Group 1 - The second extraordinary general meeting of shareholders for Xiangpiaopiao Food Co., Ltd. was held on October 10, 2025, in Hangzhou, Zhejiang Province [2] - The meeting was legally convened and conducted in accordance with the Company Law and the Articles of Association, with a combination of on-site and online voting methods [2][3] - A total of 9 directors were in office, with 6 attending the meeting, while the board secretary and financial director was present [3] Group 2 - Several resolutions were passed during the meeting, including the adjustment of the business scope and the revision of the Articles of Association [4] - The company approved multiple governance system revisions, including the management system for preventing the controlling shareholder and related parties from occupying company funds [5] - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the procedures and results of the meeting were legal and valid [5][6]

证券代码：603711 证券简称：香飘飘 公告编号：2025-039 香飘飘食品股份有限公司 2025年第二次临时股东会决议公告 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 | 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） | 281,758,515 | | 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（%） | 68.2432 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 (一) 股东会召开的时间：2025 年 10 月 10 日 (二) 股东会召开的地点：浙江省杭州市拱墅区杭州新天地商务中心 4 幢西楼 13 楼 (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： 本次会议由董事会召集，公司董事长蒋建琪先生以现场结合通讯召开的方式 主持本次会议，会议采用现场投票和网络投票相结合的表 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 香飘飘食品股份有限公司 2025 年第二次临时股东会的 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 香飘飘食品股份有限公司 2025 年第二次临时股东会的 国浩律师（杭州）事务所（以下简称"本所"）接受香飘飘食品股份有限公 司（以下简称"公司"）委托，指派律师出席公司 2025 年第二次临时股东会（以 下简称"本次股东会"），并依据《中华人 ...

Core Insights - The announcement of Sun Yingsha as the brand ambassador for Xiangpiaopiao's "Original Leaf Fresh Brew" series emphasizes the brand's commitment to health, authenticity, and high quality [1][4] - The partnership reflects a deep understanding of brand spirit, aligning with Sun Yingsha's "champion spirit" and dedication to excellence, which resonates with the product philosophy of Xiangpiaopiao [3] Brand Strategy - Choosing Sun Yingsha as a brand ambassador showcases Xiangpiaopiao's focus on long-termism, as the company prioritizes health-oriented product development over quick market trends [3] - The "Original Leaf Fresh Brew" series is a key component of Xiangpiaopiao's health strategy, featuring innovations like "Original Leaf Tea Bag + Milk Lock Fresh Cup" technology, achieving health standards of "0 trans fat, 0 vegetable fat powder, 0 flavoring" [3] Production and Quality Control - Xiangpiaopiao has established "super tea gardens" in Yunnan and Zhejiang, ensuring strict control over every production stage from soil improvement to harvesting and processing [3] - This comprehensive health-focused supply chain positions Xiangpiaopiao as a leader in the cup tea market, aiming to redefine the perception of milk tea from a mere leisure drink to a healthy supplement for active lifestyles [3][4] Competitive Advantage - Health has become Xiangpiaopiao's sharpest competitive barrier, marking the endorsement of Sun Yingsha as a milestone in the brand's development [4] - The company is initiating a self-revolution in healthy milk tea, setting industry standards with a "champion" approach [4]

Core Viewpoint - Xintianli Technology Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange, raising concerns about the sustainability of its operating performance and the rationale behind its commercial cooperation with Xiangpiaopiao [2] Group 1: Company Overview - Xintianli was established in 2005 and primarily engages in the research, production, and sales of plastic and paper food containers, serving major clients such as Xiangpiaopiao, Mixue Bingcheng, and Yili [3] - The company plans to raise 398 million yuan through its IPO to fund high-quality plastic food container expansion projects, upgrade its R&D center, and supplement working capital [3] Group 2: Financial Performance - Xintianli's revenue from 2022 to the first half of 2025 was 944 million yuan, 1.022 billion yuan, 1.101 billion yuan, and 536 million yuan, respectively, with net profits of 36 million yuan, 58 million yuan, 68 million yuan, and 43 million yuan [3] - In 2022, Xintianli's revenue and net profit decreased by 1.39% and 27.23% year-on-year, respectively [3] - The top five customers contributed revenues of 586 million yuan, 650 million yuan, and 722 million yuan from 2022 to 2024, accounting for 62.10%, 63.63%, and 65.60% of total revenue, indicating a high concentration of sales [3] Group 3: Client Performance Impact - In the first half of 2025, Xintianli's revenue from Xiangpiaopiao increased by 6.6081 million yuan, driven by growth in Xiangpiaopiao's ready-to-drink business, with sales of plastic food containers rising by 10.6308 million yuan, a year-on-year increase of 9.55% [3] - Xiangpiaopiao reported revenue of 1.035 billion yuan in the first half of 2025, a year-on-year decline of 12.21%, and a net loss of 97 million yuan, a year-on-year decline of 228.78% [4] - If Xiangpiaopiao's performance continues to decline, it may adversely affect Xintianli's financial results [4]

Core Insights - The company Xiangpiaopiao is launching a "health upgrade" strategy to reshape the beverage industry, particularly in response to the health-conscious consumption trends among Generation Z [1] - The appointment of Olympic champion Sun Yingsha as the brand ambassador aims to enhance brand trust and promote the new health-focused product line [1][4] - The strategy emphasizes the integration of product innovation with a commitment to health, transforming abstract health concepts into tangible consumer experiences [4][8] Product Innovation - Xiangpiaopiao has introduced the "original leaf fresh brew" light milk tea series, utilizing whole tea leaves and advanced processing techniques to address the issue of "milk flavor distortion" in ready-to-drink milk tea [6][7] - The company employs UHT sterilization technology combined with aseptic cold filling to ensure product quality and freshness [6] - The sourcing of tea from high-quality regions, such as Yunnan and Hangzhou, supports the health promise by ensuring high levels of tea polyphenols and overall quality [6][7] Supply Chain and Sustainability - The health upgrade extends beyond products to the entire supply chain, with initiatives to improve tea quality through better communication and collaboration with farmers [7] - Modern production equipment and standardized processes are being implemented to ensure consistent quality and stability of tea products [7] - The company is enhancing its green management practices in manufacturing, including energy monitoring systems and the use of solar power, resulting in significant cost savings and reduced carbon footprint [7] Brand Positioning and Market Impact - The brand's health upgrade is positioned as a response to evolving consumer preferences, aiming to establish Xiangpiaopiao as a leader in promoting a healthy lifestyle [8] - The integration of champion spirit and technological innovation in marketing efforts aims to resonate emotionally with consumers, fostering deeper brand loyalty [4][8] - Xiangpiaopiao's transformation serves as a model for traditional fast-moving consumer goods companies adapting to the new consumption era [8]

Core Insights - The beverage and dairy sector experienced a rise of 0.66% on October 9, with Zhuangyuan Pastoral leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Zhuangyuan Pastoral (002910) closed at 10.86, with a significant increase of 10.03%, trading volume of 239,000 shares, and a transaction value of 254 million [1] - Qiaoyuan Beverage (603156) saw a rise of 6.18%, closing at 31.29, with a trading volume of 328,100 shares and a transaction value of 1.042 billion [1] - Panda Dairy (300898) increased by 1.79%, closing at 26.09, with a trading volume of 30,800 shares and a transaction value of 79.09 million [1] - Yili Group (600887) rose by 1.28%, closing at 27.63, with a trading volume of 711,500 shares and a transaction value of 1.94 billion [1] - Tianrun Dairy (600419) and Beingmate (002570) also showed modest increases of 1.18% and 1.13%, respectively [1] Capital Flow - The beverage and dairy sector saw a net inflow of 47.31 million from institutional investors, while retail investors experienced a net outflow of 1.09 billion [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, despite the outflow from retail investors [2]

Core Viewpoint - New Tianli Technology Co., Ltd. has successfully passed the listing review by the Beijing Stock Exchange, indicating its compliance with issuance, listing, and information disclosure requirements [1] Company Overview - New Tianli is a leading enterprise in the thermoformed food container industry in China, backed by major food companies such as Mixue Ice City, Xiangpiaopiao, Yili Group, and Xibei, with the first two contributing approximately 50% of its revenue [1] - The company aims to raise 398 million yuan through its IPO, with funds allocated to three main areas: expanding production capacity for high-quality plastic food containers, upgrading its R&D center, and supplementing working capital [1] - New Tianli is recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, focusing on providing comprehensive food container solutions [1] Financial Performance - The company's revenue for 2022, 2023, and projected for 2024 is 944 million yuan, 1.022 billion yuan, and 1.101 billion yuan, respectively, with net profits of 36.32 million yuan, 57.77 million yuan, and 68.40 million yuan [1] - In the first half of 2025, New Tianli achieved a revenue of 536 million yuan, representing a year-on-year growth of 1.14%, and a net profit of 42.57 million yuan, reflecting a year-on-year increase of 17.71% [1] Market Position - New Tianli ranks among the top three in the domestic market for thermoformed plastic food container packaging based on sales revenue from 2021 to 2023 [1] - The company has played a significant role in formulating 17 national and group standards in the food container sector, showcasing its strong innovation and R&D capabilities [1] Client Base - The primary customer base includes food processing enterprises and chain restaurant brands, featuring well-known companies such as Xiangpiaopiao, Mixue Ice City, Yili Group, Mengniu Group, Xibei, Nongfu Spring, and Mi Village Mixed Rice [1] - Mixue Ice City and Xiangpiaopiao consistently rank among the top five customers, contributing nearly half of the company's revenue [1] - However, the company has experienced a decline in orders from Xibei due to its recent contraction in the fast-food business, with revenues from Xibei decreasing from 34.99 million yuan in 2022 to 28.14 million yuan in 2024 [1]

Core Viewpoint - New Tianli Technology Co., Ltd. has successfully passed the listing review by the Beijing Stock Exchange, indicating its compliance with issuance and listing conditions, as well as information disclosure requirements [2] Group 1: Company Overview - New Tianli is a leading enterprise in the thermoformed food container industry in China, backed by major food companies such as Mixue Ice City, Xiangpiaopiao, Yili Group, and Xibei, with the first two contributing approximately 50% of its revenue [2] - The company aims to provide comprehensive food container solutions and aspires to become a trusted partner in the global food industry [3] - New Tianli has developed into a top player in the thermoformed food container market, ranking among the top three in sales revenue from 2021 to 2023 [4] Group 2: Financial Performance - The company plans to raise 398 million yuan through its IPO, with funds allocated to expanding production capacity, upgrading its R&D center, and supplementing working capital [3] - New Tianli's revenue for 2022, 2023, and projected for 2024 is 944 million yuan, 1.022 billion yuan, and 1.101 billion yuan respectively, with net profits of 36.32 million yuan, 57.77 million yuan, and 68.40 million yuan [5] - In the first half of 2025, the company achieved a revenue of 536 million yuan, reflecting a year-on-year growth of 1.14%, while net profit increased by 17.71% to 42.57 million yuan [5] Group 3: Client Base and Market Position - New Tianli has served over 1,000 clients, enhancing its brand recognition, with its brand "Otor New Tianli" recognized as a famous trademark in Zhejiang Province [5] - Major clients include well-known food processing companies and chain restaurants, with Mixue Ice City and Xiangpiaopiao consistently among the top five clients, contributing 62.10%, 63.63%, and 65.60% of sales in recent years [5][6] - The company has faced declining orders from Xibei due to its contraction in the fast-food business, with revenues from Xibei decreasing from 34.99 million yuan in 2022 to 28.14 million yuan in 2024 [6]

Core Viewpoint - New Tianli Technology Co., Ltd. has successfully passed the listing review by the Beijing Stock Exchange, indicating its compliance with issuance and listing conditions, as well as information disclosure requirements [1] Group 1: Company Overview - New Tianli is a leading enterprise in the domestic thermoformed food container industry, backed by major food companies such as Mixue Ice City, Xiangpiaopiao, Yili Group, and Xibei, with the first two contributing approximately 50% of its revenue [1][4] - The company aims to provide comprehensive food container solutions and aspires to become a trusted partner in the global food industry [2] - New Tianli has developed into one of the top three companies in the thermoformed plastic food container packaging market in China from 2021 to 2023, with a strong focus on innovation and quality [3] Group 2: Financial Performance - The company plans to raise 398 million yuan through its IPO, with funds allocated to expanding production capacity, upgrading its R&D center, and supplementing working capital [2] - New Tianli's revenue for the years 2022 to 2024 was 944 million yuan, 1.022 billion yuan, and 1.101 billion yuan, respectively, with net profits of 36.32 million yuan, 57.77 million yuan, and 68.40 million yuan [4] - In the first half of 2025, the company achieved a revenue of 536 million yuan, representing a year-on-year growth of 1.14%, while net profit increased by 17.71% to 42.57 million yuan [4] Group 3: Client Base and Market Position - New Tianli has served over 1,000 clients, enhancing its brand recognition, with its brand "Otor New Tianli" recognized as a famous trademark in Zhejiang Province [4] - Major clients include well-known food processing companies and chain restaurants, with Mixue Ice City, Xiangpiaopiao, Yili Group, and Xibei consistently ranking among the top five clients, contributing 62.10%, 63.63%, and 65.60% of sales in recent years [4] - The revenue from Xibei has been declining due to its contraction in the fast-food business, with income from Xibei decreasing from 34.99 million yuan in 2022 to 28.14 million yuan in 2024 [5]