盛雅莉女士、吴学群先生及其一致行动人持有本公司股份总数为 901,578,662 股，占公司总股本的 56.36%。本次股份质押及解除质押完成后，盛 雅莉女士、吴学群先生及其一致行动人控制的股份累计质押 193,100,000 股，占 其持有公司股份 21.42%，占公司总股本的 12.07%。 证券代码：603866 证券简称：桃李面包 公告编号：2025-002 桃李面包股份有限公司 关于公司控股股东及实际控制人股份质押及解除质 押的公告 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。 重要内容提示： 桃李面包股份有限公司（以下简称"公司"）控股股东及实际控制人之 一的盛雅莉女士持有公司股份 131,000,428 股，占公司总股本的 8.19%；本次盛 雅莉女士质押 86,100,000 股后，盛雅莉女士累计质押公司股份 86,100,000 股， 占其所持公司股份总量的 65.72%，占公司总股本的 5.38%；公司控股股东及实际 控制人之一的吴学群先生持有公司股份 389,402,093 股，占公司总股本的 24.3 ...

证券代码：603866 证券简称：桃李面包 公告编号：2024-060 桃李面包股份有限公司 关于使用闲置自有资金进行委托理财的进展公告 （一）委托理财目的 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： 履行的审议程序：桃李面包股份有限公司分别于 2024 年 3 月 20 日、2024 年 4 月 10 日召开了第六届董事会第十七次会议和 2023 年年度股东大会，审议通 过了《关于使用闲置自有资金进行委托理财的议案》，同意公司使用不超过人民 币 10 亿元的闲置自有资金购买安全性高、流动性好、购买机构不限于银行、证 券等金融机构的理财产品进行委托理财。详情请阅公司于 2024 年 3 月 21 日发布 的《桃李面包关于使用闲置自有资金进行委托理财的公告》（公告编号：2024-017） 特别风险提示：尽管公司本次购买的是安全性高、流动性好、低风险的 理财产品，但金融市场受宏观经济影响较大，不排除该项投资受到市场风险、信 用风险、政策风险、流动性风险、不可抗力风险等风险影响。 一、本次委托理财概述 通过适度现 ...

Investment Rating - The report downgrades the investment rating of the company to "Cautious Accumulate" [16][28]. Core Views - The company experienced a revenue decline, with Q3 2024 revenue at 1.627 billion yuan, a year-on-year decrease of 12.53%, and a year-to-date revenue of 4.647 billion yuan, down 8.27% year-on-year [16]. - Despite the revenue drop, the company's gross profit margin increased by 0.51 percentage points to 23.81% due to a greater decline in costs compared to revenue [16]. - The reduction in sales and R&D expenses led to an increase in net profit margin to 9.36%, up 0.29 percentage points [16]. Financial Data Summary - The company’s market capitalization is 11.23 billion yuan [6]. - The price-to-book ratio is 2.23 [5]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.37 yuan, 0.40 yuan, and 0.42 yuan respectively [16][21]. - The projected price-to-earnings (P/E) ratios corresponding to the current stock price of 7.02 yuan are 18.74, 17.54, and 16.57 for the years 2024, 2025, and 2026 respectively [16][21]. - The company’s net asset return (ROE) is 8.62% [11].

证券代码：603866 证券简称：桃李面包 公告编号：2024-059 桃李面包股份有限公司股票交易异常波动公告 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： 一、股票交易异常波动的具体情况 公司股票交易自 2024 年 12 月 10 日、12 月 11 日、12 月 12 日连续三个交易 日内日收盘价格涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的 有关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动，公司通过自查、书面征询等方式对有关事项进 行了核查，现将核实情况说明如下： （一）生产经营情况 公司目前生产经营活动正常，不存在影响公司股票交易价格异常波动的重大 事宜，不存在应披露而未披露的重大信息。 （二）重大事项情况 经公司自查并向公司控股股东及实际控制人核实：截至目前，除已披露的事 项外，公司、公司控股股东及实际控制人不存在应披露而未披露的重大信息，包 桃李面包股票价格于 2024 年 12 月 10 日、12 月 11 日、12 月 12 日连 ...

《关于桃李面包股份有限公司股票交易异常波动的 询证函》的回复函 特此回复。 （本页以下无正文） （本页无正文，为《〈关于桃李面包股份有限公司股票交易异常波动的 询证函〉的回函》之签署页。） 控股股东及实际控制人： 吴学亮 吴学群 吴志刚 __________ __________ __________ 盛雅莉 吴学东 __________ __________ 2024年1 2月1 2日 桃李面包股份有限公司： 本人于2 02 4年1 2月1 2日收到公司发来的《关于桃李面包股份有限 公司股票交易异常波动的询证函》。经本人自查确认，现回复如下： 一、截至目前，本人不存在涉及贵公司的应披露而未披露的重大信 息，包括但不限于重大资产重组、发行股份、重大交易类事项、业务重 组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者 等重大事项。 二、在本次股票交易异常波动期间，本人不存在买卖贵公司股票的 情形。 ...

证券代码：603866 证券简称：桃李面包 公告编号：2024-058 重要内容提示： 桃李面包股份有限公司 https://roadshow.sseinfo.com/） 关于召开 2024 年第三季度业绩说明会的公告 会议召开方式：上证路演中心网络互动 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。 投资者可于 2024 年 11 月 27 日(星期三)至 12 月 03 日(星期二)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tlir@tolybread.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 桃李面包股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 12 月 04 日下午 14:00-15:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 三、 参加人员 董事长：吴学亮 ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue at 4.65 billion yuan, down 8.3% year-on-year, and net profit at 440 million yuan, down 5.3% year-on-year [1][2] - Despite the revenue decline, the company's profitability has improved, with a gross margin of 23.8%, up 0.5 percentage points year-on-year, and a net profit margin of 9.4%, up 0.3 percentage points year-on-year [2][3] Revenue Analysis - Revenue from bread and mooncakes for the first three quarters was 4.48 billion yuan (down 7.3%) and 130 million yuan (down 18.1%), respectively, indicating a continued impact from reduced demand and foot traffic in supermarkets [2] - Revenue by region showed declines across all areas, with North China at 1.05 billion yuan (down 9.3%), Northeast at 1.9 billion yuan (down 13%), East China at 1.5 billion yuan (down 4.9%), and South China at 340 million yuan (down 20.5%) [2] Profitability and Cost Management - The company maintained stable expense ratios, with a selling expense ratio of 7.9% (down 0.1 percentage points), a management expense ratio of 2.1% (stable), and a research expense ratio of 0.4% (down 0.1 percentage points) [2] - Financial expenses increased slightly due to higher interest expenses, with a financial expense ratio of 0.5% (up 0.2 percentage points) [2] Capacity and Expansion - The company has established production bases in 22 regions nationwide, with a total capacity of 237,000 tons as of the end of the first half of 2024, and is expanding capacity with new bases under construction [3] - The new capacity is expected to match market demand and expand market share, with an anticipated release of 224,000 tons of new capacity [3] Earnings Forecast - The forecast for net profit for 2024-2026 is 560 million yuan, 620 million yuan, and 660 million yuan, respectively, with corresponding EPS of 0.35 yuan, 0.39 yuan, and 0.41 yuan [3] - The dynamic PE ratios for the same period are projected to be 17 times, 16 times, and 15 times [3]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company is experiencing pressure on its performance, with a revenue decline of 12.53% year-on-year in Q3 2024. For the first three quarters of 2024, the company achieved a revenue of 4.647 billion yuan, down 8.27% year-on-year, and a net profit attributable to the parent company of 435 million yuan, down 5.28% year-on-year [4][6] - The company is actively working to improve operational quality, enhance customer service capabilities, and develop popular products, with expectations for gradual improvement in operations [6] Financial Performance Summary - In Q3 2024, the company's revenue was 1.627 billion yuan, a decrease of 12.53% year-on-year, with main product revenue from bread at 1.49 billion yuan, down 11.06% year-on-year. The net profit attributable to the parent company was 145 million yuan, down 13.43% year-on-year [4][5] - The gross margin for Q3 2024 was 23.17%, an increase of 0.17 percentage points year-on-year. The overall gross margin for the first three quarters was 23.81%, up 0.51 percentage points year-on-year [5] - The company’s revenue by region showed declines across all areas, with the largest drop in South China at 30.16% year-on-year [5] Earnings Forecast and Valuation - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.35, 0.38, and 0.44 yuan respectively. The estimated price-to-earnings (PE) ratio for comparable companies in 2024 is between 17-23 times. Given the company's position as an industry leader and expected recovery in consumption, a valuation premium is applied, with a target PE of 20-25 times for 2024, corresponding to a fair value range of 7-8.75 yuan [6][9]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Views - The company reported a revenue of 4.647 billion, a year-on-year decline of 8.27%, and a net profit of 435 million, down 5.28% year-on-year. The revenue and profit performance were below expectations [5] - The baking industry is experiencing weak demand, leading to a downward revision of profit forecasts. Expected net profits for 2024-2026 are 574 million, 636 million, and 702 million respectively, with corresponding EPS of 0.36, 0.40, and 0.44 yuan [5][6] - The company is focusing on expanding production capacity and enhancing supply chain and channel network advantages to increase market share in the baking sector, which is considered a high-growth area [5] Summary by Sections Market Data - Closing price: 6.47 yuan - One-year high/low: 8.87/4.83 yuan - Market capitalization: 10,350 million yuan - Price-to-book ratio: 2.0 - Dividend yield: 4.64% [2] Financial Data - As of September 30, 2024, the company had a net asset per share of 3.15 yuan and a debt-to-asset ratio of 29.60% [3] - Revenue for 2024 is projected to be 6.356 billion, with a year-on-year growth rate of -6.0% [7] Profitability - The gross margin for the first three quarters of 2024 was 23.8%, an increase of 0.5 percentage points year-on-year. The net profit margin for the same period was 9.4%, up 0.3 percentage points year-on-year [7][6] - The company’s expense ratios remained stable, with sales, management, R&D, and financial expense ratios reported at 7.9%, 2.1%, 0.4%, and 0.5% respectively [7] Regional Performance - Revenue growth rates by region for the first three quarters of 2024 showed significant declines, particularly in Northeast and North China, with year-on-year decreases of -13.0% and -9.3% respectively [6]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7 CNY, while the current price is 6.47 CNY [1]. Core Views - The company reported a revenue of 4.647 billion CNY for the first three quarters of 2024, a year-on-year decrease of 8.27%. The net profit attributable to the parent company was 435 million CNY, down 5.28% year-on-year [1]. - In Q3 alone, the revenue was 1.627 billion CNY, reflecting a 12.53% decline year-on-year, with a net profit of 145 million CNY, down 13.43% year-on-year [1]. - The company faces external pressures, with a significant drop in demand and increased competition affecting its core bread business, alongside a decline in foot traffic in supermarkets [1]. - Despite the revenue decline, the gross profit margin improved to 23.17% in Q3, up 0.17 percentage points year-on-year, attributed to stable raw material costs and strict control over return rates [1]. - The company is shifting its focus from expansion to operational quality, actively managing return rates and seeking partnerships in emerging markets [1]. - The report adjusts the EPS forecast for 2024-2026 to 0.37, 0.39, and 0.43 CNY respectively, with corresponding PE valuations of 17, 16, and 15 times [1]. Financial Summary - Total revenue for 2023 is projected at 6.759 billion CNY, with a year-on-year growth rate of 1.1%. For 2024, revenue is expected to decline by 7.5% to 6.25 billion CNY [2]. - The net profit for 2023 is estimated at 574 million CNY, with a slight increase of 3.4% expected in 2024, reaching 594 million CNY [2]. - The company’s PE ratio is projected to decrease from 18 times in 2023 to 15 times by 2026 [2]. - The gross profit margin is expected to improve gradually from 22.8% in 2023 to 24.4% in 2026 [8].