Core Viewpoint - The report from Huafu Securities indicates that Qianwei Yangchu's net profit attributable to shareholders for the first half of the year is 36 million yuan, a year-on-year decrease of 39.67%, with Q2 showing a net profit of 14 million yuan, down 42.05% year-on-year [1] Revenue Breakdown - In H1 2025, the company achieved revenue in various categories: staple foods 413 million yuan, snacks 197 million yuan, baked goods 205 million yuan, and frozen prepared dishes and others 65 million yuan, with year-on-year changes of -9.10%, -6.57%, +11.02%, and +67.31% respectively [1] - The company has made significant progress in its baking and prepared dishes business, which has helped offset declines in staple foods and snacks [1] Distribution Channel Changes - The number of distributors decreased by 158 in the southern region and 204 in the northern region during the reporting period [1] - The company is focusing on supermarket adjustments and a big product strategy to amplify growth in baking and dishes [1] Valuation - The current stock price corresponds to a P/E ratio of 33, 28, and 24 times, maintaining a "buy" rating [1]

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 [12]. Core Views - The company has shown initial success in its strategic transformation, although it is currently facing short-term pressure while awaiting demand recovery [1]. - The company reported a revenue of 886 million yuan for the first half of 2025, a slight decrease of 0.72% year-on-year, and a net profit attributable to shareholders of 36 million yuan, down 39.67% year-on-year [1]. - The company is focusing on enhancing its supermarket channel and big product strategy to drive growth in baking and prepared dishes, countering the decline in traditional staple and snack categories [2]. Financial Performance Summary - For the first half of 2025, revenue from various product categories was as follows: staple foods 413 million yuan (-9.10%), snacks 197 million yuan (-6.57%), baked goods 205 million yuan (+11.02%), and frozen prepared dishes 65 million yuan (+67.31%) [1]. - The company's gross margin for Q2 2025 was 22.66%, a decrease of 2.29 percentage points year-on-year, attributed to intensified competition in the distribution channel and staple food category [2]. - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 91 million yuan, 110 million yuan, and 125 million yuan respectively, reflecting year-on-year growth rates of 9%, 21%, and 14% [3]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 33 for 2025, 28 for 2026, and 24 for 2027 [3]. - The company’s total assets are projected to grow from 2,322 million yuan in 2024 to 2,642 million yuan by 2027 [7]. - The report indicates an expected EPS of 0.92 yuan for 2025, increasing to 1.10 yuan in 2026 and 1.26 yuan in 2027 [3].

Core Insights - Qianwei Yangchu, known as the "first stock in the catering supply chain," reported a nearly 40% year-on-year decline in net profit for the first half of 2025 [1] - The number of distributors for the company decreased by 18.54% year-on-year [1] - The company's stock performance has been weak over the past two years, reflecting poor financial results [1] Financial Performance - The net profit for the first half of 2025 saw a significant drop of close to 40% compared to the previous year [1] - The decline in the number of distributors indicates potential challenges in the company's market reach and sales channels [1] Share Buyback Plan - In May 2025, the company announced a share buyback plan, but as of August 31, 2025, no shares have been repurchased [1] - The current stock price is significantly below the buyback price ceiling of 43.21 yuan per share, yet the progress on the buyback has been notably slow compared to 2024 [1] - A representative from the company's securities department stated that they are adhering to the regulations set by the stock exchange and the securities regulatory commission regarding the buyback execution [1]

Market Overview - On September 2, the food processing sector declined by 0.3% compared to the previous trading day, with Xianle Health leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - The following stocks in the food processing sector showed notable performance: - ST Chuntian (600381) closed at 5.48, up 4.98% with a trading volume of 242,300 shares and a turnover of 132 million yuan [1] - Gai Shi Food (836826) closed at 14.23, up 4.10% with a trading volume of 157,300 shares and a turnover of 223 million yuan [1] - Huadong Co. (002840) closed at 11.39, up 3.17% with a trading volume of 348,600 shares and a turnover of 395 million yuan [1] - Xianle Health (300791) closed at 24.77, down 2.94% with a trading volume of 49,100 shares and a turnover of 123 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 77.54 million yuan from institutional funds, while retail investors saw a net inflow of 127 million yuan [2]

Core Viewpoint - Qianwei Yangchu, known as the "first stock in the catering supply chain," reported a nearly 40% year-on-year decline in net profit for the first half of 2025, alongside an 18.54% decrease in the number of distributors, indicating ongoing challenges in performance and stock price [1][2]. Financial Performance - In the first half of 2025, Qianwei Yangchu achieved operating revenue of 886 million yuan, a decrease of 0.72% year-on-year, and a net profit of 35.79 million yuan, down 39.67% year-on-year [2]. - The company's net profit margin has significantly declined from 6.85% at the time of its IPO in 2021 to 4.02% in the first half of 2025, with selling expenses increasing by 23.42% year-on-year [2]. Sales Model - Qianwei Yangchu employs both direct sales and distribution models, with direct sales primarily targeting national chain restaurants and distributors serving smaller, decentralized restaurants [3]. - Revenue from the distributor model decreased year-on-year, while direct sales growth has also slowed [3][4]. Distributor Changes - The number of distributors decreased by 18.54% in the first half of 2025, from 1,953 to 1,591, attributed to financial accounting practices where inactive distributors are temporarily "frozen" [4]. Share Buyback Plan - Following a continuous decline in performance, Qianwei Yangchu announced a share buyback plan in May 2025, intending to use between 40 million and 60 million yuan for repurchasing shares at a maximum price of 43.21 yuan per share [5][6]. - As of August 31, 2025, the company had not executed any buyback transactions, with its stock price fluctuating between 25 and 32 yuan, significantly below the buyback price cap [6].

Group 1 - The company has relocated its office to a new address in Zhengzhou, which is No. 68, Hongfengli, High-tech Zone, Zhengzhou, with postal code 450001 [1] - The contact information for the company's board secretary and securities affairs representative has also changed to the new office address, while the phone, fax, and email remain the same [1] Group 2 - The company has announced the progress of its share repurchase plan, which was approved in meetings held on April 25, 2025, and May 20, 2025 [4] - The total amount for the share repurchase is set between RMB 40 million and RMB 60 million, with a maximum repurchase price of RMB 43.21 per share [4] - As of August 31, 2025, the company has not yet started the implementation of the share repurchase [6]

证券代码：001215 证券简称：千味央厨 公告编号：2025-061 郑州千味央厨食品股份有限公司 二、邮政编码： 450001 公司董事会秘书、证券事务代表联系地址同步变更为以上新办公地址，除上 述变更事项外，电话（0371-56978875）、传真（0371-56978831） 、电子信箱 （zqb@qwyc.pro）保持不变。 敬请广大投资者关注。 特此公告。 郑州千味央厨食品股份有限公司 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"）基于经营发展的需要， 近日搬迁至新办公场所，现将新的办公地址及投资者联系方式公告如下： 一、办公地址： 郑州市高新区红枫里 68 号 董 事 会 ...

千味央厨于2025年9月2日发布关于股份回购进展情况的公告，截至2025年8月31日，公司尚未开始实施 股份回购。 千味央厨分别于2025年4月25日、2025年5月20日召开第三届董事会第十九次会议和2024年年度股东会， 审议通过《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》。公司拟使用自有资金和自筹资 金（含银行股票回购专项贷款等），通过集中竞价交易方式回购已发行的部分人民币普通股（A股）， 用于股权激励或员工持股计划。 此次回购资金总额不低于4000万元（含）且不超过6000万元（含），回购价格不超过43.21元/股。回购 股份期限为自公司股东会审议通过本回购方案之日起12个月内。 责任编辑：小浪快报 公司表示，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， 并按相关法律法规规定及时履行信息披露义务。投资者需关注后续公告并注意投资风险。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问 ...

证券代码：001215 证券简称：千味央厨 公告编号：2025-062 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 郑州千味央厨食品股份有限公司 董 事 会 2025 年 9 月 2 日 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，上市公司在回购期间应当在每个月的前三个交 易日内披露截至上月末的回购进展情况。公司现将回购进展情况公告如下： 一、股份回购的具体情况 截至 2025 年 8 月 31 日，公司尚未开始实施股份回购。 二、其他说明 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。 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"）分别于 2025 年 4 月 25 日、2025 年 5 月 20 日召开第三届董事会第十九次会议和 2024 年年度股东会， 审议通过了《关于第二期以集中竞价交易方式 ...

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"）基于经营发展的需要， 近日搬迁至新办公场所，现将新的办公地址及投资者联系方式公告如下： 一、办公地址： 郑州市高新区红枫里 68 号 二、邮政编码： 450001 公司董事会秘书、证券事务代表联系地址同步变更为以上新办公地址，除上 述变更事项外，电话（0371-56978875）、传真（0371-56978831） 、电子信箱 （zqb@qwyc.pro）保持不变。 敬请广大投资者关注。 特此公告。 郑州千味央厨食品股份有限公司 证券代码：001215 证券简称：千味央厨 公告编号：2025-061 郑州千味央厨食品股份有限公司 关于变更办公场所及投资者联系方式的公告 董 事 会 2025 年 9 月 2 日 ...