法律意见书 上海市锦天城律师事务所 关于浙江五芳斋实业股份有限公司 部分限制性股票回购注销实施之 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江五芳斋实业股份有限公司 部分限制性股票回购注销实施之 法律意见书 致：浙江五芳斋实业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江五芳斋实业股份有 限公司（以下简称"公司"、"五芳斋"）委托，作为公司实施 2023 年限制性 股票激励计划(以下简称"激励计划")的特聘专项法律顾问。 本所律师根据《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》")、《上市公司股权激励管理办 法》(以下简称"《管理办法》")以及《浙江五芳斋实业股份有限公司章程》(以 下简称"《公司章程》")等有关规定，就公司 2023 年限制性股票激励计划部分 限制性股票回购注销实施情况（以下简称"本次回购注销"）相关事宜出具本法 律意见书。 声明事项 一、 本 ...

Core Viewpoint - The company plans to repurchase shares through a centralized bidding process, with a total amount between RMB 35 million and RMB 70 million, aimed at employee stock ownership plans or equity incentives [1][3][4]. Summary by Relevant Sections Repurchase Plan Details - The repurchase amount is set between RMB 35 million and RMB 70 million [1][4]. - The funding source for the repurchase will be the company's own funds [1][4]. - The maximum repurchase price is capped at RMB 29.12 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1][4][8]. - The repurchase will be conducted via centralized bidding [1][4]. - The duration for the repurchase is set for a maximum of 12 months from the board's approval date [1][4]. Shareholder and Management Plans - As of the announcement date, there are no plans for share reduction by major shareholders, including directors, supervisors, and those holding more than 5% of shares, in the next 3 to 6 months [2][11]. - The board's decision to proceed with the repurchase was unanimously approved with 9 votes in favor [2][3]. Purpose and Impact of the Repurchase - The repurchased shares will be used for employee stock ownership plans or equity incentives; any unutilized shares after 36 months will be canceled [1][4][12]. - The repurchase is expected to enhance the company's long-term value and employee motivation without significantly impacting daily operations or financial stability [9][10]. Financial Metrics - As of March 31, 2025, the company's total assets were RMB 2.653 billion, with net assets of RMB 1.674 billion and a debt-to-asset ratio of 36.85% [9][10]. - The total repurchase amount represents approximately 2.64% of total assets and 4.18% of net assets [9][10]. Regulatory Compliance - The repurchase plan complies with relevant laws and regulations, including the Company Law and Securities Law [3][5]. - The board has authorized management to handle all necessary procedures related to the repurchase [12][14].

证券代码：603237 证券简称：五芳斋 公告编号：2025-045 浙江五芳斋实业股份有限公司 关于以集中竞价交易方式回购股份的预案 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： 回购股份金额：不低于人民币 3,500 万元（含）且不超过人民币 7,000 万 元（含）。 回购股份资金来源：自有资金。 回购股份用途：本次回购的股份用于员工持股计划或股权激励；若公司未 能在本次股份回购完成之后 36 个月内将回购股份用于上述用途，则尚未使用的已 回购股份将予以注销。 回购股份价格：不超过人民币 29.12 元/股（含），该价格不高于公司董事 会通过回购股份决议前 30 个交易日公司股票交易均价的 150%。 回购股份方式：集中竞价交易方式。 相关风险提示： 1、本次回购事项存在回购期限内因公司股票价格持续超出回购价格上限，进 而导致本次回购方案无法顺利实施的风险。 2、本次回购股份拟用于实施员工持股计划或股权激励，存在员工持股计划或 股权激励对应方案未能经董事会和股东大会等决策机构审议通过、参与对象放弃 ...

证券代码：603237 证券简称：五芳斋 公告编号：2025-044 浙江五芳斋实业股份有限公司 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《浙江 五芳斋实业股份有限公司关于以集中竞价交易方式回购股份的预案》（公告编号： 2025-045）。 表决结果：9 票同意，0 票反对，0 票弃权。 三、备查文件 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 浙江五芳斋实业股份有限公司（以下简称"公司"）第九届董事会第二十一次 会议于 2025 年 6 月 27 日（星期五）以通讯方式召开。会议通知已于 2025 年 6 月 20 日通过邮件送达各位董事。本次会议应出席董事 9 人，实际出席董事 9 人。 会议由董事长主持，董事会秘书、监事及高管列席。会议召开符合有关法律 法规、规章和《公司章程》的规定。 二、董事会会议审议情况 出席会议的董事对各项议案进行了认真审议并做出了如下决议： （一）审议通过《关于以集中竞价交易方式回购公司股份方案的议案》 第九届董事会第二十一次会议决议 ...

Core Viewpoint - The company plans to repurchase shares with a budget of 35 million to 70 million yuan, with a maximum repurchase price of 29.12 yuan per share, aimed at enhancing long-term incentive mechanisms and boosting investor confidence [1] Summary by Relevant Sections - **Share Repurchase Details** - The company intends to repurchase between 120.19 thousand and 240.38 thousand shares, which represents 0.61% to 1.21% of the total share capital [1] - The repurchase period is set for up to 12 months from the date of board approval, with funding sourced from the company's own capital [1] - **Purpose of the Repurchase** - The repurchase is designed to implement an employee stock ownership plan or equity incentive, thereby promoting the company's long-term sustainable development [1]

证券代码：603237 证券简称：五芳斋 公告编号：2025-043 浙江五芳斋实业股份有限公司 关于回购注销部分限制性股票的提示性公告 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： ? 限制性股票回购价格：10.16 元/股 ? 限制性股票回购数量：1,147,659 股 浙江五芳斋实业股份有限公司（以下简称"公司"）于 2025 年 1 月 17 日召 开第九届董事会第十八次会议和第九届监事会第十三次会议，审议通过了《关于 回购注销部分限制性股票及调整回购价格和回购数量的议案》，并于 2025 年 4 月 15 日召开第九届董事会第十九次会议和第九届监事会第十四次会议，审议通 过了《关于回购注销部分限制性股票的议案》。鉴于公司将合并办理上述两次限 制性股票的回购注销手续，为便于公司股东充分理解，现将有关事项提示说明如 下： 一、已履行的决策程序和信息披露情况 《关于公司〈2023 年限制性股票激励计划（草案）〉及其摘要的议案》《关于 公司〈2023 年限制性股票激励计划实施考核管理办法〉的议案》《关于提请 ...

证券代码：603237 证券简称：五芳斋 公告编号：2025-043 浙江五芳斋实业股份有限公司 关于回购注销部分限制性股票的提示性公告 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： 浙江五芳斋实业股份有限公司（以下简称"公司"）于 2025 年 1 月 17 日召 开第九届董事会第十八次会议和第九届监事会第十三次会议，审议通过了《关于 回购注销部分限制性股票及调整回购价格和回购数量的议案》，并于 2025 年 4 月 15 日召开第九届董事会第十九次会议和第九届监事会第十四次会议，审议通 过了《关于回购注销部分限制性股票的议案》。鉴于公司将合并办理上述两次限 制性股票的回购注销手续，为便于公司股东充分理解，现将有关事项提示说明如 下： 一、已履行的决策程序和信息披露情况 1、2023 年 1 月 12 日，公司召开第九届董事会第四次会议，审议通过了《关 于公司〈2023 年限制性股票激励计划（草案）〉及其摘要的议案》《关于公司 〈2023 年限制性股票激励计划实施考核管理办法〉的议案》《关于提请公司股 东大 ...

浙江五芳斋实业股份有限公司（以下简称"公司"）董事会于近日收到人力资 源总监黄锦阳女士的辞职报告。因工作调整，黄锦阳女士现辞去公司人力资源总 监职务。具体情况如下： | 是否继续在上 | 是否存在未 | 原定任期 | 离任 | 姓名 | 离任职务 | 离任时间 | 市公司及其控 | 履行完毕的 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 到期日 | 原因 | 股子公司任职 | 公开承诺 | | | | | | | | | | | | | | | | | 人力资源 | 年 | 年 | 工作 | 2025 | 6 | 2025 | 黄锦阳 | 否 | 是 | 总监 | 月 | 日 | 月 | 日 | 调整 | 11 | 10 | 9 | 一、高级管理人员提前离任的基本情况 二、离任对公司的影响 证券代码：603237 证券简称：五芳斋 公告编号：2025-042 浙江五芳斋实业股份 ...

Group 1 - The core idea of the articles highlights the trend of listed companies providing tangible benefits to shareholders, such as food products and entertainment tickets, to enhance investor engagement and loyalty [1][2][3] - Companies are increasingly adopting diverse shareholder return methods, including cash dividends and share buybacks, reflecting a growing awareness of the importance of returning value to investors [2][3] - The practice of offering physical gifts is seen as innovative, but there are concerns regarding the sincerity of some companies' intentions, as past instances have shown that gifts may not always represent genuine value [2][3] Group 2 - Fairness in the distribution of gifts is a concern, as some companies impose minimum shareholding requirements or specific holding periods, which can lead to dissatisfaction among certain investors [3] - Despite the appeal of physical rewards, investors prioritize financial returns and the overall performance of the company, indicating that tangible gifts cannot replace monetary compensation [3] - Ultimately, companies must focus on solid performance, sound business strategies, and sustainable cash return plans to build trust and ensure long-term investor confidence [3]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [5]. Core Insights - The food and beverage sector in A-shares has seen a decline of 2.12% over the past two weeks, underperforming the Shanghai Composite Index by 3.22 percentage points [2][14]. - Within the sector, soft drinks (+9.45%), snacks (+5.48%), and other alcoholic beverages (+4.98%) have shown the highest gains, while dairy products (-3.81%), liquor (-3.64%), and fermented seasoning products (-1.26%) have experienced the largest declines [2][14]. - Notable individual stock performances include Junyao Health (+72.44%), Hainan Coconut Island (+20.26%), and Miaokelando (+19.95%) leading in gains, while Wufangzhai (-10.35%), ST Jiajia (-6.92%), and Shanxi Fenjiu (-5.41%) faced the largest losses [2][14]. Summary by Sections Market Review - The food and beverage industry in A-shares has underperformed compared to major indices, with a year-to-date decline of 2.57% [14]. - The report highlights the performance of various sub-sectors, with soft drinks and snacks showing resilience while liquor and dairy face challenges [2][14]. Key Data Tracking - The report provides pricing data for key products, such as the price of Feitian Moutai at 2,130 RMB for original boxes and 2,050 RMB for bulk, reflecting a decrease of 25 RMB and 50 RMB respectively over two weeks [3][29]. - The average price of fresh milk in major production areas is reported at 3.06 RMB per kilogram, down 8.4% year-on-year [36]. Key Events Tracking - The report notes that the food manufacturing sector's profit increased by 1.1% year-on-year in the first four months of 2025, with total revenue reaching 713.58 billion RMB [4][55]. - Performance in the e-commerce space during the Tmall 618 event shows strong sales for brands like Three Squirrels and Good Products Store [4][55]. Investment Recommendations - For the liquor segment, the report suggests focusing on high-end brands with strong market positions, such as Guizhou Moutai and Wuliangye, while also considering regional leaders with favorable competitive dynamics [10][56]. - In the broader consumer goods category, the report highlights the rising popularity of yellow wine and the seasonal uptick in beer consumption, alongside strong performance in snack foods and energy drinks [10][56].