Summary of Key Points Group 1: Overall Industry Analysis - The report indicates a systemic recovery opportunity for the food and beverage industry in 2026 after a five-year adjustment period from 2021 to 2025, with key external indicators being the Consumer Price Index (CPI) and a focus on cyclical attributes in the liquor and catering supply chain [4][19]. - The liquor sector is expected to see a fundamental turning point in Q3 2026, following a significant decline in sales and prices in Q3 2025, with a projected stabilization and recovery in prices as inventory clears and demand rebounds [4][7][19]. - The report emphasizes that if the fundamentals recover as anticipated, a dual boost in valuation and performance is expected by the end of 2026 and into 2027, marking a strategic allocation period for quality companies [4][7][19]. Group 2: Liquor Investment Strategy - The liquor sector has experienced a significant decline in sales, with Q3 2025 showing a 50% year-on-year drop compared to Q3 2023, and high-end liquor prices continuing to fall as the market seeks a balance between volume and price [4][7][8]. - Key recommended companies in the liquor sector include Luzhou Laojiao, Shanxi Fenjiu, Kweichow Moutai, and Wuliangye, with a focus on strategic positioning for quality firms as the market stabilizes [4][7][8]. - Historical performance analysis from 2012 to 2015 suggests that stock price turning points often precede fundamental turning points, indicating a potential recovery in Q3 2026 [4][7][23]. Group 3: Consumer Goods Investment Strategy - The report identifies systemic opportunities in the consumer goods sector, with CPI as a core observation indicator, predicting gradual improvement in food CPI due to structural demand changes and a shift from price competition to quality competition among companies [4][19]. - Recommended companies in the consumer goods sector include Yili Group, Qingdao Beer, Anjuke Food, and Tianwei Food, with a focus on firms that possess pricing power and are positioned for systematic recovery if CPI continues to improve [4][19]. - The report highlights that if CPI improves consistently, leading companies in various sub-sectors will also experience systematic recovery [4][19].

Core Viewpoint - Tianwei Food has submitted an application for the issuance of overseas listed shares (H-shares) and for listing on the main board of the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and enhance its market presence [1]. Group 1 - The company submitted the application to the Hong Kong Stock Exchange on October 30, 2025 [1]. - The application materials for this issuance have been published on the Hong Kong Stock Exchange's website [1]. - The company has also submitted the filing application materials to the China Securities Regulatory Commission, which has recently accepted the application [1].

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。 证券代码：603317 证券简称：天味食品 公告编号：2025-105 四川天味食品集团股份有限公司 关于发行境外上市股份（H 股）备案申请材料 获中国证监会接收的公告 公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香港联交 所等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍存在不确 定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意投 资风险。 特此公告。 四川天味食品集团股份有限公司董事会 2025 年 11 月 18 日 四川天味食品集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在香 港联交所网站刊登了本次发行的申请资料。具体内容详见公司于 2025 年 10 月 31 日 在上海证券交易所网站（www.sse.com.cn）披露的《关于向香港联 ...

天味食品（603317）(603317.SH)公告，公司发行境外上市股份(H股)备案申请材料近日获中国证监会接 收。 ...

天味食品公告称，公司于2025年10月30日向香港联交所递交发行境外上市股份（H股）并在主板挂牌上 市申请，同日刊登申请资料。近日，公司已向中国证监会报送本次发行的备案申请材料并获接收。本次 发行尚需取得中国证监会、香港证监会和香港联交所等批准、核准或备案，存在不确定性，公司将及时 披露进展。 ...

智通财经APP讯，天味食品(603317.SH)公告，公司发行境外上市股份(H股)备案申请材料近日获中国证 监会接收。 ...

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Group 1 - The food ETF (515710) showed weak performance with a decline of 0.32% and a trading volume of 54.66 million yuan as of November 17 [1] - Leading stocks in the food sector included Tianwei Food, Lianhua Holdings, and Kweichow Moutai, with increases of 2.06%, 1.37%, and 0.65% respectively [1] - Conversely, Dongpeng Beverage, Yunnan Energy Investment, and Yanghe Distillery experienced declines of 3.02%, 2.34%, and 2.33% respectively [1] Group 2 - The white liquor industry is undergoing a destocking phase, with expectations of recovery in demand and economic revival by Q4 2025 [2] - The trend towards healthier snacks is evident, with categories like konjac continuing to benefit, and leading companies are expected to gain from this trend [2] - The dairy product demand is gradually recovering, with raw milk prices potentially stabilizing [2] Group 3 - The food ETF and its linked funds passively track a segmented food index, with the top ten weighted stocks including Kweichow Moutai, Wuliangye, and Yili [2]

Core Viewpoint - Tianwei Food's stock price has shown a positive trend, with a year-to-date increase of 4.37% and significant gains over various trading periods, indicating investor interest and potential growth in the food seasoning sector [1][2]. Group 1: Stock Performance - As of November 17, Tianwei Food's stock price reached 13.35 CNY per share, with a market capitalization of 14.218 billion CNY [1]. - The stock has experienced a 2.06% increase during the trading session on November 17, with a trading volume of 88.35 million CNY and a turnover rate of 0.63% [1]. - Year-to-date, the stock has increased by 4.37%, with a 2.30% rise over the last five trading days, 17.21% over the last 20 days, and 11.90% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Tianwei Food reported a revenue of 2.411 billion CNY, reflecting a year-on-year growth of 1.98% [2]. - The net profit attributable to shareholders for the same period was 392 million CNY, which represents a year-on-year decrease of 9.30% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tianwei Food was 31,700, a decrease of 12.51% from the previous period [2]. - The average number of circulating shares per shareholder increased by 14.30% to 33,564 shares [2]. - Cumulatively, Tianwei Food has distributed 1.644 billion CNY in dividends since its A-share listing, with 1.250 billion CNY distributed over the last three years [3].

Core Viewpoint - Tianwei Foods, known as the "first stock of Sichuan hot pot seasoning," is facing significant financial and operational pressures, leading to a decline in performance and a need for strategic adjustments [1][3][24]. Financial Concerns - Tianwei Foods has experienced a slowdown in revenue growth, with a reported revenue of 13.73 billion yuan in the first half of 2025, a decrease of over 800 million yuan year-on-year [3][4]. - The company's net profit for the first three quarters of 2025 was approximately 3.92 billion yuan, down 9.3% year-on-year, indicating a troubling trend of "increased revenue without increased profit" [4][5]. - Operating cash flow has significantly decreased, with a net cash flow of about 1.63 billion yuan in the first half of 2025, a drop of 44.55% compared to the same period in 2024 [5][8]. Operational Adjustments - The company is heavily reliant on a few major products, particularly hot pot base and sauerkraut fish seasonings, which raises concerns about product dependency [17][24]. - Despite a 60% increase in online revenue, offline sales have dropped by 10%, highlighting a significant channel imbalance [12][13]. - The number of distributors has increased from 3,017 to 3,278, but this has not translated into higher offline sales, indicating potential issues in distributor relationships [14][15]. Market Position and Competition - Tianwei Foods holds a market share of 9.7% in the recipe-style seasoning market and 4.8% in the hot pot seasoning market, making it a significant player in these segments [11]. - However, the company faces increasing competition from numerous rivals, including Hai Di Lao and other established brands, which is putting pressure on its market position [18][24]. Strategic Direction - The company plans to use funds from its IPO for investments, expansion, and overseas market development, but there are concerns about the feasibility of these plans given the current cash flow situation [20][21]. - The high concentration of shareholding, with the controlling family holding over 74%, raises concerns about potential sell-off risks post-IPO [22][24].