证券代码：605300 证券简称：佳禾食品 公告编号：2024-064 佳禾食品工业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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 | 待第二届董事会第十三次会议审议通过后 个 12 月 | | 预计回购金额 | 元~100,000,000 元 50,000,000 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 4,579,198 股 | | 累计已回购股数占总股本比例 | 1.14% | | 累计已回购金额 | 60,864,944.130 元 | | 实际回购价格区间 | 元/股~13.55 元/股 10.49 | 一、 回购股份的基本情况 2024 年 2 月 8 日，公司召开第二届董事会第十三次会议，审议通过了《关于 以集中竞价交易方式回购股份的方案》，同意公司以自有资金通过上海证券交易所 交易系统以集中竞价交易方 ...

佳禾食品工业股份有限公司关于持股 5%以上股东减 持计划的预披露公告 本公司董事会、全体董事及相关股东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： 证券代码：605300 证券简称：佳禾食品 公告编号：2024-063 | | 股东名称 | 持股数量（股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | --- | | 第一组 | 柳新荣 | 129,025,651 | 32.26% | 股东柳新荣、唐正青为夫妻关 | | | 唐正青 | 92,161,180 | 23.04% | 系，股东柳新荣、柳新仁为兄弟 | | | 西藏五色水创业 | | | 关系，股东西藏五色水创业投 | | | 投资管理有限公 | 88,434,182 | 22.11% | 资管理有限公司系柳新荣与唐 | | | 司 | | | 正青控制的企业，宁波和理投 | | | 柳新仁 | 11,980,953 | 3.00% | 资咨询合伙企业（有限合伙）为 | | | 宁波和理投资咨 | | | 员工持股平台， ...

Investment Rating - The investment rating for the company is "Neutral" with a downgrade [1] Core Views - The company reported a revenue of 1.68 billion yuan for the first three quarters of 2024, representing a year-over-year decline of 19.46%, and a net profit attributable to shareholders of 83 million yuan, down 59.88% year-over-year [3][4] - The revenue for Q3 2024 alone was 607 million yuan, showing a year-over-year decrease of 20.06%, with a net profit of 13.21 million yuan [3][4] - The decline in revenue and profit is attributed to rising oil costs and increased sales expenses [4][5] Revenue and Profitability Analysis - For the first three quarters of 2024, the company's revenue from powdered oil products decreased significantly by 42.17% to 835 million yuan, while coffee products saw a stable growth of 7.17% to 193 million yuan [5] - E-commerce channels experienced rapid growth, with revenue increasing by 106.29% to 42.88 million yuan [5] - The gross profit margin for Q1-Q3 2024 was 14.9%, down from 18.0% in 2023, indicating a decline in profitability [7] Financial Forecast - The company is projected to achieve revenues of 2.35 billion yuan, 2.75 billion yuan, and 3.15 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 116 million yuan, 184 million yuan, and 219 million yuan [6][9] - The estimated EPS for 2024, 2025, and 2026 are 0.29 yuan, 0.46 yuan, and 0.55 yuan respectively [6][9] Valuation - The company is assigned a PE valuation range of 20-25 times for 2025, resulting in a fair value range of 9.20 to 11.50 yuan per share [6][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue and net profit for the first three quarters of 2024 were reported at 168 million and 8.3 million respectively, showing a year-on-year decline of 19.5% and 59.9% [2] - The main business is under pressure due to weak demand, while the coffee business shows stable double-digit growth [2] - The company is focusing on stabilizing existing customers for its main product and expanding overseas and industrial customer orders to mitigate the impact of client self-built capacities [3] Financial Performance Summary - Total revenue (in million) for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 2428, 2841, 2365, 2741, and 3256 respectively, with a year-on-year growth rate of 1.17%, 17.04%, -16.75%, 15.90%, and 18.77% [1][3] - Net profit attributable to the parent company (in million) for the same years is forecasted at 115.38, 257.75, 121.04, 178.82, and 241.70, with year-on-year changes of -23.45%, 123.39%, -53.04%, 47.73%, and 35.17% [1][3] - The latest diluted EPS (in yuan/share) is expected to be 0.29, 0.64, 0.30, 0.45, and 0.60 for the respective years [1] Revenue Breakdown - In Q3 2024, revenue from various products was 248 million for plant-based creamers, 79 million for coffee, 22 million for plant-based products, and 164 million for other products, with year-on-year changes of 51%, 13%, -22%, and +65% respectively [2] - Revenue from different channels in Q3 2024 was 167 million from production enterprises, 240 million from chains, and 63 million from distributors, with year-on-year changes of -12.2%, -41.4%, and -9.2% respectively [2] Cost and Profitability - The gross margin in Q3 2024 was 15.02%, down by 3.90 percentage points year-on-year, primarily due to rising raw material costs and an increase in low-margin product sales [2] - The net profit margin for Q3 2024 decreased by 7.11 percentage points to 2.18% due to rising costs and increased sales expenses [2] Future Outlook - The company anticipates a recovery in its main business in the medium to long term, driven by stabilizing existing customer demand and expanding into new markets [3] - The coffee business is still in its cultivation phase, with expectations for growth momentum to be further released as brand awareness increases [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 1.68 billion yuan for the first three quarters of 2024, a year-on-year decrease of 19.5%. The net profit attributable to shareholders was 80 million yuan, down 59.9% year-on-year [2]. - The plant-based cream segment continues to face pressure, while the coffee segment shows steady growth. In Q3 2024, revenue from plant-based cream, coffee, plant-based products, and others was 250 million, 80 million, 20 million, and 160 million yuan respectively, with year-on-year changes of -50.7%, +13.2%, -22.1%, and +65.1% [2]. - The company is actively adjusting its product and market strategies, maintaining its leading position in the plant-based cream sector, and expanding its coffee business across the entire industry chain [2]. Financial Summary - For Q3 2024, the company achieved a gross margin of 15.0%, down 3.9 percentage points year-on-year, primarily due to rising raw material costs and increased competition [2]. - The projected revenues for 2024, 2025, and 2026 are 2.31 billion, 2.61 billion, and 2.97 billion yuan respectively, with year-on-year changes of -18.8%, +13.1%, and +13.7% [5]. - The net profit attributable to shareholders for the same years is expected to be 100 million, 120 million, and 140 million yuan, with year-on-year changes of -62.3%, +22.5%, and +21.3% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue met expectations, but profits are under significant pressure due to rising oil prices affecting gross margins and increased marketing expenses [1][3] - Coffee sales showed stable growth, with a year-on-year increase of 7.17% in the first three quarters of 2024 and 13.19% in Q3 2024 [1][3] - The company is focusing on expanding its C-end coffee product matrix and has recently launched a new automatic roasting machine with an annual capacity of 27,000 tons [1][3] Financial Performance Summary - For the first three quarters of 2024, total revenue was 1.68 billion yuan, a decrease of 19.46% year-on-year, with a net profit attributable to shareholders of 83 million yuan, down 59.88% [1] - Q3 2024 revenue was 607 million yuan, down 20.06% year-on-year, with a net profit of 13 million yuan, down 81.25% [1] - The gross margin for Q3 2024 was 15.02%, a decrease of 6.92 percentage points year-on-year, primarily due to rising oil costs [1] Revenue and Profit Forecast - The company expects a revenue decline of 18.5% in 2024, followed by a recovery with growth rates of 15.5% in 2025 and 19.0% in 2026 [5] - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 0.30 yuan, 0.45 yuan, and 0.61 yuan respectively, with corresponding price-to-earnings (PE) ratios of 40, 27, and 20 [3][5]

证券代码：605300 证券简称：佳禾食品 公告编号：2024-061 佳禾食品工业股份有限公司 第二届监事会第十三次会议决议公告 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法律责任。 一、监事会会议召开情况 佳禾食品工业股份有限公司（以下简称"公司"）第二届监事会第十三次会议 于 2024 年 10 月 23 日（星期三）在公司会议室以现场的方式召开。会议通知已 于 2024 年 10 月 16 日通过邮件的方式送达各位监事。本次会议应出席监事 3 人， 实际出席监事 3 人。 会议由监事会主席周月军先生主持。会议召开符合有关法律、法规、规章和 《佳禾食品工业股份有限公司章程》的规定。出席会议的监事对各项议案进行了 认真审议并做出了如下决议： 二、监事会会议审议情况 （一）审议通过《关于 2024 年第三季度报告的议案》 监事会发表如下意见： 1、公司 2024 年第三季度报告的编制和审议程序规范合法，符合法律、法 规、公司章程和公司内部管理制度的各项规定，内容真实、准确、完整。 具体内容详见公司披露于上海证券交易所网站（www. ...

Revenue and Profit Performance - Revenue for the third quarter was 606.63 million yuan, a decrease of 20.06% year-over-year[2] - Net profit attributable to shareholders was 13.21 million yuan, down 81.25% year-over-year[2] - Total revenue for the first three quarters of 2024 was 1,680,074,758.06 RMB, a decrease from 2,086,131,965.31 RMB in the same period of 2023[14] - Net profit for the first three quarters of 2024 was 84,097,309.62 RMB, down from 205,534,812.76 RMB in the same period of 2023[15] - The decrease in net profit was primarily due to a decline in sales revenue and an increase in sales expenses[6] Asset and Liability Changes - Total assets decreased by 12.61% to 2.80 billion yuan compared to the end of the previous year[3] - Total assets as of September 30, 2024, amounted to RMB 2,796,464,635.07, a decrease from RMB 3,199,888,271.44 at the end of 2023[11] - Current assets totaled RMB 1,772,213,070.69, down from RMB 2,157,750,152.15 at the end of 2023[11] - Non-current assets stood at RMB 1,024,251,564.38, slightly lower than RMB 1,042,138,119.29 at the end of 2023[11] - Total liabilities as of Q3 2024 were 637,565,766.47 RMB, compared to 954,274,996.65 RMB in the same period of 2023[12] - Total equity attributable to the parent company as of Q3 2024 was 2,155,164,299.68 RMB, down from 2,244,211,781.33 RMB in the same period of 2023[13] Cash Flow and Liquidity - Operating cash flow for the year-to-date was 123.83 million yuan, a decrease of 33.83% year-over-year[2] - Sales of goods and services received cash of 1,967,770,334.05 yuan in the first three quarters of 2024, a decrease from 2,352,044,747.23 yuan in the same period of 2023[17] - Net cash flow from operating activities was 123,825,706.79 yuan in the first three quarters of 2024, down from 187,133,354.32 yuan in the same period of 2023[18] - Net cash flow from investing activities was 56,922,339.66 yuan in the first three quarters of 2024, a significant improvement from -267,348,140.72 yuan in the same period of 2023[18] - Net cash flow from financing activities was -494,959,356.30 yuan in the first three quarters of 2024, compared to 156,399,988.65 yuan in the same period of 2023[18] - Cash and cash equivalents at the end of the period were 304,581,132.74 yuan, down from 515,302,823.18 yuan at the end of the same period in 2023[18] - Cash received from tax refunds was 16,308,746.89 yuan in the first three quarters of 2024, up from 10,261,926.69 yuan in the same period of 2023[17] - Cash paid for goods and services was 1,582,377,735.64 yuan in the first three quarters of 2024, down from 1,903,507,005.41 yuan in the same period of 2023[17] - Cash paid to employees was 150,957,519.09 yuan in the first three quarters of 2024, up from 133,055,923.60 yuan in the same period of 2023[17] - Cash received from investments was 120,000,000.00 yuan in the first three quarters of 2024, compared to none in the same period of 2023[18] - Cash received from financing activities was 314,940,657.98 yuan in the first three quarters of 2024, down from 708,301,938.88 yuan in the same period of 2023[18] Earnings and Shareholder Equity - Basic earnings per share for the quarter was 0.04 yuan, down 77.78% year-over-year[2] - Weighted average return on equity (ROE) for the quarter was 0.65%, a decrease of 2.62 percentage points year-over-year[3] - Basic earnings per share for the first three quarters of 2024 were 0.21 RMB, compared to 0.52 RMB in the same period of 2023[16] - Total comprehensive income for the first three quarters of 2024 was 83,361,342.89 RMB, down from 204,798,740.92 RMB in the same period of 2023[16] - The company's total equity attributable to shareholders decreased by 3.97% to 2.16 billion yuan compared to the end of the previous year[3] Expenses and Costs - Sales expenses for the first three quarters of 2024 increased to 106,527,008.93 RMB from 61,235,260.38 RMB in the same period of 2023[14] - R&D expenses for the first three quarters of 2024 were 22,399,297.09 RMB, slightly down from 22,770,897.51 RMB in the same period of 2023[14] Shareholder Information - The company's repurchase account held 4,579,198 shares, representing 1.14% of total shares outstanding[9] - Liu Xinrong, the largest shareholder, held 129,025,651 shares, representing 32.26% of total shares[8] - Tang Zhengqing, the second-largest shareholder, held 92,161,180 shares, representing 23.04% of total shares[8] Non-Recurring Items and Future Guidance - Non-recurring gains and losses for the quarter amounted to 2.33 million yuan[5] - The company did not provide specific guidance for future performance in the report[2] Inventory and Receivables - Trade receivables were RMB 231,361,512.34, down from RMB 386,785,000.99 at the end of 2023[10] - Inventory increased to RMB 377,312,545.32 from RMB 304,201,139.47 at the end of 2023[11] Contract Liabilities and Deferred Income - Contract liabilities as of Q3 2024 were 12,137,013.21 RMB, up from 10,972,638.12 RMB in the same period of 2023[12] - Deferred income as of Q3 2024 was 14,513,612.67 RMB, up from 6,763,410.66 RMB in the same period of 2023[12] Borrowings and Cash Equivalents - Short-term borrowings decreased to RMB 249,062,858.72 from RMB 553,839,576.02 at the end of 2023[11] - Cash and cash equivalents decreased to RMB 490,295,724.97 from RMB 709,730,318.08 at the end of 2023[10]

证券代码：605300 证券简称：佳禾食品 公告编号：2024-060 佳禾食品工业股份有限公司 第二届董事会第十八次会议决议公告 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法律责任。 一、董事会会议召开情况 表决结果：7 票同意，0 票反对，0 票弃权。 特此公告。 佳禾食品工业股份有限公司 董事会 二、董事会会议审议情况 （一）审议通过《关于 2024 年第三季度报告的议案》 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的 《2024 年第三季度报告》。 本议案已经公司审计委员会审议通过。 佳禾食品工业股份有限公司（以下简称"公司"）第二届董事会第十八次会议 于 2024 年 10 月 23 日（星期三）在公司会议室以现场结合通讯的方式召开。会 议通知已于 2024 年 10 月 16 日通过邮件的方式送达各位董事。本次会议应出席 董事 7 人，实际出席董事 7 人（其中：通讯方式出席董事 3 人）。 会议由董事长柳新荣先生主持，监事、高管列席。会议召开符合有关法律、 法规、规章和《佳禾食品工业股份有 ...

证券代码：605300 证券简称：佳禾食品 公告编号：2024-059 佳禾食品工业股份有限公司 关于举办 2024 年第三季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。 重要提示： 一、说明会类型 3、召开方式：网络互动方式 三、参会人员 公司出席本次说明会的人员：董事长、总经理柳新荣先生、董事会秘书、财 务总监（代）柳新仁先生、独立董事王德瑞先生（如遇特殊情况，参加人员可能 进行调整）。 四、投资者参会方式 佳禾食品工业股份有限公司（以下简称"公司"）已于 2024 年 10 月 24 日在 上海证券交易所网站（www.sse.com.cn）披露了公司 2024 年第三季度报告。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2024 年 10 月 31 日（星期四）15:00-16:00 在"价值在线"（www.ir-online.cn）举 办 2024 年第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的 意见和建议。 会议召开时间：2024 年 10 月 3 ...