Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - In 2024, the company's revenue from traditional rice and noodle products faced pressure, but there was a marginal improvement in Q1 2025 [7] - The company achieved total revenue of 6.632 billion yuan in 2024, a year-on-year decrease of 6.00%, and a net profit attributable to shareholders of 542.25 million yuan, down 27.64% year-on-year [7] - The company expects revenue growth to turn positive in 2025, driven by product innovation and new retail channels [7] Financial Summary - Total revenue forecast for 2023A is 7.056 billion yuan, with a projected decline to 6.632 billion yuan in 2024A, followed by a recovery to 7.013 billion yuan in 2025E [1][8] - The net profit attributable to shareholders is expected to decrease from 749.36 million yuan in 2023A to 542.25 million yuan in 2024A, before increasing to 596.14 million yuan in 2025E [1][8] - The earnings per share (EPS) is projected to decline from 0.85 yuan in 2023A to 0.62 yuan in 2024A, with a slight recovery to 0.68 yuan in 2025E [1][8] - The company's price-to-earnings (P/E) ratio is expected to be 19.25 in 2024A, decreasing to 17.51 in 2025E and further to 15.34 in 2026E [1][8]

Core Points - The company, Sanquan Foods, has experienced a decline in both revenue and net profit for two consecutive years, with a reported revenue of 6.632 billion yuan in 2023, down 6% year-on-year, and a net profit of 542 million yuan, down 27.64% [2] - The number of distributors for Sanquan Foods has significantly changed, with a total of 4,195 distributors by the end of 2024, reflecting a net decrease of 50 distributors compared to the previous year [2] - The company set ambitious targets for its stock option incentive plan, with the first exercise period requiring a revenue of no less than 7.6 billion yuan for 2022, which was not met, resulting in only 80% of the options being exercisable [2][3] - For the second exercise period in 2023, the cumulative revenue target was set at 16 billion yuan, but the company only achieved 7.056 billion yuan in 2023, a decline of 5.09% year-on-year [4] - The cumulative revenue for 2022 and 2023 was 14.49 billion yuan, significantly below the target of 16 billion yuan [5] - The company’s performance continued to decline into 2025, with a reported revenue of 2.218 billion yuan in Q1 2025, down 1.58% year-on-year, and a net profit of 209 million yuan, down 9.22% [6]

Financial Performance - In 2024, the company achieved a revenue of CNY 663,245.97 million, a year-on-year decrease of 6% [1] - The net profit attributable to shareholders was CNY 54,225.31 million, down 27.6% year-on-year, with a net profit margin of 8.2% [1] - The proposed cash dividend is CNY 3.00 per 10 shares, totaling CNY 263,755,214.40, which accounts for 48.64% of the net profit [1] Strategic Focus - In 2024, the company will optimize cooperation models in direct sales, enhance market promotion, and develop customized products to meet diverse consumer needs [1] - The e-commerce team has improved significantly, with a self-built live streaming team enhancing the return on investment [2] - The company aims to strengthen consumer insight capabilities and innovate products to cater to diverse consumption trends in 2025 [2] Future Outlook - The company plans to expand its presence in traditional offline channels while also focusing on new retail and e-commerce channels [2] - There will be a push for digital and intelligent construction across various business dimensions to enhance competitiveness [2] - A more market-oriented assessment mechanism will be implemented to stimulate team creativity and focus on core capabilities for sustainable, high-quality development [2]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on product performance and channel expansion strategies to improve future growth [1][2][3][4] Financial Performance - In 2024, the company achieved revenue of 6.632 billion, a year-on-year decrease of 6.00%, and a net profit of 542 million, down 27.64% [1] - The first quarter of 2025 saw revenue of 2.218 billion, a decline of 1.58%, with net profit at 209 million, down 9.22% [1] - Gross margin and net margin for 2024 were 24.22% and 8.18%, respectively, reflecting a decrease of 1.61 and 2.44 percentage points [3] Product Performance - Revenue from frozen rice and noodle products in 2024 was 5.599 billion, down 3.95%, with traditional products like dumplings and rice balls seeing a 5.84% decline [1] - The innovative rice and noodle products experienced a slight decrease of 0.7% [1] - Revenue from frozen prepared foods was 873 million, down 18.84%, primarily due to delayed customer procurement [1] Channel Performance - The restaurant channel grew by 1.06%, while retail and innovative markets saw a decline of 8.1% [2] - The large B channel achieved a 40% increase, largely driven by contributions from major clients like Yum China [2] - Direct sales, distribution, and e-commerce channels reported revenues of 4.999 billion, 1.203 billion, and 363 million, respectively, with declines of 9.39%, 4.12%, and an increase of 58.5% [2] Strategic Initiatives - The company plans to enhance product innovation and optimize channel layouts to meet diverse consumer needs [4] - There is a focus on expanding emerging channels such as chain restaurants, e-commerce, and new retail formats [4] - The company aims to improve internal management and production efficiency through digitalization and smart technology [4] Future Outlook - Revenue projections for 2025-2027 are 6.925 billion, 7.258 billion, and 7.683 billion, with expected growth rates of 4.41%, 4.48%, and 5.58% [4] - Net profit forecasts for the same period are 565 million, 603 million, and 657 million, with growth rates of 4.23%, 6.69%, and 8.90% [4] - The company is expected to maintain a competitive position in the industry with a PE ratio of 18.46, 17.31, and 15.89 for the respective years [4]

Company Overview - The company is a leading player in the frozen food industry in China, focusing on the development, manufacturing, and sales of frozen and refrigerated noodle and rice products, as well as various prepared foods [4][6] - The company aims to become a leader in providing delicious food for dining tables [4] Industry Landscape - The frozen food market in China is expanding, with significant growth in categories such as frozen noodle products, prepared foods, and frozen dishes [5] - The industry is characterized by high concentration and strong brand effects, with major companies located in Shandong, Henan, and Fujian provinces [5] - Consumer preferences are diversifying, leading to a rise in new product categories and retail channels, including community group buying and interest e-commerce [5][6] - Government measures to stimulate consumption are expected to support the industry's growth in 2024, despite challenges posed by a complex macroeconomic environment [5][6] Company Positioning - The company operates under two well-known brands, "Sanquan" and "Longfeng," and has established a comprehensive cold chain system across major urban areas in China [7] - It has a strong research and development capability, focusing on product innovation and market analysis to maintain its competitive edge [7] Financial Performance - In 2024, the company reported a revenue of 663,245.97 million yuan, a decrease of 6.0% year-on-year, and a net profit of 54,225.31 million yuan, down 27.6% year-on-year, with a net profit margin of 8.2% [8] - The company has implemented strategies to adapt to changing consumer preferences, including product innovation and expansion into new retail channels [9][10] Product Development - The company has launched several new product lines to meet diverse consumer needs, including upgraded dumplings and health-oriented products [8][9] - It is actively engaging in new retail formats and enhancing its e-commerce capabilities, achieving a 58.5% year-on-year growth in e-commerce revenue [9][10] Strategic Initiatives - The company is focusing on digital transformation and supply chain efficiency to improve production and management [11] - It is also strengthening partnerships with major restaurant chains to develop customized products for various dining scenarios [11]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 除上述条款修订外，原《公司章程》中关于"股东大会"的表述统一修改为"股东会"，其他内容不变，其 他不涉及实质性内容的非重要修订，如条款编号变化、标点符号及格式的调整等，未在上述表格中对比 列示。 特此公告。 三全食品股份有限公司董事会 2025年4月22日 证券代码：002216 证券简称：三全食品 公告编号：2025-004 三全食品股份有限公司 第八届监事会第十五次会议决议公告 本议案尚需提交公司2024年度股东大会审议。 本公司及监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、监事会会议召开情况 2、本次会议于2025年4月18日下午2:00在公司会议室以现场会议方式召开。 1、三全食品股份有限公司（以下简称"公司"）第八届监事会第十五次会议通知于2025年4月8日以传 真、电子邮件等方式通知全体监事。 3、本次会议应到监事3人，实到监事3人，全体监事会均亲自出席会议。符合《公司法》的规定和《公 司章程》的要求。 2、以三票同意，零票反对，零票弃权审议通过了《公司2024年年度报告和年度报告摘要》。 4、 ...

每经记者 王佳飞 每经编辑 张益铭 4月21日晚间，三全食品（002216.SZ，股价11.87元，市值104.36亿元）公布了2024年年度报告。 报告期内，公司实现营业收入约66.32亿元，同比下降6.0%；归属于上市公司股东的净利润约5.42亿 元，同比下降27.6%。 三全食品表示，2024年消费市场总体保持平稳态势，消费需求和意愿处于温和复苏阶段，行业增长放 缓、品类竞争态势为公司业绩增长带来了一定压力。 速冻调制食品销量下滑近三成 三全食品主营业务包括速冻和冷藏面米制品、速冻和冷藏调制食品等的研发、生产和销售。 年报显示，三全食品2024年速冻面米制品营业收入约为55.99亿元，同比下滑3.95%。其中汤圆、水饺、 粽子营业收入约34.74亿元，同比下降5.84%。创新类面米制品营业收入约21.25亿元，同比微降0.70%。 速冻调制食品营业收入约8.73亿元，同比下降18.84%。冷藏及短保类产品营业收入约0.92亿元，同比减 少3.26%。 产销量方面，2024年公司速冻面米制品生产量约63.69万吨，同比增长8.50%，销售量约62.19万吨，同 比增长2.04%，但期末库存攀升至约12.8 ...

公告指出，公司开展的工作包括，深入调研市场需求，精准切入多样化及个性化消费需求，不断创新产品，丰富产品 矩阵，通过优化产品配方、更新产品外形、改善产品口感、创新产品品类等方式多层次全方位提升产品品质，推出了 口感升级的"多多系列"水饺、配料简单纯净的"斤多系列"水饺、融入药食同源理念的"食养汤圆"、趣味体验的"茶趣系 列汤圆"、寓意美好的鸿运当头爆浆流心酥等新产品，满足不同消费者在不同场景下的需求。 拥抱新零售渠道方面，随着市场的快速变化，会员超市、零食折扣店、兴趣电商等新零售模式崛起，公司抓住渠道变 化机遇，快速布局新兴业态，跟随零食折扣店迅速扩张趋势，与零食有鸣、鸣鸣很忙集团达成良好合作。公司持续加 强渠道服务，提高渠道效率，为大润发、永辉、麦德龙等大型商超系统提供个性化定制产品，满足消费者的差异化需 求；社区团购渠道开展"总对总"业务合作，精细化运营，快速响应平台和市场需求，开发定制化适配产品，公司在美 团优选，多多买菜，兴盛优选等平台业务收入规模持续提高；电商平台强化运营能力，渠道毛利率环比持续提升，大 力发展兴趣电商，报告期内开展百余次明星及头部主播合作，单场GMV最高达近2000万元，并且通过与头 ...

2025年，三全食品股份有限公司（以下简称"三全食品"）发布2024年年度报告，各项财务数据展现出公 司在过去一年中的经营状况与发展态势。报告期内，公司实现营业收入6,632,459,699.95元，同比下降 6.00%；归属于上市公司股东的净利润为542,253,110.31元，同比下降27.64%。值得关注的是，公司经营 活动产生的现金流量净额增长显著，达1,144,433,782.02元，较上年增长213.72%，而财务费用则从 -13,445,550.51元增至1,769,086.80元，涨幅高达113.16%。这一增一涨背后，反映出公司怎样的经营策略 与潜在风险？本文将深入解读。 关键财务指标解读 基本每股收益和扣非每股收益下降，股东收益减少 基本每股收益为0.62元/股，较2023年的0.85元/股下降27.06%；扣非每股收益同样下降，反映出公司盈 利能力下降，股东的每股收益减少。这可能影响投资者对公司的信心，公司需采取有效措施提升业绩， 改善股东回报。 费用分析：成本控制与投入策略的博弈 费用整体情况 2024年公司销售费用为854,176,846.71元，同比增长5.48%；管理费用194, ...

机构名称：致同会计师事务所（特殊普通合伙） 组织形式：特殊普通合伙企业 成立日期：1981 年【工商登记：2011 年 12 月 22 日】 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 三全食品股份有限公司 关于对会计师事务所 2024 年度履职情况的评估报告 三全食品股份有限公司（以下简称"公司"）聘请致同会计师事务所（特殊 普通合伙）（以下简称"致同或致同所"）作为公司 2024 年度财务报告审计及内 部控制审计机构。根据财政部、国务院国有资产监督管理委员会、中国证券监督 管理委员会颁布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对 致同所 2024 年审计过程中的履职情况进行了评估。经评估，公司认为，致同所 在资质等方面合规有效，履职能够保持独立性，勤勉尽责，公允表达意见。具体 情况如下： 一、 资质条件 （一）机构信息 首席合伙人：李惠琦 上年度末（2024 年 12 月 31 日）合伙人数量：239 上年度末注册会计师人数：1359 上年度末签署过证券服务业务审计报告的注册会计师人数：445 人 2023 年度经审计的收入总额：27.03 亿元 2023 年度审计业务收入：2 ...