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Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [6][9][13] Core Views - The company achieved a revenue of 1.098 billion yuan in 2024, reflecting a year-on-year growth of 10.40%, although this is a decrease of 2.37 percentage points compared to the previous year [8] - Revenue growth in the first two quarters was robust at 22.78% and 11.51%, but it weakened significantly in the third and fourth quarters, with growth rates of 9.57% and -0.36% respectively [8] - The main drivers of revenue growth were the seasoning products and seasoning ingredients, which generated revenues of 625 million yuan and 462 million yuan, growing by 12.12% and 6.60% year-on-year [8] - Direct sales have increased significantly, with direct sales revenue reaching 660 million yuan, a year-on-year increase of 16.75%, and accounting for 60.67% of total revenue [8] - The core markets for the company are Central and Eastern China, contributing nearly 70% of total revenue, with respective contributions of 39.74% and 27.98% [8] Financial Performance Summary - The company's gross profit margin for the main business was 41.39%, a slight decrease of 0.04 percentage points year-on-year, primarily due to a decline in the gross margin of seasoning products [9] - The forecasted earnings per share for 2025, 2026, and 2027 are 1.28 yuan, 1.43 yuan, and 1.55 yuan, respectively, with corresponding price-to-earnings ratios of 25.28, 22.65, and 20.86 based on the closing price of 32.33 yuan on April 17 [9][10]

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 直销增长迅猛，成本局部升高 证券研究报告-年报点评 谨慎增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 32.33 | | --- | --- | | 一年内最高/最低(元) | 48.07/22.00 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.74 | | 流通市值(亿元) | 39.95 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 11.80 | | 每股经营现金流(元) | 1.56 | | 毛利率(%) | 41.73 | | 净资产收益率_摊薄(%) | 10.18 | | 资产负债率(%) | 13.91 | | 总股本/流通股(万股) | 14,600.00/12,358.15 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -26% -18% -11% -4% 4% 11% 18% 26% 2024.04 2024.08 2024.12 ...

证券代码：300908 证券简称：仲景食品 公告编号：2025-020 仲景食品股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开时间： 1、现场会议召开时间：2025 年 4 月 16 日（星期三）下午 15:00 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 4 月 16 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易 所互联网投票系统投票的时间为 2025 年 4 月 16 日 9:15-15:00。 （二）现场会议召开地点：河南省西峡县工业大道北段 211 号公司办公楼一 楼会议室。 （三）会议召开方式：采取现场投票与网络投票相结合的方式。 （四）会议召集人：公司第六届董事会 （五）会议主持人：公司董事长孙锋先生 （六）本次股东大会的召集、召开及表决方式符合《中华人民共和国公司法》 《深圳 ...

北京市海淀区阜成路 58 号新洲商务大厦 502-504 室 电话：（010）8813 1230/34/35 网址：https://phlawyer.com.cn/ 北京市普华律师事务所关于 仲景食品股份有限公司 2024 年年度股东大会的 法律意见书 致：仲景食品股份有限公司 北京市普华律师事务所（以下简称"本所"）接受仲景食品股份有限公司（以 下简称"公司"）的委托，指派本所苏宏泉律师、罗方雯律师列席了公司于 2025 年 4 月 16 日召开的 2024 年年度股东大会（以下简称"本次股东大会"），并依 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》"）、《上市公司股东会规则》等法律、行政 法规和规范性文件以及《仲景食品股份有限公司章程》（以下简称"《公司章程》"） 的规定，对本次股东大会的召集和召开程序、出席会议人员资格和召集人资格、 会议表决程序和表决结果等事宜出具本法律意见书。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实 ...

Summary of Conference Call Company Overview - The conference call discusses the annual report of Zhongjing Food, which has shown growth despite challenges in the financial sector. The company reported a revenue of 1.098 billion yuan, a year-on-year increase of 10.4%, and a net profit of 175 million yuan, up 1.81% from the previous year [2][4]. Key Products and Performance - Zhongjing Food focuses on three major product lines: mushroom sauce, Shanghai scallion oil, and spice extracts, which together account for 66% of the company's main business revenue [4][2]. - The mushroom sauce generated approximately 330 million yuan in revenue, while Shanghai scallion oil saw a 35% year-on-year growth, reaching 200 million yuan [4][2]. - The company launched a second-generation mushroom sauce with a 20% reduction in oil and no preservatives, aligning with consumer health trends [3][2]. Sales Channels and Strategies - The company emphasizes a multi-channel sales strategy, focusing on both B2B and B2C markets, with a total sales revenue of 625 million yuan for seasoning products, a 12% increase year-on-year [5][2]. - E-commerce sales grew nearly 30%, contributing 240 million yuan to total revenue, while offline sales strategies include enhancing in-store experiences and promotions [5][6]. - The company plans to continue expanding its e-commerce presence and improve operational capabilities in this channel [6][20]. Brand Development and Marketing - Zhongjing Food has unified its brand visuals and enhanced brand recognition through various marketing strategies, including legal actions against infringement [7][2]. - The company aims to maintain a focus on flavor and health in its marketing and product development strategies [9][36]. Future Outlook and Challenges - The company anticipates a stable growth trajectory, aiming for a revenue increase of around 30% in 2025, with a focus on product innovation and market expansion [30][22]. - Challenges include rising raw material costs, particularly for scallions and mushrooms, which have seen price increases of over 9% year-on-year [15][23]. - The company is also exploring new product lines in the health sector, such as the "Zhongjing Vitality Ginseng," targeting health-conscious consumers [10][29]. Financial Performance and Dividends - Zhongjing Food plans to distribute a cash dividend of 10 yuan per share for the 2024 fiscal year, reflecting a commitment to returning value to shareholders [9][2]. - The company has maintained a consistent dividend policy since its IPO, with cumulative dividends amounting to 446 million yuan [9][2]. Industry Insights - The seasoning industry is experiencing increased competition, with a focus on product quality and unique offerings becoming essential for survival [27][28]. - Consumer preferences are shifting towards healthier and more transparent products, which will influence future product development strategies [27][36]. Conclusion - Zhongjing Food is positioned for growth through strategic product innovation, multi-channel sales, and a strong focus on brand development. The company is aware of the challenges in the market and is adapting its strategies accordingly to ensure long-term sustainability and profitability [36][37].

证券代码：300908 证券简称：仲景食品 文件编号：2025-02 仲景食品股份有限公司 投资者关系活动记录表 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 参与公司 2024 年度业绩说明会的投资者 时间 2025 年 4 月 7 日（星期一）下午 15:00-16:00 地点 全景网"投资者关系互动平台"（https://ir.p5w.net） 公司接待人员姓名 副董事长、总经理：朱新成 董事会秘书：王飞 财务总监：王荷丽 独立董事：叶建华 投资者关系活动主要内容介绍 1、请问贵公司本期财务报告中，盈利表现如何？ 您好，2024 年，公司坚持以用户为中心，以长期主义建设品牌和优化产品， 通过产品品质升级、品牌价值输出、渠道融合发展的协同效应，构建差异化竞争 优势，实现稳健发展，主营业务连续十二年保持正增长。 2024 年，公司实现营 业收入 109,764.67 万元，同比增长 10.40%，归属于上市公司股东的净利润 17,540.31 万元，同比增长 1.81%，归属于上 ...

Group 1 - The company achieved operating revenue of 1.098 billion yuan in FY24, a year-on-year increase of 10.40%, and a net profit attributable to shareholders of 175 million yuan, up 1.81% year-on-year [1] - In Q4 of FY24, the company reported operating revenue of 259 million yuan, a slight decline of 0.36% year-on-year, and a net profit attributable to shareholders of 26 million yuan, down 18.77% year-on-year [1] - The company plans to distribute an annual dividend of 0.8 yuan per share, resulting in a total dividend payout of 1 yuan per share for FY24, with a payout ratio of 83% [1] Group 2 - The seasoning food segment showed steady growth, with revenues from seasoning foods, seasoning ingredients, and other businesses reaching 625 million, 462 million, and 10 million yuan respectively in FY24, representing year-on-year increases of 12.12%, 6.60%, and 250% [2] - The company expanded its distribution channels, with the number of distributors increasing to 2,207 by the end of FY24, an increase of 112 from H1 [2] Group 3 - The company's gross margin for FY24 was 41.7%, while Q4 gross margin was 38.4%, reflecting a year-on-year change of +0.14 and -3.21 percentage points respectively [3] - Rising costs were attributed to increased prices of raw materials such as scallions and mushrooms, while sales expenses increased due to greater investment in e-commerce channels [3] - The net profit margin for FY24 was 16.0%, down 1.35 percentage points year-on-year, and the net profit margin excluding non-recurring items was 15.19%, down 1.28 percentage points [3] Group 4 - The company aims for continuous positive growth in main business revenue for FY25, with a focus on enhancing the consumer experience for its scallion oil products [4] - The company emphasizes shareholder returns, maintaining a high dividend payout ratio of 83% for FY24 [4] Group 5 - Revenue forecasts for FY25 and FY26 have been adjusted down to 1.213 billion and 1.335 billion yuan respectively, with EPS estimates also revised down to 1.34 and 1.48 yuan [5] - The company maintains a "buy" rating with a PE ratio of 21, 19, and 17 times for FY25, FY26, and FY27 respectively [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 1.098 billion yuan in FY24, representing a year-on-year growth of 10.40%, and a net profit attributable to shareholders of 175 million yuan, with a growth of 1.81% [2] - The company plans to distribute an annual dividend of 0.8 yuan per share, resulting in a cumulative dividend of 1 yuan per share for FY24, with a payout ratio of 83% [2] - The company is focusing on expanding its distribution channels and enhancing shareholder returns, with a strong emphasis on the growth of its scallion oil sauce product [5] Summary by Sections Financial Performance - In FY24, the company reported revenues of 1.098 billion yuan, with a net profit of 175 million yuan, and a non-recurring net profit of 167 million yuan, showing growth rates of 10.40%, 1.81%, and 1.83% respectively [2] - For Q4 FY24, the company recorded revenues of 259 million yuan, a slight decline of 0.36% year-on-year, and a net profit of 26 million yuan, down 18.77% year-on-year [2] Product and Channel Analysis - The company's seasoning food segment showed steady growth, with revenues from seasoning foods, seasoning ingredients, and other businesses reaching 625 million, 462 million, and 10 million yuan respectively, with year-on-year growth rates of 12.12%, 6.60%, and 250% [3] - The company expanded its distribution channels, with revenues from distribution, direct sales, and other businesses reaching 428 million, 660 million, and 10 million yuan respectively, with year-on-year growth rates of 0.37%, 16.75%, and 250% [3] Cost and Profitability - The gross margin for FY24 was 41.7%, while for Q4 it was 38.4%, reflecting a year-on-year change of +0.14% and -3.21 percentage points respectively [4] - The company faced cost pressures due to rising raw material prices, particularly for scallions and mushrooms, which impacted profitability [4] - The net profit margin for FY24 was 16.0%, down 1.35 percentage points year-on-year, while the non-recurring net profit margin was 15.19%, down 1.28 percentage points [4] Future Outlook - The company aims for continuous revenue growth in its main business for 13 consecutive years, with a focus on enhancing the consumer experience for its scallion oil sauce product [5] - Revenue forecasts for FY25 and FY26 have been adjusted to 1.213 billion and 1.335 billion yuan respectively, with EPS estimates revised to 1.34 and 1.48 yuan [6]