Core Viewpoint - The leisure food sector experienced a decline of 0.64% on January 29, with Wancheng Group leading the drop, while the overall Shanghai Composite Index rose by 0.16% [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 4157.98, up 0.16% [1]. - The Shenzhen Component Index closed at 14300.08, down 0.3% [1]. - The leisure food sector's individual stock performance showed varied results, with notable gainers including: - Three Squirrels (300783) at 24.88, up 4.85% with a trading volume of 208,500 shares and a turnover of 504 million yuan [1]. - Lihai Food (300973) at 46.39, up 4.25% with a trading volume of 35,500 shares and a turnover of 163 million yuan [1]. - Guangzhou Restaurant (603043) at 17.91, up 3.11% with a trading volume of 63,500 shares and a turnover of 113 million yuan [1]. Group 2: Capital Flow - The leisure food sector saw a net outflow of 43.16 million yuan from institutional investors, while retail investors had a net inflow of 76.79 million yuan [2]. - The individual stock capital flow indicated: - Three Squirrels (300783) had a net outflow of 50.81 million yuan from institutional investors [3]. - Zhi Zhi Food (002557) experienced a net inflow of 18.82 million yuan from institutional investors [3]. - Lihai Food (300973) had a net inflow of 10.65 million yuan from institutional investors [3].

这一切变革的背后，是良品铺子作为"链主"企业助力。通过技术赋能、订单保障与标准输出，企业不仅 带动了40多个农业产业集群发展，更让高标准成为产业升级的引擎。从改善灌溉系统到培训种植技术， 从建立分级标准到搭建销售网络，良品铺子用完善的供应链"基建"，助力农业产业高品质发展。 良品铺子对品质的坚守，深植于对原产地的敬畏。长白山的红松籽，凭着"百年古树、深山原生态、人 工采摘"三大特质，成就了松香甘醇的独特口感；会稽山的香榧，1500斤鲜果仅产300斤干货，无需农药 化肥，靠山水云雾自然生长，稀缺性与生俱来；云南德宏则凭借北纬24°黄金产区、19℃年均温、超 2000小时日照，让中国夏威夷品质得到越来越多的肯定。截至目前，良品铺子已累计采购云南夏威夷 果、核桃等超15000吨，用实际行动守护原产地价值。 在高品质的基础上，良品铺子让坚果与原产地文化深度绑定，赋予其情感与吉祥寓意。长白山红松籽承 载着"松柏常青"的生命力，成为家庭团圆、健康永驻的祝福载体；会稽山千年香榧隐喻圆满持久的美好 愿景，让"榧同凡响"有了文化根脉；云南高原的核桃带着山地的纯净，燕山小白杏饱含阳光的福泽，每 一处产地都化作情感充沛的文化IP。 ...

Group 1: iMoutai Packaging Correction and After-Sales Solutions - iMoutai has corrected the packaging of the classic version of Guizhou Moutai liquor (53% vol 500ml) and announced two after-sales solutions [1] - The first solution allows consumers to exchange the original product for the corrected version at Moutai self-operated stores until December 31, 2026 [1] - The second solution involves a "pen tool" for consumers to correct the packaging themselves, with further details to be announced [1] Group 2: Jinsha Liquor's Organizational Restructuring - Jinsha Liquor has shifted its strategy from "pan-nationalization" to "regional market gradient cultivation" to pursue high-quality development [2] - The company has restructured its organization into a "functional department + regional district" model to enhance market responsiveness and decision-making efficiency [2] - Marketing strategies will focus on content and scenario marketing, with a strong emphasis on digital capabilities for cost control and data analysis [2] Group 3: Xijiu's Sales Growth on JD.com - Xijiu's sales on JD.com have surpassed 1.4 billion yuan in 2025, marking a significant milestone in their partnership with the platform [3] Group 4: Yanjing Beer Profit Forecast - Yanjing Beer expects a net profit of 1.583 billion to 1.742 billion yuan for the previous year, representing a year-on-year growth of 50% to 65% [4] - The company is focusing on a big product strategy and enhancing brand management to drive growth [4][5] Group 5: ST Juewei's Revenue and Loss Forecast - ST Juewei anticipates a revenue of 5.3 billion to 5.5 billion yuan for 2025, a decline of 12.09% to 15.29% year-on-year, with a projected net loss of 160 million to 220 million yuan [10] - The company cites underutilized production capacity and increased non-operating expenses as factors affecting performance [10] Group 6: Liangpinpuzi's Expected Losses - Liangpinpuzi forecasts a net loss of 120 million to 160 million yuan for 2025, primarily due to store optimization and product adjustments [11] - The company is focusing on improving management efficiency and reducing costs, but revenue and gross margin declines have impacted profitability [11] Group 7: Yijia Yue's Profit Growth Projection - Yijia Yue expects a net profit increase of 50.06% to 72.79% for 2025, driven by enhanced customer orientation and store upgrades [18] - The company is optimizing its product offerings and improving operational efficiency to boost profitability [18] Group 8: Yonghui Supermarket's Stake Sale - Yonghui Supermarket plans to sell a 28.095% stake in YunJin Technology for 80 million yuan to focus on its core business [16][17]

Market Performance - The leisure food sector increased by 0.73% compared to the previous trading day, with "Good Idea" leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - "Good Idea" (002582) closed at 16.18, up 6.03% with a trading volume of 698,800 shares and a transaction value of 1.123 billion yuan [1] - "Wancheng Group" (300972) closed at 219.50, up 3.51% with a transaction value of 601 million yuan [1] - "Lihigh Food" (300973) closed at 46.56, up 1.77% with a transaction value of 155 million yuan [1] - "Nanjiao Food" (605339) closed at 18.94, up 1.39% with a transaction value of 47.9721 million yuan [1] - "Purple Lotus Food" (603057) closed at 29.69, up 1.19% with a transaction value of 224 million yuan [1] - "Three Squirrels" (300783) closed at 24.50, up 0.82% with a transaction value of 221 million yuan [1] - "Maiqu'er" (002719) closed at 9.21, up 0.66% with a transaction value of 52.3833 million yuan [1] - "Liangpinpuzi" (603719) closed at 12.12, up 0.33% with a transaction value of 48.7241 million yuan [1] - "Guifaxiang" (002820) closed at 12.63, up 0.32% with a transaction value of 84.7587 million yuan [1] - "Ganyuan Food" (002991) closed at 62.82, up 0.05% with a transaction value of 59.5207 million yuan [1] Capital Flow - The leisure food sector experienced a net outflow of 112 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [2] - The capital flow for individual stocks shows varying trends, with "Wancheng Group" having a net inflow of 9.9595 million yuan from institutional investors [3] - "Lihigh Food" had a net inflow of 295.83 million yuan from retail investors, while "Salted Fish" (002847) saw a net outflow of 2.19959 million yuan from institutional investors [3]

Group 1: Company Announcements - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (Mingming Hen Mang) has officially launched its global offering and plans to list on the Hong Kong Stock Exchange on January 28, 2024, with a total of 14.1011 million shares available for sale, expecting to raise approximately HKD 3.124 billion after expenses [1] - Good Products Co. has announced an expected net loss of RMB 120 million to RMB 160 million for the fiscal year 2025, primarily due to a decline in sales revenue and adjustments affecting gross margins [3] - Junlebao Dairy has submitted its prospectus to the Hong Kong Stock Exchange, reporting revenues of RMB 175.5 billion, RMB 198.3 billion, and RMB 151.3 billion for the years 2023 to 2025, with net profit increasing from RMB 558,000 to RMB 9 billion, a growth of over 700% [4] Group 2: Market Trends and Consumer Behavior - Taobao Flash Delivery has announced a subsidy of nearly RMB 2 billion for city couriers during the 2026 Spring Festival to enhance their income and reward their commitment [8] - Recent data indicates that trophy-related searches on Taobao have increased by over 50% year-on-year, with customized trophies for self-gifting seeing the highest demand [8] - The convenience food market in China shows that Kang Shifu has further increased its market share, with new products accounting for 2.51% of the market in Q4 2025, significantly ahead of competitors [17] Group 3: Financial Performance and Projections - Salia reported a net profit increase of 16% to 3 billion yen for the period from September to November 2025, with sales reaching 70.2 billion yen, a 15% increase [9] - Nanjing Xinbai expects a net loss of between RMB 839 million and RMB 1.026 billion for 2025, primarily due to goodwill and intangible asset impairments [18] - Laiyifen anticipates a net loss of approximately RMB 170 million for 2025, with adjustments to store numbers and gross margins impacting performance [18]

Group 1 - The company, Liangpinpuzi, forecasts a net profit attributable to shareholders for 2025 to be between -160 million and -120 million yuan, with a net profit excluding non-recurring gains and losses expected to be between -190 million and -150 million yuan [1] - In 2024, Liangpinpuzi reported an operating revenue of 7.159 billion yuan, a year-on-year decrease of 11.02%, and a net profit attributable to shareholders of -46.10 million yuan, compared to a profit of 180 million yuan in the previous year [1] - The net cash flow from operating activities for 2024 was 577.15 million yuan, reflecting a significant decline of 99.55% year-on-year [1] Group 2 - Liangpinpuzi raised a total of 487.90 million yuan from its initial public offering, with a net amount of 420.47 million yuan, exceeding the original plan by 117,900 yuan [2] - The funds raised are intended for projects including the construction of an all-channel marketing network, warehousing and logistics system, digital upgrade of information systems, and renovation of food research and testing centers [2] - The total issuance costs for the initial public offering amounted to 67.43 million yuan, with underwriting and sponsorship fees accounting for 42.03 million yuan [3]

证券代码：603719 证券简称：良品铺子 公告编号：2026-003 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经公司财务部门初步测算，预计2025年年度实现归属于上市公司股东的净利润为-16,000万元到-12,000 万元；归属于上市公司股东的扣除非经常性损益的净利润为-19,000万元到-15,000万元。 （三）本期业绩预告是公司财务部门遵循会计准则进行的初步核算数据，未经注册会计师审计。 二、上年同期经营业绩和财务状况 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： ● 业绩预告的具体适用情形：净利润为负值。 ● 良品铺子股份有限公司（以下简称"公司"）预计2025年年度实现归属于上市公司股东的净利润 为-16,000万元到-12,000万元；归属于上市公司股东的扣除非经常性损益的净利润为-19,000万元 到-15,000万元。 一、本期业绩预告情况 （一）业绩预告期间 三、本期业绩预亏的主要原因 （一）公司2025年因持续优化门店结构，主动淘汰低效门店，门店店数下降，导致 ...

Core Viewpoint - The company, Liangpinpuzi, expects a net loss of 120 to 160 million yuan for the year 2025 due to various operational challenges and strategic adjustments [1] Group 1: Financial Performance - The anticipated net loss for 2025 is projected to be between 120 million and 160 million yuan [1] - The decline in sales revenue is attributed to the reduction in the number of stores as part of the strategy to optimize store structure by eliminating inefficient outlets [1] - Interest income and investment returns are expected to decrease by approximately 18 million yuan compared to the previous year [1] - Government subsidies received are projected to decline by about 23 million yuan year-on-year [1] Group 2: Operational Adjustments - The company is actively optimizing and adjusting its product offerings, which includes lowering prices on certain products, impacting the gross profit margin [1] - Efforts are being made to enhance management efficiency and reduce management costs through the use of information technology tools [1]

Group 1: Poly Development - Poly Development expects a net profit of 1.026 billion yuan for 2025, a decrease of 79.49% year-on-year [1] - The net profit excluding non-recurring gains and losses is projected to be 628 million yuan, down 85.25% year-on-year [1] - The decline in performance is attributed to a decrease in gross profit margin from real estate project transfers and an estimated asset impairment loss of approximately 6.9 billion yuan [2] Group 2: Huichuan Technology - Huichuan Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and brand image [3] Group 3: Guizhou Platinum Industry - Guizhou Platinum Industry's non-public stock issuance has been approved, aiming to raise up to 1.291 billion yuan for technology innovation and working capital [4] Group 4: Yingfang Micro - Yingfang Micro intends to acquire 100% of Shanghai Xiaokeli and First Technology China through a combination of share issuance and cash payment [5][6] Group 5: ST New Power - ST New Power received a regulatory letter from the Shenzhen Stock Exchange due to inconsistencies in the voting results of a recent shareholder meeting [7] Group 6: Zhengfan Technology - Zhengfan Technology received a warning letter from the Shanghai Securities Regulatory Bureau for irregularities in its management and investment operations [8] Group 7: Trina Solar - Trina Solar expects a net loss of 6.5 billion to 7.5 billion yuan for 2025, impacted by supply-demand imbalances and rising raw material costs [9] Group 8: China Great Wall - China Great Wall anticipates a net loss of 35 million to 70 million yuan for 2025, although it expects to significantly reduce its losses compared to the previous year [10] Group 9: Liangpin Shop - Liangpin Shop forecasts a net loss of 120 million to 160 million yuan for 2025, with losses widening due to store closures and reduced product prices [11] Group 10: Sun Energy - Sun Energy expects a net profit of 182 million to 259 million yuan for 2025, a decrease of 81% to 87% year-on-year, primarily due to falling coal prices [12] Group 11: Chengdu Huami - Chengdu Huami anticipates a net profit of 213 million to 255 million yuan for 2025, an increase of 74.35% to 108.73% year-on-year, driven by increased demand in the special integrated circuit industry [13][14] Group 12: Shui Jing Fang - Shui Jing Fang expects a net profit of 392 million yuan for 2025, a decrease of 71% year-on-year, due to a challenging environment in the liquor industry [15] Group 13: Xian Dao Ji Dian - Xian Dao Ji Dian projects a net loss of 138 million to 92 million yuan for 2025, a shift from a profit of 108 million yuan in the previous year [16] Group 14: Tian Tong Co. - Tian Tong Co. expects a net loss of 120 million to 170 million yuan for 2025 [17] Group 15: Hunan YN - Hunan YN anticipates a net profit of 1.15 billion to 1.4 billion yuan for 2025, a growth of 93.75% to 135.87% year-on-year, driven by the rapid development of the new energy vehicle market [18] Group 16: Qi Yi Er - Qi Yi Er forecasts a net loss of 350 million to 550 million yuan for 2025 [19] Group 17: Ding Long Co. - Ding Long Co. expects a net profit of 700 million to 730 million yuan for 2025, an increase of 34.44% to 40.20% year-on-year, supported by strong growth in semiconductor and display materials [20] Group 18: Wan Tong Development - Wan Tong Development anticipates a net loss of 500 million to 750 million yuan for 2025, with losses widening due to strategic shifts and impairment losses [21] Group 19: Hua Ce Testing - Hua Ce Testing expects a net profit of 1.013 billion to 1.021 billion yuan for 2025, a growth of 10% to 11% year-on-year, driven by strategic advancements and operational improvements [22] Group 20: Nanwang Energy - Nanwang Energy projects a net profit of 300 million to 360 million yuan for 2025, marking a turnaround from a loss in the previous year [24] Group 21: Fang Da Carbon - Fang Da Carbon anticipates a net profit of 60.44 million to 101 million yuan for 2025, a decrease of 45.85% to 67.51% year-on-year [25] Group 22: Datang Telecom - Datang Telecom expects a net loss of 39 million to 56 million yuan for 2025 [26] Group 23: Huajian Group - Huajian Group forecasts a net profit of 62 million to 80.6 million yuan for 2025, a decrease of 79.4% to 84.2% year-on-year, due to competitive pressures [27] Group 24: Shanghai Petrochemical - Shanghai Petrochemical expects a net loss of approximately 1.289 billion to 1.576 billion yuan for 2025, a shift from profit due to declining oil prices and reduced demand [28] Group 25: Jiangzhong Pharmaceutical - Jiangzhong Pharmaceutical has changed its name to Huaren Jiangzhong Pharmaceutical, with the stock code remaining the same [29] Group 26: Hebang Bio - Hebang Bio anticipates a net loss of 470 million to 570 million yuan for 2025 [30] Group 27: Mingtai Aluminum - Mingtai Aluminum expects a net profit of 1.95 billion to 2 billion yuan for 2025, a growth of 12% to 14% year-on-year, driven by advancements in low-carbon products [31]

Major Events - Hualing Cable announced the termination of the acquisition of control over Xingxin Aerospace due to failure to reach consensus on specific agreement terms, stating that this decision will not adversely affect its operations or financial status [1] - Xianglu Tungsten Industry expects a net profit of 125 million to 180 million yuan for 2025, driven by continuous price increases in tungsten raw materials and improved market conditions [1] Company Announcements - Zhongwei Semiconductor is set to launch its first non-volatile memory chip, a low-power SPI NOR Flash with a capacity of 4M bits, filling a product gap in the Flash sector [2] - Nanshan Aluminum plans to invest approximately 437 million USD in a 250,000-ton electrolytic aluminum project in Indonesia [4] - Xinfengming intends to acquire a 35% stake in Dushan Port Development to enhance its supply chain capabilities [5] - Jiangxi Copper signed a cooperation framework agreement with China Ordnance Material Group for the purchase and sale of copper and nickel products [6] Performance Forecasts - Wan Tong Development expects a net loss of 500 million to 750 million yuan for 2025, attributed to strategic shifts and increased impairment losses [12] - Hunan YN anticipates a net profit of 1.15 billion to 1.4 billion yuan for 2025, driven by growth in lithium battery materials [13] - Tianjian Technology forecasts a net loss of 176 million to 250 million yuan for 2025, with potential delisting risk due to financial performance [14] - Leading companies like Guotou Securities and Xiangcai Securities project significant profit growth for 2025, with Guotou expecting 3.42 billion yuan, a 35.18% increase [27][28] Industry Trends - The tungsten market is experiencing improved supply-demand dynamics, benefiting companies like Xianglu Tungsten [1] - The photovoltaic industry continues to face challenges, with companies like Trina Solar projecting substantial losses due to market pressures [19] - The aluminum sector is seeing investment growth, particularly in overseas projects, as indicated by Nanshan Aluminum's plans [4] Stock Movements - Hualing Cable's stock will not be adversely affected by the termination of the acquisition [1] - Companies like Hunan YN and Guotou Securities are expected to see positive stock performance due to favorable profit forecasts [13][27]