Summary of Key Points Core Viewpoint - The announcement details the results of share reductions by certain directors and executives of Shandong Huifa Food Co., Ltd, indicating a partial implementation of their planned share reductions. Group 1: Shareholding Information - Before the reduction plan, the shareholding details of the directors and executives are as follows: - Wei Xuejun held 150,000 shares, accounting for 0.0613% of the total share capital - Yan Xiao held 12,700 shares, accounting for 0.0052% - Zhang Qingyu held 150,000 shares, accounting for 0.0613% - Dong Xue held 76,100 shares, accounting for 0.0311% [1][2][3] Group 2: Reduction Plan Implementation Results - The reduction plan was announced on May 13, 2025, with the following results: - Wei Xuejun did not reduce any shares, with a planned reduction of up to 37,500 shares (0.0153%) [4] - Yan Xiao did not reduce any shares, with a planned reduction of up to 3,100 shares (0.0013%) [4] - Zhang Qingyu reduced 10,000 shares, accounting for 0.0041%, with a total amount of 101,000 yuan at a price of 10.10 yuan per share [4] - Dong Xue successfully reduced 19,000 shares, accounting for 0.0078%, with a total amount of 193,800 yuan at a price range of 10.13 to 10.50 yuan per share [4] Group 3: Overall Reduction Status - The overall status of the reduction plan indicates that: - Wei Xuejun and Yan Xiao did not implement their planned reductions - Zhang Qingyu partially implemented the reduction - Dong Xue fully completed her reduction [4]

Core Viewpoint - Shandong Huifa Food Co., Ltd. announced the results of share reductions by certain directors, supervisors, and senior executives, detailing the implementation of their previously disclosed reduction plans [1][2]. Summary by Relevant Sections Shareholding Before Reduction - Director Wei Xuejun held 150,000 shares, accounting for 0.0613% of total share capital - Supervisor Yan Xiao held 12,700 shares, accounting for 0.0052% - Deputy General Manager Zhang Qingyu held 150,000 shares, accounting for 0.0613% - Financial Director Dong Xue held 76,100 shares, accounting for 0.0311% [1]. Reduction Plans Announced - On May 13, 2025, the company disclosed reduction plans: - Wei Xuejun planned to reduce up to 37,500 shares, accounting for 0.0153% of total share capital, which is 25% of his holdings - Yan Xiao planned to reduce up to 3,100 shares, accounting for 0.0013% of total share capital, which is 24.4095% of his holdings - Zhang Qingyu planned to reduce up to 37,500 shares, accounting for 0.0153% of total share capital, which is 25% of his holdings - Dong Xue planned to reduce up to 19,000 shares, accounting for 0.0078% of total share capital, which is 24.9672% of his holdings [1]. Actual Reduction Results - As of the announcement date, the reduction period had expired: - Wei Xuejun and Yan Xiao did not reduce their shares - Zhang Qingyu reduced 10,000 shares through centralized bidding, accounting for 0.0041% of total share capital, at a price of 10.10 yuan per share, totaling 101,000 yuan, leaving 27,500 shares yet to be reduced - Dong Xue reduced 19,000 shares through centralized bidding, accounting for 0.0078% of total share capital, at prices ranging from 10.13 to 10.50 yuan per share, successfully completing his reduction plan [2]. Compliance with Reduction Plans - The actual reduction situation was consistent with the previously disclosed reduction plans, with some personnel implementing reductions as planned, and the reduction period having expired without early termination of the plans [2].

Company Summary - Huihua Foods (SH 603536) announced on September 2 that its share reduction plan has reached its deadline, with two executives, Wei Xuejun and Yan Xiao, not reducing their shares, while Zhang Qingyu reduced her holdings by 10,000 shares, accounting for 0.0041% of the total share capital, and Dong Xue reduced her holdings by approximately 19,000 shares, accounting for 0.0078% of the total share capital [1] - As of the announcement, Huihua Foods has a market capitalization of 2.5 billion yuan [1] Industry Overview - For the fiscal year 2024, Huihua Foods' revenue composition is projected to be 98.69% from frozen food processing and 1.31% from other businesses [1]

证券代码：603536 证券简称：惠发食品 公告编号：2025-030 山东惠发食品股份有限公司 部分董事、监事、高管减持股份结果公告 本公司董事会、全体董事及相关股东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： 董监高持股的基本情况 减持计划实施前，山东惠发食品股份有限公司（以下简称"公司"或"惠发 食品"）董事魏学军先生持有公司股份 150,000 股，占公司总股本的 0.0613%； 公司监事闫晓女士持有公司股份 12,700 股，占公司总股本的 0.0052%；公司副 总经理张庆玉女士持有公司股份 150,000 股，占公司总股本的 0.0613%；公司财 务总监董雪女士持有公司股份 76,100 股，占公司总股本的 0.0311%。 减持计划的实施结果情况 2025 年 5 月 13 日，公司披露了《惠发食品部分董事、监事、高管减持股份 计划公告》（公告编号：2025-019），魏学军先生计划采取集中竞价方式减持不 超过 37,500 股，占公司总股本的 0.0153%，占其所持有股份总数的 25.0000%； 闫晓女士 ...

Group 1 - The company will hold a performance briefing on September 9, 2025, from 9:00 to 10:00 AM to discuss its 2025 semi-annual results and financial status [2][4] - The briefing will be conducted in an online text interaction format, allowing investors to engage and ask questions [3][5] - Key personnel attending the briefing include the Chairman, General Manager, Independent Director, Board Secretary, and Chief Financial Officer [4] Group 2 - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [5] - A pre-collection of questions will be available from September 2 to September 8, 2025, allowing investors to submit inquiries via the Roadshow Center or email [5][7] - After the briefing, the main content and outcomes will be accessible on the Shanghai Stock Exchange Roadshow Center [7]

Group 1 - The company Huifa Foods (603536) announced that it will hold a semi-annual performance briefing on September 9, 2025 [1]

证券代码：603536 证券简称：惠发食品 公告编号：临 2025-029 山东惠发食品股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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个别及连带责任。 重要内容提示： ●会议召开时间：2025 年 9 月 9 日(星期二)上午 9:00-10:00 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2025 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投 资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 9 日上午 9:00-10:00 （二）会议召开地点：上证路演中心（网址：http://roadshow.sseinfo.com） （三）会议召开方式：网络文字互动 三、参加人员 ●会议召开地点：上证路演中心（网址：http://roadshow.sseinfo.com） ●会议召开方式：网络文字互动 ●投资者可于 2025 年 9 月 2 日（星期二）至 9 月 ...

Core Viewpoint - Shandong Huifa Food Co., Ltd. reported significant improvements in its financial performance for the first half of 2025, with a revenue of 735 million yuan and a net cash flow from operating activities of 62.84 million yuan, driven by strategies focused on channel development and product innovation [1] Group 1: Financial Performance - The company achieved a revenue of 735 million yuan in the first half of 2025 [1] - The net cash flow from operating activities reached 62.84 million yuan, showing a notable improvement year-on-year [1] Group 2: Strategic Initiatives - Huifa Food is implementing a "channel deepening + product innovation" strategy, focusing on domestic and international market expansion, sales network optimization, and brand building [1] - In the catering sector, the company is utilizing a "central kitchen + smart dining" model to provide standardized ingredient supply chain services to over 200 schools and enterprises in more than 30 cities nationwide [1] Group 3: Sales and Distribution - The company is accelerating its network expansion to cover community stores and fast-food outlets, while also significantly developing live e-commerce to create a synergistic offline and online distribution model [1] - Huifa Food has engaged with the Saudi Arabian Meilingda International Group for supply chain collaboration, product customization, and halal food certification, receiving high praise for its intelligent production line and quality control system [1] Group 4: Product Development and Brand Building - The company has been recognized in the "2024 Second China International (Foshan) Pre-made Food Industry Conference" as one of the top 100 pre-made food manufacturers, with its product "Twenty-Four·Jishan Room" winning a top 3 award for functional pre-made dishes [2] - Huifa Food's sub-brand "Huifa Fresh Chef" focuses on fresh-keeping technology innovation, aligning with consumer upgrade trends [2] - The company has developed over a thousand pre-made dishes across frozen, chilled, and ambient series, utilizing digital management for quality traceability [2] Group 5: Industry Trends - As the standardization process in the pre-made food industry accelerates, Huifa Food plans to increase investments to support the development of specialty food sectors [3]

Core Viewpoint - Huifa Food (603536) reported a significant decline in net profit and revenue for the first half of 2025, indicating ongoing financial struggles and a weak business model [1][3]. Financial Performance - The total revenue for the first half of 2025 was 735 million yuan, a decrease of 17.75% compared to 893 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -29.99 million yuan, reflecting an 82.54% decline from -16.43 million yuan in the previous year [1]. - The gross margin was 16.97%, down by 0.2% year-on-year, while the net margin fell to -3.64%, a decrease of 121.83% [1]. - Total expenses (selling, administrative, and financial) amounted to 138 million yuan, accounting for 18.77% of revenue, which is an increase of 13.38% year-on-year [1]. - Earnings per share were -0.12 yuan, a decrease of 71.43% from -0.07 yuan in the previous year [1]. Cash Flow and Debt Situation - The cash flow per share was 0.26 yuan, an increase of 15.83% year-on-year [1]. - The company's cash and cash equivalents decreased by 46.08% to 163 million yuan [1]. - The interest-bearing debt was 470 million yuan, down by 22.96% [1]. - The company's cash flow situation is concerning, with cash and cash equivalents covering only 29.55% of current liabilities [3]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 0.81%, indicating weak capital returns [3]. - The historical median ROIC since the company went public is 6.22%, with three years of losses out of seven annual reports, suggesting a fragile business model [3]. - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [3].

Core Viewpoint - The legal opinion letter from Gao Peng Law Firm confirms that Shandong Huifa Food Co., Ltd. has not met the conditions for the first unlock period of its 2024 restricted stock incentive plan, leading to the repurchase and cancellation of certain restricted stocks [1][6]. Group 1: Approval and Authorization - The company has obtained necessary approvals and authorizations for the repurchase and cancellation of restricted stocks as per the resolutions passed in the shareholders' meeting [6][7]. - The board of directors has been authorized to handle matters related to the granting, unlocking, and repurchase of restricted stocks [6][7]. Group 2: Repurchase and Cancellation Details - The repurchase is due to the failure to meet performance assessment targets, resulting in the cancellation of 2,261,520 shares of restricted stock [8][9]. - The repurchase price is set at 4.57 yuan per share plus the interest from bank term deposits [9]. - The funds for the repurchase will be sourced entirely from the company's own funds [9]. Group 3: Legal Compliance - The legal opinion asserts that the reasons, quantities, prices, and funding sources for the repurchase comply with relevant laws and regulations, including the Company Law and the Management Measures for Incentive Plans [9]. - The company is required to fulfill its information disclosure obligations and follow legal procedures for capital reduction and share cancellation [9].