会议经过董事会充分讨论和认真审议，通过了如下决议： 证券代码：603027 证券简称：千禾味业 公告编号：临 2025-040 千禾味业食品股份有限公司 第五届董事会第八次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 千禾味业食品股份有限公司（以下简称"公司"）第五届董事会第八次会议通知 于2025年12月25日以书面、电子邮件、电话形式通知了全体董事，会议于2025年 12月29日在公司会议室以现场结合通讯方式召开。本次会议应参加表决董事9名， 实际参加表决董事9名。会议由公司董事长伍超群先生主持，公司高级管理人员列 席了本次会议。本次会议的召集和召开符合《公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的公告。 1、审议并通过《关于修订<千禾味业食品股份有限公司期货套期保值业务管 理制度>的议案》 董事会同意公司根据《中华 ...

Market Overview - The seasoning and fermentation sector increased by 0.17% compared to the previous trading day, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 37.28, up 6.67% with a trading volume of 39,700 lots and a transaction value of 145 million [1] - Lianhua Holdings (600186) closed at 5.93, up 1.02% with a trading volume of 592,300 lots and a transaction value of 350 million [1] - ST Jiajia (002650) closed at 6.72, up 0.60% with a trading volume of 61,500 lots and a transaction value of 40.68 million [1] - Tianwei Food (603317) closed at 12.61, up 0.56% with a trading volume of 38,900 lots and a transaction value of 49.14 million [1] - Other notable stocks include Jieling Pickles (002507) at 13.16, up 0.38%, and Qianhe Flavor Industry (603027) at 9.81, up 0.20% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 162 million from institutional investors, while retail investors saw a net inflow of 113 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Richen Co., Ltd. had a net inflow of 20.38 million from institutional investors, but a net outflow of 17.56 million from retail investors [3] - Qianhe Flavor Industry saw a net inflow of 373,540 from institutional investors, but a net outflow of 295,030 from retail investors [3] - Other stocks like Jiajia Co. (002495) and Tianwei Food (603317) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The seasoning and fermentation products sector experienced a short-term surge on December 22, with significant stock price increases [2] - Anji Food reached its daily limit increase, indicating strong market interest and investor confidence [2] - Other companies in the sector, including Angel Yeast, Qianhe Flavor, Zhongjing Food, Haitian Flavor, and Baoli Food, also saw their stock prices rise [2]

Group 1 - The core viewpoint of the news is that Qianhe Flavor Industry has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite a decline in revenue and profit [1][2]. - As of December 22, Qianhe's stock price increased by 2.00% to 10.20 CNY per share, with a total market capitalization of 13.598 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 15.20%, with notable gains of 10.87% over the last five trading days and 14.71% over the last 60 days [1]. Group 2 - For the period from January to September 2025, Qianhe Flavor Industry reported a revenue of 1.987 billion CNY, a year-on-year decrease of 13.17%, and a net profit of 260 million CNY, down 26.13% compared to the previous year [2]. - The company has distributed a total of 1.585 billion CNY in dividends since its A-share listing, with 1.233 billion CNY distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 6.82% to 73,700, while the average number of circulating shares per person increased by 7.32% to 13,050 shares [2][3].

Group 1 - The seasoning and fermentation sector increased by 2.26% on December 19, with Angel Yeast leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] - Key stocks in the seasoning and fermentation sector showed significant price increases, with Angel Yeast rising by 5.81% to a closing price of 44.59 [1] Group 2 - The main funds in the seasoning and fermentation sector experienced a net outflow of 18.18 million yuan, while retail investors saw a net inflow of 64.52 million yuan [2] - Individual stock fund flows indicated that Qianhe Flavor Industry had a net inflow of 44.50 million yuan from main funds, despite a net outflow from retail and speculative funds [3] - The stock of Angel Yeast had a minor net inflow of 295,600 yuan from main funds, with a notable net outflow from speculative funds [3]

Group 1 - The core viewpoint of the news is that Qianhe Flavor Industry has shown a positive stock performance with a 10.57% increase year-to-date and a recent 2.09% rise in stock price, indicating strong market interest and investment activity [1] - As of December 19, Qianhe Flavor Industry's stock price reached 9.79 yuan per share, with a total market capitalization of 13.051 billion yuan and a trading volume of 130 million yuan [1] - The company specializes in the research, production, and sales of high-quality condiments, with soy sauce accounting for 84.12% and vinegar for 15.88% of its main business revenue [1] Group 2 - For the period from January to September 2025, Qianhe Flavor Industry reported a revenue of 1.987 billion yuan, a year-on-year decrease of 13.17%, and a net profit attributable to shareholders of 260 million yuan, down 26.13% compared to the previous year [2] - The number of shareholders as of September 30, 2025, was 73,700, a decrease of 6.82% from the previous period, while the average circulating shares per person increased by 7.32% to 13,050 shares [2] - The company has distributed a total of 1.585 billion yuan in dividends since its A-share listing, with 1.233 billion yuan distributed over the past three years [3]

Group 1 - The seasoning and fermentation sector saw a slight increase of 0.08% on December 18, with Qianhe Flavor Industry leading the gains [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] - Qianhe Flavor Industry's stock price rose by 2.02% to 65.6, with a trading volume of 189,500 shares and a transaction value of 181 million yuan [1] Group 2 - The main funds in the seasoning and fermentation sector experienced a net outflow of 107 million yuan, while retail investors saw a net inflow of 114 million yuan [2] - The trading data indicates that major stocks like Lianhua Holdings and Fuling Mustard have varying levels of net inflow and outflow among institutional, retail, and speculative investors [3] - For instance, Lianhua Holdings had a net inflow of 14.88 million yuan from major funds, while it faced a net outflow of 21.99 million yuan from speculative funds [3]

Core Viewpoint - The article discusses the rising trend of clean label products in the food and beverage industry, highlighting consumer demand for transparency in ingredient lists and the proactive steps taken by brands and retailers to meet this demand [3][10][12]. Group 1: Clean Label Trend - Clean label products are gaining traction, with retailers like Hema and Walmart launching their own clean label certified products [4][14]. - Hema's first clean label egg tart received over 50,000 orders, indicating strong consumer interest [8][16]. - Brands such as Yili's "Yizhi Niu" have obtained clean label certifications, addressing consumer concerns about meat safety and quality [9][35]. Group 2: Consumer Insights - A report by Ipsos and Xiaohongshu reveals that keywords like "clean ingredient list" and "clean label" are trending among consumers, who prioritize fresh, additive-free ingredients [10][12]. - Innova's report indicates that nearly three-quarters of consumers reconsider their purchases based on ingredient lists, preferring simple and recognizable components [12]. Group 3: Industry Standards and Certifications - The industry has seen the establishment of multiple clean label group standards, including those from the China Standardization Association and the China Food Industry Association [9][18]. - As of November, the clean label certification has been implemented in various product categories, including dairy, meat, and condiments [28][34]. Group 4: Retailer Initiatives - Retailers like Dingdong Maicai and Tmall Supermarket have created "clean ingredient" sections, showcasing products with transparent ingredient lists [20][22]. - Walmart's self-owned brand "Wojixian" emphasizes simple ingredients and freshness, aligning with the clean label trend [16][18]. Group 5: Brand Responses - Brands are actively seeking clean label certifications to enhance their market appeal, with many already benefiting from early adoption [26][27]. - The clean label trend is seen as an opportunity for innovation, particularly for mid-to-high-end products, as it aligns with consumer preferences for healthier options [51][52].

Core Viewpoint - Qianhe Flavor Industry Co., Ltd. has experienced a decline in both revenue and net profit in the first three quarters of 2025, attributed to a brand trust crisis stemming from a detection scandal, reflecting a shift in the condiment industry from rapid growth to high-quality development [1][2]. Group 1: Company Performance - In the first three quarters of 2025, Qianhe Flavor achieved revenue of 1.987 billion yuan, a year-on-year decrease of 13.17%, and a net profit of 260 million yuan, down 26.13% [3]. - The third quarter alone saw revenue of 669 million yuan, a decline of 4.29%, and a net profit of approximately 86.34 million yuan, down 14.55% [3]. - The main offline channel revenue was 1.68 billion yuan, down 8.65%, while online sales were significantly weaker at 268 million yuan, down 33.84% [3]. Group 2: Industry Trends - The performance decline for Qianhe Flavor began in 2024, with revenue of 3.073 billion yuan, a decrease of 4.16%, and net profit of 514 million yuan, down 3.07%, ending years of consecutive growth [4]. - The number of "zero-additive" products in the condiment category surged from over 300 in Q2 2022 to over 800 by Q4 2024, with market share increasing from under 2.5% to nearly 5.5% [4]. - Major competitors like Haitian Flavor Industry have accelerated their "zero-additive" product lines, leading to intensified competition in the market [4]. Group 3: Regulatory Changes - The lack of standardized definitions for "zero-additive" products has led to confusion among consumers, with different brands interpreting the term variably [5][6]. - In March 2025, new regulations were introduced prohibiting the use of terms like "no additives" and "zero additives" on packaging, with a two-year transition period before enforcement begins in March 2027 [6][7]. - Qianhe Flavor has responded by removing "zero-additive" labels from its packaging and emphasizing transparency regarding the natural ingredients used in its products [7]. Group 4: Future Directions - The introduction of "clean label" standards aims to prioritize product quality, with new certifications focusing on natural ingredients and minimal additives [8]. - The upcoming implementation of stricter quality standards for soy sauce in December 2026 will require manufacturers to adhere to natural fermentation processes and enhance product transparency [9]. - The industry is expected to shift from marketing-driven strategies to a focus on genuine product quality and brand trust, with companies that adapt to regulatory changes and improve product quality likely to find new growth opportunities [9].

Core Insights - The clean label trend is gaining momentum in the food and beverage industry, with major retailers like Hema and Walmart launching their own clean label certified products [1][8] - Brands are actively pursuing clean label certifications to meet consumer demand for transparency and quality in ingredient lists [5][32] - The establishment of group standards for clean labels indicates a growing recognition of the importance of ingredient transparency among industry stakeholders [15][16] Group 1: Retailers and Clean Label Products - Hema and Walmart have introduced clean label certified products, emphasizing simple and fresh ingredients [8][9] - Hema's first A++ level clean label egg tart received over 50,000 orders shortly after launch, indicating strong consumer interest [5][9] - Walmart's self-owned brand, Woji Xian, has adopted a new brand philosophy focusing on simple ingredients and freshness [9][15] Group 2: Brand Initiatives and Certifications - Brands like Yili's "Yizhi Niu" have obtained clean label certifications, responding to consumer concerns about meat safety and quality [5][24] - The clean label certification process is becoming a common practice among various food categories, including dairy, meat, and condiments [24][32] - Several brands have already received clean label certifications from different testing institutions, showcasing the competitive landscape [24][27] Group 3: Consumer Trends and Preferences - Consumers are increasingly prioritizing clean ingredient lists, with reports indicating that nearly three-quarters of consumers reconsider purchases based on ingredient transparency [7][32] - The clean label concept, which originated in the West, is still relatively new in China, but consumer awareness is rapidly increasing [7][32] - The shift towards clean labels reflects a broader trend of consumers moving from simply wanting to be full to seeking healthier and more transparent food options [38][41] Group 4: Industry Standards and Future Outlook - The establishment of group standards for clean labels, such as the "Clean Label Food Authenticity Evaluation Guidelines," marks a significant step towards industry-wide recognition of clean labeling [15][16] - The clean label certification process is expected to expand to more product categories as consumer demand grows [32][41] - The clean label trend is seen as an opportunity for innovation in the food industry, particularly for mid-to-high-end products [41]