证券代码：603719 证券简称：良品铺子 公告编号：2025-048 良品铺子股份有限公司 根据《中华人民共和国公司法》《关于新<公司法>配套制度规则实施相关过 渡期安排》《上市公司章程指引》等法律法规、规范性文件的相关要求，结合公 司实际情况，公司将不再设置监事会，由董事会审计委员会行使法律法规规定的 监事会职权，公司《监事会议事规则》《监事会印章管理办法》相应废止，同时 公司将对《公司章程》及公司治理相关制度进行相应修订。 该事项尚需提交公司股东大会审议。 公司现任监事将自公司股东大会审议通过取消监事会事项之日起自动解除 监事职务。在取消监事会之前，公司第三届监事会仍将严格按照有关规定勤勉尽 责地履行监督职能，维护公司和公司全体股东的利益。 二、修订《公司章程》的情况 根据《中华人民共和国公司法》《上市公司章程指引》等法律法规、规范性 文件的规定，并结合公司实际情况，公司拟对《公司章程》部分条款进行修订。 关于取消监事会并修订《公司章程》及修订、制定 公司部分治理制度的公告 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。 ...

证券代码：603719 证券简称：良品铺子 公告编号：2025-049 良品铺子股份有限公司 关于召开2025年第一次临时股东大会的通知 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、 召开会议的基本情况 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 24 日 15 点 00 分 召开地点：公司 5 楼会议室（武汉市东西湖区金银湖航天路 1 号良品大厦） (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2025年12月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票起止时间：自2025 年 12 月 24 日 至2025 年 12 月 24 日 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 ...

证券代码：603719 证券简称：良品铺子 公告编号：2025-047 经与会董事审议，通过如下议案： 良品铺子股份有限公司 第三届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 （一）良品铺子股份有限公司（以下简称"公司"）第三届董事会第十一次 会议（以下简称"本次会议"）的召开符合有关法律、行政法规、部门规章、规 范性文件和公司章程的规定。 （二）公司于 2025 年 12 月 2 日以电子邮件的方式发出本次会议通知和材 料。 （三）公司于 2025 年 12 月 7 日在公司会议室以现场和线上相结合的方式召 开本次会议。 （四）本次会议应出席董事 9 人，实际出席会议的董事 9 人。 （五）本次会议由董事长程虹先生召集和主持。公司全体监事、董事会秘书 等高级管理人员列席了本次会议。 二、董事会会议审议情况 议案 1：关于取消监事会并修订《公司章程》的议案 表决结果：【9】票同意、【0】票反对、【0】票弃权，通过该议案。 本项议案尚需提交公司股东大会审议。 本议案详情请查 ...

证券代码：603719 证券简称：良品铺子 公告编号：2025-046 ●会议召开方式：网络文字互动 ●投资者可以在 2025 年 12 月 4 日（星期四）至 2025 年 12 月 10 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目进行提问，公司将 在业绩说明会上就投资者普遍关注的问题进行回答。 良品铺子股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日披露 了《良品铺子股份有限公司 2025 年第三季度报告》，为便于广大投资者更全面 深入地了解公司 2025 年第三季度的经营业绩，公司计划于 2025 年 12 月 11 日（星 期四）10:00-11:00，以网络文字互动的方式，举行 2025 年第三季度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 良品铺子股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： ●会议召开时间：2025 年 12 月 11 日（星期四）10:00-11: ...

Financing Scale Analysis - From 2014 to August 2025, the financing events and amounts in China's light food industry showed fluctuations, with a total of 34 events. The highest number of events occurred in 2016 (6 events), while 2019, 2024, and January-August 2025 had the least (1 event each). Overall, there was no significant upward or downward trend in the number of events [1] - The total financing amount reached 867 million yuan, with the highest amount in 2018 (203 million yuan) and the lowest in 2014 and 2022 (both 13 million yuan) [1] Mergers and Acquisitions - The current number of mergers and acquisitions in China's light food sector is very limited, with a notable event on September 20, 2022, when Anhong Capital announced the acquisition of 60% of Wagas from its founder, who will continue to manage daily operations. This collaboration aims to expand market presence and strengthen brand development, including product supply and menu research, as well as operational infrastructure [2] Industry Distribution - The distribution of enterprises in the light food industry is concentrated in economically developed regions with active consumer markets and well-established industrial chains, covering both domestic and international capital market listed entities [4] Industry Development History - The light food concept officially entered the Chinese market in 2013, gradually gaining public awareness and understanding. From 2015 to 2017, the industry experienced a critical phase of concentrated capital investment, leading to rapid growth. However, from 2018 to 2019, the industry faced a deep reshuffling period due to immature development models and market regulations, resulting in accelerated capital withdrawal and slowed growth [5][8] - Since 2020, the light food industry has entered a new development phase, driven by a significant increase in the number of supply-side enterprises and a shift in consumer dietary habits towards healthier and lighter options due to the pandemic. This dual push has led to unprecedented attention on the industry [5][8] Industry Development Stages - Brand Incubation (2013-2014): Light food began to enter the Chinese market, with initial consumer exposure [8] - Capital Intensive Investment Period (2015-2017): The industry saw a surge in capital investment, leading to rapid development [8] - Cooling Period (2018-2019): The industry faced a reshuffling phase due to immature development, resulting in quick capital withdrawal [8] - Rising Attention Period (2020-Present): The industry has regained momentum with a rapid increase in supply-side enterprises and changing consumer habits, leading to unprecedented focus [8]

Core Insights - The leisure food sector experienced a rise of 1.42% on December 1, with Huang Shang Huang leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Huang Shang Huang (002695) closed at 12.73, up 4.69% with a trading volume of 125,700 shares and a transaction value of 159 million [1] - Wan Chen Group (300972) closed at 185.21, up 3.75% with a trading volume of 24,600 shares [1] - Youyou Food (603697) closed at 13.32, up 2.07% with a trading volume of 110,700 shares [1] - Three Squirrels (300783) closed at 23.29, up 2.06% with a trading volume of 77,400 shares [1] - Other notable stocks include Nanqiao Food (605339) at 19.77, up 1.80%, and Lai Yifen (603777) at 13.75, up 1.10% [1] Capital Flow - The leisure food sector saw a net outflow of 107 million from institutional investors, while retail investors contributed a net inflow of 147 million [2] - The detailed capital flow indicates that Three Squirrels experienced a net outflow of 10.07 million from institutional investors [3] - Huang Shang Huang had a net inflow of 9.75 million from institutional investors, despite a net outflow from retail investors [3]

Core Viewpoint - The company, Liangpinpuzi (603719), expressed its commitment to enhancing investment value through improved production and operations in response to investor inquiries on November 21 [1] Group 1 - The company aims to enhance its investment value by focusing on operational efficiency and production quality [1]

Market Overview - The leisure food sector experienced a decline of 2.33% on November 20, with Nanjiao Food leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Nanjiao Food (605339) closed at 19.05, down 9.37% with a trading volume of 175,500 shares [1] - Jin Zai Food (003000) closed at 11.86, down 3.18% with a trading volume of 80,900 shares [1] - Wanchen Group (300972) closed at 168.22, down 3.10% with a trading volume of 18,300 shares [1] - Three Squirrels (300783) closed at 23.22, down 2.85% with a trading volume of 81,500 shares [1] - Black Sesame (000716) closed at 6.26, down 2.80% with a trading volume of 224,500 shares [1] - Other notable declines include Lihai Food (300973) down 2.52% and Liangpinpuzi (603719) down 2.51% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 178 million yuan from main funds, while retail investors contributed a net inflow of 118 million yuan [1] - Speculative funds recorded a net inflow of 60.43 million yuan [1] Detailed Capital Flow for Selected Stocks - Lihai Food (300973) had a main fund net inflow of 5.90 million yuan, but a retail net outflow of 13.17 million yuan [2] - Ziyan Food (603057) experienced a main fund net inflow of 42,400 yuan, with a retail net outflow of 1.79 million yuan [2] - Maquur (002719) had a negligible main fund net inflow of 4,364 yuan, with a retail net outflow of 127,690 yuan [2] - Other stocks like Guangzhou Restaurant (603043) and Huangshanghuang (002695) also reported net outflows from main funds [2]

Core Viewpoint - The article discusses the challenges faced by snack brands like Three Squirrels in the e-commerce era, highlighting a shift in consumer preferences towards "bulk snack stores" and the impact of rising competition and costs in the online market [4][9][12]. Group 1: Industry Overview - The snack industry has low entry barriers but is highly fragmented, with the top five companies holding only 5.9% market share [8]. - The rise of bulk snack stores has significantly changed the competitive landscape, with these stores capturing 37% of the market share in 2024, surpassing e-commerce and supermarkets [13][15]. - The average profit margin in the snack industry is around 5%, making it sensitive to rising costs and competition [11]. Group 2: Company Performance - Three Squirrels has seen a decline in profitability, with net profit dropping from 411 million to 129 million in 2022 [9]. - The company has shifted its focus back to e-commerce, particularly on platforms like Douyin, which now accounts for 26.98% of its revenue [11]. - Despite the challenges, Three Squirrels remains a significant player, but its growth has stagnated, with revenue increasing without corresponding profit growth [6][9]. Group 3: Market Dynamics - The emergence of bulk snack stores has led to a price war, with these stores offering products at prices 20%-75% lower than supermarkets and 7%-59% lower than e-commerce [18][20]. - The rapid expansion of bulk snack stores, such as "Mingming Very Busy," has resulted in over 40,000 locations across China, with a significant number of stores located in lower-tier cities [15][22]. - The competition between bulk snack store brands has intensified, leading to aggressive marketing strategies and store openings in close proximity to competitors [30]. Group 4: Consumer Behavior - Consumers are increasingly drawn to lower-priced options, leading to a decline in brand loyalty among traditional snack brands [8][26]. - The rise of private label and lesser-known brands in bulk snack stores has contributed to the profitability of these stores, with private label products accounting for 60-65% of their inventory [26][30]. - The shift in consumer preferences towards bulk purchasing and lower prices has created a challenging environment for established snack brands [23][30].

Core Insights - The article highlights the successful transformation of the macadamia nut industry in Yunnan, China, particularly in Ximeng County, where local farmers have shifted from small-scale cultivation to a more organized and profitable industry with the help of leading companies like Liangpinpuzi [1][2][4]. Group 1: Industry Development - The macadamia nut has evolved from an imported product to a national staple in China, with Yunnan becoming the largest production base globally, accounting for 47% of the world's macadamia nut area by 2025 [4]. - The local environment, characterized by high selenium content and favorable climatic conditions, contributes to the unique quality of Yunnan macadamia nuts, which are now marketed as a health food due to their nutritional benefits [6][4]. Group 2: Company Strategy - Liangpinpuzi has played a crucial role in establishing quality standards and modern agricultural practices, which have significantly improved the quality and marketability of local macadamia nuts [10][11]. - The company has implemented a systematic approach to empower the supply chain, including setting planting standards and offering higher prices for quality raw materials, thereby boosting farmers' confidence and income [11][13]. Group 3: Market Impact - The production of macadamia nuts in Yunnan has seen substantial growth, with the total industry output value reaching 10.16 billion yuan in 2024, a 71.04% increase from 2023, benefiting over 740,000 farmers [13][15]. - Liangpinpuzi's efforts have not only enhanced local production but also positioned Yunnan macadamia nuts as a premium product in both domestic and international markets, contributing to the region's economic development [15][17]. Group 4: Future Prospects - The company aims to replicate its successful model across various regions in China, focusing on sourcing high-quality local products and enhancing the overall value chain from production to consumer [20]. - Liangpinpuzi's commitment to integrating agricultural, industrial, and commercial sectors is expected to further elevate the status of local specialties, transforming them into recognized brands and driving rural revitalization [20].