今年第三季度，千味央厨实现营业收入4.92亿元，同比增加4.27%，公司业绩的增量主要得益于公司销 售渠道结构改善以及新零售渠道的快速发展。在稳基量的前提下，千味央厨对经销商渠道进行了结构性 调整，不断赋能如团餐、西快、商超熟食区等场景的经销商服务终端客户，增加客户黏性。同时，千味 央厨积极拥抱新零售销售趋势，利用自身在直营客户端产品研发和定制化生产优势，快速响应客户需 求，与盒马、沃尔玛、永辉等新零售头部企业建立合作。资料显示，公司研发的法式云朵焦糖慕斯挞一 经上市便在盒马拿下西点飙升榜第一。日本同款网红产品法式香草布雷酥在盒马上市首周便登顶盒马烘 焙宝藏新品榜Top1。 继峨眉山A股东回馈活动掀起文旅市场热潮后，千味央厨（001215）于12月1日晚间公告，公司将开展 股东回馈活动。据悉，截至2025年12月1日下午收市时登记在册的持100股(含)以上的股东，即可参与此 次股东回馈活动报名，领取价值200元的公司产品礼包。此次活动不仅令投资者感受到实实在在的福 利，更折射出千味央厨在进一步增强自身经营管理能力的同时，不断创新升级股东回报机制。 千味央厨在机构调研中表示，随着公司与新零售头部企业合作的加深， ...

Investment Rating - The report maintains a "Recommended" rating for Qianwei Yangchu [2][5] Core Views - Qianwei Yangchu's revenue for the first three quarters of 2025 reached 1.378 billion yuan, a year-on-year increase of 1.00%, while the net profit attributable to shareholders was 54 million yuan, a decrease of 34.06% year-on-year [3] - The company is actively embracing new retail sales trends, leveraging its direct sales advantages in product development and customized production to enhance sales scale through partnerships with major retailers like Hema, Walmart, and Yonghui [4] - The gross profit margin for Q3 2025 was 21.18%, down 1.26 percentage points year-on-year, primarily due to intensified competition in the small B-end market [5] Financial Performance Summary - For Q3 2025, the total revenue was 492 million yuan, reflecting a year-on-year increase of 4.27%, while the net profit attributable to shareholders was 18 million yuan, down 19.08% year-on-year [3] - The company expects net profits for 2025-2027 to be 773.7 million, 900 million, and 1.007 billion yuan, respectively, with corresponding EPS of 0.80, 0.93, and 1.04 yuan [5] - The projected PE ratios for 2025-2027 are 51, 43, and 39 times, respectively [5] Company Overview - Qianwei Yangchu focuses on the research, production, and sales of frozen flour and rice products for the catering industry, with key products including fried dough sticks, sesame balls, egg tart skins, sweet potato balls, and cartoon buns [7]