每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 截至发稿，千味央厨市值为38亿元。 每经AI快讯，千味央厨（SZ 001215，收盘价：39.1元）10月27日晚间发布三季度业绩公告称，2025年 前三季度营收约13.78亿元，同比增加1%；归属于上市公司股东的净利润约5378万元，同比减少 34.06%；基本每股收益0.55元，同比减少34.52%。 （记者 王晓波） ...

Group 1 - The core viewpoint of the article highlights that Q3 revenue for Qianwei Yangchu reached 492 million yuan, representing a year-on-year increase of 4.27% [1] - The net profit for Q3 was 17.99 million yuan, showing a decline of 19.08% compared to the previous year [1] - For the first three quarters, the total revenue amounted to 1.378 billion yuan, which is a 1.00% year-on-year growth [1] - The net profit for the first three quarters was 53.78 million yuan, reflecting a significant decrease of 34.06% year-on-year [1]

关于郑州千味央厨食品股份有限公司部分募集资金投资项目延期的核查意见 中德证券有限责任公司 关于郑州千味央厨食品股份有限公司 部分募集资金投资项目延期的核查意见 中德证券有限责任公司（以下简称"中德证券"、"保荐人"）作为郑州千 味央厨食品股份有限公司（以下简称"千味央厨"、"公司"）2023 年度向特 定对象发行股票（以下简称"本次发行"）的保荐人，根据《证券发行上市保荐 业务管理办法》《深圳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》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等相关规定，对千味央厨部分募集资金 投资项目（以下简称"募投项目"）延期的事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意郑州千味央厨食品股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕2604 号），公司本次 向特定对象发行股票数量 12,748,487 股，每股发行价格为人民币 46.28 元，募集 资金总额为人民币 589,999,978.36 元，扣除各项发行费用（不含税）人民币 ...

证券代码：001215 证券简称：千味央厨 公告编号：2025-068 截至 2025 年 9 月 30 日，公司 2023 年度向特定对象发行股票募集资金专户 郑州千味央厨食品股份有限公司 关于募集资金投资项目部分建成投产、部分延期的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 郑州千味央厨食品股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日 召开第四届董事会第三次会议，审议通过了《关于募集资金投资项目部分建成投 产、部分延期的议案》，同意将 2023 年度向特定对象发行股票募集资金投资项目 "芜湖百福源食品加工建设项目"（以下简称"芜湖百福源项目"）和"鹤壁百顺 源食品加工建设项目（一期）"（以下简称"鹤壁百顺源项目"）整体达到预定可使 用状态时间由 2026 年 1 月延期至 2027 年 1 月。上述事项不涉及募投项目的实施 主体、实施方式、募集资金投入总额及用途变更。保荐人对该事项出具了无异议 的核查意见。本次部分募投项目延期事项在董事会审批权限内，无需提交股东大 会审议。同时，"芜湖百福源项目"和"鹤壁百顺源项目"部分 ...

证券代码：001215 证券简称：千味央厨 公告编号：2025-067 郑州千味央厨食品股份有限公司 第四届董事会第三次会议决议公告 本公司及其董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 郑州千味央厨食品股份有限公司（以下简称"公司"）第四届董事会第三次 会议于 2025 年 10 月 22 日以电子邮件、电话、短信等方式通知公司全体董事。 会议于 2025 年 10 月 27 日在公司会议室以现场结合通讯的方式召开，会议应出 席董事 8 人，实际出席董事 8 人。公司高级管理人员列席了会议。会议由公司董 事长孙剑先生主持。 2、《关于募集资金投资项目部分建成投产、部分延期的议案》 同意将 2023 年度向特定对象发行股票募集资金投资项目"芜湖百福源食品 加工建设项目"和"鹤壁百顺源食品加工建设项目（一期）"整体达到预定可使 用状态时间由 2026 年 1 月延期至 2027 年 1 月。上述事项不涉及募投项目的实施 主体、实施方式、募集资金投入总额及用途变更。 具体内容详见公司于 2025 年 10 月 28 日在巨潮资讯网（www.cn ...

Revenue and Profitability - The company's revenue for Q3 2025 was CNY 491,773,613.42, representing a 4.27% increase year-over-year[4] - Net profit attributable to shareholders decreased by 19.08% to CNY 17,985,544.93, while the net profit after deducting non-recurring gains and losses fell by 14.00% to CNY 19,506,133.80[4] - The company reported a basic earnings per share of CNY 0.19, down 17.39% compared to the same period last year[4] - Net profit for the current period was ¥53,489,556.55, representing a decrease of 33.8% from ¥80,851,305.30 in the previous period[16] - Earnings per share (EPS) for the current period was ¥0.55, down from ¥0.84 in the previous period[16] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date reached CNY 111,334,957.79, a significant increase of 2,589.13%[4] - The net cash inflow from operating activities was CNY 111,334,957.79, compared to a net outflow of CNY 4,472,841.50 in the previous period[18] - Total cash inflow from investment activities was CNY 167,199.97, while cash outflow was CNY 170,993,519.38, resulting in a net cash outflow of CNY 170,826,319.41[18] - Cash inflow from financing activities totaled CNY 77,000,000.00, with cash outflow amounting to CNY 78,705,977.46, leading to a net cash outflow of CNY 1,705,977.46[18] - The net increase in cash and cash equivalents was CNY -61,197,339.08, compared to an increase of CNY 243,150,090.92 in the previous period[18] - The ending balance of cash and cash equivalents was CNY 414,281,635.92, down from CNY 525,370,156.16 in the previous period[18] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,431,166,295.91, up 4.71% from the previous year[4] - Total current liabilities increased to ¥451,591,415.06 from ¥377,487,184.76, a rise of approximately 19.6%[13] - The company reported a long-term loan of ¥64,000,000.00, down from ¥78,000,000.00, a decrease of about 17.9%[13] - The total non-current assets increased to ¥1,527,231,150.30 from ¥1,390,602,256.38, reflecting a growth of approximately 9.8%[13] - Total liabilities increased to ¥564,427,163.22, compared to ¥500,197,068.49 in the previous period, reflecting a growth of 12.8%[14] - Total equity attributable to shareholders rose to ¥1,867,426,937.68, an increase of 2.8% from ¥1,821,905,616.31[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,900[10] - The largest shareholder, Qiongqing City Chengzhi Enterprise Management Consulting Co., Ltd., holds 41.05% of shares, totaling 39,882,000 shares[10] - The company has not disclosed any changes in the relationships or actions among the top shareholders[10] Operating Activities - The company received government subsidies amounting to CNY 787,921.00 during the quarter, contributing to other income[6] - The company’s short-term borrowings increased to CNY 6,000,000.00, reflecting a need for additional liquidity[8] - The company’s deferred income rose significantly by 885.87% to CNY 2,736,219.92, mainly due to government subsidies received[8] - The financial expenses decreased by 120.56% to CNY 354,941.33, attributed to reduced interest income from fundraising accounts[8] - The company did not declare dividends during the quarter, with cash paid for dividends and interest dropping by 92.43% to CNY 1,560,879.58[9] Inventory and Receivables - Accounts receivable increased to ¥124,039,879.68 from ¥114,615,027.13, reflecting a growth of about 8.0%[12] - Inventory rose to ¥281,020,971.79 from ¥273,644,222.66, indicating an increase of approximately 2.6%[12] Financial Reporting - The company did not execute the new accounting standards in the current year[19] - The third quarter financial report was not audited[19]

Core Insights - Henan province, known for its large population, is emerging as a significant player in the new consumption landscape, particularly in the prepared food sector [1][2] - The province is home to over 4,000 companies related to prepared food, ranking first in the country for the number of such enterprises [2] - Henan's agricultural advantages contribute to its dominance in the prepared food industry, producing a substantial portion of China's staple foods [3][4] Industry Overview - Henan produces 25% of China's steamed buns, 33% of instant noodles, 50% of ham sausages, and 60% of dumplings, showcasing its agricultural strength [3] - The province is recognized as a major agricultural hub, with its grain output second only to Heilongjiang in 2024, and it consistently ranks first in wheat production [3] - The local market provides high-quality, low-cost raw materials, supported by a well-established food production and management system [3] Market Dynamics - The population density in Henan provides a robust market and labor force, while its strategic location enhances logistics and cold chain transportation capabilities [4] - Companies like Shuanghui have successfully entered the prepared food market, launching various products under their brands [3] - The combination of agricultural output and industrial development positions Henan as a key player in the prepared food sector, often referred to as "China's kitchen" [4]

Core Viewpoint - The article emphasizes that Henan province plays a crucial role in China's food industry, particularly in the prepared food sector, making it a significant contributor to the national dining table [4][10]. Group 1: Industry Overview - Henan is home to several popular new consumer brands, including Mixue Ice City and Pop Mart, which have emerged from the province [4]. - The province has a high concentration of food processing companies, with over 4,000 related enterprises, ranking first in the country [9]. - Major food brands from Henan include Sanquan Foods, Shuanghui Development, and Si Nian Foods, which dominate various segments of the prepared food market [6][7]. Group 2: Market Share and Production - Sanquan Foods holds a market share of 20% to 40% in the frozen food sector, with a sales scale of 7.434 billion yuan in 2023 [6]. - Shuanghui Development, a leader in meat products, reported a sales scale of 60.1 billion yuan, capturing 5% of the market [6]. - Henan produces a significant portion of China's staple foods, including 1/4 of the country's steamed buns, 1/3 of instant noodles, and 1/2 of ham sausages [10]. Group 3: Agricultural Advantages - As a major agricultural province, Henan is known as the "granary of the world," with its grain output second only to Heilongjiang in 2024 [10]. - The province's meat, egg, and milk production totals 13.37 million tons, ranking third nationally, with a leading position in pig farming [14]. - The availability of local raw materials, such as flour and pork, combined with a well-established food production and management system, supports the growth of the prepared food industry [14]. Group 4: Strategic Location - Henan's geographical position in the center of China, along with its developed transportation infrastructure, provides a logistical advantage for the food industry [14]. - The province's population offers a substantial market and labor force, further enhancing its role in the prepared food sector [14].

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1] Core Viewpoints - The industry shows clear signs of bottoming out, with low valuation levels. As of October 17, the condiment index has decreased by 6.1% since the beginning of 2025, underperforming the CSI 300 index by 24.3 percentage points [2][6] - The restaurant supply chain is experiencing a notable bottoming trend, with leading companies in the condiment sector showing improvement. Institutional holdings are at a low level, indicating a lower valuation center [2][12] - The report suggests that the industry is likely to enter a recovery phase, driven by improving demand and supply-side signals, including frequent mergers and acquisitions among leading companies [2][4] Industry Summary - The industry is currently in a phase of bottoming out, with valuation levels at a low point. The condiment and pre-processed food indices have both underperformed the broader market significantly [6][14] - The overall performance of the restaurant supply chain industry has been stable, with opportunities for growth, but it is essential to monitor signals of demand recovery [9][12] Key Stocks Summary - **Haitian Flavor Industry**: Demonstrates strong self-reform capabilities, with a notable recovery in operational status expected in H2 2024. The company has maintained steady growth across various product categories [17][21] - **Babi Food**: Achieved significant improvements in store efficiency and revenue growth, with a focus on expanding its product offerings and enhancing operational capabilities [25][30] - **Anjuke Food**: Focuses on product innovation and has opened up growth opportunities in the prepared food sector, despite facing challenges in the traditional frozen food market [35][40] - **Qianwei Central Kitchen**: Underwent a strategic adjustment to enhance channel quality and profitability, stabilizing its stock price after a period of decline [43][47]