Group 1 - The company, VIVI Food and Beverage Co., Ltd., will hold a performance briefing for the first half and third quarter of 2025 on December 26, 2025, from 15:00 to 16:00 [2][4] - Investors can submit questions to the company via email or the "Yue Diao Yan" platform before December 25, 2025, at 15:00, and the company will address common concerns during the briefing [2][3] - The briefing will be conducted online, allowing for interactive communication between the company and investors [3][4] Group 2 - Key personnel attending the briefing include the Chairman, General Manager, Independent Director, Chief Financial Officer, and Secretary of the Board [4] - Investors can participate in the briefing by logging into the "Yue Diao Yan" platform on the scheduled date and time [4][5] - After the briefing, investors can access the details and main content of the meeting on the "Yue Diao Yan" platform [5]

证券代码：600300 证券简称：维维股份 公告编号：临 2025-045 维维食品饮料股份有限公司 关于召开 2025 年半年度 暨 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 一、说明会类型 维维食品饮料股份有限公司（以下简称"维维股份"或"公司"）已分别于 2025 年 8 月 27 日、2025 年 10 月 30 日披露了 2025 年半年度报告、2025 年第三 季度报告，为让广大投资者更全面深入地了解公司经营成果、财务状况，公司决 定以网络互动方式举行 2025 年半年度暨 2025 年第三季度业绩说明会，在信息披 露允许的范围内就投资者普遍关心的问题进行交流。 二、说明会召开时间、地点和方式 会议召开时间：2025 年 12 月 26 日(星期五)15:00—16:00 会议召开地点："约调研"平台（www.yuediaoyan.com） 会议召开方式：线上网络互动 会议召开时间：2025 年 12 月 26 日(星期五)15:00—16:00 会议召开 ...

Group 1 - The core viewpoint of the news is that Weiweijia has shown a positive stock performance with a year-to-date increase of 18.37% and a recent uptick of 2.23% in share price, indicating strong market interest and trading activity [1] - As of December 18, the stock price of Weiweijia is reported at 3.66 yuan per share, with a total market capitalization of 5.919 billion yuan and a trading volume of 93.9471 million yuan [1] - The company has seen significant net inflows of capital, with a net inflow of 2.5339 million yuan from main funds and notable buying activity from large orders [1] Group 2 - Weiweijia, established on May 12, 1994, and listed on June 30, 2000, is primarily engaged in the research, production, and sales of soy milk powder, plant protein beverages, dairy products, and tea [2] - The company's main business revenue composition includes food (101.98%), grain and oil storage and transportation (33.96%), tea (1.83%), alcohol (1.78%), and others (0.84%) [2] - As of September 30, 2025, Weiweijia reported a decrease in operating revenue to 2.388 billion yuan, down 11.20% year-on-year, and a net profit attributable to shareholders of 241 million yuan, down 1.93% year-on-year [2] Group 3 - Weiweijia has distributed a total of 1.721 billion yuan in dividends since its A-share listing, with 341 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 11.5717 million shares, a decrease of 17.9208 million shares from the previous period [3] - Tianhong Zhongzheng Food and Beverage ETF has exited the list of the top ten circulating shareholders [3]

12月17日，维维股份大宗交易成交781.54万股，成交额2500.93万元，占当日总成交额的11.37%，成交 价3.2元，较市场收盘价3.58元折价10.61%。 | 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-17 | 维维般份 | 600300 | 3.2 | 643.97 | 201.24 | 机构专用 | 不是注意者的名称 | 香 | | 2025-12-17 | 维维股份 | 600300 | 3.2 | 499.2 | 156 | 机构专用 | 空量用 1000 | Ka | | 2025-12-17 | 维维股份 | 600300 | 3.2 | 400 | 125 | 委副局会委员会委 | 空周开展演员 | 图 | | 2025-12-17 | 维维股份 | 600300 | 3.2 | 357.76 | 111.8 | 机构专用 | 空间的量度的 | KA ...

Core Viewpoint - The article discusses the decline of Weiwei Soy Milk, highlighting the challenges faced by the brand in a changing market where younger consumers prefer convenience over traditional products. The brand's reliance on nostalgia is insufficient to regain market share as it struggles with declining sales and increasing competition from newer brands like Douben Dou and Vitasoy [1][4][12]. Group 1: Sales and Distribution Challenges - Weiwei has experienced a continuous decline in revenue for six consecutive years, with 345 distributors leaving the market in the first three quarters of 2025 due to unprofitability [1][10]. - The profit margins for distributors have decreased significantly, with rebates dropping from 8% to below 5%, making it less attractive for them to continue selling Weiwei products [1][3]. - The inventory turnover for Weiwei products has slowed, with stock remaining unsold for nearly a month longer than before, leading to further distributor withdrawals [3][6]. Group 2: Brand and Market Position - The brand's advertising strategy has not adapted to current trends, with minimal presence in digital marketing and social media, resulting in a significant drop in e-commerce revenue, which is less than 3% compared to competitors like Douben Dou, which exceeds 15% [4][12]. - Weiwei's product offerings have become outdated, with a lack of innovation in popular formats like ready-to-drink soy milk, while competitors have successfully captured market share through modern marketing strategies [4][12]. - Despite a significant investment from Xuzhou State-owned New Sheng Group in 2021, which acquired nearly 31% of the company, revenue has continued to decline from over 4.5 billion to less than 3.7 billion in recent years [9][10]. Group 3: Historical Context and Strategic Missteps - Weiwei has diversified into various sectors, including dairy, liquor, and real estate, but these ventures have not yielded sustainable success, leading to a dilution of focus on its core soy milk business [6][8]. - The company missed opportunities for product upgrades and market adaptation, particularly in the shift towards liquid soy milk, allowing competitors to dominate the market [8][12]. - The nostalgic appeal of the brand is waning, as consumers increasingly opt for more convenient beverage options, reflecting a broader shift in consumer preferences away from traditional products [1][13].

Market Overview - The Shanghai Composite Index is at 3885.56 points, slightly down by 0.10%, with a total trading volume of 896.24 billion yuan [1] - As of now, 150 A-shares have surpassed the half-year line, indicating a positive market trend [1] Stocks with Significant Deviation - Notable stocks with high deviation rates include: - Aerospace Information (600271) with a deviation rate of 8.95% and a price increase of 10.00% [1] - Great Wall Electric (600192) with a deviation rate of 8.62% and a price increase of 10.02% [1] - Tiankang Biological (002100) with a deviation rate of 6.61% and a price increase of 7.35% [1] Stocks Just Above the Half-Year Line - Stocks with smaller deviation rates that have just crossed the half-year line include: - Xusheng Group (300743) with a deviation rate of 4.74% and a price increase of 7.98% [1] - Zhenxin Technology (688600) with a deviation rate of 3.68% and a price increase of 10.09% [1] - Xingye Technology (002674) with a deviation rate of 3.61% and a price increase of 10.01% [1] Additional Stocks with Positive Movement - Other stocks showing positive movement include: - Dajia Weikang (301126) with a price increase of 6.55% and a deviation rate of 3.37% [1] - Beiken Energy (002828) with a price increase of 5.04% and a deviation rate of 3.20% [1] - Huide Technology (603192) with a price increase of 3.96% and a deviation rate of 2.94% [1]

Core Insights - The article highlights how Wewei Food and Beverage Co., Ltd. utilizes futures tools to manage costs and stabilize operations in the volatile agricultural market, particularly in the soybean milk industry [1][2][4]. Company Overview - Wewei, established in 1994, has over 30 years of experience and is the largest soybean milk producer in China, focusing on the research, production, and sales of soybean milk powder, plant protein beverages, and other food products [2][3]. - The company holds a leading market position, with its soybean milk powder maintaining the highest market share for several years and cumulative sales exceeding 70 billion bags [2]. Financial Performance - In 2024, Wewei achieved a revenue of 3.656 billion yuan and a net profit of 411 million yuan [2]. Risk Management Strategy - Wewei faces challenges from agricultural price fluctuations due to various factors, including planting area, climate, and market demand. The company employs hedging strategies to lock in raw material costs and mitigate risks [2][3]. - The company engages in futures trading for key raw materials such as soybeans, corn, and oils to manage price volatility effectively [3][4]. Operational Excellence - Wewei operates three designated delivery warehouses for futures trading, showcasing its industry strength and operational expertise [3]. - The company emphasizes compliance and risk control in its futures operations, ensuring that hedging activities are conducted to support core business operations rather than for speculative purposes [5][6]. Future Outlook - Wewei plans to enhance its use of futures tools by upgrading its hedging models, improving information sharing across the supply chain, and developing professional services to better predict prices and execute hedging strategies [7][8]. - The integration of traditional industry practices with financial tools is seen as a way to revitalize the company and ensure sustainable growth in a competitive market [8].

Core Viewpoint - The recent block trading activity of Weiweijia Co., Ltd. indicates significant institutional interest, with a total transaction volume of 17.44 million shares and a transaction value of 55.82 million yuan on December 1, 2023, reflecting a discount of 11.60% compared to the closing price [2][3]. Trading Activity Summary - On December 1, 2023, a total of 26 block trades were executed for Weiweijia, with an average transaction price of 3.20 yuan per share [2]. - The total transaction amount for these trades reached 55.82 million yuan, with institutional specialized seats participating in 23 of the trades, contributing to a net purchase of 43.82 million yuan [2][3]. - Over the past three months, Weiweijia has recorded 45 block trades, accumulating a total transaction value of 102 million yuan [3]. Stock Performance Summary - As of December 1, 2023, Weiweijia's closing price was 3.62 yuan, marking a 1.69% increase for the day, with a trading volume of 166 million yuan and a turnover rate of 2.83% [3]. - In the last five days, the stock has appreciated by 5.54%, with a net capital inflow of 5.85 million yuan [3]. Margin Financing Summary - The latest margin financing balance for Weiweijia stands at 388 million yuan, reflecting a slight increase of 485,900 yuan, or 0.13%, over the past five days [4].

Summary of Key Points Core Viewpoint - The stock of Weivi Co., Ltd. (维维股份) experienced a closing price increase of 1.69% to 3.62 yuan on December 1, with significant trading activity noted through multiple block trades [1]. Trading Activity - A total of 26 block trades occurred, with a cumulative trading volume of 17.44 million shares and a total transaction value of 55.82 million yuan [1]. - The first four trades were executed at a price of 3.20 yuan per share, with a total of 628.4 thousand shares traded, all showing a discount of 11.60% [1][2][3]. - Subsequent trades continued at the same price of 3.20 yuan, with the majority of transactions reflecting a consistent discount of 11.60% [2][3][4][5][6]. Recent Performance - Over the past three months, Weivi Co., Ltd. has recorded a total of 45 block trades, amounting to a total transaction value of 102 million yuan [7]. - In the last five trading days, the stock has appreciated by 5.54%, although there has been a net outflow of 1.23 million yuan in principal funds [7].

Market Overview - The beverage and dairy sector increased by 1.12% on December 1, with Sunlight Dairy leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Sunlight Dairy (001318) closed at 17.57, up 10.02% with a trading volume of 257,000 shares and a transaction value of 447.1 million [1] - Other notable performers included: - Quan Yang Quan (600189) at 7.54, up 4.72% [1] - Huanle Jia (300997) at 24.39, up 3.39% [1] - Dongpeng Beverage (605499) at 269.03, up 2.04% [1] - Yiming Food (605179) at 22.35, up 1.78% [1] Fund Flow Analysis - The beverage and dairy sector experienced a net outflow of 145 million from institutional investors, while retail investors saw a net inflow of 117 million [2] - The main stocks with significant fund flows included: - Yili Group (600887) with a net outflow of 64.44 million from institutional investors [3] - Sunlight Dairy (001318) with a net inflow of 42.02 million from institutional investors [3] - Chengde Lolo (000848) had a net inflow of 4.49 million from retail investors [3]