Group 1 - The board of directors of Juewei Foods convened its fourth meeting of the sixth session on August 27, 2025, with all six directors present, ensuring compliance with legal and regulatory requirements [1] - The board approved the proposal regarding the "2025 Semi-Annual Report" and its summary, which was reviewed by the audit committee prior to the board's approval [2] - The board also approved the "Special Report on the Storage and Use of Raised Funds for the First Half of 2025," which was similarly reviewed by the audit committee [2] Group 2 - The board passed a resolution regarding the completion of certain investment projects funded by raised capital, allowing for the permanent addition of surplus funds to working capital and the cancellation of special accounts [2][3] - A proposal to abolish the supervisory board and amend the company's articles of association was also approved, pending further review by the upcoming extraordinary general meeting [3] - The board approved amendments and the establishment of certain governance systems to enhance internal governance mechanisms in accordance with the latest regulations [3] Group 3 - The board approved the "Semi-Annual Evaluation Report of the 2025 'Quality Improvement and Efficiency Enhancement' Special Action Plan," with details available in the semi-annual report [6] - A proposal to convene the second extraordinary general meeting of 2025 was put forward, in line with the relevant provisions of the Company Law and the company's articles of association [6][7]

Group 1 - The company held its 24th meeting of the 5th Supervisory Board on August 27, 2025, with all three supervisors present, and the meeting was conducted in accordance with legal regulations and the company's articles of association [1] - The Supervisory Board approved the proposal regarding the 2025 semi-annual report and its summary, with a unanimous vote of 3 in favor [2] - The Supervisory Board also approved the special report on the storage and use of raised funds for the first half of 2025, with a unanimous vote of 3 in favor [2] Group 2 - The proposal regarding the completion of certain fundraising investment projects and the permanent supplement of surplus funds to working capital was approved, pending submission to the second extraordinary shareholders' meeting of 2025 [2] - The proposal to cancel the Supervisory Board and amend the company's articles of association was also approved, pending submission to the second extraordinary shareholders' meeting of 2025 [2]

Meeting Information - The shareholders' meeting of Juewei Foods Co., Ltd. is scheduled for September 19, 2025, at 15:30 [1] - The meeting will be held at Tongcheng International Hotel, No. 159, Shaoshan North Road, Furong District, Changsha, Hunan Province [1] - Voting will be conducted through both on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system from 9:15 to 15:00 on the day of the meeting [1][3] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same class of shares [3][4] - The first voting result will be considered valid if the same voting right is exercised multiple times [4] Meeting Agenda - The meeting will review the proposal for the permanent supplement of working capital and the cancellation of special accounts, which has already been approved by the board and supervisory committee [3] - There are no related shareholders that need to abstain from voting on the proposal [3] Attendance Requirements - Shareholders registered by the close of trading on September 16, 2025, are eligible to attend the meeting [5] - Proxy attendance is allowed, and specific documentation is required for both natural and legal person shareholders [5][6] Registration Details - Registration must be completed by September 18, 2025, at 16:00, with specific documents required for both natural and legal person shareholders [6] - The registration location is at 17th Floor, Wanbao Building, No. 267, Wanbao Avenue, Changsha, Hunan Province [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a bottoming out of its store business and is actively exploring new strategies to adapt to changing consumer demands [8] - Despite revenue pressures, the company is focusing on optimizing its operational structure and enhancing service quality through digital tools [8] - The company is expected to see a significant increase in net profit in the coming years, with projections of 402.48 million yuan in 2025, representing a year-on-year growth of 77.21% [1][8] Financial Summary - Total revenue for 2023 is projected at 7,261 million yuan, with a decline to 6,117 million yuan in 2025, followed by a gradual recovery [1] - The net profit attributable to shareholders is forecasted to be 344.31 million yuan in 2023, increasing to 402.48 million yuan in 2025 [1] - The earnings per share (EPS) is expected to rise from 0.57 yuan in 2023 to 0.66 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 28.74 in 2023 to 24.59 in 2025, indicating a more attractive valuation over time [1] Operational Insights - The company reported a revenue of 28.20 billion yuan in the first half of 2025, down 15.57% year-on-year, with a net profit of 1.75 billion yuan, reflecting a 40.71% decline [8] - The revenue from fresh products, packaged products, and franchise management showed mixed results, with fresh products declining by 19.15% [8] - The company is actively exploring segmented consumer scenarios and developing a regional strategy to cater to diverse market preferences [8]

Core Viewpoint - Juewei Foods (SH 603517) announced the results of its sixth board meeting, which included a half-year evaluation report on the "Quality Improvement and Efficiency Enhancement" action plan for 2025 [1] Group 1: Company Financials - For the year 2024, Juewei Foods' revenue composition is as follows: 83.49% from marinated food sales, 7.82% from supply chain logistics, 5.1% from centralized purchasing, 2.25% from other businesses, and 0.98% from franchise management [1]

Group 1 - The core viewpoint of the article highlights that Juewei Foods reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Group 2 - The company achieved an operating income of 2.82 billion yuan, which represents a year-on-year decrease of 15.57% [1] - The net profit attributable to the parent company was 175 million yuan, reflecting a year-on-year decline of 40.71% [1]

Group 1 - The core viewpoint of the article highlights the financial struggles of Juewei Foods, with a significant decline in both revenue and net profit in the first half of 2025 compared to the previous year [1] - Juewei Foods reported a revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, and a net profit attributable to shareholders of 175 million yuan, down 40.71% [1] - The company increased its advertising expenses to 92.31 million yuan, an increase of approximately 14.21 million yuan year-on-year, but this heavy marketing investment did not translate into revenue growth [1] Group 2 - The company is facing dual challenges from a pressured macro consumption environment and intensified industry competition, prompting a strategic focus on the "marinated food track" and deepening segmentation needs [1] - Juewei Foods aims to enhance its demand insight, category innovation, and agile supply capabilities to adapt to the complex market environment and seek breakthroughs in its marinated food business [1] - The company's performance decline has been evident, with 2024 revenue at approximately 6.26 billion yuan, a year-on-year drop of 13.84%, and a net profit of about 227 million yuan, down 34.04%, marking a record low since its listing [1] Group 3 - Complaints related to Juewei Foods have been frequently reported on the Black Cat Complaint platform, including issues such as foreign objects found in duck neck products and product spoilage [2] - As of the market close on August 28, Juewei Foods' stock price fell by 0.49% to 16.33 yuan per share, with a total market capitalization of 9.896 billion yuan [3]

Core Insights - The company reported a revenue of 2.82 billion yuan for the first half of 2025, representing a year-on-year decline of 15.57% primarily due to a decrease in sales [1] - The net profit attributable to the company was 175 million yuan, down 40.71% compared to the previous year [1] Revenue Performance - Revenue for the first half of 2025 was 2.82 billion yuan, a decrease of 15.57% year-on-year [1] - The decline in revenue is attributed to a drop in sales volume during the reporting period [1] Profitability - The net profit for the first half of 2025 was 175 million yuan, reflecting a significant year-on-year decrease of 40.71% [1] Strategic Initiatives - The company is exploring changes in consumer demand across various segments such as meals, snacks, late-night food, and gifts [1] - It aims to enhance its consumer profile by understanding the differentiated characteristics of various consumer groups [1] - The company is implementing a three-channel mechanism to track demand migration trends, focusing on member consumption habits, social media engagement, and store feedback [1] - Regional strategies are being developed to cater to different market preferences [1] - The company is also engaging in cultural touchpoints like music festivals and camping to strengthen content marketing and enhance member engagement [1]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved a revenue of 2.82 billion yuan in the first half of 2025, representing a year-on-year decrease of 15.57% [1] - The net profit attributable to shareholders was 175 million yuan, down 40.71% compared to the previous year [1] - The net profit excluding non-recurring items was 133 million yuan, reflecting a decline of 52.60% year-on-year [1]

中国国际金融股份有限公司 关于绝味食品股份有限公司 部分募集资金投资项目结项 暨节余募集资金永久补充流动资金并注销专户的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为绝味食品股 份有限公司（以下简称"绝味食品"或"公司"）的保荐机构，根据《证券发行上市保荐业 务管理办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、行政法规、部门 规章及业务规则的要求，对绝味食品本次使用节余募集资金永久补充流动资金进行了认 真、审慎核查，具体情况如下： 一、本次募集资金基本情况 经中国证券监督管理委员会出具的《关于核准绝味食品股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2018〕2222 号）核准，公司于 2019 年 3 月公开发行 可转换公司债券 1,000 万张，每张面值 100 元，募集资金总额为人民币 100,000 万元， 扣除发行费用后实际募集资金净额为人民币 98,178.40 万元。上述募集资金已于 2019 年 3 月 15 日全部存入公司募集资金专项账户，并经天职国际会计师事务 ...