Core Points - Huifa Foods announced the repurchase and cancellation of 2,261,520 restricted stocks due to the failure to meet the first unlock condition of the 2024 Restricted Stock Incentive Plan and the departure of seven incentive targets [2] Group 1 - The company will cancel the restricted stocks on October 24, 2025 [2] - The cancellation is a result of personal reasons leading to the disqualification of certain incentive targets [2]

证券代码：603536 证券简称：惠发食品 公告编号：临 2025-033 山东惠发食品股份有限公司 | 回购股份数量（股） | 注销股份数量（股） | | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | --- | | 2,261,520 | 2,261,520 | 2025 | 年 | 10 月 | 24 | 日 | 关于部分限制性股票回购注销实施公告 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： ●回购注销原因：根据《山东惠发食品股份有限公司 2024 年限制性股票激励计划 （草案）》（以下简称《激励计划》）的规定，因《激励计划》规定的第一个解除限售 期限售条件未成就，以及七名激励对象因个人原因离职不再具备激励对象资格，山东惠 发食品股份有限公司（以下简称"公司"或"惠发食品"）对相关激励对象已获授但尚 未解除限售的限制性股票合计 2,261,520 股进行回购注销。 ●本次注销股份的有关情况： 一、本次限制性股票回购注销的决策与信息披露 1、 ...

Market Overview - On October 20, the food processing sector rose by 0.14% compared to the previous trading day, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - The top performers in the food processing sector included: - *ST Chuntian (600381) with a closing price of 5.21, up 5.04% with a trading volume of 147,500 shares and a turnover of 76.248 million yuan [1] - Huifa Food (603536) closed at 11.01, up 4.06% with a trading volume of 158,400 shares and a turnover of 172 million yuan [1] - Jiaoda Anli (600530) closed at 8.71, up 3.69% with a trading volume of 227,800 shares and a turnover of 197 million yuan [1] Capital Flow - The food processing sector experienced a net outflow of 53.8264 million yuan from institutional investors, while retail investors saw a net inflow of 46.0448 million yuan [2] - The capital flow for individual stocks showed: - Jiaoda Anli (600530) had a net inflow of 18.9711 million yuan from institutional investors [3] - *ST Chuntian (600381) had a net inflow of 13.8693 million yuan from institutional investors [3] - Double Happiness Development (000895) had a net inflow of 18.8154 million yuan from institutional investors [3]

Market Overview - On October 14, the food processing sector rose by 0.04% compared to the previous trading day, with Gai Shi Food leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Gai Shi Food (code: 920826) closed at 13.35, up 3.57% with a trading volume of 89,900 shares and a turnover of 118 million yuan [1] - Wei Zhi Xiang (code: 605089) closed at 26.33, up 3.38% with a trading volume of 25,100 shares and a turnover of 65.18 million yuan [1] - Hui Fa Food (code: 603536) closed at 10.67, up 2.01% with a trading volume of 139,900 shares and a turnover of 149 million yuan [1] - Other notable performers include Kang Bi Te (code: 920429) up 1.63% and Shuanghui Development (code: 000895) up 1.17% [1] Capital Flow - The food processing sector experienced a net outflow of 125 million yuan from institutional investors, while retail investors saw a net inflow of 140 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - ST Chuntian (code: 600381) had a net inflow of 3.86 million yuan from institutional investors, while it faced a net outflow of 3.76 million yuan from speculative funds [3] - Hui Fa Food (code: 603536) saw a net inflow of 2.40 million yuan from institutional investors, but a net outflow of 2.55 million yuan from retail investors [3] - Shuanghui Development (code: 000895) had a net inflow of 1.87 million yuan from institutional investors, with a significant outflow of 38.42 million yuan from speculative funds [3]

Core Insights - The "Good Products Shandong" 2025 Agricultural Trade Expo was held in Kuala Lumpur, Malaysia, with Shandong Huifa Food Co., Ltd. representing Shandong [1] Group 1: Company Overview - Huifa Food showcased multiple product lines tailored to local market consumption habits, attracting numerous inquiries from customers [3] - The company is focused on building an integrated online and offline health food industry chain and supply chain platform, emphasizing a full-chain layout of "R&D production + supply chain services + overseas expansion" [3] - Huifa Food aims to provide comprehensive support for specialty food exports, relying on standardized control and integration of resources across the entire industry chain [3] Group 2: Market Strategy - The expo allowed Huifa Food to present its innovative achievements and high-quality products in the food sector while gaining insights into local consumer preferences and market trends [3] - The company plans to continuously optimize its product structure, enhance brand building, and accelerate the international distribution of quality food products [3] - Huifa Food is committed to injecting new momentum into the integration of "Good Products Shandong" into the global industrial chain [3]

Core Insights - The food processing sector experienced a rise of 0.81% on October 10, with Bright Meat Industry leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Food Processing Sector Performance - Bright Meat Industry (600073) closed at 7.39, up 5.57% with a trading volume of 531,800 shares and a transaction value of 390 million [1] - Other notable performers included: - Baba Food (605338) at 23.99, up 5.54% [1] - Huifa Food (603536) at 10.41, up 3.48% [1] - Gai Shi Food (920826) at 12.60, up 1.78% [1] - Qianwei Central Kitchen (001215) at 41.60, up 1.76% [1] Capital Flow Analysis - The food processing sector saw a net outflow of 4.261 million from institutional investors, while retail investors had a net inflow of 11.6 million [2] - Key stocks with significant capital flow included: - Bright Meat Industry with a net inflow of 43.4 million from institutional investors [3] - Anji Food (603345) with a net inflow of 12.8 million from institutional investors [3] - Tang Chen Bei Jian (300146) with a net inflow of 12.3 million from institutional investors [3]

Core Insights - The 2025 Malaysia MIHAS exhibition successfully showcased the "Hezhou Flavor" brand by Shandong Huifa Food Co., Ltd., highlighting the innovation and market potential of Chinese food brands on an international stage [1][3]. Group 1: Exhibition Participation - The company participated in the exhibition with the theme "Let the World Love Hezhou Flavor," utilizing MIHAS as a global trade platform for market insights, customer engagement, and partner expansion [3]. - The company's booth received over 400 professional visitors and industry buyers from Southeast Asia, the Middle East, and Europe, establishing preliminary cooperation intentions with 18 high-quality potential clients, including international distributors and chain restaurants [3][5]. Group 2: Market Exploration - The exhibition served as a deep exploration of international markets, allowing the team to understand consumer preferences, trade policies, and industry trends in Southeast Asia, confirming the feasibility and development path for brand expansion [5]. - The company plans to systematically advance supply chain internationalization, product localization, and cross-cultural brand communication, steadily pushing forward its global strategic layout [5].

证券代码：603536 证券简称：惠发食品 公告编号：临 2025-032 山东惠发食品股份有限公司 关于控股股东部分股份解除质押并继续质押的公告 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。 ●山东惠发食品股份有限公司（以下简称"公司"或"本公司"）控股股东山东惠 发投资有限公司（以下简称"惠发投资"）持有本公司股份 69,507,573 股，占公司总股 本的 28.41%。本次股份解除质押并继续质押后，惠发投资累计质押公司股份数量为 35,000,000 股，占其持股数量的 50.35%，占公司总股本的 14.31%。 3、股东累计质押股份情况 截至本公告披露日，控股股东惠发投资及其一致行动人惠增玉、惠希平累计质押股 ●惠发投资及其一致行动人惠增玉、惠希平合计持有公司股份 136,687,507 股，占 公司总股本的 55.87%。本次股份解除质押并继续质押后，惠发投资及其一致行动人累 计质押公司股份数量为 35,000,000 股，占其合计持股数量的 25.61%，占公司总股本的 14.31%。 一、本次股份解除质押情 ...

Group 1 - The controlling shareholder of Huifa Food, Shandong Huifa Investment Co., Ltd., holds approximately 69.51 million shares, accounting for 28.41% of the total share capital [1] - After the release and subsequent pledge of shares, Huifa Investment has a total of 35 million shares pledged, which represents 50.35% of its holdings and 14.31% of the company's total share capital [1] - Huifa Investment and its concerted parties, Huizengyu and Huixiping, collectively hold about 137 million shares, making up 55.87% of the total share capital [1]

Core Viewpoint - The recent surge in stock prices of pre-prepared food companies in A-shares is attributed to the upcoming national food safety standards for pre-prepared dishes, which will provide a unified identity and safety baseline for the industry [12][13]. Industry Overview - The pre-prepared food industry in China has a history dating back to the 1990s, with significant developments occurring between 2000 and 2005 when many current leading companies were established [13]. - Regulatory frameworks for pre-prepared foods have only begun to take shape in recent years, with standards being introduced by various governmental bodies [13][14]. Market Dynamics - The stock prices of companies such as Deli Foods, Longda Food, and Huifa Foods have seen increases of over 5%, with Deli Foods hitting a 10.10% rise [7][11]. - The rise in stock prices is linked to the public's renewed interest in the pre-prepared food debate, sparked by recent comments from industry figures [12]. Consumer Perception - There is a disconnect between the regulatory definition of pre-prepared foods and consumer understanding, leading to concerns about food safety and transparency [14]. - Consumers express frustration over the lack of knowledge regarding the preparation of their meals, reflecting a deeper societal issue of time constraints and the desire for authentic dining experiences [14][17]. Operational Trends - The adoption of pre-prepared foods is becoming widespread among restaurants, as they are more cost-effective than hiring chefs and allow for a diverse menu without extensive culinary skills [16]. - The rise of central kitchens and cold chain logistics post-2008 has facilitated the expansion of pre-prepared foods, standardizing offerings across various dining establishments [16].