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： | 投资标的名称 | 长沙泉仲创业投资合伙企业（有限合伙）（以下简 称"合伙企业"） | | | --- | --- | --- | | 投资金额（万元） | 10,000 万元 | | | 投资进展阶段 | 完成 终止 √进展 | 交易要素变更 | | | 募集失败 | | | | 未能完成备案登记 | | | | 提前终止 | | | | 发生重大变更 | | | 特别风险提示（如有请 | √其他：合伙企业在投资过程中受宏观经济、行业 | | | 勾选） | 周期的不确定性等多种因素影响，可能面临投资效 | | | | 益不达预期的风险；合伙企业投资项目从接触、投 | | | | 资、退出，一般经历较长时间，投资计划可能推迟 | | | | 或延后，退出安排可能无法实施，从而增加投资的 | | | | 不确定性，存在合伙企业经营期限延长的风险。 | | 一、合作投资基本概述情况 1、合作投资的基本情况 证券代码：603711 证券简称：香飘飘 公 ...

证券代码：603711 证券简称：香飘飘 公告编号：2026-005 香飘飘食品股份有限公司 大股东减持股份结果公告 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： 本次减持计划实施前，公司大股东杨冬云先生持有香飘飘食品股份有限公司 （以下简称"公司"）21,527,361 股，占公司总股本的 5.21%。上述股份来源为 协议转让及二级市场集中竞价交易取得。 大股东持股的基本情况 减持计划的实施结果情况 二、减持计划的实施结果 (一)大股东因以下事项披露减持计划实施结果： 2025 年 12 月 9 日，公司披露《香飘飘大股东减持股份计划公告》（公告编 号：2025-047），杨冬云先生拟通过集中竞价方式减持公司股份不超过 419,864 股，即不超过公司总股本的 0.10%，减持期间为 2025 年 12 月 31 日至 2026 年 3 月 30 日。 公司于 2026 年 3 月 30 日收到杨冬云先生的通知，截至本公告披露日，杨冬 云先生通过集中竞价方式累计减持公司 50,000 股，占公司 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The retail sales growth has accelerated, with a focus on feedback from the Spring Sugar Festival. The report suggests that the overall rhythm of the liquor industry is expected to improve on a month-on-month basis, with key recommendations including leading companies like Kweichow Moutai and others focusing on supply clearance [1][2] - The beer sector is witnessing a recovery, with a notable increase in beer production and the launch of new products, indicating a positive trend in consumer demand [3] - The food sector shows a recovery in retail sales, particularly in the restaurant segment, which is expected to drive opportunities in related supply chains [4][7] Summary by Sections Liquor Industry - Jinhuijiu reported a revenue of 2.918 billion yuan for 2025, a year-on-year decrease of 3.4%, while Shide Jiuye reported a revenue of 4.42 billion yuan, down 17.5% year-on-year. The report highlights a significant divergence in performance among liquor companies, with Kweichow Moutai leading the recovery through reforms [2] - Jinhuijiu's product structure upgrade is notable, with high-end products (above 300 yuan) increasing by 25.21% year-on-year, while low-end products (below 100 yuan) decreased by 36.88% [2] Beer and Beverage Sector - In the beer segment, the cumulative production of major enterprises reached 5.797 million kiloliters in January-February 2026, reflecting a year-on-year growth of 6.5%. The launch of the new Yanjing A10 product is expected to enhance market presence [3] - The beverage sector is characterized by intense competition, with companies launching new products to capture market share. Notable new releases include flavored waters and teas targeting specific consumer scenarios [3] Food Sector - Retail sales in the food sector increased by 2.8% year-on-year in January-February 2026, with restaurant income growing by 4.8%. This growth is attributed to the recovery of consumer spending and seasonal factors [4][7] - Wanchen Group reported a record high net profit margin of 5.7% in Q4 2025, indicating strong profitability and market expansion potential [7]

Investment Rating - The report maintains a positive investment rating for the food and beverage industry, highlighting strategic opportunities during the "14th Five-Year Plan" period [3]. Core Insights - The report emphasizes two major directions for investment: the focus on health food due to the increase in life expectancy and the encouragement of new business models and channels [5][6]. - The anticipated increase in average life expectancy to 80 years by 2030 is expected to shift health management from a disease-centered approach to a health-centered one, creating new demand for health foods [8][9]. - The report identifies community-oriented value-for-money formats and new retail supermarkets as key areas for growth, with companies like Mingming Hen Mang and Guoquan expanding their store numbers [12][11]. Summary by Sections Section 1: "14th Five-Year Plan" Focus on Consumption - The report outlines the goal of increasing average life expectancy and the shift towards proactive health management, which is expected to drive demand for health foods [8]. - It highlights the emergence of personalized health food demands, including emotional relief, weight management, and sleep management, as well as the trend towards lighter food forms like snack bars and grain powders [9]. Section 2: Encouragement of New Business Models - The report discusses the encouragement of high-quality development in wholesale and retail, as well as the expansion of community-based services and convenience living circles [11]. - It notes the rapid expansion of community-oriented value-for-money formats and new retail supermarkets, which are expected to continue thriving [12]. - The report also mentions the potential benefits for upstream supply chain companies due to category expansion and the development of private label products by downstream stores [12]. Section 3: Investment Recommendations - The report suggests focusing on high-quality health food categories that are expected to experience structural growth, as well as efficient and high-experience downstream channels that will continue to thrive [6]. - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and various others in both upstream and downstream sectors [16].

证券代码：603711 证券简称：香飘飘 公告编号：2026-003 香飘飘食品股份有限公司 一、协议转让前期基本情况 2025 年 12 月 27 日，公司控股股东、实际控制人蒋建琪先生与公司大股东 杨冬云先生签署了《股份转让协议》。转让方杨冬云先生通过协议转让方式将其 持有的 21,107,497 股无限售流通股份（占公司总股本的 5.11%）转让给受让方 蒋建琪先生。详见公司于 2025 年 12 月 30 日披露的《香飘飘关于公司大股东协 议转让股份的公告》（公告编号：2025-052）。上述目标股份包含转让方于 2024 年 9 月 25 日质押给受让方的 18,135,753 股股票，详见公司于 2024 年 9 月 27 日披露的《香飘飘关于持股 5%以上股东股份质押的公告》（公告编号 2024-027）。 二、协议转让完成股份过户登记 公司于近日收到转让方杨冬云先生通知，本次协议转让已经取得中国证券登 记结算有限责任公司出具的《证券过户登记确认书》，股份过户登记时间为 2026 年 3 月 6 日，过户数量合计为 21,107,497 股（占公司总股本的 5.11%），股份性 质为无限售流通股 ...

证券代码：603711 证券简称：香飘飘 公告编号：2026-002 香飘飘食品股份有限公司 关于持股 5%以上股东股份质押延期购回 蒋建斌先生持有香飘飘食品股份有限公司（以下简称"公司"）股份数 量为 3,600 万股，占公司总股本的比例为 8.72%。截至本公告披露日，蒋建斌先 生持有的公司股份中累计质押数量为 1,500 万股，占其持股数量比例为 41.67%， 占公司总股本比例为 3.63%。 蒋建斌先生资信状况良好，具备资金偿还能力，不存在平仓风险，对公 司生产经营、公司治理等不会产生影响。 公司于 2026 年 3 月 5 日接到持股 5%以上的股东蒋建斌先生办理股份质押延 期购回及补充质押的通知，具体事项如下： 一、上市公司股份质押 1、本次股份质押延期购回及补充质押的情况 2023 年 3 月 2 日，公司股东蒋建斌先生将其持有的公司 1,830 万股无限售 条件流通股股票质押给国信证券股份有限公司，该业务的质押起始日为 2023 年 3 月 2 日，质押到期日为 2024 年 3 月 4 日。具体内容详见公司于 2023 年 3 月 3 日披露的《关于持股 5%以上股东股份质押的公告》（公告 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Core Viewpoint - The company aims to enhance its ready-to-drink business by increasing production capacity utilization through sales growth and product diversification [2] Group 1: Business Strategy - The company plans to maintain stable growth in its fruit tea segment by 2026 [2] - The company will continuously enrich its ready-to-drink product matrix and develop more cost-effective products [2] - The company is actively exploring operational models for ready-to-drink business channel construction [2] Group 2: Marketing and Collaboration - The company intends to innovate promotional methods to enhance brand recognition among consumers [2] - The company is seeking external cooperation opportunities for contract manufacturing to improve the production capacity utilization of cup-based ready-to-drink products [2]

Core Viewpoint - The company is focusing on the development of snack wholesale channels and actively embracing emerging channels [1] Group 1: Company Strategy - The company has established direct partnerships with over 30,000 stores in leading snack wholesale systems [1] - In addition to its own brand products, the company has launched customized products specifically for the snack wholesale channel [1] Group 2: Collaborations - The company has introduced collaborative customized products with partners such as Wancheng, Henbang, and Yuming [1]

Core Viewpoint - The company, Xiangpiaopiao (603711), is adapting its operational strategy in response to changes in the peak sales window due to the timing of the Spring Festival, while maintaining a focus on stability and progress in its business operations [1] Group 1: Operational Adjustments - The company is proactively adjusting its product shipment rhythm to align with the changing external consumer market environment [1] - Strict control over channel inventory levels is being implemented to ensure product freshness and protect the interests of consumers and distributors [1] Group 2: Financial Performance - In the fourth quarter, the company's revenue decline year-on-year has significantly narrowed compared to the first three quarters [1]