证券代码：605089 证券简称：味知香 公告编号：2025-023 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 | 1,000 | 单位结构性存款 | 7202502346 产品 | 30 | 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 ...

Core Viewpoint - The annual shareholder meeting of Suzhou Weizhixiang Food Co., Ltd. will address various proposals, including the company's financial performance, compensation plans, and stock option incentive plans for 2025, amidst a challenging domestic consumption market [2][5][12]. Financial Performance - In 2024, the company achieved operating revenue of CNY 672,036,337.59, a decrease of 15.90% year-on-year [6][24]. - The net profit attributable to shareholders was CNY 87,528,518.86, down 35.36% compared to the previous year [6][23]. - The net profit after deducting non-recurring gains and losses was CNY 82,265,517.42, reflecting a decline of 37.28% year-on-year [23][24]. Business Strategy - The company is focusing on upgrading its franchise stores and expanding its distribution channels to adapt to changing consumer behaviors and preferences [6][14]. - Efforts are being made to enhance product quality and innovation, with new products launched to meet diverse consumer demands [7][13]. - The company aims to optimize its organizational structure and improve employee engagement through revised compensation and training programs [8][14]. Governance and Compliance - The board of directors has adhered to legal regulations and company bylaws, holding seven meetings and reviewing 43 proposals during the reporting period [8][11]. - The supervisory board conducted six meetings, overseeing the company's financial management and compliance with regulations [15][17]. - The company has committed to transparent information disclosure and maintaining investor relations through various communication channels [11][19]. Future Plans - The company plans to continue enhancing its product offerings and brand positioning to capture market opportunities and improve consumer loyalty [13][14]. - There is a focus on expanding both retail and wholesale channels, including partnerships with major supermarkets and online platforms [6][14]. - The company aims to implement a three-year shareholder return plan from 2024 to 2026, ensuring sustainable growth and profitability [19][20].

Core Viewpoint - The company is adapting to changing consumer behaviors by enhancing its store operations and expanding online sales channels to counteract the decline in foot traffic at traditional markets [1][2]. Group 1: Store Operations and Strategy - The company is implementing a series of remedial measures in 2024 to address the decline in foot traffic, focusing on upgrading store image, product display, and renovations to improve customer experience [1]. - The company is assisting franchise owners in integrating online platforms, creating a model of "online ordering with local store delivery" to expand sales reach and enhance market competitiveness [1][2]. Group 2: Franchise and Customer Relations - In 2024, there has been a shift from proactive store opening intentions to a more cautious observation among franchisees, prompting the company to focus on improving existing store efficiency [2]. - The company is concentrating on quality improvement rather than quantity growth in its wholesale channel, developing a multi-tiered sales network through systematic client acquisition [2]. Group 3: Product Development - The company is diversifying its product categories in response to changing consumer habits, moving from primarily stir-fry products to include frying, steaming, and marinated items, while also introducing fresh and ready-to-eat products [2]. - The company is committed to enhancing product research and innovation to meet the increasingly diverse dietary needs of consumers, including the launch of healthy, nutritious, and low-calorie options [2].

苏州市味知香食品股份有限公司 2024 年年度股东大会会议资料 证券代码：605089 证券简称：味知香 苏州市味知香食品股份有限公司 2024 年年度股东大会 会议资料 为维护全体股东合法权益，保证会议的顺利进行，根据《中华人民共和国公 司法》《中华人民共和国证券法》和《公司章程》等相关法律法规的规定，特制 定会议须知如下，望出席本次股东大会的全体人员遵照执行。 一、股东大会召开过程中，参会股东及股东代表应当以维护全体股东的合法 权益、确保大会正常秩序和议事效率为原则，认真履行法定职责。 二、为保证股东大会的正常秩序，除出席会议的股东、股东代表、董事、监 事、董事会秘书、其他高级管理人员、见证律师以及董事会邀请的人员以外，公 司有权拒绝其他人员进入会场。对于影响股东大会秩序和损害其他股东合法权益 的行为，公司将按规定加以制止。 二〇二五年五月 苏州市味知香食品股份有限公司 2024 年年度股东大会会议资料 目 录 | 苏州市味知香食品股份有限公司 | 2024 年年度股东大会会议须知 | 3 | | --- | --- | --- | | 苏州市味知香食品股份有限公司 | 2024 年年度股东大会会议议程 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][6]. Core Views - The company achieved a total revenue of 672 million yuan in 2024, a decrease of 15.90% year-on-year, with a net profit attributable to the parent company of 88 million yuan, down 35.36% year-on-year [1]. - In Q1 2025, the company reported a revenue of 173 million yuan, an increase of 4.24% year-on-year, and a net profit of 20 million yuan, up 3.16% year-on-year [1]. - The company is actively expanding its channels and improving operations, with a focus on product structure adjustment and store renovations [2]. Summary by Sections Financial Performance - In 2024, the company's gross margin was 25.02%, with a decline in Q4 2024 and Q1 2025 to 24.33% and 22.86% respectively, primarily due to rising raw material costs [3]. - The net profit margin for 2024 was 13.02%, reflecting a decrease compared to previous periods [3]. Revenue Breakdown - In Q1 2025, revenue from meat and poultry products was 112 million yuan, and from aquatic products was 48 million yuan, showing year-on-year growth of 10.92% and 3.60% respectively [2]. - The company is seeing positive performance in the supermarket and wholesale channels, with significant growth in the supermarket channel driven by new customer acquisition [2]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 91 million yuan and 107 million yuan, representing decreases of 45.8% and 40.8% respectively from previous estimates [4]. - The estimated EPS for 2025, 2026, and 2027 are projected to be 0.66 yuan, 0.77 yuan, and 0.86 yuan respectively, with corresponding P/E ratios of 35x, 30x, and 27x [4].

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has experienced pressure on operations since 2024, primarily due to a lackluster overall consumption environment, resulting in a net decrease of 79 franchise stores by the end of 2024 [1][2] - The company is actively expanding its supermarket channel, which contributed to a revenue increase of 89.1% year-on-year, reaching 0.6 billion RMB in 2024 [1][2] - As of Q1 2025, the company has seen a return to positive same-store sales growth, with a 7% year-on-year increase in single-store revenue [1][2] Summary by Sections Financial Performance - In 2024, the company's revenue and net profit attributable to the parent company were 670 million RMB and 90 million RMB, respectively, representing year-on-year declines of 15.9% and 35.4% [1][6] - The gross margin for 2024 decreased by 1.4 percentage points to 25.0%, influenced by raw material cost fluctuations [3] - The net profit margin for 2024 was 13.0%, down 3.9 percentage points year-on-year [3] Revenue Breakdown - In 2024, revenue from various meat categories was as follows: beef 260 million RMB, poultry 120 million RMB, pork 60 million RMB, lamb 10 million RMB, fish 100 million RMB, and shrimp 80 million RMB, with year-on-year declines across most categories [2] - Retail channel revenue in 2024 was 430 million RMB, down 20.4% year-on-year, while wholesale channel revenue was 180 million RMB, down 17.0% [2] Future Outlook - The company expects performance improvements due to product innovation and diversified channel networks, with adjusted earnings per share (EPS) forecasts for 2025 and 2026 at 0.67 RMB and 0.78 RMB, respectively [4] - The target price for the company's stock is set at 26.76 RMB, based on a price-to-earnings (PE) ratio of 40x for 2025 [4][8]

Core Insights - The company reported a revenue of 672 million yuan for 2024, a year-on-year decrease of 15.90%, and a net profit attributable to shareholders of 87.53 million yuan, down 35.36% year-on-year [1] - The decline in financial performance is attributed to changes in product structure and a decrease in sales volume, with net cash flow from operating activities also dropping by over 30% compared to the previous year [1] Group 1 - The company has established a chain franchise system primarily focused on agricultural trade markets, particularly in the Yangtze River Delta region [2] - As of the end of the reporting period, the company has 1,744 franchise stores, significantly enhancing its market coverage and brand influence [2] - The company provides comprehensive support policies and customer service for franchise stores, including site selection, design, training, and promotional activities [2] Group 2 - The company has built partnerships with various wholesalers, covering clients in hotels, restaurants, canteens, and group meals, offering a complete pricing system and flexible supply policies [2] - The company has streamlined the procurement, cleaning, and preparation processes of its products, reducing dish costs and improving production efficiency [2] - The company is actively expanding into new channels such as supermarkets and online platforms to enhance consumer experience and brand loyalty [2] Group 3 - In the first quarter of 2025, the company reported a revenue of 173 million yuan, a year-on-year increase of 4.24%, and a net profit attributable to shareholders of 19.50 million yuan, up 3.16% year-on-year [2]

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

证券代码：605089 证券简称：味知香 公告编号：2025-015 苏州市味知香食品股份有限公司 关于向银行申请增加综合授信额度的公告 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。 苏州市味知香食品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第三届董事会第六次会议，审议通过了《关于向银行申请增加综合授信额 度的议案》，同意公司及子公司向银行申请增加授信额度不超过人民币 50,000 万元（最终以银行审批的授信额度为准）。现将相关内容公告如下： 一、已审批的授信额度情况 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》，公司拟向银行申请不超过人民币 10,000 万元综合授信额度。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。具体内容详见公司于 2024 年 10 月 30 日在上海 证券交易所网站披露的《关于向银行申请综 ...

苏州市味知香食品股份有限公司 董事会审计委员会 2024 年度履职情况报告 苏州市味知香食品股份有限公司 董事会审计委员会2024年度履职情况报告 作为苏州市味知香食品股份有限公司（以下简称"公司"或"味知香"）的 董事会审计委员会委员，严格按照《公司法》《证券法》《上海证券交易所股票 上市规则》《公司章程》和《审计委员会工作制度》等相关规定，本着勤勉尽责 的原则，认真、规范、有效履行审计委员会的职责，充分发挥了专门委员会作用。 现将公司董事会审计委员会2024年度履职情况报告如下： 一、审计委员会基本情况 报告期内，公司董事会进行了换届，2024年3月22日召开2024年第一次临 时股东大会选举产生了公司第三届董事会成员，并于同日召开第三届董事会 第一次会议，审议通过了《关于选举公司第三届董事会各专门委员会成员的 议案》，选举独立董事李金桂、独立董事肖波、非独立董事章松柏组成公司 第三届董事会审计委员会，其中主任委员（召集人）由会计专业人士李金桂担 任。 二、审计委员会会议召开情况 公司董事会审计委员会委员在2024年度本着恪尽职守、勤勉尽责的原则，认 真履行了审计委员会监督职责。报告期内，公司审计委员会共 ...