湖南启元律师事务所 HUNAN QIYUAN LAW FIRM 410007 湖南省长沙市 芙蓉区建湘路 393 号世茂环球金融中心 63 层 Tel：86-731-82953777 Fax：86-731-82953779 http://www.qiyuan.com 湖南启元律师事务所 关于劲仔食品集团股份有限公司 2024 年年度股东大会的 法律意见书 致：劲仔食品集团股份有限公司 湖南启元律师事务所（以下简称"本所"）受劲仔食品集团股份有限公司（以 下简称"公司"）委托，对公司 2024 年年度股东大会（以下简称"本次股东大会"） 进行现场见证，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、 规章和规范性文件以及《劲仔食品集团股份有限公司章程》（以下简称"《公司 章程》"）的相关规定，出具本法律意见书。 为出具本法律意见书，本所指派律师列席了本次股东大会，按照律师行业公 认的业务标准、道德规范和勤勉尽责精神，对本次股东大会进行了现场见证，并 核查和验证了公司提供的与本次股东大会有关的文件、资料和事实。 本所出具本法律意 ...

智通财经4月15日电，劲仔食品、麦趣尔涨停，一致魔芋涨超10%,，朱老六、惠发食品、盖世食品、三 只松鼠、巴比食品、盐津铺子等跟涨。消息面上，近日，中办、国办印发的《提振消费专项行动方案》 与今年更加积极的财政政策同向发力，要求"发挥财政政策引导带动作用"，将促消费同惠民生、补短板 结合起来。 食品股异动拉升 劲仔食品涨停 ...

Investment Rating - The report emphasizes a positive outlook on the food and beverage sector, particularly highlighting the defensive nature of mass consumer goods and the cyclical elasticity of the liquor sector [3][4]. Core Insights - The food and beverage sector has shown a pattern of performance during systemic events, with significant downturns in 2018 and substantial recoveries in 2020, indicating resilience and potential for future growth [3][6]. - The report suggests that leading companies in the sector have become attractive for mid-term allocation after adjustments, with mass consumer goods showing stronger defensive characteristics and liquor companies exhibiting greater cyclical elasticity [3][4]. - Recommendations include increasing allocations to key liquor brands like Kweichow Moutai and Wuliangye, as well as mass consumer brands such as Yili and Qingdao Beer, due to their favorable valuations and growth potential [3][4]. Summary by Sections 1. Event Overview - The report discusses the importance of domestic consumption and the government's focus on boosting consumer demand, especially in light of recent economic challenges [6]. 2. 2018 Review 2.1 Sector Performance - In 2018, the food and beverage sector declined by 21.95%, with a relative excess return of 8.04%, ranking third among sub-industries [17]. - The first half of 2018 saw better performance due to market consumption upgrades, while the second half was affected by trade war concerns [17]. 2.2 Changes in Performance and Valuation - Most companies in the food and beverage sector did not see significant adjustments in profit forecasts, but liquor companies experienced some upward revisions [28]. - By the end of 2018, the dynamic PE ratios for liquor companies ranged from 15-20x, while mass consumer goods were at 20-30x [29]. 3. 2020 Review 3.1 Sector Performance - The food and beverage sector surged by 84.97% in 2020, with a relative excess return of 59.07%, again ranking third among sub-industries [41]. - The sector initially lagged due to pandemic impacts but rebounded strongly as consumption patterns shifted back to normal [41]. 3.3 Changes in Performance and Valuation - By the end of 2020, many food and beverage companies saw downward adjustments in earnings forecasts, while some, like Shanxi Fenjiu and JiuGuiJiu, experienced upward revisions due to improved management and product launches [48]. - Liquor companies saw significant valuation expansions, with some exceeding 50x dynamic PE ratios by year-end [48].

【深圳商报讯】（记者陈燕青）私募调研热情依然较高。私募排排网数据显示，3月共有923家私募证券 管理人参与了A股公司调研，覆盖到26个申万一级行业中的209家A股公司，合计调研次数达3513次，环 比增幅10.02%。 值得一提的是，3月股价涨幅前十的私募调研A股公司中，医药生物行业公司占到2家，分别是德源药业 和科兴制药，当月股价涨幅依次为33.16%和20.01%。 从被调研次数来看，3月有61家A股公司被私募调研不少于10次，其中41家被调研10~19次；9家被调研 20~29次；11家被调研不少于30次。劲仔食品最受公募调研青睐，3月获得上海瓴仁私募、慎知资产、 迎水投资等百亿私募在内的51家私募合计调研51次。 从行业来看，私募调研次数排名前十的A股公司中，电子、食品饮料和医药生物公司数量最多，均有2 家公司入围前十。 3月私募调研覆盖申万一级行业中，11个行业被调研不少于50次，其中5个行业被调研50~99次；3个行 业被调研100~199次；3个行业被调研不少于200次。机械设备成为3月最受私募调研青睐行业，该行业 有29家公司被私募合计调研259次，其中包括国安达、基康仪器、康斯特、金沃股份、 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]

公司发布2024 年年报：2024 年实现营业收入24.12亿元，同增16.79%，归母净利润2.91 亿元，同增 39.01%，扣非归母净利润2.61 亿元，同增39.91%。4Q2024 实现营业收入6.40 亿元，同增11.92%，归母 净利润0.77 亿元，同增0.31%，扣非归母净利润0.72 亿元，同减6.97%。 核心大单品增速亮眼，零食渠道增速超100%。分产品看，24 年公司年鱼制品/禽类制品/豆制品/蔬菜制 品分别实现收入15.33/5.09/2.47/0.79 亿元，同增18.76%/12.67%/13.89%/9.58%。24 年公司推出行业首创 型产品：充氮锁鲜富含DHA 劲仔深海鳀鱼、无抗可生食七个博士溏心鹌鹑蛋、 0 添加短保周鲜鲜平江 酱干、鲜拌摇摇干等。 分渠道看，24 年公司线上/线下渠道分别实现收入3.91/20.21 亿元，分别同减6.15%/同增22.58%。线下渠 道中零食渠道24 年营收同比增长超100%，与超100 家零食系统合作，覆盖3.5 万多家终端。线上渠道相 对承压，公司积极求变，加快内容电商建设。 24 年毛利率提升2.3pct，销售费用投入力度提升。 ...

近5日机构合计调研139家公司，三花智控、劲仔食品、广联达等被多家机构扎堆调研。 | 002139 | 拓邦股份 | 1 | 73 | 15.53 | -1.08 | 电子 | | --- | --- | --- | --- | --- | --- | --- | | 688458 | 美芯晟 | 1 | 70 | 36.73 | -0.03 | 电子 | | 688323 | 瑞华泰 | 1 | 65 | 14.15 | -1.12 | 基础化工 | | 603477 | 巨星农牧 | 2 | 65 | 20.39 | 8.40 | 农林牧渔 | | 832491 | 奥迪威 | 1 | 65 | 31.81 | 4.71 | 电子 | | 688197 | 首药控股 | 1 | 62 | 31.90 | 5.56 | 医药生物 | | 688008 | 澜起科技 | 1 | 61 | 77.50 | 4.70 | 电子 | | 002683 | 广东宏大 | 1 | 60 | 29.85 | 1.46 | 基础化工 | | 300294 | 博雅生物 | 1 | 56 | 27.20 | -1.16 | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The performance of the food and beverage index showed a 0.4% increase from March 24 to March 28, ranking third among primary sub-industries, outperforming the CSI 300 by approximately 0.4 percentage points. The leading sub-industries included meat products (+2.9%), dairy products (+2.1%), and beer (+2.0%) [4][11][12] - The fourth quarter of 2024 saw significant performance differentiation among companies, with several reporting improved earnings. For instance, Shuanghui Development experienced comprehensive profit improvement, while Tianwei Foods exceeded previous profit forecasts due to strong demand and reduced raw material costs [4][11] - The outlook for the first quarter of 2025 suggests that the industry is at a bottoming phase, with expectations of gradual performance recovery in subsequent quarters. It is recommended to increase allocations in the liquor, beer, and snack sectors [4][11] Summary by Sections Market Performance - The food and beverage index outperformed the market with a 0.4% increase, ranking third among industries. Key performers included Miaokelando, Guangming Meat, and Jiahe Foods, while Maikui'er, Lianhua Holdings, and Xiwang Foods faced declines [12][13] Upstream Data - Some upstream raw material prices have decreased. For example, the price of fresh milk was 3.1 yuan/kg, down 12.5% year-on-year, while pork prices increased by 2.3% year-on-year to 20.9 yuan/kg [18][21] - The price of imported barley fell by 10.4% year-on-year, which may alleviate cost pressures for beer companies [27][28] Company Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, Ganyuan Foods, and Ximai Foods, with each showing strong growth potential and strategic advantages in their respective markets [5][49]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Insights - The company achieved revenue and net profit of 2.41 billion and 290 million respectively in 2024, representing year-on-year growth of 16.8% and 39.0% [5][6]. - The growth momentum is expected to continue into 2025, with a focus on new channels and product categories, alongside increased brand promotion efforts [5][6]. - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares, resulting in a cumulative dividend payout ratio of 61.5% for the year [5]. Financial Performance - In 2024, the core product fish products generated revenue of 1.53 billion, up 18.8% year-on-year, while poultry products and soybean products also saw significant growth [5]. - The offline channel revenue grew by 22.6%, while online sales faced a slight decline of 6.2% [5]. - The overall gross margin improved to 30.5%, an increase of 2.3 percentage points year-on-year, driven by cost reductions and increased sales volume [5][12]. Future Outlook - The company is expected to continue expanding its channels and strengthening its supply chain, particularly in overseas fish resources [5][6]. - Earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 0.73 and 0.86 yuan respectively, with a price-to-earnings (PE) ratio of 16x for 2025 [6][7].

[Table_Reportdate] 2025年03月28日 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：原材料价格大幅波动；宏观需求不及预期；新品推广进度不及预期。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 2,411.94 | 2,788.68 | 3,251.67 | 3,752.26 | | 同比增速(%) | 16.79% | 15.62% | 16.60% | 15.39% | | 归母净利润(百万元) | 291.33 | 320.94 | 370.31 | 442.30 | | 同比增速(%) | 39.01% | 10.16% | 15.38% | 19.44% | | EPS（元/股） | 0.65 | 0.71 | 0.82 | 0.98 | | 市盈率（P/E） | 18.56 | 16.85 | 14.60 | 12.22 | | 市净率（P/B） | 3.80 | 3.50 | 3.20 ...