证券代码：603711 证券简称：香飘飘 公告编号：2025-027 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 香飘飘食品股份有限公司 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""香飘飘"）于 2025 年 7 月 权激励计划首次授予及预留授予部分股票期权的议案》，根据《香飘飘 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》"）， 公司拟注销《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合 计 6,149,700 份。现对有关事项说明如下： 一、已履行的决策程序和信息披露情况 于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2023 年股票期权激励计划实施考核管理办法>的议案》《关于提请公司股东大会授权 董事会办理 2023 年股票期权激励计划相关事宜的议案》等议案，关联董事已在 审议相关事项时回避表决，公司独立董事对本次激励计划及其他相关议案发表了 独立意见。 于公 ...

证券代码：603711 证券简称：香飘飘 公告编号：2025-027 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 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""香飘飘"）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》，根据《香飘飘 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》"）， 公司拟注销《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合 计 6,149,700 份。现对有关事项说明如下： 4、2023 年 6 月 14 日，公司公告了《香飘飘食品股份有限公司关于独立董 事公开征集委托投票权的公告》，独立董事杨轶清先生作为征集人，就公司拟于 2023 年 7 月 6 日召开的 2023 年第二次临时股东大会审议的股票期权激励计划相 关议案向公司全体股东征集投票权 ...

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 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 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 之法律意见书 致：香飘飘食品股份有限公司 根据香飘飘食品股份有限公司（以下简称"香飘飘"或者"公司"）与国浩律师（杭 州）事务所（以下简称"本所"）签订的法律服务委托协议，本所接受香飘飘的委托， 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 ...

证券简称：香飘飘 证券代码：603711 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 2023 年股票期权激励计划注销部分股票期权 之 独立财务顾问报告 2025 年 7 月 | 一、 释义 3 | | --- | | 二、 声明 4 | | 三、基本假设 5 | | 四、本激励计划的审批程序 6 | | 五、独立财务顾问意见 8 | | （一）本次股票期权注销的原因和数量 8 | | （二）结论性意见 8 | | 六、备查文件及咨询方式 10 | | （一）备查文件 10 | | （二）咨询方式 10 | 一、 释义 | 本独立财务顾问报告、本 | | 上海荣正企业咨询服务（集团）股份有限公司关于香飘飘 | | --- | --- | --- | | 报告 | 指 | 食品股份有限公司 2023 年股票期权激励计划注销部分股票 | | | | 期权之独立财务顾问报告 | | 本独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 香飘飘、本公司、公司、 上市公司 | 指 | 香飘飘食品股份有限公司 | | 股票期权激励计划、本激 | 指 | 香飘飘食品股份有 ...

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 第一节 合并、分立、增资和减资 第二节 解散和清算 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 ...

Core Viewpoint - The company anticipates a revenue of approximately 1.035 billion yuan for the first half of 2025, indicating a slight increase in Q2 revenue but an overall decline in H1 due to Q1 performance [1] Group 1: Business Strategy and Performance - The company focuses on "steady recovery of brewing business" and "accelerated expansion of ready-to-drink business" in 2025, actively promoting various operational measures [1] - The ready-to-drink segment is seen as a second growth curve, with continuous product innovation, including new flavors like "Orange Jasmine" and "Mulberry Jasmine" [1] - The company launched several new products, such as "Meco Grapefruit Kale Juice" and "Meco Cup Fruit Tea," targeting health-conscious young consumers and expanding product application scenarios [1] Group 2: Marketing and Brand Development - The company appointed the "Times Youth League" as the new brand ambassador for Meco Cup Fruit Tea, enhancing its youth-oriented strategy through content marketing [1] - The Meco brand saw a 361% year-on-year increase in sales during the 618 shopping festival, with overall e-commerce sales for the company's products rising by 165% [1] Group 3: Sales and Inventory Management - Despite being in a sales off-season, the company maintained a focus on "sales-driven principles," actively reducing channel inventory to ensure healthy stock levels for the upcoming brewing peak season [2] - The company introduced new products like "Original Leaf Fresh Brew Light Milk Tea," leveraging technology to retain freshness and attract health-conscious young consumers [2] - The brand's 618 sales increased by 111% due to the launch of the co-branded product "New Hui Chen Peel Moonlight White Light Milk Tea," which combines traditional and modern elements [2] Group 4: Future Outlook - Analysts suggest that the company's Q3 performance is expected to improve compared to Q2, driven by the deepening execution of health-oriented and youth-focused strategies, along with the upcoming summer consumption peak [2]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected companies within the sector [4]. Core Insights - The report highlights a significant differentiation within the industry, particularly in the liquor segment, where companies are actively seeking transformation amid market pressures. It emphasizes three main investment themes: leading brands, high-certainty regional brands, and flexible companies benefiting from recovery [1][2]. - In the beer and beverage sector, companies like Yanjing and Zhujiang are expected to show strong profit growth, with Yanjing projected to achieve a net profit of 1.06 to 1.14 billion yuan, reflecting a year-on-year increase of 40% to 50% [3]. Summary by Sections Liquor Industry - The liquor industry is experiencing a challenging half-year, with demand and policy impacts leading to a slowdown in sales. The report anticipates that the performance expectations for the mid-year and the entire year of 2025 have been largely adjusted [2]. - Key players like Kweichow Moutai and Wuliangye are focusing on service enhancement and transformation strategies to navigate the current market conditions. The report suggests that the upcoming month of September will be critical for assessing the impact of policies and consumer demand [2]. Beer and Beverage Sector - Yanjing Beer is expected to achieve a net profit of 1.06 to 1.14 billion yuan for the first half of 2025, marking a year-on-year increase of 40% to 50%. Zhujiang Beer is also projected to see a profit increase of 15% to 25% [3]. - Eastroc Beverage is forecasted to generate revenue of 10.63 to 10.84 billion yuan, with a net profit of 2.31 to 2.45 billion yuan, reflecting a growth of 33% to 42% year-on-year [3]. Consumer Goods - The report notes that companies like Youyou Foods and Miaokelando are expected to report significant profit increases, with Youyou Foods projecting a revenue growth of 40.91% to 50.77% [7]. - The overall consumer goods sector is highlighted as a space to watch for growth, particularly for companies that are innovating and expanding their market reach [7].

Core Viewpoint - The company, Xiangpiaopiao Food Co., Ltd., is expected to report a significant loss in its half-year performance for 2025, with a projected net profit loss of approximately 97.39 million yuan, indicating a worsening financial situation compared to the previous year [2][5]. Group 1: Performance Forecast - The company anticipates a revenue of around 1.035 billion yuan for the first half of 2025, which represents a decrease of approximately 144 million yuan or 12.21% compared to the same period last year [2][4]. - The projected net profit attributable to shareholders is expected to be around -97.39 million yuan, which is an increase in loss of about 67.89 million yuan compared to the same period last year [5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around -111.24 million yuan, reflecting an increase in loss of approximately 68.09 million yuan compared to the previous year [5]. Group 2: Previous Year Comparison - In the first half of 2024, the company reported a revenue of 1.179 billion yuan and a net profit attributable to shareholders of -29.50 million yuan [7]. - The total profit for the same period in 2024 was -49.75 million yuan, and the net profit after deducting non-recurring gains and losses was -43.15 million yuan [7]. Group 3: Reasons for Performance Decline - The decline in performance is attributed to changes in the external consumption environment, consumer habits, and demand, which have negatively impacted the sales of traditional brewing products during the peak season [9]. - The company has proactively reduced channel inventory levels to maintain the interests of distributors and ensure healthy inventory for the upcoming peak season, which has contributed to the overall revenue decline [10]. - Despite a slight revenue increase in the second quarter due to investments in branding, products, and channels, the net profit loss has increased [10].

Core Viewpoint - The company Xiangpiaopiao has announced a significant loss in its performance for the first half of 2025, with revenue declining and net profit expected to worsen compared to the previous year [1][3]. Financial Performance - In the first half of 2025, Xiangpiaopiao's revenue is approximately 1.035 billion yuan, a year-on-year decrease of 12.21% [1]. - The expected net loss for the company is around 97.39 million yuan, which represents an increase in loss of approximately 678.9 million yuan compared to the same period last year [1]. - The company's net profit loss has expanded by 230% compared to the same period in 2024, with a further increase in non-recurring net profit loss to 111 million yuan, marking a record high in recent years [1][3]. Reasons for Performance Decline - The decline in performance is attributed to changes in the external consumption environment, consumer habits, and demand, which have pressured traditional brewing products during peak sales seasons [3]. - The timing of the Spring Festival has shifted compared to the previous year, resulting in a shorter peak season and an early transition into the off-peak period for brewing business [3]. - The company has actively reduced channel inventory levels to maintain the interests of distributors and ensure healthy inventory for the upcoming peak season [3]. Strategic Transition - Xiangpiaopiao has initiated a strategic transition, focusing more on the ready-to-drink segment, particularly the Meco juice tea [6]. - The ready-to-drink business saw an 8% revenue increase in 2024, reaching 973 million yuan, with Meco juice tea growing by 20.69% [8]. - However, the growth rate of the ready-to-drink segment has significantly slowed in 2025, failing to offset the decline in brewing products, which has contributed to the company's performance pressure [8]. Market Challenges - The ready-to-drink business has a much lower gross margin compared to brewing products, and the company has not yet established a breakout product in the highly competitive ready-to-drink tea market dominated by major players [8]. - Xiangpiaopiao faces challenges with its channel transformation, as its supermarket and distribution system shows weak growth, with online channels accounting for less than 15% in 2024 [8]. Future Outlook - To alleviate performance pressure, the company has invested 100 million yuan to acquire a 13.29% stake in the Changsha Quanzhong Venture Capital Fund, which focuses on the consumer sector [8]. - However, industry insiders believe that the investment will take a long time to yield results, and the company's expanded losses are fundamentally due to weak growth in its main product category and a lack of new growth engines [8]. - The performance in the second half of 2025 will be crucial, as the recovery of sales during the brewing peak season will determine the company's annual performance baseline [8].

证券代码：603711 证券简称：香飘飘 公告编号：2025-025 香飘飘食品股份有限公司 2025 年半年度业绩预亏公告 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： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年半年度实现营业收入为 10.35 亿元左 右，与上年同期相比，减少 1.44 亿元左右，同比下降 12.21%左右。 2、经财务部门初步测算，预计 2025 年半年度实现归属于上市公司股东的净 利润将出现亏损： 二、上年同期经营业绩和财务状况 （一）2024 年半年度营业收入：11.79 亿元。 （二）利润总额：-4,974.96 万元。归属于上市公司股东的净利润：-2,950.11 万元。归属于上市公司股东的扣除非经常性损益的净利润：-4,315.28 万元。 （三）每股收益：-0.07 元／股。 1 香飘飘食品股份有限公司（以下简称"公司"）2025 年半年度的经营 业 ...