理利用暂时闲置募集资金，在保证不 影响募集资金项目建设和募集资金正常使用的情况下，为公司和股东谋取较好的 投资回报。 （二）资金来源 本次现金管理的资金来源为公司及子公司暂时闲置的募集资金。 募集资金基本情况： 1 使用暂时闲置募集资金进行现金管理的核查意见 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"）非公开发行股票的保荐 机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》 《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》等有关规定的要求，对公司使用暂时闲置募集资金进行现金管 理的事项进行了审慎核查，具体核查情况及核查意见如下： 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，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 ...

证券代码：603317 证券简称：天味食品 公告编号：2026-008 已履行及拟履行的审议程序 四川天味食品集团股份有限公司（以下简称"公司"）于 2026 年 2 月 27 日召开第六届董事会第十二次会议，审议通过《关于使用暂时闲置自有资金 进行现金管理的议案》《关于使用暂时闲置募集资金进行现金管理的议案》。 该事项尚需提交公司 2026 年第二次临时股东会审议通过后方可生效。 特别风险提示 四川天味食品集团股份有限公司 关于使用暂时闲置自有资金及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： 基本情况 | 投资金额 28 | 亿元 | | --- | --- | | 投资种类 | 安全性高、流动性好的理财产品，包括但不限于银行存款类 | | | 产品、银行理财产品、固定收益类产品、国债逆回购、货币 | | | 市场基金、收益凭证、债券等。 | | 资金来源 | 自有资金 | | 投资金额 12 | 亿元 | | --- | --- | | 投资种类 | 券商收益凭证、结构性存 ...

重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2026 年 3 月 17 日 13 点 30 分 召开地点：成都市双流区西航港街道腾飞一路 333 号会议室 证券代码：603317 证券简称：天味食品 公告编号：2026-009 四川天味食品集团股份有限公司 关于召开2026年第二次临时股东会的通知 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。 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 3 月 17 日至2026 年 3 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 股东会召开日期：2026年3月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (一) 股东会类型和届次 2026年第二次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方 ...

四川天味食品集团股份有限公司 第六届董事会第十二次会议决议公告 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。 一、 董事会会议召开情况 四川天味食品集团股份有限公司（以下简称"公司"）第六届董事会第十二 次会议于 2026 年 2 月 27 日以通讯表决方式召开。会议通知于 2026 年 2 月 24 日以微信方式通知全体董事。会议应参加表决董事 8 人，实际参加表决董事 8 人。会议由董事长邓文先生召集和主持，公司董事会秘书列席会议。会议的召开 符合《中华人民共和国公司法》和《公司章程》的规定。 二、 董事会会议审议情况 (一)审议通过《关于使用暂时闲置自有资金进行现金管理的议案》 为提高公司及子公司自有资金的使用效率，在不影响日常经营的资金周转前 提下，公司及子公司拟对暂时闲置自有资金进行现金管理，自 2026 年第二次临 时股东会审议通过之日起 12 个月内使用不超过人民币 28 亿元（含）自有资金进 行现金管理，资金可在上述期限和额度内滚动使用。 具体内容详见上海证券交易所网站（www.sse.com.cn）及《中国 ...

Core Viewpoint - The company plans to utilize idle funds for cash management, subject to shareholder approval, to enhance liquidity and investment returns [1] Group 1: Company Actions - The company will hold its sixth board meeting on February 27, 2026, to review proposals for cash management using idle funds [1] - The company intends to use up to 2.8 billion yuan of idle self-owned funds and up to 1.2 billion yuan of idle raised funds for cash management [1] - The investment direction for idle self-owned funds includes high-safety, high-liquidity financial products such as bank deposits, bank wealth management products, fixed-income products, treasury reverse repos, money market funds, income certificates, and bonds [1] Group 2: Fund Management Strategy - Idle raised funds will be used to purchase safe and liquid principal-protected products such as broker income certificates, structured deposits, large-denomination certificates of deposit, and treasury reverse repos [1] - The usage period for these funds will be effective for 12 months from the date of approval at the second extraordinary general meeting of shareholders in 2026 [1] - The funds can be rolled over within the approved limits and will not affect the progress of investment projects or the company's normal production and operations [1]

Group 1 - The core viewpoint is that the Spring Festival serves as a peak season for dining consumption, with a clear recovery trend in restaurant consumption, laying a solid foundation for the upstream supply chain's recovery [1] - The Ministry of Commerce reported that during the Spring Festival holiday, the average daily sales of key retail and catering enterprises nationwide increased by 5.7% year-on-year, with foot traffic in 78 key pedestrian streets rising by 6.7% and sales increasing by 7.5%, indicating a strong recovery momentum in dining consumption [1][2] Group 2 - There is an explosive growth in demand for festive gatherings, with Meituan's New Year's Eve dinner reservations increasing by 105% year-on-year and Douyin's group purchase sales for New Year's Eve dinners rising by 185%, showcasing the vitality of consumer spending [2] - Jiangsu Province's dining revenue during the nine-day Spring Festival holiday reached 18.3 billion yuan, a year-on-year increase of 11.9%, reflecting a comprehensive recovery trend in dining consumption nationwide [2] Group 3 - The strong performance of downstream dining consumption is expected to transmit to the upstream supply chain, improving inventory and sales dynamics, with leading companies benefiting from scale, channels, and product advantages during the peak season [3] - Frozen foods and condiments are core categories in the dining supply chain that will benefit from the seasonal demand surge, with the recovery in dining scenes directly driving B-end product sales growth [3] Group 4 - The recovery logic is reinforced, with the service consumption sector, particularly dining and travel, expected to boost consumer confidence and enhance subsequent consumption willingness [4] - Continuous recovery in dining sales, coupled with an increase in store numbers and price adjustments to cater to mass consumption and market expansion, will drive sustained demand for dining-related products [4] Group 5 - Investment recommendations focus on core targets that combine alpha and beta resonance, highlighting companies such as Anjijia Food, Yihai International, and others that are well-positioned to benefit from the dining recovery [5]

Investment Rating - Industry rating: Recommended [5] Core Insights - The Spring Festival has shown a clear recovery in restaurant consumption, establishing a solid foundation for the upstream supply chain's revival [1] - The high demand during the Spring Festival has led to a significant increase in sales and customer traffic in key retail and dining sectors, indicating strong resilience in terminal demand [2] - The recovery logic is reinforced, with expectations for performance and valuation to resonate positively [4] Summary by Sections Event Overview - The Spring Festival is a peak season for dining consumption, with a notable recovery trend observed in 2026, supported by festive effects [1] Analysis and Judgment - National average daily sales for key retail and dining enterprises increased by 5.7% year-on-year during the Spring Festival, with customer traffic in 78 key pedestrian streets rising by 6.7% and revenue increasing by 7.5% [2] - The demand for festive gatherings surged, with Meituan's New Year's Eve dinner reservations up by 105% and Douyin's group purchases increasing by 185%, showcasing strong consumer vitality [2] - Jiangsu Province's dining revenue reached 18.3 billion yuan during the nine-day holiday, marking an 11.9% year-on-year growth, reflecting a nationwide recovery in dining consumption [2] Upstream Supply Chain Impact - The unexpected performance in downstream dining consumption is expected to positively impact the upstream supply chain, leading to improved inventory and sales [3] - Key categories such as frozen foods and condiments are set to benefit from the seasonal demand, with frozen food sales expected to rise due to the recovery in dining scenarios [3] - Leading companies in the industry are likely to strengthen their competitive barriers and improve profitability during the peak season [3] Recovery Logic and Valuation - The report maintains the core judgment that service consumption, particularly in dining and travel, will recover first, boosting consumer confidence and willingness to spend [4] - The ongoing recovery in dining sales, coupled with an increase in store numbers and a shift in pricing to cater to mass consumption, is expected to drive sustained demand growth [4][7] Investment Recommendations - Focus on core targets that exhibit both alpha and beta resonance: recommended companies include Anjijia Food, Yihai International, Guoquan, Qianwei Yangchu, Tianwei Food, and Haitian Flavoring [8] - Companies with high B-end business ratios are expected to benefit significantly from the dining recovery [8]

Group 1 - Industry Investment Rating: Buy [2] - Previous Rating: Buy [2] - Report Date: February 24, 2026 [2] Group 2 - Core Viewpoint: The report summarizes feedback from six liquor distributors across five provinces regarding the sales performance of liquor during the Spring Festival, indicating a narrowing decline in sales of famous liquor compared to the Mid-Autumn Festival. The C-end scenarios, such as banquets, performed well with an upgrade trend, while B-end scenarios are still recovering [6][9][14] - Feedback from Henan liquor distributors indicates that Moutai and Wuliangye are leading in sales, with Moutai's return rate exceeding 35% and Wuliangye's at 30%. There is a trend of consumers concentrating on famous liquor across different price ranges [6][9] - In Shandong, Fenjiu is performing well in the mid-range segment, with a reported sales growth of approximately 8% during the Spring Festival [10] - In Anhui, the wedding market showed strong performance, particularly in the 200 CNY price range, which is experiencing growth [11] - Jiangsu distributors reported a mixed performance, with strong sales at both ends of the market but weakness in the mid-range, indicating a systemic price-driven volume increase [13] - In Sichuan, overall sales volume is expected to decline by 8% and sales amount by 15%, with personal and gift consumption performing better than expected [13] Group 3 - Investment Recommendations: For liquor, the sector is expected to enter a new development cycle in 2026 after four years of adjustment. Key recommendations include Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, Guizhou Moutai, Jianshe Liquor, and Gujing Gongjiu. For consumer goods, the industry is expected to see a moderate price increase in 2026, with opportunities in new products and channels. Key recommendations include Anjoy Food, Lihua Food, Angel Yeast, Yanjing Beer, Qianhe Flavor Industry, Dongpeng Beverage, New Dairy, Guoquan, and Tianwei Food [14]

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Investment Rating - The industry investment rating is "Buy" indicating an expected performance that will exceed the market by more than 10% over the next 12 months [27]. Core Insights - The report highlights that the Chinese liquor market, particularly in Chengdu, is showing signs of recovery as the Spring Festival approaches, with increased sales velocity for major brands like Guojiao and Wuliangye [6][8]. - The seasoning market is also experiencing improved sales, with brands like Qianhe and Haitian gaining market share, and promotional activities increasing in supermarkets [11][12]. - The report suggests a positive outlook for the liquor sector in 2026, with recommendations for key stocks including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai among others [2][4]. Summary by Sections Chengdu Liquor Market Tracking - Sales velocity for Wuliangye and Guojiao has accelerated as the Spring Festival approaches, with Wuliangye's current batch price at 790 CNY per bottle and Guojiao at 850 CNY per bottle [7][9]. - Feedback from distributors indicates that inventory levels are healthy, with a focus on maintaining good stock levels to avoid excess [8][9]. Chengdu Seasoning Market Tracking - Soy sauce sales have improved year-on-year, with Qianhe and Haitian leading in market share, and promotional activities in supermarkets have increased significantly [11][12]. - The overall health of inventory levels in the seasoning market is noted, with major brands maintaining shorter inventory ages, indicating strong sales performance [11][15]. Investment Recommendations - For the liquor sector, the report recommends stocks such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, anticipating a new growth cycle starting in 2026 [2][4]. - In the consumer goods sector, companies like Anjuke Foods and Yanjing Beer are highlighted as having potential for outperforming the market due to new products and channels [2][4].