Industry Dynamics - In the first half of 2023, the revenue from tobacco and alcohol increased by 5.5% year-on-year, totaling 331.6 billion yuan, while June's revenue was 51.6 billion yuan, showing a decline of 0.7% year-on-year [4] - The added value of the beverage and tea manufacturing industry grew by 3.4% year-on-year in June, with a 4.7% increase in the first half of the year [4] - Four industry standards related to fermented rice wine and fruit wines were officially released, set to be implemented on February 1, 2026 [4] - A national standard for the carbon footprint quantification of liquor was included in the 2025 national standard plan [5] - The China Chain Store & Franchise Association issued a proposal to resist "involution" competition in instant retail, emphasizing the need for fair market practices and sustainable development [5] Company Dynamics - Multiple liquor companies released their performance forecasts for the first half of 2023, showing a significant divergence in results. The white liquor sector generally performed poorly, with Shui Jing Fang's net profit dropping by 56.52% and other companies like Jiu Gui Jiu and Shun Xin Agriculture also reporting substantial declines [7] - Some companies, such as Chuan Jiu Group and Qinghai Spring, reported growth in revenue and profits, while the beer sector, led by Yan Jing Beer, saw a net profit increase of 40%-50% [7] - The wine and yellow wine sectors faced losses, attributed to rising costs and inadequate market expansion [7] - The chairman of Shui Jing Fang Group was replaced, marking a significant change in leadership [10] - Hengshui Laobaigan plans to focus on three key areas in the second half of the year: deepening core market channels, enhancing differentiated operations for banquet scenarios, and accelerating the implementation of a digital marketing system [10]

Core Viewpoint - Qinghai Spring (ST Spring) has reported a turnaround in its financial performance for the first half of the year, but faces significant challenges in maintaining its market position and avoiding delisting due to poor sales and market conditions [1][6]. Financial Performance - The company expects a net profit attributable to shareholders of between 960,000 and 1.38 million yuan for the first half of the year, compared to a net loss of 59.87 million yuan in the same period last year, indicating a turnaround [1][2]. - Revenue is projected to decline by 8.95% to 12.65%, estimated between 121 million and 126 million yuan [1][2]. Sales and Market Challenges - The decline in revenue is attributed to changes in market conditions and the seasonal nature of the main business, particularly in the second quarter [2]. - Despite a profit in the first quarter, the company may face a net loss in the second quarter, estimated between 753.81 million and 795.81 million yuan [3]. - The sales of its flagship product, the "Tinghua" liquor, have been disappointing, with only 10 bottles sold online and a total sales revenue of approximately 84,500 yuan [3][4]. Competitive Landscape - The high pricing of "Tinghua" liquor and negative impacts from previous promotional violations have hindered its market performance [4]. - The company struggles to compete with established brands like Moutai and Wuliangye, especially after the implementation of the "ban on alcohol" policy, which has reduced consumption in certain sectors [4]. Strategic Initiatives - Qinghai Spring is focusing on "shell protection" strategies to avoid delisting, with a goal to achieve profitability or revenue exceeding 300 million yuan by 2025 [6][7]. - The company is diversifying its business, including a new venture into the aviation sector through the establishment of Shanghai Yunxiang Aviation Development Co., Ltd., although this initiative is still in the planning stages and faces uncertainties [7]. Future Outlook - The company remains optimistic about its sales despite current challenges, indicating a commitment to adapt to market conditions and potentially launch new products [5][7]. - Continuous monitoring of the company's ability to navigate its financial and operational challenges will be essential [8].

[Qinghai Spring Pharmaceutical Resources Technology Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Qinghai%20Spring%20Pharmaceutical%20Resources%20Technology%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company expects to turn profitable in H1 2025 with net profit attributable to shareholders between RMB 0.96 million and RMB 1.38 million, despite a revenue decline and continued non-recurring loss 2025 H1 Performance Forecast | Metric | Estimated Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | RMB 0.96 million to RMB 1.38 million | Turnaround to Profit | | **Net Profit Attributable to Shareholders Excluding Non-recurring Items** | RMB -1.36 million to RMB -1.80 million | - | | **Operating Revenue** | RMB 121.00 million to RMB 126.00 million | Decrease of 8.95% to 12.56% | - The performance forecast data is unaudited by a certified public accountant[5](index=5&type=chunk) [Prior Period Performance Overview](index=1&type=section&id=Item%20II.%20Prior%20Period%20Performance%20Overview) In H1 2024, the company reported a loss with net profit attributable to shareholders at RMB -59.87 million, operating revenue at RMB 138.38 million, and basic EPS at RMB -0.102 2024 H1 Prior Period Performance | Metric | 2024 Prior Period Amount (RMB) | | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | RMB -59.87 million | | **Net Profit Attributable to Shareholders Excluding Non-recurring Items** | RMB -60.13 million | | **Operating Revenue** | RMB 138.38 million | | **Basic Earnings Per Share** | RMB -0.102/share | [Key Reasons for Current Period Performance Change](index=1&type=section&id=Item%20III.%20Key%20Reasons%20for%20Current%20Period%20Performance%20Change) The company's turnaround to profitability is primarily driven by improved gross margin from product mix optimization and effective control over selling and administrative expenses, despite a revenue decline - The year-on-year decrease in operating revenue is mainly due to changes in market conditions and the off-season for the main business in the second quarter[8](index=8&type=chunk) - Net profit attributable to shareholders achieved profitability, primarily benefiting from increased average gross margin and gross profit due to changes in sales product structure, alongside reduced selling and administrative expenses[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=Item%20IV.%20Risk%20Warning) The company warns investors that this performance forecast is a preliminary, unaudited estimate, and final accurate financial data will be based on the officially disclosed 2025 semi-annual report - This performance forecast data is a preliminary estimate, and the specific accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[9](index=9&type=chunk)

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the shareholders' meeting of Qinghai Spring Pharmaceutical Resources Technology Co., Ltd. comply with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [2][6][8]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors, with a notice published on June 17, 2025, detailing the meeting's agenda, voting methods, and logistics [2][3]. - The meeting took place on July 3, 2025, at the specified location, with the chairman authorizing a director to preside over the meeting [3][4]. Group 2: Attendance and Voting - A total of 388 shareholders attended the meeting, holding 306,670,352 shares, which represents 52.2382% of the total voting shares [6]. - The voting process combined on-site and online methods, with specific timeframes for each voting method as outlined in the notice [4][6]. Group 3: Voting Results - The resolution regarding the ratification of daily related transactions received 59,916,856 votes in favor, accounting for 1.8989% of the valid votes cast [6][8]. - The election of Mr. Wang Fugui as an independent director of the ninth board received 265,336,651 votes, indicating substantial support from the shareholders [8]. Group 4: Legal Compliance - The legal opinion concludes that all aspects of the meeting, including the convening, attendance, voting procedures, and results, are in accordance with the Company Law, Shareholders' Meeting Rules, and the company's articles of association, thus deemed valid [8][9].

Group 1 - The company held a shareholders' meeting on July 3, 2025, with a total attendance representing 52.2382% of the shares [1] - The meeting was presided over by a director authorized by the chairman, and all procedures complied with relevant laws and regulations [1][2] - The non-cumulative voting proposal was approved with 97.7558% of A-share votes in favor [1] Group 2 - The legal representatives confirmed that the meeting's procedures and results were in accordance with the Company Law and other relevant regulations [2] - The meeting included a significant matter where 5% or less of shareholders participated in the voting [1] - Related shareholders recused themselves from voting on certain proposals [1]

ZANDAR | 政 _ 去 > 地 址:深圳市福田区鹏程一路广电金融中心11F 电 话:+86-755-88605026 www.zdcpa.com 政旦志远(深圳)会计师事务所(特殊普通合伙) 对上海证券交易所《关于青海春天药用资源科技股份有限公司 2024 年年度报告的信息披露监管工作函》的回复 政旦志远核字第 250000261 号 上海证券交易所上市公司管理二部: 由青海春天药用资源科技股份有限公司(以下简称"青海春天"或"公司") 转来的《关于青海春天药用资源科技股份有限公司 2024 年年度报告的信息披露 监管工作函》上证公函【2025】0677 号(以下简称"监管工作函")已奉悉,对 监管工作函中需要本所会计师发表明确意见之部分进行了认真研究和落实,现 就监管工作函中有关事项回复说明如下: 1、关于收入确认和毛利率。2024年年报显示,公司实现营业收入2.70亿元, 同比增长 26.36%; 营业成本 1.97 亿元,同比增长 137.03%。其中,冬虫夏草营业 收入同比增长 289.78%,但毛利率较上年由正转负,为-4.87%: 酒水毛利率 61.54%, 同比减少 13.65个百分点。此 ...

股票代码：600381 股票简称：*ST 春天 公告编号：2025-036 公司对该《监管工作函》予以了高度重视，积极会同有关部门和人员以及公 司年审会计师事务所政旦志远（深圳）会计师事务所（特殊普通合伙）（以下简 称"年审会计师"），对贵部《监管工作函》所关注事项进行核查核实，向上海证 券交易所进行了书面回复，年审会计师也就有关问题发表了意见，出具了政旦志 远核字第 250000261 号《政旦志远（深圳）会计师事务所（特殊普通合伙）对上 海证券交易所<关于青海春天药用资源科技股份有限公司 2024 年度报告的信息 披露监管工作函>的回复》（详见上海证券交易所官网 www.sse.com.cn）。 现将有关回复公告如下： 1、关于收入确认和毛利率。2024 年年报显示，公司实现营业收入 2.70 亿 元，同比增长 26.36%；营业成本 1.97 亿元，同比增长 137.03%。其中，冬虫夏 草营业收入同比增长 289.78%，但毛利率较上年由正转负，为-4.87%；酒水毛利 率 61.54%，同比减少 13.65 个百分点。此外，有 4,669.18 万元的虫草销售收入 计入主营业务收入但属于正常经营之外 ...

证券代码：600381 证券简称：*ST 春天 公告编号：2025-035 青海春天药用资源科技股份有限公司 2025年第一次临时股东会决议公告 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 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 3 日 | 1、出席会议的股东和代理人人数 | 388 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 306,670,352 | | 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（%） | 52.2382 | (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。 本次会议由公司董事长授权委托董事陈定主持，本次会议的召开程序、提案 的审议和表决程序均符合《公司法》、《上海证券交易所股票上市规则》、《公司章 程》及其他相关法律法规的规定。 (一)非累积投票议案 1、 议案名称：《关于追认日常关联交易暨公司 2025 年度日常关联交易 ...

关于青海春天药用资源科技股份有限公司 2025 年第一次临时股东会之 法律意见书 法律意见书 青海树人律师事务所 关于青海春天药用资源科技股份有限公司 2025 年第一次临时股东会之法律意见书 树律意见字[2025]第 56 号 致：青海春天药用资源科技股份有限公司 青海春天药用资源科技股份有限公司（以下简称"青海春天"或"公司"） 2025 年第一次临时股东会会议（以下简称"本次会议"）于 2025 年 7 月 3 日 14:30 在青海省西宁市城北区生物园区经二路 12 号 4 楼会议室召开，青海树人律师事 务所（以下简称"本所"）接受青海春天委托，指派蒲文茜律师、王乃龙律师出 席本次会议，并就本次会议的相关法律问题发表意见。为出具本法律意见书，本 所律师依照《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》"）《上市公司股东会规则》（以下简称"《股东 会规则》"）等法律、法规和规范性文件及《青海春天药用资源科技股份有限公司 章程》（以下简称"《公司章程》"）的有关规定和要求，对公司提供的与本次会议 相关的文件、资料予以核查、验证，并就有关事项向公司及有关人 ...

Meeting Information - The first temporary shareholders' meeting of Qinghai Spring Medicine Resources Technology Co., Ltd. will be held on July 3, 2025, at 2:30 PM in Xining, Qinghai Province [1][3] - The meeting will be conducted with both on-site and online voting methods, ensuring that shareholders can participate remotely [3][4] Attendance and Voting Procedures - Shareholders and their authorized representatives must arrive ten minutes before the meeting to complete registration and present necessary documents [2] - Shareholders have the right to speak, consult, and vote during the meeting, with specific procedures for raising questions and casting votes [2][3] Agenda Items - The meeting will review two main proposals: 1. Approval of daily related transactions and the estimated amount for 2025, which is projected at 100 million yuan for product procurement from Yibin Tinghua [5][6] 2. Election of Mr. Wang Fugui as an independent director of the board, following the resignation of Ms. Song Yuqi [8][9] Related Transactions - The company has been under scrutiny for failing to disclose related transactions with Yibin Tinghua, which is now being rectified with the submission of the estimated transaction amount for the year [5][6] - Yibin Tinghua has a registered capital of 14.7 million yuan and reported revenues of 70.06 million yuan and a net profit of 20.18 million yuan as of December 31, 2024, indicating its capability to fulfill contractual obligations [7] Impact and Compliance - The related transactions are deemed necessary for the company's daily operations and will not compromise the company's independence or harm the interests of non-related shareholders [8] - The board has already approved the proposals, and the meeting will ensure compliance with regulatory requirements [6][9]