问题：对于现在的市场环境，公司下半年有什么规划吗？ 答：您好，在零售渠道方面，公司坚持新店开发与老店升级优化并行的策 略。目前公司针对无锡市场的 30 多家加盟店进行试点改造，通过对门店装修、 产品陈列、产品结构等方面进行门店的升级改造，目前已完成 20 多家门店的升 级并得到了市场不错的反馈，后续会逐渐将此方式往其他区域的门店去推广。 公司还引入 "慧运营"系统，提升加盟店系统管理能力；在批发渠道方面，公 司将推广"1+N"模式，围绕"做大客户"的目标，帮助大批发商去开发二批、 证券代码：605089 证券简称：味知香 公告编号：2024-063 苏州市味知香食品股份有限公司 关于 2024 年半年度业绩说明会召开情况的公告 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。 苏州市味知香食品股份有限公司（以下简称"公司"）已于 2024 年 9 月 10 日 15:00-16:00 通过上海证券交易所上证路演中心（http://roadshow.sseinfo.com） 以上证路演中心网络互动方式召开了公司 2024 年 ...

Financial Performance - The company achieved a revenue of 327 million yuan in the first half of 2024, a decrease of 21.53% year-on-year [3] - The net profit attributable to shareholders was 42 million yuan, down 43.37% compared to the same period last year [3] - The net profit excluding non-recurring gains and losses was 41 million yuan, a decline of 43.10% year-on-year [3] Market Strategy - The company is focusing on optimizing product structure, channel expansion, production processes, and technology to enhance operational resilience [3] - A pilot renovation project for over 30 franchise stores in Wuxi has been initiated, with more than 20 stores upgraded and receiving positive market feedback [4] - The company is implementing a "Smart Operation" system to improve management capabilities of franchise stores and is exploring online ordering and local delivery options [4] Sales and Distribution - The company is concentrating its sales efforts in the East China region to improve resource efficiency and increase the return on investment [6] - The sales team is actively promoting and assisting major wholesalers to develop secondary and tertiary customers, aiming to stimulate sales potential in the wholesale channel [5] Cost Management - The company is cautious with expenses, with significant changes in 2024 attributed to increased management costs from the depreciation of a new factory [6] - Cost control measures will be adjusted based on market conditions, with a focus on efficiency improvements during challenging environments [6] Future Outlook - There is an expectation of improved market conditions in the second half of the year, driven by rising prices of beef and pork, indicating an expanding demand [7] - The company remains committed to enhancing operational resilience and adapting to market changes [7]

收入利润均承压，强化商超渠道拓展 核心观点 事件：公司公布 24 中报，营收 3.27 亿/-21.53%；归母净利 0.42 亿/-43.37%；扣 非归母 0.41 亿/-43.10%；毛利率 24.85%/-1.27pct；归母净利率 12.93%/- 4.99pct。 ⚫ 营收端承压，利润大幅下降。Q2 营收 1.61 亿/-24.94%，环比-2.86%，主要系市场 环境影响，需求走弱；Q2 归母净利 0.23 亿/-40.12%，环比+23.68%，扣非归母 0.23 亿/-40.12%，环比+21.88%。24H1 营收分产品看，肉禽类营收 2.12 亿/- 22.52%，其中：家禽类营收 0.56 亿/-14.82%，牛肉类营收 1.26 亿/-26.26%，猪肉 类营收 0.26 亿/-8.58%，羊肉类营收 0.04 亿/-52.35%；水产类营收 0.89 亿/- 23.62%，其中：虾类营收 0.42 亿/-21.47%，水产鱼类营收 0.47 亿/-25.41%。 ⚫ 毛利率下降，管理费用率上升，盈利端承压。Q2 毛利率 24.70%/-1.33pct，环比0.29pct，主要系收入 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 味知香(605089)公司点评报告 2024 年 09 月 03 日 [Table_Title] 二季度承压，积极开发渠道资源 ——味知香 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。24H1，公司实现总营收 3.27 亿元，同比-21.53%， 归母净利 0.42 亿元，同比-43.37%。24Q2，公司实现总营收 1.61 亿元，同 比-24.94%，归母净利 0.23 亿元，同比-40.12%。 商超渠道增厚收入，渠道数量稳步拓展 1）上半年商超渠道收入实现增长。24H1，公司零售/商超/批发/直销及其他 /电商客户渠道分别实现收入 2.20/0.15/0.84/0.04/0.01 亿元，同比19.98%/+6.50%/-25.57%/-54.01%/-27.05%；24Q2，前三大渠道零售/批发 /商超渠道分别实现收入 1.07/0.45/0.07 亿元，同比-22.92%/-26.15%/- 7.95%。 2）加盟店数量有所调整。截至 24H1 末，公司加盟店/经销店/商超客户/ ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is experiencing pressure on performance due to weak external demand, with a significant decline in revenue and net profit in the first half of 2024 [1] - The company is expected to improve its performance as it rationalizes channel support policies and enhances product supply capabilities [2] Financial Performance Summary - For H1 2024, the company reported revenue of 327 million yuan, a decrease of 22% year-on-year, and a net profit of 42 million yuan, down 43% [1] - In Q2 2024, revenue was 161 million yuan, a decline of 25%, with a net profit of 23 million yuan, down 40% [1] - The gross margin in Q2 2024 decreased by 1 percentage point to 24.70%, while the net profit margin fell by 4 percentage points to 14.51% [1] Product and Regional Performance - In Q2 2024, revenue from various product categories showed declines: meat and poultry products down 24%, aquatic products down 27%, and other products down 25% [1] - Revenue from different regions in H1 2024 varied, with declines in most areas except for Southwest and Northeast, which saw growth of 8% [1] Channel Strategy - The company is focusing on enhancing its channel strategy, with revenue from retail, supermarkets, and other channels declining significantly [1] - The company plans to implement support policies for store operations to boost confidence among franchisees and improve sales performance [2] Earnings Forecast - The company’s EPS is projected to be 0.80 yuan in 2024, 0.84 yuan in 2025, and 0.86 yuan in 2026, with corresponding P/E ratios of 23, 22, and 21 times [2]

Investment Rating - Investment rating is maintained at "Outperform" [1] Core Views - The company is experiencing a phase of performance pressure, with a significant decline in revenue and net profit in H1 2024 compared to the previous year. Revenue decreased by 21.5% to 330 million yuan, and net profit dropped by 42.4% to 40 million yuan. The second quarter saw a revenue decline of 24.9% and a net profit decline of 40.1% [3] - The company is focusing on product innovation and channel expansion, with expectations of performance improvement once consumer demand recovers [3] Financial Performance Summary - H1 2024 revenue was 330 million yuan, down 21.5% year-on-year, with net profit of 40 million yuan, down 42.4% [3] - Q2 2024 revenue was 160 million yuan, down 24.9% year-on-year, with net profit of 20 million yuan, down 40.1% [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 90 million yuan, 100 million yuan, and 100 million yuan respectively, with year-on-year changes of -33.1%, +5.8%, and +6.0% [3] - The current price-to-earnings ratio (P/E) is projected at 27.2, 25.7, and 24.2 for the years 2024, 2025, and 2026 respectively [3] Sales Channel Performance - In H1 2024, revenue from retail, supermarkets, and wholesale channels was 210 million yuan, 10 million yuan, and 80 million yuan respectively, with year-on-year changes of -20.0%, +6.5%, and -25.6% [5] - The company plans to enhance its channel layout and increase store openings to improve sales performance [5] Product Line and Market Strategy - The company is committed to diversifying its product lines, having established eight major product lines to meet diverse consumer needs [4] - The sales of pre-prepared dishes have been affected by weak terminal demand, prompting the company to focus on product development [4] Profitability Metrics - Q2 2024 gross margin decreased by 1.34 percentage points to 24.70%, attributed to reduced production scale effects due to declining revenue [6] - The net profit margin for Q2 2024 was 14.51%, down 3.68 percentage points year-on-year [6]

经营承压，静待改善 [Table_Title] 评级：买入（维持） [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 798 799 785 820 869 增长率 yoy% 4% 0% -2% 4% 6% 净利润（百万元） 143 135 98 101 109 增长率 yoy% 8% -5% -28% 3% 8% 每股收益（元） 1.04 0.98 0.71 0.73 0.79 每股现金流量 1.14 1.25 0.41 -0.56 1.64 净资产收益率 12% 11% 7% 7% 7% P/E 17.2 18.2 25.1 24.3 22.6 P/B 2.0 1.9 1.8 1.7 1.6 备注：股价选取 2024 年 8 月 29 日收盘价 市场价格：17.84 元 [Table_Profit] 基本状况 总股本(百万股) 138 流通股本(百万股) 138 市价(元) 17.84 市值(百万元) 2,462 流通市值(百万元) 2,462 味知香（605089.SH）/食品 饮料 证券研究报告/公司点评 2024 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 327,142,204.11, a decrease of 21.53% compared to CNY 416,926,836.43 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was CNY 42,289,118.76, down 43.37% from CNY 74,681,853.94 year-on-year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 41,360,405.78, a decrease of 43.10% compared to CNY 72,694,838.53 in the previous year[11]. - The net cash flow from operating activities was CNY 30,642,947.37, down 57.39% from CNY 71,918,942.59 in the same period last year[11]. - Basic earnings per share decreased by 42.59% to CNY 0.31 compared to the same period last year[12]. - Weighted average return on equity dropped by 2.51 percentage points to 3.46% year-on-year[12]. - Total comprehensive income for the first half of 2024 was CNY 42,850,245.91, compared to CNY 74,711,359.86 in the same period of 2023, representing a decrease of approximately 42.7%[93]. - The company reported a decrease in retained earnings of CNY 95,633,963.60 during the first half of 2024[100]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,245,618,988.25, down 9.77% from CNY 1,380,484,355.76 at the end of the previous year[11]. - The company's total liabilities amounted to CNY 69.81 million, down from CNY 106.35 million, indicating a decrease of approximately 34.3%[83]. - The company's cash and cash equivalents decreased by 35.52% to ¥543,444,302.85, primarily due to cash dividends and increased structured financial investments[24]. - The total amount of trading financial assets increased by 115.15% to ¥360,389,242.10, driven by increased purchases of structured financial products[24]. - The total equity attributable to shareholders decreased to CNY 1,176,655,262.20 from CNY 1,269,463,763.93, a decline of approximately 7.3%[87]. Market and Industry Insights - The cold chain logistics market in China reached a total demand of approximately 350 million tons in 2023, growing by 6.1% year-on-year[15]. - The urbanization rate in China increased from 36.2% in 2000 to 66.16% in 2023, driving demand for convenient pre-prepared meals[14]. - The pre-prepared meal industry in China is in its early stages, indicating significant growth potential as consumer demands evolve[15]. - The cold chain market in China accounted for approximately 25% of the global cold chain market size[15]. Operational Developments - The company has established eight product series, including meat, poultry, and seafood, under its core brands "Wei Zhi Xiang" and "Zhuan Yu" to cater to diverse consumer needs[17]. - The company has established a production capacity of 5,000 tons of food fermentation liquid and 50,000 tons of fermented conditioning food annually[20]. - The company has implemented a strict quality control system, achieving certifications for ISO9001, ISO22000, ISO14001, and ISO45001[21]. - The company operates a self-built cold chain logistics system to ensure product safety during transportation[21]. Shareholder and Governance Commitments - The company has committed to not transferring or managing shares held prior to the IPO for 36 months, ensuring stability in shareholding[40]. - Major shareholders and executives have committed to not transferring or entrusting the management of their shares for 36 months post-IPO, with a potential 6-month extension if stock prices fall below the issue price for 20 consecutive trading days[43]. - The company will ensure compliance with all relevant laws and regulations regarding shareholding and transfer practices[47]. - The commitments made by shareholders are binding and will not be terminated due to changes in position or resignation[44]. Environmental and Safety Practices - The company has implemented strict environmental protection measures, complying with national standards, and has not faced any administrative penalties during the reporting period[37]. - The company’s wastewater treatment processes meet municipal standards, with various sources of wastewater being treated before entering the municipal sewage system[37]. - Solid waste generated by the company is classified and processed according to environmental regulations, ensuring no pollution to the surrounding environment[37]. - The company emphasizes food safety and has implemented a comprehensive food safety management checklist to mitigate risks[20]. Risk Management - The company has provided a risk statement regarding potential future risks but has not made any specific commitments to investors[2]. - The company faces food safety risks due to multiple processes involved in the supply chain, which could impact public trust and order[31]. - Market demand variability poses a risk to the company's sales and profits, as changing consumer preferences and economic conditions can affect demand[31]. Research and Development - Research and development expenses decreased by 17.07% to ¥1,660,433.06, attributed to the relocation of the R&D center[23]. - The company reported an increase in research and development expenses to CNY 1,660,433.06 from CNY 2,002,203.27, reflecting a focus on innovation despite overall cost reductions[88]. Financial Reporting and Compliance - The report indicates that the financial statements have not been audited[3]. - The financial statements have been prepared in accordance with the relevant accounting standards, ensuring transparency and accuracy in reporting[112]. - The company has not received any non-standard audit opinions in the previous annual report, suggesting compliance with financial regulations[64].

证券代码：605089 证券简称：味知香 公告编号：2024-060 苏州市味知香食品股份有限公司 2024 年半年度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四 号—食品制造》的相关规定，现将苏州市味知香食品股份有限公司（以下简称"公 司"或"味知香"） 2024 年半年度主要经营数据公告披露如下： 一、2024 年半年度经营情况 2024 年 1-6 月，公司实现营业收入 32,714.22 万元，较上年同期下降 21.53%。 实现主营业务收入为 32,348.07 万元，较上年同期下降 21.31%。主营业务收入构 成情况具体如下： | 产品类别 | 2024 年 1-6 | 月 | 2023 年 1-6 | 月 | 变动情况（%） | | --- | --- | --- | --- | --- | --- | | 肉禽类 | 21,244.75 | | 27,420.64 | | -22.52 | | 其中：牛肉类 | ...

证券代码：605089 证券简称：味知香 公告编号：2024-061 苏州市味知香食品股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 09 月 10 日(星期二) 下午 15:00-16:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 三、 参加人员 董事长兼总经理：夏靖先生 财务总监兼董事会秘书：谢林华先生 独立董事：肖波先生 四、 投资者参加方式 （一）投资者可在 2024 年 09 月 10 日下午 15:00-16:00，通过互联网登录 上证路演中心（https://roadshow.ssei ...