证券代码：002847 证券简称：盐津铺子 公告编号：2025-003 盐津铺子食品股份有限公司 第四届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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、本次董事会由董事长张学武先生召集，会议通知于 2025 年 2 月 20 日通 过电子邮件、电话的形式送达至各位董事，董事会会议通知中包括会议的相关材 料，同时列明了会议的召开时间、地点、内容和方式。 2、本次董事会于 2025 年 2 月 24 日下午 15:00 采取通讯投票的方式召开。 3、本次会议应出席董事人数 7 人，实际出席董事人数 7 人。 4、本次董事会由董事长张学武先生主持，本次会议的召开和表决程序符合 《中华人民共和国公司法》等法律法规和《公司章程》的有关规定。 1、审议通过了《关于拟投资设立泰国全资子公司的议案》； 会议决议：为满足公司海外业务战略发展的需要，盐津铺子食品股份有限公 司拟在泰国设立全资子公司并投资建设泰国生产基地。本次项目投资金额约为 21,995.40万元（或3,000.00万美金，最终投资总额以实际投资为准），包括 ...

（1）公司 2025 年与关联方拟发生的关联交易为公司日常经营活动所需，对 公司财务状况、经营成果不构成重大影响，公司的主要业务不会因此关联交易而 对关联人形成依赖。 （2）公司的关联交易依据公平、合理的定价政策，参照市场价格确定关联 交易价格，不会损害公司和广大中小投资者的利益。 （3）董事会对该事项进行表决时，关联董事应按规定予以回避。 我们同意将上述议案提交公司第四届董事会第十六次会议审议。 盐津铺子食品股份有限公司 盐津铺子食品股份有限公司 第四届独立董事专门会议2025年第一次会议决议 盐津铺子食品股份有限公司（以下简称"公司"）第四届独立董事专门会议 2025 年第一次会议于 2025 年 2 月 24 日在长沙市雨花区长沙大道运达中央广场 写字楼 A 座 32 楼公司行政总部会议室召开，采取通讯投票方式进行表决，会议 应出席独立董事 3 人，实际出席会议独立董事 3 人。全体独立董事共同推举刘灿 辉先生召集并主持本次会议，会议的召集、召开和表决程序符合《公司法》《上 市公司独立董事管理办法》及《公司章程》等相关规定，独立董事基于客观、独 立的立场，对拟提交第四届董事会第十六次会议的相关议案进行了 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [5][12]. Core Insights - The company has established a diverse product matrix focusing on new Chinese snacks, with a strategic emphasis on seven core categories including spicy snacks, healthy egg products, seafood snacks, nuts, baked goods, potato chips, and konjac products [1][23]. - The overall market for new Chinese snacks is estimated to be between 400 billion to 500 billion, with a growth rate of 10% to 15%, indicating significant potential for expansion [2][26]. - The company has shown strong revenue growth driven by high-performing products such as quail eggs and konjac products, with respective sales growth rates of 150.54% and 39% in the first half of 2024 [2][24]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of small category snacks, with a product range that includes baked snacks, seafood snacks, meat products, bean products, dried fruits, and spicy snacks [6]. Market Growth - The leisure snack industry in China is projected to reach a market size of 1,155 billion by 2024, with a compound annual growth rate of approximately 5.76% from 2014 to 2024 [16][19]. - There is significant room for growth in the market share of Chinese-style snacks, which currently remains low compared to traditional Western snacks [17]. Product Development and Strategy - The company has shifted its focus to core product categories and has successfully launched new brands such as "Da Mo Wang" for konjac products and "Dan Huang" for quail eggs, leveraging membership store channels for market penetration [35][36]. - The company has invested in building a comprehensive supply chain, including establishing its own quail breeding farms to ensure product quality and stability [38][39]. Financial Performance - The company forecasts revenues of 51.98 billion, 64.29 billion, and 76.49 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 6.45 billion, 8.27 billion, and 10.35 billion [12][13]. - The company's current price-to-earnings (PE) ratios for 2024-2026 are projected to be 23, 18, and 14, indicating a favorable valuation compared to historical levels [12][13]. Competitive Landscape - The company holds a market share of approximately 12% in the konjac product segment, with significant potential for growth compared to competitors [3][28]. - The quail egg market is expected to grow significantly, with the company aiming for a 20% market share in a projected 100 billion market, which could contribute around 14 billion in revenue [37][39].

证券代码：002847 证券简称：盐津铺子 公告编号：2025-002 盐津铺子食品股份有限公司 关于董事、高级管理人员减持股份的预披露公告 公司董事、副总经理兰波先生、董事、副总经理杨林广先生、副总经理黄敏 胜先生、副总经理张磊先生保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 盐津铺子食品股份有限公司（以下简称"公司"）董事、副总经理兰波先生、 董事、副总经理杨林广先生、副总经理黄敏胜先生、副总经理张磊先生合计持有 公司股份 3,991,050 股，占公司总股本的 1.46%（总股本按剔除公司最新披露回 购专用账户中的股份数量 1,050 股计算，下同），上述 4 名自然人股东计划在本 公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 2 月 21 日至 2025 年 5 月 20 日，根据相关法律法规禁止减持的期间除外），以大宗交易和/或集中竞价 交易方式合计减持股份累计不超过 997,763 股，即不超过公司总股本比例 0.37%。 公司于近日收到董事、副总经理兰波先生、 ...

Group 1 - The company has established a wholly-owned subsidiary in Vietnam, named YANJIN FOOD VIETNAM COMPANY LIMITED, with a registered capital of 3,055,800,000 VND (approximately 882,300 RMB) [2][3][4] - The investment aims to leverage Vietnam's geographical advantages to expand overseas sales, enhance international market cooperation, and improve the company's market competitiveness and brand recognition [2][3] - The investment does not constitute a related party transaction or a major asset restructuring as per relevant regulations, and does not require board or shareholder approval [2][3] Group 2 - The registration process for the subsidiary has been completed, and the company has obtained a business license from the Ho Chi Minh City Investment Planning Department [3] - The investment is expected to have a positive impact on the company's future revenue and performance, while not significantly affecting its financial status or operational results in the short term [5] - The company will establish management systems and risk prevention mechanisms to address potential operational risks associated with the investment in Vietnam [3][5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The company has a clear strategy and steady growth, with recent adjustments in management structure aimed at improving operational efficiency [1] - The product strategy has been refined to focus on seven major categories, with a specific emphasis on the "1+2" strategy, highlighting key products such as konjac and quail eggs [2] - Continuous optimization of the supply chain is expected to enhance cost advantages, particularly through self-sourced high-quality quail eggs [3] - Earnings forecasts for 2024-2026 are maintained at EPS of 2.46, 3.13, and 3.76 yuan, with corresponding P/E ratios of 24, 19, and 16 times [3] Summary by Sections Management and Operational Efficiency - The company has restructured its management to enhance operational efficiency, transitioning from a sales channel-based division to a product category-based division, fostering internal competition and responsiveness to market demands [1] Product Strategy - The focus on seven major product categories has led to the establishment of a "1+2" strategy, with konjac and quail eggs as core products. The sub-brands "Big Demon King" and "Egg Emperor" have achieved significant sales, contributing to the company's growth [2] Supply Chain Optimization - The company is enhancing its supply chain to support key products, with self-sourced quail eggs providing a cost advantage. The production capacity is expected to reach 120 tons per day after the completion of phase three of the breeding project [3] Financial Projections - The company anticipates revenue growth from 4,115 million yuan in 2023 to 7,869 million yuan in 2026, with net profit projected to increase from 506 million yuan in 2023 to 1,025 million yuan in 2026 [4][10]

Investment Rating - The report gives a "Strongly Recommend" rating for the company, with a target price range of 58.88-35.78 yuan [7][15] Core Views - The company has transitioned from being primarily driven by direct supermarket sales to being driven by discount snack stores and e-commerce, with distribution as the foundation [97] - The company's growth potential is strong, driven by multiple channels including TikTok, discount snack stores, and distribution networks [15] - The company's revenue from discount snack channels is expected to reach 30 billion yuan in the future, with a potential 4x growth compared to 2023 [11][58] Channel Development - The company's traditional supermarket channel revenue has declined from 94% in 2020 to 59% in 2023, but still grew by 12.32% YoY in 2023 [1] - The discount snack channel contributed 25% of total revenue in H1 2024, with future growth driven by increased SKUs, new strategic partnerships, and core product sales [5][6] - E-commerce revenue grew by 48.40% YoY in H1 2024, accounting for 23.6% of total revenue, up 9.1 percentage points from 2022 [60] Market Potential - The discount snack market is projected to reach 210.6 billion yuan, with the potential for 81,000 stores nationwide [10][11] - The company's revenue from the discount snack channel is expected to grow to 30 billion yuan, driven by increased market share and SKU expansion [58] Financial Projections - The company's revenue is projected to be 5.198 billion yuan in 2024, 6.429 billion yuan in 2025, and 7.649 billion yuan in 2026, with YoY growth rates of 26.44%, 28.24%, and 24.9% respectively [15] - Net profit is expected to be 645 million yuan in 2024, 827 million yuan in 2025, and 1.035 billion yuan in 2026, with YoY growth rates of 26.44%, 28.24%, and 24.9% respectively [15] Competitive Landscape - The company is the only fully self-manufacturing company among the top five snack brands, with a natural GMV share of 41.74% on TikTok in Q1 2024 [37] - The company's SKU count in discount snack stores has increased from 40 in 2023 to over 50 in 2024, with further growth expected [33] Regional Expansion - The company's sales are concentrated in Central China, accounting for 39% of total sales in 2023, with significant growth potential in other regions [77] - The company has 3,315 distributors nationwide, with a focus on Central and East China, and plans to expand further into other regions [159]

Core Insights - The introduction of the "gift-giving" feature in WeChat Mini Store has allowed Salted Fish (盐津铺子) to quickly launch gift cards, leveraging the traffic benefits of the platform [1] - The company reported a revenue of 3.861 billion yuan for the first three quarters of the year, a year-on-year increase of 28.49%, and a net profit of 493 million yuan, up 24.55% [1] - Salted Fish is focusing on seven core categories and plans to introduce more valuable products with attractive and personalized packaging to capture new channel benefits [1] Group 1 - The company has launched two new product brands, "Big Demon King" and "Egg Emperor," in October 2023 and March 2024, respectively, as part of its strategy to lead with category brands and create standout products [2] - Revenue from leisure konjac snacks reached 551 million yuan, a year-on-year increase of 38.97%, while egg snacks achieved 419 million yuan, up 104.43% [2] - The company is incorporating its seven sub-brands' star products into its Spring Festival gift boxes, catering to diverse consumer needs for health and taste [2] Group 2 - Salted Fish has established a comprehensive channel strategy, achieving penetration in over 10,000 terminal stores and launching diverse marketing efforts for the Spring Festival [3] - The company is focusing on both offline and online channels, utilizing live streaming and collaborations with top influencers to enhance brand visibility and drive sales during the Spring Festival [3] - The "gift-giving" feature in WeChat Mini Store allows consumers to send Salted Fish gifts easily, enhancing the company's engagement with customers [3] Group 3 - The company aims to strengthen collaborations with top designers and channel partners to drive product innovation and marketing upgrades, promoting a healthy and diverse development in the Chinese snack industry [4]

1、本次解除限售的限制性股票数量为 588,000 股，占目前公司最新股本总额 272,819,859 股的 0.22%。 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 证券代码：002847 证券简称：盐津铺子 公告编号：2024-091 盐津铺子食品股份有限公司 关于2023年第二期限制性股票激励计划第一个解除限售期 2、本次解除限售的限制性股票的上市流通日为 2024 年 12 月 20 日。 盐津铺子食品股份有限公司（以下简称"公司"或"盐津铺子"）于 2024 年 12 月 9 日召开第四届董事会第十五次会议、第四届监事会第十三次会议，审议通 过了《关于 2023 年第二期限制性股票激励计划第一个解除限售期解除限售条件成 就的议案》，公司 2023 年第二期限制性股票激励计划第一个解除限售期解除限售 条件已经成就，根据公司 2023 年第四次临时股东大会对董事会的授权，公司办理 了本次解除限售相关事宜。现将有关事项说明如下： 一、公司 2023 年第二期限制性股票激励计划已履行的相关审批程序 1、202 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2024-089 盐津铺子食品股份有限公司 关于公司新增2024年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、本次新增日常关联交易预计事项及关联交易基本情况 盐津铺子食品股份有限公司（以下简称"公司"）于2024年3月26日召开第 四届董事会第七次会议、第四届监事会第六次会议及2024年4月16日召开的2023 年年度股东大会审议通过了《关于公司2024年度日常关联交易预计的议案》，公 司预计与关联方发生日常关联交易如下：（1）预计2024年度公司（含子公司） 向越南一品食品一成员有限责任公司采购芒果制品发生关联交易金额不超过 10,000万元人民币（不含税）；（2）预计2024年公司（含子公司）向柬埔寨果美 农场食品有限公司采购芒果制品发生关联交易金额不超过30,000万元人民币（不 含税）；（3）预计2024年度公司（含子公司）向云南津绝魔芋食品有限公司采 购魔芋精粉发生关联交易金额不超过18,000万元（不含税）；（4）预计2024年度 公司（含子公司）向浏阳市集里骏 ...