证券代码：600300 证券简称：维维股份 公告编号：临 2025-032 维维食品饮料股份有限公司 关于召开2025年第三次临时股东大会的通知 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、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第三次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 12 日 14 点 00 分 召开地点：本公司办公楼 C09 会议室（江苏省徐州市维维大道 300 号） 股东大会召开日期：2025年9月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 12 日 至2025 年 9 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 ...

证券代码：600300 证券简称：维维股份 公告编号：临 2025-029 维维食品饮料股份有限公司 第九届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 维维食品饮料股份有限公司（以下简称"公司"）第九届监事会第八次会议 于 2025 年 8 月 26 日在本公司会议室召开，应出席监事 3 人，实际出席监事 3 人，符合《公司法》和《公司章程》的规定。 会议由监事会召集人刘敏同志主持。 二、监事会会议审议情况 1、以 3 票同意，0 票弃权，0 票反对，通过了《公司 2025 年半年度报告及 摘要》。 （详见 2025 年 8 月 27 日的《中国证券报》《上海证券报》《证券时报》及 上海证券交易所网站） 全体监事一致认为： （1）公司 2025 年半年度报告的编制和审议程序符合法律法规、《公司章程》 及公司内部管理制度的各项规定； （2）公司 2025 年半年度报告的内容和格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息从各方面真实地反映了公司 2025 年半年 ...

证券代码：600300 证券简称：维维股份 公告编号：临 2025-028 维维食品饮料股份有限公司 第九届董事会第九次会议决议公告 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。 一、董事会会议召开情况 维维食品饮料股份有限公司（以下简称"公司"）第九届董事会第九次会议 于 2025 年 8 月 26 日在本公司会议室召开。应出席董事 9 人，实际出席董事 9 人，监事及高管人员列席本次会议。本次会议的召集、召开、表决程序符合《公 司法》及《公司章程》的规定，所作决议合法有效。 本次会议由董事长任冬同志主持。 二、董事会会议审议情况 （详见 2025 年 8 月 27 日的《中国证券报》《上海证券报》《证券时报》及 上海证券交易所网站） 2、以 9 票同意，0 票弃权，0 票反对，通过了《关于聘请公司 2025 年度审 计机构的议案》。 该议案已经公司第九届董事会审计委员会以 5 票同意，0 票弃权，0 票反对， 审议通过。 会议审议并一致同意通过了以下事项： 1、以 9 票同意，0 票弃权，0 票反对，通过了《公司 202 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This report includes guarantees from the board of directors, supervisory board, and senior management regarding the truthfulness, accuracy, and completeness of its content, and states that the report is unaudited. The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete. Forward-looking statements in this report do not constitute substantive commitments, and investors are reminded to be aware of investment risks. During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties, nor any irregular guarantees - This semi-annual report is unaudited[5](index=5&type=chunk) - Forward-looking statements in this report, such as future plans and development strategies, do not constitute substantive commitments by the company to investors; investors are advised to be aware of investment risks[6](index=6&type=chunk) - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties, nor any provision of guarantees to external parties in violation of decision-making procedures[7](index=7&type=chunk)[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report to ensure clear understanding of its content, primarily explaining key terms such as "SSE," "CSRC," "Company/This Company," "Xinsheng Group," and "Reporting Period/This Reporting Period" - "Company/This Company" refers to VV Food & Beverage Co., Ltd[12](index=12&type=chunk) - "Reporting Period/This Reporting Period" refers to the first half of 2025[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%90%A5%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines VV Food & Beverage's basic information, contact details, changes in registered address, information disclosure channels, and details the key accounting data, financial indicators, and non-recurring gains and losses for the first half of 2025 [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic identification information, including its Chinese name, abbreviation, foreign name, abbreviation, and legal representative - The company's Chinese name is VV Food & Beverage Co., Ltd., and its Chinese abbreviation is VV Shares[13](index=13&type=chunk) - The company's legal representative is Ren Dong[13](index=13&type=chunk) [II. Contact Person and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor contact - The Board Secretary is Yu Hanghang, contact number 0516-83398138, email yuh@vvgroup.com[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section describes the company's registered and office addresses and briefly explains the historical changes to its registered address - The company's registered and office address is VV Avenue No. 300, Xuzhou City, Jiangsu Province[15](index=15&type=chunk) - The company's registered address was changed from No. 205 Jianguo East Road, Xuzhou City, Jiangsu Province to its current address on August 4, 2005[15](index=15&type=chunk) [IV. Information Disclosure and Document Custody Location Changes](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the location where the company's semi-annual reports are kept - The company's selected newspapers for information disclosure are "China Securities Journal," "Shanghai Securities News," and "Securities Times"[16](index=16&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[16](index=16&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the first half of 2025, comparing them with the prior year and highlighting significant growth in net profit and EPS after deducting non-recurring gains and losses, primarily due to improved product gross margin 2025 Semi-Annual Key Accounting Data (Consolidated Statements) | Indicator | Current Reporting Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,520,910,156.18 | 1,743,358,490.14 | -12.76 | | Total Profit | 157,237,631.59 | 212,295,138.31 | -25.93 | | Net Profit Attributable to Shareholders of the Listed Company | 120,367,085.10 | 150,727,865.10 | -20.14 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 109,257,369.15 | 69,690,106.28 | 56.78 | | Net Cash Flow from Operating Activities | 369,836,523.91 | -4,439,926.75 | N/A | | **As of the End of the Current Reporting Period (June 30, 2025):** | | | | | Net Assets Attributable to Shareholders of the Listed Company | 3,400,112,774.34 | 3,486,739,888.28 | -2.48 | | Total Assets | 4,518,524,167.33 | 4,685,550,007.97 | -3.56 | 2025 Semi-Annual Key Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.07 | 0.09 | -22.22 | | Diluted Earnings Per Share (RMB/share) | 0.07 | 0.09 | -22.22 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 0.07 | 0.04 | 75.00 | | Weighted Average Return on Net Assets (%) | 3.43 | 4.68 | -1.25 | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.11 | 2.16 | Increased by 0.95 percentage points | - In the current reporting period, net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses increased by **56.78%** year-on-year, and basic earnings per share after deducting non-recurring gains and losses increased by **75%** year-on-year, primarily due to an increase in product gross margin in this period[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling RMB 11,109,715.95 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-off portion of asset impairment provisions | 82,531.83 | | Government grants recognized in current profit or loss, except for those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 2,218,699.33 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, except for effective hedge accounting related to normal business operations | 11,836,354.22 | | Other non-operating income and expenses other than the above | -7,908.58 | | Less: Income tax impact | -2,976,668.56 | | Impact on minority interests (after tax) | -43,292.29 | | **Total** | **11,109,715.95** | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This chapter discusses the company's operating performance in the first half of 2025, covering main business, operating model, industry status, market position, business segment analysis, R&D innovation, brand building, shareholder returns, and core competencies. While operating revenue and net profit decreased, non-recurring net profit significantly increased due to improved product gross margin [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the company's primary engagement in R&D, production, and sales of soymilk powder, plant and animal protein beverages, dairy products, tea, and grain acquisition, storage, sales, and processing. It explains the company's procurement, production, and sales models, analyzes the positive impact of national policies on the soybean industry, and emphasizes the company's leading position in soymilk and its significant role in the grain industry - The company primarily engages in the R&D, production, and sales of soymilk powder, plant and animal protein beverages, dairy products, tea, and grain acquisition, storage, sales, and processing[27](index=27&type=chunk) - The company employs diverse procurement models, including public and invited tenders, to reduce costs and enhance efficiency; its production model is "production based on sales," with a national capacity layout, actively promoting automation, informatization, and intelligent transformation[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - National policies strongly advocate for increasing resident consumption of soybeans and their products, promoting soybean industry revitalization, which is expected to unleash huge growth potential for the soymilk industry[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - The company has been deeply rooted in the soymilk sector for over **30 years**, owning well-known brands like "VV Soymilk, Happy Moments," holding a leading position in the soymilk industry, and playing a significant role in the grain industry as a national key agricultural industrialization leading enterprise[32](index=32&type=chunk)[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's operating performance for the first half of 2025, noting a year-on-year decrease in operating revenue and net profit, but a significant increase in net profit after deducting non-recurring gains and losses. During the reporting period, the company made specific progress and implemented strategies in solid instant beverages, plant and animal protein beverages, grain primary processing and storage, R&D innovation, brand building, and shareholder returns - In the first half of 2025, the company achieved operating revenue of **RMB 1.521 billion**, a year-on-year decrease of **12.76%**; net profit attributable to shareholders of the listed company was **RMB 120 million**, a year-on-year decrease of **20.14%**; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was **RMB 109 million**, a year-on-year increase of **56.78%**[36](index=36&type=chunk) - Solid instant beverage business enhances competitiveness by optimizing offline emerging channels, strengthening store management, increasing online R&D investment, and expanding into first and second-tier city markets[36](index=36&type=chunk) - Plant and animal protein beverage business focuses on the soymilk beverage sub-segment, driving product innovation and brand upgrading, optimizing core channel layout, opening up catering channels, and deepening e-commerce operations[37](index=37&type=chunk) - In terms of R&D innovation, the company accelerates the iteration of high-end soymilk powder, explores plant-based products, collaborates with Jiangnan University, and leads the drafting of plant-based beverage related standards[38](index=38&type=chunk) - Brand building focuses on creating a new national characteristic brand image, deepening transformation towards youthfulness, differentiation, and high-end positioning, forming a synergistic development pattern of "VV" parent-child brands, and innovating marketing strategies combining "content seeding + scenario experience + private domain operations"[39](index=39&type=chunk) - On May 29, 2025, the company implemented its 2024 equity distribution, distributing a cash dividend of **RMB 1.28** (tax inclusive) per **10 shares**, totaling **RMB 206,994,199.04**, accounting for **50.35%** of net profit attributable to shareholders of the listed company[40](index=40&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This section analyzes the company's core competencies, including policy, capital, and resource advantages from state-owned controlling shareholder; refined management capabilities; national well-known brand advantages such as "VV" and "Tianshanxue"; a national sales network cultivated for over **30 years** and an integrated online and offline marketing system; and a complete industry chain advantage from raw material procurement to sales - The company's controlling shareholder is Xuzhou Xinsheng Investment Holding Group Co., Ltd., and its actual controller is Xuzhou Municipal People's Government State-owned Assets Supervision and Administration Commission, providing policy, capital, and resource advantages[42](index=42&type=chunk) - The company advocates for refined management, deeply integrating lean management with product R&D, safe production, market sales, and innovation to enhance management capabilities[42](index=42&type=chunk) - The company owns multiple national well-known brands and famous trademarks such as "VV," "Tianshanxue," "Liuchaosong," and "Yiqingyuan," as well as emerging sub-brands like "Baifenzhi" and "Doushanshi"[42](index=42&type=chunk) - The company possesses a national distribution network cultivated for over **30 years** and vigorously develops online business, forming a complete integrated online and offline marketing system[43](index=43&type=chunk) - The company has built a complete industry chain from raw material procurement, processing, storage, and transportation to product R&D, production, packaging, and sales, continuously building supply chain competitive advantages[43](index=43&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=15&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%90%A5%E6%83%85%E5%86%B5) This section thoroughly analyzes the reasons for changes in the company's main business financial statement items during the reporting period, significant changes in asset and liability conditions and their causes, and lists the operating data of major holding and participating companies and the deregistration of subsidiaries during the reporting period [(I) Analysis of Main Business](index=15&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the changes and reasons for key financial statement items, such as a significant decrease in financial expenses due to lower loan scale and interest rates, an increase in R&D expenses due to new product development, and a notable improvement in net cash flow from operating activities due to reduced payments for goods purchased Financial Statement Related Item Change Analysis | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,520,910,156.18 | 1,743,358,490.14 | -12.76 | | | Operating Cost | 1,145,517,022.64 | 1,377,529,015.28 | -16.84 | | | Financial Expenses | 64,962.76 | 3,226,446.42 | -97.99 | Primarily due to reduced interest expenses from lower financial institution loan scale and interest rates in the current period | | R&D Expenses | 4,149,217.61 | 2,999,302.11 | 38.34 | Primarily due to increased new product R&D | | Net Cash Flow from Operating Activities | 369,836,523.91 | -4,439,926.75 | N/A | Primarily due to reduced payments for goods purchased in the current period | | Net Cash Flow from Investing Activities | 4,960,545.89 | 105,857,865.50 | -95.31 | Primarily due to the receipt of demolition compensation by subsidiary Jinan VV Dairy Co., Ltd. in the prior period | | Other Income | 2,218,699.33 | 4,142,763.52 | -46.44 | Primarily due to reduced government grants | | Investment Income | 10,900,371.90 | -13,093,616.02 | 183.25 | Primarily due to increased investment income from disposal of trading financial assets in the current period | | Fair Value Change Income | 1,741,390.00 | 11,635,295.89 | -85.03 | Primarily due to unrealized gains on trading financial assets held by the company at period-end | | Credit Impairment Losses | -1,000,548.35 | 186,665.98 | -636.01 | Primarily due to increased provision for doubtful accounts on receivables in the current period | | Asset Disposal Income | 82,531.83 | 102,592,746.82 | -99.92 | Primarily due to asset disposal income recognized from the demolition of subsidiary Jinan VV Dairy Co., Ltd. in the prior period | | Non-Operating Income | 175,741.04 | 430,240.05 | -59.15 | Primarily due to recognition of unpayable amounts in the prior period | | Non-Operating Expenses | 183,649.62 | 4,695,017.49 | -96.09 | Primarily due to reduced compensation expenses | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This section thoroughly analyzes the changes and reasons for the period-end balances of the company's asset and liability items compared to the end of the previous year, and discloses the restricted status of major assets as of the end of the reporting period Asset and Liability Status Changes | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 333,570.00 | 8,140.00 | 3,997.91 | Increase in futures contracts held and fair value changes at period-end | | Notes Receivable | 0.00 | 413,083.74 | -100.00 | Amounts collected | | Accounts Receivable | 81,755,545.27 | 52,686,769.97 | 55.17 | Increase in credit sales in the current year | | Inventories | 564,824,343.44 | 837,037,577.25 | -32.52 | Sales realized in the current period | | Short-term Borrowings | 260,000,000.00 | 195,066,794.52 | 33.29 | New working capital borrowings in the current period | | Trading Financial Liabilities | 0.00 | 1,407,820.00 | -100.00 | Decrease in futures contracts held and fair value changes at period-end | | Notes Payable | 80,334,401.12 | 0.00 | 100.00 | Increase in bill settlements in the current period | | Accounts Payable | 127,173,680.95 | 249,369,884.44 | -49.00 | Payment of payables | | Employee Compensation Payable | 25,918,925.48 | 41,336,079.11 | -37.30 | Payment of prior year performance bonuses | | Taxes Payable | 65,163,806.96 | 128,508,081.50 | -49.29 | Payment of taxes | | Non-current Liabilities Due Within One Year | 1,782,440.24 | 2,667,051.48 | -33.17 | Decrease in lease liabilities due within 1 year | | Lease Liabilities | 8,441,166.24 | 12,191,965.67 | -30.76 | Decrease in lease payments | Restricted Status of Major Assets as of the End of the Reporting Period | Item | Period-End Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 100,000.00 | Margin deposit | | Fixed Assets | 70,037,503.52 | Loan collateral, collateral for grain acquisition and storage | | Intangible Assets | 17,529,896.51 | Loan collateral, collateral for grain acquisition and storage | | Investment Properties | 50,502,003.00 | Collateral for grain acquisition and storage | | **Total** | **138,169,403.03** | | [(VI) Analysis of Major Holding and Participating Companies](index=18&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the subsidiaries deregistered by the company during the reporting period and provides financial data for major holding and participating companies, covering businesses such as flour, grain storage and transportation, solid beverages, rice production, equity investment, and dairy products - During the reporting period, Xuzhou Qianjiawanhui Commercial and Trading Co., Ltd., Xuzhou Guize Commercial and Trading Co., Ltd., Jiangsu VV Grain and Oil Technology Co., Ltd., and Jinan VV Animal Husbandry Development Co., Ltd. were deregistered, which had no impact on overall production, operations, and performance[54](index=54&type=chunk) Major Subsidiary Financial Data (As of June 30, 2025) | Company Name | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | VV Liuchaosong Flour Industry Co., Ltd. | Flour production, processing, and sales | 6,000.00 | 26,193.74 | 5,749.82 | 14,167.95 | -907.79 | -907.79 | | VV Grain Silo Grain Storage and Transportation Co., Ltd. | Grain storage business | 30,000.00 | 8,975.99 | 15,039.88 | 1,820.87 | 6.04 | -0.34 | | Xuzhou VV Jinlan Food Co., Ltd. | Solid beverage production, processing | 3,000.00 | 45,421.12 | 40,083.40 | 20,928.25 | 5,734.03 | 4,284.38 | | VV Tangwanghe Ecological Agriculture Co., Ltd. | Rice production, processing, and sales | 6,000.00 | 6,644.77 | 2,148.65 | 11,187.12 | 403.80 | 403.80 | | VV Innovation Investment Co., Ltd. | Equity investment | 21,000.00 | 56,748.61 | 56,748.61 | 0.00 | 3,241.20 | 3,241.20 | | VV Dairy Co., Ltd. | Production, processing, and sales of dairy products, beverages, frozen drinks, etc. | 24,802.00 | 30,444.91 | 31,468.43 | 14,274.51 | 707.82 | 707.84 | [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This chapter primarily discloses information on the company's governance, environmental, and social responsibilities. During the reporting period, there were no changes in directors, supervisors, or senior management, nor any profit distribution or capital reserve conversion plans. Two of the company's subsidiaries were included in the list of enterprises required to disclose environmental information, and the company continued to consolidate poverty alleviation achievements and contribute to rural revitalization through industrial poverty alleviation [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) This section explicitly states that the company's proposed semi-annual profit distribution plan or capital reserve conversion plan is "none" - The proposed semi-annual profit distribution plan or capital reserve conversion plan is none[57](index=57&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%83%85%E5%86%B5) This section discloses that two of the company's subsidiaries, VV Animal Husbandry Technology Co., Ltd. and Zhuhai VV Daheng Dairy Co., Ltd., have been included in the list of enterprises required to disclose environmental information, and provides an inquiry index - The company has **2** subsidiaries included in the list of enterprises required to disclose environmental information[58](index=58&type=chunk) - Subsidiaries included in the list are VV Animal Husbandry Technology Co., Ltd. and Zhuhai VV Daheng Dairy Co., Ltd[58](index=58&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) This section states that the company continues to assist in poverty alleviation and rural revitalization primarily through industrial poverty alleviation, with a production and processing line built in Luonan County, Shangluo City, Shaanxi Province, now operational and having paid **RMB 1.89 million** in taxes - The company continues to carry out targeted poverty alleviation primarily through industrial poverty alleviation[59](index=59&type=chunk) - The production and processing line built in Luonan County, Shangluo City, Shaanxi Province, has entered production and operation, paying **RMB 1.89 million** in taxes[59](index=59&type=chunk) [Section V Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This chapter discloses significant matters during the reporting period, including fulfillment of commitments, fund occupation by controlling shareholders and related parties, irregular guarantees, significant litigation and arbitration, significant related party transactions, and fulfillment of significant contracts. During the reporting period, there were no unfulfilled significant commitments, no fund occupation, no irregular guarantees, and no significant litigation or arbitration, with detailed explanations for related party transactions and guarantees [I. Fulfillment of Commitments](index=21&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section states that there are no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company itself that were ongoing or had progress/changes during the reporting period - There are no commitments ongoing or with progress/changes during the reporting period[61](index=61&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) This section explicitly states that there was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - There was no non-operating fund occupation by controlling shareholders or other related parties[61](index=61&type=chunk) [III. Irregular Guarantees](index=21&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section declares that there were no instances of providing guarantees to external parties in violation of decision-making procedures during the reporting period - There were no instances of providing guarantees to external parties in violation of decision-making procedures[61](index=61&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=21&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section explicitly states that the company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters in this reporting period[61](index=61&type=chunk) [X. Significant Related Party Transactions](index=21&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section states that there were no significant related party transactions disclosed in temporary announcements with no subsequent progress or changes, nor any significant related party transactions not disclosed in temporary announcements during the reporting period - There were no matters already disclosed in temporary announcements with no subsequent progress or changes[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - There were no matters not disclosed in temporary announcements[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section primarily discloses significant guarantees performed and not yet completed by the company during the reporting period, including the amount and balance of guarantees for subsidiaries, and details specific guarantee agreements [(II) Significant Guarantees Performed and Not Yet Completed During the Reporting Period](index=24&type=section&id=%28%E4%BA%8C%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section details the company's guarantees for its subsidiaries, with a total guarantee amount of **RMB 96 million** for subsidiaries during the reporting period, and a total outstanding guarantee balance of **RMB 326 million** at period-end, representing **9.44%** of the company's net assets Company Guarantees for Subsidiaries | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total guarantee amount for subsidiaries during the reporting period | 9,600 | | Total outstanding guarantee balance for subsidiaries at period-end (B) | 32,600 | | **Total company guarantees (including guarantees for subsidiaries)** | | | Total guarantee amount (A+B) | 32,600 | | Ratio of total guarantee amount to company's net assets (%) | 9.44 | - The company provided joint and several liability guarantees for VV Northeast's **RMB 80 million** working capital loan from Bank of Communications Co., Ltd. Suihua Branch[403](index=403&type=chunk) - The company provided guarantee for VV International Trade Co., Ltd.'s **RMB 150 million** maximum credit line application at Evergrowing Bank Co., Ltd. Xuzhou Branch[403](index=403&type=chunk) - The company provided guarantee for VV International Trade Co., Ltd.'s **RMB 96 million** maximum credit line application at Bank of Communications Co., Ltd. Xuzhou Branch[404](index=404&type=chunk) [Section VI Share Changes and Shareholder Information](index=26&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This chapter details the company's share changes and shareholder information during the reporting period. The total number of shares and share capital structure remained unchanged, and the total number of common shareholders and the top ten shareholders' holdings as of the end of the reporting period are listed [I. Share Capital Changes](index=26&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section states that the company's total number of shares and share capital structure remained unchanged during the reporting period, with no changes in restricted shares - During the reporting period, the company's total number of shares and share capital structure remained unchanged[69](index=69&type=chunk) [II. Shareholder Information](index=26&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses that as of the end of the reporting period, the company had **90,443** common shareholders, and details the shareholdings, percentages, and shareholder nature of the top ten shareholders, with Xuzhou Xinsheng Investment Holding Group Co., Ltd. being the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **90,443** households[70](index=70&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xuzhou Xinsheng Investment Holding Group Co., Ltd. | 499,928,000 | 30.91 | State-owned legal person | | Otsuka (China) Investment Co., Ltd. | 60,731,478 | 3.76 | Overseas legal person | | Hong Kong Securities Clearing Company Limited | 29,492,552 | 1.82 | Other | | Yang Xiaogang | 15,869,300 | 0.98 | Domestic natural person | | Cui Jiuhong | 6,805,491 | 0.42 | Domestic natural person | | Fu Kelu | 6,190,587 | 0.38 | Domestic natural person | | Zhang Wu | 5,200,000 | 0.32 | Domestic natural person | | Wang Xueliang | 5,000,000 | 0.31 | Domestic natural person | | Luo Wei | 4,500,000 | 0.28 | Domestic natural person | | CITIC Securities Co., Ltd. - Tianhong CSI Food and Beverage ETF | 3,933,100 | 0.24 | Other | - Xuzhou Xinsheng Investment Holding Group Co., Ltd. is the largest shareholder, with a shareholding ratio of **30.91%**[72](index=72&type=chunk) [Section VII Bond-Related Information](index=30&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This chapter states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period - There are no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments related information[78](index=78&type=chunk) - There is no convertible corporate bond information[78](index=78&type=chunk) [Section VIII Financial Report](index=31&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This chapter is the core of the report, containing unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity. Additionally, it details the company's basic information, significant accounting policies and estimates, taxation, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and related party transactions, share-based payments, commitments and contingencies, events after the balance sheet date, and supplementary information [I. Audit Report](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This section explicitly states that this semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Current Assets | 1,988,289,074.69 | 2,048,581,680.74 | | Total Non-Current Assets | 2,530,235,092.64 | 2,636,968,327.23 | | **Total Assets** | **4,518,524,167.33** | **4,685,550,007.97** | | Total Current Liabilities | 995,930,514.19 | 1,067,223,425.88 | | Total Non-Current Liabilities | 69,641,503.20 | 73,361,419.27 | | **Total Liabilities** | **1,065,572,017.39** | **1,140,584,845.15** | | Total Owners' Equity Attributable to Parent Company | 3,400,112,774.34 | 3,486,739,888.28 | | Minority Interests | 52,839,375.60 | 58,225,274.54 | | **Total Owners' Equity** | **3,452,952,149.94** | **3,544,965,162.82** | Consolidated Income Statement (January-June 2025) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,520,910,156.18 | 1,743,358,490.14 | | Total Operating Costs | 1,377,607,060.72 | 1,632,262,430.58 | | Operating Profit | 157,245,540.17 | 216,559,915.75 | | Total Profit | 157,237,631.59 | 212,295,138.31 | | Net Profit | 118,901,186.16 | 149,625,598.68 | | Net Profit Attributable to Parent Company Shareholders | 120,367,085.10 | 150,727,865.10 | | Basic Earnings Per Share (RMB/share) | 0.07 | 0.09 | Consolidated Cash Flow Statement (January-June 2025) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 369,836,523.91 | -4,439,926.75 | | Net Cash Flow from Investing Activities | 4,960,545.89 | 105,857,865.50 | | Net Cash Flow from Financing Activities | -152,454,403.22 | -133,350,561.16 | | Net Increase in Cash and Cash Equivalents | 222,342,666.58 | -31,932,622.41 | | Cash and Cash Equivalents at End of Period | 1,055,990,669.43 | 629,345,634.47 | [III. Company Basic Information](index=47&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces VV Food & Beverage Co., Ltd.'s establishment, listing date, unified social credit code, registered capital, registered address, legal representative, parent company, and actual controller, and outlines the main business activities and products of the company and its subsidiaries - The company was established on July 18, 1999, and listed on the Shanghai Stock Exchange on June 30, 2000[106](index=106&type=chunk) - The company's registered capital is **RMB 1,617,142,180**, and its registered address is VV Avenue No. 300, Xuzhou City, Jiangsu Province[106](index=106&type=chunk) - The parent company is Xuzhou Xinsheng Investment Holding Group Co., Ltd., and the actual controller is Xuzhou Municipal People's Government State-owned Assets Supervision and Administration Commission[106](index=106&type=chunk) - The company and its subsidiaries primarily engage in the R&D, production, and sales of soymilk powder, plant and animal protein beverages, dairy products, tea, and grain acquisition, storage, sales, and processing[107](index=107&type=chunk) [IV. Basis of Financial Statement Preparation](index=47&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This section states that the company's financial statements are prepared on a going concern basis and confirms the company's ability to continue as a going concern for at least **12 months** from the end of the reporting period - The company's financial statements are prepared on a going concern basis[108](index=108&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[109](index=109&type=chunk) [V. Significant Accounting Policies and Estimates](index=47&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the significant accounting policies and estimates followed by the company and its subsidiaries in preparing financial statements, covering business combinations, financial instruments, receivables, inventories, fixed assets, intangible assets, revenue recognition, government grants, and other areas, also explaining materiality standards and changes in accounting estimates - The company and its subsidiaries have formulated several specific accounting policies and estimates for various transactions and events based on their actual production and operation characteristics and in accordance with relevant enterprise accounting standards[110](index=110&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individual receivables for which bad debt provisions are made | Amount greater than or equal to **RMB 3 million** | | Significant investment activities | Single transaction amount greater than or equal to **RMB 5 million** | - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[133](index=133&type=chunk) - The company recognizes revenue when it has satisfied its performance obligations under the contract, i.e., when the customer obtains control of the related goods or services[191](index=191&type=chunk) [VI. Taxation](index=76&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, and details the tax preferential policies enjoyed by the company and its subsidiaries, including enterprise income tax exemptions for livestock breeding and primary processing of agricultural products, Western Development enterprise income tax incentives, and inclusive tax reductions for small and micro enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 5%, 7% | | Enterprise Income Tax | 25%, 15% | - Subsidiaries in the livestock breeding industry, such as VV Animal Husbandry Technology Co., Ltd., are exempt from enterprise income tax and value-added tax[217](index=217&type=chunk)[218](index=218&type=chunk) - VV Tangwanghe Ecological Agriculture Co., Ltd. and VV Liuchaosong Flour Industry Co., Ltd. are exempt from enterprise income tax on income from primary processing services of agricultural products[218](index=218&type=chunk)[219](index=219&type=chunk) - Luzhou VV Food & Beverage Co., Ltd., Xi'an VV Food & Beverage Co., Ltd., and VV Huashan Walnut Industry Co., Ltd. enjoy a **15%** preferential enterprise income tax rate under the Western Development policy[218](index=218&type=chunk) - Subsidiaries meeting the criteria for small and micro enterprises enjoy inclusive tax reduction policies for small and micro enterprises[219](index=219&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=78&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, inventories, short-term borrowings, notes payable, accounts payable, employee compensation payable, operating revenue and costs, investment income, and cash flow, explaining the main reasons for each change - The period-end balance of monetary funds is **RMB 1,056,090,669.43**, of which **RMB 100,000.00** is restricted monetary funds for margin deposits[221](index=221&type=chunk) - The period-end book value of accounts receivable is **RMB 81,755,545.27**, an increase of **55.17%** from the beginning of the period, primarily due to increased credit sales in the current year[230](index=230&type=chunk)[49](index=49&type=chunk) - The period-end book value of inventories is **RMB 564,824,343.44**, a decrease of **32.52%** from the beginning of the period, primarily due to sales realized in the current period[253](index=253&type=chunk)[49](index=49&type=chunk) - The period-end balance of short-term borrowings is **RMB 260,000,000.00**, an increase of **33.29%** from the beginning of the period, primarily due to new working capital borrowings in the current period[293](index=293&type=chunk)[49](index=49&type=chunk) - The period-end balance of accounts payable is **RMB 127,173,680.95**, a decrease of **49.00%** from the beginning of the period, primarily due to payment of payables[298](index=298&type=chunk)[49](index=49&type=chunk) - Current period operating revenue is **RMB 1,520,910,156.18**, and operating cost is **RMB 1,145,517,022.64**[335](index=335&type=chunk) - Current period investment income is **RMB 10,900,371.90**, a significant improvement from **RMB -13,093,616.02** in the prior period, primarily due to increased investment income from the disposal of trading financial assets[342](index=342&type=chunk)[48](index=48&type=chunk) - Net cash flow from operating activities for the current period is **RMB 369,836,523.91**, compared to **RMB -4,439,926.75** in the prior period, primarily due to reduced payments for goods purchased in the current period[356](index=356&type=chunk)[48](index=48&type=chunk) [VIII. Research and Development Expenses](index=111&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section lists the composition of the company's R&D expenses for the first half of 2025, including employee compensation, direct input, depreciation and amortization, and other expenses, totaling **RMB 4,149,217.61**, all of which were expensed R&D Expense Composition | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 1,604,268.45 | 1,613,308.25 | | Direct Input | 670,673.66 | 190,113.59 | | Depreciation and Amortization | 1,036,538.23 | 874,472.14 | | Other | 837,737.27 | 321,408.13 | | **Total** | **4,149,217.61** | **2,999,302.11** | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[364](index=364&type=chunk) [IX. Changes in Consolidation Scope](index=111&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) This section discloses the deregistration of four subsidiaries during the reporting period: Xuzhou Qianjiawanhui Commercial and Trading Co., Ltd., Xuzhou Guize Commercial and Trading Co., Ltd., Jiangsu VV Grain and Oil Technology Co., Ltd., and Jinan VV Animal Husbandry Development Co., Ltd., stating that these deregistration events had no significant impact on overall production, operations, and performance - Subsidiaries deregistered in the current period include Xuzhou Qianjiawanhui Commercial and Trading Co., Ltd., Xuzhou Guize Commercial and Trading Co., Ltd., Jiangsu VV Grain and Oil Technology Co., Ltd., and Jinan VV Animal Husbandry Development Co., Ltd[365](index=365&type=chunk) - The deregistration of these subsidiaries had no impact on overall production, operations, and performance[54](index=54&type=chunk) [X. Interests in Other Entities](index=112&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, and shareholding ratios of numerous subsidiaries. It also discloses the key financial information of the significant non-wholly owned subsidiary VV Liuchaosong Flour Industry Co., Ltd., as well as the book value of investments and net profits of associates China Grain Reserves Suihua Storage Co., Ltd. and Xuzhou VV Shengtong New Consumption Investment Fund (Limited Partnership), and mentions that Beijing Xinchengyuan Commercial and Trading Co., Ltd. has incurred excess losses - The company owns numerous subsidiaries, with businesses covering investment sales, production sales, animal husbandry, trade, cultural media, wholesale and retail, and service industries[367](index=367&type=chunk)[368](index=368&type=chunk)[369](index=369&type=chunk)[370](index=370&type=chunk)[373](index=373&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiary (VV Liuchaosong Flour Industry Co., Ltd.) | Indicator | Period-End Balance (RMB 10,000) | Period-Beginning Balance (RMB 10,000) | | :--- | :--- | :--- | | Current Assets | 9,185.41 | 20,891.36 | | Non-Current Assets | 17,008.33 | 17,717.91 | | Total Assets | 26,193.74 | 38,609.27 | | Current Liabilities | 20,443.91 | 31,951.65 | | Total Liabilities | 20,443.91 | 31,951.65 | | **Current Period Amount (RMB 10,000)** | | | | Operating Revenue | 14,167.95 | 18,034.32 | | Net Profit | -907.79 | -1,077.82 | | Total Comprehensive Income | -907.79 | -1,077.82 | | Net Cash Flow from Operating Activities | -165.09 | 1,441.23 | - The total book value of investments in associates is **RMB 41,692,143.94**, with a total net profit of **RMB 117,095.94** for the current period[377](index=377&type=chunk) - Beijing Xinchengyuan Commercial and Trading Co., Ltd. has incurred excess losses, and the company's long-term equity investment in it is measured at **RMB 0.00**[379](index=379&type=chunk) [XI. Government Grants](index=118&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the government grants received by the company, including those recognized as deferred income and those directly recognized in current profit or loss, categorized by whether they are asset-related or income-related Liability Items Involving Government Grants (Deferred Income) | Item | Period-Beginning Balance (RMB) | New Grants in Current Period (RMB) | Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Government Grants | 42,000,923.71 | 1,200,000.00 | 1,107,990.91 | 42,092,932.80 | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Asset-Related | 1,107,990.91 | 1,381,322.84 | | Income-Related | 1,110,708.42 | 2,761,440.68 | | **Total** | **2,218,699.33** | **4,142,763.52** | [XII. Risks Related to Financial Instruments](index=119&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section explains the company's financial instrument risk management objectives and strategies, thoroughly analyzes market risk (including foreign exchange risk, interest rate risk, and other price risks), credit risk, and liquidity risk, and describes the company's methods for identifying, assessing, and managing these risks - The company's risk management objective is to achieve an appropriate balance between risk and return, minimizing the negative impact of risk on operating performance, and maximizing the interests of shareholders and other equity investors[382](index=382&type=chunk) - Market risk primarily includes foreign exchange risk (mainly related to the US dollar), interest rate risk (mainly related to floating-rate bank borrowings, where a **20 basis point** change in interest rates impacts total profit by approximately **RMB 40,000**), and other price risks (mitigated by holding a diversified portfolio of equity securities)[383](index=383&type=chunk)[385](index=385&type=chunk) - Credit risk primarily arises from financial asset losses and financial guarantees due to the failure of the counterparty to fulfill its obligations; the company mitigates this risk by establishing credit limits, approval, and monitoring procedures[386](index=386&type=chunk) - Liquidity risk is managed by maintaining and monitoring a level of cash and cash equivalents deemed sufficient by management to meet operational needs[390](index=390&type=chunk) [XIII. Disclosure of Fair Value](index=122&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the period-end fair values of the company's assets and liabilities measured at fair value, categorized by fair value measurement hierarchy. Trading financial assets are measured at Level 1, while other equity instrument investments are measured at Level 3 Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 333,570.00 | | 333,570.00 | | Other Equity Instrument Investments | | 228,791,347.55 | 228,791,347.55 | | **Total Assets Continuously Measured at Fair Value** | **333,570.00** | **228,791,347.55** | **229,124,917.55** | - The company's other equity instrument investments are measured at Level 3 fair value; for equity of unlisted companies held, the most recently available transfer price or other relevant basis is used as its fair value[394](index=394&type=chunk) [XIV. Related Parties and Related Party Transactions](index=123&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's parent company, ultimate controlling party, subsidiaries, associates, and other related parties. It also lists related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party leases, related party guarantees, and key management personnel compensation, and discloses the period-end balances of receivables from and payables to related parties - The parent company is Xuzhou Xinsheng Investment Holding Group Co., Ltd., with a shareholding ratio of **30.91%**; the ultimate controlling party is Xuzhou Municipal People's Government State-owned Assets Supervision and Administration Commission[395](index=395&type=chunk) - During the reporting period, the company accepted services from Xuzhou Security Service Co., Ltd. amounting to **RMB 159,358.86**[400](index=400&type=chunk) - The company sold goods to Xinsheng Group and its related entities for **RMB 1,581,933.25**, and to Jiangsu Liminfengcai New Material Technology Co., Ltd. for **RMB 970,904.52**[401](index=401&type=chunk) - The company, as lessor, leased warehouses to Jiangsu Rongsheng Supply Chain Management Co., Ltd., recognizing lease income of **RMB 425,257.37** in the current period[403](index=403&type=chunk) - The company provided guarantees for VV Northeast and VV International Trade Co., Ltd.; the total guarantee amount for subsidiaries during the reporting period was **RMB 96 million**, with a total outstanding balance of **RMB 326 million**[403](index=403&type=chunk)[404](index=404&type=chunk)[66](index=66&type=chunk) - Key management personnel compensation for the current period was **RMB 2.2833 million**[406](index=406&type=chunk) - Period-end receivables from Qingdao Qiyiguo E-commerce Co., Ltd. were **RMB 377,995.72**, and from Jiangsu Liminfengcai New Material Technology Co., Ltd. were **RMB 4,852.00**[409](index=409&type=chunk) - Period-end payables to Xuzhou Security Service Co., Ltd. were **RMB 10,000.00**, and to VV Tianshanxue Dairy (Shanghai) Co., Ltd. were **RMB 2,000,000.00**[411](index=411&type=chunk) [XV. Share-Based Payments](index=127&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) This section states that the company had no share-based payment related information during the reporting period, including details of equity instruments, outstanding stock options or other equity instruments at period-end, equity-settled or cash-settled share-based payment situations, current period share-based payment expenses, and modifications or terminations of share-based payments - There are no details regarding share-based payments, outstanding stock options or other equity instruments at period-end, equity-settled or cash-settled share-based payment situations, current period share-based payment expenses, or modifications or terminations of share-based payments[412](index=412&type=chunk)[413](index=413&type=chunk) [XVI. Commitments and Contingencies](index=128&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) This section states that the company had no significant commitments or contingencies requiring disclosure as of the balance sheet date - There are no significant commitments[413](index=413&type=chunk) - The company has no significant contingencies requiring disclosure[413](index=413&type=chunk) [XVII. Events After the Balance Sheet Date](index=128&type=section&id=%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This section states that the company had no significant non-adjusting events, profit distribution, sales returns, or other matters requiring disclosure after the balance sheet date - There are no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date requiring explanation[413](index=413&type=chunk) [XVIII. Other Significant Matters](index=128&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section primarily discloses the company's segment information, including five reporting segments: food, tea, alcohol, grain and oil & storage and transportation, and others, providing financial data such as operating revenue, total profit, net profit, total assets, and total liabilities for each segment [6. Segment Information](index=129&type=section&id=6.%20Segment%20Information) This section defines five reporting segments—food, tea, alcohol, grain and oil & storage and transportation, and others—based on the company's internal organizational structure and management requirements, and details each segment's operating revenue, total profit, net profit, total assets, and total liabilities Financial Information of Reporting Segments (2025 Semi-Annual) | Item | Food (RMB) | Tea (RMB) | Alcohol (RMB) | Grain and Oil & Storage and Transportation (RMB) | Other (RMB) | Inter-Segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,551,091,806.61 | 27,763,458.01 | 27,118,139.93 | 516,494,249.88 | 12,767,900.60 | -614,325,398.85 | 1,520,910,156.18 | | Total Profit | 240,795,296.77 | -2,112,331.20 | -2,503,384.36 | -73,545.33 | 30,776,852.46 | -109,645,256.75 | 157,237,631.59 | | Net Profit | 204,599,380.33 | -2,162,198.29 | -2,503,384.36 | -2,163,641.50 | 30,776,286.73 | -109,645,256.75 | 118,901,186.16 | | Total Assets | 7,529,431,496.37 | 122,629,088.61 | 59,633,628.24 | 1,038,615,778.78 | 583,422,230.18 | -4,815,208,054.85 | 4,518,524,167.33 | | Total Liabilities | 2,387,863,097.07 | 56,121,047.86 | 37,800,141.65 | 675,377,832.58 | 3,715,910.55 | -2,095,306,012.32 | 1,065,572,017.39 | [XIX. Notes to Major Items in Parent Company Financial Statements](index=131&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, explaining the reasons for each change - The parent company's period-end book value of accounts receivable is **RMB 12,554,047.80**, with the book balance of the accounts receivable portfolio being **RMB 12,147,511.91**[420](index=420&type=chunk)[422](index=422&type=chunk) - The parent company's period-end book value of other receivables is **RMB 860,903,797.77**, primarily due to fund transfers with subsidiaries[428](index=428&type=chunk)[432](index=432&type=chunk) - The parent company's period-end book value of long-term equity investments in subsidiaries is **RMB 1,051,747,193.68**, and in associates and joint ventures is **RMB 10,546,447.64**[441](index=441&type=chunk) - The parent company's current period operating revenue is **RMB 856,428,305.23**, and operating cost is **RMB 636,394,098.90**[445](index=445&type=chunk) - The parent company's current period investment income is **RMB 17,165,290.29**, primarily including investment income of **RMB 17,079,529.26** from the disposal of long-term equity investments[447](index=447&type=chunk) [XX. Supplementary Information](index=140&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, and data on return on net assets and earnings per share, to more comprehensively reflect the company's financial performance [1. Details of Non-Recurring Gains and Losses for the Current Period](index=140&type=section&id=1.%20Details%20of%20Non-Recurring%20Gains%20and%20Losses%20for%20the%20Current%20Period) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **RMB 11,109,715.95**, consistent with the disclosure in Section II 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-off portion of asset impairment provisions | 82,531.83 | | Government grants recognized in current profit or loss, except for those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 2,218,699.33 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, except for effective hedge accounting related to normal business operations | 11,836,354.22 | | Other non-operating income and expenses other than the above | -7,908.58 | | Less: Income tax impact | -2,976,668.56 | | Impact on minority interests (after tax) | -43,292.29 | | **Total** | **11,109,715.95** | [2. Return on Net Assets and Earnings Per Share](index=140&type=section&id=2.%20Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) This section provides the company's weighted average return on net assets and earnings per share for the first half of 2025, including net profit attributable to common shareholders and data after deducting non-recurring gains and losses Return on Net Assets and Earnings Per Share (2025 Semi-Annual) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 3.43 | 0.07 | 0.07 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 3.11 | 0.07 | 0.04 |

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001318 | 阳光乳业 | 15.41 | 1.99% | 18.38万 | | 2.79亿 | | 603711 | 香飘飘 | 14.05 | 1.44% | 8.26万 | | 1.15亿 | | 002946 | 新乳业 | 18.53 | 1.42% | 7.56万 | | 1.39亿 | | 600429 | 三元股份 | 4.83 | 0.84% | 12.37万 | | 5971.27万 | | 600300 | 维维股份 | 3.50 | 0.57% | 48.02万 | | 1.68亿 | | 600887 | 伊利股份 | 28.33 | 0.57% | 71.29万 | | 20.19亿 | | 605499 | 东鹏饮料 | 303.91 | 0.53% | 2.54万 | | 7.83亿 | | 002732 | 菲博到亚 | 17.71 | 0.45% | 3.64万 | | 6436.20万 | ...

Market Overview - The Shanghai Composite Index closed at 3888.00 points, above the six-month moving average, with a slight increase of 0.11% [1] - The total trading volume of A-shares reached 16993.57 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 46 A-shares have surpassed the six-month moving average today, with notable stocks including Shuguang Co., Zhengdan Co., and Dongbai Group, showing divergence rates of 4.78%, 4.68%, and 2.88% respectively [1] - Stocks with smaller divergence rates that have just crossed the six-month moving average include Jinjiang Hotels, Mingchen Health, and Spring Airlines [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - Shuguang Co. (600303) with a price increase of 6.23%, turnover rate of 9.78%, six-month line at 3.74 yuan, latest price at 3.92 yuan, and a divergence rate of 4.78% [1] - Zhengdan Co. (300641) with a price increase of 6.11%, turnover rate of 6.57%, six-month line at 24.40 yuan, latest price at 25.54 yuan, and a divergence rate of 4.68% [1] - Dongbai Group (600693) with a price increase of 3.53%, turnover rate of 5.38%, six-month line at 6.27 yuan, latest price at 6.45 yuan, and a divergence rate of 2.88% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tianbang Food (002124) with a price increase of 3.30%, turnover rate of 4.80%, six-month line at 3.05 yuan, latest price at 3.13 yuan, and a divergence rate of 2.74% [1] - *ST Haiyuan (002529) with a price increase of 5.06%, turnover rate of 1.38%, six-month line at 6.68 yuan, latest price at 6.85 yuan, and a divergence rate of 2.53% [1] - Senqilin (002984) with a price increase of 4.22%, turnover rate of 4.06%, six-month line at 20.00 yuan, latest price at 20.48 yuan, and a divergence rate of 2.43% [1]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Weiweijia Food and Beverage Co., Ltd. as of August 25, 2025, indicating a mixed financial outlook with a significant decline in revenue and net profit [1] - As of the latest quarterly report, the company reported total operating revenue of 853 million yuan, a year-on-year decrease of 23.11%, and a net profit attributable to shareholders of 70.9 million yuan, down 44.04% year-on-year [1] - The company’s non-recurring net profit was 69.1 million yuan, showing a year-on-year increase of 107.14%, with a current ratio of 2.413, a quick ratio of 1.438, and a debt-to-asset ratio of 18.98% [1] Group 2 - Weiweijia Food and Beverage Co., Ltd. was established in 1994 and is primarily engaged in the manufacturing of alcoholic beverages, drinks, and refined tea [2] - The company has made investments in 36 enterprises and participated in 189 bidding projects, indicating active engagement in business expansion [2] - The company holds 260 trademark registrations and 95 patents, along with 34 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

Core Viewpoint - Traditional instant beverages like Xiangpiaopiao milk tea, Wewei soybean milk, and Southern black sesame paste are facing a collective crisis due to declining sales, primarily driven by a shift in consumer preferences towards more convenient and healthier options [1][4][10] Group 1: Market Performance - In 2024, Xiangpiaopiao's revenue from instant products was 2.271 billion yuan, a year-on-year decline of 15.42% [5] - Wewei's solid instant beverage revenue was 1.909 billion yuan in the previous year, down 3.02% [5] - Southern black sesame's instant beverage revenue was 854 million yuan, a decrease of 3.90% [5] - Xiangpiaopiao's peak sales in 2020 reached 3.067 billion yuan, but by 2024, revenue had dropped to 2.271 billion yuan, indicating a significant decline in market share [8][10] Group 2: Consumer Trends - The decline in instant beverage consumption is attributed to changing lifestyles, with younger consumers favoring immediate satisfaction and convenience [10][12] - Instant beverages were originally transitional products during a time of limited market supply, but as fresh and ready-to-drink options have become more available, traditional instant products have lost their appeal [10][17] Group 3: Company Strategies - Companies like Wewei and Southern black sesame are diversifying their product lines to include ready-to-drink options and other innovations to adapt to market changes [12][15] - Xiangpiaopiao has introduced new products like Meco fruit tea and other ready-to-drink beverages to capture market share [14][23] - Despite these efforts, the transition to ready-to-drink markets is challenging due to intense competition from established players in the beverage industry [15][23] Group 4: Historical Context - Wewei and Southern black sesame have a long history, with Wewei being established in 1992 and achieving significant market share in the soybean milk sector [8][21] - The traditional instant beverage market has been in decline for several years, with companies struggling to maintain their previous growth trajectories [5][6][10]

Core Viewpoint - The demand for low-calorie, high-nutrition foods is increasing due to rising health awareness among consumers, leading to significant growth in the lotus root powder market, which is projected to reach a market size of 2.629 billion yuan in 2024, with a year-on-year growth of 30.22% [1][15]. Market Overview - Lotus root powder is rich in dietary fiber and various vitamins, offering health benefits such as cooling blood and nourishing the body, aligning with current consumer health trends [1][15]. - The market for lotus root powder is expected to expand further as the "Belt and Road" initiative promotes Chinese dietary culture globally, opening new overseas markets [1][15]. Market Policies - The Chinese government has implemented strict standards for food safety, including GB/T25733, which took effect on May 1, 2023, ensuring quality and safety in lotus root powder production [4][6]. Industry Chain - The lotus root powder industry consists of upstream (lotus root cultivation, procurement, processing equipment, packaging materials), midstream (processing and production), and downstream (sales channels including supermarkets, specialty stores, and e-commerce) segments [9][11]. Upstream Supply - Lotus root is the primary raw material for lotus root powder, with significant production in southern provinces such as Jiangsu, Zhejiang, and Hunan. The production volume is projected to reach 13.231 million tons in 2024, reflecting a year-on-year increase of 1.58% [11][15]. Downstream Demand - The consumer demographic for lotus root powder is predominantly aged 18-35, accounting for 36% of the market, with a strong preference for low-sugar and convenient packaging options. Female consumers represent over 50% of the market, often seeking beauty and health benefits [13][15]. Competitive Landscape - The lotus root powder industry is characterized by a fragmented competitive landscape with numerous participants. Key players include Weiyi Food and Beverage Co., Ltd., Hangzhou Tiantang Food Co., Ltd., and Liangpin Shop, among others [17][20]. - Hangzhou Tiantang Food Co., Ltd. is recognized as a leading producer, known for its "Tiantang" brand lotus root powder, which is well-received domestically and exported to Japan, Europe, and Southeast Asia [17][20]. Development Trends - The industry is expected to trend towards high-end, functional foods, with an emphasis on quality raw materials and advanced processing techniques. Future products may include low-sugar, low-fat, and high-fiber options, as well as flavors that incorporate local ingredients [23].

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪7 分行业来看，A股乳制品行业28家上市公司董秘薪酬均值为85.08万元，高于市场均值。 光明乳业董秘沈小燕薪酬最高，达到135.59万元；其次是妙可蓝多董秘谢毅，薪酬124.99万元；此外，燕塘乳业董秘李春锋薪酬122.99万元，海融科技董秘庄涛薪酬110.7万元，新乳业董秘 剔除2024年开始任职数据，薪酬最低的是维维股份（维权）董秘于航航，仅为14万元。此外，西部牧业董秘梁雷薪酬15.93万元，仅次于维维股份。 去年有19家公司董秘薪酬在增加，其中伊利股份董秘邱向敏涨薪19.98万元至75.53万元。三元股份张娜涨薪14.77万元至79.08万元。熊猫乳品徐笑宇涨薪12.74万元至79.88万元。 剔除2024年离职董秘数据之后，有4家公司董秘在降薪，其中欢乐家董秘范崇澜降薪3.71万元至84.29万元；李子园董秘程伟忠降薪3.24万元至43. ...