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。 证券代码：603517 证券简称：绝味食品 公告编号：2024-070 2024 年 8 月，公司以集中竞价交易方式累计回购股份 7,479,300 股，占公司总 股本的比例为 1.2065%，回购最高成交价格为 12.90 元/股，回购最低成交价格为 12.12 元/股，已支付资金总额为 93,230,169.43 元（不含交易费用）。 截至 2024 年 8 月 31 日，公司以集中竞价交易方式累计回购股份 13,923,312 股，占公司总股本的比例为 2.2460%，回购最高成交价格为 22.51 元/股，回购最低 成交价格为 12.12 元/股，已支付资金总额为 200,221,732.68 元（不含交易费用）。 本次回购股份符合法律法规的有关规定和公司回购股份方案的要求。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定， ...

Investment Rating - Buy (Maintained) [1] Core Views - The company is undergoing store adjustments and benefiting from cost reductions, leading to improved profitability [1] - Despite weak consumer demand, the company is optimizing its store network and enhancing the quality of existing stores [1] - Cost reductions are accelerating, driving a recovery in profitability, with gross margin improving by 2.38 percentage points year-over-year in Q2 2024 [1] - The company's net profit margin increased by 0.33 percentage points year-over-year in Q2 2024, supported by lower raw material costs and reduced low-margin business revenue [1] Financial Performance Summary Revenue and Profit - 2024H1 revenue: RMB 3.34 billion, down 9.73% year-over-year [1] - 2024H1 net profit: RMB 296 million, up 22.20% year-over-year [1] - 2024Q2 revenue: RMB 1.644 billion, down 12.35% year-over-year [1] - 2024Q2 net profit: RMB 131 million, up 25.08% year-over-year [1] Store Performance - Net store reduction in H1 2024: 981 stores, bringing the total to 14,969 stores [1] - Average store count decreased by 1.02% year-over-year, with average store fresh goods revenue down 11.04% [1] Cost and Margin Improvements - Gross margin improved to 30.55% in Q2 2024, up 2.61 percentage points year-over-year [1] - Sales, management, R&D, and financial expense ratios increased slightly, with sales expense ratio rising due to higher advertising costs [1] Financial Forecasts - 2024-2026 revenue forecasts: RMB 6.734 billion, RMB 7.094 billion, and RMB 7.411 billion, respectively [1] - 2024-2026 net profit forecasts: RMB 631 million, RMB 764 million, and RMB 855 million, respectively [1] - EPS forecasts for 2024-2026: RMB 1.02, RMB 1.23, and RMB 1.38, respectively [1] Key Financial Ratios - 2024E P/E: 12.3x, 2025E P/E: 10.2x, 2026E P/E: 9.1x [1] - 2024E ROE: 8.8%, 2025E ROE: 10.1%, 2026E ROE: 10.6% [2] - 2024E net profit margin: 9.0%, 2025E: 10.5%, 2026E: 11.3% [2] Cash Flow and Dividends - 2024H1 cash dividend: RMB 0.3 per share, with a payout ratio of 64% [1] - 2024E operating cash flow: RMB 963 million, 2025E: RMB 992 million, 2026E: RMB 1.073 billion [2]

Investment Rating - The investment rating for the company is "Outperform" and is maintained [2] Core Views - The company's 24Q2 non-GAAP net profit attributable to the parent company increased by 36.63% YoY [4] - The company achieved revenue of 3.34 billion yuan in 24H1, a YoY decrease of 9.73%, and net profit attributable to the parent company of 296 million yuan, a YoY increase of 22.2% [4] - The company plans to distribute an interim dividend of 0.30 yuan per share (tax included) [4] - The company's gross margin in 24H1 was 30.29%, a YoY increase of 6.98 percentage points, mainly due to a decrease in raw material costs [5] - The company's focus is on improving single-store revenue and ensuring the survival of franchisees, with the number of mainland stores decreasing by 7.38% YoY to 14,969 by the end of 24H1 [5] Financial Performance - 24Q2 revenue was 1.644 billion yuan, a YoY decrease of 12.35%, with net profit attributable to the parent company of 131 million yuan, a YoY increase of 25.08% [4] - 24Q2 non-GAAP net profit attributable to the parent company was 125 million yuan, a YoY increase of 36.63% [4] - 24Q2 operating cash flow was 331 million yuan, turning positive YoY [4] - 24Q2 gross margin was 30.55%, a YoY increase of 8.21 percentage points [5] - 24Q2 sales expense ratio/management expense ratio/financial expense ratio were 10%/7.7%/0.33%, with YoY changes of +2.62/+0.26/+0.24 percentage points respectively [5] - 24Q2 non-GAAP net profit margin was 7.62%, a YoY increase of 2.73 percentage points [5] Revenue Breakdown - 24Q2 revenue from fresh products, packaged products, franchisee management, and other businesses were 1.262 billion yuan (-15.16% YoY), 139 million yuan (+111.12% YoY), 18 million yuan (-27.06% YoY), and 192 million yuan (-26.21% YoY) respectively [5] - 24Q2 revenue by region: Southwest 201 million yuan (-1.6% YoY), Northwest 19 million yuan (-58.9% YoY), Central China 467 million yuan (-20.54% YoY), South China 358 million yuan (-10.12% YoY), East China 301 million yuan (-12.29% YoY), North China 241 million yuan (+7.44% YoY), and Singapore & Canada & Hong Kong & Macau markets 25 million yuan (-29.61% YoY) [5] Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 674 million yuan, 789 million yuan, and 912 million yuan for 2024-2026 respectively [5] - The company is expected to gradually accelerate its development as consumption recovers, with a reasonable value per share range of 21.73-27.16 yuan based on 20-25x PE and 15-20x EV/EBITDA for 2024 [5] Financial Metrics - 24H1 operating cash flow was 719 million yuan, a YoY increase of 208.43% [4] - 24H1 sales expense ratio/management expense ratio/financial expense ratio were 8.93%/7.28%/0.41%, with YoY changes of +1.83/+0.17/+0.35 percentage points respectively [5] - 24H1 non-GAAP net profit margin was 8.42%, a YoY increase of 2.3 percentage points [5]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company experienced pressure on same-store operations, but profits benefited from cost reductions, maintaining an "Outperform" rating [1] - In H1 2024, the company achieved revenue of 3.34 billion yuan, a year-on-year decline of 9.7%, while net profit attributable to shareholders was 296 million yuan, a year-on-year increase of 22.2% [1] - The company is expected to gradually improve store operations and stabilize its food ecosystem, with net profit forecasts for 2024-2026 at 680 million, 790 million, and 900 million yuan, representing year-on-year growth of 98.3%, 16.2%, and 13.4% respectively [1] Revenue and Store Operations - In Q2 2024, the company reported a revenue decline of 12.3%, with a total of 14,969 stores in mainland China, a net reduction of 981 stores compared to the end of 2023 [2] - Revenue by product category in Q2 2024 included poultry at 950 million yuan (down 16.4%), vegetables at 160 million yuan (down 9.4%), and packaged products at 140 million yuan (up 111.1%) [2] - Regional revenue performance varied, with declines in Southwest, Northwest, and Central China, while North China saw a 7.4% increase [2] Profitability and Cost Management - The gross profit margin for Q2 2024 was 30.6%, an increase of 8.2 percentage points year-on-year, primarily due to improved prices of duck by-products [3] - Selling expenses increased to 10.0% of revenue, up 2.6 percentage points year-on-year, attributed to higher advertising costs [3] - The company achieved a net profit of 131 million yuan in Q2 2024, reflecting a year-on-year growth of 25.1% [3] Financial Projections - The company’s projected financial metrics for 2024E to 2026E include revenue of 6.961 billion yuan, 8.169 billion yuan, and 9.550 billion yuan, with corresponding net profits of 683 million yuan, 793 million yuan, and 900 million yuan [4] - The projected P/E ratios for 2024E, 2025E, and 2026E are 11.4, 9.8, and 8.6 respectively, indicating a favorable valuation trend [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company's performance met expectations, with an interim dividend exceeding forecasts. It is anticipated that the company will maintain high dividends throughout 2024 while also conducting share buybacks [2][3]. - Due to pressures on individual store performance and adjustments in store closure assumptions, the earnings forecasts for 2024 and 2025 have been revised down to CNY 0.93 and CNY 1.00 per share, respectively, from previous estimates of CNY 1.59 and CNY 2.04. The 2026 EPS forecast is set at CNY 1.11 [3]. - The target price has been adjusted to CNY 15.81 from CNY 51.49, reflecting a 2024 PE of 17X, with the current stock price corresponding to a 2024 dividend yield of 6.5% [3]. Summary by Sections Financial Performance - For 1H24, the company reported revenue of CNY 3.34 billion, a year-on-year decrease of 9.73%. The non-GAAP net profit was CNY 281 million, an increase of 24.15% year-on-year. In 2Q24, revenue was CNY 1.644 billion, down 12.35% year-on-year, while non-GAAP net profit rose by 36.63% to CNY 125 million [3]. - The company declared a cash dividend of CNY 3 per 10 shares for the interim period, which was above expectations [3]. Store Operations - As of June 30, the total number of stores in mainland China was 14,969, with a net reduction of 1,193 stores in the first half of the year, representing a year-on-year decline of 7.38%. The decline in customer traffic led to a 2.55% drop in same-store sales, although the rate of decline has narrowed compared to previous periods [3]. - The company is transitioning from a primarily offline model to a balanced online and offline approach, with a focus on profitability as a key performance metric for stores [3]. Cost and Margin Analysis - The gross margin improved significantly in 2Q24, reaching 30.55%, an increase of 8.21% year-on-year, attributed to a downward trend in raw material costs, particularly for duck by-products [3]. - The selling expense ratio was 14.18%, up 6.79% year-on-year, mainly due to increased advertising expenditures. The management expense ratio was 10.88%, reflecting a year-on-year increase of 4.1% [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 3.34 billion yuan and a net profit attributable to shareholders of 300 million yuan for the first half of 2024, showing a year-on-year decline of 9.7% in revenue but an increase of 22.2% in net profit [1] - The company is facing short-term pressure on single-store performance, with a net closure of 981 stores in the first half of 2024, leading to an average revenue per store of 169,000 yuan, which is approximately an 11% decline year-on-year [1] - The company is actively adjusting its strategic decisions to focus on franchisee profitability and enhance brand building and online consumption scenarios [1] - The gross margin for Q2 2024 improved to 30.6%, up 8.2 percentage points year-on-year, primarily due to low raw material prices [1] - The company announced a mid-term dividend plan, distributing a cash dividend of 0.30 yuan per share, resulting in a semi-annual dividend yield of 2.34% [1] Financial Summary - For 2024, the company is expected to achieve a revenue of 6.58 billion yuan, a decrease of 9.4% year-on-year, with net profit projected at 673 million yuan, reflecting a significant increase of 95.5% year-on-year [2] - The gross margin is expected to rise to 30.9% in 2024, with a return on equity (ROE) projected at 9.6% [2] - The earnings per share (EPS) for 2024 is forecasted to be 1.09 yuan, with a price-to-earnings (P/E) ratio of 11.53 [2][3]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][5]. Core Views - The company has optimized store quality, leading to a stabilization in average store revenue contribution despite a decrease in the total number of stores [3][5]. - The company reported a revenue of 3.34 billion yuan for the first half of 2024, reflecting a year-on-year decrease of 9.73%, with a total of 14,969 stores, a net decrease of 1,193 stores or 7.38% [3]. - The average revenue contribution per store is 223,100 yuan, showing a year-on-year increase of 2.54% [3]. - The gross profit margin for the first half of 2024 reached 30.29%, an increase of 6.13 percentage points year-on-year, while the net profit margin was 8.51%, up by 1.94 percentage points [3]. - The net profit attributable to shareholders was 296 million yuan, representing a year-on-year increase of 22.20% [3]. Revenue and Profitability - In Q2 2024, the company achieved a revenue of 1.644 billion yuan, down 12.35% year-on-year, but the gross profit margin improved to 30.55%, up 4.78 percentage points [4]. - The net profit for Q2 2024 was 131 million yuan, reflecting a year-on-year increase of 25.08%, with the non-recurring net profit at 125 million yuan, up 36.63% year-on-year [4]. - The report anticipates that the company's operational performance will return to a positive trajectory due to improved store quality and management, although it has adjusted future earnings forecasts downward due to weak terminal demand [5]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 1.00 yuan, 1.19 yuan, and 1.41 yuan respectively, with corresponding price-to-earnings (PE) ratios of 13, 11, and 9 times [5].

证券代码：603517 证券简称：绝味食品 公告编号：2024-066 绝味食品股份有限公司 关于公司会计政策变更的公告 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。 特别提示： 绝味食品股份有限公司（以下简称"公司"）根据中华人民共和国财政部（以 下简称"财政部"）印发的《企业会计准则解释第 17 号》（财会【2023】21 号， 以下简称"准则解释 17 号"）和财政部会计司编写并发行《企业会计准则应用 指南汇编 2024》（以下简称《应用指南 2024》），规定了"与保证类质量保证 费用相关的账目处理发生变更"的要求变更会计政策。本次变更后的会计政策更 能准确的反映公司财务状况和经营成果，不会对公司当期的财务状况、经营成果 和现金流量产生重大影响，不存在损害公司及股东合法权益的情况。 公司于 2024 年 8 月 30 日召开了第五届董事会第二十一次会议和第五届监事 会第十九次会议审议通过了《关于公司会计政策变更的议案》。根据《上海证券 交易所股票上市规则》等的相关规定，本次会计政策变更事项无需提交公司股东 大 ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-067 一、召开会议的基本情况 (一)股东大会类型和届次 2024 年第二次临时股东大会 绝味食品股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 重要内容提示： 股东大会召开日期：2024年9月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 18 日 14 点 30 分 召开地点：湖南省长沙市芙蓉区晚报大道 267 号晚报大厦 18 楼会议室 (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大会网络投票系统 网络投票起止时间：自 2024 年 9 月 18 日至 2024 年 9 月 18 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 ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-068 绝味食品股份有限公司 2024 年半年度经营数据公告 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 担个别及连带责任。 2024 年 1-6 月营业收入为 3,339,800,346.91 元，其中主营业务收入为 3,270,056,920.57 元，占营业收入 97.91%；其他业务收入为 69,743,426.34 元，占 营业收入 2.09%。 （一）主营业务收入分产品： 单位：元 币种：人民币 分产品 金额 占比 鲜货类产品 2,612,080,712.24 79.88% 其中：禽类制品 2,008,984,193.88 61.44% 其中：畜类产品 25,780,889.34 0.79% 其中：蔬菜产品 313,357,753.12 9.58% 其中：其他产品 263,957,875.90 8.07% 包装产品 196,423,068.63 6.01% 加盟商管理 34,023,348.37 1.04% 集采业务 182,592,232.43 5.58% ...