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 ...

尊敬的线上的各位领导大家下午好我是方正视频聊的分析师王泽华线上还有我的同事黄英平今天呢我们也是非常荣幸的邀请到了重点视频的副董事长总经理这个 朱总以及董事会秘书王菲总财务负责人王和丽王和丽总以及证券事务代表于总跟大家做一个年报的这个分享昨天呢这个重景也是发布了20年的这个年报在财务部总体来说有一定挑战的这个成长期依然取得了一个明确的一个风暴同时呢这个 我们能够看到公司的这个相关产品的这个量表现的更不错 今天是非常荣幸的邀请到各位领导给大家做一个这个年报的一个解答和解惑感谢朱总感谢各位领导那朱总您看咱们这边要不先简单介绍一下这个年报的情况然后以及就是说年报里面有哪些特别需要可能值得去关注的点你看能否跟各位投资人去提一下 因为我看咱们年报整体的这个表现还是相对来说比较平稳的然后另外呢就是整个的很多产品量则还是非常非常明显的好的泽环那由我先跟各位线上的投资者分析师包括关心重景的一直关心重景的新老朋友们先做一个年报的一个简要的一个介绍 那整个去年重点事情还是坚持做 难且正确的事一直是通过这个长期主义去建设品牌优化产品我们也在这个产品的品质升级品牌价值的输出还有全渠道融合发展各方面做了一些工作那整个去年重景食品实现应收 ...

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 ...

事件概述 公司24FY 实现营业收入10.98 亿元，同比增长+10.40%；实现归母净利润1.75 亿元，同比增长+1.81%； 实现扣非归母净利润1.67 亿元，同比增长+1.83%。；其中24Q4 实现营业收入2.59 亿元，同比增 长-0.36%；实现归母净利润0.26 亿元，同比增长-18.77%；实现扣非归母净利润0.22 亿元，同比增 长-33.2%。公司计划派发年度股息0.8 元/股，结合24Q3 派发的0.2 元/股，24FY 累计派发股息1 元/股， 分红比率达83%。 分析判断: 公司销售费用率提升较多，主因加大电商渠道投入导致市场推广费增加所致。利润端来看，公司 24FY/24Q4 归母净利润率分别为16.0%/10.2%，分别同比-1.35/-2.30pct；24FY/24Q4 扣非净利率分别为 15.19%/8.4%，分别同比-1.28/-4.12pct。受制于成本与费用双重压力，公司盈利水平有所承压。 目标延续正增，持续重视股东回报 根据公司年报披露，公司25FY 目标实现主营业务收入连续十三年正增长。从经营节奏来看，公司葱油 酱产品处在高势能发展期，根据公司投资者关系活动记录表 ...

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]

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].

根据2024年年报，2024年仲景食品实现营业收入109764.67万元，同比增长10.40%；归属于上市公 司股东的净利润为17540.31万元，同比增长1.81%；扣除非经常性损益后的净利润为16672.24万元，同 比增长1.83%。在行业增速放缓的背景下，仲景食品依然保持了稳定的增长态势，这一成绩无疑是对公 司经营实力和市场竞争力的最好证明。在发展的同时，仲景食品不忘回报投资者。自上市以来，公司已 连续五年实施现金分红，累计派发现金红利4.46亿元，与股东共享发展硕果。2024年，公司拟以 146000000股为基数，向全体股东每10股派发现金红利8元（含税），分红比例将达到66.59%。 仲景食品创新驱动发展，多元化产品矩阵拓宽市场 2024年，仲景食品紧扣"好配料，好味道"的核心理念，将技术创新、设备升级及精益生产作为核心 驱动力，全面推动产品品质跃升和生产效率提速。明星产品仲景香菇酱不断精进，严格把控香菇原料品 质，成功实现减油20%及零添加防腐剂的健康转型，包装焕新后，"西峡香菇"的视觉标识更加醒目。同 时，仲景上海葱油通过优化原料处理工艺，创新推出藤椒、麻酱等特色口味，精准对接消费者日益多元 ...