还有投资者就公司存货周转率低于同业企业进行提问。对此，管理层回应，公司存货周转低于同业企 业，是由不同工艺路线决定的，我司酱油产品库存周转效率目前属于合理区间。 公司酱油以智能设备、微生物工程技术与中国传统酿造工艺相结合，科学还原"古法新酿"，为确保产品 质量，公司酱油产品发酵时间长，足期酿造、发酵彻底，平均发酵时间是行业普通产品的2倍以上，报 表中列示的存货大部分是在产品，发酵时间长，因此存货周转相对较低。 千禾味业智能制造二期项目于2025年6月投产，新增年产能30万吨，该新增产能高标准设计实施，是公 司基于市场消费需求进行的前瞻性产能布局，确保未来有充足产能满足日益增长的市场需求。 此外，管理层还指出，"千禾0"商标没有被无效宣告。公司为保护知识产权，布局注册了防御性商标。 国家知识产权局对公司注册商标进行了核查，对部分商标（如："千禾0+"）宣告无效，公司不会使用已 无效的商标。 公司"千禾0"商标（注册号：第46717423号）是合法有效的，依法在核准商品上合规使 用，用于区分特定的商品和服务。公司将严格遵守《中华人民共和国商标法》的规定，真实、合法、公 开、有效的使用注册商标。 公司3-4月受负面 ...

Core Viewpoint - Qianhe Flavor Industry reported a strong recovery in sales and revenue in the first half of 2025, driven by the increasing demand for healthy condiments and a focus on core product categories such as soy sauce, vinegar, and cooking wine [1][3]. Group 1: Financial Performance - In the first half of 2025, Qianhe Flavor Industry achieved revenue of 1.318 billion yuan and a net profit of 173 million yuan [1]. - Sales in May and June showed a significant rebound, with online sales increasing by approximately 15% and offline sales by 2% compared to the previous months [1]. Group 2: Market Demand and Product Strategy - The company has positioned itself to meet the growing consumer demand for healthy condiments, having launched the Qianhe 0 series in 2008, which contains no additives and has a fermentation time twice that of ordinary products [3]. - Qianhe Flavor Industry has increased its marketing and promotional investments, with the sales expense ratio rising to 15% in the first half of 2025 [3]. Group 3: Supply Chain Management - The company has strengthened its raw material supply chain management by establishing strategic partnerships with key suppliers of soybeans and salt, ensuring quality control and traceability [4]. Group 4: Channel Development - Qianhe Flavor Industry has expanded its distribution channels, increasing the number of distributors to 3,307, covering over 370 cities nationwide [5]. - The company has also launched its smart manufacturing phase II project, adding an annual production capacity of 600,000 tons to meet growing market demand [5]. Group 5: Financial Stability and Shareholder Returns - As of June 30, 2025, Qianhe Flavor Industry had over 1.8 billion yuan in self-owned funds and stable cash flow, planning to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [7].

Core Viewpoint - Qianhe Flavor Industry (SH:603027) demonstrated strong resilience and business adaptability in the first half of 2025, focusing on product strength and technological innovation amidst intense market competition and evolving consumer preferences [1][2]. Financial Performance - In the first half of 2025, Qianhe Flavor Industry achieved revenue of 1.318 billion yuan and a net profit of 173 million yuan, with a U-shaped recovery in sales and revenue following a dip in March-April due to public sentiment issues [1][2]. Market Trends - The demand for healthy seasoning products continues to rise, driven by increasing consumer health awareness and government initiatives promoting the reduction of food additives [2][3]. - Qianhe's "Qianhe 0" series, launched in 2008, has set a market trend for clean-label products, gaining a strong reputation for its additive-free offerings [2]. Product Development - The company has invested in advanced research and development, introducing new products such as organic soy sauce and organic vinegar, while enhancing its quality control through strategic partnerships with suppliers [3][4]. Channel Strategy - Qianhe Flavor Industry is expanding its market presence through a dual-channel strategy, increasing its offline distributor network to 3,307 and enhancing online marketing efforts [4]. - The company has launched its second phase of smart manufacturing, adding an annual production capacity of 600,000 tons to meet growing market demand [4]. Financial Health and Shareholder Returns - As of June 30, 2025, Qianhe Flavor Industry reported over 1.8 billion yuan in self-owned funds and stable cash flow, planning to distribute a cash dividend of 1 yuan per 10 shares to shareholders [5].

Core Viewpoint - Qianhe Flavor Industry (千禾味业) has issued a statement regarding the controversy surrounding its "Qianhe 0" trademark, emphasizing that its products meet national standards and contain no harmful additives [3][4]. Group 1: Product Testing and Results - The company announced that the Market Supervision Administration of Meishan City conducted a supervision sampling of 23 batches of its products, confirming that all "Qianhe 0" products met the national standards for brewed soy sauce (GB/T 18186) [3]. - The testing results showed no detection of sodium benzoate, potassium sorbate, sucralose, or acesulfame in the sampled products [3]. - In response to media reports about the detection of cadmium in its soy sauce, the company clarified that the presence of cadmium is due to raw materials, which comply with national safety standards [5][6]. Group 2: Market Performance and Financials - As of March 21, Qianhe Flavor Industry's stock price had fallen for five consecutive days, with a cumulative decline of 8.99%. However, on March 24, the stock showed a slight recovery, increasing by over 2% [3]. - The company reported a revenue of 3.207 billion yuan in 2023, an increase of 771 million yuan year-on-year, with a record net profit of 530 million yuan [6]. - In contrast, the company faced challenges in Q3 2024, with revenue of 2.288 billion yuan, a year-on-year decrease of 1.85%, and a net profit of 352 million yuan, down 9.19% year-on-year [6].

Core Viewpoint - The article discusses the controversy surrounding Qianhe Flavor Industry's "Qianhe 0" trademark, which has been accused of misleading consumers regarding its "zero additives" claim, leading to significant market volatility and a decline in stock price [1][3][6]. Product Testing Controversy - A report indicated that out of 13 soy sauces claiming to be "zero additives," 12 were found to contain cadmium, and 7 contained total arsenic, with Qianhe's product showing 0.0110 mg/kg of cadmium [2]. - The controversy over product testing and trademark misrepresentation has caused Qianhe's stock to drop by 7.3% over four consecutive days, resulting in a market value loss of 9.5 billion yuan [3]. Company Response - Qianhe Flavor Industry issued a statement clarifying that the detected cadmium in their soy sauce is a result of natural sources in water and soil, and that their ingredients comply with national standards [6][8]. - The company emphasized that the "Qianhe 0" trademark is a registered mark that signifies their zero additive products, which are produced under strict regulations without any food additives [6][8]. Market Performance - Qianhe Flavor Industry, established in 1996 and listed in 2016, saw a significant increase in revenue in 2023, reaching 3.207 billion yuan, up by 771 million yuan from 2022, with a record net profit of 530 million yuan [11]. - However, due to intensified market competition and the widespread adoption of the "zero additives" concept, the company reported a decline in both revenue and net profit in the third quarter of 2024, with revenue at 2.288 billion yuan, down 1.85%, and net profit at 352 million yuan, down 9.19% year-on-year [11].