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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline of 24.80% year-on-year in Q1 2025, with a total revenue of 642 million yuan and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [2] - The sales pressure in Q1 2025 was attributed to the timing of the Spring Festival, while online channels provided incremental growth [3] - The company has been actively exploring external mergers and acquisitions, which have contributed to growth in online channels and improved performance in certain product categories [5] - The overall business performance is expected to stabilize and recover in the future [5] Revenue and Profitability Analysis - In Q1 2025, the company's revenue from various product categories showed significant declines, with hot pot condiments down 41.05% and sausage and cured meat condiments down 55.77% [3] - The company's gross margin in Q1 2025 was 40.74%, a decrease of 3.32 percentage points year-on-year, primarily due to a significant decline in high-margin products [4] - The net profit margin for Q1 2025 was 11.65%, down 8.98 percentage points year-on-year, indicating a decline in profitability due to cost and expense pressures [4] Financial Forecasts - The revenue forecasts for 2025 to 2027 have been adjusted downwards to 37.04 billion yuan, 41.19 billion yuan, and 45.23 billion yuan respectively [6] - The earnings per share (EPS) forecasts for the same period have also been revised down to 0.57 yuan, 0.65 yuan, and 0.75 yuan respectively [6] - The price-to-earnings (PE) ratios corresponding to the closing price of 11.29 yuan per share are projected to be 20, 17, and 15 times for 2025, 2026, and 2027 respectively [6]

Core Viewpoint - Tianwei Food, known as the "first stock of Sichuan-style hot pot ingredients," reported a shocking Q1 performance with a revenue decline of 24.8% to 642 million yuan and a net profit drop of 57.53% to 74.73 million yuan, leading to a significant stock price drop of nearly 19% over three trading days [1] Revenue Decline - The company's three core product categories experienced significant revenue declines in Q1 2025: hot pot base ingredients down 41.05%, seasonings down 12.24%, and sausage and cured meat seasonings plummeting 55.77% from 33.47 million yuan to 14.80 million yuan [2] - Seasonal products like hot pot base ingredients and sausage seasonings were hit hardest, while the decline in Chinese dish seasonings was partially offset by the contribution from the newly acquired "Jia Dian Zi Wei" brand [2] - Sales expenses only slightly decreased by 1.38%, indicating that the company did not cut marketing investments despite revenue drops, but rather adjusted its expense structure to focus on online content marketing and user operations, which increased short-term profit pressure [2] - Regionally, the traditional stronghold in the western market saw a revenue drop of 26.86%, while the northern region faced a 43.62% decline, with a net reduction in distributors leading to market loss [2] - Efforts to expand into eastern and southern markets yielded minimal results, with eastern revenue only increasing by 9.3%, insufficient to offset losses in the western and northern markets [2] - Notably, the previously strong southern and central regions also turned negative in Q1 2025 [2] Internal Control Issues - More critically, the company faced transparency issues in its financial reporting, as a correction notice revealed that the acquired "Jia Dian Zi Wei" and its subsidiaries were not included in the internal control evaluation, despite their asset and revenue contributions being minimal [3] - Following this, the internal control audit report changed from a "standard unqualified opinion" to an "unqualified opinion with emphasis of matter," highlighting internal control deficiencies [3] - In February, company executives disclosed a share reduction plan, intending to sell up to 1,381,118 shares, representing 0.1297% of the total share capital, raising concerns about management confidence [3] - The seasoning industry is currently facing dual pressures from weak consumer demand and intense competition, posing significant challenges for Tianwei Food as a leading player in the segment [3] - In this period of deep adjustment in the seasoning industry, cash flow health and channel control will be critical for the company's survival [3]

Core Viewpoint - The company reported Q1 2025 earnings that fell short of expectations, with revenue and net profit declining significantly year-on-year, leading to a slight downward revision of profit forecasts for 2025-2027 [1][2]. Group 1: Financial Performance - Q1 2025 revenue and net profit were 640 million and 70 million yuan, respectively, representing year-on-year declines of 24.8% and 57.5% [1]. - The revenue drop was attributed to early inventory stocking for the Spring Festival, channel inventory clearance, and slightly lower-than-expected demand recovery [1]. - The gross margin for Q1 2025 decreased by 3.3 percentage points year-on-year to 40.7%, while the net profit margin fell by 8.56 percentage points year-on-year [2]. Group 2: Cost and Expense Analysis - The company experienced an increase in expense ratios across sales, management, finance, and R&D, primarily due to a decrease in revenue volume while maintaining stable absolute expense values [2]. - The company is expected to control expenses effectively throughout 2025, particularly by reducing spending in traditional supermarket channels and increasing investment in small B channels [3]. Group 3: Strategic Outlook - The company is focusing on strengthening its position in the C-end channel and has made breakthroughs in e-commerce platforms like Douyin and Xiaohongshu [3]. - The completion of acquisitions such as Shicui and Jiadian Zhiwei is anticipated to enhance the company's channel capabilities and support long-term growth [3]. - The company is actively preparing for seasonal products, such as crayfish seasoning, which is expected to drive revenue recovery in Q2 2025 [1].

证 券 研 究 报 告 评论： 天味食品（603317）2025 年一季报点评 推荐（维持） 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题。 短期经营承压，年内有望改善 目标价：16 元 [ReportFinancialIndex] 主要财务指标 事项： 公司发布 2025 年一季报，25Q1 公司实现总营业收入 6.42 亿元，同比减少 24.8%；实现归母净利润 0.75 亿元，同比减少 57.53%。 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,476 | 3,666 | 4,033 | 4,426 | | 同比增速(%) | 10.4% | 5.5% | 10.0% | 9.8% | | 归母净利润(百万) | 625 | 629 | 704 | 801 | | 同比增速(%) | 36.8% | 0.7% | 11.9% | 13.8% | | 每股盈利(元) | 0.59 | 0.59 | 0.66 | 0.75 | | 市盈率(倍) | 20 | 20 | 18 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance was below expectations, with revenue of 642 million yuan, a year-on-year decrease of 24.8%, and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [7] - The decline in revenue across various product categories is attributed to pre-holiday inventory buildup and proactive inventory clearance by the company [7] - Online sales showed strong growth, with a year-on-year increase of 54%, while offline sales decreased by 39.5% [7] - The company has expanded its distributor network, adding 98 new distributors by the end of Q1 2025 [7] - The company's gross margin decreased by 3.3 percentage points year-on-year, indicating pressure on profitability due to fixed costs amidst declining revenue [7] - The company anticipates a gradual improvement in performance moving forward, supported by healthy channel inventory levels [7] Financial Summary - Revenue projections for 2025-2027 have been adjusted to 3.66 billion yuan, 4.02 billion yuan, and 4.44 billion yuan, respectively, reflecting year-on-year growth rates of 5%, 10%, and 11% [7] - Net profit forecasts for the same period have been revised to 626 million yuan, 706 million yuan, and 798 million yuan, with year-on-year growth rates of 0.3%, 12.72%, and 12.94% [7] - The company's P/E ratios for 2025-2027 are projected to be 20x, 18x, and 16x, respectively [7]

单位：人民币万元 证券代码：603317 证券简称：天味食品 公告编号：2025-050 四川天味食品集团股份有限公司 2025 年第一季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 年第一季度主要经营数据公告如 下： 1、主营业务收入按销售渠道分布情况： 单位：人民币万元 | 渠道 | 年第一季度 2025 | 年第一季度 2024 | 同比变动（%） | | --- | --- | --- | --- | | 线下渠道 | 43,466.58 | 71,894.29 | -39.54 | | 线上渠道 | 20,373.53 | 13,227.20 | 54.03 | | 小计 | 63,840.11 | 85,121.49 | -25.00 | 2、主要产品收入变动情况： | 产品 | 2025 年第一季度 | 2024 年第一季度 | 同比变动（%） | | --- | -- ...