（编辑 袁冠琳） 证券日报网讯 1月21日，千味央厨发布公告称，控股股东共青城城之集企业管理咨询有限公司解除质押 4460000股，占其持股11.18%，占公司总股本4.59%，质押起始日为2025年3月13日，解除日为2026年1 月20日，质权人为国泰海通证券股份有限公司。 ...

北京商报讯（记者 郭秀娟 王悦彤） 1月21日，千味央厨发布公告称，公司控股股东共青城城之集企业 管理咨询有限公司（以下简称"城之集"）将其持有的446万股办理解除质押，占其所持股份的11.18%及 公司总股本的4.59%。截至公告披露日，控股股东及其一致行动人所持公司股份均无质押情况。 ...

Core Insights - The food processing sector experienced a decline of 0.82% on January 21, with Bright Meat Industry leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Sector Performance - The food processing sector's individual stock performance showed varied results, with *ST Chuntian leading with a rise of 4.85% to a closing price of 4.32 [1] - Other notable gainers included Qianwei Yangchu, which rose by 2.48% to 45.48, and Weizhi Xiang, which increased by 1.43% to 30.56 [1] Stock Trading Data - Bright Meat Industry saw a significant decline of 6.18%, closing at 6.53, with a trading volume of 573,900 shares and a transaction value of 376 million [2] - Other stocks like Baba Foods and Kangbiter also faced declines of 3.47% and 2.34%, respectively [2] Capital Flow Analysis - The food processing sector experienced a net outflow of 61.68 million from institutional investors, while retail investors saw a net inflow of 78.20 million [2] - Individual stock capital flows indicated that *ST Chuntian had a net inflow of 17.58 million from institutional investors, while retail investors contributed a net inflow of 772.11 thousand [3]

证券代码：001215 证券简称：千味央厨 公告编号：2026-003 截至公告披露日，控股股东及其一致行动人所持公司股份均无质押情况。 三、备查文件 郑州千味央厨食品股份有限公司 关于公司控股股东部分股份解除质押的公告 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"）近日接到控股股东共 青城城之集企业管理咨询有限公司（以下简称"城之集"）将其所持部分股份办 理解除质押的通知，具体事项如下： 一、股份解除质押基本情况 1、本次股份解除质押基本情况 | 股东 | 是否为控股股东 或第一大股东及 | | 本次解除 质押数量 | 占其所持 股份比例 | 占公司总 股本比例 | 质押起始 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 其一致行动人 | | （股） | （%） | （%） | 日 | | | | | | 城之集 | | 是 | 4,460,000 | 11.18 | ...

南财智讯1月21日电，千味央厨公告，公司近日接到控股股东共青城城之集企业管理咨询有限公司（以 下简称"城之集"）将其所持部分股份办理解除质押的通知，本次解除质押数量为4,460,000股，占其所持 股份比例的11.18%，占公司总股本比例的4.59%。质押起始日为2025年3月13日，解除日期为2026年1月 20日，质权人为国泰海通证券股份有限公司。截至公告披露日，控股股东及其一致行动人所持公司股份 均无质押情况。 ...

Company and Industry Summary Company Overview - **Company**: Tianwei Yangchun (天为央视) - **Industry**: Food Production, specifically focusing on baked goods, frozen prepared dishes, and traditional Chinese pastries Key Points Revenue and Profit Outlook - **2026 Revenue Growth**: Expected to maintain growth with a target of single-digit percentage increase in revenue for the year [2][3] - **Profit Recovery**: Anticipated narrowing of profit decline, with a potential turnaround to positive profit by the end of 2026 [2][3] Product Performance - **Baked Goods**: - Significant growth in the baked goods segment, particularly in the fourth quarter of 2025 and into 2026, driven by major clients like Hema and Yum [2][4] - Expected growth rate may slow to double digits due to a higher base effect [5] - Plans to expand baking capacity, including adding production lines in Wuhu [5] - **Frozen Prepared Dishes**: - Products produced through self-research and ODM models, primarily targeting restaurant clients [6] - Growth rate expected to return to a more rational level, decreasing from over 200% last year to a few tens of percent [6] - **Traditional Chinese Pastries**: - Main food products have stabilized due to a solid customer base, while snack products are experiencing a decline [7] Market Dynamics - **New Retail Channels**: - Competitive landscape remains intense, but market space is expanding [8] - Collaboration with Hema has increased significantly, with sales volume growing from 20 million to several tens of millions [8][9] - New retail channels are viewed as major B-end clients, contributing significantly to overall performance [10] Business Strategy - **B-end vs C-end Business**: - B-end business constitutes approximately 90% of total revenue, with large B and small b clients each accounting for 50% [10] - C-end business primarily achieved through new retail channels, which are still classified as B-end clients [10] - **Distributor Strategy**: - New strategies focus on supporting quality large distributors while helping smaller ones grow [11] - Adjustments made to reduce overall price subsidies and concentrate resources on markets with growth potential [11] Challenges and Opportunities - **Traditional Restaurant Clients**: - Facing pressure, with some large clients like Xibei planning to close a third of their stores, while others like Green Tea perform relatively well [12] - **Snack Retail Channels**: - Limited collaboration due to space constraints in freezers and a small number of SKUs, resulting in lower revenue from this channel [13] Future Investments - **Overseas Factory Development**: - Progressing well, with plans for production to start around July 2026 after necessary modifications and equipment installations [17] - Initial costs from new projects, such as the overseas factory, may impact net profit but overall business is expected to improve [15][16]

Investment Rating - The report suggests a positive investment outlook for the liquor and frozen food sectors, particularly highlighting the upcoming Spring Festival as a catalyst for sales growth in the liquor industry [1][2]. Core Insights - The liquor market is expected to see improved sales performance as the Spring Festival approaches, with Moutai leading the way. The report indicates that Moutai's pricing strategy and sales performance are likely to drive industry-wide improvements [1][2]. - The frozen food sector is experiencing a recovery, with demand rebounding and price competition easing. Leading companies in this sector are expected to benefit significantly from this trend [2]. - The snack food segment is also showing signs of recovery, with companies that faced challenges in 2025 beginning to emerge from their operational lows. The upcoming Spring Festival is anticipated to boost inventory levels and sales [2]. Summary by Sections Liquor Sector - The report indicates that as the Spring Festival approaches, channel collections are progressing normally, and sales are expected to improve slightly despite year-on-year pressure. Moutai is expected to perform strongly, with its pricing strategy showing a stabilizing effect [2]. - The report emphasizes that liquor companies are prioritizing volume over price and focusing on quality to gain market share [2]. Frozen Food Sector - The frozen food market is currently in its peak sales season, with demand showing a month-on-month recovery. The report notes that leading companies are likely to see revenue growth due to a low base effect and improved profit margins [2]. Snack Food Sector - Companies in the snack food sector that faced challenges in 2025 are now gradually recovering. The report highlights that the upcoming Spring Festival will significantly enhance inventory levels and sales opportunities for these companies [2]. Specific Companies - Moutai, Guizhou Moutai, and other leading liquor brands are recommended for short-term investment due to their strong performance during the Spring Festival [1]. - Companies like Sanquan Foods and others are noted for their innovative product launches and channel strategies, which are expected to drive revenue growth [4].

Company Developments - Former CEO of Wei Long, Sun Yinan, has joined Dayao as CEO, bringing extensive experience from Coca-Cola and other food companies [2][3] - Qian Dama International Holdings has initiated its IPO process in Hong Kong, aiming to raise funds for expanding its store network and enhancing supply chain capabilities, with a projected GMV of 14.8 billion yuan in 2024 [2][3] - Muyuan Foods has forecasted a net profit of 14.7 billion to 15.7 billion yuan for 2025, representing a decline of 12.20% to 17.79% compared to the previous year [2][3][5] - Jinlongyu has announced the transfer of its stake in a joint venture with Mars China, with a total transaction value of $60 million, which is expected to impact its 2026 earnings significantly [6][5] Industry Trends - The fresh food retail sector is seeing significant growth, with Qian Dama leading the community fresh food chain market in China for five consecutive years [2][3] - The coffee industry in Yunnan has expanded its global reach, exporting to 34 countries and regions, with a notable increase in production and agricultural output [11] - The World Health Organization has called for increased taxation on sugary and alcoholic beverages to address public health issues, highlighting the economic burden of these products [12]

Core Viewpoint - The restaurant supply industry is undergoing a structural transformation, shifting from "passive supporters" to "active drivers" as companies adapt to a more cautious capital expenditure environment and a less aggressive price competition landscape [1][2]. Supply Side - The peak of capital expenditure has passed, revealing opportunities for structural adjustment within the restaurant supply industry. The industry continues to grow driven by the expansion of the restaurant sector, increased chain rates, and high growth in food delivery services. However, the past few years of downturn in the downstream restaurant sector and supply surplus have accelerated industry consolidation. Leading companies are moving away from past extensive capacity expansion and distribution strategies towards efficient service for large clients and refined operations for smaller clients, focusing on quality growth through product innovation and customization [2]. Demand Side - Historical analysis shows that when the Consumer Price Index (CPI) transitions from negative to positive or enters an upward phase, market expectations for consumer recovery often lead to capital flowing into cyclical sectors like the restaurant supply chain. The CPI is expected to turn positive in October 2025, indicating a mild recovery in consumer demand, which creates a favorable macro environment for the restaurant supply sector. The performance of leading companies has shown improvement since Q3 2025, suggesting that while the industry has not entered a high-growth phase, it has passed its worst stage and is currently stabilizing, with potential for both performance and valuation recovery [3]. Valuation - The restaurant supply sector's valuation has fallen to historically low levels, and the sector remains underweight, providing a high margin of safety and emotional recovery potential. Key segments include: 1. Frozen baking: The industry is expected to maintain rapid growth with a CAGR of 22.1% from 2020 to 2025. Leading company Lihigh Foods (300973) is benefiting from new product launches and channel expansion, with significant growth potential in its frozen baking business and cream business due to domestic substitution acceleration [4]. 2. Frozen food: The price competition has significantly weakened, with leading company Anjui establishing a clear advantage over competitors in management, channels, and capacity. The company is expected to enjoy dual benefits from industry growth and market share increase due to a rich pipeline of new products in 2025 [4]. 3. Compound seasoning: The current penetration rate in China is only 25.4%, compared to over 50% in mature markets like Europe, the U.S., and Japan, indicating substantial growth potential. The long-term development of leading companies in Western-style compound seasoning, such as Baoli Foods (603170) and Chinese-style compound seasoning companies like Tianwei Foods (603317) and Richen Co. (603755) is promising [4]. Investment Recommendations - The sector is currently in a phase of low valuation and institutional holdings, with demand stabilizing and improving policy conditions. Capital expenditures have significantly decreased, and the competitive landscape is shifting from price wars to a more rational framework. Leading companies are actively pursuing new products and channels (membership supermarkets/new retail), mergers and acquisitions, and R&D initiatives, providing high certainty and elasticity. It is recommended to focus on large-cap stocks for allocation and small-cap stocks for elasticity, with particular attention to the performance improvements of Anjui Foods (603345), Lihigh Foods (300973), and Qianhe Flavor (603027), as well as the growth elasticity from new channels and category expansions of Tianwei Foods (603317), Guoquan (02517), and Qianwei Yangchu (001215) [5].

（企业公告） 1月15日，千味央厨发布投资者活动记录表。当中披露，关于公司2026年重点经营规划，千味央厨表 示，公司将继续维持现有的大客户渠道、经销商渠道、电商渠道、海外渠道、零售渠道深耕市场份额。 大客户渠道端，稳住市场基量，提高研发能力，提升创新响应市场需求速度；经销商渠道端，保持结构 性调整，以服务为导向，赋能经销商服务终端客户；电商渠道端，丰富产品品类，实现多维度线上销 售；海外渠道端，公司筹划了海外工厂布局，以更好的拓张海外市场；零售渠道端，公司通过联名共 创、深度定制、商超熟食等模式为新零售客户提供一站式解决方案。公司将加强原材料采购管理，加强 生产精益化管理，加强运营综合成本管理，加强市场费用投放的有效性管理，提高职能部门的人效，切 实做到提质增效。 ...