证券代码：001215 证券简称： 千味央厨 公告编号：2025-034 郑州千味央厨食品股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 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 4 月 25 日 召开第三届董事会第十九次会议，审议通过了《关于第二期以集中竞价交易方式 回购公司股份方案的议案》，具体内容详见公司于 2025 年 4 月 26 日在巨潮资讯 网（http://www.cninfo.com.cn）及《证券时报》《上海证券报》上披露的《关于第 二期以集中竞价交易方式回购公司股份方案暨取得金融机构股票回购专项贷款 承诺函的公告》（公告编号：2025-025）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的规定， 现将公司 2024 年年度股东会股权登记日（即 2025 年 5 月 14 日）登记在册的前 十名股东及前十名无限售条件股东持股情况公告如下： 一、前十名股东持股情况 持股数量 占总股本的 | . | | --- | ...

郑州千味央厨食品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第三届董事会第十九次会议，审议通过了《关于第二期以集中竞价交易方式 回购公司股份方案的议案》，具体内容详见公司于 2025 年 4 月 26 日在巨潮资讯 网（http://www.cninfo.com.cn）及《证券时报》《上海证券报》上披露的《关于第 二期以集中竞价交易方式回购公司股份方案暨取得金融机构股票回购专项贷款 承诺函的公告》（公告编号：2025-025）。 证券代码：001215 证券简称： 千味央厨 公告编号：2025-034 郑州千味央厨食品股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 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。 特此公告。 郑州千味央厨食品股份有限公司 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的规定， 现将公司 2024 年年度股东会股权登记日（即 2025 年 5 月 14 日）登记在册的前 十名股东及前十名无限售条件股东持股情况公告如下： 注：以上股东的持股数量为合并普通 ...

Core Insights - The frozen food industry is entering a new era focused on quality-price ratio as companies respond to consumer preferences for cost-effectiveness and increased competition [1][2][3] Group 1: Market Trends - There is a noticeable shift towards value-for-money consumption, leading many brands in the restaurant industry to lower prices [2] - The frozen food sector is experiencing a decline in net profits for several companies, with Anjuke Food's net profit growth slowing to 0.46%, ending an eight-year streak of double-digit growth [3][4] - The market for frozen food is becoming increasingly competitive, with many emerging brands putting pressure on established companies [2][3] Group 2: Product Strategy - Companies are adjusting their product strategies to focus on high cost-performance products, with Anjuke Food emphasizing "extreme cost-performance" for B-end products and "upgrading" for C-end products [2][3] - Pre-prepared dishes remain a key growth driver, with Anjuke Food reporting a 10.76% increase in revenue from frozen dishes to 4.349 billion yuan [5][6] - The focus on pre-prepared dishes is supported by recent regulatory clarity from the government, which is expected to enhance industry standards and growth potential [6][7] Group 3: Channel Innovation - Companies are increasingly investing in customized products for retail channels, with Anjuke Food planning to fully embrace channel customization [9][10] - The rise of new retail formats, such as membership-based supermarkets, is prompting companies to adapt their product offerings to meet consumer demands for differentiation and quality [11] - Traditional supermarkets are restructuring their product categories to enhance consumer appeal, creating new opportunities for frozen food companies [10][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company's total revenue for 2024 is 1.868 billion yuan, a decrease of 1.71% year-on-year, with a net profit attributable to shareholders of 83.69 million yuan, down 37.67% [2][4] - In Q4 2024, total revenue was 504 million yuan, down 11.93%, and net profit attributable to shareholders was 2.1383 million yuan, down 94.65% [2][4] - For Q1 2025, total revenue was 470 million yuan, an increase of 1.5%, while net profit attributable to shareholders was 21.4445 million yuan, down 37.98% [2][4] Summary by Sections Financial Performance - The company reported a total revenue of 1.868 billion yuan for 2024, with a net profit of 83.69 million yuan, reflecting a significant decline in profitability [2][4] - The revenue breakdown shows that the staple food category generated 914 million yuan (down 6.88%), while the snack category saw a decline of 13.79% to 439 million yuan [9] - The gross profit margin decreased slightly to 23.66%, with a net profit margin of 4.48% for 2024 [9] Market Dynamics - The company faces significant pressure in its distribution channels, particularly in the B-end market, due to intensified competition and changing economic conditions [9] - The direct sales channel showed growth, with revenue of 809 million yuan, while the distribution channel faced a decline of 6.04% [9] Strategic Initiatives - The company is implementing multi-faceted strategies to address market challenges, including enhancing collaboration with distributors and focusing on high-demand products for nationwide promotion [9] - There is an emphasis on developing a comprehensive marketing system that integrates trade shows, promotions, and new market channels [9] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 91 million, 103 million, and 121 million yuan respectively, with corresponding EPS of 0.93, 1.06, and 1.25 yuan [9]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Group 1: Financial Performance and Taxation - The company will continue to recognize stock incentive expenses in 2025, specifically for 21,100 restricted shares allocated to 5 incentive recipients from the 2021 plan [1] - The income tax expense for Q4 2024 reached CNY 15 million, primarily due to the reduction in deductible amounts related to stock payment expenses after the lifting of restrictions on restricted shares [1] - The increase in sales expenses by CNY 10 million in Q1 is attributed to online promotion costs, which are considered non-recurring [2] Group 2: Business Development and Strategy - The 2025 business development plan includes increased investment in R&D and production resources for baked goods and frozen prepared dishes, aiming to meet customer demands for rapid innovation [2] - The company plans to explore C-end business opportunities, leveraging its R&D advantages to develop differentiated products and diversify sales channels, including e-commerce and traditional retail [2] - Efforts will be made to enhance operational efficiency across all business segments, focusing on cost control in procurement, production, and logistics [2] - Brand building and customer service quality will be prioritized to ensure sustainable and high-quality growth [2] Group 3: Production and Capacity Management - The company operates through self-production, commissioned processing, and outsourcing, with most core products being self-produced [3] - In 2024, 20,000 tons of products were processed through commissioned processing, primarily for items like sesame balls and spring rolls, which are produced using standard equipment and processes [3] - Future decisions on converting commissioned processing to self-production will depend on market conditions and operational assessments [3] Group 4: Financing Plans - The company plans to raise CNY 300 million through a simplified procedure for issuing shares to specific investors, pending approval from the 2024 annual shareholders' meeting [4] - The specific use of the funds for acquisitions or expansion of production has not yet been determined, and further disclosures will be made as developments occur [4]

Group 1: Industry Overview - The prepared food industry has undergone significant technological upgrades and category expansions, moving beyond traditional offerings like frozen dumplings to include complex dishes such as Baota meat and Squirrel Fish [1] - The chain restaurant trend in China is accelerating, with the national chain rate increasing from 15% in 2020 to 22% in 2024, and expected to reach around 24% by 2025, indicating substantial growth potential for standardized and pre-processed ingredients [2] Group 2: Company Performance - Anjiu Food reported a total revenue of 15.127 billion yuan in 2024, a year-on-year increase of 7.70%, with core categories like frozen prepared foods and frozen dishes achieving revenues of 7.839 billion yuan and 4.349 billion yuan, respectively, reflecting growth rates of 11.41% and 10.76% [1] - Qianwei Central Kitchen faced a decline in overall performance with a revenue of 1.868 billion yuan, down 1.71% year-on-year, but its frozen prepared dishes and other products saw a remarkable increase in sales revenue to 142 million yuan, up 273.39% [1] Group 3: Market Dynamics - The growth of frozen dish revenue is closely linked to the trend of restaurant chain expansion, as standardized production of prepared foods optimizes cooking processes and ensures consistent consumer experiences across multiple locations [2] - The industry faces challenges such as low market concentration, intense competition from emerging brands and traditional restaurants, and a strong consumer focus on cost-effectiveness, leading to price pressures on restaurant businesses [3] Group 4: Challenges and Opportunities - The prepared food sector is experiencing issues with product homogeneity, leading to price wars and a lack of innovation, while consumer concerns about quality and safety are increasing [3] - Companies need to innovate through technology, focusing on personalized and diverse consumer demands, and enhance brand trust by prioritizing quality and safety through transparent production and strict quality control [3]

Core Viewpoint - The restaurant industry is experiencing weak recovery, leading to pressure on demand and intense competition, which is impacting company performance. The company is focusing on new retail channels and expanding its dish and bakery product offerings, hoping for operational improvements in the future [1] Financial Performance - The company maintains a "buy" rating, projecting revenues of 1.993 billion, 2.183 billion, and 2.41 billion yuan for 2025-2027, with EPS of 0.91, 1.06, and 1.20 yuan per share. Given the significant development potential in the industrialization of rice and noodle products, the company is expected to accelerate growth as consumption gradually recovers. A valuation premium is applied, with a target price of 31.85 yuan per share based on a 35x PE for 2025 and a 2x PS for a valuation of 41.03 yuan per share [2] - In 2024, the company is projected to have revenues of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 84 million yuan, down 37.67%. The fourth quarter of 2024 is expected to see revenues of 504 million yuan, a decline of 11.93%, and a net profit of 2 million yuan, down 94.65% [2] - For Q1 2025, revenues are expected to be 470 million yuan, a year-on-year increase of 1.5%, while net profit is projected at 21 million yuan, down 37.98% [2] Profitability Metrics - The gross margin decreased to 22.04% in Q4 2024, down 3.42 percentage points, primarily due to changes in product mix and increased competition. The sales expense ratio increased by 0.74 percentage points, and the management expense ratio rose by 1.7 percentage points, leading to a net profit margin of 0.29%, down 6.77 percentage points year-on-year [3] - In Q1 2025, the gross margin is expected to be 24.42%, down 1.03 percentage points, with the sales expense ratio increasing by 2.12 percentage points due to higher online sales expenses from subsidiaries. The net profit margin is projected at 4.46%, down 2.81 percentage points year-on-year [3] Product and Channel Performance - The pre-prepared dishes segment is expected to grow rapidly in 2024, with a continued focus on increasing sales of dishes and bakery products in 2025. Revenue and growth rates for 2024 by product category are as follows: staple foods 914 million yuan (-6.88%), snacks 439 million yuan (-13.79%), bakery desserts 365 million yuan (0%), and frozen prepared dishes and others 142 million yuan (+273.39%). Core products like fried dough sticks, sesame balls, spring rolls, and egg tart skins saw revenue declines, while pre-prepared dishes experienced significant growth through optimized selection and increased new product development [4] - By channel in 2024, direct sales are expected to generate 809 million yuan (+4.34%), while distribution is projected at 1.051 billion yuan (-6.04%), primarily affected by weak restaurant demand. In 2025, the company plans to increase sales of frozen prepared dishes and bakery products, which are expected to contribute significantly to revenue growth [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a revenue decline of 1.71% year-on-year in 2024, with total revenue reaching 1.868 billion yuan and a significant drop in net profit by 37.67% to 84 million yuan [1][4]. - The first quarter of 2025 showed a slight revenue increase of 1.5% year-on-year, amounting to 470 million yuan, but net profit decreased by 37.98% to 21 million yuan [1][4]. - The company is expected to gradually recover its profit margins through customer expansion and channel empowerment, despite a challenging competitive environment [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.868 billion yuan, a decrease of 1.71% year-on-year, and a net profit of 84 million yuan, down 37.67% [1][5]. - The first quarter of 2025 saw total revenue of 470 million yuan, reflecting a 1.5% increase year-on-year, while net profit fell to 21 million yuan, a decline of 37.98% [1][5]. Product and Channel Analysis - Traditional product revenues faced pressure, with fried and baked goods declining by 11.87% and 4.28% respectively, while steamed and prepared dishes saw growth of 5.41% and 21.84% [2]. - Direct sales channels maintained steady growth, with revenue increasing by 4.34% to 809 million yuan, while distribution channels faced a 6.04% decline [2]. Profitability and Cost Structure - The gross margin for 2024 was 23.66%, slightly down from the previous year, with a notable increase in sales expense ratio to 5.40% due to increased market investment [3]. - The net profit margin for 2024 was 4.48%, down 2.58 percentage points year-on-year, but is expected to improve with operational efficiency and product structure adjustments [3]. Earnings Forecast and Valuation - The net profit forecast for 2025 and 2026 has been revised down to 99 million yuan and 111 million yuan, respectively, reflecting a 50% and 56% reduction from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 27 for 2025, with expectations for gradual recovery in profit margins [4][5].

Core Insights - The company reported a revenue of 1.868 billion yuan in 2024, a year-on-year decrease of 1.71%, and a net profit of 84 million yuan, down 37.67% year-on-year [1] - Despite significant growth in the prepared food sector, overall performance was pressured by a substantial decline in revenue from fried and baked products [4] Revenue Breakdown - The main business involves providing customized, standardized semi-finished products, categorized into fried, baked, steamed, and dish products [4] - Revenue from fried products decreased by 11.87% year-on-year, while baked products also saw a notable decline [4] - In contrast, steamed products experienced growth, driven by an increase in savory buns and the consolidation effect from the subsidiary Weibaofeeding [4] - Revenue from dish products and others surged by 273.39% year-on-year, becoming the sole highlight of the company's performance [4] Sales Model Analysis - The sales model is divided into direct sales and distribution, with direct sales revenue reaching 809 million yuan, a year-on-year increase of 4.34% [5] - The number of major clients increased by 8.81% to 173, primarily consisting of national chain restaurant brands [5] - Conversely, distribution revenue declined by 6.04% due to market competition and consumer price sensitivity, impacting small and medium-sized restaurant enterprises [5] Cost and Profitability Challenges - The company's gross margin was 23.38%, a slight decrease of 0.03% year-on-year, with overall cost pressures remaining significant [6] - Sales expenses rose to 100 million yuan, an increase of 13.33%, leading to a sales expense ratio of 5.40% [6] - Stock incentive expenses significantly impacted net profit, with a net profit of 84 million yuan, down 31.99% when excluding stock incentive effects [6] - The company faces multiple challenges, including intensified market competition, declining core product revenue, and rising cost pressures, necessitating strategies for maintaining growth [6]