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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown steady business progress with effective cost control and efficiency improvements. The revenue for Q1-Q3 2024 reached 1.433 billion yuan, representing a 26% year-on-year increase, while the net profit attributable to shareholders was 108 million yuan, up 17% year-on-year [1][3] - The company is focusing on both organic growth and external expansion, particularly through cost-effective strategies in the Douyin channel. The product line is being diversified, including new health-oriented offerings [1][3] Financial Performance Summary - Revenue for Q3 2024 was 460 million yuan, a 6% increase year-on-year, with a net profit of 42 million yuan, reflecting a 54% increase year-on-year. The non-recurring net profit was 26 million yuan, up 1% year-on-year [1] - The gross margin decreased by 3 percentage points to 42.82% in Q3 2024, primarily due to rising raw material costs. The sales and management expense ratios improved, decreasing by 4 percentage points and increasing by 1 percentage point to 28.96% and 5.95%, respectively [1][3] - The company has adjusted its EPS forecasts for 2024-2026 to 0.52, 0.65, and 0.75 yuan, respectively, with corresponding PE ratios of 24, 20, and 17 times [1][3] Growth Projections - The company is projected to achieve main revenue of 1.93 billion yuan in 2024, with a growth rate of 22.3%. The net profit attributable to shareholders is expected to be 117 million yuan, with a growth rate of 1.2% [3] - The company aims to maintain its market leadership in the oatmeal sector while expanding its health product offerings and optimizing its supply chain to mitigate cost fluctuations [1][3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥459,816,094.21, representing a 6.47% increase compared to the previous quarter and a 26.49% increase year-to-date [2]. - The net profit attributable to shareholders for Q3 2024 was ¥41,812,464.56, showing a significant growth of 53.90% compared to the same period last year [2]. - The basic and diluted earnings per share for Q3 2024 were both ¥0.19, reflecting a 58.33% increase year-over-year [2]. - The company reported a year-to-date net profit of ¥108,354,319.54, which is a 17.13% increase compared to the same period last year [2]. - Total operating revenue for Q3 2024 reached CNY 1,433,060,647.63, an increase of 26.5% compared to CNY 1,132,927,846.68 in the same period last year [10]. - Net profit for Q3 2024 was CNY 108,588,356.86, representing a 17.4% increase from CNY 92,505,690.46 in Q3 2023 [11]. - Basic and diluted earnings per share for Q3 2024 were both CNY 0.49, compared to CNY 0.41 in the previous year, indicating a growth of 19.5% [12]. - The total comprehensive income for Q3 2024 was CNY 108,589,773.16, compared to CNY 92,505,690.46 in the previous year, indicating an increase of 17.4% [12]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥1,958,354,274.06, which is a decrease of 2.58% from the end of the previous year [2]. - As of September 30, 2024, the company's total assets amounted to RMB 1,958,354,274.06, a decrease from RMB 2,010,154,161.58 at the beginning of the period [8]. - The company's cash and cash equivalents decreased to RMB 384,375,863.06 from RMB 526,227,810.28, representing a decline of approximately 27% [9]. - Accounts receivable increased significantly to RMB 119,029,021.00 from RMB 67,520,943.74, marking an increase of about 76% [9]. - Inventory decreased to RMB 153,287,106.23 from RMB 246,384,903.72, reflecting a reduction of approximately 38% [9]. - The company's total current liabilities decreased to RMB 1,196,619,195.24 from RMB 1,407,525,193.97, a decline of about 15% [9]. - The company's long-term investments increased to RMB 73,454,808.27 from RMB 51,259,931.54, an increase of approximately 43% [9]. - The company's total non-current assets amounted to RMB 761,735,078.82, up from RMB 602,628,967.61, indicating an increase of about 26% [9]. - The company's total liabilities decreased to CNY 451,101,047.57 from CNY 551,404,156.83, a reduction of 18.2% [10]. - Total equity increased to CNY 1,507,253,226.49 from CNY 1,458,750,004.75, reflecting a growth of 3.3% [10]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥130,173,463.85, an increase of 8.30% compared to the same period last year [2]. - The cash inflow from operating activities for the current period is CNY 1,500,224,363.72, an increase from CNY 1,153,442,844.35 in the previous period, representing a growth of approximately 30% [13]. - The net cash flow from operating activities is CNY 130,173,463.85, compared to CNY 120,197,427.67 in the previous period, indicating an increase of about 8% [13]. - The cash inflow from investment activities is CNY 1,208,756,737.06, down from CNY 2,412,996,935.44 in the previous period, reflecting a decrease of approximately 50% [14]. - The net cash flow from investment activities is -CNY 139,860,790.86, compared to CNY 175,145,097.58 in the previous period, showing a decline [14]. - The cash inflow from financing activities is CNY 65,000,000.00, up from CNY 40,000,000.00 in the previous period, representing a growth of 62.5% [14]. - The net cash flow from financing activities is -CNY 85,153,116.58, an improvement from -CNY 159,399,951.62 in the previous period [14]. - The cash and cash equivalents at the end of the period amount to CNY 360,042,004.08, down from CNY 501,850,449.21 in the previous period, indicating a decrease of approximately 28% [14]. - The total cash outflow from investment activities is CNY 1,348,617,527.92, compared to CNY 2,237,851,837.86 in the previous period, showing a reduction of about 40% [14]. Other Income and Expenses - Non-recurring gains and losses for Q3 2024 totaled ¥15,411,794.72, with significant contributions from government subsidies and asset disposals [3]. - The company experienced a growth in other income, which was a key driver for the increase in net profit and earnings per share [5]. - The company reported a significant increase in other income, which rose to CNY 24,133,768.62 from CNY 2,253,894.68, marking a substantial growth [11]. - Research and development expenses for Q3 2024 amounted to CNY 6,425,042.47, an increase of 33.6% from CNY 4,806,718.35 in Q3 2023 [11]. - The company’s financial expenses improved, with interest expenses decreasing to CNY 685,179.64 from CNY 1,083,747.55, a reduction of 36.8% [11].

证券代码：002956 证券简称：西麦食品 公告编号：2024-051 桂林西麦食品股份有限公司 关于回购股份方案实施完成暨股份变动的公告 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 2023 年 10 月 29 日召 开第三届董事会第四次会议审议通过《关于以集中竞价交易方式回购公司股份方 案的议案》，拟以自有资金回购公司部分社会公众股股份，用于股权激励计划或 员工持股计划。本次回购的资金总额不低于人民币 2,850 万元（含）且不超过人 民币 5,000 万元（含），回购价格不超过人民币 19 元/股。本次回购股份实施期 限为自公司董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见 《中国证券报》《证券时报》《证券日报》《上海证券报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方案 的公告》（公告编号：2023-053）、《回购报告书》（公告编号：2023-055）。 截至本公告披露之日，公司本次回购股份方案已实施完成。根据《深圳证券 ...