Core Insights - The "2024 Commercial Franchise TOP 300" list was released by the China Chain Store & Franchise Association (CCFA), showcasing the annual development trends in the franchise sector [1] - The list includes 300 companies across 25 sub-sectors, with a total of 830,000 stores, reflecting a 30.73% increase from the previous year's 630,000 stores [1] - The distribution of sectors shows that the restaurant industry remains stable at 33.67%, retail slightly decreased to 40.00%, and the service industry increased to 26.33% [1] Industry Overview - The 2024 TOP 300 includes 101 restaurant companies, 120 retail companies, and 79 service companies, indicating a slight adjustment in consumer demand structure [1] - The number of franchise brands with over 10,000 stores increased from 9 in 2023 to 18 in 2024, highlighting the growing influence of leading brands in the market [1] - A total of 71 new franchise brands were added to the list, with 34 in the restaurant sector, 26 in services, and 11 in retail, demonstrating the sector's ongoing attractiveness [1] Event Insights - The 65th China Franchise Exhibition will be held from August 8-10 in Shanghai, focusing on the analysis of the TOP 300 list and featuring over 100 quality brands from various sectors [2] - The exhibition will include forums and workshops aimed at exploring growth strategies and promoting sustainable development in the franchise industry [2] - The CCFA Franchise Committee, established in 2015, has grown to include 69 member companies, advocating for the interests of various franchise sectors and promoting industry self-regulation [2]

Core Insights - The opening of the first "Community Retail 4.0" store by Laiyifen and Yangchuanji marks a significant step in their strategic partnership, showcasing a collaborative model in the snack industry [1][2][4] Group 1: Strategic Collaboration - The partnership between Laiyifen and Yangchuanji is viewed as a typical case of resource integration, built on clear capability complementarity [2] - Laiyifen's strengths lie in its supply chain and digitalization, supported by a nationwide network of over 3,000 stores and a proven supply chain system [2][4] - Yangchuanji, founded in 2018, focuses on community penetration with over 300 stores, serving a million households in the Jiangsu, Zhejiang, and Shanghai regions [2] Group 2: Community Retail 4.0 Model - The core of the 4.0 model is the transition from "selling products" to "creating scenarios," enhancing community consumption experiences [5] - The store offers a diverse range of products, including frozen goods, low-temperature milk, fresh fruits, and daily necessities, catering to one-stop shopping needs [5][7] - Digital tools enhance the shopping experience, allowing online ordering and efficient payment systems, while community engagement fosters neighborly connections [7] Group 3: Market Opportunities - The launch of the store coincides with a favorable period for community retail, as rising e-commerce costs and limited reach of large supermarkets create demand for local solutions [8][10] - The community retail market in China is projected to exceed 1 trillion yuan by 2024, with a growth rate of 18% for mixed formats of daily fast-moving consumer goods and life services [10] - Laiyifen and Yangchuanji aim to expand their presence, with plans for over 10 additional stores in Shanghai and a long-term goal of becoming the leading community retail brand in the Yangtze River Delta by 2030 [10][11]

Core Insights - The article discusses the innovative whiskey maturation experiments conducted by the domestic brand "Wang Kong" in Shanghai, aiming to prove the competitive edge of Chinese whiskey through a deep understanding of local climate and international craftsmanship [2][3]. Group 1: Whiskey Maturation Experiment - The "Wang Kong" brand is conducting maturation experiments with 1,298 single barrels of whiskey in a warehouse in Shanghai, utilizing the region's unique climate to enhance the aging process [2]. - Key findings indicate that ventilation is crucial for whiskey maturation in subtropical climates, with Shanghai's temperature variations significantly improving maturation efficiency compared to Scotland [3]. - The maturation process in Shanghai allows for a faster development of whiskey flavors, potentially reducing the time needed to create a quality product from nearly a century in Scotland to just 30 years in China [3]. Group 2: Industry Growth and Production Capacity - The domestic whiskey industry in China is rapidly expanding, with 45 companies currently in various stages of construction or production across 12 provinces, aiming for a total production capacity of 250,000 tons [4]. - The market size for Chinese whiskey has grown from 1.288 billion in 2013 to 5.5 billion in 2023, marking a 4.2-fold increase over ten years [4]. - "Wang Kong" plans to establish a distillery in Songjiang, with a peak production capacity of 200 tons per year, while maintaining a cautious approach to expansion due to cost considerations and the risks associated with prolonged aging [4]. Group 3: Pricing and Market Strategy - The company aims to reserve production capacity for future international market entry, particularly targeting Southeast Asia and Europe, while waiting for the domestic pricing system to stabilize through international auction premiums [4]. - The success of the maturation experiments could elevate the Chinese whiskey industry from merely "contract maturation" to a new stage of "climate pricing power," allowing for unique flavor advantages [5]. - The company plans to launch more products internationally in the coming year, with the goal of achieving premium pricing from Western consumers for Eastern terroir [6].

Core Viewpoint - The company is experiencing a phase of strategic adjustment marked by expected losses in the first half of 2025, reflecting challenges in adapting traditional models to new consumer demands [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between -47 million to -70 million yuan for the first half of 2025, indicating a loss compared to the same period last year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -51 million to -76 million yuan [1] Group 2: Channel Optimization Challenges - The company is undergoing a period of refining its offline channels after rapid expansion, facing pressure to enhance store efficiency due to high operational costs and fluctuating customer traffic [2] - There is a need for stronger local integration in regional markets, as brand characteristics and local consumer preferences are still being explored [2] - The franchise system requires enhanced collaborative effects, with franchisees seeking more flexible operational support in inventory management [2] Group 3: Product Value System Challenges - The company faces dual challenges in product innovation, needing to strengthen differentiation in a competitive landscape where health-oriented and regionally distinctive products are emerging [3] - Supply chain efficiency must be improved, as the transition from product development to market launch is currently lengthy, affecting the release of new products [3] - Consistency in customer experience across all channels is essential, as discrepancies between e-commerce promotions and physical store pricing can lead to consumer confusion [3] Group 4: Transformation Strategies - The company's current performance fluctuations reflect common challenges in industry transformation, yet its established supply chain and consumer trust remain valuable assets [4] - The refinement of offline channels is being piloted in key cities, with initiatives to enhance customer engagement through community service stations and new product offerings [4] - The company is focusing on a three-dimensional transformation strategy that includes optimizing core regions, reshaping high-repeat purchase product matrices, and integrating service channels [4]

Core Viewpoint - The company, Laiyifen, is expected to report a net loss of between 47 million to 70 million yuan for the first half of this year, following a loss in the same period last year, indicating ongoing financial struggles [1][3]. Financial Performance - Laiyifen's projected net profit attributable to shareholders for the first half of this year is between -70 million to -47 million yuan, with a projected net profit excluding non-recurring gains and losses between -76 million to -51 million yuan [1]. - In the first half of last year, the company reported a net profit of 14.92 million yuan, with a net profit of -8.89 million yuan after excluding non-recurring gains and losses [1]. Operational Challenges - The company has been adjusting its store types and structures in response to market trends, which has negatively impacted the number of direct-operated stores and revenue, leading to lower-than-expected profits [3]. - Since 2022, Laiyifen has been reducing the number of direct-operated stores, closing more than it opens each year. In 2024, it closed 533 direct-operated stores while opening only 108, resulting in a net decrease of 425 stores [3]. - The total number of stores decreased by 600 to 3,085 by the end of last year, with a decline in both direct-operated and franchise stores [3]. Quality Control Issues - In May, the company faced a public relations issue when a consumer reported finding a suspected blood-stained band-aid in a rice dumpling product, leading to a company investigation and product recall [5]. - Laiyifen has taken steps to address the issue promptly, including forming a special investigation team and cooperating with market supervision authorities, aiming to resolve consumer concerns quickly [5].

Group 1 - The company, Shanghai Laiyifen Co., Ltd., expects a net profit attributable to shareholders for the first half of 2025 to be between -70 million yuan and -47 million yuan, indicating a loss compared to the same period last year [1][2] - The expected net profit after deducting non-recurring gains and losses is projected to be between -76 million yuan and -51 million yuan [1][2] - The previous year's net profit attributable to shareholders was 14.92 million yuan, with a total profit of 18.99 million yuan [1] Group 2 - The decline in profit is primarily due to adjustments in store types and structures in certain regions, which affected the number of direct-operated stores and revenue [2] - Non-operating losses are estimated to impact the profit by approximately -6 million yuan, mainly from government subsidies, bank investment income, and fair value changes of financial assets [2]

Part I [Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts a net loss for the first half of 2025, with net profit attributable to shareholders ranging from **-70 million CNY** to **-47 million CNY** 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (CNY) | | :--- | :--- | | Net Profit Attributable to Shareholders | -70 million to -47 million | | Net Profit Attributable to Shareholders After Non-Recurring Items | -76 million to -51 million | - This performance forecast represents preliminary estimates by the company's finance department and has not been audited by a certified public accountant[5](index=5&type=chunk) [Prior Period Performance Review](index=1&type=section&id=Item%202.%20Prior%20Period%20Performance%20Review) In the prior year, the company reported a net profit of **14.92 million CNY**, but a **8.89 million CNY** net loss after non-recurring items 2024 Semi-Annual Performance Review | Indicator | Amount (CNY) | | :--- | :--- | | Total Profit | 18.9952 million | | Net Profit Attributable to Shareholders | 14.9245 million | | Net Profit Attributable to Shareholders After Non-Recurring Items | -8.8888 million | | Earnings Per Share | 0.04 | [Key Reasons for Current Period Pre-Loss](index=2&type=section&id=Item%203.%20Key%20Reasons%20for%20Current%20Period%20Pre-Loss) Pre-loss is primarily due to proactive store adjustments reducing direct store revenue and negative non-recurring item impact [Impact on Core Business](index=2&type=section&id=Item%203.1.%20Impact%20on%20Core%20Business) Proactive store adjustments in key sales regions led to declining direct store numbers and revenue - The company is undergoing store format and structure adjustments in certain regions based on social consumption market trends in key sales areas[9](index=9&type=chunk) - During this adjustment process, both the number of directly operated stores and their revenue have decreased year-over-year, directly leading to the current period's profit shortfall[9](index=9&type=chunk) [Impact of Non-Operating Gains and Losses](index=2&type=section&id=Item%203.2.%20Impact%20of%20Non-Operating%20Gains%20and%20Losses) Non-recurring items are projected to negatively impact net profit by **-4 million to -6 million CNY**, mainly from government subsidies and financial asset fair value changes - Non-recurring gains and losses are estimated to have a negative impact on net profit ranging from **4 million to 6 million CNY**[10](index=10&type=chunk) - This impact primarily stems from government subsidies, investment income from bank wealth management products, and fair value changes of financial assets recognized in current period profit or loss[10](index=10&type=chunk) [Risk Warning](index=2&type=section&id=Item%204.%20Risk%20Warning) The company highlights the performance forecast is preliminary, unaudited, and based on professional judgment, with no significant uncertainties affecting accuracy - The company confirms there are no significant uncertainties affecting the accuracy of this performance forecast[11](index=11&type=chunk) [Other Explanatory Notes](index=2&type=section&id=Item%205.%20Other%20Explanatory%20Notes) Investors are reminded that forecast data is preliminary; final audited figures will be in the 2025 semi-annual report, advising investment risk caution - The final accurate financial data will be based on the company's officially disclosed and audited 2025 semi-annual report, reminding investors to be aware of investment risks[12](index=12&type=chunk)

Core Viewpoint - The traditional snack giants are facing a survival crisis as they struggle against the rise of low-cost snack brands, leading to significant declines in revenue and profit margins [1][2][20]. Group 1: Performance of Traditional Snack Giants - Laiyifen reported a double-digit decline in both revenue and net profit in its 2024 annual report, marking the largest loss since its IPO [1] - Good Products also experienced its first annual loss since its listing in 2020 [1] - Three squirrels terminated the acquisition of Ailingshi and announced a strategic partnership with Snack Selection, while facing legal challenges from Ailingshi [1][2] Group 2: Rise of Low-Cost Snack Brands - Low-cost snack brands are rapidly gaining market share through a "low-margin, high-volume" model, posing unprecedented challenges to traditional snack companies [2] - Brands like "Very Busy" and "Snack Revolution" have emerged, focusing on price competitiveness and direct factory connections, undermining the brand premium of traditional players [3][4] Group 3: Changing Consumer Behavior - Young consumers are becoming more rational, with a decreasing willingness to pay a premium for brands [4] - The perception of high prices and product homogeneity among traditional brands is leading to a loss of consumer loyalty [3][4] Group 4: Challenges Faced by Traditional Giants - Three Squirrels heavily relies on online channels, with 70% of its revenue still coming from third-party e-commerce platforms in 2024 [5] - The company aimed for a "ten-thousand store plan" by 2024 but only managed to open 333 stores, closing 549 in 2022 alone [6] - Laiyifen's store count decreased by 16.28% from 2023 to 2024, highlighting the struggles of traditional retail models [6] Group 5: Profitability Issues in the Low-Cost Segment - Leading low-cost brands like "Wancheng" and "Mingming Very Busy" have achieved rapid growth but maintain low profit margins of 0.91% and 2.1% respectively [7][8] - The franchise model prevalent in low-cost brands raises concerns about sustainability, as profitability for franchisees is crucial for continued expansion [8] Group 6: Future Directions for Traditional Giants - Traditional snack companies are exploring new product lines and pricing strategies to combat the low-cost competition, with Good Products initiating a significant price reduction across 300 products [14] - However, this price-cutting strategy risks damaging brand value and consumer trust [14] - The need for operational upgrades and a complete supply chain overhaul is emphasized as essential for survival in the evolving market [17][20] Group 7: New Business Models - Three Squirrels has opened its first lifestyle store, expanding beyond snacks to include a variety of products, indicating a shift towards a more comprehensive retail approach [18] - The company is also developing a convenience store model, focusing on a low-margin strategy with a diverse product mix [18] Group 8: Conclusion - The snack industry is undergoing a transformation where traditional high-end branding is losing relevance, and the focus is shifting towards affordability and value [20] - The future of the snack market will favor brands that can deliver genuine value to consumers, necessitating a reevaluation of cost structures and value propositions by traditional giants [20]

Overview - The demand for pistachios in China is increasing due to rising living standards and changing consumer preferences towards healthy snacks. In 2024, the demand for pistachios is projected to reach 235,100 tons, with a market size of 22.711 billion yuan, while the domestic production is only 81,100 tons, necessitating significant imports each year [1][10]. Market Policy - China has implemented a series of stringent food safety policies to regulate the production of pistachios, ensuring product quality and promoting the industry's development towards standardization and high quality. Key policies include guidelines for traditional food production, food safety assessment methods, and measures to enhance food enterprise standard management [4][6]. Industry Chain - The pistachio industry chain includes upstream cultivation, processing equipment, flavoring, and packaging materials. The main cultivation areas are in Xinjiang and Gansu, where the climate is suitable for pistachio growth. Due to insufficient domestic production, China heavily relies on imports. The midstream involves processing, while the downstream includes sales channels such as supermarkets, convenience stores, and e-commerce platforms [8][10]. Development Status - The market for pistachios is experiencing continuous growth, with a projected import volume of 133,700 tons and an import value of approximately 86.9 million USD in 2024. The average import price is 6.50 USD per kilogram, with major suppliers being the United States, Iran, Australia, and Turkey [12][10]. Competitive Landscape - The pistachio industry in China is characterized by a fragmented competitive landscape with numerous participants. Key players include Three Squirrels, Qiaqia Food, and Good Products, among others, with operations spread across various provinces [14][16]. Company Analysis - Three Squirrels has achieved significant sales, with total revenue reaching 10.62 billion yuan in 2024, of which the nut business accounted for 5.366 billion yuan, representing 50.5% of total revenue [16]. Good Products, established in 2006, reported total revenue of 7.159 billion yuan in 2024, with the nut business contributing 1.138 billion yuan, or 15.9% of total revenue [18]. Development Trends - The future demand for pistachios is expected to grow as consumer health awareness increases, leading to a shift towards low-fat, high-protein, and nutrient-rich products. Companies are likely to invest in product diversification and innovation, including new flavors and functional products, as well as deep-processing products like pistachio butter and oil [20].

经鉴证的律师事务所主任签字并加盖公章的法律意见书 ? 报备文件 经与会董事和记录人签字确认并加盖董事会印章的股东大会决议 证券代码：603777 证券简称：来伊份 公告编号：2025-061 上海来伊份股份有限公司 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 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 7 日 (二)股东大会召开的地点：上海市松江区九新公路 855 号来伊份零食博物馆 (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： 份总数的比例（%） 61.7554 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场记名投票表决与网络投票表决相结合的方式召开。会 议由公司董事会提议召开，本次股东大会由董事长施永雷先生主持。本次股东大 会的召集、召开和表决方式符合《公司法》、 《公司章程》等法律、法规及规范性 文件的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 ...