Group 1 - The "Measures for Promoting and Managing the Catering Industry" will be implemented on June 15, 2025, with significant enhancements in industry promotion, including support for digital development and local特色餐饮 cultivation [1] - The revised measures provide practical guidance for catering service operators, aiming to improve service quality and competitiveness in the industry [1] - Analysts predict a recovery opportunity for the catering industry in 2025, driven by increased demand for banquets, ongoing subsidy policies like dining vouchers, and a potential rise in business dining as economic activity picks up [1][2] Group 2 - Following the announcement of the new measures, companies like Baba Food and Tianwei Food saw significant stock price increases, indicating positive market sentiment towards the catering sector [2] - Key companies in the catering supply chain include Hai Tian Wei Ye, Tian Wei Food, and An Qi Yeast, with projected revenue growth rates varying across the sector [5][6] - The core companies in the catering industry chain encompass various segments, including basic and compound condiments, as well as small dining chains [6]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected revenue growth of 16% for 2025 and a corresponding PE ratio of 31X [3][5][16]. Core Views - The company achieved a revenue of 4.05 billion and a net profit of 640 million in 2024, representing a year-on-year increase of 12.59% and 13.16% respectively. In Q1 2025, the revenue was 1.01 billion with a net profit of 180 million, showing a year-on-year growth of 10.50% and 36.86% [1][3]. - The company has launched over 2000 products, with more than 50% of sales coming from products developed in the last three years. The new product categories include over 800 types of sauce and more than 300 types of powder products [1][2]. - The restaurant and food processing sectors showed steady growth, with revenues of 2.00 billion and 1.40 billion in 2024, reflecting year-on-year increases of 22% and 4% respectively. The brand customization segment saw a significant increase of 15% [2][3]. Financial Performance Summary - In 2024, the gross margin was 38.70%, and the net margin was 15.78%. For Q1 2025, the gross margin improved to 39.21%, and the net margin increased to 17.42% [2][3]. - The company expects revenues of 4.70 billion, 5.40 billion, and 6.20 billion for 2025, 2026, and 2027 respectively, with net profits projected at 850 million, 1.01 billion, and 1.18 billion [3][9]. - The company’s total assets are projected to reach approximately 1.19 billion by 2027, with a debt-to-asset ratio of 22.43% [10][11].

证券代码：603755 证券简称：日辰股份 公告编号：2025-022 青岛日辰食品股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 19 日 (二)股东大会召开的地点：青岛市即墨区即发龙山路 20 号公司二楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 49 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 65,161,540 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 67.0429 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，经全体董事推举由张华君先生主持，采取现场 投票和网络投票相结合的方式召开及表决。会议的召集、召开程序和表决方式符 合《 ...

青岛日辰食品股份有限公司 证券代码：603755 证券简称：日辰股份 公告编号：2025-023 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。 附件： 职工代表董事简历 关于选举职工代表董事的公告 隋锡党，男，1964 年 8 月出生，中国国籍，无境外永久居留权，本科学历， 高级工程师。历任山东鲁梅丝业有限公司副总经理、山东桓台汇丰制丝有限公司 总经理；2008 年加入公司，曾任总经办主任、监事会主席；现任公司行政总监。 为完善公司治理结构，根据《中华人民共和国公司法》《上市公司章程指引》 等法律法规、规范性文件及《青岛日辰食品股份有限公司章程》的相关规定，青 岛日辰食品股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日召开职工代 表大会 2025 年第一次会议，会议同意选举隋锡党先生（简历附后）为公司第四 届董事会职工代表董事，与公司 2025 年第一次临时股东大会选举产生的七名董 事共同组成公司第四届董事会，任期至公司第四届董事会任期届满之日止。 特此公告。 青岛日辰食品股份有限公司 2025 年 5 月 ...

北京德和衡律师事务所 关于青岛日辰食品股份有限公司 2024年年度股东大会的 法律意见书 德和衡证见意见（2025）第110号 0 中国北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 B E I J I N G D H H L A W F I R M 北京德和衡律师事务所 关于青岛日辰食品股份有限公司 2024年年度股东大会的 法律意见书 德和衡证见意见（2025）第110号 致：青岛日辰食品股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受青岛日辰食品股份有限公司（以下简称 "公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年年度股东大会。本所律师 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、《青 岛日辰食品股份有限公司章程》（以下简称"《公司章程》"）及相关法律法规以及规范性文 件的规定，就本次股东大会的有关事宜出具本法律意见书 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company shows improvement in profit margins and successful client development, with a focus on cost reduction and efficiency optimization [1][5][6] - The product structure is continuously optimized, and the company is expected to benefit from capacity release and stable client development in the medium to long term [7][9] Financial Performance Summary - In 2024, the total revenue reached 405 million yuan, a year-on-year increase of 13%, with a net profit of 64 million yuan, also up 13% [4] - For Q1 2025, total revenue was 101 million yuan, reflecting a 10% year-on-year growth, while net profit increased by 37% to 18 million yuan [4] - The gross margin improved slightly, with 2024 and Q1 2025 gross margins at 38.70% and 39.21% respectively [5] - The net profit margin for 2024 and Q1 2025 was 15.78% and 17.42%, indicating a positive trend in profitability [5] Client Development and Product Performance - The company has successfully expanded its client base, particularly in the sauce and seasoning product lines, with significant revenue growth in the restaurant and food processing sectors [6] - Revenue from sauce products in 2024 was 319 million yuan, up 19%, while powdered seasoning products saw a decline of 6% [6] - The company is expected to enhance operational efficiency through automation in its new factory, set to be completed in the second half of 2025 [6] Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.81, 0.98, and 1.16 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 33, 27, and 23 times [9][11]

Summary of the Conference Call for 日辰股份 Company Overview - **Company**: 日辰股份 - **Industry**: Food Processing and Supply for the Restaurant Sector Key Points and Arguments Financial Performance and Growth Targets - **2025 Revenue Growth Target**: 15%-20% with profit growth expected to exceed revenue growth, supported by a first-quarter gross margin improvement [2][13] - **First Quarter Performance**: Revenue increased by 10.3%, but March saw a slowdown, impacting overall quarterly performance [3][4] Market Dynamics - **Customer Segmentation**: Notable growth from major clients like 百胜 and 虾堡, while others like 鱼酷 and 味千 experienced declines, linked to client size and order volumes [2][4] - **Pricing Pressure**: Downstream restaurant clients exerting price pressure on suppliers, but 日辰股份 managed to increase high-value product ratios, improving gross margin to approximately 39% [2][6] Raw Material Costs - **Cost Trends**: Basic raw material costs, particularly米面粮油, have decreased, positively impacting gross margins. The company’s product cost constitutes only about 5% of clients' total raw material costs, limiting the impact of price pressures [7][8] Competitive Landscape - **Increased Competition**: Small suppliers are engaging in aggressive pricing strategies through online channels, leading to heightened competition. However, 日辰股份 maintains strong relationships with existing clients, mitigating some competitive pressures [9][10][11] - **Industry Consolidation**: Larger companies are leveraging their advantages to squeeze out smaller competitors, with recent acquisitions indicating a trend towards market concentration [5][12] Strategic Initiatives - **Acquisition Strategy**: The acquisition of 嘉兴艾贝棒 to expand frozen dough business and enhance service to 百胜, with potential for future collaboration [5][25] - **Focus on High-Value Products**: The company is increasing the proportion of high-value products to enhance profitability amidst competitive pricing pressures [6][24] Product Development and Client Relationships - **New Product Contribution**: New products account for over 20% of annual sales, with a focus on meeting the needs of both new and existing clients [6] - **Client Retention**: Strong customer loyalty among existing clients reduces the likelihood of switching suppliers, despite competitive pressures [11] Future Outlook - **2025 Operational Plans**: The company anticipates significant growth from restaurant clients and brand customization, with major clients expected to drive revenue growth [15][16] - **Cost Management**: Prepared for potential cost increases in the second half of 2025, with strategies in place to manage pricing pressures through inventory and product positioning [22] Market Trends - **New Product Launches**: The restaurant industry is focusing on new product launches primarily for promotional purposes to drive foot traffic, amidst a competitive environment [23] Expansion into Baking - **Baking Market Potential**: The decision to expand into the baking sector is driven by market saturation in the compound seasoning market, with confidence in the baking market's growth potential [27][28] Additional Important Insights - **Industry Learning**: The company is leveraging Japanese industry practices in areas like prepared foods and baking, indicating a strategic approach to market development [28]

证券代码：603755 证券简称：日辰股份 青岛日辰食品股份有限公司 2024 年年度股东大会 会议资料 山东·青岛 2025 年 5 月 目 录 一、2024 年年度股东大会须知 二、2024 年年度股东大会议程 三、2024 年年度股东大会议案 青岛日辰食品股份有限公司 2024 年年度股东大会须知 尊敬的各位股东及股东代理人： 二、股东请按时进入会场，听从工作人员安排入座。 三、大会正式开始后，迟到股东人数、股权额不记入表决数。 四、与会者要保持会场正常秩序，会议期间不要大声喧哗，请关闭手机或将 其调至静音状态，大会谢绝个人拍照、录音及录像。 五、出席现场会议的股东及股东代理人依法享有发言权、咨询权、表决权等 各项权利，但需由公司统一安排发言和解答。股东的发言和质询应尽量围绕本次 股东大会所审议的议案，简明扼要，不要给大会议程及其他股东发言带来不必要 的延迟。股东（或股东代表）发言时，应先报告所持股份数。股东要求发言时不 得打断会议报告人的报告或其他股东的发言。会议召集人可以合理安排发言环节。 六、本次大会表决，采取现场投票与网络投票相结合的方式。现场会议的表 决采用按股权书面表决方式，网络投票表决方法 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a total revenue of 405 million yuan in 2024, representing a year-on-year increase of 12.59%. The net profit attributable to shareholders was 63.86 million yuan, up 13.16% year-on-year, while the net profit excluding non-recurring items was 55.37 million yuan, an increase of 5.59% year-on-year [2][4]. - In Q4 2024, the company reported a total revenue of 107 million yuan, a year-on-year increase of 14.9%. However, the net profit attributable to shareholders decreased by 36.49% to 9.42 million yuan, and the net profit excluding non-recurring items dropped by 78.7% to 2.92 million yuan [2][4]. - For Q1 2025, the company achieved a total revenue of 101 million yuan, a year-on-year increase of 10.5%, with a net profit attributable to shareholders of 17.66 million yuan, up 36.86% year-on-year, and a net profit excluding non-recurring items of 17.57 million yuan, an increase of 44.87% year-on-year [2][4]. Revenue Breakdown - In 2024, the revenue from the catering channel was 200 million yuan, a year-on-year increase of 22.24%. In Q4 2024, it grew by 17.27%, and in Q1 2025, it increased by 9.94%. The food processing segment generated 140 million yuan, up 3.96% year-on-year, with Q4 2024 and Q1 2025 showing increases of 13.47% and 7.44%, respectively. The brand customization channel saw revenue of 52 million yuan, a year-on-year increase of 15.08%, with Q4 2024 and Q1 2025 growth rates of 26.55% and 36.92%, respectively [5]. Profitability Improvement - The company's net profit margin improved by 0.08 percentage points to 15.78% in 2024, while the gross profit margin decreased by 0.07 percentage points to 38.7%. The expense ratio decreased by 1.43 percentage points to 19.4% [6]. - In Q4 2024, the net profit margin declined by 7.09 percentage points to 8.77%, with a gross profit margin increase of 1.66 percentage points to 39.28%. The expense ratio rose by 5.49 percentage points to 25.92% [6]. - For Q1 2025, the net profit margin increased by 3.36 percentage points to 17.42%, with a gross profit margin of 39.21% and an expense ratio of 18.79%, down by 3.75 percentage points [6]. Growth Potential - The company is focusing on meeting market demand and enhancing product development, which is expected to drive growth in the catering and food processing sectors. The digital factory in Jiaxing is projected to be operational by the end of 2025, enhancing flexible manufacturing and multi-category supply capabilities. The recent acquisition of Aibeibang marks the company's entry into the baking sector, which is anticipated to contribute to new revenue streams [7]. - The projected net profits for 2025 and 2026 are 82 million yuan and 99 million yuan, respectively, with corresponding price-to-earnings ratios of 32 and 26 times [7].

特此公告。 网上集体接待日暨 2024 年度业绩说明会活动的公告 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。 为进一步加强与投资者的互动交流，青岛日辰食品股份有限公司（以下简称 "公司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网络有 限公司联合举办的"2025 年青岛辖区上市公司投资者网上集体接待日暨 2024 年 度业绩说明会活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP,参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。届 时公司董事长张华君先生，财务总监兼董事会秘书张韦女士，独立董事张世兴先 生将以在线交流形式就公司治理、发展战略、经营状况、融资计划、股权激励和 可持续发展等投资者关注的问题与投资者进行沟通与交流，欢迎广大投资者踊跃 参与。 证券代码：603755 证券简称：日辰股份 公告编号：2025-021 青 ...