天味食品（603317）：2025年报点评：春节错期致Q4收入承压，盈利能力维持稳健

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2025, the company achieved total revenue of 3.449 billion yuan, a year-on-year decrease of 0.79%. The net profit attributable to shareholders was 570 million yuan, down 8.79% year-on-year, while the net profit excluding non-recurring items was 508 million yuan, a decline of 10.22% [2][4]. - For Q4 2025, the company reported total revenue of 1.038 billion yuan, a year-on-year decrease of 6.69%. The net profit attributable to shareholders was 178 million yuan, down 7.65%, and the net profit excluding non-recurring items was 151 million yuan, a decline of 14.79% [2][4]. - The company's online channel revenue grew significantly, with total online revenue for 2025 reaching 936 million yuan, an increase of 56.91% year-on-year, while offline channel revenue was 2.507 billion yuan, down 12.76% [4]. - The gross profit margin for 2025 improved by 0.89 percentage points to 40.67%, while the net profit margin decreased by 1.45 percentage points to 16.52% [4]. Financial Performance - The company’s total revenue is projected to grow to 3.745 billion yuan in 2026 and 4.063 billion yuan in 2027, with corresponding EPS estimates of 0.58 yuan and 0.61 yuan [15]. - The company’s gross profit margin is expected to remain stable, with slight fluctuations in operating expenses [15]. - The company has successfully integrated acquisitions to enhance its product matrix and channel strategies, indicating a sustainable growth model [4].