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]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index increased by 0.8% from July 7 to July 11, ranking 23rd among 28 sectors, performing in line with the CSI 300 index. The sub-sectors of liquor (+1.4%), health products (+1.4%), and beer (+1.2%) showed relatively strong performance [11][12] - The current liquor market is experiencing downward pressure due to unexpected restrictions on alcohol consumption, leading to a decline in demand. However, it is anticipated that the liquor sector will find a bottom in the second half of the year, presenting potential investment opportunities [11][12] - The report suggests focusing on leading liquor companies such as Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, and others for strategic investments. Additionally, it recommends identifying high-quality new consumption companies that align with industry trends for long-term holding [11][12] Summary by Sections Weekly Insights - Strategic focus on leading liquor companies and maintaining high-quality new consumption stocks. The liquor sector is expected to stabilize and present investment opportunities in the second half of the year [11][12] Market Performance - The food and beverage index's performance is consistent with the broader market, with specific sub-sectors like liquor and health products outperforming [12][13] Upstream Data - Some upstream raw material prices are declining, with whole milk powder prices showing a year-on-year increase of 19.9%, while fresh milk prices have decreased by 6.5% year-on-year [15][20] Liquor Industry News - The market price of Kweichow Moutai has been steadily increasing, indicating a recovery in market confidence. Other companies are also taking measures to stabilize their pricing strategies [39] Recommended Portfolio - Recommended stocks include Kweichow Moutai, Shanxi Fenjiu, Ximai Food, and others, focusing on companies with strong growth potential and favorable market conditions [4][45]

Fundraising Overview - The company has completed its initial public offering (IPO) of 40.01 million A-shares at a price of 10.05 RMB per share, raising a total of 402.10 million RMB, with a net amount of 335.13 million RMB after deducting issuance costs [1] Fund Management and Storage - The company has established a dedicated account for the management and storage of the raised funds, in compliance with relevant regulations, and has signed a tripartite supervision agreement with its sponsor and banks [2] Project Fund Allocation Changes - In May 2023, the company approved a change in the allocation of 201.99 million RMB of unutilized funds from two original projects to a new project involving the production of solid and semi-solid food seasonings and agricultural product processing by Shandong Baoxin Food Technology Co., Ltd [3] Investment Increase and Project Adjustment - In August 2024, the company approved an increase in investment and adjustments to the construction content and internal investment structure for the Shandong Baoxin project, while keeping the amount of raised funds unchanged and renaming the project to "Shandong Baoxin Food Technology Co., Ltd. Food Seasoning Full Industry Chain Base Construction Project" [4] Fund Usage and Account Closure - As of the announcement date, all raised funds have been fully utilized, and the corresponding dedicated account for the Shandong Baoxin project has been closed, with a balance of 0 RMB [5][6]

证券代码：603170 证券简称：宝立食品 公告编号：2025-021 公司于 2024 年 8 月 22 日召开 2024 年第一次临时股东大会，审议通过了 《关于对募集资金投资项目增加投资额、调整部分建设内容和内部投资结构的 议案》，同意对"山东宝莘食品科技有限公司年生产 100,000 吨固态食品调味料、 20,000 吨半固态食品调味料、5,000 吨农产品粗加工项目" 增加投资额、调整部 分建设内容和内部投资结构，其中项目拟使用募集资金金额不变，且将募投项 目名称变更为"山东宝莘食品科技有限公司食品调味料全产业链基地建设项目"。 具体内容详见公司分别于 2024 年 8 月 7 日和 2024 年 8 月 23 日在上海证券交易 所网站（www.sse.com.cn）及《中国证券报》《上海证券报》《证券时报》《证券 日报》和《经济参考报》上披露的《关于对募集资金投资项目增加投资额、调 整部分建设内容和内部投资结构的公告》（公告编号：2024-028）和《2024 年第 一次临时股东大会决议公告》（公告编号：2024-032）。 关于募集资金使用完毕及注销募集资金专户的公告 本公司董事会及全体董事保证 ...

证券代码：603170 证券简称：宝立食品 公告编号：2025- 021 上海宝立食品科技股份有限公司 关于募集资金使用完毕及注销募集资金专户的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2022]1308 号"文批准和上海证券 交易所自律监管决定书"[2022]189 号"文批准，公司首次公开发行 A 股股票 4,001 万股，发行价格为 10.05 元/股，每股面值为人民币 1.00 元。本次发行募 集资金总额为人民币 40,210.05 万元，扣除发行费用后，募集资金净额为人民币 33,512.73 万元。上述募集资金已全部到账，天健会计师事务所（特殊普通合伙） 对公司本次公开发行新股的资金到位情况进行了审验并出具了"天健验 [2022]349 号"《验资报告》。 二、募集资金管理及存放情况 三、本次注销的募集资金专户情况 截至本公告日，公司在招商银行股份有限公司上海松江支行开立的募集资 金专户对应的"山东宝莘食品科技有限公司食品调味料全产业链基地建设项 ...

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。 重要内容提示： 本次股票上市类型为 首发 股份；股票认购方式为 网下 ，上市股数为 241,200,000股。 本次股票上市流通总数为241,200,000股。 本次股票上市流通日期为2025 年 7 月 15 日。 证券代码：603170 证券简称：宝立食品 公告编号：2025-020 上海宝立食品科技股份有限公司 关于首次公开发行限售股上市流通的公告 量变化的情况。 三、本次限售股上市流通的有关承诺 （一）股份流通限制及自愿锁定承诺 1、臻品致信承诺： 一、本次限售股上市类型 经中国证券监督管理委员会"证监许可[2022]1308 号"文批准和上海证券交 易所自律监管决定书"[2022]189 号"文批准，上海宝立食品科技股份有限公司（以 下简称"公司"）首次公开发行 A 股股票 4,001 万股，并于 2022 年 7 月 15 日在 上海证券交易所主板上市。公司首次公开发行后，股本由 360,000,000 股增加至 400,010,000 股，其中限售股为 360, ...

国泰海通证券股份有限公司（以下简称"保荐机构"、"国泰海通"）作为上 海宝立食品科技股份有限公司（以下简称"宝立食品"、"公司"）首次公开发行 股票并在主板上市及持续督导的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所上市公司自律监管指引第 1 号—规范运作》、《上海证券交 易所上市公司自律监管指引第 11 号—持续督导》等相关法律法规及规范性文件 的规定，对宝立食品首次公开发行部分限售股上市流通的事项进行了核查，核查 情况如下： 国泰海通证券股份有限公司 关于上海宝立食品科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准上海宝立食品科技股份有限公司首次 公开发行股票的批复》（证监许可〔2022〕1308 号）的核准，并经上海证券交 易所同意，公司向社会公众首次公开发行人民币普通股股票（A 股）4,001 万股， 于 2022 年 7 月 15 日在上海证券交易所主板挂牌上市，公司首次公开发行股票 后的总股本为 40,001 万股。 本次上市流通的限售股为首次公开发行限售股，股份持有人为杭州臻品致信 投资合伙企业（有限合伙） ...

Core Viewpoint - Shanghai Bole Foods Technology Co., Ltd. announced its annual profit distribution plan for 2024, which includes a cash dividend of 0.25 yuan per share, totaling 100,002,500 yuan for all shareholders [2][4]. Distribution Plan - The cash dividend of 0.25 yuan per share (including tax) was approved at the annual shareholders' meeting on May 19, 2025 [2][4]. - The total number of shares for the distribution is based on the company's total share capital of 400,010,000 shares [4]. - The distribution will be made to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration [3]. Implementation Details - The cash dividends for unrestricted circulating shares will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited [5]. - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date at their designated securities business department [5]. Taxation Information - For individual shareholders holding unrestricted circulating shares, no personal income tax will be withheld at the time of dividend distribution. The actual cash dividend received will depend on the holding period [8][9]. - For shares held for less than or equal to one month, the effective cash dividend is 0.20 yuan per share after a 20% tax [9]. - For shares held between one month and one year, the effective cash dividend is 0.225 yuan per share after a 10% tax [9]. - For shares held for more than one year, the full cash dividend of 0.25 yuan per share is received without tax [9]. Investor Communication - The company will hold an investor performance briefing on June 3, 2025, to discuss the 2024 annual results and the first quarter of 2025, allowing for interactive communication with investors [14][15]. - Investors can submit questions for the briefing through the Shanghai Stock Exchange Roadshow Center or via email before the event [15][19].

Core Points - The company announced a cash dividend of 0.25 CNY per share (including tax) for its A shares [1] - The total cash dividend distribution amounts to 100,002,500 CNY (including tax) based on a total share capital of 400,010,000 shares [1] - The dividend distribution plan was approved at the annual general meeting held on May 19, 2025 [1] Dividend Distribution Dates - The record date for the dividend is May 30, 2025, with the last trading date on June 3, 2025, and the ex-dividend date also on June 3, 2025 [1] Taxation on Dividends - For individual shareholders and securities investment funds holding unrestricted shares, no personal income tax will be withheld at the time of dividend distribution [2] - The actual tax burden varies based on the holding period, with a 20% tax for holdings of one month or less, resulting in a net dividend of 0.20 CNY per share [3] - For holdings between one month and one year, the tax burden is reduced to 10%, leading to a net dividend of 0.225 CNY per share for qualified foreign institutional investors (QFII) [3][4] Distribution Method - The dividends for unrestricted shares will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [1] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [1]

Group 1 - The company Shanghai Bolex Food Technology Co., Ltd. will hold an investor performance briefing on June 3, 2025, from 10:00 to 11:00 AM [1][2] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [2][3] - Investors can submit questions from May 27, 2025, to May 30, 2025, before 4:00 PM through the Roadshow Center website or via the company's email [3] Group 2 - Key personnel attending the briefing include the General Manager, Financial Director, Independent Director, and the Secretary of the Board [2] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [3]