Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 16.65 CNY per share [1][3]. Core Views - The company's revenue and gross margin forecasts have been lowered due to a slow recovery in the macro environment and weaker-than-expected consumer demand. The net profit forecasts for 2024-2026 are adjusted to 10.253 billion, 13.518 billion, and 15.806 billion CNY respectively [3]. - The company plans to raise up to 725 million CNY through a private placement to expand coffee production capacity, which is expected to alleviate capacity bottlenecks and strengthen its second growth curve [3][5]. - The company is actively investing in new media platforms and has launched a new store on WeChat to enhance its sales channels [5]. Financial Summary - The company's revenue for 2022 was 2,428 million CNY, with a projected decline to 2,258 million CNY in 2024, followed by a recovery to 2,588 million CNY in 2025 and 2,929 million CNY in 2026 [5][8]. - The gross profit margin is expected to stabilize around 18.0% in 2025 and 18.3% in 2026, while the net profit margin is projected to be 5.2% in 2025 and 5.4% in 2026 [5][8]. - The earnings per share (EPS) is forecasted to be 0.26 CNY in 2024, 0.34 CNY in 2025, and 0.40 CNY in 2026 [5][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 16.65 CNY per share [1][3] Core Views - The company is facing pressure on its 2024 performance forecast, with expected net profit for 2024 projected to be between 0.85 billion to 1.20 billion CNY, representing a year-on-year decline of 67.22% to 53.64% [3][5] - The company plans to raise up to 725 million CNY through a private placement to expand its coffee production capacity, which is expected to enhance its growth trajectory and mitigate declines in its other business segments [3][5] - The company is actively investing in new media platforms to enhance its marketing efforts and has initiated a strategic partnership in the oat processing sector [3][5] Financial Summary - Revenue for 2024 is expected to be 2,258 million CNY, a decrease of 20.5% year-on-year, with a recovery projected in subsequent years [5][8] - The company's gross margin is forecasted to be 17.6% in 2024, with a gradual increase to 18.3% by 2026 [5][8] - Net profit attributable to the parent company is projected to be 103 million CNY in 2024, with a recovery to 135 million CNY in 2025 and 158 million CNY in 2026 [5][8] - The company’s earnings per share (EPS) is expected to be 0.26 CNY in 2024, increasing to 0.34 CNY in 2025 and 0.40 CNY in 2026 [5][8]

Core Viewpoint - Jiahe Food Industry Co., Ltd. plans to raise up to 725 million yuan through a private placement of A-shares to fund coffee production expansion and supplement working capital, capitalizing on the rapid growth of the coffee market in China [1][2]. Company Strategy - The company aims to optimize its product structure and enhance production efficiency through the application of new technologies and processes, thereby increasing market competitiveness [1][5]. - Jiahe Food has been actively developing its coffee business since 2017, which has now become its second-largest business segment [3][4]. Production Capacity Expansion - The coffee production expansion project will utilize 550 million yuan of the raised funds, aiming to achieve an annual production capacity of 16,000 tons of roasted coffee beans, 3,000 tons of ground coffee, 8,000 tons of hot and cold brewed coffee, 10,000 tons of ready-to-drink coffee, and 610 tons of freeze-dried and mixed flavor coffee [5]. - The company plans to build production lines that align with the quality consumption era, enhancing its coffee production capacity and expanding profit growth points [5]. Financial Structure and Market Demand - An additional 175 million yuan will be allocated to supplement working capital, which will help optimize the company's financial structure and improve operational efficiency [5][7]. - The coffee market in China is experiencing significant growth, with the market size reaching 623.5 billion yuan in 2023 and expected to exceed 1 trillion yuan by 2025 [7]. Industry Trends - The coffee market is characterized by increasing consumer demand, driven by economic growth, rising consumption levels, and the rapid development of e-commerce and new retail [7]. - Current trends in the coffee market include product innovation focusing on specialization, localization, health, and convenience, with brands striving to meet diverse consumer needs amid intensifying competition [8].

股票简称：佳禾食品 股票代码：605300 佳禾食品工业股份有限公司 Jiahe Foods Industry Co., Ltd. （注册地址：江苏省苏州市吴江区松陵镇友谊工业区五方路 127 号） 2023年度向特定对象发行A股股票 募集说明书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年二月 佳禾食品工业股份有限公司 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中会计 资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [5][7]. Core Views - The company's net profit for 2024 is expected to be between 0.85 billion and 1.20 billion yuan, representing a decrease of 67.22% to 53.64% year-on-year. The non-recurring net profit is projected to be between 0.70 billion and 1.05 billion yuan, down 68.73% to 53.31% [5]. - The fourth quarter of 2024 is anticipated to continue the trend of declining profits, with net profit expected to be between 0.02 billion and 0.37 billion yuan, a decrease of 96.44% to 28.79% year-on-year [5]. - The company is focusing on internal reforms and enhancing its sales structure, including the introduction of professional managers and the separation of distribution and direct sales channels [6]. Summary by Sections Financial Performance - The company's main revenue for 2023 is reported at 2.841 billion yuan, with a projected decline to 2.263 billion yuan in 2024, a decrease of 20.4%. The revenue is expected to recover to 2.623 billion yuan in 2025 and reach 3.004 billion yuan by 2026 [11]. - The net profit for 2023 is 258 million yuan, with a significant drop to 102 million yuan in 2024, followed by a recovery to 164 million yuan in 2025 and 198 million yuan in 2026 [11]. Earnings Forecast - The report adjusts the company's earnings per share (EPS) for 2024 to 0.26 yuan, 0.41 yuan for 2025, and 0.49 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 49, 31, and 25 times respectively [7][11]. Strategic Initiatives - The company is expected to maintain growth in its coffee business while focusing on internal reforms and expanding its customer base, particularly in the industrial sector and overseas markets [6][7].

证券代码：605300 证券简称：佳禾食品 公告编号：2025-003 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 公司董事会将根据上述批复文件和相关法律法规要求以及公司股东大会的 授权在规定期限内办理本次向特定对象发行股票相关事宜，并及时履行信息披露 义务。敬请广大投资者注意投资风险。 特此公告。 佳禾食品工业股份有限公司 关于向特定对象发行 A 股股票申请获得中国证监会 同意注册批复的公告 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。 佳禾食品工业股份有限公司（以下简称"公司"）于 2025 年 1 月 16 日收到 中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意佳禾食 品工业股份有限公司向特定对象发行股票注册的批复》（证监许可[2025]70 号）, 批复主要内容如下： 佳 ...

Core Viewpoint - The misconception that "plant-based creamers" are synonymous with trans fats is addressed, highlighting advancements in the food industry and clarifying the production processes involved [1][2]. Industry Insights - The use of partially hydrogenated oils in the production of plant-based creamers is becoming increasingly rare, with industry experts noting that most products do not contain such oils [2]. - The Chinese Association for Science and Technology has previously debunked the myth equating plant-based creamers with trans fats, emphasizing that the trans fat content in milk tea is generally below safety thresholds [2]. - The consumption of trans fats among Chinese residents is reported to be significantly low, well below the limits set by the World Health Organization [2]. Company Initiatives - Jiahe Food has launched a "Zero Trans Fat Action Plan" in 2021, achieving a complete elimination of artificial trans fats in its products by the end of 2022, ahead of WHO's 2025 target [3]. - The company is actively involved in national projects aimed at replacing hydrogenated oils with non-hydrogenated alternatives, having received recognition for its technological advancements in this area [3]. - There is a growing consensus within the industry to enhance product quality and brand development in response to consumer demand for high-quality and healthy products, leading to the gradual phasing out of products containing trans fats [3].

证券代码：605300 证券简称：佳禾食品 公告编号：2024-075 佳禾食品工业股份有限公司 2024 年第二次临时股东大会决议公告 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责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 78 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 246,426,299 | | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | 62.3184 | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 董事长柳新荣先生主持本次会议，会议采用现场投票与网络投票相结合的表 (一) 股东大会召开的时间：2024 年 12 月 30 日 (二) 股东大会召开的地点：公司会议室（江苏省苏州市吴江区中山南路 518 号） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 决方式进行表决。本次会议的 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 国枫律股字[2024] A0650 号 致：佳禾食品工业股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《佳禾食品工业 股份有限公司公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开 程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律 意见书。 对本法律意见书的出具，本所律师特作如下声明： 1． ...

佳禾食品工业股份有限公司 关于股份回购实施结果暨股份变动的公告 证券代码：605300 证券简称：佳禾食品 公告编号：2024-079 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： | 回购方案首次披露日 | 2024/2/9 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 5,000 万元~10,000 | | 回购价格上限 | 20 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 股 4,579,198 | | 实际回购股数占总股本比例 | 1.14% | | 实际回购金额 | 元 60,864,944.130 | | 实际回购价格区间 | 10.49 元/股~13.55 元/股 | 一、 回购审批情况和回购方案内容 佳禾食品工业股份有限公司（以下简称"公司"）于 2024 年 2 月 8 日召开第 二届董事会第十三次 ...