Core Viewpoint - The announcement details the completion of the board of directors' re-election and the appointment of senior management personnel at Xiangpiaopiao Food Co., Ltd, highlighting the new board composition and management team [1][2]. Group 1: Board Composition - The fifth board of directors consists of 9 members, including Jiang Jianqi as the chairman and three independent directors: Ying Yeping, Jiang Yinhua, and Yu Rongjian [1][2]. - The board also includes Ding Xuebao as the employee representative director [1]. Group 2: Senior Management Appointments - Jiang Jianqi is appointed as the general manager, while Yang Jing is appointed as the deputy general manager [2]. - Zou Yongjian is appointed as the financial director and board secretary, and Li Jingying is appointed as the securities affairs representative [2]. Group 3: Contact Information - The contact details for the board secretary and securities affairs representative are provided, including phone number, fax, postal code, email, and address [2].

Group 1 - The first meeting of the fifth board of directors of Xiangpiaopiao Food Co., Ltd. was held on May 16, 2025, with all 9 directors participating in the voting [1] - The board elected Jiang Jianqi as the chairman of the fifth board of directors, with a term lasting until the end of the board's term [1][2] - Jiang Jianqi was also appointed as the general manager of the company, with the same term duration as the board [2][3] Group 2 - The board approved the appointment of Yang Jing as the deputy general manager and Zou Yongjian as the financial director, effective until the end of the board's term [2][3] - Zou Yongjian was also appointed as the board secretary, while Li Jingying was appointed as the securities affairs representative, both with terms until the end of the board's term [3][4] - The board established specialized committees, electing members based on their expertise, with Jiang Jianqi leading the strategic decision-making committee [5]

证券代码：603711 证券简称：香飘飘 公告编号：2025-019 香飘飘食品股份有限公司 关于董事会完成换届选举及聘任高级管理 人员、证券事务代表的公告 3、董事会薪酬与考核委员会成员：蒋胤华先生（召集人）、蒋建琪先生、 应叶萍女士 4、董事会提名委员会成员：俞荣建先生（召集人）、蒋建琪先生、蒋胤华 先生 各董事会成员简历详见附件。 二、董事会聘任公司高级管理人员、证券事务代表情况 根据公司第五届董事会第一次会议决议，公司聘任蒋建琪先生为公司总经理； 聘任杨静女士为公司副总经理；聘任邹勇坚先生为公司财务总监、董事会秘书； 聘任李菁颖女士为公司证券事务代表。公司高级管理人员及证券事务代表简历见 附件。 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 5 月 16 日召开 2024 年年度股东大会，审议通过了《公司董事会换届选举第五届非独立董事的 议案》《公司董事会换届选举第五届独立董事的议案》，在本次年度股东大会完 成董事会换届选举后，公司于同日召开了第五届董事会第 ...

关于选举职工代表董事的公告 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"）董事会于 2025 年 5 月 16 日收到公司职工代表大会出具的会议决议。公司于 2025 年 5 月 16 日召开了职 工代表大会，全体与会职工代表一致同意选举丁学宝先生（简历见附件）为公 司第五届董事会职工代表董事。 证券代码：603711 证券简称：香飘飘 公告编号：2025-018 香飘飘食品股份有限公司 附件： 丁学宝先生简历 丁学宝先生将与公司 2024 年年度股东大会选举产生的八名非职工代表董事 共同组成公司第五届董事会，任期为自本次职工代表大会选举通过之日起至第 五届董事会届满之日止。 特此公告。 香飘飘食品股份有限公司董事会 2025 年 5 月 17 日 丁学宝先生，1979 年 12 月生，大学本科学历，学士学位。曾任职于伊利 集团酸奶事业部质量技术部经理、贝因美股份有限公司质量风控中心经理。 2016 年 9 月至 2020 年 9 月任香飘飘食品股份有限公司质量总监、厂长职位， 20 ...

2024 年年度股东大会的 法律意见书 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 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 网址/Website：http://www.grandall.com.cn 二〇二五年五月 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 电子邮箱/Mail：grandallhz@grandall.com.cn 香飘飘食品股份有限公司 2024 年年度股东大会的 法律意见书 致：香飘飘食品股份有限公司 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 2024 年年度股东大会（以下简 称"本 ...

一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 16 日 (二)股东大会召开的地点：浙江省湖州市凤凰西区西凤路 1318 号兰芳园工厂 2 楼会议室 (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： 证券代码：603711 证券简称：香飘飘 公告编号：2025-016 香飘飘食品股份有限公司 2024年年度股东大会决议公告 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 | 1、出席会议的股东和代理人人数 | 248 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 284,217,050 | | 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（%） | 68.8703 | 2、公司在任监事 3 人，现场出席 3 人； 3、副总经理杨静女士、董事会秘书兼财务总监邹勇坚先生出席了本次股东大会。 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《2024 年度董事 ...

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。 一、董事会会议召开情况 香飘飘食品股份有限公司（以下简称"公司"）第五届董事会第一次会议通 知于 2025 年 5 月 7 日以电子邮件及通讯方式送达全体董事，会议于 2025 年 5 月 16 日以现场表决方式召开。本次会议应参与表决董事 9 名，实际参与表决董 事 9 名。本次会议由全体董事推举董事蒋建琪先生主持，公司高级管理人员列席 会议。本次会议符合《公司法》《公司章程》和《董事会议事规则》的有关规定， 会议的召集、召开合法有效。 二、董事会会议审议情况 （一）审议通过《关于选举公司董事长的议案》 证券代码：603711 证券简称：香飘飘 公告编号：2025-017 香飘飘食品股份有限公司 第五届董事会第一次会议决议公告 同意选举蒋建琪先生担任公司第五届董事会董事长，任期自本次董事会审议 通过之日起至第五届董事会任期届满之日止。 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董事会完成换届 ...

Core Viewpoint - The company is actively exploring new product categories and marketing strategies to enhance its market presence and adapt to consumer preferences, particularly focusing on the "original leaf brewed" tea products and the Meco fruit tea line. Product Development - The company has launched new tea products, "original leaf brewed light milk tea" and "original leaf brewed milk tea," which aim to innovate within the tea category and target younger consumers [2][3] - The new products are currently in a trial phase in select online and offline markets, with positive feedback received from the gift market segment [2] - Future plans include further optimization of product content and packaging as the new products are still being tested [3] Sales Channels - Historically, the company's tea products have been concentrated in lower-tier cities, but the new "original leaf brewed" products are being trialed primarily in first and second-tier markets [4] - The company has over 30,000 direct partnerships with snack retail stores and is exploring opportunities in the snack channel [4] Meco Fruit Tea Strategy - Meco fruit tea is a core part of the company's ready-to-drink business, with plans to deepen penetration in school channels and explore opportunities in snack and gift channels [5] - New flavors such as "Orange Jasmine" and "Mulberry Jasmine" have been introduced to attract consumers [5] Distribution Network - The company currently has approximately 300,000 retail outlets for its ready-to-drink products and aims to focus on optimizing existing channels rather than aggressively increasing the number of outlets [6] - The strategy includes selecting high-performing channels for resource allocation and enhancing product visibility to drive sales [6] Business Outlook - The company anticipates challenges in its tea business for Q4 2024 and Q1 2025 due to external factors affecting gift sales and internal strategic adjustments [8] - The company emphasizes a long-term approach, prioritizing channel health and stable pricing to maintain relationships with distributors [9] Marketing and Brand Strategy - The company plans to enhance sales through improved distributor confidence and customer service, while implementing a "four transformations" strategy focusing on health, youthfulness, product scenarios, and daily consumption [10] - New marketing initiatives will be introduced to communicate the brand's positive changes to consumers [10] New Product Pipeline - The company is committed to launching new flavors for Meco fruit tea and is exploring the coffee segment with products like "Fresh Coffee" and "Sugar-Free Black Coffee" [11] - Custom cup-sized ready-to-drink products are being developed for the restaurant channel [11] Financial Performance - The company's Q1 2025 report shows a revenue of 580 million yuan, a year-on-year decrease of 19.98%, with a net loss of 18.775 million yuan, reflecting a significant decline in profitability [15] - The company maintains a debt ratio of 22.78% and a gross margin of 31.19% [15] Future Cost Management - The company employs a fiscal year price-locking strategy for procurement and is focused on optimizing costs through packaging updates and lean production [13]

Group 1: Market Performance - The beverage business in China has shown strong performance in Q1 2025, with PepsiCo reporting net revenue of $17.92 billion and organic revenue growth of 1.2%, while Coca-Cola achieved revenue of $11.129 billion with a 6% organic revenue increase and a net profit of $3.335 billion, up 5% [2] - Domestic beverage companies such as Master Kong, Uni-President, and Nongfu Spring reported significant revenue growth, with Master Kong's beverage revenue at 51.621 billion yuan (up 1.3%), Uni-President at 19.241 billion yuan (up 8.2%), and Nongfu Spring at 42.896 billion yuan [4] Group 2: Product Trends - The beverage industry is experiencing a shift with a decline in packaged drinking water production, which has dropped below 50% market share, while tea beverages and other categories are gaining traction, with tea beverage revenue growth rates of 8.2%, 13.1%, and 32.3% for Master Kong, Uni-President, and Nongfu Spring respectively [4][5] - Juice products are also seeing growth, with Nongfu Spring's juice revenue reaching 4.085 billion yuan (up 15.6%) and Uni-President's juice revenue at 3.605 billion yuan (up 5.9%) [5] Group 3: Marketing Strategies - Beverage brands are increasingly focusing on engaging with younger consumers through innovative marketing strategies, including pop-up stores, music festivals, and interactive campaigns [6][10] - Coca-Cola's "Share a Coke" campaign has been revitalized to resonate with younger consumers, incorporating social elements into its packaging and marketing [9] - Brands like Xiangpiaopiao are also adopting new marketing approaches, such as opening physical stores and leveraging social media to enhance brand visibility and engagement with young audiences [8][11] Group 4: Consumer Insights - The beverage market is characterized by a high penetration rate among younger consumers, particularly those aged 21-25, indicating a need for brands to align their marketing strategies with the preferences of this demographic [7] - The 2024 China Youth Marketing Strategy Report highlights that brands that resonate with young consumers' values and lifestyles are more likely to succeed in the competitive landscape [7][10]

Group 1 - The report highlights the core viewpoint that the company, Qii 712 (603712), is a key supplier in military wireless communication, with a focus on independent research and innovation in military communication technology [2] - The company reported a revenue of 216 million yuan in Q1 2025, a decrease of 55.88% year-on-year, and a net profit of -54.02 million yuan, down 440.23% year-on-year [2] - The report anticipates that the company will benefit from the increasing defense spending and the expanding market for military private network wireless communication [2] Group 2 - The report on the pet economy indicates a strong growth momentum, with the fifth TOPS Pet Expo showcasing over 1,200 exhibitors and a 43% increase in visitor numbers compared to the previous year [3] - Exports of pet food from China reached 82,400 tons in the first quarter of 2025, reflecting a year-on-year growth of 19.68% [3] - The report suggests that the pet economy is transitioning from "scale expansion" to "value creation," with leading companies focusing on innovation and brand development [3] Group 3 - The report on Aosaikang (002755) indicates a total revenue of 509 million yuan in Q1 2025, a year-on-year increase of 13.39%, and a net profit of 54.73 million yuan, up 73.50% year-on-year [4] - Aosaikang's SmartKine platform is highlighted as a promising innovation in the field of immunotherapy, aiming to selectively activate the immune system to target tumor cells [4] - The report projects significant revenue growth for Aosaikang, with expected revenues of 1.90 billion, 2.89 billion, and 5.30 billion yuan for 2025, 2026, and 2027 respectively [30] Group 4 - The report on Zhongji Xuchuang (300308) shows a revenue of 6.67 billion yuan in Q1 2025, a year-on-year increase of 37.82%, and a net profit of 1.58 billion yuan, up 56.83% year-on-year [33] - The company is focusing on the development of 800G and 1.6T optical modules, with expectations for increased demand in the second half of 2025 [33] - The report emphasizes the strategic partnership with CarLink to develop vehicle-mounted optical communication modules, aiming to enhance smart vehicle capabilities [33]