长江商报消息 ●长江商报记者 黄聪 通过不断转型升级，盐津铺子（002847.SZ）营业收入持续健康发展。 4月22日晚间，盐津铺子发布年报，公司实现营业收入53.04亿元，同比增长28.89%，首次突破50亿元级大关；净 利润6.4亿元，同比增长26.53%，创历史新高。 盐津铺子主要产品包括辣卤零食、烘焙薯类、深海零食、蛋类零食、果干坚果、蒟蒻果冻布丁等六大品类。 长江商报记者发现，2024年，盐津铺子上述六大品类产品收入全线飘红。 值得一提的是，盐津铺子销售出海战略初显成效，2024年年报显示，公司海外营业收入达6273.61万元，与上年同 期31.49万元相比增长198倍。 六大品类产品收入全线飘红 2017年2月，盐津铺子上市。公司一直聚焦主业，专注休闲食品行业，长期坚持自主制造。 长江商报记者发现，自2013年有可查数据开始，盐津铺子营业收入一直保持增长。 2018年起，盐津铺子成功打造中保类休闲烘焙点心的第二增长曲线，增加了面包、蛋糕、薯片、沙琪玛、果冻布 丁等新品。当年公司营业收入首次超过10亿元大关，达11.08亿元。 2021年，盐津铺子实现营业收入22.82亿元，首次突破20亿元。 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights a dual breakthrough in product categories and distribution channels, with significant growth in revenue and profitability [6][10] - The company achieved a revenue of 1.537 billion yuan in Q1 2025, representing a year-on-year increase of 25.7%, and a net profit of 178 million yuan, up 11.6% [8] - The company is expected to continue benefiting from the growth of its konjac and egg product lines, with strong performance in both offline and online channels [10] Summary by Relevant Sections Revenue - The company reported a total revenue of 5.304 billion yuan for 2024, an increase of 28.9% year-on-year [8] - In Q1 2025, the revenue exceeded market expectations, driven by strong sales in the konjac product line [8] Profitability - The gross margin for Q1 2025 decreased by 3.6 percentage points to 28.5%, primarily due to changes in sales channel structure [8] - The net profit margin for Q1 2025 was 11.5%, down 1.6 percentage points [8] Financial Forecast - The company is projected to achieve total revenues of 6.802 billion yuan, 8.376 billion yuan, and 10.072 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28.2%, 23.1%, and 20.2% [10] - The forecasted net profit for 2025 is 844 million yuan, representing a 32.0% increase year-on-year [12] Market Position - The company is actively expanding its distribution channels, including entering the mass retail sector and enhancing its online presence [10] - The overseas business has shown remarkable growth, with a revenue increase of 19822% in 2024 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved dual breakthroughs in product categories and distribution channels, with significant revenue growth and profitability improvements [6][10] - The company reported a revenue of 1.537 billion yuan in Q1 2025, representing a 25.7% year-on-year increase, and a net profit of 178 million yuan, up 11.6% [8] - The company is expected to continue benefiting from the growth of its key product categories, particularly konjac, and the expansion of efficient distribution channels [10] Revenue Summary - In 2024, the company achieved a total revenue of 5.304 billion yuan, a 28.9% increase year-on-year [8] - The revenue for Q4 2024 was 1.443 billion yuan, reflecting a 30.0% increase [8] - The company expects to maintain strong growth in both offline and online channels, with significant contributions from new partnerships and product launches [8] Profitability Summary - The gross profit margin for Q1 2025 decreased by 3.6 percentage points to 28.5%, primarily due to changes in sales channel structure [8] - The net profit margin for Q1 2025 was 11.5%, down 1.6 percentage points [8] - For the full year 2024, the gross profit margin was 30.69%, a decrease of 2.85 percentage points [8] Financial Forecast - The company forecasts total revenues of 6.802 billion yuan in 2025, 8.376 billion yuan in 2026, and 10.072 billion yuan in 2027, with year-on-year growth rates of 28.2%, 23.1%, and 20.2% respectively [12] - The projected net profit for 2025 is 844 million yuan, increasing to 1.061 billion yuan in 2026 and 1.315 billion yuan in 2027, with growth rates of 32.0%, 25.6%, and 24.0% respectively [12] - The company maintains a strong return on equity (ROE) forecast, with expected values of 35.4% in 2025 and 33.5% in 2026 [12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates strong growth potential with notable highlights in both products and channels [1] - Revenue for 2024 is projected at 5.304 billion yuan, representing a year-on-year increase of 28.89% [1] - The net profit attributable to the parent company for 2024 is expected to reach 639.95 million yuan, a year-on-year growth of 26.53% [1] - The report emphasizes the robust performance of the konjac product line and the initial success of overseas business [7] - The company is expected to prioritize revenue growth while managing expenses related to brand and channel development [7] Financial Projections - Total revenue projections for the company are as follows: - 2023: 4.115 billion yuan - 2024: 5.304 billion yuan - 2025: 6.658 billion yuan - 2026: 7.909 billion yuan - 2027: 9.204 billion yuan - Year-on-year growth rates for total revenue are projected at 42.22% for 2023, 28.89% for 2024, and gradually decreasing to 16.37% by 2027 [1][8] - The net profit attributable to the parent company is forecasted to grow from 505.77 million yuan in 2023 to 1.243 billion yuan in 2027, with respective growth rates of 67.76% and 20.77% [1][8] - The report anticipates a diluted EPS of 1.85 yuan in 2023, increasing to 4.56 yuan by 2027 [1][8] Market Data - The closing price of the company's stock is reported at 83.13 yuan, with a market capitalization of approximately 22.68 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 44.84 for 2023, decreasing to 18.25 by 2027 [1][5]

Core Viewpoint - The article discusses the significant rise in the stock price of Yanjinpuzi (002847), which increased by 31%, and highlights the missed investment opportunities for certain fund managers, particularly Han Weijun, who sold off their holdings before the price surge [1]. Group 1: Stock Performance - Yanjinpuzi's stock price surged by 37.10% since the beginning of April [1]. - Han Weijun's fund, the Jiaoyin Domestic Demand Growth One-Year Fund, had a year-end market value of 97.8067 million yuan for 1.5624 million shares of Yanjinpuzi [1]. Group 2: Fund Management - Han Weijun managed the Jiaoyin Domestic Demand Growth One-Year Fund, which has seen a cumulative return decline of 32% since its inception on December 11, 2020, with a current net value of 0.68 yuan [1]. - The Jiaoyin Quality Growth One-Year Mixed Fund, also managed by Han Weijun, has cumulative return losses of 25.19% and 27.40% for its A and C classes, respectively, with net values of 0.7481 yuan and 0.7260 yuan [2][3]. Group 3: Fund Holdings - The top ten holdings of the Jiaoyin Domestic Demand Growth One-Year Fund in Q1 included major companies such as Kweichow Moutai (600519) and Qingdao Beer (600600) [1]. - The top ten holdings for the Jiaoyin Quality Growth One-Year Mixed Fund were identical to those of the Jiaoyin Domestic Demand Growth One-Year Fund [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates strong growth potential with highlights in both products and channels. The revenue for 2024 is projected to be 5.304 billion yuan, representing a year-on-year increase of 28.89%. The net profit attributable to the parent company is expected to reach 639.95 million yuan, a growth of 26.53% year-on-year [1][7] - The company has shown robust performance with significant growth in its key product lines, particularly in konjac products and egg snacks, which achieved revenue growth of 76% and 82% respectively. The overseas business is also starting to show promising results with revenue of 60 million yuan in 2024 [7] - The company is expected to prioritize revenue growth in the near term, with a focus on high-margin product categories and channels. The net profit for 2025 is projected to be 827.85 million yuan, reflecting a year-on-year increase of 29.36% [1][7] Financial Projections - Total revenue is forecasted to grow from 5.304 billion yuan in 2024 to 9.204 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16.37% [1][8] - The net profit attributable to the parent company is expected to increase from 639.95 million yuan in 2024 to 1.243 billion yuan in 2027, with a CAGR of about 20.77% [1][8] - The earnings per share (EPS) is projected to rise from 2.35 yuan in 2024 to 4.56 yuan in 2027, indicating a strong upward trend in profitability [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to achieve significant revenue growth driven by category and channel expansion, with a projected revenue of 5.3 billion RMB in 2024, representing a year-on-year increase of 28.9% [1] - The first quarter of 2025 is anticipated to show continued growth, with revenue expected to reach 15.4 million RMB, a year-on-year increase of 25.7% [1] - The company is focusing on health-oriented products, particularly konjac and quail egg categories, which are expected to drive further growth [2] - The report highlights the company's strategic channel expansion, particularly in membership-based supermarkets and e-commerce, contributing to revenue growth [2] Summary by Sections Financial Performance - In 2024, the company reported revenues of 5.3 billion RMB, with a net profit of 639.95 million RMB, reflecting a year-on-year growth of 26.5% [6] - The gross margin for 2024 was 30.7%, down 2.9 percentage points year-on-year, primarily due to changes in channel and product mix [3] - The net profit margin for 2024 was 12.1%, a slight decrease of 0.2 percentage points year-on-year [3] Growth Drivers - The company is leveraging multi-channel strategies, including membership supermarkets and e-commerce, to enhance its market presence [2] - The konjac product line is experiencing high demand, with supply unable to meet the market needs [2] - The report anticipates that the company's focus on brand investment will yield positive results in the coming years [4] Valuation and Forecast - The earnings per share (EPS) forecast for 2025 is set at 3.12 RMB, with an upward revision of 5% from previous estimates [4] - The target price for the company's stock is set at 99.84 RMB, based on a price-to-earnings (PE) ratio of 32 times for 2025 [4] - The report projects continued growth in revenue and net profit through 2027, with expected revenues of 9.46 billion RMB and net profits of 1.27 billion RMB [6]

Core Viewpoint - The company reported strong revenue growth in Q1 2025 and for the full year 2024, driven by the popularity of konjac products and effective channel strategies [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 1.537 billion yuan, a year-on-year increase of 25.69%, with a net profit of 178 million yuan, up 11.64% [1]. - For the full year 2024, revenue reached 5.304 billion yuan, representing a 28.89% year-on-year growth, and net profit was 640 million yuan, up 26.53% [1]. - Q4 2024 saw a revenue of 1.443 billion yuan, a 29.96% increase year-on-year, with net profit rising by 33.67% to 147 million yuan [1]. Product and Category Insights - The konjac product line showed exceptional performance, with sales of sesame-flavored konjac exceeding 100 million yuan in March alone, and projected annual sales could double to 2 billion yuan [2]. - Revenue by product category for 2024 includes: spicy marinated products (1.96 billion yuan, +32%), baked potato products (1.16 billion yuan, +17%), deep-sea products (680 million yuan, +9%), egg products (580 million yuan, +82%), dried fruits and nuts (480 million yuan, +82%), konjac jelly (300 million yuan, +39%), and others (140 million yuan, -36%) [2]. Channel Performance - The company experienced a decline in gross margin to 28.5% in Q1 2025, down 3.6 percentage points year-on-year, primarily due to changes in channel structure and lower sales of high-margin gift products during the Spring Festival [3]. - Direct sales, distribution, and e-commerce revenues for Q1 2025 were 190 million yuan (-44%), 3.96 billion yuan (+34%), and 1.16 billion yuan (+40%) respectively [2][3]. Growth Strategy - The company plans to continue its aggressive store opening strategy in the snack sector, particularly in the mass retail channel, which is expected to maintain high growth [4]. - Following an investment in the snack group "Very Busy Snacks," the company aims to strengthen partnerships with leading mass retail snack brands, enhancing product presence and SKU variety in retail channels [4]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 6.887 billion yuan, 8.555 billion yuan, and 10.224 billion yuan respectively, with year-on-year growth rates of 30%, 24%, and 20% [4]. - Net profit projections for the same years are 827 million yuan, 1.051 billion yuan, and 1.274 billion yuan, with growth rates of 29%, 27%, and 21% respectively [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company's revenue for 2024 reached 5.3 billion, a year-on-year increase of 28.9%, with a net profit of 640 million, up 26.5% year-on-year. The first quarter of 2025 showed a revenue of 1.54 billion, a 25.7% increase year-on-year [5][6]. - The strong sales of konjac products have driven revenue growth, with a projected annual sales of 1.8 to 2 billion for konjac, reflecting an 80%-100% year-on-year increase [5][6]. - The company is focusing on optimizing product structure and reducing cost pressures, which is expected to gradually restore profitability throughout the year [5][6]. Financial Performance Summary - In 2024, the company achieved total revenue of 53.04 billion, with a net profit of 6.4 billion. The fourth quarter of 2024 saw a revenue of 14.43 billion, a 29.96% increase year-on-year [5][6]. - The first quarter of 2025 reported a revenue of 15.37 billion, with a net profit of 1.78 billion, marking an 11.6% increase year-on-year [5][6]. - The gross margin for the first quarter of 2025 was 28.5%, down 3.64 percentage points year-on-year, primarily due to changes in channel structure [5][6]. Future Outlook - The company is expected to maintain high growth in the konjac category and other channels, with revenue projections for 2025 estimated at 6.72 billion, reflecting a 26.8% growth [6]. - The earnings per share (EPS) forecast for 2025 is 3.04, with a price-to-earnings (P/E) ratio of 27 times [6]. - The target price has been raised to 95 yuan, corresponding to a P/E ratio of over 30 times for 2025, reflecting the company's strong growth potential in the konjac category and other markets [5][6].

盐津铺子食品股份有限公司 盐津铺子食品股份有限公司 1 2024 年度监事会工作报告 盐津铺子食品股份有限公司 二、2024 年度监事会对公司有关事项的审核意见 2024 年度，公司监事会成员出席公司股东大会 6 次，列席公司历次董事会 会议，认真履行监督职能，切实维护公司和全体股东的利益。 2024 年度，盐津铺子食品股份有限公司（以下简称"公司"）监事会全体 成员严格按照《公司法》《证券法》及《深圳证券交易所上市公司自律监管指引 第 1 号—主板上市公司规范运作》等法律法规的要求，结合公司实际情况，遵循 《公司章程》及《监事会议事规则》等相关制度，认真履行监督职责，对公司股 东大会及董事会的召开程序和决策程序、董事会对股东大会决议的执行情况、高 级管理人员的履职情况、公司管理制度执行情况、公司内部控制情况、定期报告 等重大事项的表决程序、公允性、合法性、合规性等进行了监督检查，在维护公 司利益、股东权益及促进公司规范运作等方面发挥了积极作用。现将公司监事会 2024 年度主要工作报告如下： 一、2024 年度监事会召开情况 报告期内，公司监事会认真履行工作职责，审慎行使公司《章程》和股东大 会赋予的职权， ...