证券代码：001215 证券简称：千味央厨 公告编号：2025-014 郑州千味央厨食品股份有限公司 关于股份回购进展情况的公告 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。 公司股份回购的实施符合既定方案，后续将根据市场情况在回购期限内继续 实施本次回购计划，并按照相关法律法规的规定及时履行信息披露义务。敬请广 大投资者关注后续公告，并注意投资风险。 特此公告。 郑州千味央厨食品股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日 召开第三届董事会第十四次会议，于 2024 年 5 月 17 日召开 2023 年年度股东大 会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公 司拟使用自有资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股） 股票，用于注销以减少注册资本。本次回购资金总额不低于人民币 6,000 万元（含） 且不超过人民币 10,000 万元（含），回购价格不超过人民币 61.90 元/股（含）。 回购股份的期限为自公司股东大会审议通过本回购方案之日起 12 个月内。具体 内容详见公司 2024 年 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]

证券代码：001215 证券简称：千味央厨 公告编号：2025-013 2025 年 4 月 1 日 1 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（以下称"公司"）于近日收到保荐机构中德 证券有限责任公司（以下简称"中德证券"）《关于更换郑州千味央厨食品股份有 限公司持续督导保荐代表人的通知》，原持续督导保荐代表人崔胜朝先生因工作 变动，不能继续担任公司持续督导的保荐代表人。为保证公司持续督导工作的顺 利进行，中德证券授权粟帅先生（简历见附件）自 2025 年 4 月 1 日起接替崔胜 朝先生担任公司持续督导保荐代表人，继续履行对公司的持续督导责任。本次变 更不影响中德证券对公司的持续督导工作。 本次变更之后，负责公司持续督导的保荐代表人为薛虎先生和粟帅先生，持 续督导期至中国证券监督管理委员会和深圳证券交易所规定的持续督导义务结 束为止。公司董事会对崔胜朝先生在公司持续督导期间所做出的贡献表示衷心感 谢！ 特此公告。 郑州千味央厨食品股份有限公司 董 事 会 郑州千味央厨食品股份有限公司 关于变更持续督导保荐代表人的公告 ...

Investment Rating - The industry investment rating is "Outperform the Market" [35] Core Views - The report indicates that the white liquor market remains stable, with a focus on high-performing companies. The market is expected to see single-digit positive growth in Q1 2025 for major white liquor companies, supported by strong performance from core products. Long-term demand recovery is anticipated with the implementation of consumer policies, although short-term tariff risks need to be monitored [6][4][8] - In the food sector, the report highlights the emergence of new products in the snack industry and suggests investment opportunities in the snack and catering supply chain. The snack industry is experiencing high growth due to channel and product advantages, while the catering industry is expected to stabilize and show slight recovery [6][9] Summary by Sections White Liquor Industry - The white liquor index saw a cumulative increase of 0.23% this week, with top performers including Jinshiyuan (+1.94%), Luzhou Laojiao (+1.24%), and Guizhou Moutai (+0.73%). Conversely, Yinjia Gongjiu (-3.05%), Huangtai Jiuye (-4.64%), and Yanshi Co. (-31.24%) were the worst performers [6] - The report recommends focusing on three main lines: high-end white liquor with strong demand (Guizhou Moutai, Wuliangye, Luzhou Laojiao), mid-range white liquor with ongoing national expansion (Shanxi Fenjiu), and real estate liquor with expanding price ranges (Yinjia Gongjiu, Jinshiyuan, Laobai Ganjiu, Gujing Gongjiu) [6][4] Food Industry - The food index experienced a cumulative decline of 0.41% this week, with top gainers being Guangming Meat Industry (+13.02%), Jiahe Food (+6.44%), and Yanjinpuzi (+5.33%). The worst performers included Xiwang Food (-7.24%), Lianhua Holdings (-9.29%), and Baiyang Co. (-12.25%) [6] - The report emphasizes the high growth potential in the snack sector and suggests monitoring companies like Three Squirrels and Yanjinpuzi. It also notes a potential slight recovery in the catering industry, recommending attention to related sectors such as beer, condiments, and frozen foods, with specific mentions of Yanjing Beer, Haitian Flavoring, and Anjui Foods [6][9] Individual Company Insights - Guizhou Moutai is projected to achieve a revenue growth of 15.44% in 2024, with a stable operational rhythm despite a weak macroeconomic environment [7] - Wuliangye plans to maintain a cash dividend of no less than 70% of its net profit for 2024-2026, aiming to bolster market confidence [7] - Luzhou Laojiao is expected to see growth driven by its strong brand foundation and strategic market expansion [7] - Shanxi Fenjiu reported a revenue increase of 11.4% in Q3 2024, with a focus on marketing reforms and channel expansion [7] - In the food sector, East Peng Beverage reported a 45.34% revenue increase, while Haitian Flavoring showed a 9.38% revenue growth, indicating resilience in their respective markets [10][11]

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]

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再 质押和解除质押的通知，具体事项如下： 一、股份再质押及解除质押基本情况 证券代码：001215 证券简称：千味央厨 公告编号：2025-012 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再质押及解除质押的公告 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。 | | 是否为控 股股东或 | 本次质押 | 占其 | 占公 | | 是否 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | | 所持 | 司总 | 是否 | 为补 | 质押起 | | 质押到 | | | 质押用 | | | 第一大股 | | 股份 | 股本 | 为限 | | | | | | 质权人 | | | 称 | | 数量（股） | | | | 充质 | 始日 | | 期日 | | | 途 ...

Investment Rating - The industry investment rating is "Recommended" [3][29] Core Insights - The demand recovery post-Spring Festival is relatively weak, aligning with expectations. The feedback from the Spring Festival indicates a nearly 10% year-on-year decline in the sales of liquor, despite a noticeable improvement in the month-on-month performance. The liquor sector is entering a low season, and with companies like Wuliangye and Jinshiyuan halting shipments to maintain prices, the fundamental outlook is unlikely to improve significantly in the short term. The consumer goods sector shows a continued recovery, but the feedback from the Spring Festival is weak, particularly in the restaurant supply chain, which is expected to face short-term pressure. The condiment sector is showing a steady recovery, while dairy products are expected to decline year-on-year. The absolute growth rate of snack foods remains high, but growth is expected to cool due to a high base. Overall, the sector is likely to remain weak in the short term, but a gradual recovery is anticipated throughout the year, making it a good candidate for medium to long-term investment [4][6][10]. Summary by Sections Liquor Sector - The feedback from the Spring Festival indicates a continuation of the decline in the liquor industry, with an expected drop of nearly 10%. Post-holiday, the price of Moutai has stabilized and slightly increased, while Wuliangye's price has rebounded significantly after halting shipments. The first half of 2025 is expected to remain weak, but medium-term prospects may improve as domestic policies take effect. High-end liquor is recommended for long-term investment, with specific companies such as Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao highlighted [6][7]. Consumer Goods Sector - The consumer goods sector shows a slight recovery in sales post-Spring Festival, but overall performance remains weak. The restaurant supply chain continues to struggle, while the condiment sector is experiencing a steady recovery. Dairy products are expected to decline year-on-year, and the growth rate of snack foods is anticipated to decrease due to a high base. The sector is characterized by essential demand, and performance may exceed that of the liquor sector. Companies such as Yili, Tianwei, Anjixin, Qianwei Central Kitchen, and Haitian Flavoring are recommended for medium to long-term investment [6][7]. Market Performance - The sector has experienced a slight pullback in the first three trading days post-holiday, primarily due to weak fundamental feedback. The overall decline for the sector in 2025 is 6.9%, attributed to systemic adjustments and weak fundamental performance [10][11].

Investment Rating - The industry investment rating is "Recommended" [3][26] Core Views - The sector experienced a rebound of 2.3% this week, primarily due to a systematic market rebound, although the fundamental feedback remains subdued [4][9] - The liquor sector has seen a relatively smooth landing during the Spring Festival, but it is now entering a low season with both demand and inventory under pressure, making it unlikely for the fundamentals to improve significantly [4][6] - The consumer goods sector continues to recover, with policies like "consumption vouchers" in cities like Shanghai potentially benefiting the restaurant supply chain [4][6] - The overall sector may lack short-term catalysts and is expected to remain relatively weak, but there is potential for gradual improvement throughout the year [4][6] Summary by Sections Liquor Sector - The Spring Festival sales were relatively stable, but the industry is now entering a low season with weak demand, leading manufacturers to control supply and maintain prices [6] - The price of Moutai remains stable at around 2250 yuan per bottle, while Wuliangye is around 930 yuan per bottle [11] - The sector's fundamentals are becoming less influential on market trends, with a growing sensitivity to macroeconomic policies and capital changes [6] Consumer Goods Sector - The introduction of "consumption vouchers" in Shanghai is expected to have a marginally positive impact on consumer goods [6] - Sales during the Spring Festival showed a slight recovery, particularly in condiments and snacks, although overall performance remains relatively weak [6] - Raw material prices, such as milk and sugar, are on a downward trend, which is favorable for profit margins [6][17] Recommended Companies - Recommended companies include Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Tianwei Food, Anjui Food, Yili, Haitian Flavoring, Qianwei Central Kitchen, and Yanjing Beer [4][6]

证券代码：001215 证券简称：千味央厨 公告编号：2025-011 郑州千味央厨食品股份有限公司 关于股份回购进展情况的公告 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 2024 年 4 月 26 日 召开第三届董事会第十四次会议，于 2024 年 5 月 17 日召开 2023 年年度股东大 会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公 司拟使用自有资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股） 股票，用于注销以减少注册资本。本次回购资金总额不低于人民币 6,000 万元（含） 且不超过人民币 10,000 万元（含），回购价格不超过人民币 61.90 元/股（含）。 回购股份的期限为自公司股东大会审议通过本回购方案之日起 12 个月内。具体 内容详见公司 2024 年 4 月 27 日在巨潮资讯网（http://www.cninfo.com.cn）及《证 券时报》《证券日报》《中国证券报》《上海证券报》上披露的《关于以集中竞价 交易方式回购股份方案的公告》 ...

郑州千味央厨食品股份有限公司 2024 年度定期现场检查报告 | 保荐机构名称：中德证券有限责任公司 被保荐公司简称：千味央厨 | | | | --- | --- | --- | | 保荐代表人姓名：薛虎 联系电话：028-63218186 | | | | 保荐代表人姓名：崔胜朝 联系电话：0755-23961168 | | | | 现场检查人员姓名：薛虎、谢圆斌 | | | | 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 | | | | 现场检查时间：本次现场检查时间为 2025 年 1 月 8 日至 2025 年 2 月 8 日。2025 年 | | | | 1 月 8 日至 2025 年 1 月 10 日、2025 年 1 月 14 日至 2025 年 1 月 16 日、2025 年 1 月 | | | | 20 | | 日至 2025 年 1 月 24 日、2025 年 2 月 5 日至 2025 年 2 月 8 日对千味央厨 2024 年 | | 度的有关情况进行了实地检查，2025 | 年 1 月 8 日至 2025 年 2 月 8 日对现场检查资料 | | ...