Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company's revenue and net profit for the first half of 2025 were 1.391 billion and 190 million yuan, respectively, showing a year-on-year decline of 5.24% and 23.01%. However, in the second quarter of 2025, revenue and net profit improved significantly to 749 million and 115 million yuan, reflecting a quarter-on-quarter increase of 21.93% and 62.72% [1]. - The company is focusing on product optimization and innovation, particularly in its hot pot seasoning and health-oriented product lines, which are expected to drive future growth [1][2]. - The online sales channel has seen rapid growth, with a year-on-year increase of 67% in the second quarter of 2025, contributing to 27.4% of total revenue [2]. - The company aims to enhance its performance through product focus, channel strengthening, brand momentum, and external growth strategies [3]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 3.530 billion, 3.867 billion, and 4.212 billion yuan, with year-on-year growth rates of 2%, 10%, and 9% respectively. The net profit for the same period is projected to be 620 million, 690 million, and 767 million yuan, with corresponding year-on-year growth rates of -1%, +11%, and +11% [3][4]. - The company's gross margin and net margin improved in the second quarter of 2025, reaching 36.96% and 16.42%, respectively [2]. - The company's earnings per share (EPS) for 2025 is projected at 0.58 yuan, with a price-to-earnings (P/E) ratio of 20.88 [4][10].

Core Viewpoint - Tianwei Food's performance showed signs of recovery in the second quarter, with significant improvements in key operational metrics compared to the first quarter, indicating a potential turning point in its business performance [1][7][20]. Financial Performance - In the first half of the year, Tianwei Food achieved a revenue of 1.391 billion yuan and a net profit attributable to shareholders of 190 million yuan, showing a slight decline compared to the same period last year [1]. - In the second quarter, the company reported revenues of 749 million yuan and a net profit of 115 million yuan, representing year-on-year growth of 21.93% and 62.72%, respectively [7]. - Online sales revenue surged by 60.11% to 407 million yuan in the first half, effectively offsetting declines in other offline channels [1][7]. Product Performance - The main revenue sources for Tianwei Food are hot pot condiments and recipe-style condiments, which accounted for 95.2% of total revenue in the first half, with sales of hot pot condiments and recipe-style condiments reaching 428 million yuan and 896 million yuan, respectively [4][5]. - In the second quarter, sales of hot pot condiments and recipe-style condiments grew by 29% and 17.8% year-on-year, respectively, indicating a recovery in sales performance [5]. Market Strategy and Innovation - Tianwei Food is actively adapting to changing consumer preferences by innovating products and expanding channels, including a focus on healthier and more diverse flavors in the hot pot base market [12][13]. - The company is implementing a "large area autonomous operation" model to enhance regional market vitality and dealer engagement [14]. - New product lines include non-spicy hot pot soup bases and diversified consumption scenarios, aiming to attract a broader consumer base [14]. Channel Development - The company has strengthened its online presence by collaborating with major platforms like JD.com and Walmart, while also entering high-end channels through partnerships with Sam's Club [15]. - As of the end of the second quarter, Tianwei Food had 3,251 distributors, an increase of 136 from the previous quarter, with significant growth in key markets [7]. Mergers and Acquisitions - Tianwei Food is leveraging its public company status to enhance its scale through acquisitions, with the recent addition of a controlling subsidiary, "Add Flavor," which specializes in popular condiment products [17][18]. - The subsidiary's products, such as spicy chicken seasoning, are leading in their respective categories, contributing to the overall brand penetration and user conversion [19]. Future Outlook - Following the release of the semi-annual report, sell-side analysts project the company's profit for 2025 to exceed 620 million yuan, suggesting further improvement in profitability in the second half of the year [20].

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - In the first half of 2025, the company achieved total revenue of 1.391 billion yuan, a decrease of 5.24% year-on-year, while net profit attributable to shareholders was 190 million yuan, down 23.01% [1] - In Q2 2025, total revenue reached 749 million yuan, an increase of 21.93% year-on-year, and net profit attributable to shareholders was 115 million yuan, up 62.72% [1] - The company expects net profits for 2025, 2026, and 2027 to be 586 million, 656 million, and 721 million yuan respectively, with growth rates of -6.13%, 11.89%, and 9.89% [4] Revenue Performance - In H1 2025, offline and online channel revenues were 974 million and 407 million yuan, respectively, with year-on-year changes of -19.60% and +60.11% [2] - In Q2 2025, offline and online channel revenues grew by 9.54% and 66.69% year-on-year [2] - The company reported revenue from various product categories, with hot pot condiments at 428 million yuan (-12.85% YoY) and recipe-style condiments at 896 million yuan (+1.06% YoY) [2] Geographic Performance - In H1 2025, revenue growth was notable in the eastern region, with a year-on-year increase of 29.35%, while other regions experienced declines [2] Profitability Analysis - The company's gross margin for H1 2025 was 38.70%, a decrease of 0.86 percentage points year-on-year, while the net profit margin was 13.66%, down 3.16 percentage points [3] - In Q2 2025, the gross margin improved to 36.96%, an increase of 3.63 percentage points year-on-year, and the net profit margin was 15.39%, up 3.86 percentage points [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.94 CNY, based on a 25x PE for 2025 [5][11]. Core Insights - The company has shown a significant improvement in revenue quarter-on-quarter, with a notable increase in net profit margins due to cost reductions and channel optimization [2][11]. - The company is a leader in the domestic seasoning industry, leveraging acquisitions to create new growth drivers [11]. Financial Summary - Total revenue for 2023 is projected at 31.49 billion CNY, with a growth rate of 17.0%. The net profit attributable to shareholders is expected to reach 4.57 billion CNY, reflecting a growth of 33.7% [4][12]. - For 2025, the estimated earnings per share (EPS) is 0.60 CNY, with a projected net profit of 6.37 billion CNY [4][12]. - The company’s return on equity (ROE) is expected to increase from 10.6% in 2023 to 16.9% by 2027 [4][12]. Revenue and Profitability - In the first half of 2025, the company achieved total revenue of 1.391 billion CNY, a year-on-year decrease of 5.2%, while the net profit was 190 million CNY, down 23.0% [11]. - In Q2 2025, the company reported a revenue of 749 million CNY, a year-on-year increase of 21.9%, and a net profit of 115 million CNY, up 62.7% [11]. Product Performance - The hot pot seasoning segment saw a revenue increase of 29.0% year-on-year in Q2 2025, reaching 255 million CNY [11]. - The online sales channel performed exceptionally well, with a revenue increase of 66.7% year-on-year, contributing to 27.4% of total revenue [11]. Regional Performance - In Q2 2025, revenue from the eastern region grew by 52.1% year-on-year, amounting to 210 million CNY, while other regions also showed positive growth [11].

Core Viewpoint - The company reported a decline in total revenue and net profit for H1 2025, but showed strong growth in Q2 2025, indicating a recovery in business performance driven by improved sales and new product contributions [1][4]. Financial Performance - H1 2025 total revenue was 1.39 billion, down 5.2% year-on-year, with a net profit of 190 million, down 23.0% [1]. - Q2 2025 revenue reached 749 million, up 21.9% year-on-year, and net profit was 115 million, up 62.7% [1]. Business Segments - The main business saw a significant recovery in Q2, with hot pot base and recipe-style condiments growing by 29.0% and 17.8% year-on-year, respectively [2]. - Online and offline channel revenues increased by 66.7% and 9.5% year-on-year, with online growth driven by contributions from new acquisitions [2]. - Regional performance varied, with Eastern and Southern regions showing strong growth of 52.1% and 22.1%, while the Central region declined by 8.6% [2]. Profitability - Q2 2025 gross margin improved to 37.0%, up 3.6 percentage points year-on-year, attributed to revenue recovery and better product mix [3]. - The company managed to reduce sales, management, and R&D expense ratios, leading to a net profit margin of 15.4%, up 3.9 percentage points year-on-year [3]. Future Outlook - The company anticipates continued growth in revenue for the full year 2025, supported by new product launches and the integration of acquired businesses [4]. - Despite potential pressures on the main business due to external demand, the new business segments are expected to maintain growth [4]. Investment Perspective - The company is viewed positively with a "strong buy" rating, as Q2 showed improvement and profitability exceeded expectations [5]. - EPS forecasts for 2025-2027 have been adjusted slightly, with a target price of 16, corresponding to a PE ratio of 27.6 for 2025 [5].

Investment Rating - The report maintains a "Strong Buy" rating for Tianwei Foods (603317) [2][8] Core Views - The company reported a total revenue of 1.39 billion yuan for H1 2025, a decrease of 5.2% year-on-year, while the net profit attributable to shareholders was 190 million yuan, down 23.0%. However, Q2 showed a recovery with revenue of 749 million yuan, an increase of 21.9%, and a net profit of 115 million yuan, up 62.7% [2][8] - The company is expected to achieve revenue growth for the full year 2025, driven by the recovery in its main business and contributions from newly consolidated businesses [8] Financial Performance Summary - **2025 H1 Financials**: - Total revenue: 1.39 billion yuan, down 5.2% YoY - Net profit: 190 million yuan, down 23.0% - Q2 revenue: 749 million yuan, up 21.9% - Q2 net profit: 115 million yuan, up 62.7% [2][8] - **Future Financial Projections**: - 2024A: Total revenue of 3.476 billion yuan, net profit of 625 million yuan - 2025E: Total revenue of 3.58 billion yuan, net profit of 615 million yuan - 2026E: Total revenue of 3.939 billion yuan, net profit of 698 million yuan - 2027E: Total revenue of 4.325 billion yuan, net profit of 789 million yuan [4][8] - **Earnings Per Share (EPS)**: - 2025E: 0.58 yuan - 2026E: 0.66 yuan - 2027E: 0.74 yuan [4][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025: 27.6 times - Price-to-Book (P/B) ratio for 2025: 2.9 times [4][8] Market Performance - The stock price as of August 27, 2025, was 12.37 yuan, with a target price set at 16 yuan [4][8] - The company has shown a recovery in Q2, with a gross margin of 37.0%, up 3.6 percentage points YoY, indicating improved profitability [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4] Core Views - The company experienced a revenue and net profit growth of 21.93% and 62.72% year-on-year in Q2 2025, exceeding expectations due to inventory reduction in Q1, successful new product promotions, and significant improvements in customized channels [1][3][4] - The company is expected to maintain high dividend payouts over the next three years, with projected earnings per share (EPS) of 0.59, 0.68, and 0.76 for 2025, 2026, and 2027 respectively, corresponding to a valuation of 21X for 2025 [4][5] Financial Performance - In H1 2025, the company achieved a total revenue of 1.391 billion yuan, a decrease of 5.24% year-on-year, and a net profit of 190 million yuan, down 23.01% year-on-year [3][5] - Q2 2025 saw a revenue of 749 million yuan, up 21.93% year-on-year, and a net profit of 115 million yuan, up 62.72% year-on-year, indicating a strong recovery in performance [3][4] - The company’s gross margin improved to 36.96% in Q2 2025, an increase of 3.63 percentage points year-on-year, driven by higher growth in high-margin products and a decrease in raw material costs [3][4] Business Segmentation - In Q2 2025, revenue from hot pot condiments, recipe-style condiments, and others was 255 million yuan, 462 million yuan, and 27 million yuan respectively, showing year-on-year growth of 28.95%, 17.82%, and 10.17% [3] - The company had 3,251 distributors as of H1 2025, an increase of 136 from Q1 2025, indicating an expansion in distribution channels [3] Market Outlook - The company anticipates continued recovery in its core business, although revenue growth may slow in H2 2025 due to high base effects from the previous year [4] - The company is focused on launching new products and expanding its market presence, particularly in the eastern region, which has shown rapid growth [3][4]

Core Insights - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 1.39 billion yuan, down 5.24% year-on-year, and net profit at 190 million yuan, down 23.01% year-on-year [1] - In Q2 2025, the company saw a revenue rebound to 749 million yuan, up 21.93% year-on-year, and net profit increased to 115 million yuan, up 62.72% year-on-year [1] Group 1: Financial Performance - In H1 2025, the company's revenue from the seasoning business was 1.38 billion yuan, up 20.52% year-on-year, with net profit at 240 million yuan, up 30.88% year-on-year [2] - The newly acquired subsidiary contributed 133 million yuan in revenue and 7 million yuan in net profit in H1 2025 [2] - The company added 234 distributors, bringing the total to 3,251 [2] Group 2: Revenue Breakdown - In H1 2025, offline and online revenues were 974 million yuan and 407 million yuan, respectively, with year-on-year changes of -19.60% and 60.11% [2] - By product category, hot pot condiments and recipe-style condiments generated revenues of 428 million yuan and 896 million yuan, with year-on-year changes of -12.85% and 1.06% [2] - By region, revenues in the eastern, southern, western, northern, and central regions were 380 million yuan, 144 million yuan, 496 million yuan, 90 million yuan, and 270 million yuan, with year-on-year changes of 29.35%, -3.95%, -5.85%, -25.92%, and -27.46% [2] Group 3: Profitability Metrics - The company's gross margin decreased by 0.86 percentage points to 38.70% in H1 2025, but Q2 saw an increase of 3.63 percentage points to 36.96% [4] - The net profit margin for H1 2025 decreased by 3.16 percentage points to 13.66%, while Q2 saw an increase of 3.86 percentage points to 15.39% [4] Group 4: Future Earnings Forecast - The company revised its revenue forecasts for 2025-2027 to 3.617 billion yuan, 3.889 billion yuan, and 4.165 billion yuan, with year-on-year growth rates of 4%, 8%, and 7% [5] - The projected net profits for the same period are 594 million yuan, 646 million yuan, and 702 million yuan, with year-on-year growth rates of -5%, 9%, and 9% [5] - The expected earnings per share (EPS) are 0.56 yuan, 0.61 yuan, and 0.66 yuan, with corresponding price-to-earnings (PE) ratios of 22.2x, 20.4x, and 18.8x [5]

1、主营业务收入按销售渠道分布情况： 单位：人民币万元 证券代码：603317 证券简称：天味食品 公告编号：2025-079 四川天味食品集团股份有限公司 2025 年半年度主要经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》的相 关规定，现将四川天味食品集团股份有限公司 2025 年半年度主要经营数据（未经审 计）公告如下： | 区域 | 2025 | 年半年度 | 2024 年半年度 | 同比变动（%） | | --- | --- | --- | --- | --- | | 东部区域 | | 38,030.14 | 29,400.89 | 29.35 | | 南部区域 | 14,421.07 | 15,014.18 | -3.95 | | --- | --- | --- | --- | | 西部区域 | 49,597.22 | 52,677.70 | -5.85 | | 北部区域 | 9,008.51 | 12,160.87 | -25.92 ...

Core Insights - The company's main business revenue for the first half of 2025 is 1.381 billion yuan, a year-on-year decrease of 5.76% [1] Revenue Breakdown - Offline channel revenue is 974 million yuan, down 19.60% year-on-year [1] - Online channel revenue is 407 million yuan, up 60.11% year-on-year [1] Product Category Performance - Hot pot seasoning revenue is 428 million yuan, a year-on-year decrease of 12.85% [1] - Recipe-based seasoning revenue is 896 million yuan, a year-on-year increase of 1.06% [1] - Sausage and cured meat seasoning revenue is 13.62 million yuan, down 59.31% year-on-year [1] Regional Performance - Revenue from the eastern region is 380 million yuan, a year-on-year increase of 29.35% [1] Distributor Network - The number of distributors at the end of the reporting period is 3,251, an increase of 234 compared to the beginning of the period [1]