千味央厨公告，2025年9月11日，公司首次通过回购专用证券账户以集中竞价交易方式实施回购股份， 回购股份数量为11.48万股，占公司总股本的0.1182%，最高成交价为32.9元/股，最低成交价为32.35元/ 股，成交总金额为372.45万元（不含交易费用）。此次回购符合相关法律法规的要求，符合公司既定的 回购方案要求。 ...

9月10日，千味央厨大宗交易成交135.88万股，成交额4413.38万元，占当日总成交额的31.66%，成交价 32.48元，较市场收盘价32.48元持平。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-10 | 001215 | 千味央厨 | 32.48 | 15.00 | 487.20 机构专用 | | 中信证券股份有限 | | | | | | | | | 公司大连分公司 | | 2025-09-10 | 001215 | 千味央厨 | 32.48 | 27.74 | 901.00 机构专用 | | 中信证券股份有限 | | | | | | | | | 公司苏州分公司 | | 2025-09-10 | 001215 | 千味央厨 | 32.48 | 37.61 | 1,221.57 机构专用 | | 华泰证券股份有限 | | | | | | | | | 公司上海分公司 | | 20 ...

千味央厨9月8日大宗交易平台出现一笔成交，成交量23.59万股，成交金额783.90万元，大宗交易成交价 为33.23元。该笔交易的买方营业部为招商证券交易单元(052300)，卖方营业部为中信证券股份有限公司 苏州分公司。 证券时报·数据宝统计显示，千味央厨今日收盘价为33.23元，上涨2.03%，日换手率为5.45%，成交额为 1.75亿元，全天主力资金净流入797.92万元，近5日该股累计上涨6.81%，近5日资金合计净流入4036.24 万元。（数据宝） 9月8日千味央厨大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | | | | 23.59 | 783.90 | 33.23 | 0.00 | 招商证券交易单 | 中信证券股份有限公司 | | | | | | 元(052300) | 苏州分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-08 | 001215 | 千味央厨 | 33.23 | 23.59 | 783.90 招商证券交易单元 | | 中信证券股份有限 | | | | | | | (052300) | | 公司苏州分公司 | 9月8日，千味央厨大宗交易成交23.59万股，成交额783.9万元，占当日总成交额的4.3%，成交价33.23元，较市场收盘价 33.23元持平。 ...

丨证券研究报告丨 联合研究丨公司点评丨千味央厨（001215.SZ） [Table_Title] 千味央厨 2025 年半报点评：经营压力仍在，渠 道积极谋变 报告要点 [Table_Summary] 公司 2025H1 营业总收入 8.86 亿元（同比-0.72%，下文皆为同比）；归母净利润 3578.99 万元 （-39.67%），扣非净利润 3409.28 万元（-41.94%）。2025Q2 营业总收入 4.15 亿元（-3.12%）； 归母净利润 1434.54 万元（-42.05%），扣非净利润 1311.64 万元（-47.63%）。 分析师及联系人 [Table_Author] 董思远 赵刚 范晨昊 SAC：S0490517070016 SAC：S0490517020001 SAC：S0490519100003 SFC：BQK487 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% 事件评论 丨证券研究报告丨 2025-09-08 research.95579.com 1 千味央厨（001215.SZ） cjzqdt11111 [Table_Title 千味央厨 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is currently experiencing a transitional phase in its product offerings, with a focus on expanding new retail channels. The report anticipates improvements in market demand [4][6] Financial Performance - For the first half of 2025, the company reported total revenue of 886 million yuan, a year-on-year decrease of 0.72%, and a net profit attributable to shareholders of 36 million yuan, down 39.67% [7] - In Q2 2025, revenue was 415 million yuan, reflecting a decline of 3.12%, while net profit was 14 million yuan, down 42.05% [7] Product Performance - Traditional products are undergoing a painful iteration period, while baked goods and dish categories are performing well. Revenue from staple foods decreased by 9.10% to 413 million yuan, and snacks fell by 6.57% to 197 million yuan due to intensified market competition [7] - The baking category saw revenue growth of 11.02% to 205 million yuan, attributed to product structure adjustments and new offerings for key clients. The dish category and others experienced a significant increase of 67.31% to 65 million yuan, driven by rising demand for prepared dishes [7] Channel Performance - New retail channels are showing rapid revenue growth, while the small B channel is under short-term pressure. Direct sales revenue for H1 2025 was 434 million yuan, up 5.31%, with the largest client contributing 189 million yuan, a slight increase of 0.28% [7] - The company has secured national procurement contracts with major retail chains like Hema and Walmart, leading to a 349.66% year-on-year increase in revenue from the fourth-largest client [7] Margin and Cost Analysis - The gross margin for H1 2025 was 23.59%, down 1.62 percentage points, with Q2 gross margin at 22.66%, down 2.29 percentage points. This decline is due to a lower proportion of high-margin staple food revenue and increased competition [7] - Selling expenses for H1 2025 were 6.87% of revenue, up 1.35 percentage points, primarily due to rising employee compensation and e-commerce promotion costs [7] Profit Forecast and Valuation - The report adjusts profit forecasts, projecting net profits attributable to shareholders of 88 million yuan, 100 million yuan, and 113 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.90, 1.03, and 1.16 yuan [7][8] - The current price-to-earnings ratios are projected to be 36.16, 31.57, and 28.09 for the next three years [7]

Core Viewpoint - The enthusiasm for the prepared food industry appears to be waning, as several leading companies report disappointing financial results, indicating a shift towards a new adjustment phase in the industry [1][4]. Financial Performance - Weizhi Xiang reported a revenue of 343 million yuan in the first half of the year, a year-on-year increase of 4.7%, but its net profit attributable to shareholders fell by 24.5% to 31.95 million yuan, with a gross margin decrease of 4.02 percentage points to 20.83% [3]. - Qianwei Yangchu's revenue decreased by 0.7% to 886 million yuan, with a net profit drop of 39.7% to 35.79 million yuan [3]. - Anjixin's revenue slightly increased by 0.8% to 7.604 billion yuan, but its net profit fell by 15.79% to 676 million yuan, marking the first decline in interim net profit since its listing [3]. - The growth rate of Anjixin's prepared food business slowed to 9.4%, down from previous high growth rates of 29.84% and 10.76% [3]. Industry Challenges - Rising raw material costs and intensified competition are common concerns highlighted by these companies, impacting their profit margins [3][4]. - The competition has led to a decline in sales volume and increased pressure on profit margins due to promotional activities [4][6]. Market Dynamics - Over 85% of prepared food products are sold to B-end customers, primarily chain restaurants and hotels, which are increasingly focused on cost-effectiveness [6]. - Qianwei Yangchu reported a reduction in the number of distributors from 1,953 to 1,591, a net decrease of 362 [6]. - Weizhi Xiang also experienced a net decrease of 160 distributors, bringing the total to 2,917 [6]. Consumer Perception - Despite some consumer awareness of prepared foods, there remains a negative perception regarding taste and convenience, indicating a need for improved brand trust and consumer education [7][8]. Regulatory Environment - The prepared food market is experiencing rapid growth, with a market size of 485 billion yuan in 2024, expected to reach 749 billion yuan by 2026, alongside a significant increase in the number of registered companies [10]. - New regulations have been introduced to enhance food safety standards, which may raise the entry barriers for companies lacking brand recognition and operational scale [11].

Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Insights - The company achieved a revenue of 889 million yuan in H1 2025, a slight decrease of 0.7% year-on-year, with a net profit attributable to shareholders of 40 million yuan, down 39.7% [1] - The revenue from baking and cooked dishes showed positive growth, while new retail channels experienced significant growth [2] - The company is focusing on expanding its product lines and sales channels, particularly in the B2B and new retail sectors, to increase revenue [5] Revenue Breakdown - In H1 2025, the main food and snack categories accounted for 47% and 22% of revenue, respectively, generating 410 million yuan and 200 million yuan, both showing declines of 9.1% and 6.6% year-on-year due to market competition and product lifecycle impacts [2] - The baking and frozen prepared dishes categories, which accounted for 23% and 7% of revenue, respectively, generated 210 million yuan and 70 million yuan, with increases of 11.0% and 67.3% year-on-year [2] Sales Model Performance - In H1 2025, the revenue from the distribution and direct sales models was 450 million yuan and 430 million yuan, reflecting a year-on-year change of -6.4% and +5.3% [3] - The increase in direct sales revenue was primarily driven by partnerships with major retail chains and a significant rise in online sales, which grew by 44.9% year-on-year to 40 million yuan [3] Profitability Metrics - The gross margin for H1 2025 was 23.6%, a decrease of 1.6 percentage points, attributed to the faster growth of lower-margin product categories [3] - The net profit margin fell to 4.0%, down 2.6 percentage points year-on-year, due to increased expenses related to new retail channels and online sales [3] Future Projections - Revenue forecasts for 2025 to 2027 are projected at 1.94 billion yuan, 2.10 billion yuan, and 2.26 billion yuan, representing year-on-year growth rates of 3.6%, 8.5%, and 7.4% respectively [5] - The net profit attributable to shareholders is expected to be 80 million yuan, 100 million yuan, and 110 million yuan for the same period, with a slight decline in 2025 followed by growth in subsequent years [5]

Core Viewpoint - The pre-prepared food industry in China, also known as semi-finished or ready-to-eat meals, is characterized by a diverse range of participants, including specialized manufacturers, agricultural enterprises, and restaurant chains, with significant revenue generation and varying growth rates across companies [3][6]. Industry Overview - The pre-prepared food industry in China includes upstream sectors such as agriculture and food processing, midstream processing companies like Yike Food and Anjuke Food, and downstream distribution channels including e-commerce [1]. - Major players in the industry include Shuanghui Development, Guangming Meat, Yike Food, and Anjuke Food, with annual revenues exceeding 10 billion yuan [3][6]. Company Performance - Shuanghui Development leads the market with a revenue of 595.61 million yuan and a market capitalization nearing 100 billion yuan as of April 22, 2025 [4][6]. - Anjuke Food reported a revenue of 110.77 million yuan with a growth rate of 7.84%, while other companies like Longda Meishi and Guolian Aquatic faced revenue declines of 20.70% and 24.14%, respectively [4][6]. - In the first half of 2024, Anjuke Food's frozen prepared food segment achieved a 13.04% year-on-year growth, contrasting with the overall industry trend of declining revenues [6][7]. Revenue Trends - The overall revenue growth for pre-prepared food companies is expected to be below 10% in 2024, with many companies experiencing revenue declines [3][6]. - The revenue from overseas operations is significant for companies like Sanquan Food, which reported 94.23 billion yuan in 2024, with overseas revenue accounting for 42.86% of total revenue [8]. Market Dynamics - The pre-prepared food industry is characterized by a diverse range of participants, including specialized manufacturers and cross-industry players, indicating a competitive landscape [3][6]. - The industry is facing challenges with revenue growth, as many companies reported negative growth rates in 2024, highlighting the need for strategic adjustments [4][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [2][9] Core Viewpoints - Recent policies aimed at boosting consumption, such as the "2025 Shaoxing City Consumption Promotion Policy," are expected to benefit cyclical sectors, particularly in the liquor and restaurant chains [5] - The policy includes subsidies for banquet consumption, which will directly stimulate demand for liquor and benefit suppliers in the banquet consumption chain [5] - The report anticipates that similar policies may be adopted in other regions, which could enhance overall consumer demand and support the recovery of liquor demand and banquet supply chain enterprises [5] - The restaurant industry is currently at the bottom of its cycle but is expected to gradually recover due to ongoing policy support, with specific recommendations for various segments including liquor, restaurant chains, beer, and yellow wine [5] Summary by Sections Recent Market Performance - The food and beverage sector has shown a performance of -7% over the last 12 months, compared to 2% for the CSI 300 and 11% for the Shanghai Composite Index [4] Policy Impact - The Shaoxing policy provides tiered subsidies for banquet consumption, with a maximum of 5,000 yuan for events with five tables or more and total spending exceeding 10,000 yuan [5] - The policy is expected to stimulate banquet consumption during the upcoming Mid-Autumn Festival and National Day holidays, benefiting liquor demand [5] Investment Recommendations - The report recommends focusing on the following companies: - Liquor: Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, Gujing Gongjiu, Yingjia Gongjiu, and Jinshiyuan [5] - Restaurant Chains: Hai Tian Wei Ye, Anji Food, Angel Yeast, and Qianwei Central Kitchen [5] - Beer: Qingdao Beer, China Resources Beer, and Yanjing Beer [5] - Yellow Wine: Kuaijishan and Guyue Longshan [5]