关于注销 2023 年股票期权激励计划 首次授予及预留授予部分股票期权的核查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 股票上市规则》《上市公司股权激励管理办法》等法律法规、规范性文件以及 《香 飘飘食品股份有限公司章程》的规定，香飘飘食品股份有限公司（以下简称"公 司"）董事会薪酬与考核委员会于 2025 年 7 月 11 日召开了第五届董事会薪酬与 考核委员会第一次会议，审议通过了《关于注销公司 2023 年股票期权激励计划 首次授予及预留授予部分股票期权的议案》，对公司《香飘飘食品股份有限公司 2023 年股票期权激励计划》（草案）（以下简称"2023 年股票期权激励计划"）注 销 2023 年股票期权激励计划首次授予及预留授予部分股票期权事项进行了核查， 现发表如下意见： 香飘飘食品股份有限公司董事会薪酬与考核委员会 本次注销事项符合《上市公司股权激励管理办法》及《2023 年股票期权激 励计划》的规定。股票期权注销的原因及数量合法、有效。上述事项不会导致本 公司股票分布情况不符合上市条件的要求，不会影响本公司《2023 年股票期权 激励计划》的继续实施，不存在损害本公 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-026 香飘飘食品股份有限公司 鉴于公司2023年股票期权激励计划首次授予第一个行权期可行权55.07万份 股票期权于2025年7月6日到期失效前未行权；首次授予中5名激励对象及预留授 予中5名激励对象因个人原因已离职，不再满足成为激励对象的条件，上述10名 激励对象已获授但尚未行权的股票期权共计142.70万份；首次授予第二个行权期 及预留授予第一个行权期公司层面考核未达标，所涉及的首次授予中25名激励对 象及预留授予中11名激励对象的已获授但尚未行权的股票期权共计417.20万份， 由公司注销上述共计614.97万份股票期权。 公司董事杨静、邹勇坚、丁学宝为本次股权激励计划的激励对象，上述人员 回避表决，其他非关联董事参与本议案的表决。 本议案已经第五届董事会薪酬与考核委员会第一次会议审议通过。 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn）及公 司法定信息披露媒体的《香飘飘食品股份有限公司关于注销公司 2023 年股票期 权激励计划首次授予及预留授予部分股票期权的公告》（公告编号：2025-027）。 表决结果： ...

Group 1: Haagen-Dazs Price Strategy - Haagen-Dazs has joined the "9.9 yuan" price war by launching a 9.9 yuan coffee product to attract more consumers, particularly price-sensitive customers [1] - The low-price strategy aims to increase foot traffic and boost sales of higher-margin products, indicating a shift from the brand's long-standing premium pricing strategy [1] - The brand has faced challenges in recent years, including the closure of multiple stores in various cities, leading to nostalgia among consumers [1] Group 2: Starbucks and China Eastern Airlines Partnership - Starbucks China has announced a comprehensive partnership with China Eastern Airlines, introducing a joint membership program for 160 million members [2] - The collaboration will focus on three key areas: co-creation of Yunnan coffee, cultural tourism, and sustainable development [2] - Both companies are committed to leveraging their strengths to enhance customer experiences and promote mutual growth [2] Group 3: Junlebao's Strategy in Dairy Industry - Junlebao's chairman emphasized the need to develop B2B tea drinks, coffee, baking ingredients, and dairy products to expand the domestic dairy market [3] - The B2B dairy product market is experiencing rapid growth, with 70%-80% of the market share currently held by imported products [3] - Strengthening B2B collaborations to increase the usage of domestic dairy products is seen as a crucial path for industry transformation [3] Group 4: Xiangpiaopiao's Half-Year Performance - Xiangpiaopiao has projected a revenue of approximately 1.035 billion yuan for the first half of 2025, with slight growth in Q2 revenue but an overall decline compared to the previous year [4][5] - The company is focusing on stabilizing its brewing business and accelerating the expansion of its ready-to-drink segment, with new product launches aimed at health-conscious consumers [5] - The brand's marketing strategy includes targeting younger demographics, as evidenced by a significant increase in sales during promotional events [5] Group 5: Dongguan's Consumption Promotion Activities - Dongguan's government has launched a plan to stimulate service consumption, including hosting food festivals and coffee festivals to enhance dining experiences [6] - The initiative aims to promote local culinary culture and create cross-industry consumption scenarios [6] - The plan includes organizing supply chain matchmaking events to facilitate communication between restaurants and suppliers [6] Group 6: Lemon Right's New Brand Launch - Lemon Right has opened its first store for the upgraded brand "Xiangyou Shouzuo" in Nanjing, focusing on fresh, healthy, and low-calorie products [7] - The new brand expands its product line to include freshly squeezed juices, steamed teas, and handmade ice creams [7] - The launch signifies Lemon Right's deeper market penetration in Jiangsu, with over 300 stores established in East China since its inception in 2021 [7]

Core Viewpoint - The company, Xiangpiaopiao, announced a significant expected loss for the first half of 2025, attributing it to various external factors affecting consumer behavior and demand, particularly in its core instant tea product line [1] Financial Performance - The company anticipates a revenue of approximately 1.035 billion yuan for the first half of 2025, representing a year-on-year decline of 12.21% [1] - The expected net loss attributable to shareholders is around 97.39 million yuan, which is an increase of 230% compared to the same period in 2024 [1] - The non-recurring net loss is projected to reach 111 million yuan, marking a record high loss margin in recent years [1] - In Q1 and Q2 of 2025, the company recorded net losses of 18.775 million yuan and 78.615 million yuan, respectively [2] Business Segment Analysis - The traditional instant tea products, which account for over 70% of the company's revenue, have faced a decline due to competition from freshly brewed tea drinks and changing consumer preferences towards healthier and more convenient options [3] - Revenue from instant tea products fell by 15.42% to 2.271 billion yuan in 2024, with a further decline of 37.18% in Q1 of 2025 [3] - The company has shifted its growth focus towards the ready-to-drink segment, particularly the Meco juice tea, which saw an 8% revenue increase to 973 million yuan in 2024, with Meco juice tea growing by 20.69% [3] - However, the growth in ready-to-drink products has not been sufficient to offset the decline in instant tea products, contributing to the overall performance pressure [3] Market Reaction - The company's financial struggles and slowing growth have led to a significant reduction in investor expectations for profitability, with the weighted average return on equity (ROE) dropping to 7.41% in 2024, a decrease of 1.26 percentage points from 2023 [4] - As of July 11, 2025, the stock price closed at 13.84 yuan, down over 60% from its historical high of 35.09 yuan in August 2019 [4] - The current price corresponds to a dynamic price-to-earnings ratio (TTM) of -75.32, significantly lower than the average in the consumer sector [4] - Analysts suggest that the company's ongoing transformation and innovation efforts have not yielded significant results, highlighting a need for improved brand perception and product outreach to attract younger consumers [4]

Group 1 - The company held its fifth board meeting on July 14, 2025, with all nine directors participating, confirming the legality and validity of the meeting [1] - The board approved the proposal to cancel 614.97 thousand stock options from the 2023 stock option incentive plan due to non-exercise and failure to meet performance targets [1][2] - The board also approved the revision of the company's articles of association to reflect changes in registered capital, pending approval from the upcoming shareholders' meeting [2][3] Group 2 - The board agreed to convene the first extraordinary shareholders' meeting of 2025 on July 30, 2025, with all nine directors voting in favor [3]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on July 30, 2025, at 14:00 [1] - The meeting will take place at the 13th floor, West Building, Hangzhou New World Business Center, Gongshu District, Hangzhou, Zhejiang Province [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same category of shares [3] - Duplicate votes from the same shareholder will be counted based on the first voting result [4] Attendance and Registration - Shareholders registered with the China Securities Depository and Clearing Corporation Limited as of the close of trading on July 24, 2025, are eligible to attend [5] - Personal shareholders must present their ID and shareholder account card, while corporate shareholders must provide additional documentation [5][6] Additional Services - The company will utilize the Shanghai Stock Exchange Information Network Co., Ltd. to remind shareholders of the meeting and voting details via SMS [6] - Shareholders can provide feedback on the service through email or investor hotline [6]

证券代码：603711 证券简称：香飘飘 公告编号：2025-028 香飘飘食品股份有限公司 关于修订《公司章程》并办理工商变更的公告 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。 香飘飘食品股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开第 五届董事会第二次会议，审议通过了《关于修订 <公司章程> 并办理工商变更的议 案》。具体情况如下： 公司于 2024 年 11 月 11 日召开第四届董事会第十八次会议，审议通过了《关 于 2023 年股票期权激励计划首次授予部分第一个行权期符合行权条件的议案》， 认为公司 2023 年股票期权激励计划首次授予部分第一个行权期符合行权条件已 达成。在 2024 年 12 月 13 日至 2025 年 7 月 6 日期间，激励对象累计行权并完成 股份过户登记的股数为 2,128,300 股，公司总股份相应增加 2,128,300 股。公司 股份总数将由 410,745,800 股变更为 412,874,100 股，公司注册资本也将由 根据《中华人民共和国公司法》《中 ...

| 香飘飘食品股份有限公司 | | | | --- | --- | --- | | 章 | 程 | | | | 目 | 录 | | 第一章 | 总则 | | | 第二章 | 经营宗旨和范围 | | | 第三章 | 股份 | | | 第一节 | 股份发行 | | | 第二节 | 股份增减和回购 | | | 第三节 | 股份转让 | | | 第四章 | 股东和股东会 | | | 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 | | | 第五章 | 董事和董事会 | | | 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 | | | 第六章 | 高级管理人员 | | | 第七章 | 财务会计制度、利润分配和审计 | | | 第一节 | 财务会计制度 | | | 第二节 | 内部审计 | | | 第三 ...

（三）本独立财务顾问未委托和授权任何其它机构和个人提供未在本独立 财务顾问报告中列载的信息和对本报告做任何解释或者说明。 （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露 的关于本次股票期权激励计划的相关信息。 （五）本独立财务顾问本着勤勉、审慎、对香飘飘全体股东尽责的态度， 依据客观公正的原则，对本计划注销部分股票期权涉及的事项进行了深入调查 并认真审阅了相关资料，调查的范围包括《公司章程》、相关董事会、股东大 会决议、相关期间公司财务报告等，并和上市公司相关人员进行了有效的沟通， 在此基础上出具了本独立财务顾问报告，并对报告的真实性、准确性和完整性 承担责任。 | 证券代码：603711 | 证券简称：香飘飘 | | | | --- | --- | --- | --- | | 上海荣正企业咨询服务（集团）股份有限公司 | | | | | 关于 | | | | | 香飘飘食品股份有限公司 | | | | | 之 | | | | | 独立财务顾问报告 | | | | | 目 录 | | | | | 释义 | 一、 | | | | 上海荣正企业咨询服务（集团）股份有限公司关于香飘飘 | | | ...

国浩律师（杭州）事务所 之法律意见书 浙江省杭州市老复兴路白塔公园 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, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 网址/Website: http://www.grandall.com.cn 关 于 香飘飘食品股份有限公司 注销 2023 年股票期权激励计划首次授予及预 留授予部分股票期权相关事项 二〇二五年七月 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 注销 2023 年股票期权激励计划首次授予及预留授予部分 股票期权相关事项 之法律意见书 《中华人民共和国证券法》 （以 下简称" 《证券法》" ）、《上市公司股权激励管理办法》（以下简称"《管理办法》 "）等有 关法律、法规和规范性文件的规定，按照律师行业公认的业务标准、道德规范和勤勉尽 责精 ...