近期，巴中市市场监督管理局持续组织实施市级"你点我检"食品抽检，抽取了餐饮食品；食用油、油脂及其制品；酒类；食用农产品；乳制品；饮料；冷冻 饮品；调味品；薯类和膨化食品；肉制品；糕点；豆制品；蔬菜制品；蜂产品；炒货食品及坚果制品；淀粉及淀粉制品；速冻食品；粮食加工品等18类食品 本次食品安全监督抽检情况详见附件。消费者如有异议或建议，请拨打投诉举报电话12315反映。 特此通告。 2.合格项目信息表 巴中市市场监督管理局 2025年11月22日 附件1 本次检验项目 一、粮食加工品 （一）抽检依据 GB 2760 食品安全国家标准 食品添加剂使用标准 GB 2761 食品安全国家标准 食品中真菌毒素限量 GB 2762 食品安全国家标准 食品中污染物限量 GB 5009.15 食品安全国家标准 食品中镉的测定 GB 5009.22 食品安全国家标准 食品中黄曲霉毒素B族和G族的测定 GB 5009.27 食品安全国家标准 食品中苯并（a）芘的测定 GB 5009.96 食品安全国家标准 食品中赭曲霉毒素 A的测定 GB 5009.111 食品安全国家标准 食品中脱氧雪腐镰刀菌烯醇及其乙酰化衍生物的测定 GB ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [1][5]. Core Insights - The company reported better-than-expected performance in its third-quarter results, with a revenue decline of 4.29% in Q3, which is an improvement compared to a 30% decline in Q2 [5]. - The company is focusing on health-oriented products and plans to enhance its brand positioning through clean ingredient labels and organic offerings, which are expected to drive long-term growth [5]. - The report highlights that the company has reached an operational bottom this year, and the recovery in revenue is a positive sign for future performance [5]. Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 28.06 billion, with a year-on-year decline of 8.7% [4]. - The net profit attributable to the parent company for 2025 is estimated at 4.06 billion, reflecting a year-on-year decrease of 20.9% [4]. - The gross margin for Q3 was reported at 39%, an increase of 1.5 percentage points year-on-year, primarily due to cost reductions [5]. - The company’s revenue from soy sauce and vinegar for the first three quarters was 12.6 billion and 2.4 billion, respectively, with declines of 12.3% and 17.2% year-on-year [5].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported better-than-expected performance in Q3, with a revenue decline of 4.29% compared to a 30% decline in Q2, indicating a potential operational turnaround [6] - The company is focusing on health-oriented products and plans to enhance its market presence with clean ingredient labels and organic offerings [6] - The report suggests that the current year represents the operational bottom for the company, with a recommendation to actively monitor future revenue performance [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 2,806 million, with a year-on-year decline of 8.7% [5] - The net profit attributable to the parent company for 2025 is projected to be 406 million, reflecting a year-on-year decrease of 20.9% [5] - The company’s gross margin for Q3 was 39%, an increase of 1.5 percentage points year-on-year, primarily due to cost reductions [6] - The report forecasts a recovery in revenue growth for 2026 and 2027, with net profits expected to rise to 508 million and 610 million, respectively [6][5]

Core Viewpoint - Q3 2023 financial results of Qianhe Flavor Industry show a recovery in revenue and profit, alongside the company's proactive response to new food labeling regulations, emphasizing transparency and consumer health [1][2][6] Financial Performance - Qianhe Flavor Industry reported a revenue of 1.987 billion yuan and a net profit of 260 million yuan for the first three quarters of 2023 [1] - In Q3 alone, the company achieved a revenue of 669 million yuan and a net profit of 86 million yuan [1] - Revenue from soy sauce, vinegar, and other businesses in Q3 was 419 million yuan, 79 million yuan, and 133 million yuan respectively, with a significant reduction in the decline compared to Q2 [1] Market Response and Strategy - The company has removed "0 additives" labeling from its packaging in response to new regulations, placing ingredient lists on the front for better consumer visibility [1][2] - Qianhe's chairman emphasized the importance of product quality and compliance with new labeling standards to avoid consumer misunderstandings [2][6] - The company supports the new GB 7718 regulations, which aim to clarify food labeling and promote consumer awareness of ingredients [2][4] Industry Trends - The clean label concept, which originated in Europe, emphasizes transparency and the rejection of artificial additives, pushing companies towards innovation in natural ingredients and processing methods [4][6] - The new GB/T 18186-2025 standard for soy sauce has raised quality requirements and eliminated substandard products, marking a shift towards pure grain brewing [6][7] - Retailers like Walmart are adjusting their product offerings to focus on high-quality, clean-label soy sauces, indicating a market shift towards cleaner ingredients [7][9] Collaboration and Partnerships - Qianhe Flavor Industry is collaborating with major retailers like Walmart to develop unique product quality standards, enhancing its market position [9] - The company aims to leverage partnerships to promote clean-label products, aligning with consumer demands for food safety and quality [9]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown marginal improvement in Q3 performance, with efforts to restore market confidence leading to better operational conditions [5][7] - Revenue for the first three quarters of 2025 was 1.987 billion yuan, a year-on-year decrease of 13.17%, while net profit attributable to shareholders was 260 million yuan, down 26.13% year-on-year [4] - The company is expected to continue its recovery in Q4, with a focus on channel health and product matrix improvement [7] Summary by Sections Revenue Performance - In Q3 2025, the company achieved revenue of 669 million yuan, a year-on-year decline of 4.29%, with net profit of 86 million yuan, down 14.55% year-on-year [4] - The core product categories, soy sauce and vinegar, saw revenue declines of 12.3% and 17.2% respectively in the first three quarters, but the decline narrowed in Q3 to 3.6% and 6.9% [5] Regional Performance - Revenue changes by region in Q3 2025 showed a decline in the East and North regions, while the South and Central regions experienced positive growth [5] Channel Performance - Online revenue decreased by 44.2% in Q3 2025, while offline revenue increased by 3.7%, indicating a recovery in offline channels [6] Cost and Profitability - The gross margin for the first three quarters was 37.4%, an increase of 1.2 percentage points year-on-year, while the net profit margin was 13.1%, down 2.3 percentage points [6] - The company has increased its sales and management expenses due to higher advertising and channel investment [6] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 is 408 million yuan, with a corresponding PE ratio of 29x [7][9]

Core Viewpoint - Qianhe Flavor Industry is a leading player in the zero-additive seasoning market in China, with a strong brand influence and high product quality [1] Group 1: Company Overview - Qianhe Flavor Industry was established on January 31, 1996, and was listed on the Shanghai Stock Exchange on March 7, 2016, with its registered and office address in Meishan, Sichuan Province [1] - The company specializes in the research, production, and sales of high-quality seasonings such as soy sauce, vinegar, and cooking wine, classified under the food and beverage industry [1] Group 2: Financial Performance - For Q3 2025, Qianhe Flavor Industry reported a revenue of 1.987 billion yuan, ranking 8th in the industry, while the net profit was 260 million yuan, ranking 6th [2] - The main business composition includes soy sauce at 839 million yuan (63.70%), other products at 299 million yuan (22.70%), and vinegar at 159 million yuan (12.04%) [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 23.79%, higher than the previous year's 17.27% and above the industry average of 20.91% [3] - The gross profit margin for Q3 2025 was 37.41%, an increase from 36.20% in the previous year and above the industry average of 34.44% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.82% to 73,700, while the average number of circulating A-shares held per shareholder increased by 7.32% to 13,100 [5] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 6.2338 million shares, an increase of 1.0659 million shares from the previous period [5] Group 5: Market Outlook - Southwest Securities noted that Qianhe Flavor Industry faced operational pressure in Q2 2025 due to intense competition in the zero-additive market, leading to a decline in main business revenue [5] - Longjiang Securities indicated that despite negative public sentiment affecting revenue and profit in H1 2025, the company is expected to return to a growth trajectory with product adjustments and brand repositioning [6]

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个别及连带责任。 根据《<上海证券交易所上市公司自律监管指引第 3 号——行业信息披露>第 十四号——食品制造》的相关规定，现将千禾味业食品股份有限公司(以下简称"公 司")2025 年三季度主要经营数据公告如下： 一、2025 年前三季度主要经营数据 1、按照产品类别分类情况 证券代码：603027 证券简称：千禾味业 公告编号：临 2025-038 千禾味业食品股份有限公司 2025 年三季度经营数据公告 单位：万元 币种：人民币 | 区域 | 2025 | 年前三季度 | 2024 | 年前三季度 | 同比变动（%） | | --- | --- | --- | --- | --- | --- | | 东部区域 | | 47,361.77 | | 49,801.22 | -4.90 | | 南部区域 | | 16,835.54 | | 16,817.99 | 0.10 | | 区域 | 2025 年前三季度 | 2024 年前三季度 | 同比变动（%） | | --- | --- | - ...

Group 1 - The core viewpoint of the news is that the Zhenyuan County Market Supervision Bureau is implementing a comprehensive quality safety enhancement initiative for the seasoning industry, focusing on risk identification and resolution to ensure food safety for the public [1][2][3] Group 2 - The initiative emphasizes the establishment of a robust regulatory framework, incorporating a "three-in-one" supervision system that includes local responsibility, problem identification, and corrective actions, achieving 100% coverage in these areas [1] - A total of 31 batches of key products such as soy sauce and vinegar were subjected to supervision sampling, with a compliance rate of 96.8%, and all non-compliant products were dealt with according to the law, achieving a 100% disposal rate [2] - The regulatory body is enhancing industry self-discipline by ensuring that 100% of seasoning production enterprises have food safety personnel and are following a structured management system for daily control, weekly inspections, and monthly assessments [2] - Future actions will include ongoing closed-loop management, follow-up inspections, and the promotion of exemplary corrective cases through dynamic management strategies like "red and black lists" to enhance industry self-regulation [3]

Core Points - The report indicates that out of 215 food samples tested, 211 were found to be compliant with safety standards, while 4 samples were deemed non-compliant, highlighting a compliance rate of approximately 98.14% [2][3] - The tested food products included a variety of categories such as edible agricultural products, fruit products, meat products, root and puffed foods, vegetable products, and tea-related products [2][3] Summary by Category Compliance Results - Total samples tested: 215 - Compliant samples: 211 - Non-compliant samples: 4 - Compliance rate: 98.14% [2][3] Product Categories - Main categories tested included: - Edible agricultural products - Fruit products - Meat products - Root and puffed foods - Vegetable products - Tea and related products [2][3] Testing Standards - The testing was conducted based on national food safety standards, specifically GB 2762-2022 for contaminant limits and GB 2760-2024 for food additives [2][3]

Group 1 - The core point of the article is the increase in registered capital of Shanxi Jinlongyu Liangfen Vinegar Industry Co., Ltd. from approximately 580 million to about 680 million yuan [2] - The company was established in November 2010 and is fully owned by Jinlongyu [2] - The business scope of the company includes research and development of vinegar products, technical consulting, and technical services [2]