Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company achieved a revenue of 1.098 billion yuan in 2024, representing a 10% year-on-year increase, with a net profit of 175 million yuan, up 2% year-on-year [1] - The main product lines are experiencing steady growth, with a focus on expanding the product matrix and enhancing e-commerce channels [1][3] - The company has increased its dividend payout ratio to approximately 83% in 2024, up from 58% in 2023 [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.098 billion yuan, a 10% increase year-on-year, and a net profit of 175 million yuan, also a 2% increase year-on-year [1] - The fourth quarter of 2024 saw a revenue of 259 million yuan, a slight decrease of 0.4% year-on-year, with net profit dropping by 19% due to rising raw material costs [1] Profitability and Costs - The gross margin increased by 0.1 percentage points to 41.73% in 2024, despite pressure from rising raw material prices [2] - The net profit margin decreased by 1 percentage point to 15.98% due to increased sales and management expenses [2] Product and Channel Development - Revenue from seasoning products reached 625 million yuan, a 12% increase year-on-year, with successful expansion in offline channels [3] - The direct sales channel generated 660 million yuan in revenue, a 17% increase, driven by enhanced partnerships with chain supermarkets and B-end custom sales [4] Future Outlook - The company is expected to maintain steady growth, with projected revenues of 1.208 billion yuan in 2025, reflecting a growth rate of 10% [11] - Earnings per share (EPS) are forecasted to be 1.29 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 22 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for Zhongjing Food [1][9] Core Views - The company achieved a revenue of 1.098 billion yuan in 2024, representing a 10% year-on-year increase, with a net profit of 175 million yuan, up 2% year-on-year [1] - The main product lines are showing steady growth, with a focus on expanding the product matrix and enhancing e-commerce channels [1][3] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 41.73%, a slight increase of 0.1 percentage points year-on-year, despite rising raw material costs impacting profitability [2] - The net profit margin decreased by 1 percentage point to 15.98% due to increased sales and management expenses [2] Product Growth - Revenue from seasoning products reached 625 million yuan, a 12% increase year-on-year, with successful distribution of Shanghai scallion oil in offline channels [3] - The company is continuously launching new products across retail, catering, and sauce categories to enhance its product matrix [3] Channel Development - Revenue from direct sales channels grew by 17% to 660 million yuan, driven by deeper partnerships with chain supermarkets and expansion into B-end custom and home delivery sales [4] - E-commerce channels generated 245 million yuan in revenue, reflecting a 30% year-on-year increase, with ongoing efforts to improve the efficiency of online channel investments [4] Earnings Forecast - The company is expected to maintain steady growth, with projected revenues of 1.208 billion yuan in 2025, 1.357 billion yuan in 2026, and 1.546 billion yuan in 2027, reflecting growth rates of 10%, 12.3%, and 13.9% respectively [11] - The diluted earnings per share (EPS) are forecasted to be 1.29 yuan in 2025, 1.51 yuan in 2026, and 1.76 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 times [9][11]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company experienced a slight decline in Q4 revenue and net profit, with year-on-year changes of -0.4% and -18.75% respectively. However, the growth in the condiment food segment remains robust, particularly with over 30% growth in scallion oil sauce [1][8]. - The company is expected to see profit growth outpace revenue growth in 2025 due to stable costs and more efficient online investments. The focus on innovative condiment products is anticipated to drive high-quality growth and improve cash flow for shareholder returns [1][8]. Financial Performance - In 2024, the company achieved total 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% year-on-year. Q4 alone saw revenue of 259 million yuan and net profit of 26 million yuan, reflecting a decline compared to the previous year [5][7]. - The company’s gross margin for 2024 was 41.73%, with a net margin of 15.98%, showing a slight decrease from the previous year due to rising costs of raw materials [5][7]. Product and Channel Performance - The condiment food segment generated revenue of 625 million yuan in 2024, up 12.1% year-on-year, with a notable 30% growth in scallion oil sauce. The offline channel accounted for one-third of total sales, indicating successful expansion efforts [5][8]. - Online sales increased by 29.86%, contributing to 22.5% of total revenue, highlighting the effectiveness of the company's dual-channel strategy [5][8]. Future Outlook - The company aims to stabilize the price of mushroom sauce and continue the growth of scallion oil sauce through enhanced channel integration. The condiment segment is expected to benefit from strategic partnerships with well-known companies in related industries [8][9]. - EPS forecasts for 2025 and 2026 are projected at 1.36 yuan and 1.53 yuan respectively, with a valuation of 21X for 2025 [1][8].

Core Viewpoint - In 2024, Zhongjing Food Co., Ltd. is poised for steady growth driven by comprehensive channel integration, product quality upgrades, and deep brand value dissemination, despite a challenging market environment [3] Financial Performance - In 2024, Zhongjing Food achieved operating revenue of 1,097.65 million yuan, a year-on-year increase of 10.40% [3] - The net profit attributable to shareholders was 175.40 million yuan, up 1.81% year-on-year, while the net profit after deducting non-recurring gains and losses was 166.72 million yuan, reflecting a growth of 1.83% [3] - The company has maintained positive growth in its main business for twelve consecutive years, showcasing its strong resilience and market competitiveness [3] - Zhongjing Food has distributed a total of 446 million yuan in cash dividends since its listing, with a proposed cash dividend of 8 yuan per 10 shares for 2024, resulting in a dividend payout ratio of 66.59% [3] Product Innovation and Market Expansion - The company emphasizes "good ingredients, good taste" and focuses on technological innovation, equipment upgrades, and lean production to enhance product quality and production efficiency [4] - The flagship product, Zhongjing Mushroom Sauce, has undergone a health transformation with a 20% reduction in oil and no added preservatives, while the packaging has been refreshed [4] - New product launches, including garlic sauce and zero-fat chili sauce, have expanded the product matrix and consumer reach [4] - Sales in the seasoning products segment reached 625 million yuan, a year-on-year increase of 12.12%, while e-commerce sales soared to 245.08 million yuan, up 29.86% [4] Brand Promotion and Consumer Engagement - Zhongjing Food adheres to the "three qualities" philosophy of brand, quality, and taste, systematically upgrading its brand visual system [5] - The company has launched new WeChat video accounts to enhance brand value communication through content marketing [5] Production and Operational Efficiency - Continuous optimization of production processes and establishment of enterprise standards have led to cost reduction and efficiency improvements [6] - The Nanyang Zhongjing Food Industrial Park project is progressing well, with the seasoning sauce workshop entering trial production by year-end [6] Strategic Focus and Future Outlook - The company is committed to a "flavor + health" strategy, focusing on core product development and enhancing user engagement through a comprehensive market layout [7] - Zhongjing Food plans to expand into the health food sector with the development of its first ready-to-eat health product, "Zhongjing Vital Ginseng" [8] - The company aims to enhance service capabilities for major clients in the seasoning and ingredient sector while refining its e-commerce operations [8] - Looking ahead, Zhongjing Food is focused on long-term growth, brand enhancement, and continuous innovation to become a trusted and innovative health food enterprise [8]

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]

Group 1 - China Aluminum reported a net profit of 12.4 billion yuan for 2024, an increase of 85.38% year-on-year, with a proposed cash dividend of 0.135 yuan per share [1] - Lihua Technology's net profit for 2024 decreased by 25.41% to 245 million yuan, with a proposed cash dividend of 0.7 yuan per 10 shares [1][2] - Zhongjing Food achieved a net profit of 175 million yuan in 2024, up 1.81% year-on-year, proposing a cash dividend of 8 yuan per 10 shares [3][4] - Sanwei Chemical's net profit fell by 6.92% to 263 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [5] - Meino Biological's project for corn protein processing has received construction approval, with an investment of approximately 391 million yuan [6][7] Group 2 - Guangdian Electric's net profit surged by 411.28% to 74.73 million yuan, proposing a cash dividend of 0.7 yuan per 10 shares [13][14] - Xin'ao Co. reported a net profit of 4.493 billion yuan for 2024, down 36.64%, with a proposed cash dividend of 10.3 yuan per 10 shares [15] - Huaren Pharmaceutical's subsidiary received approval for a raw material drug, enhancing its product line [16] - Huanxin Technology received a project confirmation from BAIC Group for two display screen products, expected to enter mass supply [17] - Haitong Development plans to purchase four bulk carriers for a total of 59.25 million USD to expand its fleet [18] Group 3 - Guochuang High-tech won a bid for an asphalt procurement project worth 128 million yuan [22][23] - Huayi Pharmaceutical's subsidiary received overseas marketing approvals for several products [24] - Haisco's innovative drug HSK41959 has received clinical trial approval [25] - Hetai Machinery's subsidiary obtained a patent for a dust-proof chain technology [28] - Le Xin Medical's fetal heart rate monitor registration renewal application has been accepted [29] Group 4 - Feilong Co. became a designated supplier for an international client's electronic oil pump project, with expected sales of approximately 160 million yuan [29] - Yunnan Copper reported a net profit of 1.265 billion yuan for 2024, down 19.9%, with a proposed cash dividend of 2.4 yuan per 10 shares [42] - China Merchants Bank's net profit increased by 1.22% to 148.39 billion yuan, proposing a cash dividend of 20 yuan per 10 shares [43] - Shuanghui Development's net profit decreased by 1.26% to 4.989 billion yuan, with a proposed cash dividend of 7.5 yuan per 10 shares [44]

证券代码：300908 证券简称：仲景食品 公告编号：2025-012 仲景食品股份有限公司 （一）机构信息 1、基本信息 公证天业成立于 1982 年，是全国首批经批准具有从事证券、期货相关业务 资格及金融业务审计资格的会计师事务所之一。2013 年 9 月 18 日，转制为特殊 普通合伙企业。首席合伙人为张彩斌先生，注册地址为无锡市太湖新城嘉业财富 中心 5-1001 室。 截至 2024 年 12 月 31 日，公证天业有合伙人 59 人，注册会计师 349 人，签 署过证券服务业务审计报告的注册会计师 168 人。 公证天业 2024 年度经审计的收入总额 30,857.26 万元，其中审计业务收入 26,545.80 万元，证券业务收入 16,251.64 万元。2024 年度上市公司年报审计客 户家数 81 家，审计收费总额 8,151.63 万元，这些上市公司的主要行业涵盖制造 业、信息传输软件和信息技术服务业、科学研究和技术服务业、批发和零售业、 房地产业等。 2、投资者保护能力 关于续聘会计师事务所的公告 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 ...

国金证券股份有限公司 关于仲景食品股份有限公司 营销网络建设项目结项并将节余募集资金 永久补充流动资金的核查意见 国金证券股份有限公司（以下简称"国金证券"）作为仲景食品股份有限公司（以 下简称"仲景食品"或"公司"）首次公开发行股票并在创业板上市（"本次发行"）的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》和《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》等有关法律法规的规定，就公司关于营销网络建设项目结项并将节余募集资 金永久补充流动资金进行了核查，核查情况如下： 一、募集资金情况概述 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意仲景食品股份有限公司首次公开发行股 票注册的批复》（证监许可[2020]2392 号）同意注册，公司首次公开发行人民币普 通股（A 股）股票 2,500 万股，每股面值 1 元，每股发行价格为人民币 39.74 元， 募集资金总额为人民币 99,350.00 万元，扣除发行费用（不含增值税）人民币 8,075.34 万元后，实 ...

仲景食品股份有限公司 审计报告 苏公 W[2025]A140 号 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eov.cn/ 报告编码:苏25C | 1、 审计报告 | | --- | | 2、 资产负债表 | | 3、 利润表 | | 4、 现金流量表 | | 5、 所有者权益变动表 | | 6、财务报表附注 . | | 7、 事务所营业执照复印件 …………………………………………….93 | | 8、 事务所执业证书复印件 . | | 9、 签字注册会计师资质证明复印件 | ■ 录 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 中国 江苏 无锡 86 (510) 68798988 传真:86(510)68567788 3子信箱:mail@gztycpa.cn Wuxi. Jiangsu. China Tel: 86 (510) 68 ...

国金证券股份有限公司 关于仲景食品股份有限公司 2024 年度募集资金存放与使用情况的核查意见 国金证券股份有限公司（以下简称"国金证券"）作为仲景食品股份有限公司 （以下简称"仲景食品"或"公司"）首次公开发行股票并在创业板上市（"本次发行"） 的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板 股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》和《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》等有关法律法规的规定，就公司 2024 年度募集资金存放与使用情况 进行了核查，核查情况如下： 二、募集资金存放和管理情况 （一）募集资金管理情况 为规范募集资金的管理和使用，保护投资者权益，公司根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司监管指引第2号——上市公司募 集资金管理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第2号 ——创业板上市公司规范运作》等相关规定，结合公司实际情况，制定了《仲景 食品股份有限公司募集资金管理制度》（以下简称《募集资金管理制度》），对 公司募集资金的专户存储、使用、投资 ...