Investment Rating - The report maintains a cautious outlook on the liquor industry, suggesting a bottoming opportunity for investment in high-end liquor brands and potential cyclical recovery in beer and yellow wine sectors [2][11][12]. Core Insights - The liquor industry is experiencing pressure on sales due to external risks and a need for demand improvement, with expectations for the price of original box Feitian Moutai to stabilize around 2000 RMB [2][11]. - The beer industry is showing signs of stabilization with a recovery in dining demand and potential for high-frequency sales tracking, suggesting a favorable outlook for the upcoming peak season [3][12]. - The yellow wine sector is witnessing a trend towards premiumization and market promotion efforts by leading brands, indicating a shift in consumer preferences [3][13]. - The snack food industry remains robust, driven by channel expansion and new product penetration, with expectations for continued high growth in Q2 [3][12]. - The soft drink sector is seeing demand improvement driven by health-oriented and functional beverages, with a positive outlook for brands like Dongpeng Beverage and Nongfu Spring [4][14]. - The seasoning industry is stabilizing at a low point, with growth relying on structural upgrades and increased demand from the restaurant sector [5][15]. Summary by Sections Liquor Industry - Feitian Moutai's original box price is stable between 1900-1950 RMB, with expectations for a price stabilization around 2000 RMB [2][11]. - The industry is under pressure, but the market's expectations for short-term performance have been adequately priced in, suggesting a potential for recovery [12]. Beer Industry - The beer sector is expected to stabilize with a recovery in dining demand and increased focus on non-drinking channels [3][12]. - The industry is positioned for a favorable performance in the upcoming peak season, with anticipated steady mid-year earnings [3][12]. Yellow Wine Industry - The trend towards premiumization is becoming a consensus among leading brands, with increased marketing efforts and a focus on younger consumers [3][13]. Snack Food Industry - The snack food sector is maintaining high growth due to channel expansion and new product introductions, with Q2 performance expected to continue the positive trend [3][12]. Soft Drink Industry - The soft drink market is improving, driven by health and functional beverages, with brands like Dongpeng Beverage and Nongfu Spring expected to perform well [4][14]. Seasoning Industry - The seasoning sector is stabilizing, with growth dependent on structural upgrades and increased demand from the restaurant industry [5][15].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.8 CNY, based on a 20x PE for 2025 [2][5][8]. Core Insights - The company is experiencing short-term pressure on earnings due to increased sales and financial expenses, alongside a slight decline in gross margin. However, the long-term growth logic remains intact [2][8]. - The company is focusing on new product development and brand investment, particularly in health-oriented products, which are expected to drive future growth despite short-term disruptions [7][8]. - Revenue and profit forecasts for 2025-2027 have been adjusted, with EPS projected at 0.74 CNY, 0.84 CNY, and 1.00 CNY respectively [2][8]. Financial Performance Summary - Revenue is expected to grow from 2,065 million CNY in 2023 to 3,713 million CNY in 2027, reflecting a CAGR of approximately 14.3% [4][10]. - The net profit attributable to the parent company is projected to increase from 210 million CNY in 2023 to 450 million CNY in 2027, with a growth rate of 19.2% in the final year [4][10]. - The gross margin is expected to improve from 28.2% in 2023 to 31.3% in 2027, indicating a positive trend in profitability [4][10]. Product Development and Market Strategy - The company is accelerating the launch of innovative products, particularly in the health food segment, with successful entries into key distribution channels [7][8]. - New product categories include nitrogen-packed DHA deep-sea fish, ready-to-eat quail eggs, and probiotic tofu, which align with the company's health-focused strategy [7][8]. Market Position and Competitive Landscape - The company is positioned within the food and beverage industry in China, with a market capitalization of approximately 5,826 million CNY [5]. - The report highlights the competitive landscape, noting that the company is actively enhancing its market presence through channel expansion and product innovation [7][8].

Group 1 - The establishment of the Beihai Leisure Food Smart Industrial Park marks an important step in the national industrial layout of Jinzhai Food, injecting new momentum into the food industry development in Beihai and Guangxi [2] - The project has a total planned investment of 280 million yuan and is expected to create approximately 1,000 jobs [2] - The park will primarily produce leisure fish products, poultry and egg products, and leisure vegetarian food, aiming to create a modern leisure food base integrating R&D, production, and sales [2][3] Group 2 - Jinzhai Food has achieved its first "three-year doubling" development goal post-listing in 2023, with revenue and net profit both doubling compared to 2020 [3] - In 2024, the company is projected to achieve revenue of 2.412 billion yuan and a net profit of 291 million yuan, maintaining a growth rate among the top in the A-share leisure food sector [3] - The smart industrial park aims to become a leading research and production hub for leisure food, focusing on high-quality protein health products and promoting the transformation of production towards informatization, intelligence, and health [3]

Group 1 - The core viewpoint of the article highlights the inauguration of the Beihai Leisure Food Smart Industrial Park by Jinzhai Food Group, marking a significant step in the company's strategic development and smart upgrade, while also contributing to the local food industry's high-quality growth and facilitating the export of Chinese snacks to Southeast Asia [1][3] - The company plans to invest 280 million yuan in the Beihai Economic and Technological Development Zone, which is expected to create over 1,000 jobs and focus on producing leisure fish products, poultry and egg products, and vegetarian snacks [1][3] - The Beihai region is recognized for its rich marine resources and convenient logistics, which will provide stable and high-quality raw materials for the company's fish snack production, supporting its long-term strategic layout in Southeast Asia, including Singapore and Malaysia [1][3] Group 2 - The company has a strong focus on high-quality protein categories, with its flagship product, Jinzhai deep-sea anchovy, achieving annual sales exceeding 1.5 billion yuan, maintaining its position as the leading product in its category for several years [3] - The establishment of the industrial park is seen as a strategic decision for the company to expand its influence both nationally and globally, with an emphasis on enhancing research and development, improving product quality, and increasing market share [3][4] - Experts suggest that while the Beihai region has a developing seafood processing industry, there is a need for advanced processing technologies to avoid homogenization and enhance the collaborative effects of the industry chain, which could be bolstered by the investment from leading companies like Jinzhai Food [4]

Core Viewpoint - The investor relations management system of Jinzhai Food Group Co., Ltd. aims to enhance communication with investors, improve corporate governance, and maximize company value and shareholder interests [1][2]. Group 1: Objectives of Investor Relations Management - To promote a positive relationship between the company and investors, enhancing their understanding and familiarity with the company [2]. - To establish a stable and high-quality investor base for long-term market support [2]. - To foster a corporate culture that respects and serves investors [2]. - To maximize overall company interests and shareholder wealth [2]. - To increase transparency in information disclosure and improve corporate governance [2]. Group 2: Basic Principles of Investor Relations Management - Compliance principle: Investor relations activities must adhere to legal and regulatory requirements [4]. - Equality principle: All investors should be treated equally, with special provisions for small investors [4]. - Proactivity principle: The company should actively engage in investor relations activities and respond to investor feedback [4]. - Honesty and integrity principle: The company should maintain a trustworthy and responsible approach in investor relations [4]. Group 3: Management of Investor Relations Activities - The company must ensure that investor relations activities are based on publicly disclosed information and avoid leaking undisclosed significant information [3][6]. - The board secretary is responsible for organizing and coordinating investor relations activities [4]. - Regular training should be provided to key personnel to enhance their understanding of relevant laws and regulations [4]. Group 4: Communication Channels and Methods - The company will utilize various channels such as the official website, stock exchange platforms, and new media to communicate with investors [7]. - Investor relations activities will include shareholder meetings, investor briefings, roadshows, and analyst meetings [7]. - The company should facilitate visits and discussions for small shareholders and institutional investors [7][8]. Group 5: Handling Investor Complaints and Feedback - The company is responsible for addressing investor complaints and should have a mechanism in place for handling such issues [8]. - The company must pay attention to media reports and fulfill disclosure obligations related to such reports [8]. Group 6: Documentation and Record-Keeping - The company should maintain comprehensive records of investor relations activities, including participant details and communication content [4][9]. - Records should be categorized and preserved for a minimum of three years [9]. Group 7: Interaction with Research Institutions - The company must ensure proper reception and disclosure obligations when engaging with research institutions and individuals [12]. - A written record of the communication process should be maintained, and any potential leaks of undisclosed information must be addressed promptly [13]. Group 8: Use of Interactive Platforms - The company should engage with investors through platforms like Interactive Easy, ensuring timely and respectful responses to inquiries [14]. - Information shared on these platforms must not replace formal disclosure obligations and should be accurate and fair [14][15].

民生证券股份有限公司 关于劲仔食品集团股份有限公司 部分募投项目延期的专项核查意见 三、部分募投项目延期的具体情况及原因 募集资金到位后，劲仔食品始终积极推进募投项目建设，为进一步提升核心 技术水平、产品竞争力和市场占有率，保证募集资金发挥应有价值和作用，使募 集资金投资项目的实施更符合长期发展战略的要求，劲仔食品拟将"湘卤风味休 闲食品智能生产项目"达到预定可使用状态日期从 2025 年 6 月延期至 2025 年 12 月。本次募投项目延期的主要原因如下：一方面，该募投项目仍有部分设备正 在调试尚未达到预定可使用状态；另一方面，为保证募投项目建设质量，募投项 目投建有关合同约定了分期付款条款，基于合同约定和项目建设实际情况，存在 部分尾款、质保金等款项因未到支付时点而尚未付款的情况。除上述情形外，本 次项目延期不涉及募集资金投资用途、投资总额和实施主体的变更，不会对募投 项目的实施造成实质性不利影响。 四、部分募投项目延期的影响 二、募集资金投资项目情况 由于劲仔食品本次向特定对象发行股票的募集资金在扣除发行费用后，募集 资金净额低于《2022 年度非公开发行 A 股股票预案》中预计使用的募集资金金 额。 ...

劲仔食品集团股份有限公司 非经营性资金占用是指代控股股东及其关联方垫付工资、福利、保险、广告 等费用和其他支出，代控股股东及其关联方偿还债务而支付资金，有偿或无偿、 直接或间接拆借给控股股东及其关联方资金,为控股股东及其关联方承担担保责 任而形成的债权，委托控股股东及其关联方进行投资活动，为控股股东及其关联 方开具没有真实交易背景的商业承兑汇票，以及其他在没有商品和劳务对价情况 下以采购款、资产转让款、预付款等方式向控股股东及其关联方提供资金，或者 证券监管机构认定的其非经营性占用行为。 第三条 纳入公司合并会计报表范围的子公司适用本制度，公司控股股东及 关联方与纳入合并会计报表范围的子公司之间的资金往来参照本制度执行。 第二章 防范原则 劲仔食品集团股份有限公司 防范控股股东及关联方资金占用管理制度 第一章 总则 第一条 为建立防范控股股东及关联人占用劲仔食品集团股份有限公司（以 下简称"公司"）资金的长效机制，杜绝控股股东及关联人资金占用行为的发生， 根据《中华人民共和国公司法》（以下简称"《公司法》"）等法律法规、规范 性文件及《劲仔食品集团股份有限公司章程》（以下简称"《公司章程》"）制 定本制度。 ...

劲仔食品集团股份有限公司 劲仔食品集团股份有限公司 现金管理制度 第一章 总则 第一条 为了规范劲仔食品集团股份有限公司（以下简称"公司"）、全资 及控股子公司（以下简称"子公司"）现金业务的管理，有效控制决策及执行过 程中的风险，提高投资收益，维护公司及股东利益，根据《中华人民共和国公司 法》、《中华人民共和国证券法》、《深圳证券交易所股票上市规则》、《上市 公司募集资金监管规则》、财政部颁布的《企业内部控制基本规范》及配套指引 等有关法律、法规、规范性文件和《劲仔食品集团股份有限公司公司章程》的规 定，结合公司的实际情况，制定本制度。 第二条 本制度适用于公司及全资子公司、控股子公司。公司全资子公司、 控股子公司进行现金管理须报经公司审批，未经公司审批不得进行任何现金管理 活动。 第三条 本制度所指"现金管理"是指在国家政策、法律法规及证券交易所 相关业务规则允许的情况下，公司在确保正常经营和控制投资风险的前提下，以 提高资金使用效率、增加公司收益为原则，委托商业银行、基金公司、证券公司 等金融机构购买安全性高、流动性好的低风险投资产品（包括但不限于结构性存 款、大额存单、定期存款等保本型产品），以提高资 ...

劲仔食品集团股份有限公司 劲仔食品集团股份有限公司 董事、高级管理人员所持公司股份及其变动管理制度 第四条 公司董事和高级管理人员应当确保下列自然人、法人或者其他组 织不发生因获知内幕信息而买卖本公司股份及其衍生品种的行为： 第一章 总则 (一)公司董事、高级管理人员的配偶、父母、子女、兄弟姐妹； (二)公司董事、高级管理人员控制的法人或者其他组织； (三)中国证监会、深交所和公司根据实质重于形式的原则认定的其他与公司 或公司董事和高级管理人员有特殊关系，可能获知内幕信息的自然人、法人或者 其他组织。 第五条 公司董事和高级管理人员所持本公司股份，是指登记在其名下的 所有本公司股份。董事和高级管理人员从事融资融券交易的，还包括记载在其信 用账户内的本公司股份。 1 第一条 为加强劲仔食品集团股份有限公司（以下简称"公司"）董事、 高级管理人员所持公司股份及其变动的管理，根据《中华人民共和国公司法》(以 下简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《上 市公司董事和高级管理人员所持本公司股份及其变动管理规则》、《深圳证券交 易所上市公司自律监管指引第 10 号——股份变动管理》《深圳证券 ...

劲仔食品集团股份有限公司 投资者关系管理制度 劲仔食品集团股份有限公司 投资者关系管理制度 第一章 总则 第一条 为了进一步加强劲仔食品集团股份有限公司（以下简称"公司"） 与投资者和潜在投资者（以下统称"投资者"）之间的沟通，促进投资者对公司 的了解，进一步完善公司法人治理结构，实现公司价值和股东利益的最大化，根 据《中华人民共和国公司法》、《中华人民共和国证券法》等有关法律、法规并 参照中国证监会《上市公司投资者关系工作指引》、《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》及《劲仔食品集团股份有限公 司章程》等的规定，结合公司实际情况，制定本制度。 （三）形成服务投资者、尊重投资者的企业文化。 （四）促进公司整体利益最大化和股东财富增长并举的投资理念。 第二条 投资者关系管理是指公司通过信息披露与交流等各种投资者关系 活动,加强与投资者的沟通,增进投资者对公司的了解和认同,提升公司治理水平, 以实现公司整体利益最大化和保护投资者合法权益的管理行为。 第三条 投资者关系管理的目的： （一）促进公司与投资者之间的良性关系,增进投资者对公司的进一步了解 和熟悉。 （二）建立稳定和优质 ...