Board Meeting Summary - The first meeting of the seventh board of directors of Hebei Yangyuan Zhihui Beverage Co., Ltd. was held on May 16, 2025, with all nine directors present, confirming the legality and validity of the meeting [1] - The board elected Yao Kuizhang as the chairman and Fan Zhaolin as the vice chairman, both serving the same term as the seventh board [2] Committee Formation - The seventh board established several specialized committees, including: - Strategy and Sustainable Development Committee: Yao Kuizhang (Chairman), Fan Zhaolin, Li Hongbing, Deng Lifeng, Lu Min - Audit Committee: Yang Xiaozhou (Chairman), Zhang Limei, Xia Junxia - Nomination Committee: Jiang Lianzhou (Chairman), Yang Xiaozhou, Yao Kuizhang - Compensation and Assessment Committee: Zhang Limei (Chairman), Jiang Lianzhou, Deng Lifeng - All committee members serve the same term as the seventh board [2] Management Appointments - Fan Zhaolin was appointed as the General Manager, and Ma Yongli was appointed as the Chief Financial Officer, both serving the same term as the seventh board [2] - Ma Yongli was also appointed as the Secretary of the Board, with his contact information provided [3] - Yang Ruihong and Zu Pengfei were appointed as Securities Affairs Representatives, with their contact details included [4][7] Executive Profiles - Fan Zhaolin, born in September 1972, has a background in sales management and holds 163,253,660 shares in the company [5] - Ma Yongli, born in March 1976, has extensive experience in financial management and holds 7,774,859 shares in the company [6] - Yang Ruihong, born in November 1982, has a background in finance and does not hold any shares in the company [6] - Zu Pengfei, born in August 1992, has a legal background and does not hold any shares in the company [6]

证券代码：603156 证券简称：养元饮品 公告编号：2025-014 河北养元智汇饮品股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 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 5 月 16 日 (二)股东大会召开的地点：河北省衡水经济开发区北区新区六路南、滏阳四路以 西河北养元智汇饮品股份有限公司五楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 96 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 1,049,298,717 | | 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（%） | 83.2593 | (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。 本次会议议案以现场投票与网络 ...

河北养元智汇饮品股份有限公司（以下简称"公司"）第七届董事会第一次 会议的通知于 2025 年 5 月 9 日以电子邮件方式发出，并于 2025 年 5 月 16 日在 公司三楼会议室以现场结合通讯方式召开。本次会议由公司半数以上董事共同推 举的董事姚奎章先生召集并主持，会议应出席董事 9 名，实际出席董事 9 名，高 级管理人员候选人出席了此次会议。本次会议的召集、召开和表决方式符合《公 司法》《公司章程》的规定，合法有效。 二、董事会会议审议情况 证券代码：603156 证券简称：养元饮品 公告编号：2025-015 河北养元智汇饮品股份有限公司 第七届董事会第一次会议决议公告 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 （2）审计委员会委员：杨小舟（主任委员）、张丽梅、夏君霞 本次会议审议并通过如下议案： 1.《关于选举公司第七届董事会董事长的议案》 同意选举姚奎章先生为公司第七届董事会董事长，任期同第七届董事会任期 一致。 表决结果：9 票同意，0 票反对，0 票弃权。 2.《关于选举公司第 ...

证券代码：603156 证券简称：养元饮品 公告编号：2025-013 河北养元智汇饮品股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 河北养元智汇饮品股份有限公司（以下简称"公司"或"养元饮品"）第六 届董事会已届满，为保证董事会正常运作，根据《公司法》和《上市公司章程指 引》等相关规定，公司于 2025 年 5 月 16 日召开职工代表大会，经公司职工代表 大会会议民主选举，选举路敏先生为公司第七届董事会职工代表董事。 路敏先生将与公司 2024 年年度股东大会选举产生的其他八名非职工代表董 事共同组成公司第七届董事会，并按照法律法规及《公司章程》的规定履行董事 职务，任期自本次职工代表大会决议生效之日起三年，与公司第七届董事会任期 一致。 附件：职工代表董事简历 特此公告。 河北养元智汇饮品股份有限公司董事会 2025 年 5 月 17 日 附件：职工代表董事简历 路敏 先生：中国国籍，无境外永久居留权，1985 年 5 月出生，本科学历， 高级工程师。路敏先生曾任公司技术部品控 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于河北养元智汇饮品股份有限公司 2024 年年度股东大会的法律意见书 康达股会字【2025】第 0145 号 致：河北养元智汇饮品股份有限公司 北京市康达律师事务所（以下简称"本所"）接受河北养元智汇饮品股份有 限公司（以下简称"公司"）的委托，就公司 2024 年年度股东大会（以下简称 "本次会议"）的相关事宜出具《北京市康达律师事务所关于河北养元智汇饮品 股份有限公司 2024 年年度股东大会的法律意见书》（以下简称本"《 ...

Group 1: Market Performance - The beverage business in China has shown strong performance in Q1 2025, with PepsiCo reporting net revenue of $17.92 billion and organic revenue growth of 1.2%, while Coca-Cola achieved revenue of $11.129 billion with a 6% organic revenue increase and a net profit of $3.335 billion, up 5% [2] - Domestic beverage companies such as Master Kong, Uni-President, and Nongfu Spring reported significant revenue growth, with Master Kong's beverage revenue at 51.621 billion yuan (up 1.3%), Uni-President at 19.241 billion yuan (up 8.2%), and Nongfu Spring at 42.896 billion yuan [4] Group 2: Product Trends - The beverage industry is experiencing a shift with a decline in packaged drinking water production, which has dropped below 50% market share, while tea beverages and other categories are gaining traction, with tea beverage revenue growth rates of 8.2%, 13.1%, and 32.3% for Master Kong, Uni-President, and Nongfu Spring respectively [4][5] - Juice products are also seeing growth, with Nongfu Spring's juice revenue reaching 4.085 billion yuan (up 15.6%) and Uni-President's juice revenue at 3.605 billion yuan (up 5.9%) [5] Group 3: Marketing Strategies - Beverage brands are increasingly focusing on engaging with younger consumers through innovative marketing strategies, including pop-up stores, music festivals, and interactive campaigns [6][10] - Coca-Cola's "Share a Coke" campaign has been revitalized to resonate with younger consumers, incorporating social elements into its packaging and marketing [9] - Brands like Xiangpiaopiao are also adopting new marketing approaches, such as opening physical stores and leveraging social media to enhance brand visibility and engagement with young audiences [8][11] Group 4: Consumer Insights - The beverage market is characterized by a high penetration rate among younger consumers, particularly those aged 21-25, indicating a need for brands to align their marketing strategies with the preferences of this demographic [7] - The 2024 China Youth Marketing Strategy Report highlights that brands that resonate with young consumers' values and lifestyles are more likely to succeed in the competitive landscape [7][10]

Core Insights - The traditional plant-based protein beverage sector in China has not benefited from the health upgrade trend, with major companies like Yangyuan Beverage and Chengde Lulu reporting significant revenue declines in Q1 2025 [1][2][5] - In contrast, the Danish oat milk brand Oatly has seen a substantial revenue increase of 37.6% in the Chinese market during the same period, highlighting a divergence in performance within the sector [1][5] Company Performance - Yangyuan Beverage reported Q1 2025 revenue of 1.86 billion yuan, a decrease of 19.7% year-on-year, with a net profit of 640 million yuan, down approximately 27% [1] - Chengde Lulu's Q1 2025 revenue was 1 billion yuan, reflecting an 18.4% year-on-year decline, with a net profit of 220 million yuan, down 12.5% [1] - Both companies experienced a revenue increase in Q4 2024, with Yangyuan Beverage growing by 16.1% and Chengde Lulu by 22.7%, but overall annual performance showed a decline [1] Market Dynamics - The decline in traditional plant-based protein beverages is attributed to product aging and lack of innovation, with consumers favoring alternatives like coconut water and herbal drinks [5] - The rise of new competitors in the plant-based beverage market, including nut and snack companies, has further diluted market demand for traditional offerings [5] - Oatly's growth is linked to strategic partnerships and entry into new retail channels, which contrasts with the domestic companies' reliance on traditional retail [5][6] Strategic Initiatives - Yangyuan Beverage is exploring new growth avenues through investments, including a significant 1.6 billion yuan stake in Changjiang Storage Technology, indicating a shift towards diversification [7] - Both Yangyuan and Chengde Lulu are attempting to innovate their product lines, with Chengde Lulu launching new products like "Almond+" and Yangyuan focusing on health-oriented offerings [6][7]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown significant profit release for the year, although Q1 performance faced short-term pressure [5] - Cost optimization has effectively improved profit margins, with a notable increase in net profit margin for the year [5] - The walnut milk business has improved profitability, while functional beverages have shown strong performance [6] - The company is expanding its market presence through a comprehensive channel strategy, particularly in the North China region [7][8] - Future earnings per share (EPS) projections for 2025-2027 are estimated at 1.05, 1.13, and 1.23 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 23, 22, and 20 times [9] Summary by Sections Financial Performance - In 2024, total revenue and net profit attributable to the parent company were 60.58 billion yuan and 17.22 billion yuan, respectively, with year-on-year changes of -2% and +17% [5] - Q1 2025 revenue and net profit were 18.60 billion yuan and 6.42 billion yuan, reflecting year-on-year declines of -20% and -27% [5] - The gross margin and net margin for 2024 were 46.53% and 28.43%, showing increases of 0.8 and 4.6 percentage points year-on-year [5] Business Segments - Revenue from walnut milk and functional beverages in 2024 was 53.73 billion yuan and 6.49 billion yuan, with year-on-year changes of -6% and +45% [6] - The walnut milk segment's gross margin improved to 48.44%, an increase of 1 percentage point year-on-year [6] Market Strategy - Direct sales and distribution revenue in 2024 were 2.94 billion yuan and 57.29 billion yuan, with year-on-year changes of +17% and -3% [7] - E-commerce sales reached 1.95 billion yuan, marking a 54% increase [7] Earnings Forecast - The company is expected to continue channel expansion for walnut milk products and maintain growth in functional beverages, despite short-term pressures from overall consumption and investment losses [9] - The projected revenue for 2024 is 60.58 billion yuan, with a decline of 1.7% year-on-year [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown significant profit release for the year, although Q1 performance faced short-term pressure. Total revenue and net profit for 2024 were 60.58 billion and 17.22 billion yuan, respectively, with a year-on-year change of -2% and +17%. Q1 2025 revenue and net profit were 18.60 billion and 6.42 billion yuan, reflecting a year-on-year decline of -20% and -27% [5][9] - The profitability continues to improve, with net profit margin effectively increasing. The gross margin and net margin for 2024 were 46.53% and 28.43%, showing a year-on-year increase of 0.8 and 4.6 percentage points [5] - The walnut milk business has seen improved profitability, with revenue of 53.73 billion yuan in 2024, a year-on-year decrease of -6%, while functional beverages grew by +45% [6] - The company is expanding its sales channels, with notable performance in the North China region, where revenue increased by +11% in 2024 [7][8] Summary by Sections Financial Performance - In 2024, total revenue was 60.58 billion yuan, and net profit was 17.22 billion yuan, with respective year-on-year changes of -2% and +17%. Q4 2024 saw revenue and net profit of 18.29 billion and 4.93 billion yuan, with year-on-year increases of +16% and +177% [5] - For Q1 2025, total revenue and net profit were 18.60 billion and 6.42 billion yuan, reflecting year-on-year declines of -20% and -27% [5] Profitability Metrics - The gross margin for 2024 was 46.53%, and the net margin was 28.43%, both showing improvements from the previous year. For Q1 2025, the gross margin was 46.21%, and the net margin was 34.53% [5] - The company effectively reduced its expense ratios, with sales and management expense ratios for 2024 at 11.76% and 1.23%, respectively, showing year-on-year decreases [5] Business Segments - Walnut milk revenue was 53.73 billion yuan in 2024, down -6% year-on-year, while functional beverages reached 6.49 billion yuan, up +45% [6] - The company is actively launching new products to enhance its breakfast consumption scenarios, including red date and oat walnut milk [6] Regional Performance - In 2024, direct sales and distribution revenue were 2.94 billion and 57.29 billion yuan, with year-on-year changes of +17% and -3%. E-commerce sales grew by 54% [7] - Revenue from different regions showed a mixed performance, with North China being a standout with an 11% increase [8] Earnings Forecast - The company is expected to continue channel expansion for walnut milk products and functional beverages, with projected EPS for 2025-2027 at 1.05, 1.13, and 1.23 yuan, respectively [9]

Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]