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]

Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]

公司报告 | 年报点评报告 香飘飘（603711） 证券研究报告 冲泡加快去库、果茶动能良好 24 年业绩分拆：24 年营业收入 32.87 亿元，同比-9.32%；归母净利 2.53 亿 元，同比-9.67%；扣非净利 2.18 亿元，同比-5.82%。24Q4 营业收入 13.49 亿元，同比-18.06%；归母净利 2.35 亿元，同比-14.94%；扣非净利 2.23 亿 元，同比-17.67%。25Q1 营业收入 5.80 亿元，同比-19.98%；归母净利-0.19 亿元，由盈转亏。分红率 41%，同比-10pct。 冲泡去库存承压，果茶增长势头靓丽。 分产品看：24 年冲泡类/即饮收入 22.71/9.73 亿元，同比-15.4%/+8%，即 饮收入占比+4.9pct 至 30%。 1、24 年冲泡销量同比-14%、价同比-2%，受外部消费环境变化及内部策略 调整，公司冲泡的库存、价盘稳定性受到影响；Q4 开始坚持以终端动销为 原则，积极去库稳价，目前库存已回归良性水平。 2、24 年即饮销量同比+11%、价同比-3%，其中果汁茶收入 7.8 亿、同比 +20.69%，聚集果茶策略成效显现；冻柠 ...

公司报告 | 年报点评报告 香飘飘（603711） 证券研究报告 冲泡加快去库、果茶动能良好 24 年业绩分拆：24 年营业收入 32.87 亿元，同比-9.32%；归母净利 2.53 亿 元，同比-9.67%；扣非净利 2.18 亿元，同比-5.82%。24Q4 营业收入 13.49 亿元，同比-18.06%；归母净利 2.35 亿元，同比-14.94%；扣非净利 2.23 亿 元，同比-17.67%。25Q1 营业收入 5.80 亿元，同比-19.98%；归母净利-0.19 亿元，由盈转亏。分红率 41%，同比-10pct。 冲泡去库存承压，果茶增长势头靓丽。 分产品看：24 年冲泡类/即饮收入 22.71/9.73 亿元，同比-15.4%/+8%，即 饮收入占比+4.9pct 至 30%。 1、24 年冲泡销量同比-14%、价同比-2%，受外部消费环境变化及内部策略 调整，公司冲泡的库存、价盘稳定性受到影响；Q4 开始坚持以终端动销为 原则，积极去库稳价，目前库存已回归良性水平。 2、24 年即饮销量同比+11%、价同比-3%，其中果汁茶收入 7.8 亿、同比 +20.69%，聚集果茶策略成效显现；冻柠 ...

香飘飘食品股份有限公司 2024 年年度股东大会会议资料 香飘飘食品股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 16 日 香飘飘食品股份有限公司 2024 年年度股东大会会议资料 会议资料之一 会议议程 一、会议及投票时间 现场会议：2025 年 5 月 16 日（星期五）14：00 网络投票：2025 年 5 月 16 日（星期五）采用上海证券交易所网络投票系统， 通过交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30,13:00-15:00；通过互联网投票平台的投票时间为股东大 会召开当日的 9:15-15:00。 二、现场会议地点 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、会议主持人 香飘飘食品股份有限公司董事长、总经理蒋建琪先生。 四、会议审议事项 1、审议《2024 年度董事会工作报告》 2、审议《2024 年度监事会工作报告》 3、审议《公司 2024 年年度报告全文及摘要》 5、审议《公司 2024 年度利润分配预案》 6、审议《关于续聘会计师事务所的议案》 7、审议《关于公司 2024 年 ...

Group 1: Company Insights - Huangma Technology's export sales growth exceeded 30% in Q1 2025, with minimal impact from US tariff policies. The increase in gross margin is attributed to higher production and sales volumes, along with a decrease in epoxy propane prices. The company plans to expand production capacity and has a stable dividend policy, committing to cash dividends exceeding 30% of net profit for 2024 [1] - Lianchuang Optoelectronics reported significant revenue growth in Q1 2025 due to the gradual release of large orders. The company expects a substantial reduction in losses for the year, driven by cost control and digital transformation efforts. The development of high-power lightweight pump sources and laser technology is underway, with a focus on optimizing asset quality in the backlight source industry [2] - GeKong Microelectronics achieved a revenue of 6.383 billion yuan in 2024, a year-on-year increase of 35.9%, with net profit rising by 287.2%. The company is confident in the mainstream adoption of high-pixel single-chip technology and is expanding its product lines in non-mobile sectors [3] - Pumen Technology experienced negative revenue growth in domestic business due to respiratory disease outbreaks and payment reform impacts. However, international business remains stable, and the company is focusing on product development and cost control [4] - Xiangpiaopiao faced challenges in its milk tea business in Q4 2024 and Q1 2025 due to external conditions and internal strategy adjustments. The company is launching new products and optimizing its marketing strategies to enhance brand visibility and sales [5] Group 2: Market Trends and Strategies - The market for Huangma Technology is perceived to have significant growth potential, with no apparent ceiling in sight. The company is leveraging AI technology in R&D and production processes [1] - Lianchuang Optoelectronics is focusing on optimizing its product structure and enhancing cost management to improve profitability in the backlight source sector [2] - GeKong Microelectronics is actively seeking non-US solutions to mitigate trade war impacts and is confident in the growth of its high-pixel product lines [3] - Pumen Technology is enhancing its international marketing structure and focusing on localizing operations to strengthen its global presence [4] - Xiangpiaopiao is exploring new product categories and channels to adapt to market demands and improve sales performance [5]