证券代码：002847 证券简称：盐津铺子 公告编号：2024-056 盐津铺子食品股份有限公司 2024年第三次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 （一）会议召开日期和时间： 现场会议时间为：2024 年 8 月 1 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： 2024 年 8 月 1 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：2024 年 8 月 1 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。 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2024-052 盐津铺子食品股份有限公司 第四届董事会第十二次会议决议公告 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 2024 年 7 月 12 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 2024 年 7 月 16 日下午 15:00 采取通讯表决的方式召开。 3、本次会议应出席董事人数 7 人，实际出席董事人数 7 人。 1、审议通过了《关于提请召开 2024 年第三次临时股东大会的议案》； 会议决议：根据《公司法》《公司章程》等规定和要求，公司定于 2024 年 8 月 1 日（星期四）下午 15:00 在长沙市雨花区长沙大道运达中央广场写字楼 A 座 32 楼公司会议室召开 2024 年第三次临时股东大会。 《关于召开 2024 年第三次临时股东大会的通知》内容详见巨潮资讯网 （www.cninfo.com.cn）。 ...

一、召开会议的基本情况 证券代码：002847 证券简称：盐津铺子 公告编号：2024-053 盐津铺子食品股份有限公司 关于召开2024年第三次临时股东大会的通知 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。 盐津铺子食品股份有限公司（以下简称"公司"）第四届董事会第十二次会 议审议通过了《关于提请召开2024年第三次临时股东大会的议案》，同意召开本 次股东大会（以下简称"会议"）。现将本次股东大会的有关事项通知如下： 1、股东大会届次：2024年第三次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：经公司第四届董事会第十二次会议审议通过， 决定召开2024年第三次临时股东大会，召集程序符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024年8月1日（星期四）下午15:00； （2）网络投票时间：2024年8月1日。其中： A、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2024年8月1日 上午9:15—9:25，9:30—11:30，下午13:00－1 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1][7]. Core Views - The company is expected to achieve revenue of 2.4-2.5 billion yuan in H1 2024, representing a year-on-year growth of 26.72%-32.00%. The net profit attributable to shareholders is projected to be 310-330 million yuan, with a growth rate of 26.18%-34.32% [1]. - The company is focusing on enhancing its product categories and brand building, which is expected to drive sales growth. The report highlights the successful performance of specific products like quail eggs and vegetarian dishes [2][13]. - The company is actively developing various packaging formats to meet diverse consumer needs and is strengthening its supply chain management and organizational efficiency [2][13]. Revenue Analysis - The company anticipates a revenue of 1.177-1.277 billion yuan for Q2 2024, reflecting a year-on-year increase of 17.5%-27.5%. The net profit for the same period is expected to be 150-170 million yuan, with a growth of 12.1%-27.0% [1]. - The report notes that the company is focusing on seven core product categories and has made significant progress in product upgrades and brand recognition [1][2]. Profit Analysis - The gross profit margin is expected to improve in Q2 2024, driven by the strong performance of high-margin products. However, the growth rate of net profit attributable to shareholders may slow due to increased stock payment expenses [1][2]. - The report estimates that the net profit margin for Q2 2024 will decrease by 0.33 percentage points to 13.07% year-on-year, primarily due to changes in channel structure and increased stock payment expenses [1]. Financial Forecast - The company is projected to achieve revenues of 5.263 billion yuan, 6.425 billion yuan, and 7.746 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.9%, 22.1%, and 20.5% [2][4]. - The net profit attributable to shareholders is expected to be 667 million yuan, 853 million yuan, and 1.053 billion yuan for the same years, with growth rates of 31.9%, 27.8%, and 23.5% [2][4].

Group 1: Financial Performance - The company achieved a revenue growth of 37% year-on-year for the first half of 2024, with expectations for continued growth in Q2 [1] - Q2 revenue is expected to show a significant increase compared to Q1, despite being a traditional sales off-season [1] - The gross profit margin is anticipated to improve in Q2 due to the rapid growth of high-margin products like "Egg Emperor" quail eggs and "Big Devil" vegetarian tripe [1] Group 2: Cost and Profit Analysis - The non-recurring net profit for Q2 2024 is expected to be lower due to significant stock payment expenses, which reached approximately 25.05 million, compared to 7.75 million in the same period last year [2] - Sales and management expenses have increased due to brand promotion efforts and the hiring of industry talent, which are within budget control [2] - The company has maintained a consistent annual profit margin improvement since its listing, attributed to upstream supply chain management and lean manufacturing practices [2] Group 3: Product Strategy and Market Positioning - The company has updated its mission to provide safe, delicious, and healthy snacks at the lowest possible prices [3] - A differentiated pricing strategy is employed, with "Egg Emperor" positioned at a higher price point compared to competitors, while "Salted Quail Egg" targets cost-conscious consumers [3] - The company has successfully built brand recognition for its key products, such as "Big Devil" vegetarian tripe and "Egg Emperor" quail eggs, achieving significant market influence [3] Group 4: E-commerce Development - The company is focusing on Douyin as a key platform for e-commerce growth, with strong sales performance in Q2 2023 [4] - The e-commerce team is confident in future growth, leveraging past advantages in short video marketing and expanding into live-streaming channels [4] - The product strategy includes a mix of high-value items and cost-effective products to enhance store traffic and sales [4] Group 5: Investor Relations and Future Outlook - The company has distributed a total of 1.241 billion in dividends since its listing, with plans for continued investor returns [5] - Future capital expenditures will maintain a similar pace, focusing on enhancing supply chain capabilities and investments in automation and digitalization [5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [5][20]. Core Views - The company is expected to achieve a revenue of 2.4-2.5 billion yuan in the first half of 2024, representing a year-on-year growth of 27%-32%. The net profit attributable to the parent company is projected to be 310-330 million yuan, with a growth of 26%-34% [2][15]. - The company plans to conduct a share buyback and mid-term dividend distribution, with one of the actual controllers voluntarily terminating a share reduction plan, reflecting confidence in the company's future development [4][18]. - The company has completed its multi-channel layout and has a robust supply chain system, which is expected to support long-term high-quality growth. New product categories are showing strong growth momentum [19]. Financial Performance Summary - For the second quarter of 2024, the company anticipates a revenue growth of 18%-28%, with a net profit margin slightly declining due to changes in channel structure and increased share-based payment expenses [15][16]. - The company maintains its profit forecast, expecting total revenue of 5.24 billion yuan and 6.51 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 27.4% and 24.1% [20]. - The current stock price corresponds to a P/E ratio of 16.8 for 2024 and 13.1 for 2025 [20][22].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Insights - The company is expected to achieve revenue of 2.4 to 2.5 billion yuan in the first half of 2024, representing a year-on-year increase of 26.72% to 32% [12] - The forecasted net profit attributable to shareholders for the same period is estimated to be 310 to 330 million yuan, an increase of 26.18% to 34.32% year-on-year [12] - The company has announced a mid-year dividend plan, proposing a cash dividend of 6 yuan per 10 shares, indicating confidence in long-term development [12] Financial Performance Summary - The company reported a revenue of 4.115 billion yuan in 2023, with projections of 5.223 billion yuan, 6.528 billion yuan, and 7.911 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 42.22%, 26.91%, 24.99%, and 21.19% [15] - The net profit attributable to shareholders for 2023 was 506 million yuan, with forecasts of 635 million yuan, 831 million yuan, and 1.008 billion yuan for the following three years, showing growth rates of 67.76%, 25.59%, 30.82%, and 21.32% [15] - The earnings per share (EPS) are projected to be 1.84 yuan for 2023, increasing to 2.31 yuan, 3.03 yuan, and 3.67 yuan for the subsequent years [15] Market Position and Shareholder Actions - The company has a total market capitalization of 11.2 billion yuan and a circulating market capitalization of 10.1 billion yuan [5] - The largest shareholder is Hunan Yanjinpuzi Holdings Co., Ltd. [9] - The company plans to repurchase shares with a budget of 50 to 70 million yuan at a price not exceeding 68 yuan per share, reflecting a commitment to shareholder value [12]

Financial Data and Key Metrics Changes - The company expects a revenue growth of 17% to 27% year-on-year for Q2 2024, with net profit growth anticipated between 12% to 27% [2] - The non-deductible net profit growth is expected to be weaker compared to revenue growth, with a decline in net profit margin noted [3][4] - The second quarter's stock option incentive costs were approximately 25.1 million, compared to over 7 million in the same period last year, impacting net profit growth [5] Business Line Data and Key Metrics Changes - Sales expenses increased by over 10 million quarter-on-quarter, attributed to promotional activities and events [7][8] - The company has implemented a total cost leadership strategy, which is expected to offset any price declines in certain channels [10] Market Data and Key Metrics Changes - The company has adjusted the retail price of certain products, such as quail eggs, by approximately 12% to 15% to remain competitive [24][25] - The company is focusing on both mid-range and high-end market segments to capture different consumer demographics [24] Company Strategy and Development Direction - The company is committed to a total cost leadership strategy, aiming to provide consumers with safe, delicious, and healthy snacks at competitive prices [24] - The company is enhancing its brand building efforts while maintaining a focus on cost efficiency and market competitiveness [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain stable growth in the e-commerce sector, particularly on platforms like Douyin [76][77] - The company plans to continue investing in brand building and marketing to prepare for future growth [91] Other Important Information - The company announced a mid-term dividend plan and a share buyback plan to boost investor confidence [2] - The company has a robust cash flow and plans to maintain a high dividend payout ratio in the future [80][82] Q&A Session All Questions and Answers Question: Can you elaborate on the weaker growth in non-deductible net profit compared to revenue? - Management explained that the increase in stock option incentive costs significantly impacted the net profit growth, but adjusting for this would show a healthier growth rate [5][51] Question: What are the plans for brand building and marketing expenses in the second half of the year? - Management indicated that brand investment will continue, with potential increases in spending if performance exceeds expectations [91] Question: How does the company plan to maintain its competitive edge in the market? - Management emphasized the importance of organizational efficiency and continuous talent acquisition to enhance operational capabilities [86][89]

Investment Rating - The investment rating for the company is "Buy" [19][24]. Core Views - The company is expected to achieve revenue of 24-25 billion yuan in H1 2024, representing a year-on-year growth of 26.7%-32.0%. The net profit attributable to shareholders is projected to be between 3.1-3.3 billion yuan, with a growth of 26.2%-34.3% [1]. - The company is implementing multiple measures to enhance shareholder returns, including a share buyback plan of 50-70 million yuan, a cash dividend of 6 yuan per 10 shares, and the early termination of a share reduction plan [8][24]. - The company is focusing on expanding its sales channels, with significant growth in high-potential channels such as Douyin, where sales are expected to reach approximately 1.9 billion yuan in Q2 2024, a year-on-year increase of nearly 250% [14]. Financial Performance Summary - For 2024, the company forecasts total revenue of 51.8 billion yuan, 64.2 billion yuan, and 77.5 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26%, 24%, and 21% [24]. - The net profit attributable to shareholders is expected to be 6.7 billion yuan, 8.8 billion yuan, and 10.8 billion yuan for the same years, with growth rates of 32% for both 2024 and 2025, and 22% for 2026 [24]. - The earnings per share (EPS) are projected to be 2.44 yuan, 3.22 yuan, and 3.92 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 16x, 12x, and 10x [24]. Market Data Summary - The closing price of the company's stock is 39.60 yuan, with a market capitalization of approximately 10.87 billion yuan [3]. - The company has a price-to-book (P/B) ratio of 4.74 and a total circulating A-share market value of approximately 9.73 billion yuan [3][16].

湖南启元律师事务所 关于盐津铺子食品股份有限公司 2024年第二次临时股东大会的 法律意见书 二零二四年七月 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 2024 年第二次临时股东大会（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 2024 年第二次临时股东 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 ...