Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved its revenue target of +10% for 2024, with a total revenue of 3.48 billion yuan, representing a year-on-year increase of 10.4%. The net profit attributable to shareholders reached 630 million yuan, up 36.8% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 1.11 billion yuan, a year-on-year increase of 21.6%, and a net profit of 190 million yuan, up 41.0% year-on-year [1][2]. - The company plans to achieve a revenue and profit growth of no less than 15% in 2025, focusing on new product launches and expanding into county-level markets [3][4]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 3.48 billion yuan, with a year-on-year growth rate of 10.4%. The net profit attributable to shareholders was 630 million yuan, reflecting a growth of 36.8% [1][5]. - Q4 2024 saw a significant increase in revenue and profit, with revenue reaching 1.11 billion yuan and net profit at 190 million yuan, marking increases of 21.6% and 41.0% respectively [1][2]. Product and Channel Analysis - In 2024, the revenue from hot pot base materials was 1.26 billion yuan, with a year-on-year growth of 3.5%. The revenue from Chinese seasoning products was 1.77 billion yuan, up 16.6% year-on-year [2]. - Online sales grew significantly, with a revenue of 600 million yuan, representing a year-on-year increase of 51.7% [2]. Cost and Profitability - The gross margin for Q4 2024 was 40.8%, with a net profit margin of 17.3%, indicating continuous improvement in profitability [3][4]. - The company has implemented cost control measures, resulting in a reduction in sales expense ratio and improved gross profit [3]. Future Outlook - The company aims for a revenue of 3.99 billion yuan in 2025, with a projected growth rate of 14.6% [4][5]. - The focus will be on new product development in the hot pot and fresh soup categories, as well as expanding distribution channels [3][4].

文 | 王可（新京报传媒研究院） 超市货架上各种大大的"零添加"字样会逐渐成为历史，而食品报道中的科学共识和公众认知，仍在为摆 平公众的"添加剂焦虑"而不断努力。 01 谣言影响认知 3月27日，国家卫生健康委会同国家市场监督管理总局发布新修订的《食品安全国家标准 预包装食品标 签通则》（GB 7718-2025）（以下简称"新标准"），明确规定预包装食品不得使用"不添加""零添加"等 用语对食品配料进行特别强调。 明确禁止食品包装使用"零添加""不添加"等标签，旨在遏制行业误导性营销，引导消费者理性看待食品 添加剂。 但随着一些自媒体对于"科技与狠活"的跟风炒作，以及过度强调"天然=安全，人工=有害"的认知，大众 对于"添加剂安全"的焦虑已经被放大。 即便合规添加剂经严格评估，但公众仍普遍认为"零添加"更安全，这种认知偏差自然带来了消费场景中 的情绪驱动。 这种心理使得即使食品报道中反复辟谣，谣言仍能通过社交平台快速传播。因此，媒体需要超越简单的 政策解读，弥合科学共识与公众认知的巨大鸿沟。 "零添加"式的营销，充满了套路。最典型的譬如，某款饮料标签上写了"不添加蔗糖"，但其实蔗糖只 是"糖"的一种，同时果 ...

四川天味食品集团股份有限公司 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2025CDAA1B0019 四川天味食品集团股份有限公司 四川天味食品集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了四川天味食品集团股份有限公司（以下简称天味食品公司）2024 年 12 月 31 日财务报 告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、 《企业内部控制应用指引》 、 《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是天味食品公司董事 会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 审计报告（续） XYZH/2025C ...

证券代码：603317 证券简称：天味食品 公告编号：2025-035 四川天味食品集团股份有限公司 关于召开 2024 年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 4 月 22 日 13 点 30 分 召开地点：成都市双流区西航港街道腾飞一路 333 号会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 网络投票起止时间：自 2025 年 4 月 22 日 至 2025 年 4 月 22 日 (六) 融资融券、转融通、约定购回业务账户和沪股通投资 ...

Core Viewpoint - The company Jinlongyu, a leading player in China's grain and oil market, has reported a decline in both revenue and net profit for the second consecutive year, indicating ongoing challenges in its business model of "low profit, high sales" [1][2]. Financial Performance - In the 2024 fiscal year, Jinlongyu achieved a revenue of 238.87 billion yuan, a decrease of 5.03% year-on-year, and a net profit attributable to shareholders of 2.50 billion yuan, down 12.14% year-on-year [2][3]. - The company's net profit has declined for four consecutive years, dropping from 6.00 billion yuan in its first year post-IPO to 2.50 billion yuan in 2024, representing a cumulative decline of over 58% [3][4]. Business Model and Challenges - Jinlongyu's low gross margin, which fell from a peak of 12.33% in 2020 to just 5.35% in 2024, has been a significant barrier to entry for potential competitors [4][5]. - The company faces high raw material costs, with direct material costs accounting for approximately 90% of operating costs over the past three years, limiting profit margins [5][6]. Diversification Efforts - To address stagnation in its core business, Jinlongyu is exploring new avenues such as central kitchens, soy sauce, vinegar, and plant-based meat products, although these ventures have yet to yield significant revenue [6][7]. - The central kitchen initiative, focusing on pre-prepared meals, has seen the establishment of 25 factories, but the business is still in its early stages and faces intense competition [7][8]. Food Safety Issues - Jinlongyu has encountered multiple food safety incidents, including allegations of improper handling of cooking oil and product quality issues, leading to a decline in consumer trust [9][10]. - The company has faced over a thousand complaints related to product quality and authenticity, further complicating its recovery efforts [10][11]. Overall Assessment - The combination of pressure on core business, weak performance in diversification efforts, and recurring food safety issues presents significant challenges for Jinlongyu as it seeks to recover from declining profits and market value [11].

证券代码：603288 证券简称：海天味业 公告编号：2025-004 佛山市海天调味食品股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 4 月 7 日（星期一）下午 15:00-16:30 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 佛山市海天调味食品股份有限公司（以下简称"公司"）将于 2025 年 4 月 3 日发布公司 2024 年年度报告，为便于广大投资者更全面深 入地了解公司 2024 年度的经营成果、财务状况，公司计划于 2025 年 一、 说明会类型 本次业绩说明会以视频结合网络互动召开，公司将针对 2024 年 度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 四、 投资者参加方式 （一）投资者可在 2025 年 4 月 7 日下午 15:00-16:30，通过互 联网登 ...

备受关注的"零添加"争议迎来终结。3月27日，新修订的《食品安全国家标准 预包装食品标签通则》（GB 7718-2025）发布，其中规定，预包装食品不允许 再使用"不添加""零添加"等用语对食品配料进行强调。这一重磅新规出台，标志着近年来风靡食品行业的"零添加"营销热潮将退出历史舞台。 新京报记者观察发现，"零添加"概念2018年前后进入爆发期，迅速蔓延至乳制品、调味品、饮料、休闲食品等领域。之后在"科技与狠活"等网络舆情的影响 下，有消费者对食品添加剂产生过度焦虑，进一步助推"零添加"市场的非理性扩张，有企业坦言陷入"被迫跟风"的窘境。 业内专家指出，预包装食品"零添加"标注的退出有望快速推进，预计酸奶行业企业3-6个月可以完成标签更新。同时，新规将推动整个食品行业迎来新一轮 洗牌与升级，企业将从概念营销回归产品本质，促进行业进入"品质竞争"阶段，实现以质取胜的良性竞争格局。 "零添加"的兴起 据业内人士回忆，食品行业"零添加"的第一波热潮始于2018年前后的低温酸奶。彼时酸奶品牌"简爱"率先引爆"零添加"系列产品。同年，乐纯、卡士、北海 牧场等新兴酸奶品牌相继进入"零糖""零添加"高端酸奶领域。 2019 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to achieve a revenue of 6.54 billion RMB in 2024, representing a year-on-year increase of 6.4%, while the net profit attributable to the parent company is projected to be 739 million RMB, a decrease of 13.3% year-on-year, which is below expectations due to factors such as reduced procurement prices from related parties and increased marketing expenses [1][4] - The company has declared a final dividend of 383 million RMB, resulting in an annual payout ratio of approximately 95% [1] - The company is focusing on enhancing its product competitiveness through a "product project system" and is expected to benefit from the gradual release of production capacity in Southeast Asia, which may improve overseas supply chain efficiency and increase overseas revenue [1][3] Revenue and Profitability - In 2024, the company expects revenue from related parties to be 19.74 billion RMB, a decrease of 2%, while revenue from third parties is projected to be 43.82 billion RMB, an increase of 8% [2] - The revenue from hot pot base, compound seasoning, and convenient fast food products is expected to be 4.085 billion RMB, 787 million RMB, and 1.605 billion RMB respectively, with year-on-year growth rates of -0.2%, +26.6%, and +15.7% [3] - The gross profit margins for these products are projected to be 33.9%, 33.8%, and 24.7% respectively, with slight changes compared to the previous year [3] Future Projections - The company anticipates a gradual increase in overseas revenue, which currently accounts for less than 10% of total revenue, as the Southeast Asia supply center becomes operational [3] - The earnings per share (EPS) forecast for 2025 is set at 0.82 RMB, with a projected increase to 1.04 RMB by 2027 [4][6] - The target price for the company's stock is set at 17.83 HKD, reflecting a price-to-earnings (P/E) ratio of 20 times for 2025 [4][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]

首农味业集团总经理、北京王致和食品有限公司执行董事彭利华表示，随着消费者生活水平的不断提 高，消费迭代升级加速，对调味品的品质、口味、健康等方面提出了更高的要求。应对调味品行业正在 面临的新机遇与新挑战，企业也在积极布局，制定一系列的发展举措。 近年来，王致和发挥研发与品质管控优势，通过"腐乳低盐化技术"研发，精心开发出一系列健康、适老 的减盐系列腐乳。以制作红烧肉的减盐玫瑰豆腐乳为例，其盐分降低了25%以上，在不减风味的同时降 低钠盐的摄入。此外，企业还开发了减糖豆沙系列产品、零添加料酒以及当归料酒、党参料酒等药食同 源料酒产品，满足消费者对健康饮食的追求。 值得关注的是，除王致和以外，首农食品集团还携旗下十余个品牌参加糖酒会。 据了解，"王致和"品牌始创于清康熙八年（公元1669年），距今已有356年历史。作为知名的"中华老字 号"，近年来，企业积极应对市场变化，调整和优化产品线，满足消费者的多元化需求。同时，王致和 还推出了小黄豆包、瑜伽健身包、腐乳风味火腿肠钥匙扣、料事如神钥匙扣等文创产品，发力直播带货 等热门营销渠道，吸引越来越多的年轻人关注。 成都年轻人组团打卡 王致和减盐减糖食品受关注 北京商报 ...