（股份代號：506） 董事會名單、角色及職能 中國食品有限公司董事會（「董事會」）共有9名董事，每名董事的姓名、角色及職能載列如下： | 董事會委員會 | 審核 | 薪酬 | 提名 | 環境、社會 | 執行 | | --- | --- | --- | --- | --- | --- | | 董事會 | 委員會 | 委員會 | 委員會 | 及管治 | 委員會 | | | | | | 委員會 | | | 執行董事： | | | | | | | 展在中（董事總經理） | - | - | - | - | C | | 唐強 | - | - | - | C | M | | 非執行董事： | | | | | | | 慶立軍（主席） | - | - | C | - | - | | 曹高峰 | - | - | - | M | - | | 陳剛 | - | - | - | - | - | | 宋亮 | - | - | - | - | - | | 獨立非執行董事： | | | | | | | 李鴻鈞 | C | M | M | - | - | | 莫衛斌 | M | C | M | M | - | | 梁家麗，銀紫荊星章 | M ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 ( 於百慕達註冊成立之有限公司 ) （股份代號：506） 於本公告日期，中糧集團透過其間接全資附屬公司中國食品(控股)有限公司間接持有本公 司已發行股本總額的 74.10%權益。因此，中糧集團為本公司的主要股東。 1 執行董事的委任 及董事會委員會組成的變動 董事會宣佈，唐强先生獲委任為本公司執行董事，環境、社會及管治委員會成員及主席； 以及執行委員會成員，自 2025 年 8 月 30 日起生效。 執行董事的委任 董事會欣然宣佈，自 2025 年 8 月 30 日起，唐强先生(「唐先生」)獲委任為本公司執行董 事，環境、社會及管治委員會成員及主席；以及執行委員會成員。唐先生的履歷如下： 唐先生，49 歲，現為本公司持有 65%股權的附屬公司中糧可口可樂飲料有限公司的副總經 理兼副首席財務官。唐先生在 1998 年加入中糧集團有限公司("中糧集團")及/或其附屬公 司，並先後擔任多個職位，包括中糧集團財 ...

Core Viewpoint - Linyi is establishing itself as "China's Food Capital" through a modern industrial chain that integrates raw material cultivation and deep processing, achieving significant growth in the grain and oil industry [1] Industry Overview - By 2024, Linyi will have 161 large-scale enterprises in the premium grain and oil processing industry, with a production value exceeding 30 billion yuan [1] - From January to July this year, the number of large-scale enterprises increased to 177, achieving a production value of 19.69 billion yuan, representing a year-on-year growth of 25.2% [1] Raw Material Base - Linyi is a major grain and oil production base in China, with 9 national grain-producing counties and 6 top peanut counties [1] - The peanut planting area is 2.303 million acres, with a total output of 713,000 tons, ranking first in the province; wheat planting area is 4.388 million acres with a total output of 1.881 million tons; soybean planting area is 294,000 acres with processing capacity exceeding 1 million tons [1] Processing Industry - The processing sector is described as the "heart" of the industrial chain, with a focus on cluster development and intelligent transformation [1] - Three major processing clusters have emerged: - Peanut and vegetable oil processing cluster, centered in Ju County, with 222 peanut processing enterprises, including 21 large-scale ones, producing about 1/6 of the country's refined peanut oil [1] - Baked goods processing cluster, with over 670 enterprises producing more than 6 million tons of processed foods annually, covering over 1,000 varieties [1] - Grain processing industry chain, featuring the world's largest single flour mill and innovative products like zero-additive natural tofu [1] Technological and Collaborative Efforts - Linyi has 26 provincial-level specialized and innovative enterprises and 18 provincial-level R&D centers, collaborating with universities to tackle key processes [1] - The establishment of a 60-member "expert think tank" and various initiatives to support enterprise development have been implemented to enhance the industrial ecosystem [1] Future Outlook - The continuous efforts in "supplementing, strengthening, and extending" the industrial chain are expected to enhance Linyi's status as "China's Food Capital" [1]

Core Insights - The core viewpoint of the article highlights the significant growth of the premium grain and oil deep processing industry chain in Linyi, which has surpassed a production value of 30 billion yuan, positioning the city as a new emblem of "China's Food Capital" [2][4]. Industry Overview - In 2024, Linyi has 161 large-scale enterprises in the premium grain and oil deep processing industry chain, achieving a production value exceeding 30 billion yuan. From January to July of this year, the number of large-scale enterprises increased to 177, with a production value of 19.69 billion yuan, reflecting a year-on-year growth of 25.2% [2]. - Linyi is a crucial grain and oil production base in China, featuring 9 national grain-producing counties and 6 top peanut-producing counties. The peanut planting area is 2.303 million acres, with a total output of 713,000 tons, ranking first in the province [2]. Processing Segment - The processing segment is described as the "heart" of the industry chain, with Linyi focusing on cluster development and intelligent transformation to convert raw material advantages into product advantages. Three distinct processing clusters have emerged: 1. Peanut and vegetable oil processing cluster, centered in Ju County, with 222 peanut processing enterprises, including 21 large-scale ones. Four companies rank among the top ten peanut oil processors in the country, producing about 1/6 of the national refined peanut oil [3]. 2. Baked goods processing cluster, with over 670 enterprises producing more than 6 million tons of processed foods annually, covering over 1,000 varieties [3]. 3. Grain processing chain, featuring the world's largest single flour mill and innovative products like zero-additive natural dried tofu [3]. Ecosystem Development - The smooth operation of the industry chain relies on a robust industrial ecosystem. Linyi has established a 60-member "expert think tank" for top-level design and implemented various initiatives to address project land use and raw material import challenges. This has led to a collaborative model for industry chain development known as the "Linyi Model" [4]. - The premium grain and oil deep processing industry chain in Linyi is set to continue its high-quality development through ongoing efforts to "supplement, strengthen, and extend" the chain [4].

Core Viewpoint - UBS reports that China Foods (00506) experienced accelerated revenue growth in the first half of the year, driven by strong performance in carbonated and energy drinks, as well as a recovery in the water segment. However, net profit only grew by 2%, likely due to intensified industry competition and a weak macroeconomic environment. Management expects revenue growth to slow in the second half due to macroeconomic weakness and high base effects, while aiming to maintain growth and plans to launch more juice and energy drink products [1] Group 1 - Revenue growth in the first half was primarily supported by strong performance in carbonated and energy drinks, along with a recovery in the water segment [1] - Net profit growth was limited to 2%, attributed to increased industry competition and a challenging macroeconomic environment [1] - Management anticipates a slowdown in revenue growth for the second half due to macroeconomic conditions and high base effects, while maintaining a growth target and planning new product launches [1] Group 2 - New emerging channels such as self-service vending machines, e-commerce, snack discount stores, and fast commerce contributed approximately 20% to revenue, providing new income sources with profitability comparable to traditional channels [1] - The company believes that channel innovation can support market share growth [1] - UBS maintains a "Buy" rating and raises the target price from HKD 4.86 to HKD 5.07 [1]

Group 1 - The core viewpoint of the article indicates that China Foods (00506) experienced accelerated revenue growth in the first half of the year, driven by strong performance in carbonated and energy drinks, as well as a recovery in the water segment [1] - The company's net profit only increased by 2%, attributed to intensified industry competition and a weak macroeconomic environment [1] - Management anticipates that revenue growth will slow in the second half of the year due to macroeconomic weakness and high base effects, but aims to maintain growth and plans to launch more juice and energy drink products [1] Group 2 - UBS reported that emerging channels such as self-service vending machines, e-commerce, snack discount stores, and fast commerce contributed approximately 20% to China Foods' revenue, providing new income sources with profitability comparable to traditional channels [1] - The firm believes that channel innovation can support an increase in market share [1] - UBS maintains a "Buy" rating on the stock, raising the target price from HKD 4.86 to HKD 5.07 [1]

Core Viewpoint - The company maintains its profit forecast for 2025/2026 and has raised its target price by 40% to HKD 4.9, reflecting a potential upside of 20% based on market valuation adjustments [1] Financial Performance - For 1H25, the company reported revenue of CNY 12.278 billion, a year-on-year increase of 8.3%, and a net profit attributable to shareholders of CNY 578 million, up 2.2% year-on-year, with revenue meeting expectations but profit slightly below due to higher-than-expected expenses [2] Product Performance - The company experienced growth across various beverage categories in 1H25, with total revenue up 8.3% driven by both volume and price increases. Notable performances include: - Soft drinks revenue increased by 9.4% to CNY 9.38 billion, with double-digit growth in sugar-free carbonated products [3] - Juice revenue rose by 0.8% to CNY 1.67 billion, aided by the relaunch of the "Cooler" brand [3] - Packaged water revenue grew by 8.2%, recovering from a contraction in the previous year, with "Ice Dew" leading the recovery [3] - Coffee and other beverages saw a 13.8% increase in revenue to CNY 640 million, with energy drinks growing by 36% [3] Margin Analysis - The gross margin improved by 3.5 percentage points to 38.1% in 1H25, primarily due to price increases. However, the sales expense ratio rose by 3.8 percentage points to 26.3% due to increased investments in freezers and point-of-sale resources, which offset the gross margin improvement. The net profit margin decreased by 0.3 percentage points to 4.7% [4] Strategic Plans - The company plans to maintain high investment levels in the second half of the year to drive growth and is strategically expanding into the food distribution sector, with non-beverage revenue from vending machines nearing CNY 200 million in 1H25. The company aims to enter the health food market while consolidating its strengths in core beverage categories, with specific initiatives expected to be implemented next year [5]

Core Viewpoint - The company maintains its profit forecast for 2025/2026 and has raised its target price by 40% to HKD 4.9, reflecting a potential upside of 20% based on the adjusted P/E ratios [1] Group 1: Financial Performance - The company reported a revenue of RMB 12.278 billion for 1H25, an increase of 8.3% year-on-year, and a net profit attributable to shareholders of RMB 578 million, up 2.2% year-on-year [2] - The revenue growth was driven by both volume and price increases, with sales volume rising by 5.5% and average selling price (ASP) benefiting from product price hikes [3] Group 2: Product Category Performance - In 1H25, the revenue from carbonated drinks increased by 9.4% to RMB 9.38 billion, significantly contributing to overall revenue growth, with sugar-free carbonated products seeing double-digit growth [3] - Juice revenue grew by 0.8% to RMB 1.67 billion, primarily due to the relaunch of the "Cooler" brand [3] - Packaged water revenue increased by 8.2%, recovering from a contraction in the previous year, with "Ice Dew" driving this growth [3] - Coffee and other beverages saw a revenue increase of 13.8% to RMB 640 million, with energy drinks growing by 36%, particularly the core brand "Monster" [3] Group 3: Margin and Cost Analysis - The gross margin improved by 3.5 percentage points to 38.1% in 1H25, mainly due to the benefits of price increases [4] - The sales expense ratio increased by 3.8 percentage points to 26.3%, attributed to higher investments in freezers and expanding point-of-sale resources [4] - The net profit margin decreased by 0.3 percentage points to 4.7% due to the rise in sales expenses offsetting the gross margin improvement [4] Group 4: Strategic Plans - The company plans to continue high investment in the second half of the year to promote growth, having completed efficiency improvements in resource allocation [5] - The company is expanding beyond beverage distribution into food distribution, with non-beverage vending machine business reaching nearly RMB 200 million in 1H25 [5] - Long-term plans include strategically entering the health food sector while consolidating its advantages in core categories like carbonated drinks and juices, aiming for operational efficiency [5]

本报记者 梁傲男 8月26日，中国食品有限公司（以下简称"中国食品"）交出了一份亮眼的2025年中期成绩单。 报告显示，公司上半年实现营业收入122.78亿元，同比增长8.3%；毛利率提升至38.1%；调整后EBIT （息税前利润）达13.59亿元，同比增长6.9%。 这一系列优于市场预期的核心财务数据，不仅源于其核心板块业务的强势增长与新品创新迭代，更成为 中国食品有限公司董事总经理展在中所提出的"守正创新"发展理念的有力印证。尤其是在公司的"十四 五"规划接近收官之际，这一理念将继续指引公司稳步向"成为世界一流的食品饮料集团"迈进。 产品、营销创新与渠道深耕 2025年上半年，中国食品展现出强劲动力，汽水品类整体销售额同比增长9.4%，其中无糖汽水品类增 速高达15.2%，继续扮演增长引擎的角色，果汁收入同比实现正增长，其中"酷儿"品牌重新上市焕活， 收入同比大幅增长64%；功能饮料品类也表现惊艳，同比劲增35.6%，创下历史同期新高。瓶装水板块 的悦活品牌焕新升级，聚焦天然苏打水饮用场景，借助北京马拉松赛事打响体育营销第一枪。 中国食品的数字化转型升级，为传统快消企业如何通过全链条进化实现高质量增长，提 ...

（於百慕達註冊成立之有限公司） （股份代號：506） 董事會名單、角色及職能 中國食品有限公司董事會（「董事會」）共有8名董事，每名董事的姓名、角色及職能載列如下： | 董事會委員會 | 審核 | 薪酬 | 提名 | 環境、社會 | 執行 | | --- | --- | --- | --- | --- | --- | | 董事會 | 委員會 | 委員會 | 委員會 | 及管治 | 委員會 | | | | | | 委員會 | | | 執行董事： | | | | | | | 展在中（董事總經理） | - | - | - | - | C | | 非執行董事： | | | | | | | 慶立軍（主席） | - | - | C | - | - | | 曹高峰 | - | - | - | M | - | | 陳剛 | - | - | - | - | - | | 宋亮 | - | - | - | - | - | | 獨立非執行董事： | | | | | | | 李鴻鈞 | C | M | M | - | - | | 莫衛斌 | M | C | M | M | - | | 梁家麗，銀紫荊星章 | M | M | M | - ...