2025 年第二次临时股东会会议材料 为维护广大投资者的合法权益，保障股东在本次股东会期间依法行使权利， 根据《公司法》、中国证监会《上市公司股东会规则》和公司《股东会议事规则》 等有关规定，特制定本会议须知： 一、公司负责本次股东会的议程安排和会务工作，出席会议人员应当听从公 司工作人员安排，共同维护好会议秩序。 二、为保证股东会的正常秩序，除出席会议的股东或者股东代理人、董事、 监事、高级管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他 人员进入会场。 三、出席会议的股东须在会议召开前15分钟到达会议现场向公司会务人员办 理签到手续，并请按规定出示有效身份证件、法定代表人资格证明、股东授权委 托书等，经验证后领取会议资料，方可出席会议。 绝味食品股份有限公司 2025年第二次临时股东会会议材料 2025年9月 2025 年第二次临时股东会会议材料 绝味食品股份有限公司 2025年第二次临时股东会会议须知 四、股东需要在股东会发言的，请在会前与公司董事会办公室联系并填写《股 东发言登记表》，由会议主持人根据会议程序和时间等条件确定发言人员。公司 董事会成员和高级管理人员应当认真负责、有针对性地集 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company is currently facing performance pressure in H1 2025, with a revenue of 2.82 billion yuan, down 15.57% year-on-year, and a net profit of 175 million yuan, down 40.71% year-on-year [9] - The report anticipates revenue for 2025-2027 to be 5.694 billion, 5.945 billion, and 6.304 billion yuan, respectively, with year-on-year changes of -9%, +4%, and +6% [2][3] - The expected net profit for the same period is projected to be 348 million, 473 million, and 528 million yuan, with year-on-year growth rates of 53%, 36%, and 12% [2][3] Financial Summary - The company's gross profit margin for H1 2025 is reported at 29.92%, a decrease of 0.37 percentage points year-on-year [9] - The expense ratios for sales, management, R&D, and financial costs in H1 2025 are 10.02%, 8.61%, 0.88%, and 0.38%, respectively, with year-on-year changes of +1.10 percentage points, +2.00 percentage points, +0.20 percentage points, and -0.03 percentage points [2][9] - The earnings per share (EPS) for 2025-2027 are expected to be 0.56, 0.76, and 0.85 yuan, corresponding to price-to-earnings (P/E) ratios of 29, 21, and 19 times [2][3]

Market Overview - The leisure food sector increased by 0.16% on September 5, with Laiyifen leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Key Performers - Laiyifen (603777) closed at 14.78, up 3.07% with a trading volume of 290,800 shares and a turnover of 421 million yuan [1] - Other notable performers include: - Huangshanghuang (002695) at 12.33, up 1.40% [1] - Guangzhou Restaurant (603043) at 17.61, up 1.32% [1] - Yuanzu Co. (603886) at 13.34, up 1.14% [1] Underperformers - Salted Fish (002847) closed at 72.17, down 1.65% with a trading volume of 58,900 shares and a turnover of 420 million yuan [2] - Other underperformers include: - Ximai Food (002956) at 21.25, down 1.62% [2] - Youyou Food (603697) at 12.58, down 0.94% [2] Capital Flow - The leisure food sector experienced a net outflow of 80.43 million yuan from institutional investors, while retail investors saw a net inflow of 72.85 million yuan [2] - Notable capital flows include: - Laiyifen had a net inflow of 11.73 million yuan from institutional investors [3] - Yuanzu Co. saw a net inflow of 12.58 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the article highlights that the company, Absolute Food, has experienced a significant decline in net profit by 40% over the past six months, attributed to reduced sales and a decrease in the number of stores [1] - The company reported a loss of 500 million in sales, indicating a challenging market environment and potential operational issues [1] - The total number of stores has shrunk by 5,000, reflecting a contraction in the company's retail presence and possibly impacting brand visibility and customer access [1] Group 2 - The decline in net profit and sales suggests a need for the company to reassess its business strategy and operational efficiency to regain market competitiveness [1] - The reduction in store count may lead to increased pressure on remaining locations to perform, potentially affecting overall revenue generation [1] - The current situation may present both challenges and opportunities for investors to evaluate the company's future growth potential and market positioning [1]

Market Overview - The leisure food sector experienced a decline of 1.24% on September 2, with Ziyan Food leading the drop [1][2] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Ziyan Food's stock price fell by 6.72% to 23.75, with a trading volume of 66,300 shares and a transaction value of 162 million yuan [2] - Other notable declines include: - Ximai Food down 2.82% to 21.40 - Guifaxiang down 2.81% to 12.82 - Three Squirrels down 2.43% to 26.11 [2] Trading Volume and Capital Flow - The leisure food sector saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 253 million yuan [2][3] - The trading volume for various stocks included: - Taoli Bread with a closing price of 5.69 and a trading volume of 250,700 shares [1] - Yanzhu Co. with a closing price of 13.17 and a trading volume of 44,400 shares [1] Capital Inflow Analysis - Main funds showed a net inflow in stocks like Taoli Bread (10.27 million yuan) and Youyou Food (3.91 million yuan) [3] - Conversely, stocks like Black Sesame and Maiqu'er experienced net outflows of -20.11 million yuan and -203.98 million yuan, respectively [3]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company is experiencing a decline in its main business, particularly in fresh goods, and is awaiting a bottoming out of its store operations [7] - The company has adjusted its revenue and profit forecasts for 2025-2027 due to ongoing demand pressures and increased costs [7] - The company aims to improve its performance through adjustments in store and franchise operations [7] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, and a net profit attributable to shareholders of 175 million yuan, down 40.71% [6] - For Q2 2025, revenue was 1.32 billion yuan, a year-on-year decline of 19.80%, with a net profit of 55 million yuan, down 57.64% [6] - The company's gross margin decreased to 29.92% in H1 2025, down 0.37 percentage points year-on-year [7] Revenue and Profit Forecasts - The company’s revenue projections for 2025-2027 are adjusted to 5.588 billion, 5.821 billion, and 6.160 billion yuan, respectively, reflecting year-on-year growth rates of -11%, 4%, and 6% [7] - The net profit attributable to shareholders is forecasted to be 337 million, 421 million, and 516 million yuan for the same period, with growth rates of 48%, 25%, and 23% [7] Earnings Per Share and Valuation Ratios - Earnings per share (EPS) are projected to be 0.56, 0.69, and 0.85 yuan for 2025, 2026, and 2027, respectively [4] - The price-to-earnings (P/E) ratios are expected to be 29.5, 23.6, and 19.3 for the same years [4]

Core Insights - The core viewpoint of the news is that Juewei Foods has demonstrated resilience and adaptability in a changing market environment, focusing on digital operations, supply chain enhancements, and targeted marketing strategies to maintain its competitive edge and drive growth. Group 1: Financial Performance - In the first half of 2025, Juewei Foods achieved an operating income of 2.82 billion yuan and a net profit attributable to shareholders of 175 million yuan [1] Group 2: Digital Operations - Juewei Foods' investment in digital operations has been a crucial support for its operational resilience, utilizing data-driven systems to track consumer demand changes and adjust product and marketing strategies accordingly [2] - The company has enhanced member engagement and gained insights into regional market differences through its digital initiatives, allowing for more accurate market strategies [2] Group 3: Supply Chain Management - The supply chain system is a core foundation for Juewei Foods' stable operations, with a nationwide cold chain distribution network ensuring product freshness and safety [2] - This robust supply chain supports rapid replication of store operations and is seen as a key competitive advantage for future expansion and innovation [2] Group 4: Marketing Strategy - Juewei Foods is actively integrating its brand into diverse lifestyle scenarios, such as music festivals and camping, to enhance communication with younger consumers [3] - The company is focusing on building consumer profiles and optimizing products, marketing, and services based on the differentiated characteristics of various consumer groups, particularly targeting Generation Z [3] Group 5: Overall Strategy - The 2025 half-year report reflects Juewei Foods' approach as a leading chain enterprise in navigating a complex market environment, balancing stability and innovation to solidify long-term brand value [4]

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Huangshanghuang, and Zhouheiya, are facing declining revenues and profits due to a drop in sales and a reduction in store numbers, prompting them to seek new growth opportunities through diversification and operational efficiency improvements [2][3][4]. Group 1: Financial Performance - Juewei Food reported a revenue of 2.82 billion yuan for the first half of 2025, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71%, making it the only brand with declines in both revenue and profit [2]. - Huangshanghuang achieved a revenue of 984 million yuan, down 7.19%, but its net profit increased by 26.9% to approximately 76.92 million yuan [2]. - Zhouheiya's revenue was 1.22 billion yuan, a decrease of 2.9%, while its net profit surged by 228% to 108 million yuan [2]. Group 2: Store Operations - The reduction in store numbers and declining sales of marinated products are significant factors affecting revenue for the "three giants" [3]. - Huangshanghuang's total store count decreased by 762 to 2,898, while Zhouheiya's stores fell by 167 to 2,864 [3]. - Juewei Food did not disclose its current store count but reported a reduction of 981 stores by mid-2024, totaling 14,969 stores [3]. Group 3: Market Trends and Challenges - The marinated food sector is experiencing a decline in sales, with Huangshanghuang's marinated meat product sales down 15.69% and Zhouheiya's total sales down 1.61% [4]. - Juewei Food's revenue from fresh products, which account for 76.59% of its total, fell by 19.15%, with poultry product revenue dropping by 20.79% [4]. - Analysts suggest that while cost-cutting measures can enhance short-term profitability, long-term success will require innovation and market expansion [4]. Group 4: Strategic Adjustments - The "three giants" are shifting focus from rapid store expansion to enhancing operational efficiency and exploring new sales channels [8]. - Zhouheiya has improved single-store sales by optimizing store structure and extending operating hours, achieving a revenue increase of 2.15% to approximately 712 million yuan [8]. - Huangshanghuang is also focusing on refined store operations and enhancing single-store revenue through various strategies [8]. Group 5: Diversification Efforts - Zhouheiya is diversifying by launching a coconut water brand and developing compound seasonings and convenience food products [9]. - Huangshanghuang plans to acquire a 51% stake in a freeze-dried food company to expand its product offerings [9]. - Juewei Food is venturing into casual dining with a new store concept and has invested in various sectors, although it has faced significant losses in recent years [10].

证券代码：603517 证券简称：绝味食品 公告编号：2025-072 绝味食品股份有限公司 重要内容提示： 基本情况 | 产品名称 | 点金看涨两层 880 | | --- | --- | | 受托方名称 | 招商银行股份有限公司 | | 购买金额 | 万元 15,000 | | 产品期限 | 88 天 | | 特别风险提示（如有请勾选） | 其他：不适用 | 风险提示 绝味食品股份有限公司（以下简称"公司"）购买的上述理财产品为保本浮 动收益型的理财产品，但仍不排除因市场波动、宏观金融政策变化等原因引起的 影响收益的情况。 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法律责任。 一、本次现金管理基本情况 （一）现金管理目的 为提高募集资金的使用效率和收益，合理利用闲置募集资金，在保证不影响 募集资金投资项目建设和募集资金正常使用的情况下，使用部分暂时闲置募集资 金进行现金管理，有利于提高募集资金的使用效率，降低公司财务费用，增加公 司收益。 （二）现金管理金额 本次使用闲置募集资金进行现金管 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][25]. Core Views - The company is experiencing ongoing operational pressure, with a focus on adjusting strategies to address demand changes and improve store performance. The report emphasizes the need for a turnaround in same-store sales and the overall number of stores [8][9]. - The target price for the company's stock is set at 19.6 yuan, reflecting a price-to-earnings (PE) ratio of 34.4 times the expected profit for 2025 [8][9]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 2.82 billion yuan, a year-on-year decline of 15.57%. The net profit attributable to the parent company was 175 million yuan, down 40.71% year-on-year [2][9]. - In Q2 2025, revenue was 1.32 billion yuan, a decrease of 19.80% year-on-year, with a net profit of 55 million yuan, down 57.64% year-on-year [2][9]. - The gross profit margin for Q2 2025 was 28.9%, a decrease of 1.6 percentage points compared to the previous year, primarily due to increased manufacturing costs [8][9]. Future Projections - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 6.257 billion yuan, 5.392 billion yuan, 5.592 billion yuan, and 5.921 billion yuan respectively, with expected growth rates of -13.8%, -13.8%, 3.7%, and 5.9% [4][15]. - The net profit attributable to the parent company is projected to be 227 million yuan in 2024A, increasing to 551 million yuan by 2027E, with growth rates of -34.0%, 52.9%, 32.0%, and 20.2% respectively [4][15]. Strategic Adjustments - The company is actively exploring segmented operations to meet diverse consumer needs, optimizing its product matrix, and enhancing channel collaboration to improve operational resilience [8][9]. - There is an ongoing effort to adjust the pace of store closures while focusing on improving same-store performance and addressing operational challenges [8][9].