Core Points - The Shanghai Composite Index closed at 3961.62 points, above the six-month moving average, with a decline of 0.63% [1] - The total trading volume of A-shares reached 157.92 billion yuan [1] - A total of 259 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3961.62 points, indicating a slight decline of 0.63% [1] - The total trading volume for A-shares today is reported at 157.91 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 259 A-shares have broken through the six-month moving average, with the highest deviation rates observed in stocks such as: - Yatong Precision Engineering (8.20%) - Excellent New Energy (7.57%) - Deyuan Pharmaceutical (7.38%) [1] - Other stocks with smaller deviation rates include: - New Hope - Shanghai Phoenix - Angli Education, which have just crossed the six-month line [1] Notable Stocks and Their Metrics - Top stocks with significant price changes and their metrics include: - Yatong Precision Engineering: +9.76%, turnover rate 31.45%, six-month line 23.27 yuan, latest price 25.18 yuan, deviation rate 8.20% [1] - Excellent New Energy: +9.90%, turnover rate 2.44%, six-month line 45.62 yuan, latest price 49.07 yuan, deviation rate 7.57% [1] - Deyuan Pharmaceutical: +11.83%, turnover rate 8.02%, six-month line 38.03 yuan, latest price 40.84 yuan, deviation rate 7.38% [1]

Core Points - The Shanghai Composite Index is at 3966.25 points, above the six-month moving average, with a decline of 0.52% [1] - A total of 257 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The total trading volume of A-shares today is 115.87 billion yuan [1] - Stocks with the highest deviation rates include: - Yatong Precision Engineering: 8.41% deviation, closing at 25.23 yuan, with a daily increase of 9.98% and a turnover rate of 27.37% [1] - Aorui Technology: 6.91% deviation, closing at 3.56 yuan, with a daily increase of 9.88% and a turnover rate of 8.56% [1] - Zhuoyue New Energy: 6.42% deviation, closing at 48.54 yuan, with a daily increase of 8.71% and a turnover rate of 1.83% [1] Additional Notable Stocks - Other stocks with significant performance include: - Hualan Group: 5.49% deviation, closing at 17.75 yuan, with a daily increase of 7.58% [1] - Wento Holdings: 5.09% deviation, closing at 2.59 yuan, with a daily increase of 5.71% [1] - Stocks with smaller deviation rates that just crossed the six-month line include Southeast Electronics, Meixin Yishen, and Renfu Pharmaceutical [1]

Investment Rating - The report maintains a "Strong Buy" rating for Tianwei Foods (603317.SH) with an expected EPS of 0.57 CNY and 0.66 CNY for 2025 and 2026 respectively, corresponding to a valuation of 20X for 2025 [1][3]. Core Insights - The company reported a revenue growth of 13.79% and a net profit growth of 8.93% year-on-year for Q3 2025, exceeding expectations. The internal business continues to improve, and the growth trend for the acquired brands, including Shicui and Jiadian Zhiwei, remains strong [1][6]. - Despite potential revenue growth slowing down in Q4 due to high base pressure, overall profitability is expected to improve due to cost benefits and expense optimization [1][6]. - The company is committed to maintaining high dividends, with expected dividends over the next three years likely to remain at a high level [1][6]. Financial Performance - For Q3 2025, Tianwei Foods achieved a revenue of 1.02 billion CNY, with a year-on-year increase of 13.79%, and a net profit of 202 million CNY, up 8.93% year-on-year. The cash collection for Q3 was 1.142 billion CNY, reflecting a 13.88% increase [1][6]. - The gross margin for Q3 2025 was 40.46%, an increase of 1.63 percentage points year-on-year, primarily due to a decline in raw material costs [1][6]. - The company’s total revenue for the first three quarters of 2025 was 2.411 billion CNY, a year-on-year increase of 1.98%, while the net profit was 392 million CNY, down 9.30% year-on-year [1][6]. Business Segmentation - In Q3 2025, the hot pot seasoning business saw a revenue increase of 24.96%, driven by new product launches and contributions from acquisitions. The recipe-based seasoning revenue grew by 14.95%, with Shicui continuing its rapid growth [1][6]. - Online sales channels experienced a significant growth of 60.56% year-on-year, while offline channels improved by 4.47% compared to the first half of the year [1][6]. - The company has expanded its product line by acquiring a 55% stake in Shandong Yipin Weixiang, entering the compound seasoning market [1][6].

Group 1 - Tianwei Food (603317.SH) reported its Q3 2025 results on October 31, 2025, with 17 institutional investors holding a total of 124 million shares, representing 11.66% of the total share capital [1] - The top ten institutional investors collectively hold 10.35% of the shares, with a 2.47 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, eight funds increased their holdings, with a total increase ratio of 1.89%, including several funds from Invesco Great Wall [2] - One public fund, Invesco Great Wall Tai Bao three-month open mixed fund, reported a slight decrease in holdings [2] - A total of 108 public funds did not disclose their holdings this period, including various ETFs and mixed funds [2]

Core Viewpoint - The company Tianwei Foods reported a slight increase in revenue for the first three quarters of the year, but its net profit declined year-on-year, indicating mixed performance in the market [1][2]. Group 1: Financial Performance - For the first three quarters, Tianwei Foods achieved a revenue of 2.411 billion yuan, a year-on-year increase of 1.98%, while the net profit attributable to shareholders was 392 million yuan, a year-on-year decrease of 9.3% [1]. - In Q3 alone, the company generated revenue of 1.02 billion yuan, reflecting a year-on-year growth of 13.79%, with a net profit of 202 million yuan, up 8.93% year-on-year [1]. - The adjusted net profit after excluding non-recurring items for the first three quarters was 357 million yuan, down 8.13% year-on-year [1]. Group 2: Revenue Channels - Online sales were the main driver of revenue growth, with online channel revenue reaching 631 million yuan, a year-on-year increase of 60.27%, while offline channel revenue was 1.764 billion yuan, down 10.35% [1][2]. Group 3: Product Categories - The hot pot seasoning category saw a recovery in Q3, with revenue of 806 million yuan for the first three quarters, a year-on-year increase of 1.59%, and Q3 revenue of 379 million yuan, up 24.96% [2]. - The sausage and cured meat seasoning category, however, experienced a decline, with revenue of 158 million yuan, down 27.87% year-on-year [2]. Group 4: Regional Performance - The eastern region emerged as the main growth driver, with revenue of 646 million yuan for the first three quarters, a year-on-year increase of 35.56% [2]. - The southern region reported revenue of 245 million yuan, up 4.92% year-on-year, while the western region, the company's base, saw revenue of 814 million yuan, down 3.71% [2]. - The northern and central regions experienced revenue declines of 13.14% and 14.75% respectively [2]. Group 5: Distributor Network - The number of offline distributors continued to expand, reaching 3,278 by the end of Q3, an increase of 261 from the beginning of the year, with the eastern region contributing 116 new distributors [2]. Group 6: Market Expansion - Tianwei Foods has submitted an application for a Hong Kong stock listing, indicating its plans for market expansion [3].

Core Viewpoint - Tianwei Food reported a slight increase in revenue for the first three quarters of 2025, but a decline in net profit, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 2.411 billion yuan, a year-on-year increase of 1.98% [1] - The net profit attributable to shareholders was 392 million yuan, a year-on-year decrease of 9.3% [1] - In the third quarter, the company recorded operating revenue of 1.02 billion yuan, a year-on-year increase of 13.79% [1] - The net profit for the third quarter was 202 million yuan, reflecting a year-on-year increase of 8.93% [1] H-Share Issuance - On October 30, 2025, the company submitted an application to the Hong Kong Stock Exchange for the issuance of H-shares and listing on the main board [1] - The issuance of H-shares is subject to approval from relevant government and regulatory authorities, indicating uncertainty surrounding the process [1] - The company will fulfill its information disclosure obligations in accordance with legal regulations based on the progress of the H-share issuance [1]

Group 1 - The core viewpoint of the article highlights Tianwei Food's financial performance in Q3 2025, showing a slight increase in revenue but a decline in net profit and earnings per share [1] Group 2 - Tianwei Food reported a revenue of approximately 2.411 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.98% [1] - The net profit attributable to shareholders of the listed company was about 392 million yuan, reflecting a year-on-year decrease of 9.3% [1] - The basic earnings per share stood at 0.3709 yuan, which is a decrease of 9.65% compared to the previous year [1] - As of the report date, Tianwei Food's market capitalization was 12.2 billion yuan [1]

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 H 股并 上市"或"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 H 股并上市的申请资料。该申请资料为公司按照香港证券及期货事务监察委员会 （以下简称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其 所载内容可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投 资决定。 本次发行如果最终实施，发行对象将仅限于符合相关条件的境外投资者及 依据中国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会 在境内证券交易所的网站和符合监管机构规定条件的媒体上刊登该申请资料， 但为使境内投资者及时了解该申请资料披露的本次发行以及公司的其他相关信 息，现提供该申请资料在香港联交所网站的查询链接供查阅： 中文： https://www1.hkexnews.hk/app/sehk/2025/107819/documents/sehk25103001061_c.pdf 英文 ...

证券代码：603317 证券简称：天味食品 公告编号：2025-101 四川天味食品集团股份有限公司 2025 年第三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 年第三季度主要经营数据（未经 审计）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 单位：人民币万元 | 产品 | 年 月 2025 1-9 | 年 月 2024 1-9 | 同比变动（%） | | --- | --- | --- | --- | | 火锅调料 | 80,636.18 | 79,375.49 | 1.59 | | 菜谱式调料 | 133,890.60 | 127,194.04 | 5.26 | | 香肠腊肉调料 | 15,817.62 | 21,929.35 | -27.87 | | 其他 | 9,125.20 | 7,603.98 | 20.01 | | 小计 | 239,469.6 ...

Core Viewpoint - Sichuan Tianwei Food Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1]. Company Overview - Tianwei Food is a leading and rapidly growing compound seasoning company in China, ranked as the fourth largest in the country by revenue for 2024, and the fastest-growing among the top five compound seasoning companies from 2022 to 2024 [5]. - The company holds the largest market share in recipe-based seasonings at 9.7% and the second largest in hot pot seasonings at 4.8% for 2024 [5]. - The company emphasizes strict food safety and quality control standards, continuously innovating and developing high-quality compound seasonings that blend traditional Chinese flavors with modern techniques [5]. Product Portfolio - The company offers a comprehensive range of products, including: - Recipe-based seasonings such as fish seasonings, crayfish seasonings, and sausage seasonings [7]. - Hot pot seasonings including spicy and non-spicy bases, as well as dipping sauces [7]. - Sauces and other compound seasoning products [7]. Sales and Distribution Network - Tianwei Food has established a vast sales network covering over 1 million terminal points across China, achieving the highest coverage rate among listed companies specializing in compound seasonings [8]. - As of June 30, 2025, the company has 3,251 distributors covering all provinces and nearly all prefecture-level cities in China, while also expanding its international market presence by selling products to over 50 countries and regions [8]. Financial Performance - The company reported revenues of approximately RMB 2.68 billion, RMB 3.13 billion, RMB 3.45 billion, and RMB 1.37 billion for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively [8]. - Corresponding profits for the same periods were approximately RMB 341 million, RMB 466 million, RMB 645 million, and RMB 202 million [8].