证券代码：603517 证券简称：ST 绝味 公告编号：2025-081 绝味食品股份有限公司 关于全资子公司参与股权投资基金的进展公告 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： | 投资标的名称 | 宁波番茄叁号股权投资合伙企业（有限合伙） | | | --- | --- | --- | | 投资金额（万元） | 4,950 | | | 投资进展阶段 | 完成 交易要素变更 □√ 进展 | 终止 | | 特别风险提示（如有请勾选） | 募集失败 | | | | 未能完成备案登记 | | | | 提前终止 | | | | 发生重大变更 | | | | □√ 其他：本基金后续运作受到经济环境、行业周 | | | | 期、投资方案设计、投资标的经营管理等多种因 | | | | 素影响，可能存在投资收益不及预期等风险。公 | | | | 司将密切关注本基金后续进展，并严格按照上海 | | | | 证券交易所相关法规要求，及时履行披露义务。 | | | | 敬请广大投资者审慎决策，注意投资风险。 | ...

证券代码：603517 证券简称：ST 绝味 公告编号：2025-079 绝味食品股份有限公司 第六届董事会第五次会议决议公告 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 绝味食品股份有限公司（以下简称"公司"）于 2025 年 10 月 22 日以书面、 电话和电子邮件方式向全体董事发出第六届董事会第五次会议的通知和材料，并 于 2025 年 10 月 27 日在公司会议室以现场结合通讯表决方式召开，会议由董事 长戴文军主持，会议应到董事 7 人，实到 7 人。公司董事会秘书及其他高级管理 人员列席会议。会议的通知、召开及审议程序符合《公司法》等法律法规及《公 司章程》的规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议通过了《关于<2025 年第三季度报告>的议案》 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年第三季度报告》。 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 表决结果为：7 票同意，0 票反对，0 票弃 ...

绝味食品股份有限公司 2025 年第三季度报告 绝味食品股份有限公司 2025 年第三季度报告 证券代码：603517 证券简称：ST 绝味 绝味食品股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 项目 本报告期 本报告期比上年 同期增减变动幅 度(%) 年初至报告期末 年初至报告期末 比上年同期增减 变动幅度(%) 营业收入 1,440,712,246.75 -13.98 4,260,389,716.54 -15.04 利润总额 159,065,409.16 -25.59 434,760,711.08 -32.21 归 ...

董事会秘书工作细则 绝味食品股份有限公司 董事会秘书工作细则 第一章 总则 第一条 为了促进绝味食品股份有限公司（以下简称"公司"）的规范运作 ，明确董事会秘书的职责权限，充分发挥董事会秘书的作用，根据《公司法》《 证券法》《上海证券交易所股票上市规则》等有关法律法规的规定，并依据《公 司章程》《董事会议事规则》《信息披露事务管理制度》的规定，制定本细则。 第二条 公司设董事会秘书一名。董事会秘书是公司与证券监管机构、证券 交易所之间的指定联络人，是公司高级管理人员，对公司和董事会负责。董事会 秘书应遵守法律、行政法规、部门规章和《公司章程》的有关规定，承担高级管 理人员的有关法律责任，对公司负有诚信和勤勉义务，不得利用职权为自己或他 人谋取利益。 第三章 任职资格 第三条 公司董事会秘书的任职资格： （一）具备履行职务所必需的财务、法律、金融、企业管理等方面的专业知 识； （二）具有良好的职业道德和个人品质，严格遵守有关法律、法规和规章制 度，能够忠诚地履行职责； （三）熟悉公司经营管理情况，具有良好的组织协调能力和沟通能力； （四）取得证券交易所颁发的董事会秘书培训合格证书。 第四条 具有下列情形之一的， ...

Core Viewpoint - The company, Juewei Foods, has faced significant regulatory penalties due to underreporting revenue from franchise store renovation services from 2017 to 2021, leading to a warning and a fine of 4 million yuan from the Hunan Securities Regulatory Bureau, and its stock has been marked as "ST" (special treatment) [1][5][6] Group 1: Regulatory Actions and Financial Impact - Juewei Foods was found to have underreported revenue, with the unrecognized income amounting to approximately 724 million yuan over five years, affecting reported revenues by 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% respectively [2][3] - The company received a total fine of 4 million yuan, with additional fines imposed on key executives, including 2 million yuan for the former chairman [5][6] - Following the penalties, Juewei Foods was removed from several indices, including the Hang Seng A-Share Index, marking a significant reputational blow [7][9] Group 2: Historical Context and Governance Issues - Juewei Foods has a history of regulatory warnings, including incidents in 2021 and 2023 related to improper disclosures and governance failures [8][9] - The continuous nature of these violations indicates a systemic failure in internal controls and governance, raising concerns about the company's operational integrity [9] Group 3: Financial Performance and Market Position - The company reported a decline in revenue for the first time since its listing, with a 13.84% drop in 2024 and a further 15.57% decrease in the first half of 2025 [10][11] - The number of operational stores has decreased significantly, from 14,969 to 10,606, indicating challenges in maintaining its franchise model [11][12] - Juewei Foods is attempting to pivot its strategy by focusing on innovation and operational efficiency to adapt to market changes [12]

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].

Core Insights - The article highlights the growth and strategic transformation of Juewei Foods, a leading player in China's marinated food industry, emphasizing its extensive network of stores and efficient supply chain management [2][3][5]. Group 1: Business Model and Operations - Juewei Foods has established a nationwide network of over ten thousand stores, enabling fresh food delivery directly to consumers, which is a core competency that has contributed to its growth as a "marinated food giant" [2]. - The company operates a modern supply chain that connects franchisees with standardized operations and brand support, creating a stable chain from centralized production to local sales [3]. - As of mid-2025, Juewei's franchise committee system has linked over 3,000 franchisees, providing a community-based economic model that attracts many small investors and entrepreneurs [4]. Group 2: Strategic Focus and Market Trends - Juewei Foods is shifting its strategy from "broad expansion" to "deep exploration" of the marinated food sector, focusing on understanding consumer needs and preferences in a competitive market [5]. - The company has invested 24.7 million yuan in R&D during the reporting period, a 9.44% increase year-on-year, to enhance its product offerings and improve customer engagement [6]. Group 3: Social Responsibility and Investor Relations - Juewei Foods emphasizes social responsibility by establishing long-term partnerships with suppliers, stabilizing raw material prices, and contributing to rural revitalization efforts [7]. - Since its listing, the company has distributed a total of 2.364 billion yuan in cash dividends to investors, demonstrating its commitment to sharing growth benefits [7]. Group 4: Consumer Experience and Innovation - The company aims to provide consumers with a seamless shopping experience through a membership-centric model that integrates online and offline channels [8]. - Juewei Foods is committed to exploring new consumption trends and enhancing its service model to resonate with regional economic development [8].

Core Insights - The article highlights the growth and expansion of Juewei Foods, a leading player in the Chinese marinated food industry, which started in 2005 and has developed a nationwide network of over ten thousand stores [2][3] - Juewei Foods has shifted its strategy from broad expansion to deep exploration of consumer needs, focusing on enhancing product offerings and operational efficiency to adapt to changing market dynamics [5][6] Group 1: Business Model and Operations - Juewei Foods utilizes a robust supply chain and distribution network, ensuring fresh products reach thousands of stores daily, which is crucial for maintaining product quality [3][4] - The company has established a comprehensive franchise system that connects over 3,000 franchisees, creating job opportunities for nearly 40,000 individuals and supporting local economies [4][6] Group 2: Strategic Focus and Market Trends - The company is responding to the evolving consumer landscape by investing in product development, with a reported R&D expenditure of 24.7 million yuan, a 9.44% increase year-on-year, aimed at creating healthier and regionally customized products [7] - Juewei Foods is committed to social responsibility, engaging in initiatives that support rural revitalization and establishing long-term partnerships with suppliers to stabilize raw material prices [8][9] Group 3: Financial Performance and Shareholder Returns - Since its listing, Juewei Foods has distributed a total of 2.364 billion yuan in cash dividends, demonstrating its commitment to sharing growth with investors [8] - The company plans to distribute nearly 200 million yuan in cash dividends for the 2024 fiscal year, reinforcing its focus on shareholder returns [8]

Core Insights - The Chinese restaurant food chain franchise industry is undergoing significant transformation, driven by macroeconomic recovery and increasing consumer spending power, leading to market expansion and digital transformation [1][4][9] Market Overview - The Chinese restaurant food market is projected to reach 12.6 trillion yuan, with a compound annual growth rate (CAGR) of approximately 7.2% from 2020 to 2024, driven by both service and retail sectors [9] - The restaurant service sector is recovering strongly post-pandemic, with an annual growth rate nearing 9%, while food retail is experiencing structural upgrades with high-value subcategories [9][10] Consumer Behavior - Urban and rural consumer spending is showing a recovery trend, with urban residents' spending growing at a CAGR of 6.4% and rural residents at 8.9% from 2020 to 2024, indicating strong demand for food and beverages [6] - The at-home dining market is rapidly growing at a CAGR of 18.4%, reflecting changing consumer preferences towards convenience and health [10][36] Industry Trends - The chain rate in the restaurant sector is expected to rise from 15% in 2020 to 24% by 2025, indicating a shift towards more standardized and digitalized operations [12] - The differentiation in chain categories is evident, with ready-to-drink beverages leading in chain rates, while traditional Chinese cuisine and barbecue lag behind due to lower standardization [15] Investment Opportunities - The at-home dining segment is favored by franchisees due to its lower investment threshold and shorter return on investment period, with monthly sales per store ranging from 80,000 to 200,000 yuan and a gross margin of 30-40% [34][35] - Franchisees are increasingly considering brands with clear operational support and profitability models, leading to a dual selection mechanism between brands and franchisees [48] Competitive Landscape - The competitive environment is shifting from rapid expansion to refined operations, with franchisees focusing on quality site selection and cost management to avoid saturated markets [24] - Major brands like Guoquan Shihui are emerging as leaders in the at-home dining segment, offering a diverse product matrix and strong operational support [39][40] Digital Transformation - The industry is recognizing the need for digital transformation to manage the complexities of expanding franchise networks, with data-driven decision-making becoming essential for operational efficiency [44] Franchisee Dynamics - The rise of professional franchisees with prior successful experiences is reshaping the franchise landscape, with brands focusing on nurturing successful cases to encourage repeat investments [47][48]

Group 1 - ST Juewei experienced a limit-up in trading, with an increase of 4.98% [2] - The trading volume exceeded 200 million yuan [2]