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].

本公司监事会及全体监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。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 一、监事会会议召开情况 苏州市味知香食品股份有限公司（以下简称"公司"或"味知香"）第三届监事 会第四次会议于 2024 年 10 月 29 日以现场方式召开，本次会议通知已于 2024 年 10 月 18 日通过专人送达、邮件、电话等方式发出。会议由监事会主席朱平先 生主持，会议应到监事 3 人，实到监事 3 人。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、监事会会议审议情况 1、审议通过《关于公司 2024 年第三季度报告的议案》 监事会认为：公司 2024 年第三季度报告的内容和格式符合中国证监会和上 海证券交易所的各项规定，报告的编制和审议程序合法、合规，全面、真实地反 映了公司 2024 年第三季度的经营成果和财务状况。 证券代码：605089 证券简称：味知香 公告编号：2024-068 苏州市味知香食品股份有限公司 第三届监事会第 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥183,462,401.55, a decrease of 9.19% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥25,435,389.73, down 21.81% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥24,579,961.35, reflecting a decline of 22.28% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.19, a decrease of 20.83% year-on-year[3] - The diluted earnings per share for Q3 2024 was also ¥0.19, down 20.83% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 was CNY 510,604,605.66, a decrease of 17.5% compared to CNY 618,951,707.63 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was CNY 67,724,508.49, a decline of 37% from CNY 107,210,794.67 in the previous year[17] - Basic and diluted earnings per share for the third quarter of 2024 were both CNY 0.49, compared to CNY 0.78 in the same quarter of 2023[18] - The company reported a financial income of CNY 8,388,505.06 for the first three quarters of 2024, compared to CNY 14,485,772.64 in the same period of 2023[16] - Operating profit for the first three quarters of 2024 was CNY 73,963,362.61, down 37.1% from CNY 117,530,937.25 in 2023[27] - Net profit for the first three quarters of 2024 was CNY 68,290,565.52, a decline of 36.4% compared to CNY 107,303,856.34 in 2023[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,296,823,539.70, a decrease of 6.06% from the end of the previous year[3] - The company's total assets as of September 30, 2024, amount to CNY 1,296,823,539.70, a decrease from CNY 1,380,484,355.76 at the end of 2023[13] - Current assets total CNY 1,026,537,450.83, down from CNY 1,095,274,823.77 in the previous period[13] - Total liabilities as of the end of the third quarter of 2024 amounted to CNY 95,579,282.51, a decrease from CNY 111,305,859.42 at the end of the previous year[15] - The company's total equity as of the end of the third quarter of 2024 was CNY 1,201,244,257.19, down from CNY 1,269,178,496.34 in the same period of 2023[15] - Total liabilities as of the end of the third quarter of 2024 amounted to CNY 95,579,282.51, compared to CNY 109,917,959.35 at the end of the same period in 2023[24] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥67,217,631.47, down 56.43% year-on-year[3] - The net cash flow from operating activities for Q3 2024 was ¥67,217,631.47, a decrease of 56.4% compared to ¥154,282,805.93 in Q3 2023[20] - Cash flow from operating activities for the first three quarters of 2024 was CNY 551,925,116.87, down from CNY 667,556,408.94 in the previous year, indicating a decrease of 17.3%[19] - Cash flow from operating activities for the first three quarters of 2024 was CNY 67,319,387.47, down 56.5% from CNY 154,841,687.96 in 2023[29] - Total cash inflow from investment activities was ¥579,639,843.31, down from ¥629,155,584.07 in the previous year, resulting in a net cash flow from investment activities of -¥515,252,510.71[20] - The company incurred financial expenses of CNY -7,603,785.87 in 2024, significantly improved from CNY -14,200,468.61 in 2023[27] Shareholder Information - As of September 30, 2024, the total number of common shareholders is 13,295[10] - The top shareholder, Xia Jing, holds 76,236,804 shares, representing 55.24% of total shares[10] - The top ten shareholders include significant stakes from Xia Jiu Lin and Suzhou Jinhua Sheng Management Consulting, each holding 10,350,000 shares (7.50%) [10] - The company has repurchased 1,380,052 shares, accounting for 1.00% of the total share capital[10] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 2,535,615.99, a slight decrease from CNY 2,943,598.88 in the previous year[16] - The company reported a decrease in research and development expenses to CNY 2,535,615.99 in 2024 from CNY 2,943,598.88 in 2023, a reduction of 13.8%[27] Compliance and Reporting - The report was released on October 29, 2024, indicating timely communication of financial performance[31] - The report indicates compliance with regulatory requirements, ensuring accuracy in financial reporting[31] - The company has adopted new accounting standards starting from 2024, impacting the financial statements from the beginning of the year[31] - Future outlook and performance guidance have not been detailed in this document[31] - There are no specific performance summaries or user data provided in the current report[31] - No new products or technologies have been mentioned in the current report[31] - There is no information regarding market expansion or acquisitions in this report[31] - The company has not outlined any new strategies in the current financial report[31] - The document does not provide any numerical data or percentage changes related to financial performance[31]

证券代码：605089 证券简称：味知香 公告编号：2024-069 苏州市味知香食品股份有限公司 2024 年第三季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 年第三季度主要经营数据公告披露如下： 一、2024 年第三季度经营情况 2024 年 7-9 月，公司实现营业收入 18,346.24 万元，较上年同期下降 9.19%。 实现主营业务收入为 18,098.73 万元，较上年同期下降 9.12%。主营业务收入构 成情况具体如下： | 产品类别 | 2024 年 7-9 | 月 | 2023 年 7-9 | 月 | 变动情况（%） | | --- | --- | --- | --- | --- | --- | | 肉禽类 | 12,702.57 | | 13,785.59 | | -7.86 | | 其中：牛肉类 | ...

证券代码：605089 证券简称：味知香 公告编号：2024-067 苏州市味知香食品股份有限公司 第三届董事会第四次会议决议公告 表决情况：同意 5 票，反对 0 票，弃权 0 票。 该议案已经审计委员会审议通过。 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《2024 年第三季度报告》。 2、审议通过《关于向银行申请综合授信额度的议案》 表决情况：同意 5 票，反对 0 票，弃权 0 票。 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 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 董事会第四次会议于2024年10月29日以现场方式召开，本次会议通知已于2024 年 10 月 18 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 ...

证券代码：605089 证券简称：味知香 公告编号：2024-071 苏州市味知香食品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 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。 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 11 月 13 日(星期三) 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/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 06 日(星期三) 至 11 月 12 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 info@weizhixiang.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 ...

证券代码：605089 证券简称：味知香 公告编号：2024-070 苏州市味知香食品股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开第三届董事会第四次会议，审议通过了《关于向银行申请综合授信额度 的议案》。根据公司总体经营情况，结合公司资金使用计划的需要，公司拟向银 行申请不超过人民币 10,000 万元综合授信额度，上述授信包括但不限于短期流 动资金贷款、保理、银行承兑汇票、商业承兑汇票、保函、信用证等形式。具 体授信日期、授信期限及利率以各方签署的合同为准。以上授信额度不等于公 司的实际融资金额，实际融资金额应在授信额度内，并以银行与公司实际发生 的融资金额为准，具体融资金额将视公司运营资金的实际需求合理确定。授信 期限自董事会审议通过之日起十二个月内，授信期限内，授信额度可循环使用。 授权公司管理层在上述授信额度内代表公司办理相关手续，签署相关合同及文 件。 特此公告。 苏州市味知香食品股份有限公司董事会 2024 年 10 月 30 日 本公司及董事会全体成员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 ...

证券代码：605089 证券简称：味知香 公告编号：2024-066 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） | | 1 | 宁波银行 | 5,000 | 单位结构性存款 7202403979 | 产品 | 32 | 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 20,000 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 ...

证券代码：605089 证券简称：味知香 公告编号：2024-065 上述理财产品已于 2024 年 10 月 8 日到期赎回，收回本金 5,000 万元，利息 33.29 万元。 二、截止本公告日，公司最近十二个月使用募集资金委托理财的情况 单位：万元 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 ...