海外+第三方 B 端高增，关联方表现承压 调味发酵品Ⅱ 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,036.70 | | 流通股本(百万股) | 1,036.70 | | 市价(港元) | 14.78 | | 市值(百万港元) | 15,322.43 | | 流通市值(百万港 | 15,322.43 | | 元) | | 1、《第三方增长势能强劲，关联方期 待改善》2025-03-26 2、《颐海国际（1579.HK）_点评报告： 盈利》2024-08-28 颐海国际（01579.HK） 证券研究报告/公司点评报告 2025 年 08 月 26 日 公司点评报告 | 盈利预测表 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资产负债表 | | | | 单位:百万元 | 利润表 | | | | 单位:百万元 | | 会计年度 | 2024A | 2025E | 2 ...

核心品类收入大跳水 2025年8月20日，天味食品发布了关于筹划发行H股股票并在香港联合交易所有限公司上市相关事项的提示性公告。 公告显示，截至目前，公司正积极与相关中介机构就本次发行H 股并上市的相关工作进行筹备、商讨，关于本次发行 H 股并上市的细节尚未确定。 对于此次赴港上市的目的，天味食品表示是为了进一步推进公司国际化战略与海外业务布局规划，提升品牌国际化认知与影响力，同时更好地利用国际资本 市场平台，优化资本结构，助力公司长远发展。 值得注意的是，天味食品筹划赴港上市前交出的"成绩单"却不容乐观。2025年4月28日，天味食品发布了2025年第一季度财报。 财报显示，天味食品营收同比大致下滑24.8%至6.42亿元左右，归属于上市公司股东的净利润（以下简称"净利润"）大致暴跌57.5%至7473万元左右，经营活 动现金流净额也大致锐减93.7%至1184万元左右。 近日，被誉为"火锅底料第一股"的四川天味食品集团股份有限公司（以下简称"天味食品"）筹划赴港IPO，值得一提的是，其此前发布的一季报并不乐观。 对此，中国食品产业分析师朱丹蓬指出："天味食品现在体量小、利润低，抗风险能力不足，且护城河尚未 ...

曾计划在瑞士证券交易所发行GDR 每经记者｜陈晴 每经编辑｜文多 又一家调味品企业启动赴港上市进程。 继2019年4月成功登陆A股市场后，天味食品（603317.SH，股价12.22元，市值130亿元）于8月20日晚间 披露，公司正筹划发行H股并申请在香港联交所主板上市。 该公司实际控制人邓文、唐璐夫妇位列《2025胡润全球富豪榜》第2295位，坐拥财富115亿元。此次赴 港IPO（首次公开募股）也并非天味食品首次布局境外资本市场——2022年底，公司就曾计划发行GDR （全球存托凭证）并于瑞士证券交易所上市，但该计划于2023年9月终止。 值得一提的是，从业绩来看，当前似乎并非好时机：今年一季度，天味食品营收和净利润双双同比下 滑。 2022年至2024年，天味食品营收、净利润连年增长。但在今年一季度，公司营收和净利润双双下滑，营 收为6.42亿元，同比减少24.8%，归母净利润为7473万元，同比减少57.53%。 对于公司净利润的下滑，天味食品一季报解释称，主要系销售下降所致。天风证券近期研报分析，天味 食品今年一季度业绩整体承压，主要是受行业竞争加剧、春节错期等因素影响，终端动销不及预期。 当前的天味 ...

Core Viewpoint - The company is preparing for the issuance and listing of H-shares to enhance its international strategy and optimize its capital structure, aiming for long-term development and increased brand recognition in international markets [2]. Group 1: Company Overview - The company focuses on the research, production, and sales of compound seasonings, offering over 100 varieties including hot pot seasonings, Chinese dish seasonings, sausage and cured meat seasonings, and spicy sauces under six major brands [2]. - The company leverages its R&D advantages to provide customized products for domestic chain restaurants, meeting their needs for standardization, food safety, and flavor stability [2]. Group 2: Financial Performance - In 2024, the company achieved a revenue of approximately 3.476 billion yuan, representing a year-on-year growth of 10.41%, and a net profit attributable to shareholders of about 625 million yuan, with a year-on-year increase of 36.77% [3]. - In the first quarter of 2025, the company reported a revenue of approximately 642 million yuan, a year-on-year decline of 24.80%, and a net profit attributable to shareholders of about 74.73 million yuan, down 57.53% year-on-year [4]. Group 3: Business Strategy - The company maintains its focus on a big product strategy while enhancing its product matrix, aiming to develop healthier and more nutritious products [4]. - In a highly competitive hot pot market, the company will adhere to its big product and product refinement strategy, focusing on themes of freshness and richness, and will continue to penetrate high-quality consumer segments [4]. - The company plans to develop a core line of big products while also creating regionally flavored seasoning series to meet the evolving consumer demand for compound seasonings [4].

瑞财经 刘治颖 8月20日，天味食品(SH603317)公告，公司为进一步推进公司国际化战略与海外业务布局规划，提升品牌国际化认知与影响力，同时更好地利 用国际资本市场平台，优化资本结构，助力公司长远发展，正在筹划发行境外上市股份（H 股）并申请在香港联交所主板挂牌上市。 截至目前，公司正积极与相关中介机构就本次发行H 股并上市的相关工作进行筹备、商讨，关于本次发行 H 股并上市的细节尚未确定。本次发行H股并上市 能否通过审议、备案和审核程序并最终实施具有重大不确定性。 天味食品成立于2007年，专注于复合调味料的研发、生产和销售。公司产品包括火锅调料、中式菜品调料、香肠腊肉调料、香辣酱等100 多个品种（不含餐 饮定制产品），主要品牌包括"好人家""大红袍""天车""天味食品餐饮高端定制""拾翠坊""加点滋味"六大品牌，主要用于家庭、餐饮的烹调，满足消费者对 烹调风味多样性和便捷性的追求。 2022年至2024年，天味食品营业收入分别为26.91亿元、31.49亿元、34.76亿元，归母净利润分别为3.42亿元、4.57亿元、6.25亿元。 2025年一季度，天味食品营业收入6.42亿元，同比减少24.8% ...

Core Viewpoint - Tianwei Food is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure, although the details and feasibility of this plan remain uncertain [1][4]. Company Overview - Tianwei Food, founded by Deng Wen in Chengdu, Sichuan, is a well-known brand in the Sichuan seasoning industry, focusing on the research, production, and sales of compound seasonings [3]. - The company's product range includes hot pot seasonings, Chinese dish seasonings, sausage and cured meat seasonings, and spicy sauces, with major brands such as "Hao Ren Jia," "Da Hong Pao," "Tian Che," "Tianwei Food Catering High-end Customization," "Shi Cui Fang," and "Jia Dian Zi Wei" [3]. Financial Performance - Tianwei Food's revenue grew from 1.727 billion yuan in 2019 to 3.149 billion yuan in 2023, marking an increase of 82.33% over four years [4]. - In 2024, the company achieved revenue of 3.476 billion yuan, with a growth rate of approximately 10.40%, a significant decline compared to previous years [6]. - The revenue growth rates for the core business segments, hot pot seasonings and Chinese dish seasonings, have also slowed down, with 2024 growth rates of 3.53% and 16.56%, respectively [6]. Market Competition - The seasoning industry is facing intensified competition, particularly in the compound seasoning segment, which has seen rapid growth due to changing consumer preferences [8][9]. - Major competitors like Haitian Flavoring and Zhongju Gaoxin have launched similar products, impacting Tianwei Food's market share [9]. Strategic Adjustments - To address the competitive landscape, Tianwei Food is adjusting its channel strategy and considering mergers and acquisitions [10]. - The company has implemented a "choose one" policy among distributors to limit competition with brands like Qianhe Flavoring and Jixiangju [11]. - Additionally, Tianwei Food has invested in acquiring stakes in leading brands in the B-end restaurant compound seasoning market, such as acquiring 55% of the parent company of "Shi Cui Fang" for 362 million yuan and 63.84% of the parent company of "Jia Dian Zi Wei" for 154 million yuan [12].

Core Viewpoint - Fuling Pickle is attempting to revitalize its business through an acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd, as the company has faced a significant decline in stock price and performance over recent years [1][2][3] Group 1: Acquisition Details - The acquisition involves issuing shares and cash to purchase Weizimei, which specializes in the development, production, and sales of Sichuan-style compound seasonings and prepared dishes [1][2] - Weizimei has established C-end product development capabilities but struggles with B-end operations and scaling, which limits its ability to quickly integrate resources for C-end sales channels [2][3] - The acquisition is part of Fuling Pickle's strategy to leverage Weizimei's resources to enhance its own C-end distribution network and expand into new markets [2][3] Group 2: Financial Performance - Weizimei reported a revenue of 265 million yuan and a net profit of approximately 39.62 million yuan in 2024, reflecting a year-on-year decline of 6.69% and 2.67% respectively [3] - Fuling Pickle's stock price has dropped over 60% since February 2021, indicating a prolonged period of underperformance [1] - The company's net profit margin is currently 33%, significantly higher than Weizimei's 15%, suggesting that the acquisition could dilute Fuling Pickle's profitability [3] Group 3: Strategic Challenges - Fuling Pickle has faced declining sales and revenue, with a 12.61% drop in sales volume in 2022 and a continued downward trend in subsequent years [4][5] - The company has struggled with market expansion strategies, particularly in lower-tier cities, leading to issues with distributor management and market saturation [5] - A dual strategy of "internal growth + external mergers" has been proposed to address these challenges, focusing on new product development and expanding into emerging channels [5][6] Group 4: Operational Issues - Fuling Pickle's production capacity has fluctuated, with a significant drop from 25.63 million tons in 2023 to around 15 million tons in 2024, while actual production was only 11.36 million tons [6] - The company has invested heavily in a green intelligent production base, but progress has been slow, with only 12.59% completion as of 2024 [6] - The reliance on interest income from unutilized funds has become a significant profit source, raising concerns about the company's operational efficiency and future growth potential [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 13.26 CNY per share [5]. Core Views - The company reported a slight pressure in Q1 2025, achieving revenue and net profit of 713 million CNY and 272 million CNY respectively, with a year-on-year change of -4.75% and +0.24% [1]. - The main product, pickled vegetables, remains stable, with continuous product optimization and the introduction of new products such as stir-fried series [1]. - The company is pursuing an acquisition of a 51% stake in Weizimei, which is expected to create synergies and enhance its market position in the food sector [2]. - The company aims for a revenue growth of 6% annually from 2025 to 2027, with net profit growth projected at 9% in 2025 and 7% in the following years [3]. Financial Summary - Revenue for 2023 is projected at 2,449.85 million CNY, with a slight decline expected in 2024 before a recovery in 2025 to 2,540.51 million CNY [4]. - The net profit for 2023 is estimated at 826.58 million CNY, with a forecasted increase to 870.75 million CNY in 2025 [4]. - The company’s EBITDA is expected to grow from 981.32 million CNY in 2023 to 1,131.48 million CNY in 2025 [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 17.57, 16.46, and 15.44 respectively, indicating a favorable valuation trend [4].

Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4] Core Views - The company's Q1 2025 performance shows a significant decline in revenue and net profit, with total revenue at 642 million yuan, down 25% year-on-year, and net profit at 75 million yuan, down 58% year-on-year [1] - Increased expenses have pressured profit margins, with gross margin decreasing by 3 percentage points to 40.74% due to changes in channel structure and higher sales/management expense ratios [2] - Inventory has been largely digested, leading to improved sales momentum in March 2025, with expectations for revenue to improve sequentially [3] - The company is adjusting its earnings per share (EPS) forecasts for 2025-2027 to 0.64, 0.72, and 0.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [4] Summary by Sections Financial Performance - Q1 2025 total revenue was 642 million yuan, a 25% decrease year-on-year, with net profit at 75 million yuan, down 58% [1] - Gross margin decreased to 40.74%, with net margin down 9 percentage points to 12.34% due to weak market demand and increased expenses [2] Sales and Inventory - Revenue from hot pot condiments, recipe-style condiments, and sausage products was 173 million, 434 million, and 15 million yuan respectively, with declines of 41%, 12%, and 56% year-on-year [3] - The company expects improved sales performance moving forward as inventory levels have normalized [3] Earnings Forecast - Adjusted EPS forecasts for 2025-2027 are 0.64, 0.72, and 0.80 yuan, with PE ratios of 18, 16, and 14 times [4] - The company is positioned as a leader in the complex seasoning market, focusing on product innovation and channel collaboration [4]

Investment Rating - The report maintains a "Buy" investment rating for Tianwei Food [4] Core Views - The company's Q1 2025 performance shows a significant decline in revenue and net profit, with total revenue at 642 million yuan, down 25% year-on-year, and net profit at 75 million yuan, down 58% year-on-year [1] - Increased expenses have pressured profit margins, with gross margin decreasing by 3 percentage points to 40.74% due to changes in channel structure and higher sales/management expense ratios [2] - Inventory has been largely digested, leading to improved sales momentum in March, with expectations for revenue to improve sequentially [3] - The company is adjusting its earnings per share (EPS) forecasts for 2025-2027 to 0.64, 0.72, and 0.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [4] Summary by Sections Financial Performance - Q1 2025 total revenue was 642 million yuan, a 25% decrease year-on-year, with net profit at 75 million yuan, down 58% [1] - Gross margin decreased by 3 percentage points to 40.74%, while net margin fell by 9 percentage points to 12.34% [2] Sales and Inventory - Revenue from hot pot condiments, recipe-style condiments, and sausage products was 173 million, 434 million, and 15 million yuan respectively, with declines of 41%, 12%, and 56% year-on-year [3] - The company expects improved sales performance moving forward as inventory levels have normalized [3] Earnings Forecast - Adjusted EPS forecasts for 2025-2027 are 0.64, 0.72, and 0.80 yuan, with PE ratios of 18, 16, and 14 times [4] - Projected revenue growth rates for 2025-2027 are 10.8%, 9.5%, and 8.6% respectively, with net profit growth rates of 8.8%, 12.3%, and 11.0% [9]