Core Viewpoint - Huhua Food's stock price has experienced a decline of 12.76% year-to-date, with a recent drop of 2.02% on September 19, 2023, indicating potential challenges in the market [1][2]. Company Overview - Huhua Food, established on February 2, 2005, and listed on June 13, 2017, is located in Zhucheng, Shandong Province. The company specializes in the research, production, and sales of frozen food products, including prepared dishes, meatballs, sausages, fried products, and skewers [2]. - The company's revenue composition includes: Supply Chain 34.76%, Meatballs 20.18%, Fried Products 15.20%, Chinese Dishes 9.46%, Sausages 8.43%, Skewers 6.26%, Other 3.27%, Materials and Others 1.77%, and Catering 0.66% [2]. Financial Performance - As of June 30, 2023, Huhua Food reported a total of 25,700 shareholders, a decrease of 0.61% from the previous period, with an average of 9,346 circulating shares per shareholder, an increase of 0.61% [3]. - For the first half of 2023, the company achieved a revenue of 735 million yuan, a year-on-year decrease of 17.75%, and a net profit attributable to shareholders of -29.99 million yuan, a decline of 82.54% year-on-year [3]. Stock Market Activity - Huhua Food's stock has seen a trading volume of 47.28 million yuan with a turnover rate of 1.91% as of September 19, 2023. The stock price was reported at 10.19 yuan per share [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on March 5, 2023, where it recorded a net purchase of 2.65 million yuan [2].

Core Viewpoint - The reliance of the restaurant industry on pre-prepared dishes is decreasing, as evidenced by the shift towards fresher, made-to-order food options among leading restaurant chains like Jiumaojiu Group's Taier Sour Fish [1] Group 1: Market Trends - The pre-prepared dish concept sector saw initial strength, with stocks like Delisi and Huifa Foods hitting the limit up, but later experienced a decline of 1.51% on September 17 [2] - Analysts suggest that the long-term trend for pre-prepared dishes remains positive due to increasing restaurant chain standardization, rising labor costs, and faster consumer lifestyles, indicating growth potential in both B2B and B2C markets [2][3] - The demand for pre-prepared products such as cleaned vegetables and processed seafood is rising among chain restaurants, driven by considerations of cost, supply chain stability, and safety [2][3] Group 2: Industry Dynamics - The increasing chain restaurant ratio, currently around 30%, is expected to drive growth in pre-prepared dishes, creating a mutually beneficial cycle between industry concentration and supply chain strength [3] - Unlike the cooling B2C market, B2B sectors like cleaned vegetables and seafood processing continue to expand their market share [4] - The pre-prepared dish industry is still in its early to mid-development stage, with a fragmented competitive landscape and a focus on B2B efficiency and standardization [4] Group 3: Investment Landscape - Several provinces have previously launched supportive policies for the pre-prepared dish industry, focusing on local agricultural products, but many face challenges in attracting investment [6] - Investment in the pre-prepared dish sector has seen a decline since 2022, with a notable drop in financing activity in 2023 and 2024 [7]

Group 1 - The core viewpoint of the news is that Huifa Food has experienced a decline in stock price and financial performance, with significant net outflows of capital and a decrease in revenue and profit [1][2]. - As of September 18, Huifa Food's stock price was 10.59 yuan per share, with a market capitalization of 2.591 billion yuan, and a year-to-date stock price decline of 9.33% [1]. - The company has seen a net capital outflow of 194.73 thousand yuan, with large orders showing a buy-sell imbalance [1]. Group 2 - Huifa Food, established on February 2, 2005, specializes in the research, production, and sales of frozen food products, including various types of pre-prepared dishes [2]. - The company's revenue composition includes 34.76% from supply chain, 20.18% from ball products, and 15.20% from fried products, among others [2]. - For the first half of 2025, Huifa Food reported a revenue of 735 million yuan, a year-on-year decrease of 17.75%, and a net profit loss of 29.9936 million yuan, down 82.54% year-on-year [2]. Group 3 - Since its A-share listing, Huifa Food has distributed a total of 73.8826 million yuan in dividends, with 4.8928 million yuan distributed in the last three years [3].

Group 1 - The first extraordinary general meeting of shareholders for 2025 was held on September 17, 2025, at the company's office in Shandong Province [2] - The meeting was convened by the board of directors and chaired by the chairman, Mr. Hui Zengyu, using a combination of on-site and online voting methods, complying with relevant laws and regulations [2][3] - All proposed resolutions were passed without any objections, including the cancellation of the supervisory board and amendments to the company's articles of association [3][4][5] Group 2 - The meeting included the attendance of all current directors and supervisors, as well as the company secretary and some senior management personnel [3][4] - The resolutions passed included amendments to various governance documents such as the rules for shareholder meetings, board meetings, and management of related party transactions [4][5] - The legal proceedings of the meeting were witnessed by Gao Peng (Shanghai) Law Firm, confirming that all procedures and resolutions were in compliance with the law [6]

证券代码：603536 证券简称：惠发食品 公告编号：2025-031 山东惠发食品股份有限公司 2025年第一次临时股东大会决议公告 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 (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。 (一)股东大会召开的时间：2025 年 9 月 17 日 (二)股东大会召开的地点：山东省诸城市舜德路 159 号公司办公楼会议室 (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 | 318 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 122,652,868 | | 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（%） | 50.1355 | 本次股东大会由公司董事会召集，会议由董事长惠增玉先生主持，并采取现 场投票和网络投票相结合的方式召开及表决，本次股东大会的召开及表决方式 ...

2025 年第一次临时股东大会的 法律意见书 北京 高朋（上海）律师事务所 关于山东惠发食品股份有限公司 上海 南京 杭州 天津 深圳 www.gaopenglaw.com 扬州 中国上海市徐汇区虹桥路 500 号中城国际大厦 23 楼 邮编：200030 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 网址：http://www.gaopenglaw.com 2025 年 9 月 中国·上海·徐汇区虹桥路 500 号 中城国际大厦 23 楼 23/F CURA International Center , No 500 HongQiao Road , XuHui District , Shanghai , 200030 ,China 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 www.gaopenglaw.com 高朋（上海）律师事务所 关于山东惠发食品股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：山东惠发食品股份有限公司 本所接受山东惠发食品股份有限公司（以下简称"公司"）委托，就公司召 开 20 ...

Group 1 - The recent events involving Luo Yonghao and Xibei have sparked renewed consumer interest in the "pre-prepared dishes" industry, leading to significant stock price increases for related listed companies [1] - Companies such as Delisi (002330), Huifa Food (603536), and Longda Meishi (002726) saw their stocks hit the daily limit, while Guolian Aquatic (300094) experienced a peak increase of 12.43% during trading [1] - The pre-prepared dishes market in China is projected to reach a scale of 485 billion yuan in 2024, with a year-on-year growth of 33.8%, and is expected to reach 749 billion yuan by 2026 [6] Group 2 - The regulatory framework for the pre-prepared dishes industry has begun to take shape, with various standards and regulations being established to promote high-quality development [4][5] - The National Market Supervision Administration and other ministries issued a notification in March 2024, providing clear definitions and standards for pre-prepared dishes [4] - Despite the rapid growth of the market, challenges such as low entry barriers, product homogeneity, and consumer trust issues have intensified competition, leading to a general decline in profits across the industry [7] Group 3 - Financial reports from several pre-prepared dish companies for the first half of 2025 indicate a decline in net profit, with Guolian Aquatic reporting a loss of 550 million yuan [9] - Most companies have experienced a decrease in gross profit margins, with notable declines in revenue for companies like Longda Meishi and Huifa Food [8][9] - The high-gross-margin companies, such as Anjixin Food and Sanquan Food, are identified as industry leaders, while others like Guangzhou Restaurant and Xianyin Food have restaurant operations that may affect their performance [10] Group 4 - The customer base for pre-prepared dishes includes a wide range of dining establishments, from fast food chains to high-end restaurants, indicating the widespread acceptance of these products in the food service industry [11] - Companies are exploring new profit growth points, with some, like Haodangjia, venturing into the health and wellness sector by developing marine product-based health supplements [11]

Core Viewpoint - The recent surge in the stock prices of pre-prepared food companies in A-shares is attributed to the public's renewed interest in the pre-prepared food industry, sparked by the apology from Jia Guolong and the upcoming national food safety standards for pre-prepared foods [1][5]. Group 1: Stock Performance - As of September 15, several companies, including Huifa Food, Guolian Aquatic, and Tiankang Biological, saw stock price increases of over 5%, with Delisi reaching a daily limit increase [2]. - Among the rising stocks, suppliers of pre-prepared food, such as Qianwei Yangchun and Longda Meishi, are also noted [3]. Group 2: Regulatory Developments - The significant stock price increase is linked to the approval of the draft national food safety standards for pre-prepared foods by the National Health Commission on September 13, which will provide a unified "identity certification" and safety baseline for the industry [5]. - The pre-prepared food industry has seen regulatory developments only in the past three years, with standards being gradually established [8]. Group 3: Industry History and Trends - The pre-prepared food industry in China dates back to the 1990s, with significant developments occurring between 2000 and 2005, when many of the currently rising companies were registered [6]. - The rise of pre-prepared foods has been facilitated by the emergence of central kitchens and cold chain logistics since 2008, allowing for standardization and wider adoption across various restaurant types [12]. Group 4: Consumer Perception and Market Dynamics - Consumers express concerns about the safety of pre-prepared foods, reflecting a deeper frustration over the loss of transparency regarding food preparation [10]. - The convenience and cost-effectiveness of pre-prepared foods make them appealing to both large and small restaurants, leveling the playing field in the food service industry [12].

Core Viewpoint - The article discusses the recent surge in the stock prices of pre-prepared food companies in China, driven by the introduction of national food safety standards for pre-prepared dishes, which has brought renewed attention to the industry and its controversies [3][8]. Industry Overview - The pre-prepared food index has shown a growth of 1.71%, reaching a value of 1070.24 [6]. - Notable stock price increases include: - Delisi: 10.10% increase to 5.45 - Longda Food: 5.69% increase to 6.13 - Huifa Food: 5.56% increase to 11.40 - Guolian Aquatic: 5.03% increase to 3.97 [7]. Regulatory Developments - On September 13, the National Health Commission approved a draft for national food safety standards for pre-prepared dishes, which will soon be open for public consultation. This marks the first time the industry will have a unified standard and safety baseline [8]. - The regulatory framework for pre-prepared food has been evolving over the past three years, with significant milestones including the release of group standards by the China Cuisine Association in 2022 and the inclusion of pre-prepared food definitions in the Central Document No. 1 in 2023 [9][10]. Market Dynamics - The pre-prepared food industry in China has been developing since the 1990s, with significant growth occurring between 2000 and 2005, when many current companies were established [9]. - The rise of pre-prepared food has been facilitated by the advent of central kitchens and cold chain logistics, making it more accessible for various restaurants, including small eateries [12]. - The article highlights a shift in consumer sentiment, where the demand for pre-prepared food is driven by convenience, especially among busy individuals who may not have time to cook [10][12]. Consumer Sentiment - There is a growing concern among consumers regarding the safety and transparency of pre-prepared food, reflecting a deeper frustration with the lack of knowledge about what they are consuming [10]. - The article suggests that the nostalgia for traditional cooking methods and the "smoky" essence of home-cooked meals is prevalent among consumers, indicating a potential market for authentic dining experiences [13].

Core Viewpoint - The recent events involving Luo Yonghao and Xibei have sparked renewed consumer interest in the "pre-prepared dishes" industry, leading to significant stock price increases for related listed companies on September 15, 2025 [1][10]. Industry Overview - The pre-prepared dishes industry is gradually entering a path of standardized development, with regulations and standards being established in recent years. However, challenges such as low entry barriers and varying consumer perceptions complicate market entry for new players [3][4]. - In March 2024, a joint notification from several government departments outlined clear definitions and standards for pre-prepared dishes, marking the beginning of a standardized development path for the industry [4]. Market Growth - According to iMedia Consulting, the market size of China's pre-prepared dishes reached 485 billion yuan in 2024, reflecting a year-on-year growth of 33.8%. The market is expected to grow to 749 billion yuan by 2026 due to technological advancements and supportive policies [5]. Competitive Landscape - Despite rapid market growth, the industry faces intense competition, characterized by low entry barriers, product homogeneity, and a crisis of consumer trust, leading to declining profits across many companies [6][9]. - Financial reports from various pre-prepared dish companies for the first half of 2025 indicate a general decline in net profits, with several companies reporting losses. For instance, Guolian Aquatic Products reported a loss of 550 million yuan [7][9]. Company Performance - Key financial metrics from several pre-prepared dish companies for the first half of 2025 include: - Longda Meishi: Revenue of 782 million yuan (-19.5% YoY), gross margin of 12.43% (+1.24% YoY) - Guolian Aquatic Products: Revenue of 1.65 billion yuan (-18.36% YoY), net loss of 550 million yuan - Huifa Food: Revenue of 734 million yuan (-17.75% YoY), net loss of 31 million yuan - Aixin Food: Revenue of 7.604 billion yuan (+0.8% YoY), gross margin of 20.52% (-3.39% YoY) [7][9]. Consumer Insights - Consumers express a desire for transparency and choice regarding pre-prepared dishes, indicating that they are not opposed to the concept but seek better information about the products [10].