证券代码：605089 证券简称：味知香 公告编号：2026-003 苏州市味知香食品股份有限公司 投资种类：结构性存款 投资金额：人民币 6,970 万元 已履行的审议程序 为提高暂时闲置募集资金使用效率、降低财务费用、增加股东回报，在确保 不影响募集资金投资项目建设和公司正常经营的前提下，合理利用部分暂时闲置 募集资金进行现金管理，可以增加现金资产收益，为公司及股东获取良好的投资 回报。 （二）投资金额 关于使用部分暂时闲置募集资金进行现金管理的 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： 苏州市味知香食品股份有限公司（以下简称"公司"或"味知香"）于 2025 年 4 月 25 日召开了第三届董事会第六次会议及第三届监事会第六次会议，审 议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司 使用不超过人民币 20,000 万元暂时闲置募集资金进行现金管理，投资的产品 品种为安全性较高、流动性较好、风险较低的保本型理财产品。上述议案已 经公司 2024 年年度股东大会审议通过。 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The restaurant industry is experiencing a slowdown in revenue growth, with a shift towards efficiency in operations and a focus on customized meal supply [6][32] - The report identifies three potential development paths for the restaurant industry: high-quality and affordable offerings, automation and smart technology, and a focus on niche markets to meet diverse consumer needs [32][33] Summary by Sections Macro Perspective on Restaurant Trends - China's residents primarily rely on wage income, leading to a lower consumption tendency compared to developed countries [9][13] - The overall consumption inclination is affected by significant income inequality, with the top 1% of the population holding a substantial share of wealth [13][15] - The restaurant industry's revenue growth is expected to slow down significantly by 2025, with a notable decline in average spending per customer [15][17] Population Dynamics - China's total population has entered a phase of negative growth, with a significant concentration of young people in economically vibrant cities [18][20] - The labor force participation rate is declining, while the dependency ratio is increasing, indicating demographic challenges for the industry [20][23] Opportunities in the Restaurant Sector - The report draws parallels with Japan's consumption evolution, suggesting that China's restaurant industry can learn from Japan's experiences [31] - The three identified paths for growth include offering high-quality products at lower prices, leveraging automation, and focusing on specific consumer segments such as single-person households and the elderly [32][33] Restaurant Supply Chain Insights - The restaurant supply chain is complex, involving multiple stages from raw material procurement to end-user sales [33] - The market for restaurant supply chains is projected to grow, with an expected market size of 2.6 trillion yuan in 2024, reflecting an 8.1% year-on-year increase [35][36] Market Structure and Competition - The restaurant market is characterized by high closure rates and a fragmented landscape, with many small-scale chains dominating the market [37][38] - The supply side is marked by a lack of concentration, leading to weak bargaining power for suppliers [38] Labor Market Challenges - The restaurant industry faces rising labor costs and high turnover rates, with significant implications for operational efficiency [43][46] - The introduction of smart devices and semi-finished products is seen as a strategy to mitigate labor challenges and enhance efficiency [46][48]

Core Viewpoint - The food processing sector experienced a slight increase of 0.27% on January 26, with major stocks like Weizhi Xiang leading the gains, while the overall market indices showed a decline [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4132.61, down 0.09%, and the Shenzhen Component Index closed at 14316.64, down 0.85% [1]. - The food processing sector's individual stock performance showed varied results, with Weizhi Xiang leading with a closing price of 32.35 and a gain of 2.70% [1]. Group 2: Stock Performance Details - The following stocks in the food processing sector showed notable gains: - Weizhi Xiang: Closing price 32.35, up 2.70%, with a trading volume of 46,000 and a turnover of 149 million [1]. - Guangming Meat Industry: Closing price 6.71, up 2.29%, with a trading volume of 306,500 and a turnover of 203 million [1]. - Delisi: Closing price 5.20, up 1.96%, with a trading volume of 295,200 and a turnover of 152 million [1]. - Conversely, several stocks faced declines, including: - ST Chuntian: Closing price 4.01, down 4.52%, with a trading volume of 130,200 and a turnover of 52.31 million [2]. - Kangbiter: Closing price 16.02, down 3.84%, with a trading volume of 20,400 and a turnover of 33.03 million [2]. Group 3: Capital Flow Analysis - The food processing sector saw a net outflow of 104 million from major funds, while retail investors contributed a net inflow of 114 million [2]. - Specific stocks experienced varied capital flows, with Guangming Meat Industry showing a net outflow of 33.27 million from major funds [3]. - Weizhi Xiang had a net outflow of 1.08 million from major funds but a net inflow of 7.84 million from retail investors [3].

Summary of the Conference Call for Wei Zhi Xiang Company Overview - **Company**: Wei Zhi Xiang - **Industry**: Food and Beverage, focusing on family and restaurant customer needs Key Points and Arguments Strategic Adjustments - Wei Zhi Xiang has redefined its strategic planning for the next three years, focusing on family and restaurant client needs, including franchise stores and supermarkets [3][4] - The company has restructured into three main clusters: sales, product, and supply chain, with the establishment of strategic and educational departments to enhance market responsiveness [3][4] Product and Service Innovations - The company is shifting from semi-finished products to comprehensive dining solutions, catering to various dining scenarios such as single meals and gatherings [5][9] - A new product strategy includes upgrading from single items to combo meals, aiming to enhance product value and streamline supply chain management [4][11] Channel Expansion - Wei Zhi Xiang has successfully partnered with major supermarkets like Fat Dong Lai and Da Run Fa, and has entered online grocery platforms to broaden its sales channels [6][16] - The company is establishing multiple Business Units (BUs) to quickly respond to customer demands in the supermarket channel [6] New Store Formats - The company is testing a new ready-to-eat store model, with plans to open dozens of locations by 2026, utilizing cooking robots to optimize operations [4][14][21] - The first store, located in a suburban area, is focused on stir-fried dishes and aims to expand into urban areas based on consumer preferences [7][8] Group Meal Business Growth - The group meal segment has seen significant growth, primarily serving educational institutions and corporate cafeterias, with a focus on high-quality ingredient supply [9][16] - The company plans to extend its reach into other educational systems and enterprises to build a robust supply chain [9] Financial Performance and Projections - In 2025, the B-end sales (group meals and supermarkets) reached approximately 200 million, with significant growth expected in the future [16] - The company is optimistic about achieving its equity management goals for 2026, supported by detailed planning [18] Operational Efficiency - The company is implementing a flexible supply chain to reduce raw material costs and improve delivery timeliness, with a focus on transparency in the supply chain [11][12] - Current production capacity is sufficient to meet demand, with minimal additional investment needed for small equipment [20] Community and Staffing Plans - As the business expands, Wei Zhi Xiang plans to increase front-line staff while reducing back-office personnel to enhance operational efficiency [19] Store Profitability and Expansion - The new store model does not require a daily sales target of 4,000 yuan to be profitable, with plans to recover investments within a year through cost optimization [22] - The company aims to establish a stable and replicable model before opening more franchise opportunities [23] Additional Important Insights - The company is focusing on enhancing customer experience through product variety and service improvements, including the integration of online and offline sales strategies [15] - Traditional store renovations are ongoing, with efforts to modernize and improve customer engagement [15]

Group 1 - The food processing sector increased by 0.41% on January 22, with Jiaoda Onlly leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the food processing sector showed various performance, with Jiaoda Onlly closing at 6.93, up 4.52%, and Hai Xin Food at 6.81, up 2.10% [1] Group 2 - The food processing sector experienced a net outflow of 28.83 million yuan from main funds, while retail investors saw a net inflow of 51.78 million yuan [2] - The trading volume and turnover for key stocks varied, with Jiaoda Onlly having a trading volume of 190,700 shares and a turnover of 131 million yuan [1][2] - The stock performance of several companies showed mixed results, with some stocks like ST Chuntian and Xianle Health declining by 1.39% and 1.27% respectively [2] Group 3 - Main fund inflows were observed in stocks like Jiaoda Onlly with a net inflow of 14.38 million yuan, while retail investors showed a net inflow of 11.80 million yuan [3] - Stocks such as Shuanghui Development and Jinzi Ham also saw significant main fund inflows of 11.39 million yuan and 10.64 million yuan respectively [3] - The overall sentiment in the food processing sector appears mixed, with some stocks attracting retail interest despite main fund outflows [3]

Q&A 请介绍一下味之香公司最近的新业务和战略调整情况。 味之香公司在 2025 年第四季度基于政策、市场环境、用户消费方式及公司自 身发展规划，重新制定了未来三年的战略方向，并确立了以家庭及餐饮客户核 心需求为导向的战略定位。家庭客户主要指 C 端，包括农贸市场加盟店、商超 以及新的金格格店型；餐饮客户则主要通过流程和组织变革来优化供应链与服 务效率。 在 2025 年 12 月，公司发布了组织架构调整公告，确立了销售业务 集群、产品业务集群和供应链业务集群三大集群，构建大前台、强中台、小后 台的扁平化组织架构。为了配套这一调整，公司还建立了十几条以产品和客户 为主导的流程，如开店成功流程、快返流程和交付流程等，以期为 B 端和 C 端 提供差异化产品和场景方案，通过客户结构改革、产品结构改革及供应链改革 占领多个细分市场。 味之香公司在新店型方面有哪些具体举措？ 在新店型方面，味之香公司计划从农贸市场走出来，开设街边店或社区店，以 便年轻人下班后直接购买并带回家食用。此外，新店型将搭载代炒功能，用户 可以选择将购买的菜品现场加工，这样回家后即可食用。这种模式让顾客可以 看到所有食材，更加放心。 味知香 2 ...

Core Insights - The food processing sector experienced a decline of 0.82% on January 21, with Bright Meat Industry leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Sector Performance - The food processing sector's individual stock performance showed varied results, with *ST Chuntian leading with a rise of 4.85% to a closing price of 4.32 [1] - Other notable gainers included Qianwei Yangchu, which rose by 2.48% to 45.48, and Weizhi Xiang, which increased by 1.43% to 30.56 [1] Stock Trading Data - Bright Meat Industry saw a significant decline of 6.18%, closing at 6.53, with a trading volume of 573,900 shares and a transaction value of 376 million [2] - Other stocks like Baba Foods and Kangbiter also faced declines of 3.47% and 2.34%, respectively [2] Capital Flow Analysis - The food processing sector experienced a net outflow of 61.68 million from institutional investors, while retail investors saw a net inflow of 78.20 million [2] - Individual stock capital flows indicated that *ST Chuntian had a net inflow of 17.58 million from institutional investors, while retail investors contributed a net inflow of 772.11 thousand [3]

Summary of Key Points from Conference Call Records Industry Overview - The chemical industry has experienced a "global price surge" in the past month, with major companies like BASF, Dow, and Huntsman implementing price increases across Europe, Asia, and the Middle East [1][1][1] - Significant price increases have been noted for certain chemical products, with propylene oxide prices rising by 7.9% week-over-week [2][2][2] Companies Mentioned - Companies involved in the chemical sector include: - Xinxiang Chemical Fiber - Cangzhou Dahua - Weiyuan Co. - Shandong Heda - Hongbaoli - Hongbai New Materials - Red Wall Co. - Zhongyida - Zanyu Technology - China National Chemical - Jiangtian Chemical - Meibang Technology [2][2][2] Core Insights and Arguments - The recent price increases in the chemical market are attributed to a combination of supply chain pressures and increased demand for chemical products globally [1][1][1] - The government has introduced new policies to support urban renewal and stimulate the economy, which may further impact the demand for chemical products [2][2][2] Additional Important Information - The National Energy Administration reported that national electricity load has reached a historical winter high, exceeding 1.4 billion kilowatts for the first time, indicating strong energy demand [2][2][2] - The investment in new power systems is expected to grow significantly, with a projected 40% increase in investment during the 14th Five-Year Plan period [2][2][2] - The chemical industry is likely to benefit from these macroeconomic trends, as increased urban development and energy demands will drive further consumption of chemical products [1][1][1]

Group 1 - The food processing sector increased by 1.3% on January 20, with Weizhi Xiang leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Weizhi Xiang's stock price rose by 10.00% to 30.13, with a trading volume of 52,200 shares and a transaction value of 154 million yuan [1] Group 2 - The food processing sector saw a net inflow of 66.56 million yuan from main funds, while retail investors experienced a net outflow of 51.02 million yuan [2] - Major stocks like Shuanghui Development and Anjixin Food had significant net inflows of 56.07 million yuan and 54.04 million yuan, respectively [3] - Weizhi Xiang had a net inflow of 34.38 million yuan from main funds, but retail investors withdrew 14.73 million yuan [3]

Market Overview - A-shares opened high but closed lower, with the Shanghai Composite Index down 0.3% at 4101.62 points, Shenzhen Component down 1.22%, and ChiNext Index down 1.83% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.85 trillion yuan, an increase of 568 billion yuan compared to the previous trading day [2] Sector Performance - The communication equipment, aerospace military, electronic components, basic metals, and energy equipment sectors experienced significant declines [2] - The banking and insurance sectors saw a notable rise, with food and beverage, real estate, and semiconductor sectors also performing well [2] Banking and Insurance Sector - The banking and insurance sector showed resilience, with major insurance stocks like China Life and Ping An rising over 1% [3] - Key banking stocks such as CITIC Bank increased by over 2%, while other banks like China Construction Bank and Bank of China rose by over 1% [5] - A report from China Galaxy Securities indicated that structural monetary policy tools and a marginal improvement in RMB credit could support bank lending [5] Food and Beverage Sector - The food and beverage sector was active, with food processing stocks leading the gains, including Hongmian Co., Jingji Zhino, and Weizhi Xiang, all hitting the daily limit [6] - Notable performers included Hongmian Co. with a 10.13% increase and Jingji Zhino with a 10.01% increase [7] Real Estate Sector - The real estate sector showed a rebound, with stocks like Dayue City and Chengtou Holdings hitting the daily limit, and others like China Merchants Shekou and Binjiang Group rising over 5% [8] - Recent data from the National Bureau of Statistics indicated a slight decrease in new residential sales prices in first-tier cities, which may influence market sentiment [10] Aerospace and Military Sector - The aerospace and military sector faced significant declines, with stocks like Tongyu Communication and Aerospace Power hitting the daily limit down, and Aerospace Hongtu dropping 13% [11] - Other companies in the sector, such as China Satellite and China Aerospace, also saw declines exceeding 6% [12]