Core Insights - The behavior of margin traders has attracted significant market attention, with investors hoping to capture investment opportunities from their activities [1] Group 1: Margin Trading Data - On May 8, a total of 3,663 stocks received margin buying funds, with the top three stocks being Xinyi Technology (¥1.425 billion), Zhongji Xuchuang (¥1.053 billion), and Shenghong Technology (¥807 million) [1] - The table lists stocks with the highest margin buying amounts, including Tiancheng Technology (¥15.75 million), Xingqiu Graphite (¥8.83 million), and Lianyu Co. (¥15.27 million), showing their respective transaction amounts and margin buying ratios [1] - Margin buying accounted for significant percentages of total transaction amounts for various stocks, with Tiancheng Technology at 28.65%, Xingqiu Graphite at 28.51%, and Lianyu Co. at 28.15% [1] Group 2: Stock Performance - The price changes of stocks with high margin buying varied, with some stocks experiencing gains, such as Tiancheng Technology (1.47%) and Xingqiu Graphite (2.39%), while others like Fuliwang saw a decline (-3.29%) [1][2] - The data indicates that margin buying can correlate with stock performance, as seen in the fluctuations of the stocks listed [1][2]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company demonstrates steady revenue growth and adheres to a major product strategy, focusing on key items like mushroom sauce and Shanghai scallion oil to expand its customer base [6][5] - The company is also exploring new growth avenues by developing health-oriented products, such as the medicinal food product "Zhongjing Yuanqi Ginseng," which is being promoted through e-commerce and chain pharmacies [6] Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 277 million yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 48 million yuan, a decrease of 5% [4] - The gross margin improved by 1 percentage point to 45.91% due to a decline in raw material costs, while the net profit margin decreased by 1 percentage point to 17.49% due to increased sales and management expenses [5] Profit Forecast - The company is expected to maintain steady growth, with projected earnings per share (EPS) of 1.30, 1.43, and 1.59 yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 23, 21, and 19 [7] - Revenue forecasts for 2025-2027 are 1,183 million, 1,283 million, and 1,395 million yuan, with growth rates of 7.7%, 8.5%, and 8.7% respectively [10]

证券代码：300908 证券简称：仲景食品 公告编号：2025-025 仲景食品股份有限公司 2024年年度权益分派实施公告 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、股东大会审议通过的权益分派方案情况 1、仲景食品股份有限公司（以下简称"公司"或"本公司"）2024 年年度 利润分配预案已获 2025 年 4 月 16 日召开的 2024 年年度股东大会审议通过，具 体内容为：以 2024 年 12 月 31 日总股本 146,000,000 股为基数，向全体股东每 10 股派发现金红利人民币 8 元（含税），共计派发现金红利人民币 116,800,000 元（含税），不送红股，不以资本公积转增股本。利润分配预案发布后至实施前， 公司总股本如发生变化，将按照每股分配比例不变的原则，相应调整分配总额。 2、自利润分配预案披露至实施期间，公司股本总额未发生变化。 3、本次实施的权益分派方案与股东大会审议通过的预案及其调整原则一致。 4、本次实施权益分派方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司 2024 年年度权益 ...

Core Insights - The company reported a slight increase in revenue of 1.06% year-on-year, reaching 277 million yuan in Q1 2025, but experienced a decline in net profit attributable to shareholders by 4.81%, indicating a phase of "increased revenue without increased profit" [1] Financial Performance - Operating costs decreased by 1.50% to 150 million yuan, attributed to adjustments in raw material procurement strategies and improved production efficiency [2] - Gross margin improved by 1.41 percentage points to 45.91%, supported by strategic procurement alliances and optimized inventory management [2] - Sales expenses rose by 11.96% to 51 million yuan, with the expense ratio increasing to 18.59%, primarily for offline channel expansion and brand promotion [2] - R&D expenses saw a significant increase of 27.64% to 10 million yuan, while financial expenses dropped by 53.29% due to reduced interest income, further impacting net profit margins [2] Strategic Developments - The company made a significant move in its business transformation with the launch of its first ready-to-eat health product, "Zhongjing Yuanqi Ginseng," which targets the convenient health food market [3] - The product is positioned within the concept of food and medicine integration, but faces challenges due to intense competition in the health food sector and the time required for consumer brand recognition [3] - The Nanyang Zhongjing Food Industrial Park's first phase, including the seasoning sauce workshop, has entered trial production, leveraging regional raw material advantages to reduce costs [3] Conclusion - The Q1 2025 performance reflects typical challenges faced by traditional food companies during consumption upgrade cycles, balancing short-term cost pressures and strategic transformation for long-term growth [4] - While improvements in gross margin and cash flow indicate effective internal management, the decline in net profit highlights mismatches between expense control and revenue growth [4] - The company's attempts in the health sector and industrial park development demonstrate strategic foresight, but the long nurturing period for new businesses and capacity digestion pressures remain significant challenges [4]

证券研究报告 | 公司点评报告 2025 年 04 月 23 日 仲景食品（300908.SZ） 基础数据 | 总股本（百万股） | 146 | | --- | --- | | 已上市流通股（百万股） | 124 | | 总市值（十亿元） | 4.4 | | 流通市值（十亿元） | 3.7 | | 每股净资产（MRQ） | 12.1 | | ROE（TTM） | 9.8 | | 资产负债率 | 13.0% | | 主要股东 河南省宛西控股股份有限公 | | | 主要股东持股比例 | 39.43司% | 股价表现 收入平稳过渡，费用拖累盈利 消费品/食品饮料 % 1m 6m 12m 绝对表现 0 10 7 相对表现 4 15 -1 -30 -20 -10 0 10 20 30 40 Apr/24 Aug/24 Dec/24 Mar/25 (%) 仲景食品 沪深300 公司 Q1 收入/归母净利润同比+1.06%/-4.81%，结合 Q4 和 Q1 看收入表现平 稳，利润受费用率提升影响下滑。25 年公司收入端加大线下渠道铺货，成本 端平稳，部分原材料价格有向下趋势，同时线上投入更高效，预计利润端增速 快于收入。 ...

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a decline in net profit, indicating mixed performance amidst rising costs and increased expenses [1][2]. Financial Performance - Q1 2025 revenue reached 280 million, a year-on-year increase of 1.1%, reversing the previous quarter's decline of 0.4% [1]. - The gross margin improved both year-on-year by 1.4 percentage points to 45.9% and quarter-on-quarter by 7.5 percentage points [1]. - The net profit attributable to shareholders was 48 million, a year-on-year decrease of 4.8%, while the non-recurring net profit was 47 million, down 5.0% year-on-year [1]. - The company's net profit margin and non-recurring net profit margin both decreased by 1.1 percentage points to 17.5% and 17.1%, respectively [1]. Outlook for 2025 - The company plans to focus on promoting new products such as garlic sauce and zero-fat spicy sauce, with an emphasis on e-commerce channels and existing pharmacy systems [2]. - The company aims to deepen market penetration in the regions of its 61 sales offices and enhance the offline customer experience to boost sales [2]. - Despite rising raw material costs, the company anticipates an overall improvement in gross margin for 2025 compared to 2024, driven by price adjustments and a slight increase in mushroom prices [2]. - Revenue projections for 2025-2027 are 1.14 billion, 1.23 billion, and 1.32 billion, reflecting year-on-year growth rates of 4.0%, 7.6%, and 7.7%, respectively [2]. - Expected net profits for the same period are 190 million, 210 million, and 230 million, with year-on-year growth rates of 9.7%, 7.4%, and 9.4% [2].

证券代码：300908 证券简称：仲景食品 公告编号：2025-023 仲景食品股份有限公司 关于变更公司经营范围及修订《公司章程》的公告 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。 仲景食品股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第六 届董事会第十二次会议，审议通过了《关于变更公司经营范围及修订<公司章程> 的议案》。现将相关情况公告如下： 一、经营范围变更情况 根据公司业务发展需要，结合市场监督管理部门对经营范围登记的规范要求， 公司拟对经营范围进行变更，具体如下： | 变更前 | 变更后 | | --- | --- | | 调味品、食品添加剂【辣椒油树脂、 | 许可项目：食品生产；调味品生产；食品 | | 食品用香精、食品用天然香料】、水 | 添加剂生产；饮料生产；食品销售；食品 | | 果制品（果酱）、蔬菜制品【食品菌 | 互联网销售（依法须经批准的项目，经相 | | 制品（干制食品菌）】、食用植物油、 | 关部门批准后方可开展经营活动，具体经 | | 方便食品、罐头制品生产、销售；农 | 营项目以相关部门批准文件或许 ...

关于召开2025年第一次临时股东大会的通知 证券代码：300908 证券简称：仲景食品 公告编号：2025-024 仲景食品股份有限公司 （一）股东大会届次：2025 年第一次临时股东大会 （二）会议召集人：公司第六届董事会 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的相关规定。 （四）会议召开时间： 1、现场会议时间：2025 年 5 月 9 日（星期五）下午 15:30 2、网络投票时间：2025 年 5 月 9 日（星期五） 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 ：2025 年 5 月 9 日 9:15-9:25，9:30-11:30 和 13:00-15:00。 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）进行 投票的具体时间为：2025 年 5 月 9 日 9:15-15:00。 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。 仲景食品股份有限公司（以下简称"公司"）第六届董事会第十二次会议审 议通过了《关于召开 2025 年第一 ...

一、董事会会议召开情况 仲景食品股份有限公司（以下简称"公司"）第六届董事会第十二次会议于 2025 年 4 月 23 日在公司一楼会议室以现场结合通讯表决的方式召开。会议通知 已于 2025 年 4 月 18 日通过电话、邮件等方式发出。本次会议应出席董事 9 人， 实际出席董事 9 人，其中孙锋先生、张中义先生、张德芬女士、叶建华先生以通 讯方式出席会议。本次会议由副董事长朱新成先生召集并主持，公司监事、部分 高级管理人员列席了会议。会议的召集、召开和表决程序均符合《中华人民共和 国公司法》及《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议以记名投票表决方式形成以下决议： （一）审议通过《关于<2025 年第一季度报告>的议案》 证券代码：300908 证券简称：仲景食品 公告编号：2025-021 仲景食品股份有限公司 第六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。 具体内容详见公司同日披露在巨潮资讯网（www.cninfo.com.cn）的《关于 变更公司经营范围及修订<公司章程 ...

仲景食品股份有限公司 章 程 二〇二五年四月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股 份 | 2 | | 第一节 | 股份发行 | 2 | | 第二节 | 股份增减和回购 | 3 | | 第三节 | 股份转让 | 4 | | 第四章 | 股东和股东大会 | 6 | | 第一节 | 股东 | 6 | | 第二节 | 股东大会的一般规定 | 8 | | 第三节 | 股东大会的召集 | 11 | | 第四节 | 股东大会的提案与通知 | 12 | | 第五节 | 股东大会的召开 | 13 | | 第六节 | 股东大会的表决和决议 | 16 | | 第五章 | 董事会 | 21 | | 第一节 | 董事 | 21 | | 第二节 | 董事会 | 23 | | 第六章 | 总经理及其他高级管理人员 | 27 | | 第七章 | 监事会 | 29 | | 第一节 | 监事 | 29 | | 第二节 | 监事会 | 30 | | 第八章 | 财务会计制度、利润分配和审计 | 31 | | 第一节 | 财务会计制度 | 31 | ...