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， 现将公司董事会公告回购股份决议前一个交易日（即 2025 年 4 月 25 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账户和融资融券信用账户后的总持股数量。 证券代码：001215 证券简称： 千味央厨 公告编号：2025-033 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）。 注 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [16]. Core Views - The company reported a revenue of 1.868 billion yuan for 2024, a decrease of 1.71% year-on-year, and a net profit attributable to shareholders of 84 million yuan, down 37.67% year-on-year [2][5]. - The company is facing pressure from major clients and distribution channels, but the dish business is experiencing significant growth, with revenue from this category increasing by 273.39% year-on-year [3]. - The company is focusing on opportunities in supermarkets and expanding its product lines in baking and dishes to counteract the decline in traditional frozen products [4]. Financial Performance Summary - For 2024, the company achieved a gross margin of 23.66%, which has been under pressure, and the overall expense ratio increased by 1.72 percentage points year-on-year [4]. - The company’s net profit margin for 2024 was 4.48%, reflecting a decline of 2.58 percentage points year-on-year [4]. - The forecast for net profit attributable to shareholders for 2025 and 2026 is set at 108 million yuan and 119 million yuan, respectively, indicating a year-on-year growth of 29% and 11% [5]. Revenue Breakdown - In 2024, the revenue from various product categories was as follows: staple foods 913 million yuan, snacks 439 million yuan, baked goods 365 million yuan, and frozen prepared dishes 142 million yuan, with the latter showing a significant increase [3]. - The company’s revenue from direct sales and distribution channels in 2024 was 809 million yuan and 1.051 billion yuan, respectively, with direct sales increasing by 4.34% year-on-year [3]. Future Outlook - The company is expected to continue leveraging opportunities in the development of private label products for major supermarket clients and customized products, particularly in the baking and dish categories [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is gradually overcoming its pressure period, with a focus on acquiring new customers and improving product quality in 2025 [7] - The revenue for 2024 is projected to be 1.87 billion, a year-on-year decrease of 1.71%, while the net profit attributable to shareholders is expected to be 0.84 billion, down 37.67% year-on-year [7] - The company is experiencing pressure in the small B-end market due to weak demand and increased competition, while actively expanding new customers in the large B-end market [7] - The company anticipates a recovery in Q2 and aims to seek growth through new retail channels and product quality enhancement in 2025 [7] - The profit forecast for 2025-2027 has been revised down, with expected net profits of 1.0 billion, 1.2 billion, and 1.3 billion respectively, reflecting a year-on-year growth of 21%, 16%, and 11% [7] Financial Summary - Total revenue for 2023 is 1.90 billion, with a projected increase to 1.97 billion in 2025, reflecting a growth rate of 5.37% [1][8] - The net profit attributable to shareholders is expected to recover from 0.84 billion in 2024 to 1.01 billion in 2025, indicating a growth of 21.27% [1][8] - The earnings per share (EPS) is projected to increase from 0.86 in 2024 to 1.04 in 2025 [1][8] - The company's price-to-earnings (P/E) ratio is expected to decrease from 31.44 in 2024 to 25.92 in 2025 [1][8]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [7][22]. Core Views - The company continues to face operational pressure, but is focusing on new product growth to drive recovery. Despite a slight decline in revenue for 2024, there is a positive outlook for 2025 as the company aims to enhance product structure and optimize channel efficiency [7][8]. - The company reported total revenue of 1.87 billion yuan for 2024, a year-on-year decrease of 1.7%, and a net profit of 0.08 billion yuan, down 37.7% year-on-year. In Q1 2025, revenue increased by 1.5% to 0.47 billion yuan, but net profit decreased by 38.0% [7][8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 1,868 million yuan - Year-on-year growth: -1.7% - Net profit: 84 million yuan - Year-on-year growth: -37.7% - Gross margin: 23.7% [7][8]. - **2025 Financial Projections**: - Total revenue expected to reach 1,942 million yuan, with a growth rate of 4.0% - Net profit projected at 104 million yuan, with a growth rate of 23.7% - Earnings per share (EPS) forecasted at 1.07 yuan [7][11]. - **Long-term Projections**: - Revenue expected to grow to 2,137 million yuan in 2026 and 2,357 million yuan in 2027, with corresponding net profits of 124 million yuan and 144 million yuan [7][11]. Product and Market Insights - The core product lines are under pressure, with specific categories showing varied performance: fried products down 11.9%, baked goods down 4.3%, steamed products up 5.4%, and dishes up 21.8% [7]. - The company is focusing on expanding its frozen prepared dishes and baked goods segments, with significant investment in production resources and R&D to meet customer demand [7][8]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to be 31 for 2024, decreasing to 25 in 2025, and further to 21 in 2026, indicating a positive trend in valuation as earnings improve [7][11]. - The target price is set at 28.9 yuan, corresponding to a P/E of 27 for 2025 [7][8].

Core Viewpoint - The company achieved steady revenue growth and significant expansion in the prepared food sector, driven by its "key customers + distributors" strategy amidst fierce market competition [1][2]. Group 1: Financial Performance - The company reported a total revenue of 1.868 billion yuan and a net profit of 83.69 million yuan for the year [1]. - Direct sales revenue increased by 4.34% year-on-year, with the number of key customers rising by 8.81% [1][2]. - Revenue from frozen prepared dishes and other products surged by 273.39%, reaching 142 million yuan [1]. Group 2: Business Strategy - The company employs a dual-driven strategy of "key customers + distributors," with direct sales contributing 8.09 billion yuan, accounting for 43.29% of total revenue [2]. - The number of distributors increased to 1,953, with significant growth in customer numbers in both northern and southern regions [2]. Group 3: Research and Development - The company invested 23.74 million yuan in R&D, a 12.21% increase year-on-year, representing 1.27% of total revenue [2]. - The R&D team focuses on four product lines: staple foods, snacks, baked goods, and prepared dishes, launching new products tailored for various dining scenarios [2]. Group 4: Production Capacity - The company has a designed production capacity of 196,600 tons, with an actual capacity of 123,800 tons and an additional 84,000 tons under construction [2]. - New capacity is expected to alleviate production bottlenecks and support market share growth by 2026 [2]. Group 5: Future Outlook - For 2025, the company plans to focus on the "baked goods" and "frozen prepared dishes" sectors, enhancing e-commerce and key account supermarket channels [3]. - Continuous investment in product innovation, capacity reserves, and customer structure optimization is anticipated to strengthen the company's competitive advantage during industry consolidation [3].

Group 1: Financial Performance - In 2024, the company achieved revenue of 1.868 billion CNY, a decrease of 1.71% year-on-year [2] - The net profit attributable to shareholders for 2024 was 84 million CNY, down 37.67% year-on-year [2] - In Q1 2025, the company reported revenue of 470 million CNY, an increase of 1.5% year-on-year, while net profit was 21 million CNY, a decrease of 37.98% year-on-year [2] Group 2: Sales Channel Performance - In 2024, direct sales revenue was 809 million CNY, accounting for 43.50% of total revenue, with a year-on-year increase of 4.34% [3] - The distribution channel generated 1.051 billion CNY in sales, representing 56.50% of total revenue, but saw a decline of 6.04% year-on-year [3] Group 3: New Retail and Market Strategy - The company established a dedicated team for new retail channels in 2024, collaborating with major retailers like Hema and Walmart [4] - In 2025, the company plans to accelerate partnerships with new retail channels to expand market reach [4] Group 4: Competitive Response - To address competition in the small B-end market, the company aims for high-quality growth through product optimization, efficiency improvements, and strategic cost management [5] - The company will shift from price competition to enhancing quality and efficiency in its operations [5] Group 5: Product Growth and Future Outlook - The frozen prepared dishes segment saw significant growth across all channels in 2024, with a focus on hot pot scenarios in direct sales and expanded product categories in distribution [7] - For 2025, the company plans to invest in R&D and production for baked goods and frozen dishes, while exploring C-end business opportunities and enhancing brand development [8]

值得注意的是，公司的应收账款大幅上升至1.07亿元，同比增幅达33.13%，应收账款与利润的比例高达 128.43%，这可能对公司未来的现金流产生不利影响。尽管每股经营性现金流从-0.78元改善至-0.07元， 同比增长91.51%，但仍为负值，显示公司经营活动产生的现金流量仍处于紧张状态。 资产负债情况 近期千味央厨（001215）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 千味央厨在2025年第一季度实现营业总收入4.7亿元，较去年同期的4.63亿元增长了1.5%。然而，归母 净利润仅为2144.45万元，同比下降37.98%；扣非净利润为2097.64万元，同比下降37.71%。这表明公司 在营业收入略有增长的情况下，盈利能力显著下降。 成本与费用 公司的毛利率为24.42%，相比去年同期减少了4.05个百分点，显示出成本控制面临一定挑战。同时，净 利率也从去年同期的4.44%降至4.53%，但同比减少了39.08%。此外，销售费用、管理费用和财务费用 总计达到7888.07万元，占营收比例为16.77%，同比增长18.91%，表明公司在费用控制方面也存在压 力。 应收账款与现金流 公 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, attributed to increased market competition and changes in consumer behavior, leading to a challenging operating environment [4][8]. Financial Performance - The company achieved a revenue of 1.868 billion yuan in 2024, a decrease of 1.71% year-on-year [4]. - The net profit attributable to shareholders was 84 million yuan, down 37.67% year-on-year. Excluding the impact of stock incentives, the net profit was 100 million yuan, reflecting a 31.99% decline [4]. Product Overview - The company provides customized and standardized semi-finished products primarily for the catering industry, categorized into four main types: fried, baked, steamed, and dishes [4][6]. - Sales of fried and baked products decreased due to competition and product lifecycle changes, while steamed products saw an increase in sales, particularly from the company's new product lines [4][6]. Market Dynamics - The rapid growth of chain restaurants has significantly increased the demand for standardized food ingredients, impacting the company's sales strategies [6]. - The company has restructured its product categories to better align with market trends and customer needs, resulting in a positive impact on sales for certain product lines [6]. Sales Strategy - The company employs both direct sales and distribution models, focusing on large B-end clients and chain restaurants [7]. - Direct sales to major clients increased by 4.34% year-on-year, with the number of major clients rising by 8.81% [7][8]. Competitive Environment - The overall restaurant consumption has become more rational, with consumers increasingly seeking value for money, prompting many restaurants to lower prices and exert pressure on suppliers [8]. - In response, the company has enhanced its sales force and implemented joint project service models to support distributors and expand market reach [8].

郑州千味央厨食品股份有限公司 2024 年度独立董事述职报告（韩风雷） 各位股东： 作为郑州千味央厨食品股份有限公司（以下简称"公司"）第三届董事会 独立董事，2024 年度本人严格按照《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 市公司独立董事管理办法》《深圳证券交易所股票上市规则》等法律法规和《公 司章程》《公司独立董事工作制度》等相关规定，忠实、勤勉、独立地履行职 责，积极出席相关会议，对公司的生产经营和业务发展提出合理的建议，充分 发挥独立董事的作用，切实维护了公司以及股东尤其是中小股东的合法权益。 现将 2024 年度本人履职总体情况报告如下： 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 报告期内，本人对独立性情况进行了自查，本人作为公司独立董事任职符 合《上市公司独立董事管理办法》第六条规定的独立性要求，不存在影响独立 性的情况。 二、独立董事 2024 年度履职情况 （一）出席董事会及股东会情况 2024 年度，本人积极参加公司召开的董事会、股东会，本着勤勉尽责的态 度，认真审阅了会议议案及相关材料，主动参与各项 ...

（一）工作履历、专业背景以及兼职情况 郑州千味央厨食品股份有限公司 2024 年度独立董事述职报告（蒋辉） 各位股东： 作为郑州千味央厨食品股份有限公司（以下简称"公司"）第三届董事会 独立董事，2024 年度本人严格按照《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 市公司独立董事管理办法》《深圳证券交易所股票上市规则》等法律法规和《公 司章程》《公司独立董事工作制度》等相关规定，忠实、勤勉、独立地履行职 责，积极出席相关会议，对公司的生产经营和业务发展提出合理的建议，充分 发挥独立董事的作用，切实维护了公司以及股东尤其是中小股东的合法权益。 现将 2024 年度本人履职总体情况报告如下： 一、独立董事的基本情况 本人蒋辉，男，1959 年 3 月出生。中国国籍，无境外永久居留权，1987 年 6 月毕业于郑州大学，专科学历；高级酿酒师。1979 年 7 月至 1988 年 12 月， 任郑州市煤建公司工会干事；1988 年 1 月至 1999 年 11 月，任河南省酿酒行业 管理协会助理统计师、经济师；1999 年 12 月至 2006 年 ...