证券代码：605089 证券简称：味知香 公告编号：2024-075 苏州市味知香食品股份有限公司 第三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个别及连带责任。 一、董事会会议召开情况 特此公告。 苏州市味知香食品股份有限公司董事会 2024 年 11 月 13 日 苏州市味知香食品股份有限公司（以下简称"公司"或"味知香"）第三届 董事会第五次会议于 2024 年 11 月 12 日以现场与通讯表决相结合的方式召开， 本次会议通知已于 2024 年 11 月 7 日以专人送达、邮件、电话等方式发出。本次 会议由董事长夏靖先生主持，会议应到董事 5 人，实到董事 5 人，公司监事和部 分高级管理人员列席会议。本次会议的召集、召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定，表决形成的决议合法、有效。 二、董事会会议审议情况 1、审议通过《关于部分募投项目结项、延期的议案》 首次公开发行股票募投项目"年产 5 千吨的食品用发酵菌液及年产 5 万吨发 酵调理食品项目"已达到预定可使用状 ...

证券代码：605089 证券简称：味知香 公告编号：2024-074 苏州市味知香食品股份有限公司 关于使用部分暂时闲置募集资金进行现金管理到期 赎回的公告 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。 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 2024 年 4 月 24 日召开了第三届董事会第二次会议及第三届监事会第二次会议，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 2023 年年度股东大会审议通过。使用期限自公司 2023 年年度股东大会审议通过之日 起 12 个月内有效，上述额度在使用期限内可以滚动使用。 一、本次使用募集资金进行现金管理到期赎回情况 公司使用部分暂时闲置募集资金 1,500 万元购买了中国建设银行结构性存款， 具体内容详见公司于 2024 年 8 月 9 日在上海证券交易所网站 ...

证券代码：605089 证券简称：味知香 公告编号：2024-073 苏州市味知香食品股份有限公司 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个别及连带责任。 重要内容提示： | 序号 | 受托方名称 | 金额 | 产品名称 | | | 产品期限 | | --- | --- | --- | --- | --- | --- | --- | | | | （万元） | | | | （天） | | | 中国工商银行 | 7,000 | | 2024 年 | 中国工商银行挂钩汇率区间累计型法人 | 17 | | 1 | | | | 人民币结构性存款产品-专户型 | | | | | | 第 | 422 期 A 款 | | | | 履行的审议程序：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 2024 年 4 月 24 日召开了第三届董事会第二次会议及第三届监 事会第二次会议，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 20,0 ...

Group 1: Financial Performance - In Q3 2024, the company achieved operating revenue of 183 million CNY, a year-on-year decrease of 9.19% [2] - The net profit attributable to shareholders was 25 million CNY, down 21.81% year-on-year [2] - For the first nine months of 2024, the company reported operating revenue of 511 million CNY, a decline of 17.50% [2] - The net profit attributable to shareholders for the same period was 68 million CNY, a decrease of 36.83% [2] - The net profit excluding non-recurring gains and losses was 66 million CNY, down 36.79% year-on-year [2] Group 2: Market and Operational Strategies - The company is focusing on improving its core business and enhancing operational efficiency in response to a recovering consumer environment [3] - Strategies include upgrading franchise stores and enhancing product display and structure, with positive feedback from pilot stores in Wuxi [4] - The company is collaborating with online teams to develop O2O channels, aiming to expand franchise coverage and improve operational efficiency [4] - The wholesale team is actively helping distributors develop new clients while deepening relationships with major customers [4] Group 3: Future Outlook and Cost Management - The company plans to increase expenditure on various business segments if the market environment improves, focusing on franchise support, brand building, and distribution channel development [5] - Sales expenses will be managed to remain stable as business grows, with a focus on enhancing sales capabilities to drive growth [5] - The company is adapting to changing consumer channels and has successfully expanded its supermarket partnerships [5]

苏州市味知香食品股份有限公司 关于使用部分暂时闲置募集资金进行现金管理到期 赎回的公告 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。 证券代码：605089 证券简称：味知香 公告编号：2024-072 单位：万元 | 序号 | 理财产品类型 | 实际投入金额 | 实际收回本金 | 实际收益 | 尚 未 收 回 本 | | --- | --- | --- | --- | --- | --- | | | | | | | 金金额 | | 1 | 结构性存款 | 1,000 | 1,000 | 1.89 | 0 | | 2 | 结构性存款 | 3,500 | 3,500 | 7.91 | 0 | | 3 | 结构性存款 | 3,000 | 3,000 | 3.41 | 0 | 1 | 4 | 结构性存款 | 3,000 | 3,000 | 5.34 | 0 | | --- | --- | --- | --- | --- | --- | | 5 | 结构性存款 | 6,700 | 6,700 | 45.74 | 0 | | 6 ...

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company reported a total revenue of 511 million yuan for the first three quarters of 2024, a year-on-year decrease of 17.50%, with a net profit attributable to the parent company of 68 million yuan, down 36.83% year-on-year [1] - In Q3 2024, the company achieved total revenue of 183 million yuan, a year-on-year decline of 9.19%, and a net profit of 25 million yuan, down 21.81% year-on-year [1] - The company is actively expanding its channel customers, with a slight optimization in the number of franchise stores [1] Revenue Breakdown - Revenue from meat, poultry, and aquatic products for the first three quarters of 2024 was 339 million yuan, 137 million yuan, and 28 million yuan respectively, with year-on-year declines of 17.62%, 18.57%, and 6.63% [1] - In Q3 2024, the revenue from these segments showed a narrowing decline, with year-on-year changes of -7.86%, -7.17%, and -37.17% respectively [1] - The East China region accounted for 94.21% of total revenue, with a year-on-year decline of 17.55% for the first three quarters of 2024 [1] Channel Performance - The retail (franchise, distribution), supermarket, wholesale, direct sales, and e-commerce channels reported revenues of 341 million yuan, 25 million yuan, 133 million yuan, 4 million yuan, and 1 million yuan respectively, with year-on-year changes of -16.29%, +7.58%, -20.09%, -64.75%, and -27.20% [1] - In Q3 2024, these channels experienced year-on-year changes of -8.66%, +9.18%, -8.50%, -92.15%, and -27.79% respectively [1] Financial Metrics - The gross profit margin for the first three quarters of 2024 was 25.23%, a decrease of 0.93 percentage points year-on-year, while the net profit margin was 13.26%, down 4.06 percentage points year-on-year [2] - The report forecasts net profits for 2024, 2025, and 2026 to be 88.20 million yuan, 90.80 million yuan, and 94.85 million yuan respectively, with year-on-year growth rates of -34.86%, 2.94%, and 4.46% [2][3] - The company’s market capitalization is estimated at 2.8 billion yuan, with corresponding P/E ratios of 32, 31, and 30 for the years 2024, 2025, and 2026 respectively [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company reported a total revenue of 511 million yuan for the first three quarters of 2024, a year-on-year decrease of 17.50%, with a net profit attributable to the parent company of 68 million yuan, down 36.83% year-on-year [2]. - In Q3 2024, the company achieved total revenue of 183 million yuan, a year-on-year decline of 9.19%, and a net profit of 25 million yuan, down 21.81% year-on-year [2]. - The company is actively expanding its channel customers, with a notable improvement in the number of franchise stores and other channel clients [2]. Summary by Relevant Sections Revenue and Profitability - For the first three quarters of 2024, revenue from meat, poultry, and aquatic products was 339 million yuan, 137 million yuan, and 28 million yuan respectively, with year-on-year declines of 17.62%, 18.57%, and 6.63% [2]. - The gross profit margin for the first three quarters of 2024 was 25.23%, a decrease of 0.93 percentage points year-on-year, while the net profit margin was 13.26%, down 4.06 percentage points year-on-year [3]. Regional Performance - The East China region accounted for 94.21% of total revenue, with a revenue of 475 million yuan in the first three quarters of 2024, reflecting a year-on-year decline of 17.55% [2]. Channel Performance - The retail (franchise, distribution), supermarket, wholesale, direct sales, and e-commerce channels reported revenues of 341 million yuan, 25 million yuan, 133 million yuan, 4 million yuan, and 1 million yuan respectively, with the supermarket channel showing positive growth of 7.58% year-on-year [2]. Future Projections - The company is projected to achieve net profits of 88.20 million yuan, 90.80 million yuan, and 94.85 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of -34.86%, 2.94%, and 4.46% [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue and profit decline has narrowed, primarily due to a lower base and stabilization in some product prices, with demand expected to gradually recover [2] - The company is projected to benefit from policy boosts and an anticipated recovery in downstream demand, leading to an overall valuation rebound in the industry [3] - The target price has been raised to 24.90 CNY, reflecting a 30X PE for 2025, indicating a significant potential upside from the current price of 21.10 CNY [4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 511 million CNY, a year-on-year decline of 17.50%, and a net profit attributable to shareholders of 68 million CNY, down 36.83% [3] - In Q3 2024, the company achieved revenue of 183 million CNY, a year-on-year decrease of 9.19%, with a net profit of 25 million CNY, down 21.81% [3] - The gross margin for Q3 2024 was 25.9%, a decrease of 0.3 percentage points year-on-year, with a net profit margin of 13.9%, down 2.2 percentage points year-on-year [3] Strategic Initiatives - The company is upgrading its stores and developing an O2O model to enhance service coverage and boost single-store sales, while also strengthening support for distributors and expanding group meal services [3] - The pricing strategy focuses on maintaining gross margins and enhancing brand strength, with expectations for demand to gradually improve [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [2][8]. Core Views - The company is experiencing operational pressure but is expected to improve in the future. The report highlights the slow recovery of consumer demand and the gradual increase in the penetration rate of prepared dishes, which is affecting revenue growth [2][3][4]. - The company is focusing on expanding its retail channels, particularly in the East China region, and is optimizing its store operations while encouraging capable store owners to open multiple locations. Additionally, it is deepening cooperation with hotel and catering clients through a "1+N" model [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 511 million yuan, a year-on-year decrease of 17.5%, and a net profit of 68 million yuan, down 36.83% year-on-year. In Q3 alone, revenues were 183 million yuan, a decline of 9.19% year-on-year [3][4]. - The revenue breakdown by product for Q3 2024 shows declines across various categories, with beef, poultry, and seafood products experiencing decreases of 5.31%, 7.65%, and 6.19% respectively [4]. - The company’s gross margin for Q3 2024 was 25.91%, reflecting a slight year-on-year decrease of 0.34 percentage points, indicating ongoing pressure on profitability [4]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 681 million yuan, 708 million yuan, and 753 million yuan respectively, with net profits expected to be 88 million yuan, 93 million yuan, and 99 million yuan for the same years [2][3]. - The report anticipates a decline in earnings per share (EPS) for 2024 to 0.64 yuan, with a gradual recovery expected in subsequent years [2][3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 183 million yuan in Q3 2024, a decrease of 9.19% year-on-year, and a net profit attributable to shareholders of 25.44 million yuan, down 21.81% [1] - The revenue decline has narrowed compared to the first half of the year, but the company still faces significant operational pressure across most markets [1] - The gross margin slightly decreased to 25.9%, while the sales expense ratio improved to 4.1% [1] - The company expects performance improvement through new product launches and channel diversification in the future [1] Summary by Sections Financial Performance - Q3 2024 revenue breakdown: meat and poultry revenue of 130 million yuan (up 7.86% YoY), aquatic products revenue of 48 million yuan (down 7.17% YoY) [1] - Revenue by region for 2024: East China 169.26 million yuan (down 9.59% YoY), Central China 59.9 million yuan (down 5.52% YoY), North China 13.6 million yuan (down 16.28% YoY), South China 0.4 million yuan (down 61.92% YoY), Southwest 4.02 million yuan (up 7.09% YoY), Northwest 0.25 million yuan (not comparable), Northeast 0.05 million yuan (down 50.16% YoY) [1] - Q3 2024 net profit attributable to shareholders was 25.44 million yuan, with a net profit margin of 13.86% [1] Cost and Expenses - The comprehensive gross margin for Q3 2024 was 25.9%, a decrease of 0.34 percentage points [1] - The sales expense ratio improved to 4.1%, down 2.3 percentage points year-on-year, while the management expense ratio increased to 7.2% [1] Future Outlook - The company anticipates a net profit of 86 million yuan in 2024, 87 million yuan in 2025, and 93 million yuan in 2026, corresponding to P/E ratios of 34, 33, and 31 times respectively [1]