证券代码：002216 证券简称：三全食品 公告编号：2025-002 三全食品股份有限公司 关于终止对外投资并与郑州航空港经济综合实验区土地储备中 心签署《国有土地收购合同》的公告 本公司及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。 三全食品股份有限公司（以下简称"公司"或"三全食品"）于2025年4月9日召开 第八届董事会第十五次会议，审议通过了《公司关于终止对外投资并与郑州航空港经 济综合实验区土地储备中心签署<国有土地收购合同>的议案》，同意终止公司对外投 资建设三全食品新基地项目（以下简称"新基地项目"），并由公司全资子公司郑州 全嘉食品有限公司（以下简称"郑州全嘉"）与郑州航空港经济综合实验区土地储备 中心签署《国有土地收购合同》。该事项不构成关联交易，亦不构成《上市公司重大 资产重组管理办法》规定的重大资产重组事项，无需提交公司股东大会审议。现将有 关情况说明如下： 1、公司前期选择在郑州航空港经济综合实验区建设新基地项目，主要是考虑到按 照当时郑州市城区发展规划要求，公司位于主城区的生产基地可能面临向外搬迁，启 动新基地项目为外迁作储备，同时满足新 ...

三全食品股份有限公司 证券代码：002216 证券简称：三全食品 公告编号：2025-001 第八届董事会第十五次会议决议公告 本公司及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。 一、董事会会议召开情况 1、三全食品股份有限公司（以下简称"公司"）第八届董事会第十五次会议 通知于 2025 年 4 月 3 日以电话、传真、电子邮件、书面等方式通知全体董事、 监事及高级管理人员。 2、本次会议于 2025 年 4 月 9 日上午 9:30 在公司会议室以现场会议方式召 开。 3、本次会议应到董事 9 人，实际到会董事 9 人。符合《公司法》的规定和 《公司章程》的要求。 4、本次会议由董事长陈南先生主持，公司监事、总经理、财务负责人和董 事会秘书等高级管理人员列席了本次会议。 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 特此公告。 二、董事会会议审议情况 1、以九票同意，零票反对，零票弃权审议通过了《公司关于终止对外投资 并与郑州航空港经济综合实验区土地储备中心签署<国有土地收购合同>的议案》。 基于公司发展战略的审 ...

食品 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩短期承压，积极开拓 B 端市场 ——三全食品(002216)2024 年三季报点评 | --- | --- | --- | --- | |----------------------------------------|-------------------------------------------------------------------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 非金融公司|公司点评|三全食品（002216） 利润下滑，静待改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 公司发布 2024 三季报，2024 年前三季度实现营业收入 51.25 亿元，同比-5.35%，实现归母净 利润 3.94 亿元，同比-28.61%，实现扣非归母净利润 3.13 亿元，同比-35.43%。2024Q3 实现 营业收入 14.60 亿元，同比-6.46%，实现归母净利润 0.61 亿元，同比-47.02%，实现扣非归 母净利润 0.44 亿元，同比-57.15%；利润下滑较多。虽公司 c 端需求承压且 b 端竞争程度较 大，但在速冻米面行业公司处于龙头地位，且近年来产品和渠道结构持续有效调整，建议持续 关注。 |分析师及联系人 刘景瑜 陆冀为 SAC：S0590524030005 SAC：S0590524080005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月04日 三全食品(002216) 利润下滑，静待改善 | --- | --- | ...

Investment Rating - The report gives a "Neutral" rating for the company, with a reasonable valuation range of 11.46-12.73 yuan, representing a 4%-16.0% premium over the current stock price [4][5][42] Core Views - The company is a leader in the domestic frozen rice and noodle industry, actively expanding into new product categories and channels [2] - Short-term performance is expected to recover gradually as downstream consumption power continues to rebound and the company accelerates its B-end layout [2] - In the medium to long term, the company's strong brand momentum and innovation in product categories and channels are expected to drive growth in its catering business [2] Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 5.125 billion yuan, a year-on-year decrease of 5.35%, and net profit attributable to the parent company of 394 million yuan, a year-on-year decrease of 28.61% [2] - In Q3 2024, operating revenue was 1.46 billion yuan, a year-on-year decrease of 6.46%, and net profit attributable to the parent company was 61 million yuan, a year-on-year decrease of 47.02% [2] - The gross profit margin in Q3 2024 was 22.8%, a year-on-year decrease of 1.9 percentage points, mainly due to a decline in high-margin dumpling products [2] Market Segments - C-end market revenue in 2024 was 2.98 billion yuan, a year-on-year decrease of 7.45%, while B-end market revenue was 680 million yuan, a year-on-year increase of 8.13% [2] - Traditional rice and noodle products revenue decreased by 7.8% year-on-year in the first half of 2024, while innovative rice and noodle products revenue decreased by 1.7% [2] - Online sales through direct e-commerce channels increased by 60.1% year-on-year in the first half of 2024, driven by the strong performance of the "raw dumplings" product [2] Industry Position and Strategy - The company has been a leader in the frozen food industry for over 30 years, with well-known brands "Sanquan" and "Longfeng" [2] - It has production bases in Zhengzhou, Guangzhou, Chengdu, Tianjin, Suzhou, and Wuhan, with leading production capacity [2] - The company is actively expanding its online channels and optimizing its distribution system, with the number of distributors decreasing by 334 to 3,911 in the first half of 2024 [2] Future Projections - Revenue for 2024/25/26 is projected to be 6.77/7.06/7.51 billion yuan, with year-on-year growth rates of -4.1%/+4.3%/+6.3% [2] - Net profit attributable to the parent company for 2024/25/26 is expected to be 560/586/628 million yuan, with year-on-year growth rates of -25.3%/+4.7%/+7.2% [2] - Earnings per share for 2024/25/26 are projected to be 0.64/0.67/0.71 yuan, with current PE ratios of 17.2/16.5/15.4 times [2] Valuation - The absolute valuation range is 11.20-12.74 yuan, based on FCFF valuation method [35][37] - The relative valuation range is 11.46-12.73 yuan, based on PE multiples of comparable companies in the frozen food industry [40][41]

Revenue and Profit Performance - Revenue for the quarter decreased by 6.46% to RMB 1.46 billion, primarily due to delayed centralized procurement business[3] - Net profit attributable to shareholders decreased by 47.02% to RMB 61.17 million[3] - Operating income decreased from 5,414,927,784.42 yuan to 5,124,963,675.40 yuan[15] - Net profit attributable to shareholders of the parent company was 394,250,644.85 yuan, down from 552,264,637.06 yuan, a decrease of 28.6%[16] - Basic earnings per share decreased to 0.45 yuan from 0.63 yuan, a decline of 28.6%[16] - Total comprehensive income attributable to shareholders of the parent company was 389,465,041.47 yuan, down from 551,973,787.84 yuan, a decrease of 29.4%[16] Cash Flow and Financial Position - Operating cash flow surged by 2115.67% to RMB 734 million, driven by the collection of payments from last year's centralized procurement business and timing differences due to the delayed Spring Festival[9] - Cash flow from operating activities increased significantly to 733,965,688.70 yuan from 33,126,072.19 yuan, a growth of 2115.6%[17] - Cash flow from investing activities was negative 752,724,535.97 yuan, compared to negative 598,326.40 yuan in the previous period[17] - Cash flow from financing activities was negative 253,521,117.10 yuan, compared to negative 218,246,782.09 yuan in the previous period[18] - Cash and cash equivalents at the end of the period decreased to 519,021,380.13 yuan from 791,243,386.61 yuan, a decline of 34.4%[18] - Monetary funds at the end of the period amount to 554,569,903.74 yuan, a decrease from 814,699,589.93 yuan at the beginning of the period[12] Asset and Liability Changes - Total assets decreased by 4.51% to RMB 7.18 billion, mainly due to dividend payouts and the purchase of large-term deposits[6] - Total assets decreased from 7,521,412,477.11 yuan to 7,182,387,142.99 yuan[13] - Non-current assets increased from 3,960,733,197.36 yuan to 4,736,437,056.02 yuan[13] - Current liabilities decreased from 2,914,375,452.25 yuan to 2,655,001,052.91 yuan[13] - Total liabilities decreased from 3,180,341,270.47 yuan to 2,892,818,246.53 yuan[14] - Owner's equity increased from 4,341,071,206.64 yuan to 4,289,568,896.46 yuan[14] - The company added RMB 800 million in large-term deposits, contributing to a 99.64% increase in other non-current assets[6] Inventory and Borrowings - Inventory decreased by 43.52% to RMB 625.17 million, reflecting reduced stockpiling due to seasonal fluctuations[7] - Inventory at the end of the period amounts to 625,167,510.47 yuan, a decrease from 1,106,861,453.49 yuan at the beginning of the period[12] - Short-term borrowings increased by 349.93% to RMB 450.26 million, primarily to support short-term working capital needs[7] Expenses and Costs - Operating costs decreased from 4,832,839,773.56 yuan to 4,749,178,143.53 yuan[15] - Sales expenses increased from 649,312,446.99 yuan to 688,446,701.66 yuan[15] - R&D expenses increased from 21,797,796.74 yuan to 26,456,330.13 yuan[15] - Financial expenses improved from -6,439,347.00 yuan to -498,420.74 yuan[15] - Interest income decreased to 7,862,036.28 yuan from 12,781,442.37 yuan, a decline of 38.5%[16] - Asset impairment losses increased by 53.04% to RMB 29.40 million, mainly due to higher equipment depreciation[8] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 46,535[11] - Chen Nan holds 9.97% of the shares, totaling 87,677,249 shares[11] - Chen Xi holds 9.90% of the shares, totaling 87,032,000 shares[11] - Chen Zemin holds 9.29% of the shares, totaling 81,661,348 shares, with 23,100,000 shares pledged[11] - EAST JOY ASIA LIMITED holds 9.01% of the shares, totaling 79,200,000 shares[11] - CHAMP DAY INVESTMENT LIMITED holds 9.01% of the shares, totaling 79,200,000 shares[11] - SUPER SMART HOLDINGS LIMITED holds 9.01% of the shares, totaling 79,200,000 shares[11] Other Financial Metrics - The weighted average return on equity (ROE) decreased by 1.40 percentage points to 1.44%[3] - Non-recurring gains from government subsidies amounted to RMB 8.03 million for the quarter[4] - Trading financial assets at the end of the period amount to 825,877,079.02 yuan, a decrease from 1,022,879,418.55 yuan at the beginning of the period[12] - Sales revenue from goods and services was 5,445,877,879.59 yuan, up from 5,208,382,832.70 yuan, an increase of 4.6%[17] - Cash paid for goods and services decreased to 3,004,609,944.65 yuan from 3,441,534,468.08 yuan, a decline of 12.7%[17]

证券研究报告 非金融公司|公司点评|三全食品（002216） 需求不振和市场竞争之下持续承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月05日 证券研究报告 |报告要点 公司发布 2024 半年报，2024H1 实现营业收入 36.65 亿元，同比-4.91%，实现归母净利润 3.33 亿元，同比-23.75%。2024Q2 实现营业收入 14.12 亿元，同比-4.74%，实现归母净利润 1.03 亿元，同比-34.36%。利润承压明显。 |分析师及联系人 刘景瑜 陆冀为 SAC：S0590524030005 SAC：S0590524080005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月05日 三全食品(002216) 需求不振和市场竞争之下持续承压 | --- | --- | --- | |-------|------------|-------------------| | | | | | | | | | | | | | | 行 业： | 食品饮料/食品加工 | | | 投资评级： | | | | 当前价 ...

Qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq[Table_StockInfo] 2024 年 08 月 29 日 证券研究报告•2024 年半年报点评 持有 （维持） 当前价：10.34 元 三全食品（002216）食品饮料 目标价：——元（6 个月） 短期业绩承压，期待后续调整 [Table_Summary 事件：公司发布] 2024年半年报，24H1实现营收 36.7亿元，同比-4.9%；实现 归母净利润 3.3亿元，同比-23.8%；实现扣非归母净利润 2.7亿元，同比-29.6%。 其中 24Q2实现营收 14.1亿元，同比-4.7%；实现归母净利润 1.03亿元，同比 -34.6%；实现扣非归母净利润 0.7亿元，同比-49.4%；公司业绩低于市场预期。 C端米面类收入下滑，餐饮市场表现亮眼。分产品看，24H1公司速冻面米产品 实现收入 31.4 亿元，同比-5.8%；其中以汤圆、水饺及粽子为代表的传统米面 制品实现收入 20.6亿元，同比-7.8%，新式面点实现收入 10.8亿元，同比-1.7%。 受淡季 C 端速冻消费需求疲软以及商超渠道客流下滑严重影响， ...

市场数据(2024-08-28) 收盘价(元) 10.34 一年内最高/最低(元) 15.10/10.34 沪深 300 指数 3,286.50 市净率(倍) 2.15 流通市值(亿元) 65.17 基础数据(2024-06-30) 每股净资产(元) 4.81 每股经营现金流(元) 0.36 毛利率(%) 25.94 净资产收益率_摊薄(%) 7.88 资产负债率(%) 34.62 总股本/流通股(万股) 87,918.40/63,025.62 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 食品 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 产品需求承压，电商渠道快速增长 ——三全食品(002216)2024 年中报点评 发布日期：2024 年 08 月 29 日 投资要点： 证券研究报告-中报点评 增持(维持) 公司业绩短期承压，Q2 净利同比下降。根据公司公告，2024 年上 半年，公司实现总营收 36.65 亿元，同比-4.91%；归母净利润 3.33 亿元，同比-23.75%；扣非后归母净利润 2.69 ...

北京君泽君（海口）律师事务所 关于三全食品股份有限公司 注销部分 2021 年股票期权激励计划股票 期权 的法律意见书 海南省海口市龙华区玉沙路 11-8 玉沙国际 1102 邮编：570125 网址：www.junzejun.com 北京君泽君（海口）律师事务所 关于三全食品股份有限公司 注销部分 2021 年股票期权激励计划股票期权 的法律意见书 君泽君[2024]证券字 2021-083-10-1 号 致三全食品股份有限公司： 本所接受三全食品股份有限公司（以下简称"三全食品"或"公司"）的委 托，担任公司 2021 年股票期权激励计划（以下简称"本激励计划"）的专项法 律顾问，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下 简称"中国证监会"）颁布的《上市公司股权激励管理办法（2018 年修正）》（以下 简称"《管理办法》"）、《深圳证券交易所上市公司自律监管指南第 1 号——业 务办理》等有关法律、法规和规范性文件，以及《三全食品股份有限公司章程》 （以下简称"《公司章程》"）的规定，按照律师行为公认的业务标 ...