Financial Performance - The company's revenue for Q1 2025 was CNY 580,080,568.64, a decrease of 19.98% compared to CNY 724,921,172.97 in the same period last year[4] - The net profit attributable to shareholders was a loss of CNY 18,774,972.69, representing a decline of 174.47% from a profit of CNY 25,212,645.11 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 25,318,393.38, down 228.08% from CNY 19,767,752.60 in the same period last year[4] - The basic and diluted earnings per share were both CNY -0.05, a decrease of 183.33% compared to CNY 0.06 in the previous year[4] - The company reported a significant decline in sales revenue, which was the primary reason for the drop in net profit[7] - Total revenue for Q1 2025 was ¥580,080,568.64, a decrease of 20% compared to ¥724,921,172.97 in Q1 2024[22] - Net profit for Q1 2025 was a loss of ¥18,775,148.41, compared to a profit of ¥25,278,013.06 in Q1 2024, indicating a significant decline[23] Cash Flow and Assets - The net cash flow from operating activities was CNY -77,733,553.82, an improvement from CNY -157,536,117.71 in the same period last year[4] - As of March 31, 2025, total current assets amounted to RMB 2.638 billion, down from RMB 2.995 billion at the end of 2024[16] - Cash and cash equivalents decreased from RMB 2.485 billion to RMB 2.206 billion over the same period[17] - Total assets at the end of the reporting period were CNY 4,508,924,153.45, a decrease of 7.48% from CNY 4,873,264,401.95 at the end of the previous year[5] - Total cash inflow from investment activities reached $1.22 billion, significantly up from $144.67 million in the previous period[26] - Cash outflow from investment activities totaled $1.25 billion, compared to $36.51 million last year, resulting in a net cash flow of -$26.32 million[26] - The ending balance of cash and cash equivalents was $2.16 billion, down from $2.28 billion at the end of the previous year[27] Sales and Market Performance - Sales revenue of brewed products dropped by 37.18%, while ready-to-drink products saw a growth of 13.89%[11] - The decline in brewed product sales was attributed to the earlier timing of the Spring Festival, shortening the peak sales period[11] - The ready-to-drink segment showed strong performance, with a 13.89% year-on-year revenue increase and a 54.82% quarter-on-quarter increase[14] - Meco fruit tea sales in Q1 2025 increased by 20.68% year-on-year and 67.73% quarter-on-quarter, indicating strong market demand[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,263[8] - The equity attributable to shareholders was CNY 3,482,582,632.38, a slight decrease of 0.34% from CNY 3,494,451,049.87 at the end of the previous year[5] Research and Development - Research and development expenses increased to ¥9,923,389.50 in Q1 2025 from ¥7,511,648.24 in Q1 2024, marking an increase of about 32%[23] Financial Expenses - The company reported a significant increase in financial expenses, with interest expenses rising to ¥1,301,860.24 in Q1 2025 from ¥734,465.27 in Q1 2024[23] Strategic Focus - The company is focusing on long-term strategies to stabilize product prices and manage channel inventory effectively[12] - The company is committed to enhancing customer confidence and ensuring the freshness of brewed products[12] - The company is developing healthier brewed product lines, which have received positive feedback but are still in the early stages of market penetration[13] Other Financial Metrics - Total operating costs for Q1 2025 were ¥619,004,389.94, down from ¥703,717,691.72 in Q1 2024, reflecting a reduction of approximately 12%[22] - Cash received from sales of goods and services in Q1 2025 was ¥629,471,564.86, down from ¥819,692,731.79 in Q1 2024, representing a decrease of about 23%[25] - Total liabilities decreased from ¥1,379,740,243.56 to ¥1,027,268,588.27, reflecting a decline of about 25.5%[19] - Owner's equity decreased from ¥3,493,524,158.39 to ¥3,481,655,565.18, a slight reduction of approximately 0.34%[19] - Total cash outflow from operating activities was $720.77 million, a decrease from $1.01 billion year-over-year[26] - The company reported a significant increase in cash received from investment recoveries, totaling $1.21 billion[26] - The impact of exchange rate changes on cash and cash equivalents was -$131,239.25, reflecting currency fluctuations[27]

Financial Performance - The company's operating revenue for 2024 was approximately CNY 3.29 billion, a decrease of 9.32% compared to CNY 3.63 billion in 2023[25]. - The net profit attributable to shareholders for 2024 was approximately CNY 253.19 million, down 9.67% from CNY 280.29 million in 2023[25]. - The net cash flow from operating activities for 2024 was approximately CNY 264.98 million, a significant decline of 30.89% compared to CNY 383.44 million in 2023[25]. - The total assets at the end of 2024 were approximately CNY 4.87 billion, a decrease of 6.92% from CNY 5.24 billion at the end of 2023[26]. - The basic earnings per share for 2024 were CNY 0.62, down 8.82% from CNY 0.68 in 2023[27]. - The weighted average return on equity for 2024 was 7.41%, a decrease of 1.26 percentage points from 8.67% in 2023[27]. - The company reported a net profit of CNY 235.46 million in Q4 2024, showing a recovery from a loss of CNY 54.71 million in Q2 2024[29]. - The company received government subsidies amounting to CNY 37.43 million in 2024, compared to CNY 52.03 million in 2023[31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 was approximately CNY 217.62 million, a decrease of 5.82% from CNY 231.06 million in 2023[25]. - The company's net assets attributable to shareholders increased by 4.33% to approximately CNY 3.49 billion at the end of 2024, compared to CNY 3.35 billion at the end of 2023[26]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 2.50 per 10 shares (including tax), totaling RMB 103,171,125 (including tax) based on a total share capital of 412,684,500 shares as of April 25, 2025[7]. - The company has a profit distribution plan for 2023, which was approved during the shareholders' meeting[163]. - The total cash dividend amount for the last three fiscal years (including tax) is RMB 312,651,483[197]. - The cumulative amount of cash dividends and repurchases for the last three fiscal years is RMB 312,651,483[197]. - The average annual net profit over the last three fiscal years is RMB 249,126,951.96, resulting in a cash dividend payout ratio of 125.50%[197]. - The net profit attributable to ordinary shareholders in the most recent fiscal year is RMB 253,191,562.27[197]. - The undistributed profits at the end of the most recent fiscal year for the parent company amount to RMB 1,722,472,359.31[197]. Risk Management and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[6]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report[10]. - The report includes a forward-looking statement risk declaration, indicating that operational plans and development strategies do not constitute a substantive commitment to investors[8]. - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company has not violated decision-making procedures for external guarantees[9]. - All board members attended the board meeting, ensuring collective responsibility for the report[5]. - The company has established a robust internal control system and governance structure, holding regular meetings of the board and supervisory committee to ensure compliance and protect shareholder interests[159]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[176]. Product Development and Innovation - The company launched new products such as "Original Leaf Fresh Brew Light Milk Tea" and "Original Leaf Fresh Brew Milk Tea," which adhere to health standards of "0 trans fatty acids, 0 vegetable fat powder, and 0 flavoring"[38]. - The company has developed a breakthrough technology for ambient fresh milk preservation, which has been applied to its milk preservation cup products[55]. - The company has implemented three phases of lean production improvement since 2022, focusing on smart production equipment and process optimization[56]. - The company has launched new flavors for its Meco fruit tea line, including "Summer Apricot Jin Xuan" and "Red Beauty Moonlight White" to cater to diverse consumer preferences[62]. - The company is committed to optimizing its product innovation and sales management to improve operational efficiency[152]. - The company aims to enhance product healthiness, focusing on low-sugar and plant-based ingredients, responding to the growing health awareness among consumers[147]. - The company is focused on optimizing its product structure to achieve complementarity and synergy among products, while also exploring new high-quality products to meet consumer demand[155]. Marketing and Sales Strategy - The company implemented a brand marketing strategy that included a "Warm Homecoming" campaign during the Spring Festival, enhancing brand value and consumer engagement[41]. - The ready-to-drink business strategy focuses on differentiated cup packaging, with Meco fruit tea expanding its product matrix by introducing new flavors based on market trends[48][49]. - The company engaged in integrated marketing for the Meco brand, enhancing brand recognition and market penetration through sponsorships and product placements in popular media[50]. - The company collaborated with the "Hulu Brothers" IP to launch a co-branded gift box, receiving positive market feedback during the gift market sales peak[51]. - The company has established a national sales network covering major cities and counties, with a total of 1,827 distributors[72]. - The company plans to explore building an integrated online sales system to enhance consumer interaction and better understand customer needs[130]. - The company will strengthen its brand marketing through online and offline channels, emphasizing content marketing and brand youthfulness[151]. Operational Efficiency and Cost Management - The company reported a decrease in overall material and labor costs by 10.14% and 7.75%, respectively, attributed to lower sales volume and improved labor efficiency[91]. - The gross margin for the milk tea industry was 38.54%, reflecting a slight increase of 0.46 percentage points year-on-year[82]. - The main business revenue decreased by 9.54% to CNY 3,244.64 million, with a main business cost reduction of 10.22% to CNY 1,994.01 million[80]. - Sales expenses decreased by 11.52% to CNY 761.26 million, primarily due to optimization of promotional expenditure[95]. - The company has implemented advanced food safety and quality management systems, achieving certifications such as HACCP and ISO22000[75]. - The company will continue to optimize production technology and processes, implementing strict quality control in key areas such as supply chain management and product testing to ensure product safety and quality[153]. Strategic Partnerships and Market Expansion - The company has established partnerships with several leading snack wholesale systems, significantly increasing the number of deep cooperation stores in the snack channel[54]. - The company is exploring acquisition opportunities to enhance its market position, targeting firms with complementary technologies[168]. - The company plans to enter two new international markets by the end of 2024, aiming for a 15% market share in those regions[168]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[181]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB earmarked for potential targets[169]. Human Resources and Management Changes - The total number of employees in the parent company and major subsidiaries is 3,673, with 2,481 in sales, 732 in production, and 271 in technical roles[187]. - The company has developed training programs for employees at various levels to enhance management capabilities and professional skills[190]. - The company has seen changes in its financial management team, with Zou Yongjian appointed as the new Chief Financial Officer[175]. - The company appointed Jiang Jianqi as the new General Manager following the resignation of Yang Dongyun due to personal reasons[175]. - The company has experienced changes in its board composition, with several resignations and appointments in 2024[166]. Sustainability and Environmental Commitment - The company emphasizes the importance of sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2025[170]. - The company has a commitment to environmental management, following ISO14001 standards[16]. - The company has established the first "Super Tea Garden" in Yunnan to enhance its high-quality supply chain and support local industry development[57].

香飘飘食品股份有限公司 章 程 1 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第四章 股东和股东会 第五章 董事和董事会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 2 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第八章 通知与公告 第九章 合并、分立、增资、减资、解散和清算 第十章 修改章程 第十一章 附则 3 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第一节 通知 第二节 公告 香飘飘食品股份有限公司章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）和其他有关规定，制订本章程。 第二条 香飘飘食品股份有限公司（以下简称"公 ...

香飘飘食品股份有限公司 2024 年度独立董事述职报告（应振芳） 本人应振芳作为香飘飘食品股份有限公司（以下简称"公司"或"本公司"） 的独立董事，严格按照《公司法》《证券法》《上市公司治理准则》《上市公司独 立董事管理办法》《公司章程》及相关法规、制度的规定，在工作中恪尽职守、勤 勉尽责，忠实履行独立董事职责，积极出席相关会议，认真审议董事会各项议案， 充分发挥了独立董事的作用，维护全体股东和公司的利益。现将 2024 年工作情况报 告如下： 一、独立董事的基本情况 （一）个人工作履历、专业及兼职情况 本人应振芳，公司第四届董事会独立董事，中国人民大学民商法学博士，曾任 北京金诚同达（杭州）律师事务所律师、浙江君安世纪律师事务所律师、浙江茶叶 集团股份有限公司独立董事、浙江硕维轨道股份有限公司董事。现任教于浙江工商 大学法学院，现任北京德恒（杭州）律师事务所律师、中国知识产权法研究会理事、 浙江省知识产权法研究会理事、杭州朗鸿科技股份有限公司独立董事。 （二）是否存在影响独立性的情况 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务,也未在公 司主要股东单位担任任何职务,与公司以及公司主要股东之 ...

香飘飘食品股份有限公司 审计委员会实施细则 香飘飘食品股份有限公司 董事会审计委员会实施细则 1 香飘飘食品股份有限公司 审计委员会实施细则 第一章 总 则 第一条 为强化香飘飘食品股份有限公司（以下简称"公司"）董事会的决策功能， 做到事前审计、专业审计，确保董事会对经理层的有效监督，完善公司治理结构，根据 《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司治理准则》《上市公司独 立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《香飘 飘食品股份有限公司章程》（以下简称"《公司章程》"）及其他有关规定，公司设立董事 会审计委员会，并制定《香飘飘食品股份有限公司董事会审计委员会实施细则》（以下 简称"本细则"）。 第二条 审计委员会是董事会设立的专门委员会，对董事会负责，向董事会报告工作， 行使《公司法》规定的监事会的职权，负责公司内、外部审计工作的监督、审核、沟通 及协调。 第三条 审计委员会委员应保证足够的时间和精力履行委员会的工作职责，勤勉尽责， 切实有效地监督公司的外部审计，指导公司内部审计工作，促进公司建立有效的内部控 制并提供真实、准确、完整的财务报告。 第四 ...

香飘飘食品股份有限公司 薪酬与考核委员会实施细则 香飘飘食品股份有限公司 董事会薪酬与考核委员会实施细则 第一章 总 则 第一条 为进一步建立健全香飘飘食品股份有限公司（以下简称"公司"）董事及高 级管理人员的考核和薪酬管理制度,完善公司治理结构,根据《中华人民共和国公司法》 《上市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》《香飘飘食品股份有限公司章程》（以下简称"《公司章程》"） 及其他有关规定,公司特设立董事会薪酬与考核委员会,并制定《香飘飘食品股份有限公 司董事会薪酬与考核委员会实施细则》（以下简称"本细则"）。 第二条 薪酬与考核委员会是按照董事会决议设立的专门工作机构,主要负责研究董 事与高级管理人员考核的标准，进行考核并提出建议；研究和审查董事、高级管理人员 的薪酬政策与方案。对董事会负责。 第三条 本细则所称董事是指在公司领取薪酬的董事长、董事,高级管理人员是指董 事会聘任的总经理、副总经理、董事会秘书、财务负责人等。 第二章 人员组成 第四条 薪酬与考核委员会成员由三名董事组成,其中二名为独立董事。 第七条 薪酬与考核委员会任期与董 ...

经核查公司在任独立董事杨轶清先生、应振芳先生、缪兰娟女士的任职经历 以及签署的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关 系或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情 况，符合《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号--规范运作》中对独立董事独立性的相关要求。 香飘飘食品股份有限公司董事会 2025 年 4 月 25 日 香飘飘食品股份有限公司 董事会关于独立董事独立性情况的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》《上海证券交 易所股票上市规则》《上市公司自律监管指引第 1 号——规范运作》等要求，香 飘飘食品股份有限公司（以下简称"公司"）董事会就公司在任独立董事杨轶清 先生、应振芳先生、缪兰娟女士的独立性情况进行评估并出具如下专项意见： ...

香 飘 飘 食 品 股 份 有 限 公 司 股 东 会 议 事 规 则 香飘飘食品股份有限公司 股东会议事规则 第一章 总则 第一条 为规范香飘飘食品股份有限公司（以下简称"公司"）行为，保证股东会 依法行使职权，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》《上市公司股东会规则》《香飘飘食品股份有限公司章程》（以下 简称"《公司章程》"）以及国家相关法律、行政法规、部门规章的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关规定召 开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉尽 责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第二章 股东会的召集 第五条 公司股东会分为年度股东会和临时股东会。年度股东会每年召开 1 次，应 当于上一会计年度结束后的 6 个月之内举行。临时股东会不定期召开，出现法律、行政 法规、部门规章或者《公司章程》规定的应当召开临时股 ...

香飘飘食品股份有限公司 市值管理制度 第四条 市值管理的主要目的是通过制定科学发展战略、完善公司治理、改 进经营管理、培育核心竞争力，切实可行地为公司创造可持续价值，以及通过并 购重组、股权激励与员工持股计划、现金分红、投资者关系管理、信息披露、股 份回购等手段提升公司市场形象与品牌价值，实现公司市值与内在价值的动态均 衡。 第五条 市值管理的基本原则： （一）系统性原则：影响公司市值的因素众多，公司应当遵循整体性原则， 循序推进公司各业务体系以系统化方式持续开展市值管理工作。 第一章 总则 第一条 为切实提升香飘飘食品股份有限公司（以下简称"公司"）投资价 值，增强投资者回报，进一步加强公司市值管理工作，规范公司市值管理行为， 切实维护公司、中小股东、社会公众投资者及其他利益相关者的合法权益，树立 公司诚信形象、实现可持续发展，实现公司价值最大化和股东利益最大化，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管指引第 10 号——市值管理》《上市公司信息披露管理办法》《上海证券交易所股票上 市规则》《公司章程》及其他有关法律法规，结合公司实际情况，制订本制度。 第二条 本制度所称市值管理 ...

香飘飘食品股份有限公司 2024 年度独立董事述职报告（缪兰娟） 本人缪兰娟作为香飘飘食品股份有限公司（以下简称"公司"或"本公司"） 的独立董事，严格按照《公司法》《证券法》《上市公司治理准则》《上市公司独 立董事管理办法》《公司章程》及相关法规、制度的规定，在工作中恪尽职守、勤 勉尽责，忠实履行独立董事职责，积极出席相关会议，认真审议董事会各项议案， 充分发挥了独立董事的作用，维护全体股东和公司的利益。现将 2024 年工作情况报 告如下： 1、出席董事会、股东大会情况： 一、独立董事的基本情况 | | | | 参加董事会情况 | | | | | | 参加股东大会情况 | | 是否连 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 本年应参 | | 以 | 通 | 讯 | | | | | 是否参加 | 续两次 | | | 加董事会 | 亲自出 | 方 | 式 | 参 | 委托出 | 缺席 | 亲 自 | 出 | 年度股东 | 未参加 | | | | 席（次） | | | | 席（次） | ...