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 | ...

Financial Performance - The company's revenue for Q1 2025 was CNY 276,908,324.96, representing a 1.06% increase compared to CNY 273,999,591.57 in the same period last year[3]. - Net profit attributable to shareholders decreased by 4.81% to CNY 48,418,473.75 from CNY 50,867,711.73 year-on-year[3]. - The operating profit for the current period is CNY 54,526,606.24, down from CNY 58,797,454.26, reflecting a decline of approximately 4.3%[20]. - The total comprehensive income for the current period is CNY 48,418,473.75, down from CNY 50,867,711.73, reflecting a decline of 4.8%[21]. - The basic and diluted earnings per share are both CNY 0.3316, down from CNY 0.3484 in the previous period, a decrease of 4.8%[21]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 7.91% to CNY 65,909,498.98 compared to CNY 61,078,226.27 in the previous year[3]. - The net cash flow from operating activities is CNY 65,909,498.98, compared to CNY 61,078,226.27 in the previous period, indicating an increase of 8.5%[25]. - The total cash and cash equivalents at the end of the period is CNY 484,997,155.31, down from CNY 696,119,824.85, a decrease of 30.3%[26]. - Cash and cash equivalents at the end of the period were ¥484,997,155.31, compared to ¥425,242,190.78 at the beginning, indicating a growth of 14.0%[15]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,037,441,450.13, up 1.78% from CNY 2,001,769,409.22 at the end of the previous year[3]. - Total assets as of March 31, 2025, were ¥2,037,441,450.13, up from ¥2,001,769,409.22, marking an increase of about 1.8%[17]. - Total liabilities decreased to ¥265,764,640.79 from ¥278,511,073.63, a reduction of approximately 4.6%[17]. - The total equity attributable to shareholders increased to ¥1,771,676,809.34 from ¥1,723,258,335.59, an increase of approximately 2.8%[17]. Expenses - Total operating costs amounted to ¥224,551,357.36, up from ¥215,701,760.49, reflecting a rise of approximately 4.0%[19]. - Research and development expenses increased to CNY 9,954,694.29, up from CNY 7,798,940.21, representing a growth of 27.7%[20]. - The company reported a decrease in sales expenses to CNY 51,479,145.82 from CNY 45,977,605.62, an increase of 12.3%[20]. - Financial expenses decreased by 53.29% to CNY -2,409,861.08 from CNY -5,159,246.01, primarily due to reduced interest income[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,224[10]. Other Financial Metrics - The weighted average return on equity decreased to 2.77% from 2.99% year-on-year[3]. - The company received government subsidies amounting to CNY 472,980.12, contributing to its non-operating income[6]. - Accounts receivable decreased to ¥108,224,601.90 from ¥117,792,338.90, a decline of about 8.5%[15]. - Inventory increased to ¥237,494,721.07 from ¥211,303,416.39, representing a rise of approximately 12.4%[15]. - Prepayments increased by 59.84% to CNY 1,580,930.81 from CNY 989,053.25, indicating higher material procurement[8]. - The company reported a significant decrease of 64.13% in receivables financing, dropping to CNY 1,640,440.60 from CNY 4,573,079.60[8]. - Non-current assets totaled ¥923,173,640.10, slightly down from ¥933,950,397.67, indicating a decrease of about 1.2%[16]. - The company's retained earnings rose to ¥717,431,622.07 from ¥669,013,148.32, reflecting an increase of about 7.2%[17].

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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 ...