证券代码：603517 证券简称：绝味食品 公告编号：2025-049 绝味食品股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 5 月 9 日 （二） 股东会召开的地点：湖南省长沙市芙蓉区韶山北路 159 号通程国际大酒 店 （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： 数的比例（%） 54.2835 （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。 本次会议由董事会召集，会议采用现场投票和网络投票相结合的表决方式。 现场会议由董事长戴文军先生主持，会议对提交议案进行了审议，并以记名投票 表决方式表决。本次会议的召集、召开及表决方式符合《公司法》、《公司章程》 及其它有关法律法规的规定。 （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 （一） 非累积投票议案 审议结果：通过 表决情况： | | 同意 | | | 反对 | | 弃权 | ...

湖南启元律师事务所 关于绝味食品股份有限公司 2024年度股东会的 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410000 电话：（0731）82953-778 传真：（0731）82953-779 网站：www.qiyuan.com 致：绝味食品股份有限公司 湖南启元律师事务所（以下简称"本所"）受绝味食品股份有限公司（以下 简称"公司"）委托，指派本所律师出席公司 2024 年度股东会（以下简称"本次 股东会"）进行现场律师见证，并根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等中国 现行法律、法规、规章和规范性文件以及《绝味食品股份有限公司章程》（以下 简称"《公司章程》"）的相关规定，出具本法律意见书。 为发表本法律意见，本所律师按照律师行业公认的业务标准、道德规范和勤 勉尽责精神，对本次股东会进行了现场见证，并核查和验证了公司提供的与本次 股东会有关的文件、资料和事实。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具 本法律意见书所必需的资料和信息，一切足以影响本法律意见书的事实和资 ...

证券代码：603517 证券简称：绝味食品 公告编号：2025-049 绝味食品股份有限公司 2024年度股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 5 月 9 日 （二） 股东会召开的地点：湖南省长沙市芙蓉区韶山北路 159 号通程国际大酒 店 （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 | 764 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 328,959,391 | | 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（%） | 54.2835 | （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。 本次会议由董事会召集，会议采用现场投票和网络投票相结合的表决方式。 现场会议由董事长戴文军先生主持，会议对提交议案进行了审议，并以记名投票 ...

Core Viewpoint - The rising prices and declining store numbers of the "three giants" in the marinated food industry indicate a significant shift in consumer behavior, particularly among young people who now perceive marinated snacks as luxury items rather than affordable treats [1][2][3] Group 1: Financial Performance - The combined revenue of the "three giants" (Juewei, Zhou Hei Ya, and Huang Shang Huang) in 2024 was 10.5 billion yuan, a decrease of 1.4 billion yuan from 2023 [3] - Juewei, known as the "king of marinated food," reported a revenue of 6.257 billion yuan, down 13.84% year-on-year, with a net profit decline of 34.04% to 227 million yuan [3] - Huang Shang Huang's total revenue decreased by 9.44%, with a net profit drop of 42.86%, while Zhou Hei Ya experienced a revenue decline of 10.7% and a net profit decrease of 15% [3] Group 2: Consumer Behavior - The primary reason for the decline in sales for the "three giants" is attributed to reduced consumer purchases, with 80% of consumers indicating they have decreased their frequency of buying marinated snacks from chain brands [19][20] - Despite nearly 90% of respondents still consuming marinated snacks regularly, the perception of these products has shifted, with many now viewing them as expensive [14][19] - A survey revealed that 85.5% of participants believe the rising prices of marinated snacks are the main reason for the decline in sales [20] Group 3: Pricing Strategy - The average price for marinated snacks has significantly increased, with Juewei's duck neck priced at 20 yuan for 180 grams, translating to 55.56 yuan per kilogram, a 30% increase from 2019 [17] - Zhou Hei Ya's duck products are priced higher than imported cherries, indicating a shift towards a "luxury snack" positioning that conflicts with consumer expectations for affordable treats [17][24] - Despite a decrease in raw material costs, the end prices of marinated snacks have not adjusted downward, leading to consumer dissatisfaction [20][24] Group 4: Store Closures - The "three giants" have all experienced a reduction in store numbers, with Huang Shang Huang and Zhou Hei Ya closing 700 to 800 stores in 2024 [9] - Juewei has also shown a significant trend of store closures, with nearly 1,000 stores closed from the end of 2023 to mid-2024 [10] - The closures are attributed to increased competition and changing consumer preferences, making it difficult for many stores to sustain operations [10][25]

Core Viewpoint - The three major players in the marinated food industry are facing unprecedented challenges, with collective declines in performance attributed to a combination of market pressures and strategic missteps [2][8]. Group 1: Industry Challenges - The marinated food industry is experiencing a systemic imbalance, where brands seek profits, consumers demand value, and franchisees require growth space, leading to a fragile equilibrium [4]. - Rising raw material costs, particularly for duck by-products, have led to significant price increases, which consumers are increasingly sensitive to, resulting in a disconnect between pricing strategies and consumer expectations [5]. - External competition from casual snack shops and community vendors is intensifying, further eroding the traditional marinated food market's consumer base [5]. Group 2: Financial Performance - The financial reports for 2024 show significant revenue declines for the three major brands: - Juewei: Revenue of 6.257 billion, down 13.84%, with net profit down 34.04% to 0.227 billion - Zhou Hei Ya: Revenue of 2.451 billion, down 10.66%, with net profit down 15.03% to 0.098 billion - Huang Shang Huang: Revenue of 1.739 billion, down 9.44%, with net profit down 42.86% to 0.04 billion [10]. - Store closures are becoming a trend, with Juewei reportedly reducing over 3,800 stores in 16 months, while Zhou Hei Ya and Huang Shang Huang also face significant reductions [11]. Group 3: Strategic Missteps - Juewei's aggressive investment strategy has not yielded expected returns, leading to a focus on core business and a search for exit strategies from non-core investments [16]. - Zhou Hei Ya's shift to a franchise model has not performed as anticipated, resulting in a significant number of closures, particularly in community locations [17]. - Huang Shang Huang's diversification efforts have not been fruitful, with its attempts to expand into other food categories failing to offset losses in its core marinated food business [21]. Group 4: Future Directions - The three major brands are exploring various strategies to reignite growth, including launching more affordable products and leveraging technology for improved consumer engagement [22]. - Juewei is focusing on AI-driven retail solutions, while Zhou Hei Ya is attempting to return to its classic product offerings, and Huang Shang Huang is engaging in cultural tourism initiatives [22].

Performance Overview - The "three giants of marinated food" experienced a decline in both revenue and net profit in the past year [1][3] - In 2024, the revenue of Juewei Foods was 6.257 billion yuan, a year-on-year decrease of 13.84%, with a net profit of 227 million yuan, down 34.04% [3] - Zhou Hei Ya reported a revenue of 2.451 billion yuan, a decline of 10.66%, and a net profit of 98.204 million yuan, down 15.03% [4] - Huang Shang Huang's revenue was 1.739 billion yuan, a decrease of 9.44%, with a net profit of 40.33 million yuan, down 42.86% [4] Executive Compensation - Juewei Foods paid a total of 6.7499 million yuan in executive compensation in 2024, an increase of 12% from 6.0344 million yuan in 2023 [3] - Huang Shang Huang's total executive compensation was 7.864 million yuan in 2024, a 2% increase from 7.7017 million yuan in 2023 [2] - Zhou Hei Ya's total executive compensation was approximately 12.2 million yuan, a decrease of 11% from 13.7 million yuan in 2023 [3] Industry Trends - The marinated food industry is facing significant operational pressure, with a noticeable slowdown in growth [5] - The compound annual growth rate (CAGR) from 2018 to 2023 was 6.42%, with a market size of approximately 318 billion yuan in 2023 [5] - The industry is experiencing a lack of demand and consumption, leading to a decline in sales and the closure of inefficient stores [4][5]

Core Viewpoint - The performance of major players in the marinated food industry, known as the "three giants," has declined significantly, indicating a shift in consumer preferences and market dynamics [2][4]. Group 1: Financial Performance - The three major companies in the marinated food sector reported collective revenue declines, with Juewei Food's revenue at 6.257 billion yuan, down 13.84% year-on-year, marking its first revenue drop since its listing in 2017 [2][3]. - Juewei Food's net profit attributable to shareholders was 227 million yuan, a decrease of 34.04% compared to the previous year [2][3]. - Other companies, Huangshanghuang and Zhouheiya, also experienced revenue declines of 9.44% and 10.66%, with net profits dropping by 42.86% and 15.03%, respectively [4]. Group 2: Consumer Behavior Changes - The domestic consumption environment has changed, with consumers becoming more price-sensitive, leading them to seek cheaper alternatives or higher value products [5][7]. - The rise of new retail channels such as bulk snacks, instant delivery, and community group buying has diverted customers from traditional marinated food stores [5][7]. - Consumers are increasingly demanding healthier food options, focusing on nutrition and safety, which conflicts with the high salt, fat, and cholesterol content typically found in marinated foods [5][7]. Group 3: Market Competition and Strategy - The marinated food industry is facing intensified competition as more companies enter the market, leading to a redistribution of market share [7][8]. - Companies are shifting from simple expansion to refined management strategies, enhancing store quality, optimizing product offerings, and strengthening brand development to improve competitiveness [8]. - Long-term revitalization of the marinated food market will require diversification and verticalization, including expanding product lines and targeting specific consumer segments with customized products [8].

委托理财受托方：中信银行股份有限公司 履行的审议程序：绝味食品股份有限公司（以下简称"公司"）于2024年 4月29日召开第五届董事会第二十次会议，2024年5月21日召开的公司2023年度股 东大会，审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》， 同意公司全资子公司合计使用最高额度不超过人民币30,000.00万元（含30,000.00 万元）的暂时闲置募集资金进行现金管理，用于购买安全性高、流动性好的结构 化存款或保本型短期理财产品，使用期限为自公司2023年度股东大会审议通过之 日起12个月内，在上述额度及期限内，可循环滚动使用。公司监事会和保荐机构 对该议案发表了同意意见。具体内容详见公司于2024年4月30日披露的2024-035 号《绝味食品关于使用部分暂时闲置募集资金进行现金管理的公告》。 一、本次使用闲置募集资金购买的理财产品到期赎回的情况 证券代码：603517 证券简称：绝味食品 公告编号：2025-048 绝味食品股份有限公司 关于使用闲置募集资金现金管理到期赎回 并继续进行现金管理的公告 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， ...

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Zhou Hei Ya, and Huang Shang Huang, are collectively facing a decline in performance in 2024, marking a significant downturn in an industry that was once thriving [1][3][5]. Financial Performance - Juewei Food's revenue dropped to 6.257 billion yuan in 2024, a year-on-year decrease of 13.84%, with net profit plummeting 34.04% to 227 million yuan, marking its first revenue decline since its IPO in 2017 [1][3]. - Zhou Hei Ya's revenue fell by 10.7% to 2.451 billion yuan, with net profit down 15.03% to 98.2 million yuan [3]. - Huang Shang Huang experienced a 9.44% decrease in revenue to 1.739 billion yuan, with net profit sharply declining by 42.86% to 40.33 million yuan, marking its fourth consecutive year of revenue decline [3][5]. Market Dynamics - The decline in performance is attributed to intensified market competition and changing consumer demand, with rising prices leading to consumer complaints about affordability [3][5]. - Juewei Food acknowledged that its performance was significantly impacted by fierce market competition, with continued revenue and profit declines in the first quarter of 2024 [3][5]. - Huang Shang Huang cited changes in consumer purchasing power and consumption scenarios as factors leading to reduced single-store revenue, alongside increased promotional costs and other operational challenges [5]. Store Count and Expansion - The total number of marinated food stores in China decreased by 23,000 over the past year, with the three major brands closing over 1,700 stores in the first half of 2024 alone [7]. - Juewei Food's store count dropped from 15,950 at the end of 2023 to 12,129 by mid-April 2024, a net decrease of 3,821 stores in 16 months [7]. Profit Margins - Despite the revenue and profit declines, the gross profit margins of the three giants improved in 2024, with Juewei Food's gross margin increasing by 6.1 percentage points to 33.96% [9]. - Huang Shang Huang's gross margin rose by 3.93 percentage points to 32.95%, while Zhou Hei Ya's gross margin reached 56.8%, up by 4.4 percentage points [9]. Internal Challenges - The marinated food industry faces significant internal challenges, including uncontrollable production costs due to reliance on volatile raw material prices, particularly poultry by-products [10][12]. - The soaring costs of raw materials, such as duck products, have severely compressed profit margins, with procurement costs remaining high despite some price reductions in the latter half of 2023 [12][14]. - The industry's growth model, heavily reliant on rapid store expansion, is now hindered by declining consumer demand and rising operational costs, forcing companies to shift focus from quantity to improving single-store performance [16]. External Competition - The marinated food industry is experiencing pressure from diversified consumption channels, with new retail formats like bulk snack stores and e-commerce platforms drawing customers away from traditional marinated food outlets [17][19]. - Changing consumer dietary habits and preferences, driven by economic pressures, have led to a decline in the appeal of traditional marinated products, which are often perceived as unhealthy [19][21]. - Supermarkets have increasingly focused on their own processed products, enhancing their competitiveness against traditional marinated food brands, which struggle to adapt to changing consumer tastes [21][23].

一、使用暂时闲置募集资金补充流动资金情况 绝味食品股份有限公司（以下简称"公司"）于2024年4月29日召开了第五 届董事会第二十次会议、第五届监事会第十八次会议，会议审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响募集资金投 资计划正常进行的前提下，使用部分闲置募集资金暂时补充流动资金，总额不超 过人民币4.5亿元（含4.5亿元），使用期限自公司董事会审议通过之日起12个月 内。具体内容详见公司于2024年4月30日披露的《绝味食品关于使用部分闲置募 集资金暂时补充流动资金的公告》（公告编号：2024-036）。 证券代码：603517 证券简称：绝味食品 公告编号：2025-047 绝味食品股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 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。 二、募集资金归还情况 截至本公告披露日，公司已将上述闲置募集资金暂时补充流动资金4.5亿元 全部归还至募集资金专用账户，使用期限自董事会审议通过之日起未超过12个月， 并将上述募集资金的归还情况通知 ...