Core Viewpoint - The article discusses the significant decline of a state-owned liquor company, VIVI Co., whose stock price has plummeted from 15 yuan in 2015 to around 3 yuan in 2025, amidst a challenging market environment for the liquor industry, while highlighting the recent investment by renowned investor Zhang Sufen as a potential indicator of a turnaround opportunity [1][3]. Industry Overview - The liquor market in 2025 is characterized by a stark contrast, with leading brands like Moutai and Wuliangye managing to sustain themselves through stable dividends, while smaller liquor companies face severe downturns, with a reported 5.9% decline in revenue for 20 A-share liquor companies in the first three quarters of 2025, and a staggering 18.47% drop in the third quarter alone [1][3]. - The overall liquor industry is experiencing a capacity utilization rate of less than 60% in 2025, leading to increased pressure on smaller companies as they struggle against dominant brands [4]. Company Performance - VIVI Co. has seen its stock price drop significantly, with a 23% decline from the beginning of 2025, and a total market value loss exceeding 10 billion yuan over the past decade [3][4]. - The company's revenue for the first three quarters of 2025 was 2.388 billion yuan, reflecting an 11.2% year-on-year decrease, and a stark contrast to its peak revenue of 5 billion yuan in 2013 [3][4]. - VIVI's liquor business is underperforming, with a mere 2.1% revenue growth in the first three quarters of 2025, significantly lagging behind the regional average of 6.2% [3]. Investment Insights - Zhang Sufen's recent acquisition of 12.33 million shares positions her as the third-largest shareholder in VIVI Co., which she views as a strategic investment based on the company's low valuation and state-owned background [5]. - The company's price-to-earnings ratio stands at 14, notably lower than the liquor sector average of 19.52, making it an attractive investment opportunity for those seeking undervalued stocks [5]. Policy Environment - The 2025 policy landscape presents potential benefits for VIVI Co., including local state-owned enterprise reforms aimed at improving operational efficiency, which could lead to asset revaluation and positive market sentiment [6]. - The recent recognition of liquor as a "historical classic industry" by the Ministry of Industry and Information Technology may provide VIVI Co. with additional support and funding opportunities [6]. - The removal of restrictions on mergers and acquisitions in the liquor sector by the China Securities Regulatory Commission could facilitate VIVI Co.'s efforts to optimize its liquor business and attract quality assets [6].

Core Viewpoint - The company has provided a guarantee for its wholly-owned subsidiary, Wewei Northeast Food, to secure a loan of 100 million yuan from China Merchants Bank, aimed at supporting the subsidiary's operational needs [1][3]. Group 1: Guarantee Details - The guarantee agreement was signed on November 26, 2025, with a maximum principal amount of 100 million yuan [1]. - The guarantee period extends from the effective date of the guarantee until the maturity date of each loan or financing under the main contract, plus an additional three years [5]. - The guarantee is a joint liability guarantee, covering the principal balance of loans and other credit amounts, as well as related interest and fees [3]. Group 2: Internal Decision-Making Process - The company held its annual shareholders' meeting on May 9, 2025, where it approved a guarantee limit of up to 1.45 billion yuan for the fiscal year 2025 [2]. - This guarantee falls within the approved limit and does not require further board or shareholder approval [2]. Group 3: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to ensure the normal operation of the subsidiary, improve financing efficiency, and lower financing costs [5]. - The subsidiary is reported to have stable operations and good credit status, allowing the company to effectively control risks associated with its daily operations [5]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries is 561 million yuan, representing 16.09% of the latest audited net assets [5]. - The total guarantees provided to subsidiaries amount to 556 million yuan, which is 15.95% of the latest audited net assets, with no overdue guarantees reported [5].

证券代码：600300 证券简称：维维股份 公告编号：临 2025-044 维维食品饮料股份有限公司 关于为控股子公司提供担保的进展公告 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： | | | 被担保人名称 | 维维东北食品饮料有限公司（以下 简称"维维东北食品"） | | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 10,000 | 万元 | | | 担 象 | 保 对 | 实际为其提供的担保余额 | 10,000 | 万元（含本次） | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | 否 | □不适用：_________ | 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | / | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 56,100 | | 对外担保总额占上市公司 ...

Core Insights - The dairy sector in the A-share market experienced a collective decline, with several companies seeing significant drops in their stock prices [1] Company Performance - Sanyuan Foods (三元股份) saw a decline of 7.99%, with a total market capitalization of 83.07 billion [2] - Nanchao Foods (南侨食品) dropped by 7.80%, with a market cap of 82.23 billion [2] - Pinwo Foods (品渥食品) fell by 4.67%, with a market value of 34.07 billion [2] - Miaokelando (妙可蓝多) decreased by 3.93%, with a market capitalization of 13 billion [2] - Huangshi Group (皇氏集团) declined by 3.61%, with a market cap of 31.13 billion [2] - Maijuer (麦趣尔) fell by 3.18%, with a market value of 16.42 billion [2] - Yiming Foods (一鸣食品) decreased by 3.08%, with a market capitalization of 85.77 billion [2] - Zhuangyuan Pasture (庄园牧场) dropped by 3.08%, with a market cap of 21.55 billion [2] - Junyao Health (均瑶健康) fell by 2.93%, with a market value of 45.82 billion [2] - Western Pastoral (西部牧业) decreased by 2.92%, with a market capitalization of 23.88 billion [2] - New Dairy (新乳业) dropped by 2.80%, with a market cap of 149 billion [2] - Knight Dairy (骑士乳业) fell by 2.66%, with a market value of 20.68 billion [2] - Panda Dairy (熊猫乳品) decreased by 2.56%, with a market capitalization of 34.45 billion [2] - Wewei Co. (维维股份) dropped by 2.50%, with a market cap of 56.76 billion [2]

Group 1 - The fourth extraordinary general meeting of shareholders of Weiweijia Food and Beverage Co., Ltd. was held on November 14, 2025, at the company's office building [2] - The meeting was convened by the board of directors and conducted through a combination of on-site and online voting, complying with the Company Law and the Articles of Association [2][3] - All 9 current directors and 3 current supervisors attended the meeting, along with the company secretary and other senior management [3] Group 2 - The proposal to cancel the supervisory board was approved, as well as the proposal to amend the Articles of Association and certain governance systems [3] - The second proposal received more than two-thirds of the valid voting rights held by shareholders or their representatives present at the meeting [4] - The meeting was witnessed by Jiangsu Hongshan Tree Law Firm, and the lawyers confirmed that the procedures and results of the meeting were legal and valid [4]

致：维维食品饮料股份有限公司 1 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司 股东会规则》、《律师事务所从事证券法律业务管理办法》等中华人民共和国大 陆地区（不包括香港特别行政区、澳门特别行政区和台湾地区）现行有效的法律、 行政法规、部门规章、规范性文件（以下简称"有关法律法规"）和现行有效的 《维维食品饮料股份有限公司章程》（以下简称"《公司章程》"）的规定，江 苏红杉树律师事务所（以下简称"本所"）作为维维食品饮料股份有限公司（以 下简称"维维股份"或"公司"）的法律顾问，应维维股份的要求，指派本所律 师出席公司 2025 年第四次临时股东大会（以下简称"本次股东大会"），对本 次股东大会召开的合法性进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所律师对公司提供的与本次股东大会有关的法律文 件及其他文件、资料进行了审查、验证。同时，本所律师还审查、验证了本所律 师认为出具本法律意见书所必需审查、验证的其他法律文件及信息、资料和证明， 并就有关事项向公司有关人员进行了询问。 本所出具本法律意见书，主要基于以下假设：公司提交给本所的文件和材料 均真实、准确、完整和有效，不存 ...

证券代码：600300 证券简称：维维股份 公告编号：临 2025-043 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 14 日 (二)股东大会召开的地点：本公司办公楼 C09 会议室（江苏省徐州市维维大道 300 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 465 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 514,719,830 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 31.8289 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，采取现场投票与网络投票相结合的方式进行表决， 维维食品饮料股份有限公司 2025年第四次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 表决方式符合《公司法》及《公司章程》的规定 ...

Market Overview - On November 10, the Jiangsu state-owned enterprise reform sector rose by 1.09% compared to the previous trading day, with Xuelang Environment leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Xuelang Environment (300385) closed at 6.28, with a gain of 4.49% and a trading volume of 270,400 shares, amounting to a transaction value of 171 million [1] - Jianshi Family (603369) closed at 39.22, up 3.78%, with a trading volume of 168,300 shares and a transaction value of 651 million [1] - Jiangtian Chemical (300927) closed at 28.69, up 3.72%, with a trading volume of 90,700 shares and a transaction value of 257 million [1] - Other notable stocks include Weivi Co. (600300) with a 3.63% increase and a transaction value of 269 million, and Jiangsu Jinzu (600901) with a 3.57% increase and a transaction value of 261 million [1] Capital Flow - The Jiangsu state-owned enterprise reform sector saw a net inflow of 99.64 million from main funds, while retail investors experienced a net outflow of 81.07 million [2] - The main funds showed a significant presence in stocks like Huatai Securities (601688) with a net inflow of 154 million, while retail investors withdrew from stocks like Xuelang Environment and Weivi Co. [3]

维维食品饮料股份有限公司 2025 年第四次临时股东大会 会 议 资 料 二〇二五年十一月十四日 维维食品饮料股份有限公司 二〇二五年第四次临时股东大会会议议程 时 间：2025 年 11 月 14 日下午 14：00 地 点：本公司 C09 会议室（江苏省徐州市维维大道 300 号） 关于取消监事会的议案 会议主持：董事长任冬 I 议 程： 一、宣布会议开始 二、审议有关议案 1、关于取消监事会的议案； 2、关于修订《公司章程》及部分治理制度的议案。 三、大会投票表决 1、成立监票小组 2、表决方式 3、股东及股东授权代表对提案进行投票表决 四、宣读表决结果 五、宣读股东大会决议 六、律师宣读法律意见书 七、宣布会议结束 维维食品饮料股份有限公司 2025 年第四次临时股东大会会议资料 维维食品饮料股份有限公司 2025 年第四次临时股东大会 议案一 各位股东及股东授权代表： 根据《中华人民共和国公司法》（2023 年修订）、《中华人民共和国证券 法》（2019 年修订）等相关法律、法规、规范性文件的规定，并结合公司实际， 公司将不再设置监事会，由董事会审计委员会行使监事会相关法定职权，公司监 事会相关制度 ...

Core Points - The company has signed a guarantee contract with Ping An Bank Nanjing Branch, providing a maximum guarantee of 100 million RMB for its wholly-owned subsidiary, Wewei International Trade, with a guarantee period lasting three years after the debt performance period ends [1][2] - The company’s board approved a guarantee limit of up to 1.45 billion RMB for the fiscal year 2025 during the annual shareholders' meeting held on May 9, 2025 [2][6] - The guarantee is intended to support the normal operations of the subsidiary, improve financing efficiency, and reduce financing costs, aligning with the company's overall interests [5] Guarantee Details - The guarantee is a joint liability guarantee covering all debts of the debtor, including principal, interest, penalties, and other related costs [2][4] - The guarantee period is defined as starting from the contract's effective date until three years after the debt performance period of the main contract ends [4] - The company has a total external guarantee amount of 461 million RMB, which accounts for 13.22% of the latest audited net assets [7] Decision-Making Process - The board of directors held a meeting on April 17, 2025, to approve the guarantee limit for the fiscal year 2025 [6] - The guarantee does not require further approval from the board or shareholders as it falls within the previously approved limit [2] Financial Health - The subsidiary's operational stability and good credit status allow the company to effectively control risks associated with the guarantee [5] - There are no overdue guarantees, and the company has not provided guarantees to controlling shareholders or related parties [7]