Investment Rating - The report maintains a "Recommend" rating for Jiahe Food (605300 SH) [15] Core Views - Jiahe Food achieved revenue of 2 841 billion yuan in 2023, a year-on-year increase of 17 04% Net profit attributable to the parent company was 258 million yuan, up 123 39% year-on-year [1] - In Q1 2024, revenue was 541 million yuan, down 15 61% year-on-year, and net profit attributable to the parent company was 46 million yuan, down 27 71% year-on-year [1] - The company's non-dairy creamer and coffee businesses faced short-term pressure due to off-season effects and downstream price competition [1] - The company is expected to expand its market share in the medium to long term through increased penetration of coffee and oat milk products [1] Financial Performance Revenue and Profit - 2023 revenue: 2 841 billion yuan (+17 04% YoY) [1] - 2023 net profit: 258 million yuan (+123 39% YoY) [1] - 2024 Q1 revenue: 541 million yuan (-15 61% YoY) [1] - 2024 Q1 net profit: 46 million yuan (-27 71% YoY) [1] Product Breakdown - Q4 2023 non-dairy creamer revenue: 481 million yuan (-22 78% YoY) [1] - Q4 2023 coffee revenue: 81 million yuan (+7 65% YoY) [1] - Q1 2024 non-dairy creamer revenue: 313 million yuan (-35 18% YoY) [1] - Q1 2024 coffee revenue: 45 million yuan (-18 61% YoY) [1] Profitability - 2023 gross margin: +5 69 pcts YoY [1] - Q4 2023 gross margin: 16 59% (+1 11 pcts YoY) [1] - Q1 2024 gross margin: +0 98 pcts YoY [1] Future Outlook - Expected 2024-2026 revenue: 2 93 3 25 3 64 billion yuan, with year-on-year growth rates of 3 2% 10 7% 12 0% respectively [1] - Expected 2024-2026 net profit: 230 270 300 million yuan, with year-on-year growth rates of -9 9% +14 6% +13 1% respectively [1] - Current P/E ratios for 2024-2026: 23X 20X 18X [1] Industry Analysis - The domestic non-dairy creamer supply is relatively sufficient, and the company is actively expanding foreign trade business to find new growth points [1] - The coffee business leverages the company's supply chain advantages to achieve large-scale procurement of high-quality raw materials [1] - The company's layout in ready-to-drink (RTD) coffee and oat milk products is expected to drive medium to long-term development [1]

Investment Rating - Investment Rating: Buy (Maintain) [2][17] Core Views - The company is currently undergoing product/channel adjustments, with expectations for performance improvement in the future [4][17] - The coffee product structure continues to optimize, with innovative categories maintaining strong growth momentum [5][17] - Increased expenditure on market penetration has kept profitability relatively stable [6][17] Financial Summary - Revenue for 2023 is projected at 2,841 million yuan, a year-on-year increase of 17.0% [7][17] - Net profit attributable to shareholders for 2023 is expected to be 258 million yuan, reflecting a significant year-on-year growth of 123.4% [7][17] - The company anticipates a revenue decline of 6.0% in 2024, with net profit projected at 214 million yuan, a decrease of 16.8% [7][17] - Gross margin is expected to be 17.9% in 2024, while net margin is projected at 8.0% [7][19] Product and Channel Performance - In Q4 2023, revenue from various product categories showed mixed results, with plant-based products growing by 43.2% and coffee products declining by 18.6% [18][17] - The company is focusing on new product launches to meet changing consumer preferences, particularly in the liquid milk segment [18][17] - The coffee business is expected to stabilize and return to growth due to product mix optimization and new customer acquisition efforts [18][17] Expense Management - The company has increased its sales and marketing expenses to support new customer acquisition, with sales expense ratio at 3.13% in 2023 [19][17] - The gross margin for 2024 is projected to be 18%, benefiting from raw material cost advantages [19][17] - The net profit margin for 2024 is expected to be 9.1%, reflecting a year-on-year increase of 4.3% [19][17]

Investment Rating - The report maintains a "Buy" investment rating for the company [6][23]. Core Views - The company's first-quarter performance was below expectations, primarily due to weakened downstream demand and intensified competition [6][23]. - The overall revenue for 2023 met expectations, with a total revenue of 2.841 billion yuan, representing a year-on-year increase of 17.04%, while the net profit attributable to shareholders was 258 million yuan, showing a significant year-on-year increase of 123.39% [6][23]. - The company is expected to see stable growth in its powdered oil business and anticipates increased production in its coffee segment, with a focus on enhancing customer engagement through differentiated product offerings [23][28]. Summary by Relevant Sections Financial Performance - In Q1 2024, total revenue was 541 million yuan, a decrease of 15.61% year-on-year, with a net profit of 46 million yuan, down 27.71% year-on-year [6][23]. - The gross margin for 2023 was 17.97%, an increase of 5.69 percentage points year-on-year, primarily due to lower raw material prices [6][23]. - The company forecasts EPS for 2024-2026 to be 0.72, 0.85, and 1.05 yuan respectively, with corresponding PE ratios of 19, 16, and 13 times [23]. Product Performance - The powdered oil segment faced significant pressure, with revenue declining sharply, while other product lines, such as plant-based products, showed strong growth [23][28]. - The company has become a leader in the powdered oil industry and is increasing R&D investments to develop differentiated products [23][28]. Market Dynamics - The report highlights that the company's performance in the first quarter was impacted by the stability of downstream chain customers, while the overseas market showed promising growth [28]. - The company plans to invest in building a production base focused on coffee beans, with an expected annual capacity of 16,000 tons of roasted coffee beans and other coffee products [28].

中信证券股份有限公司 关于佳禾食品工业股份有限公司使用募集资金进行现金管理 的核查报告 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为承接佳 禾食品工业股份有限公司（以下简称"佳禾食品"、"公司"、"上市公司"）首次 公开发行股票并上市持续督导工作的保荐机构，根据《证券发行上市保荐业务管 理办法》《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》和《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》等相关法律、法规和规范性文件的规定，对佳禾食品使用 募集资金进行现金管理情况进行了专项核查，现将核查情况报告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准佳禾食品工业股份有限公司首次公开 发行股票的批复》（证监许可[2021]547 号）文核准，公司首次公开发行人民币普 通股（A 股）股票 4,001 万股，每股面值 1 元，每股发行价格为人民币 11.25 元， 募集资金总额为人民币 45,011.25 万元，扣除各项发行费用（不含税）后，公司 实际募集资金净额人民币 40,074.33 万元。本次发行募集资金已于 2 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 540,971,890.96, representing a decrease of 15.61% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 45,718,480.23, down 27.71% year-on-year[2]. - Basic and diluted earnings per share were both CNY 0.11, reflecting a decline of 31.25% compared to the previous year[2]. - Total operating revenue for Q1 2024 was CNY 540,971,890.96, a decrease of 15.6% compared to CNY 641,056,381.07 in Q1 2023[16]. - Net profit for Q1 2024 was CNY 46,355,826.85, a decline of 26.7% from CNY 63,317,873.91 in Q1 2023[17]. - Earnings per share for Q1 2024 were CNY 0.11, compared to CNY 0.16 in Q1 2023[18]. Cash Flow - The net cash flow from operating activities increased significantly by 480.12% to CNY 143,367,876.61, mainly due to a reduction in raw material purchases[5]. - Cash flow from operating activities in Q1 2024 was CNY 775,734,754.18, slightly up from CNY 775,405,347.77 in Q1 2023[20]. - In Q1 2024, the net cash flow from operating activities was $143,367,876.61, a significant increase from $24,713,548.58 in Q1 2023, representing a growth of approximately 478%[21]. - The total cash inflow from investment activities reached $295,596,292.72, compared to $139,223,481.47 in the same period last year, marking an increase of about 112%[21]. - The net cash flow from investment activities was $272,405,194.99, up from $100,371,847.18 in Q1 2023, indicating a growth of approximately 171%[21]. - The net cash flow from financing activities was -$317,828,785.70, a decrease from $94,910,449.96 in Q1 2023, reflecting a decline of around 436%[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,816,090,101.59, a decrease of 11.99% from the end of the previous year[2]. - The total liabilities decreased to CNY 540,892,159.83 in Q1 2024 from CNY 954,274,996.65 in Q1 2023, a reduction of 43.3%[16]. - The total cash and cash equivalents at the end of Q1 2024 amounted to $716,121,533.16, compared to $651,893,629.59 at the end of Q1 2023, showing an increase of approximately 10%[22]. - Short-term borrowings were reduced to RMB 255,663,293.19 from RMB 553,839,576.02, a decrease of 53.8%[12]. - The accounts payable decreased to RMB 128,046,466.77 from RMB 218,438,819.55, reflecting a decline of 41.4%[12]. Shareholder Information - Shareholders' equity attributable to the parent company increased by 1.29% to CNY 2,273,159,101.68[2]. - The number of ordinary shareholders at the end of the reporting period was 13,316[6]. - The top three shareholders held a combined 77.41% of the company's shares, with the largest shareholder owning 32.26%[7]. - The company reported a total of 1,264,001 shares held in the repurchase special account, accounting for 0.32% of the total share capital[10]. - The company has not disclosed any significant changes in the participation of major shareholders in margin financing and securities lending activities[9]. Other Financial Metrics - Non-recurring gains and losses totaled CNY 5,241,798.02 after accounting for tax and minority interests[5]. - The weighted average return on equity was 2.02%, a decrease of 1.06 percentage points year-on-year[2]. - The total current assets amounted to RMB 1,773,258,783.98, a decrease of 17.8% from RMB 2,157,750,152.15 on December 31, 2023[11]. - Cash and cash equivalents increased to RMB 761,141,996.78 from RMB 709,730,318.08, reflecting a growth of 7.2%[11]. - The company's trading financial assets decreased significantly to RMB 411,831,967.37 from RMB 703,973,152.20, representing a decline of 41.5%[11]. - Accounts receivable dropped to RMB 228,886,225.55 from RMB 386,785,000.99, indicating a reduction of 40.8%[11]. - The total non-current assets stood at RMB 1,042,831,317.61, slightly up from RMB 1,042,138,119.29, showing a marginal increase of 0.07%[12]. - The total assets of the company decreased to RMB 2,816,090,101.59 from RMB 3,199,888,271.44, a decline of 11.9%[12]. - The company recorded a financial expense of CNY -2,147,511.22 in Q1 2024, compared to CNY 999,914.96 in Q1 2023, indicating a significant improvement[16]. - Other comprehensive income after tax for Q1 2024 was CNY 25,563.82, down from CNY 38,698.05 in Q1 2023[17]. - The company reported a decrease in research and development expenses to CNY 6,660,501.55 in Q1 2024 from CNY 7,132,306.60 in Q1 2023, a reduction of 6.6%[16].

佳禾食品工业股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善佳禾食品工业股份有限公司（以下简称"公司"）治理 结构，促进公司的规范运作，维护公司整体利益，保障全体股东特别是中小股东的 合法权益不受损害，充分发挥独立董事的作用，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》、《上市公司独立董事管理 办法》、《上市公司治理准则》等有关法律、法规、规范性文件和《佳禾食品工业 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要 股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应当按照 有关法律、行政法规、部门规章、规范性文件和《公司章程》的要求，认真履行职 责，维护公司整体利益，尤其要关注中小股东的合法权益不受损害。 第四条 独立董事应当独立公正地履行职责，不受公司主要股东、实际控制人 或其他与公司存在利害关系的单位和个人的影响。若发现所审议事项存在影响其独 立性的情况， ...

履行的审议程序：佳禾食品工业股份有限公司（以下简称"公司"或"佳 禾食品"）于 2024 年 4 月 17 日召开第二届董事会第十五次会议和第二届监事会 第十次会议，分别审议通过了《关于使用募集资金进行现金管理的议案》。保荐 机构中信证券股份有限公司（以下简称"保荐机构"）对本事项出具了同意的核 查意见，本议案无需提交股东大会审议。 证券代码：605300 证券简称：佳禾食品 公告编号：2024-029 佳禾食品工业股份有限公司 特别风险提示：公司及子公司拟使用闲置募集资金购买的理财产品为安 全性高、流动性好的理财产品，属于低风险投资品种，但金融市场受宏观经济的 影响较大，不排除该项投资受市场波动风险、利率风险、流动性风险、政策风险、 信息传递风险、不可抗力风险等风险的影响，收益率将产生波动，理财收益具有 不确定性。敬请广大投资者谨慎决策，注意防范投资风险。 一、 募集资金基本情况 关于使用募集资金进行现金管理的公告 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： 经中国证券监督管理委员会《关于核准佳禾食品工业 ...

证券代码：605300 证券简称：佳禾食品 公告编号：2024-033 佳禾食品工业股份有限公司 关于 2024 年第一季度经营数据公告 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法律责任。 根据《上市公司行业信息披露指引第十四号——食品制造》第十四条相关规 定，现将佳禾食品工业股份有限公司（以下简称"公司"）2024 年第一季度经营 数据（未经审计）公告如下： 一、公司 2024 年第一季度主营业务相关经营情况 1、按产品类别分类情况 单位：元 币种：人民币 | 产品分类 | 2024 年 | 1-3 月销售收入 | 2023 年 | 1-3 月销售收入 | 增减变动幅度 | | --- | --- | --- | --- | --- | --- | | 粉末油脂 | | 312,656,927.95 | | 482,335,793.28 | -35.18% | | 咖啡 | | 44,542,891.40 | | 54,726,921.01 | -18.61% | | 植物基 | | 22,456,644.93 | | 24,8 ...

佳禾食品工业股份有限公司 募集资金专项存储及使用管理制度 第一条 为加强和规范佳禾食品工业股份有限公司（以下简称"公司"或 "本公司"）募集资金的使用与管理，提高募集资金使用效益，切实保护投资者 的合法权益，依据《中华人民共和国公司法》、《中华人民共和国证券法》、《首 次公开发行股票注册管理办法》、《上市公司证券发行注册管理办法》、《上市 公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求(2022 年修 订）》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订)》等法律、法规及规范性文件的要求,以及《公司章程》的规定，特制订 本制度。 第二条 本制度所称"募集资金"是指公司通过公开发行证券（包括首次公 开发行股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债 券等）以及非公开发行证券向投资者募集的资金，但不包括公司实施股权激励计 划募集的资金。 第三条 公司董事、监事和高级管理人员应当勤勉尽责,督促公司规范使用募 集资金,自觉维护公司募集资金安全,不得参与、协助或纵容公司擅自或变相改变 募集资金用途。 第四条 公司控股股东、实际控制人不得直接或 ...

佳禾食品工业股份有限公司独立董事 2023年度述职报告 (王德瑞) 本人作为佳禾食品工业股份有限公司（以下简称"公司"或"佳禾食品"） 的独立董事,2023 年度,本人严格按照《公司法》《证券法》《上市公司独立董 事管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第 1 号 -- 规范运作》等法律、法规及《公司章程》的有关规定,本着 客观、公正、独立的原则,勤勉尽职地履行独立董事的职责和义务,积极出席相 关会议,认真审议董事会各项议案,对公司重大事项发表了独立意见,切实维护 公司和公众股东的合法权益,促进公司规范运作,充分发挥了独立董事及各专门 委员会的作用。现将履行独立董事职责的情况报告如下: 一、独立董事的基本情况 (一) 工作履历、专业背景以及兼职情况 王德瑞:男,1959年5月出生,硕士研究生学历。曾任大峡谷照明系统(苏 州)股份有限公司董事;江苏宝达汽车股份有限公司董事。现任南京新街口百货 商店股份有限公司独立董事;吴通控股集团股份有限公司独立董事;曾任江苏华 瑞会计师事务所有限公司董事长、主任会计师;苏州九龙医院股份有限公司董事; 安徽聚瑞汇市场调查有限公司监事;佳禾 ...