证券代码：603517 证券简称：绝味食品 公告编号：2024-060 绝味食品股份有限公司 关于以集中竞价交易方式回购公司股份比例达到 2% 的进展公告 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： | 回购方案首次披露日 | 2024/2/5 | | --- | --- | | 回购方案实施期限 | 2024年第一次临时股东大会审议通过后12个月内 | | 预计回购金额 | 万元~30,000 万元 20,000 | | 回购用途 | 减少注册资本 | | 累计已回购股数 | 1,283.4412 万股 | | 累计已回购股数占总股本比例 | 2.0703% | | 累计已回购金额 | 18,698.0421 万元 | | 实际回购价格区间 | 12.29 元/股~22.51 元/股 | 一、 回购股份的基本情况 公司分别于 2024 年 2 月 4 日、2024 年 2 月 21 日召开第五届董事会第十五次 会议、2024 年第一次临时股东大会审议通过了《关于以集中竞价交易方式回购公 司股份的方案》， ...

金额：万元 序 号 理财产品类型 实际投入 金额 实际收回 本金 到期日 实际收益 尚未收回 本金金额 1 保本浮动收益 型结构性存款 10,000.00 10,000.00 2023-8-29 67.81 - 2 保本浮动收益 型结构性存款 10,000.00 10,000.00 2023-10-18 19.73 - 3 保本浮动收益 型结构性存款 20,000.00 20,000.00 2023-11-15 130.00 - 4 保本浮动收益 型结构性存款 10,000.00 10,000.00 2023-11-29 25.89 - 5 保本浮动收益 型结构性存款 20,000.00 20,000.00 2023-11-30 124.66 - 6 保本浮动收益 型结构性存款 20,000.00 20,000.00 2023-12-23 42.50 - 7 保本浮动收益 型结构性存款 10,000.00 10,000.00 2024-1-31 63.01 - 8 保本浮动收益 型结构性存款 15,000.00 15,000.00 2024-4-16 93.75 - 9 保本浮动收益 型结构性存款 5,000 ...

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 和完整性承担个别及连带责任。 绝味食品股份有限公司（以下简称"公司"）于2024年8月15日收到中国证券 监督管理委员会（以下简称"中国证监会"）下发的《立案告知书》（编号：证监 立案字0132024009号）。因公司涉嫌信息披露违法违规，根据《中华人民共和国 证券法》《中华人民共和国行政处罚法》等法律法规，2024年6月7日，中国证监 会决定对公司立案。 目前，公司各项生产经营活动正常开展。立案调查期间，公司将积极配合中 国证监会的调查工作，并严格按照相关法律法规的规定和监管要求，及时履行信 息披露义务。 证券代码：603517 证券简称：绝味食品 公告编号：2024-058 绝味食品股份有限公司 关于收到中国证券监督管理委员会立案告知书的公告 公司指定的信息披露媒体为《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（www.sse.com.cn），有关本公司的信息以本公司 在上述指定媒体刊登的公告为准。敬请广大投资者注意投资风险。 特此公告。 绝味食品股份有限公司 董 事 ...

一、 回购股份的基本情况 公司分别于 2024 年 2 月 4 日、2024 年 2 月 21 日召开第五届董事会第十五次 会议、2024 年第一次临时股东大会审议通过了《关于以集中竞价交易方式回购公 司股份的方案》，同意公司以自有资金通过集中竞价交易方式回购公司股份，用于 减少公司注册资本。本次回购的资金总额不低于人民币 20,000 万元（含）且不超 过人民币 30,000 万元（含），回购价格不超过人民币 35.00 元/股（含），回购期限 为自公司 2024 年第一次临时股东大会审议通过回购股份方案之日起 12 个月内。 具体内容详见公司于 2024 年 2 月 22 日在上海证券交易所网站（www.sse.com.cn） 披露的《绝味食品股份有限公司关于以集中竞价交易方式回购公司股份的回购报 告书》（公告编号：2024-016）。 二、 回购股份的进展情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关 规定，公司应在每个月的前 3 个交易日内公告截至上月末的回购进展情况。现将 公司本次回购股份进展情况公告如下： 证券代码：603517 证券简称：绝味食品 公告编号：2024 ...

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for the next 6 months with expected investment returns leading the CSI 300 Index by more than 15% [22][53] Core Views - The company is expected to benefit from brand renewal and marketing activities, including the appointment of a new global brand ambassador and Olympic-related promotions, which are likely to boost sales in the short term [9][47] - The company's strategy for 2024 focuses on optimizing store operations and improving single-store performance, shifting from rapid expansion to a more refined approach [21] - Long-term growth is supported by the company's efforts to build a "food ecosystem" through new projects and investments in the food and beverage sector [21] Financial Data and Valuation - The company's revenue is projected to grow from 7.236 billion yuan in 2024 to 8.902 billion yuan in 2026, with a CAGR of 10.4% and 11.4% for 2025 and 2026, respectively [22][52] - Net profit attributable to the parent company is expected to increase from 649 million yuan in 2024 to 910 million yuan in 2026, with growth rates of 19% and 18% for 2025 and 2026, respectively [22][52] - The company's PE ratio is forecasted to decline from 14x in 2024 to 10x in 2026, indicating a relatively low valuation compared to historical levels [14][22] Business Breakdown - The company's main business, leisure braised food sales, is expected to grow at a CAGR of 9.1% and 10% in 2025 and 2026, respectively, driven by store optimization and improved single-store performance [48] - Franchise management revenue is projected to grow at a CAGR of 4.9% and 5.8% in 2025 and 2026, respectively, with a slight decline in 2024 due to store adjustments [11] - Other main businesses, including modern agriculture and supply chain services, are expected to grow at a CAGR of 20% in both 2025 and 2026 [36] Comparable Company Valuation - The company's valuation is relatively low compared to peers, with a 2024 PE ratio of 14x, lower than the average of 18x for comparable companies [14][28] - The company's PE ratio is at the 5th percentile of its historical range since 2017, indicating a historically low valuation [14] Profitability and Growth - The company's gross margin is expected to improve from 24.8% in 2023 to 29% in 2026, driven by cost control and scale effects [48][52] - Net profit margin is projected to increase from 4.7% in 2023 to 10.2% in 2026, reflecting improved operational efficiency [52] - ROE is expected to rise from 4.6% in 2023 to 10.9% in 2026, indicating stronger profitability and capital utilization [52]

Investment Rating - The report maintains a "Buy" rating for Juewei Food (603517 SH) despite short-term consumption pressures [4][105] Core Views - The optional food industry has entered a deceleration phase with most categories growing at single-digit rates except for nuts, meat, and aquatic products [2] - Juewei Food's long-term development logic remains positive, with adjustments made to net profit forecasts for 2024-2026 to 647/841/933 million yuan (down 23%/14%/19% respectively) [105] - The leisure braised food industry still has strong vitality, with the key being adaptation to channel changes [105] Industry Analysis Optional Food Market Trends - From 2012 to 2022, most optional food categories experienced a slowdown in growth, with only a few like chips and puffed snacks maintaining growth [2] - Instant noodles have shown resilience, with demand recovering to 98% of historical highs by 2022 due to product innovation and diversified marketing [188] - The jelly market faced a significant downturn after the "toxic gelatin" incident in 2014, but new brands like ZUO and Meidong have revitalized the category by targeting younger consumers [30][191] Japanese Market Insights - Japan's "chushoku" (mid-meal) market has grown steadily for 30 years, driven by aging populations and convenience-seeking behaviors [199] - Hotland, a leading Japanese takoyaki brand, has maintained sustainable same-store sales growth through data-driven strategies and IP collaborations [62][105] - Hotland's success is attributed to strong upstream control, exclusive cooking equipment, and multi-format expansion [220][222][225] Company Analysis Juewei Food's Positioning - Juewei Food's core products, such as duck necks and chicken feet, have strong market positions due to their unique attributes like bone-removal and addictive spiciness [169] - The company is actively adapting to channel changes, including online platforms like Douyin and snack retail chains [105][177] Hotland's Strategies and Implications - Hotland emphasizes data analysis for product development, marketing, and store expansion, leading to consistent same-store sales growth [62][220] - The company has diversified its product offerings and expanded into new formats like highball bars and frozen takoyaki for home consumption [225][93] - Hotland's IP collaborations, such as with "Demon Slayer," have significantly boosted brand visibility and sales [96] Financial Projections - Juewei Food's revenue is projected to grow from 6 623 million yuan in 2022 to 8 362 million yuan in 2026, with net profit increasing from 233 million yuan to 933 million yuan [142][105] - The company's PE ratio is expected to decrease from 40x in 2022 to 10x in 2026, reflecting improved profitability and market confidence [142][105]

Investment Rating - The report gives a "Buy" rating for the company, considering its strong brand influence, high market recognition, and advantages in store count and production capacity [4] Core Views - The company is expected to achieve EPS of 1.23, 1.42, and 1.60 yuan for 2024-2026, with corresponding P/E ratios of 12X, 10X, and 9X, which are lower than the industry average [4] - The company's revenue is projected to grow steadily, with 2024-2026 revenue estimated at 7.904, 8.514, and 9.097 billion yuan, respectively, with a CAGR of 8.85%, 7.71%, and 6.86% [5] - Net profit attributable to the parent company is expected to be 765.12, 877.83, and 993.93 million yuan for 2024-2026, with a CAGR of 14.73% and 13.23% [5] Industry Overview - The Chinese braised food market is expanding, with the market size expected to grow from 233 billion yuan in 2018 to 405.1 billion yuan in 2023, maintaining a steady growth rate of 9%-15% [3] - The industry is highly fragmented, with the top player, Juewei Food, holding a market share of only 5.39% in 2020, indicating significant room for growth for leading companies [3] Company Overview - The company has a stable and concentrated equity structure, with major shareholders including Shanghai Jucheng, Shanghai Huigong, Shanghai Chengguang, and Shanghai Fubo, holding 32.94%, 7.80%, 2.67%, and 2.44% of the shares, respectively [23] - The company has implemented equity incentive plans to motivate employees, with 847,800 stock options granted in 2022, covering 178 key employees, including 2 executives and 176 core staff [24] Business Strategy - The company follows a "land grab" strategy, rapidly expanding its store network, with the number of stores increasing from 1,000 in 2008 to 5,000 in 2013 [28] - The company is focusing on improving single-store revenue while maintaining steady store expansion, with the total number of stores reaching 15,950 in 2023, a net increase of 874 stores [80] Financial Performance - In 2023, the company achieved revenue of 7.261 billion yuan, a year-on-year increase of 9.64%, and net profit attributable to the parent company of 344.31 million yuan, a year-on-year increase of 46.63% [5] - The company's gross margin was 24.77% in 2023, down 0.80 percentage points year-on-year, mainly due to rising raw material costs, but is expected to improve in 2024 [67] Market Expansion - The company is actively expanding into lower-tier cities, with about 60% of its stores located in first- and second-tier cities, leaving significant room for growth in third- and fourth-tier cities [31] - The company has established 22 production bases (including 3 under construction), each covering a radius of 300-500 kilometers, ensuring efficient supply chain management [118] Product and Brand Strategy - The company's main revenue comes from fresh food products, with poultry products accounting for 72.71% of fresh food revenue in 2023 [84] - The company is targeting the "Z generation" as its main customer base, launching various flavored products and collaborating with popular IPs to attract younger consumers [122] Competitive Landscape - The braised food industry is highly fragmented, with the top three companies holding only 3.66% of the market share in 2020, indicating significant room for consolidation [172] - The company's main competitors include Zhou Hei Ya and Huang Shang Huang in the leisure braised food segment, and Zi Yan Food in the meal braised food segment [162]

证券代码：603517 证券简称：绝味食品 公告编号：2024-056 绝味食品股份有限公司 关于使用闲置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 和完整性承担个别及连带责任。 重要内容提示： 履行的审议程序：绝味食品股份有限公司（以下简称"公司"）于2024 年4月29日召开第五届董事会第二十次会议，2024年5月21日召开的公司2023 年度股东大会，审议通过了《关于使用部分暂时闲置募集资金进行现金管理 的议案》，同意公司全资子公司合计使用最高额度不超过人民币30,000.00万 元（含30,000.00万元）的暂时闲置募集资金进行现金管理，用于购买安全性 高、流动性好的结构化存款或保本型短期理财产品，使用期限为自公司2023 年度股东大会审议通过之日起12个月内，在上述额度及期限内，可循环滚动 使用。公司独立董事、监事会和保荐机构对该议案发表了同意意见。具体内 容详见公司于2024年4月30日披露的2024-035号《绝味食品股份有限公司关于 使用部分暂时闲置募集资金进行现金管理的公告》。 委托理财受托方：中 ...

2024 年 7 月 18 日 要点 从可选属性出发，如何理解绝味？ 可选食品基本上在 10 年前已进入减速期：2012-2022 年期间，除了坚果、肉类 食品、水产可选食品销售额出现过加速成长外，大部分可选食品品类的规模年化 增速跌到双位数以下，但诸如薯片、膨化食品这类与消费升级、健康化关系不大 的品类仍能维持增长。 从需求看，可选食品各品类都有较好的立足点：果冻可被平替的品类较少，过往 消费者痛点主要集中在产品健康、小孩噎住等和市场教育有关的问题上；方便面 解决了"面食+速食"的需求；休闲卤味中，凤爪与鸭脖若剔除辣的成瘾性，我 们认为其核心立足点可能是在剔骨这一动作上，即让消费者能够花费一定精力处 理食物，以便更好地打发时间并延续饱腹感，该属性可替代的品类也存在，但作 为第二、第三大消费肉类，鸡副和鸭副在供应链上占有优势。 当前价：15.10 元 作者 分析师：叶倩瑜 执业证书编号：S0930517100003 021-52523657 yeqianyu@ebscn.com 分析师：杨哲 执业证书编号：S0930522080001 021-52523795 yangz@ebscn.com 分析师：李嘉祺 ...

绝味食品股份有限公司 关于以集中竞价交易方式回购公司股份比例达到 1% 的进展公告 证券代码：603517 证券简称：绝味食品 公告编号：2024-055 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关 规定，公司在回购股份期间，回购股份占上市公司总股本的比例每增加 1%的，应 当在事实发生之日起 3 个交易日内予以公告。现将公司回购股份进展情况公告如 下： 公司于 2024 年 3 月 1 日以集中竞价交易方式实施了首次回购公司股份。截至 2024 年 7 月 12 日，公司以集中竞价交易方式累计回购股份 6,370,812 股，占公司 总股本的比例为 1.0277%，回购最高成交价格为 22.51 元/股，回购最低成交价格为 14.16 元/股，已支付资金总额为 105,941,021.25 元（不含交易费用）。 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： | 回购方案首次披露日 | 2024/2/5 | | --- | --- | | 回购方案实施期限 | 2024年第一次临 ...