Summary of Key Points Core Viewpoint - Ziyan Food Group Co., Ltd. is actively managing its idle raised funds to enhance capital efficiency while ensuring compliance with regulations and maintaining the integrity of its fundraising projects [1]. Trading Information - On August 6, Ziyan Food's stock closed at 20.64 yuan, down 0.58%, with a turnover rate of 2.22% and a trading volume of 15,100 shares, resulting in a transaction value of 31.22 million yuan [1]. - The fund flow on the same day indicated a net outflow of 6.75 million yuan from main funds, accounting for 21.63% of the total transaction value, while retail investors saw a net inflow of 3.66 million yuan, representing 11.73% of the total [1][3]. Company Announcements - Ziyan Food announced the recovery of 162 million yuan from cash management products, yielding a profit of 1.4056 million yuan, and plans to reinvest 158 million yuan into bank wealth management products [1]. - The investment in bank wealth management products is managed by Bank of Communications and Shanghai Pudong Development Bank, with investment durations of 25 days and 7 days, respectively [1]. - The company emphasizes that the cash management initiative aims to improve the efficiency of raised funds without altering their intended use, and it has established a dedicated account for managing these funds [1].

证券代码：603057 证券简称：紫燕食品 公告编号：2025-054 紫燕食品集团股份有限公司 关于使用部分闲置募集资金进行现金管理到期收回 并继续进行现金管理的进展公告 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： 现金管理到期收回情况：紫燕食品集团股份有限公司（以下简称"公司"）于 近日到期收回部分募集资金现金管理产品本金合计 16,200 万元，收到收益 140.56 万元。 继续进行现金管理进展情况： 投资种类：银行理财产品 投资金额：15,800 万元 现金管理受托方：交通银行、浦发银行 现金管理期限：25 天、7 天 履行的审议程序：2025 年 4 月 16 日召开了第二届董事会第十次会议和第二 届监事会第九次会议，审议通过了《关于使用部分闲置募集资金进行现金 管理的议案》。董事会授权管理层在经批准的现金管理额度、投资的产品 品种和决议有效期限内决定拟购买的具体产品并签署相关合同文件，具体 执行事项由公司财务管理中心负责组织实施。该事项在公司董事会审批权 限范围内，无需提交股东大会审批。保荐机 ...

Market Overview - The leisure food sector increased by 0.14% on August 4, with Youyou Food leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Key Performers - Youyou Food (603697) closed at 12.68, up 4.11% with a trading volume of 163,700 shares and a transaction value of 207 million yuan [1] - Ximai Food (002956) closed at 20.67, up 2.53% with a trading volume of 43,600 shares and a transaction value of 89.14 million yuan [1] - Wancheng Group (300972) closed at 146.02, up 0.95% with a trading volume of 18,000 shares and a transaction value of 262 million yuan [1] Decliners - Huangshanghuang (002695) saw a significant decline of 5.65%, closing at 13.18 with a trading volume of 287,400 shares and a transaction value of 376 million yuan [2] - Nanchao Food (605339) decreased by 0.84%, closing at 17.77 with a trading volume of 23,600 shares and a transaction value of 42.01 million yuan [2] - Zhizhi Food (002557) fell by 0.43%, closing at 23.03 with a trading volume of 47,400 shares and a transaction value of 109 million yuan [2] Capital Flow - The leisure food sector experienced a net outflow of 3.81 million yuan from institutional investors, while retail investors saw a net inflow of 1.02 million yuan [2][3] - Youyou Food had a net inflow of 6.32 million yuan from institutional investors, but a net outflow of 12.60 million yuan from retail investors [3] - Ximai Food had a net inflow of 885,510 yuan from institutional investors, but a net outflow of 1.07 million yuan from retail investors [3]

Market Overview - The leisure food sector experienced a decline of 1.22% on July 29, with Yanjinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Huangshanghuang (002695) saw a price increase of 3.25%, closing at 13.35, with a trading volume of 127,700 shares and a turnover of 167 million yuan [1] - Yanjinpuzi (002847) reported a significant decline of 6.22%, closing at 69.69, with a trading volume of 50,100 shares and a turnover of 355 million yuan [2] - Other notable declines included Maquuer (002719) down 2.61% and Lihigh Food (300973) down 2.18% [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 173 million yuan from institutional investors, while retail investors experienced a net inflow of 212 million yuan [2] - The capital flow for individual stocks showed varied trends, with Lihigh Food receiving a net inflow of 9.36 million yuan from institutional investors [3] - Conversely, Yanjinpuzi experienced a net outflow of 3.56 million yuan from institutional investors [3]

Core Points - The company has completed the registration of changes in business operations and has received a new business license [1] - The company held board meetings on April 16, 2025, and the annual shareholders' meeting on May 8, 2025, to approve changes in company name, registered capital, and amendments to the articles of association [1] - The new registered capital of the company is RMB 413.51375 million [1] Company Information - The company's name is now "紫燕食品集团股份有限公司" (Ziyan Food Group Co., Ltd.) [1] - The company is classified as a joint-stock company (listed, natural person investment or control) [1] - The legal representative of the company is 戈吴超 (Ge Wuchao) [1] - The company was established on June 9, 2000, and is located at 215 Shennan Road, Minhang District, Shanghai [1] Business Scope - The company is engaged in food production and food operation, subject to necessary approvals [1] - General business activities include e-commerce (excluding financial services), social and economic consulting, brand management, technology development and transfer in the computer technology field, sales of packaging materials, electronic products, hardware and electrical appliances, non-residential real estate leasing, and catering services (limited to branch operations) [1]

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、准确性和完整性依法承担法律责任。 紫燕食品集团股份有限公司（以下简称"公司"）分别于 2025 年 4 月 16 日 和 2025 年 5 月 8 日召开第二届董事会第十次会议和 2024 年年度股东会，会议审 议通过了《关于变更公司名称、注册资本及修订<公司章程>并办理变更登记的议 案》，具体内容详见公司披露于上海证券交易所网站(www.sse.com.cn)的《关于 变更公司名称、注册资本及修订<公司章程>和公司治理制度的公告》（公告编号： 2025-020）。 近日，公司已完成工商变更登记手续，并取得了上海市市场监督管理局换发 的《营业执照》，变更后的相关工商登记信息如下： 名称： 紫燕食品集团股份有限公司 统一社会信用代码：91310112630574703Q 证券代码：603057 证券简称：紫燕食品 公告编号：2025-053 紫燕食品集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 类型：股份有限公司（上市、自然人投资或控股） 法定代表人： 戈吴超 成立日期： 2000 年 06 月 ...

Core Insights - The collaboration between Ziyan Baiwei Chicken and Taobao Flash Sale aims to enhance brand penetration in the online market by targeting young consumers through limited-time promotions [1][3] Group 1: Brand Growth Strategy - Ziyan Baiwei Chicken has over 30 years of history in the marinated food sector and is adapting to changing consumer behaviors with a strategy focused on "omni-channel coverage and long-cycle operations" [3] - The partnership with Taobao Flash Sale aligns with the demand for convenience and cost-effectiveness among young consumers, enhancing the brand's growth through increased business volume [3] - The company is expanding its presence on various e-commerce platforms, including Tmall, JD, Douyin, Kuaishou, and Pinduoduo, while also collaborating with major retailers and food delivery services [3] Group 2: Digital Transformation - Ziyan Baiwei Chicken's omni-channel strategy is supported by a robust digital infrastructure, integrating various management systems to enhance operational efficiency and ensure accurate production and sales coordination [5] - The company has established a cold chain logistics network across multiple regions to ensure next-day delivery of products, utilizing advanced technologies for real-time monitoring of product conditions during transport [5] Group 3: Innovative Marketing Approaches - The company is exploring new digital marketing strategies, including live streaming, to create a new sales ecosystem, exemplified by the "May Day Seven Salad Festival" campaign that effectively reached target consumers [6] - The live streaming events have garnered significant attention, with one event in Jinan attracting over 10,000 viewers and generating substantial sales through coupon redemption [6] - Ziyan Baiwei Chicken is implementing a long-term mechanism for consumer coupons, integrating online and offline sales efforts to create a closed-loop consumption model that enhances overall performance [6]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

Core Viewpoint - Ziyan Food (603057) has experienced a decline in stock price, closing at 21.06 yuan, down 6.28% from the previous week, with a current market capitalization of 8.709 billion yuan [1] Company Announcements - The company has recovered 57 million yuan of principal from cash management products and continues to invest 35 million yuan in bank wealth management products [1] - The investment in bank wealth management products is managed by Bank of Communications, with a term of 29 days [1] - The board of directors approved the use of idle raised funds for cash management to enhance fund utilization efficiency and provide better returns for the company and its shareholders [1] - As of March 31, 2025, the company's monetary funds amounted to 449.1525 million yuan, with the cash management amount of 35 million yuan accounting for 7.79% of the total monetary funds [1]

证券代码：603057 证券简称：紫燕食品 公告编号：2025-052 上海紫燕食品股份有限公司 关于使用部分闲置募集资金进行现金管理到期收回 并继续进行现金管理的进展公告 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： 一、现金管理到期收回情况 公司分别于 2025 年 6 月 3 日购买招商银行结构性存款 2,200 万元, 2025 年 现金管理到期收回情况：上海紫燕食品股份有限公司（以下简称"公司"）于近 日到期收回部分募集资金现金管理产品本金合计5,700万元，收到收益6.58万元。 继续进行现金管理进展情况： 投资种类：银行理财产品 投资金额：3,500 万元 现金管理受托方：交通银行 现金管理期限：29 天 履行的审议程序：2025 年 4 月 16 日召开了第二届董事会第十次会议和第二 届监事会第九次会议，审议通过了《关于使用部分闲置募集资金进行现金管 理的议案》。董事会授权管理层在经批准的现金管理额度、投资的产品品种 和决议有效期限内决定拟购买的具体产品并签署相关合同文件，具体执行事 项由公司 ...