Market Overview - On September 12, the food processing sector declined by 0.56%, with Jiyuan Group leading the losses [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the food processing sector included: - Jinzi Ham: closed at 7.99, up 4.44% with a trading volume of 276,000 shares and a turnover of 216 million yuan [1] - Longda Meishi: closed at 5.78, up 1.58% with a trading volume of 337,100 shares and a turnover of 194 million yuan [1] - Zihua Co.: closed at 47.03, up 1.53% with a trading volume of 11,700 shares and a turnover of 54.48 million yuan [1] - Conversely, Jiyuan Group saw a decline of 3.12%, closing at 31.96 with a trading volume of 51,200 shares and a turnover of 165 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 51.91 million yuan from institutional investors, while retail investors saw a net inflow of 70.17 million yuan [2][3] - Key stocks with significant capital flow included: - Longda Meishi: net inflow of 34.73 million yuan from institutional investors, but a net outflow of 20.44 million yuan from retail investors [3] - Guangming Meat Industry: net inflow of 18.61 million yuan from institutional investors, with a net outflow of 12.08 million yuan from retail investors [3] - Qianwei Yangchu: net inflow of 17.90 million yuan from institutional investors, with a net outflow of 7.35 million yuan from retail investors [3]

（文章来源：证券日报） 证券日报网讯 9月11日晚间，千味央厨发布公告称，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114，800股，占公司总股本的0.1182%。 ...

格隆汇9月11日丨千味央厨(001215.SZ)公布，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114,800股，占公司总股本的0.1182%，最高成交价为 32.90元/股，最低成交价为32.35元/股，成交总金额为3,724,515元（不含交易费用）。公司首次回购股 份的实施符合相关法律法规的要求，符合公司既定的回购方案要求。 ...

关于首次回购公司股份的公告 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"）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回购公司股份方案的议案》，同意 公司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 方式回购公司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。本次回购资金总额不低于人民币 4,000 万元（含）且不超过人民币 6,000 万 元（含），回购价格不超过人民币 43.21 元/股。回购股份的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。具体内容详见公司 2025 年 4 月 26 日和 2025 年 5 月 24 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股份方案暨取得金融 机构股票回购专项贷款的公告》（公告编号：2025-02 ...

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。 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Viewpoints - The company reported a total revenue of 886 million yuan for H1 2025, a decrease of 0.72% year-on-year. The net profit attributable to shareholders was 35.79 million yuan, down 39.67%, while the net profit excluding non-recurring items was 34.09 million yuan, down 41.94% [2][4] - In Q2 2025, the total revenue was 415 million yuan, a decline of 3.12%, with a net profit of 14.34 million yuan, down 42.05%, and a net profit excluding non-recurring items of 13.12 million yuan, down 47.63% [2][4] - The competitive environment is challenging, leading to a decrease in profitability, with the net profit margin dropping by 2.61 percentage points to 4.04% in H1 2025 and by 2.32 percentage points to 3.45% in Q2 2025 [9] Summary by Sections Financial Performance - H1 2025 total revenue was 886 million yuan, with a breakdown showing direct sales at 434 million yuan (up 5.31%) and distribution sales at 445 million yuan (down 6.40%) [9] - The main product categories saw revenue changes: staple foods at 413 million yuan (down 9.10%), snacks at 197 million yuan (down 6.57%), baked goods at 205 million yuan (up 11.02%), and frozen prepared dishes at 65 million yuan (up 67.31%) [9] - Online sales increased by 44.87%, reaching 45 million yuan, accounting for 5.08% of total revenue [9] Strategic Response - The company is implementing a multi-faceted strategy to address challenges, including collaboration with distributors, focusing on successful products, enhancing online and offline channels, and optimizing channel structures [9] - The company aims to strengthen its presence in the B-end market while supporting distributors in expanding into new retail areas [9] Profit Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders for 2025-2027 is 68 million, 75 million, and 86 million yuan respectively, with corresponding EPS of 0.70, 0.77, and 0.88 yuan [9] - The current price-to-earnings ratio is projected at 46, 42, and 37 times for the respective years [9]

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]