证券代码：002956 证券简称：西麦食品 公告编号：2024-055 桂林西麦食品股份有限公司 关于拟续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）于 2024 年 12 月 6 日召开 第三届董事会第十二次会议，审议通过了《关于拟续聘会计师事务所的议案》， 拟续聘立信会计师事务所（特殊普通合伙）（以下简称"立信"）为公司 2024 年度审计机构,负责公司 2024 年度财务报表及内部控制等审计工作。本事项尚需 提交公司股东大会审议通过，现将有关事宜公告如下： 一、拟聘任会计师事务所的基本信息 （一）机构信息 1、基本信息 立信由我国会计泰斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师事务所，注册地址为上海市， 首席合伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服 务业务，新证券法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已 向美国公众公司会计监督委员会（PCAOB）注册登记。 截至 2 ...

证券代码：002956 证券简称：西麦食品 公告编号：2024-056 桂林西麦食品股份有限公司 关于预计公司年度日常关联交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 一、预计年度日常关联交易基本情况 （一）日常关联交易概述 桂林西麦食品股份有限公司（以下简称"公司"）于 2024 年 12 月 6 日召开 第三届董事会第十二次会议审议通过了《关于预计公司年度日常关联交易的议 案》，根据业务需要，公司及子公司拟与关联人发生日常关联交易。本议案关联 董事谢庆奎先生、谢金菱女士回避表决。 本次日常关联交易预计事项已经公司第三届董事会 2024 年第二次独立董事 专门会议审议通过，全体独立董事一致认为：公司预计 2025 年度日常关联交易 事项属于正常的租赁行为，在较大程度上支持了公司的生产经营和持续发展。公 司日常关联交易符合公开、公平、公正的原则，不会损害到公司和广大股东的利 益，也不会对公司的独立性有任何影响。同意将该议案提交公司董事会审议。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司规范运作 指引》和《公司章程》的相关规定，本次 ...

1．桂林西麦食品股份有限公司（以下简称"公司"）第三届董事会第十二次 会议通知以电子邮件、专人送达的方式于 2024 年 12 月 3 日已向公司全体董事发 出，通知中包括会议的相关材料，同时列明了会议的召开时间、内容和方式。 证券代码：002956 证券简称：西麦食品 公告编号：2024-053 桂林西麦食品股份有限公司 第三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内容的真实、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 2．本次董事会于 2024 年 12 月 6 日在公司会议室召开，以现场会议的方式 召开。 3．本次董事会应出席的董事 5 名，实际出席的董事 5 名。 4．本次董事会由董事长谢庆奎先生主持，公司监事和高级管理人员列席了 本次董事会。 5．本次会议召开程序及出席情况符合《公司法》《公司章程》及有关法律、 行政法规、部门规章、规范性文件的要求，会议决议合法有效。 二、董事会会议审议情况 1. 审议通过《关于使用自有资金进行委托理财的议案》 公司（含合并报表范围内子公司）在不影响公司正常经营活动的情况下拟使 用额度不超过 10 亿元人民币的 ...

证券代码：002956 证券简称：西麦食品 公告编号：2024-059 3、会议召开的合法、合规性：本次股东大会会议召开符合《中华人民共和 国公司法》《上市公司股东大会规则》有关法律、行政法规、部门规章、规范性 文件和《公司章程》等的规定。 桂林西麦食品股份有限公司 关于召开 2024 年第一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内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）于 2024 年 12 月 6 日召开 了第三届董事会第十二次会议，审议通过了《关于提请召开 2024 年第一次临时 股东大会的议案》，具体内容如下： 一、召开会议基本情况 1、会议届次：2024 年第一次临时股东大会 2、会议召集人：本次股东大会由公司董事会召集，经公司第三届董事会第 十二次会议审议通过《关于提请召开 2024 年第一次临时股东大会的议案》，召 开本次股东大会。 5、会议召开方式：本次会议采取现场表决与网络投票相结合的方式。公司 将通过深圳证券交易所交易系统和互联网投票系统（http://wltp.cninfo.com.cn） 向公司股东提供 ...

证券代码：002956 证券简称：西麦食品 公告编号：2024-054 桂林西麦食品股份有限公司 第三届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、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 桂林西麦食品股份有限公司（以下简称"公司"）第三届监事会第十次会议 通知以专人送达的方式于 2024 年 12 月 3 日送达至全体监事。通知中包括会议的 相关材料，同时列明了会议的召开时间、内容和方式。 1、本次会议于 2024 年 12 月 6 日在公司会议室召开，以现场会议的方式召 开。 2、本次会议应出席监事 3 名，实际出席监事 3 名。 3、本次会议由监事会主席隗华女士主持。 4、本次会议的召集、召开和表决程序符合《公司法》等法律、法规和《公 司章程》的规定。 二、监事会会议审议情况 审议通过《关于拟续聘会计师事务所的议案》。 经审核，监事会认同意续聘立信会计师事务所（特殊普通合伙）为公司 2024 年度审计机构，负责公司 2024 年度财务报表及内部控制等审计工作。 具体内容详见巨潮资讯网（www.cninfo.com.cn）披露的《关于拟续聘会计 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][10]. Core Views - The company reported a stable revenue in Q3 2024 with a significant growth in net profit. For the first three quarters of 2024, the company achieved a revenue of 1.433 billion yuan, representing a year-over-year increase of 26.49%, and a net profit attributable to the parent company of 108 million yuan, up 17.13% year-over-year. In Q3 2024 alone, revenue was 460 million yuan, a 6.47% increase year-over-year, with a net profit of 41.81 million yuan, reflecting a substantial growth of 53.90% year-over-year [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's revenue increased by 26.49% year-over-year, while the gross profit margin decreased by 1.50 percentage points due to rising raw material prices, resulting in a gross profit increase of 22.20% compared to the same period last year. The net profit margin decreased by 0.60 percentage points, leading to a final net profit of 108 million yuan [6]. - In Q3 2024, the company experienced a revenue growth of 6.47% year-over-year, but the gross profit margin decreased by 3.43 percentage points, resulting in a gross profit decline of 1.42%. However, the net profit margin increased by 2.80 percentage points, leading to a net profit of 41.81 million yuan [7]. Product and Market Strategy - The company continues to enrich its product categories and expand its market presence through various channels. In the first half of 2024, the company focused on consumer demand, driving product upgrades and promoting oatmeal products as healthy food options. The company has maintained a focus on its major product strategy, with steady growth in star products such as pure oats, organic oats, and milk oatmeal [7][8]. - The company has established a nationwide offline sales network and strengthened its e-commerce channel layout, maintaining the top position in the oatmeal category on major e-commerce platforms. It has also entered community group buying platforms and engaged in deep cooperation with O2O platforms [8]. Financial Projections - The company is projected to achieve revenues of 1.984 billion yuan, 2.480 billion yuan, and 3.046 billion yuan for the years 2024, 2025, and 2026, respectively. The net profits are expected to be 121 million yuan, 176 million yuan, and 240 million yuan for the same years, with corresponding EPS of 0.54 yuan, 0.79 yuan, and 1.08 yuan per share [9][10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue growth rate has slowed down quarter-on-quarter in Q3 2024, achieving a revenue of 460 million yuan, a year-on-year increase of 6.47%. The net profit attributable to the parent company was 42 million yuan, up 53.90% year-on-year [1] - The company has shown strong growth in its product categories, particularly in cold food and leisure oats, which have seen growth rates exceeding 30% due to contributions from the acquired company Desai Kanggu [1] - The company is focusing on product upgrades in composite oats and developing new products that cater to health-conscious consumers, including protein powder and peptide drinks [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.433 billion yuan, a year-on-year increase of 26.49%. The net profit attributable to the parent company was 108 million yuan, up 17.13% year-on-year [1] - The gross margin and net margin for Q3 2024 were 42.82% and 9.17%, respectively, with year-on-year changes of -3.43 percentage points and +2.88 percentage points [1] - The company received government subsidies amounting to 19.8488 million yuan in Q3 2024, which contributed to the increase in net profit [1] Earnings Forecast - The company is expected to achieve revenues of 2.007 billion yuan, 2.411 billion yuan, and 2.853 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.20%, 20.13%, and 18.30% [3][4] - The net profit attributable to the parent company is projected to be 123 million yuan, 160 million yuan, and 197 million yuan for the same years, with growth rates of 6.59%, 30.22%, and 23.02% [3][4] Valuation Metrics - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 23.4X, 17.9X, and 14.6X, respectively [3][4] - The company’s return on equity (ROE) is projected to increase from 8.14% in 2024 to 11.35% in 2026 [8]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown steady revenue growth, with a 26.5% year-on-year increase in revenue for the first three quarters, reaching 1.43 billion yuan. The net profit attributable to shareholders increased by 17.1% year-on-year to 110 million yuan [2] - The company is actively adjusting its online channels, leading to a significant decrease in sales expense ratio, which is expected to enhance profitability as costs decline in 2025 [2][4] - The main business of oats continues to grow steadily, with new products and channels being developed, although there was a slowdown in revenue growth due to weak consumer demand and adjustments in online channels [3] Financial Performance Summary - For Q3, the company reported a revenue of 460 million yuan, a year-on-year increase of 6.5%, and a net profit of 40 million yuan, which is a 53.9% increase year-on-year, primarily due to increased government subsidies [2] - The gross margin decreased by 3.43 percentage points to 42.82% in Q3, mainly due to a temporary rise in raw material prices. However, the net profit margin improved by 2.88 percentage points to 9.17% due to a decrease in sales expense ratio and increased government subsidies [4] - The company forecasts net profits of 124 million yuan, 153 million yuan, and 182 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 7.8%, 22.9%, and 18.9% [2][5] Product and Channel Development - The core products, including pure oats and composite oats, continue to grow steadily, while the cold oat segment has seen rapid growth due to the contribution from Desai Kanggu [3] - The company is actively expanding its protein powder series and has successfully launched new oat milk products in collaboration with external partners [3] Cost and Profitability Outlook - The sales expense ratio has decreased significantly due to proactive adjustments in online marketing strategies, which is expected to improve overall profitability as raw material prices decline in the future [4] - The company anticipates further improvements in profitability as it continues to optimize its cost structure and enhance operational efficiency [4][5]

Group 1 - The core viewpoint of the article is that Ximai Foods plans to enhance its offline channel engagement and invest more resources in mid-tier and lower-tier snack channel brands to boost sales growth [1] - The company indicated that the fourth quarter is a traditional peak sales season, and it will increase its e-commerce spending compared to the third quarter, emphasizing a long-term view on expenditure strategy [1] - The company believes that as it scales up and optimizes its online strategies, the brand's potential will be further released, leading to improved profit margins through spillover effects to other channels [1]

Group 1: Financial Performance - In Q3 2024, the company's revenue reached 460 million CNY, a year-on-year increase of 6.47%, while net profit grew by 53.49% [2] - Cumulative revenue for the first nine months of 2024 was 1.433 billion CNY, representing a year-on-year growth of 26.49%, with net profit increasing by 17.13% [2] - All product categories, including pure oats, compound oats, and cold food oats, experienced double-digit growth in the first three quarters [2] Group 2: Mergers and Acquisitions - The acquisition of Desai Kanggu has shown some sales deviations from expectations due to slower-than-anticipated capacity ramp-up and product development [3] - Desai Kanggu is currently focusing on improving product quality and production efficiency, with expectations for steady growth in the future [3] Group 3: E-commerce Strategy - The company views e-commerce as a strategic channel and plans to continue investing in it despite a temporary reduction in spending in Q3 [4] - The company anticipates increased e-commerce spending in Q4, aligning with the traditional sales peak season [4] Group 4: Offline Channel Growth - The stable growth in offline channels is attributed to deepening market penetration and resource allocation towards snack stores [4] - The company aims to enhance sales in mid-tier and lower-tier snack brands to boost overall sales [4] Group 5: Product Development - The compound oats category has surpassed pure oats due to product upgrades and increased consumer acceptance [4] - The company is exploring new product forms, including oat milk, and has initiated market trials to gauge consumer response [5] Group 6: Health Products - The company has launched health products, including protein powder and peptide drinks, with significant sales volume for protein powder [5] - Recent launches include small molecule peptide drinks, which have shown promising sales progress [5]