良品铺子股份有限公司 2024 年年度股东大会 会议资料 二零二五年五月 良品铺子股份有限公司 2024 年年度股东大会 一、现场会议召开时间和地点： 三、会议表决方式：现场投票和网络投票相结合。 四、会议主持人：董事长程虹先生。 五、会议审议议案： | 序号 | 议案名称 | | --- | --- | | | 非累积投票议案 | | 1 | 公司董事会 2024 年度工作报告 | | 2 | 公司监事会 年度工作报告 2024 | | 3 | 关于公司《2024 年度财务决算报告》的议案 | | 4 | 年度利润分配预案》的议案 关于公司《2024 | | 5 | 关于公司 年年度报告全文及摘要的议案 2024 | | 6 | 关于续聘公司 2025 年度财务审计机构和内部控制审计机构的议案 | | 7 | 关于公司及控股子公司 年度向金融机构申请综合授信额度及提 2025 | | | 供相应担保并授权经理层办理的议案 | | 8 | 关于使用部分闲置自有资金进行现金管理并授权经理层进行投资决 | | | 策并组织实施的议案 | | | 累积投票议案 | | 9.00 | 关于选举独立董事的议案 | | ...

本次担保金额及已实际为良品工业提供的担保余额：公司本次以连带责 任保证的形式为良品工业担保的最高债权额为人民币 2 亿元。截至 2025 年 5 月 9 日，公司已实际为良品工业提供的担保余额为 19,067.32 万元。 证券代码：603719 证券简称：良品铺子 公告编号：2025-018 良品铺子股份有限公司 关于为全资子公司提供银行授信担保的进展公告 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： 本次被担保人为湖北良品铺子食品工业有限公司（以下简称"良品工业"）， 为良品铺子股份有限公司（以下简称"公司"）全资子公司，不属于公司关联人。 特别风险提示：截至本公告披露日，公司及控股子公司担保金额超过最 近一期经审计净资产 50%，均为公司对全资子公司提供的担保，敬请投资者注意 相关风险。 一、担保情况概述 近日，公司（即保证人）与招商银行股份有限公司（即债权人，以下简称"招 商银行"）签署了担保合同，约定公司为全资子公司良品工业（即债务人）向招 商银行申请银行综合授信提供担保，本次被担保最高债权额为人民币 ...

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]

Investment Rating - The report maintains a "Buy" investment rating for the company [5]. Core Views - The company is experiencing pressure on profits due to strategic adjustments, with a focus on lean management to improve efficiency [2][9]. - The introduction of new products is expected to drive revenue growth, particularly in the group buying segment, which saw a 19% increase in revenue [3]. - The company is actively optimizing its store model and reducing the number of underperforming stores to enhance profitability [3][9]. Financial Performance Summary - In 2024, the company reported total revenue of 7.159 billion yuan, a decrease of 11% year-on-year, with a net loss of 46 million yuan, a decline of 126% [1][11]. - The gross margin for 2024 and Q1 2025 decreased by 2 percentage points to 26.14% and 24.64%, respectively, primarily due to price reductions on certain products [2]. - The net profit margin also declined, with figures of -0.69% for 2024 and -2.10% for Q1 2025, attributed to reduced gross margins and increased asset impairments [2]. Earnings Forecast - The company is projected to launch a new brand focused on "natural healthy snacks" in 2024, which may initially pressure profits but is expected to perform well post-upgrade [4]. - Earnings per share (EPS) estimates for 2025-2027 are 0.06, 0.19, and 0.29 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 198, 62, and 41 times [9][11].

Core Insights - The snack wholesale model, originating from Japan, offers a supermarket-like shopping experience with lower prices, rapidly growing in China's snack market, reaching a market size of 104.59 billion yuan in 2024 from 4.08 billion yuan in 2019 [1][7]. Industry Overview - The snack wholesale model is characterized by a wide range of brands, convenient locations, fast product updates, and high cost-effectiveness, with discounts of 60-80% compared to offline supermarkets and 80-90% compared to online channels [2][3]. - The snack wholesale industry is experiencing robust growth, with the channel accounting for over 40% of China's snack sales by 2024, making it the leading sales channel in the market [5][7]. Market Dynamics - The snack wholesale industry is driven by both demand and supply, with a focus on product updates to meet consumer preferences while maintaining healthy inventory levels [1][7]. - The industry is seeing a shift towards a "go-between" model, enhancing efficiency and price competitiveness, leading to rapid market expansion [5][7]. Competitive Landscape - The market is becoming increasingly competitive, with major brands like "零食很忙" and "万辰集团" leading the charge, holding 18.5% and 17.5% market shares respectively [12]. - The competitive environment is marked by aggressive expansion strategies, with significant investments planned for market development in northern China [11][12]. Financial Performance - "万辰集团" reported a revenue of 31.79 billion yuan in 2024, a 262.94% increase year-on-year, reflecting the rapid growth of its snack wholesale business [14]. - "良品铺子" reported a revenue of 5.48 billion yuan in 2024, a decline of 8.66%, indicating challenges in maintaining growth amidst increasing competition [16]. Future Trends - The industry is moving towards an integrated online and offline retail model, enhancing customer experience and operational efficiency [18]. - There is a growing trend towards health-oriented and functional snacks, with sales of low-sugar and high-protein products increasing by 40% in 2024 [19]. - Brands are accelerating international expansion, particularly in Southeast Asia, to tap into new markets and diversify revenue streams [20].

证券代码：603719 证券简称：良品铺子 公告编号：2025-017 良品铺子股份有限公司 本次权益变动前，达永有限持有公司股份 76,836,126 股，占公司总股本 的 19.16%；本次权益变动后，达永有限持有公司股份 75,641,726 股，占公司总 股本的 18.86%，持股变动跨越 1%的整数倍。 本次变动未违反信息披露义务人已作出的承诺、意向、计划。 一、信息披露义务人的基本信息 | | 名称 | 达永有限公司（SUMDEX LIMITED） | | | --- | --- | --- | --- | | 信息披露 | 股东性质 | 境外法人 | | | 义务人 基本信息 | | 控股股东、实际控制人及其一致行动人 | □是 √否 √是 □否 | | | 身份类别 | 持股5%以上股东 | | | | | 董事、监事和高级管理人员 | □是 √否 | | | | 其他：不适用 | | 上述信息披露义务人无一致行动人。 二、权益变动触及 1%刻度的基本情况 股东权益变动触及 1%刻度的提示性公告 信息披露义务人达永有限公司（英文名称 SUMDEX LIMITED）保证向本公司 提供的信息真实、 ...

Investment Rating - The report downgrades the investment rating to "Accumulate" [4][6] Core Views - The company reported a total revenue of 7.159 billion yuan for 2024, a year-on-year decrease of 11.02%, and a net loss attributable to shareholders of 46 million yuan, compared to a profit of 180 million yuan in the same period last year [1] - The first quarter of 2025 saw a revenue of 1.732 billion yuan, down 29.34% year-on-year, with a net loss of 36 million yuan, contrasting with a profit of 62 million yuan in the same quarter of 2024 [1][2] - The company is undergoing adjustments across various business lines due to intensified competition and the impact of the Spring Festival timing [2] Revenue Analysis - In Q1 2025, online and offline channels generated revenues of 901 million yuan and 1.038 billion yuan, respectively, reflecting declines of 30.00% and 28.83% year-on-year [2] - The total number of stores decreased by 123 from the end of 2024, with 2,581 stores remaining as of the end of Q1 2025 [2] Profitability Metrics - The gross margin for 2024 was 26.14%, with a decline in Q1 2025 to 24.64%, down 1.78 percentage points year-on-year [3] - The net profit margin for 2024 was -0.64%, indicating continued pressure on profitability [3] Earnings Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been significantly reduced to 20 million yuan and 122 million yuan, respectively, representing decreases of 93.7% and 66.5% from previous estimates [4] - The projected EPS for 2025 is 0.05 yuan, with a P/E ratio of 237 times based on the current stock price [4][11]

Core Insights - The freeze-dried food industry in China is part of the agricultural and agricultural product processing sector, with upstream focusing on raw materials and freeze-drying equipment, midstream on food freeze-drying processing, and downstream on wholesalers, supermarkets, convenience stores, and food companies [1] Industry Overview - The freeze-dried food industry is primarily concentrated in Shandong and Jiangsu, with additional presence in Anhui, Henan, and Fujian [3] - Upstream raw material companies are mainly located in Xinjiang, Gansu, Shandong, and Hubei, while upstream refrigeration equipment companies are found in Beijing and Shanghai. Midstream freeze-dried food companies are predominantly in Shandong and Fujian [6] Company Performance - In the first half of 2024, the revenue from pet snacks for Guai Bao Pet reached 1.194 billion yuan. The gross margin varies significantly among listed companies, with Lai Yi Fen's candy and fruit products gross margin exceeding 45%, while Hao Xiang Ni's health-preserving products have a gross margin of only 11.50% [7][8] - The number of stores for Lai Yi Fen is the highest among listed companies, totaling 3,472 [7] Company Financials | Company Name | Revenue (Billion Yuan) | Gross Margin (%) | Other Indicators | | --- | --- | --- | --- | | Hao Xiang Ni (002582) | 0.35 | 11.50% | Store Count: 390 | | Lai Yi Fen (603777) | 3.41 | 45.18% | Store Count: 3,472 | | Liang Pin Pu Zi (603719) | 6.67 | 33.15% | Store Count: 2,814 | | San Zhi Song Shu (300783) | 0.35 | 21.32% | Store Count: 415 | | Guai Bao Pet (301498) | 1.194 | 39.19% | Pet Feed Sales: 176,000 tons | | Lu Si Co. (832419) | 0.215 | 26.41% | | | Zhong Chong Co. (002891) | 1.136 | 25.45% | Pet Food and Supplies Sales: 99,600 tons | | Pei Ti Co. (300673) | 0.190 | 29.87% | Pet Food and Others Sales: 30,100 tons [8] Recent Developments - Since 2024, representative companies in the freeze-dried food industry have engaged in strategic partnerships, established new companies, and built R&D centers [11]

Core Insights - Hubei province has seen the emergence of several regional public brands such as Qianjiang crayfish, Suizhou mushrooms, Honghu lotus root, and Wudang Mountain tea, aiming to expand these high-quality agricultural products to national and global markets [1][2] Group 1: Agricultural Product Development - The "Taste of China Good Raw Materials and CMG Rural Revitalization Launch Series Event" was initiated in Qichang County, Hubei, which is known for its high-quality navel oranges [1] - Qichang County has a history of 2300 years in orange cultivation, with over 130 varieties, a planting area exceeding 400,000 acres, and an annual production of over 1 million tons, generating a comprehensive output value of 20.3 billion yuan [1][2] Group 2: Technological and Market Innovations - The introduction of a million-yuan optical sorting line allows for rapid assessment of fruit quality, enabling the sale of navel oranges by individual pieces rather than by weight, resulting in sales of 3.2 million pounds and revenue exceeding 24 million yuan in just five days [2] - The brand value of "Qichang Navel Orange" has reached 16.678 billion yuan, establishing it as a nationally recognized agricultural product brand [2] Group 3: Lotus Root Industry Growth - Honghu City, a major lotus root cultivation area, has a planting area of 220,000 acres and an annual production of nearly 300,000 tons, with a comprehensive output value surpassing 6.5 billion yuan [4] - The provincial government has implemented the "Lotus Seven Measures" to support the development of the "Honghu Lotus Root" brand, allocating 10 million yuan annually [4][5] Group 4: E-commerce and Tourism Integration - Honghu's lotus root industry has embraced e-commerce, with nearly 8 billion yuan in annual online sales, supported by 682 registered e-commerce entities related to the lotus root industry [5] - The integration of tourism with the lotus root industry has attracted 287,000 visitors, generating a comprehensive income of 900 million yuan from tourism [5] Group 5: Strategic Collaborations - Hubei's cities have formed strategic partnerships with Liangpinpuzi to promote regional public brands through direct sourcing, standardization, and brand promotion [5] - The emphasis on merging local agricultural products with regional public brands is seen as crucial for expanding market reach, with consumer trust being the ultimate goal [5]

Core Insights - The snack industry has seen significant revenue growth, driven by new product launches and channel restructuring, including social e-commerce and discount stores [1][2] - Despite revenue growth, snack companies are facing challenges in maintaining profitability, with fluctuating sales expenses and gross margins [1][8] Revenue Growth Drivers - Major snack companies reported substantial revenue figures for 2024, with Three Squirrels leading at 10.622 billion, followed by other companies like Liangpinpuzi and Qiaqia Foods [2] - New product development has been highlighted as a key contributor to revenue, with Three Squirrels launching over 20 new products that achieved significant sales [3][4] Channel Expansion - The restructuring of sales channels has provided new opportunities for snack companies, with a focus on e-commerce and discount stores [5][6] - Three Squirrels reported an 81.73% increase in revenue from Douyin, indicating the effectiveness of digital marketing strategies [4] International Market Growth - Companies are increasingly targeting international markets, particularly Southeast Asia, to expand their growth potential [6][7] - Qiaqia Foods and other companies have reported significant growth in overseas sales, with Qiaqia's overseas revenue increasing by approximately 90% [6] Profitability Challenges - Many snack companies have experienced rising sales expenses, with increases ranging from 15.55% to 50.92%, primarily due to higher advertising costs [8][9] - Gross margins have shown volatility, with some companies reporting declines due to rising raw material costs and competitive pricing strategies [10] Dividend Distribution - Several companies have announced substantial cash dividends, reflecting confidence in their operational performance and future growth [11][12] - The total cash dividends and share buybacks for some companies represent a significant portion of their net profits, indicating a strong commitment to returning value to shareholders [11]