Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]

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。 证券代码：002847 证券简称：盐津铺子 公告编号：2025-014 盐津铺子食品股份有限公司 关于回购注销部分限制性股票通知债权人的公告 上述回购注销部分限制性股票将导致公司注册资本减少，根据《中华人民共 和国公司法》等相关法律法规的规定，公司债权人自接到公司通知起 30 日内、未 接到通知者自本公告披露之日起 45 日内，可凭有效债权文件及相关凭证依法要求 公司清偿债务或者提供相应担保。债权人未在规定期限内行使前述权利的，不会 影响其债权的有效性，相关债务将由公司继续履行。 债权人可采用现场申报或信函的方式申报，债权申报所需材料：公司债权人 可持证明债权债务关系存在的合同、协议及其他凭证的原件及复印件到公司申报 债权。债权人为法人的，需同时携带法人营业执照副本原件及复印件、法定代表 人身份证明文件；委托他人申报的，除上述文件外，还需携带法定代表人授权委 托书和代理人有效身份证的原件及复印件。债权人为自然人的，需同时携带有效 身份证的原件及复印件；委托他人申报的，除上述文件外，还需携带授权委托书 和代理人有效 ...

二零二五年三月 致：盐津铺子食品股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 大会规则》等我国现行法律、法规、规范性文件以及《盐津铺子食品股份有限公 司章程》（以下简称"《公司章程》"）的规定，湖南启元律师事务所（以下简称 "本所"）接受盐津铺子食品股份有限公司（以下简称"公司"）的委托，指派本所 律师出席了公司 2025 年第一次临时股东大会（以下简称"本次股东大会"），对 本次股东大会的召集和召开程序、召集人及出席会议人员的资格、表决程序和表 决结果的合法有效性进行现场律师见证，并出具本法律意见书。 为出具本法律意见书，本所律师依法查验了公司提供的下列资料： （一）刊登在中国证券监督管理委员会（以下简称"中国证监会"）指定媒体 巨潮资讯网站（http://www.cninfo.com.cn/）的关于召开 2025 年第一次临时股东 大会的通知公告； （二）出席现场会议的股东或其代理人的资格、身份证明文件等； （三）深圳证券信息有限公司在本次股东大会网络投票结束后提供给公司的 网络投票统计结果； （四）公司本次股东大会股权登记日的股东名册、出席现场会议的股东的到 会登记记 ...

2025年第一次临时股东大会决议公告 证券代码：002847 证券简称：盐津铺子 公告编号：2025-013 盐津铺子食品股份有限公司 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： 1、本次股东大会未出现否决议案的情形； （一）会议召开日期和时间： 现场会议时间为：2025 年 3 月 12 日下午 15:00 网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 3 月 12 日上午 9:15—9:25，9:30—11:30，下午 13:00－15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2025 年 3 月 12 日（现场股东大会 召开当日）上午 9:15 至当日下午 15:00。 （二）现场会议召开地点：湖南省长沙市雨花区长沙大道运达中央广场写字 楼 A 座 32 楼，盐津铺子食品股份有限公司总部行政会议室。 （三）会议召集人：盐津铺子食品股份有限公司董事会。 （四）会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 （五）会议主持人：董事长张学武先生。 （六）本次会议的召开及表决 ...

Investment Rating - The report maintains a positive outlook on the liquor sector, suggesting a focus on optional consumption and service consumption price performance, particularly in the context of the recent recovery in trading sentiment [1][7]. Core Insights - The liquor industry is currently experiencing a gradual decline in its economic climate, with expectations hinging on actual consumption performance validating recent policy implementations [1][7]. - The report highlights that the price stability of premium liquor, particularly the slight recovery in the price of Feitian Moutai, is positively impacting channel profits and asset expectations [1][8]. - The report anticipates that the upcoming performance period will primarily focus on clearing inventory, with expectations for improved feedback from channels and liquor companies as the spring festival approaches [8]. Summary by Sections Liquor Sector - The liquor sector's PE-TTM is approximately 20X, positioned at the 13th percentile over the past three years and the 8th percentile over the past five years, indicating it is still in a cyclical bottom range [2][8]. - The report suggests focusing on cyclical stocks with potential catalysts, including national brands like Luzhou Laojiao and Shanxi Fenjiu, as well as high-end brands like Guizhou Moutai and Wuliangye, which are expected to benefit from robust consumer demand [2][8]. Soft Drinks - The soft drink sector is showing signs of recovery, with categories like sugar-free tea, energy drinks, and protein drinks experiencing strong growth [3][9]. - East Peak's annual report indicates a revenue of 15.839 billion yuan for 2024, a year-on-year increase of 40.6%, and a net profit of 3.327 billion yuan, up 63.1% [3][9]. Snacks - The snack industry continues to thrive, with new channels and product innovations driving growth, despite market expectations of a slowdown in Q1 [10]. - The report highlights the potential for high growth in 2025 through category exploration and channel expansion, recommending companies like Weilang and Yanjin Puzhou [10]. Restaurant Chains - The restaurant chain sector is stabilizing at the bottom, with the seasoning segment performing relatively well due to the trend of restaurant chain standardization [11]. - The report suggests that as restaurant consumption policies strengthen, related sectors may see significant performance elasticity and valuation improvements, recommending stocks like Angel Yeast and Qingdao Beer [11].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The company has a clear strategic plan that enhances profitability, transitioning from a channel-driven model to a product-driven model, with expectations of reduced sales expense ratios and improved net profit margins by 2025 [1][3] - The company is focusing on strengthening its single product capabilities and advancing towards a platform-based strategy, with successful brand development in key product categories [2][3] - The company has clarified its channel strategy for 2025, actively expanding into high-potential membership stores and overseas markets, with plans to establish production bases abroad [3] Financial Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.46, 3.13, and 3.76 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22, 17, and 14 [3][4] - Revenue is expected to grow from 5,245 million yuan in 2024 to 6,556 million yuan in 2025, reflecting a growth rate of 25% [4][10] - Net profit is projected to increase from 672 million yuan in 2024 to 855 million yuan in 2025, with a growth rate of 27.23% [4][10] Profitability and Valuation Metrics - The company's return on equity (ROE) is forecasted to be 36.83% in 2024 and 37.26% in 2025, indicating strong profitability [4][12] - The gross profit margin is expected to stabilize around 32.4% in 2024 and 2025 [12] - The company’s price-to-book (P/B) ratio is projected to decrease from 8.1 in 2024 to 6.4 in 2025, suggesting a more attractive valuation over time [4][13]

Core Viewpoint - The article emphasizes the strategic planning and operational improvements of Yanjinpuzi, highlighting its transition from a channel-driven model to a product-driven model, which is expected to enhance profitability and market competitiveness [2][3]. Group 1: Strategic Planning and Profitability - Yanjinpuzi has developed a diversified channel structure and successfully built brand categories, which supports mid-term growth through the expansion of key products [2]. - The company is expected to increase its sales expenses in 2024 due to brand building efforts, but a reduction in sales expense ratio is anticipated in 2025 as low-cost channels gain a larger share [2]. - The increase in the proportion of high-margin products is projected to improve the company's net profit margin [2]. Group 2: Product Development and Platform Strategy - Yanjinpuzi has established a replicable success model for key products, particularly in the categories of "Big Devil" and "Egg King," and is advancing towards a platform-based category strategy [3]. - The sales of konjac products are expected to continue increasing, while quail eggs have gained market share despite intense price competition [3]. - The company plans to introduce new deep-sea snack brands and enhance upstream collaborations in fish paste production to strengthen its competitive edge [3]. Group 3: Channel Strategy and Market Expansion - Yanjinpuzi's channel strategy effectively combines market trends with its own capabilities, focusing on high-value membership stores and overseas markets for growth [4]. - The establishment of a separate division for membership stores is aimed at accelerating channel breakthroughs [4]. - The company plans to leverage its konjac products to enter the Southeast Asian market, with local production facilities to reduce transportation costs [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has a clear strategic plan that enhances profitability, transitioning from a channel-driven model to a product-driven model, with significant growth expected in net profit margins due to improved product mix and cost management [1][3] - The company is focusing on strengthening its single product capabilities and advancing towards a platform-based strategy, with successful product launches contributing to market share growth [2][3] - The company is actively expanding its channel strategy, including the establishment of a separate division for high-potential membership stores and plans for overseas market expansion [3] Financial Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.46, 3.13, and 3.76 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22, 17, and 14 [3][4] - Revenue is expected to grow from 5,245 million yuan in 2024 to 6,556 million yuan in 2025, reflecting a growth rate of 25% [4][10] - Net profit is projected to increase from 672 million yuan in 2024 to 855 million yuan in 2025, with a growth rate of 27.23% [4][10] Revenue and Profitability Metrics - The company’s revenue for 2022 was 2,894 million yuan, with a growth rate of 26.83%, and is expected to reach 4,115 million yuan in 2023 [4][10] - The net profit margin is projected to improve, with the net profit for 2025 expected to be 855 million yuan, leading to a net profit margin of approximately 13% [4][12] - The return on equity (ROE) is expected to remain strong, projected at 37.26% for 2025 [4][12]

Investment Rating - The industry rating is maintained as "Outperform" [7] Core Insights - The food and beverage sector has shown a recovery with a weekly increase of 1.77%, outperforming the Shanghai Composite Index which decreased by 2.22% [25] - The liquor segment is expected to see valuation recovery as major companies focus on channel optimization and marketing strategies ahead of the upcoming political meetings [2][13] - The beer and beverage sectors are anticipated to benefit from improved consumer demand in 2025, driven by promotional policies and a recovery in the restaurant and nightlife sectors [3][14] Summary by Sections Market Performance Review - The food and beverage sector saw a weekly increase of 1.77%, while the Shanghai Composite Index fell by 2.22%. Specific segments included: - Liquor: +1.64% - Dairy: +3.00% - Meat products: +3.52% - Pre-processed foods: +2.37% - Other alcoholic beverages: +0.59% - Beer: +2.84% - Soft drinks: +2.42% - Snacks: +4.30% [25] White Liquor Insights - The white liquor segment increased by 1.64%, with companies like Jiuziyuan and Yingjia Gongjiu showing significant gains. The current valuation is considered reasonable and low, with a PE-TTM of 19.50X [2][13] - Major liquor companies are focusing on channel management and marketing to rebuild confidence in the market, especially as the political meetings approach [2][13] Beer and Beverage Insights - The beer segment increased by 2.84%, with Budweiser Asia announcing a 7% increase in dividends and a management change. The Chinese market for Budweiser is projected to decline by 11.8% in 2024, but strategies are being implemented to enhance market share [3][15] - The beverage sector, including brands like China Red Bull, reported a slight revenue increase of 1.3% in 2024, reaching 21.09 billion yuan [3][17] Consumer Goods Insights - The snack segment led the market with a notable increase, while dairy products also performed well with a 3.00% rise. The report emphasizes three investment themes: "restaurant supply," "overseas expansion," and "raw milk turning point" [3][16] - The overall consumer goods sector is expected to benefit from lower inventory levels and seasonal demand as the market recovers [5][24] Investment Recommendations - Recommended stocks include leading liquor brands such as Moutai, Wuliangye, and Shanxi Fenjiu, as well as consumer goods companies like Yili and Mengniu in the dairy sector [5][24] - The report suggests focusing on companies with strong fundamentals and reasonable valuations, particularly in the consumer goods sector, which is expected to show strong elasticity in 2025 [5][24]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3][14]. Core Views - The company is establishing a wholly-owned subsidiary in Thailand with an investment of approximately 220 million yuan (or 30 million USD) to enhance its overseas production capacity and support its international business strategy [1]. - The company has completed the registration of its wholly-owned subsidiary in Vietnam, focusing on expanding overseas sales and strengthening international market cooperation [1]. - The company aims to leverage its dual-driven growth model of "products + channels" and its long-term strategy of "multi-brand, multi-category, full-channel, full-industry chain, and future globalization" to achieve sustained high growth in performance [2]. Financial Summary - Revenue projections for 2024-2026 are 52 billion yuan, 65 billion yuan, and 79 billion yuan, respectively, with year-on-year growth rates of 27%, 24%, and 22% [2]. - The net profit attributable to the parent company is expected to be 6.5 billion yuan, 8.2 billion yuan, and 10.1 billion yuan for the same period, reflecting growth rates of 28%, 26%, and 24% [2]. - The company's earnings per share (EPS) are projected to be 2.37 yuan, 2.99 yuan, and 3.72 yuan for 2024, 2025, and 2026, respectively [7][9]. Financial Data - The total market capitalization of the company is approximately 14.75 billion yuan, with a circulating market value of about 13.23 billion yuan [4]. - The company's total assets are projected to reach 3.62 billion yuan in 2024, increasing to 4.76 billion yuan by 2026 [8][9]. - The company's debt-to-asset ratio is expected to be 50.01% in 2024, decreasing to 42.86% in 2025 [9].