桃李面包股份有限公司 关于注销全资子公司的公告 证券代码：603866 证券简称：桃李面包 公告编号：2025-032 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： 桃李面包股份有限公司（以下简称"公司"）拟注销全资子公司太原桃 李面包有限公司（以下简称"太原桃李"） 本次注销事项在董事会审议权限范围之内，无需提交股东会审议 本次注销事项不涉及关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组 一、概述 （一）基本情况 根据公司目前的实际经营情况及后续业务发展规划，为优化资源配置及资产 结构，降低管理成本，提高运营管理效率，现拟注销公司全资子公司太原桃李面 包有限公司。 （二）董事会审议情况 公司第七届董事会第三次会议审议通过了《关于注销全资子公司的议案》。 本次注销事项在董事会审议权限范围之内，无需提交公司股东会审议。本次注销 不涉及关联交易，亦不构成《上市公司重大资产重组管理办法》规定的重大资产 重组。 二、拟注销全资子公司的基本情况 （一）太原桃李面包有限公司 7、注册地址：山西转型 ...

证券代码：603866 证券简称：桃李面包 公告编号：2025-031 桃李面包股份有限公司 第七届董事会第三次会议决议公告 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。 重要内容提示： 有董事对本次董事会第 2 项议案投反对票。 1、审议通过《关于注销全资子公司的议案》 详细内容见同日登载于上海证券交易所网站 www.sse.com.cn 的《桃李面包 关于注销全资子公司的公告》（公告编号：2025-032）。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 该议案已经公司战略委员会审议通过，公司战略委员会同意提交董事会审 议。 2、审议通过《关于追加公司 2025 年度银行综合授信额度的议案》 详细内容见同日登载于上海证券交易所网站 www.sse.com.cn 的《桃李面包 关于追加公司 2025 年度银行综合授信额度的公告》（公告编号：2025-033）。 表决结果：同意 5 票，反对 1 票，弃权 0 票。 董事吴学亮对本议案投反对票，理由为：基于公司当前产能及财务规划情况， 各项产能投放节奏均在有序进行，现 ...

证券代码：603866 证券简称：桃李面包 公告编号：2025-030 桃李面包股份有限公司 关于公司控股股东及实际控制人部分股份提前购回 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： 截至本公告披露日，上述股东及其一致行动人累计质押股份情况如下： 桃李面包股份有限公司（以下简称"公司"）控股股东及实际控制人之 一的盛雅莉女士持有公司股份 131,000,428 股，占公司总股本的 8.19%；本次盛 雅莉女士解除质押 20,700,000 股后，盛雅莉女士累计质押公司股份 65,400,000 股，占其所持公司股份总量的 49.92%，占公司总股本的 4.09%。 盛雅莉女士及其一致行动人持有本公司股份总数为 901,578,662 股，占 公司总股本的 56.36%。本次解除质押完成后，盛雅莉女士及其一致行动人累计 质押公司股份 172,400,000 股，占其持有公司股份 19.12%，占公司总股本的 10.78%。 一、本次股份解除质押的具体情况 公司近日接到控股股东及实际控制人之一盛雅莉女士 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.27 CNY, based on a 19 times price-to-earnings (PE) ratio for 2025 [3][6][9]. Core Views - The company is experiencing revenue and profit pressure due to weak downstream demand, leading to a downward adjustment in revenue forecasts for 2025 and 2026 [3][9]. - The company is focusing on channel optimization and structural adjustments in response to changing consumer demand and market pressures, particularly in traditional markets [8]. Financial Performance Summary - The company reported a total revenue of 6,759 million CNY in 2023, with a projected decline to 6,087 million CNY in 2024, followed by slight recovery in subsequent years [5][11]. - The net profit attributable to the parent company is expected to decrease from 574 million CNY in 2023 to 522 million CNY in 2024, with a gradual increase to 620 million CNY by 2027 [5][11]. - The earnings per share (EPS) are projected to be 0.36 CNY in 2023, decreasing to 0.33 CNY in 2024, and then gradually increasing to 0.39 CNY by 2027 [5][11]. Operational Insights - The company has completed a nationwide production capacity layout with 24 production bases and a total capacity of 493,000 tons, with ongoing construction of two additional bases [8]. - The gross margin has slightly improved to 23.4% in 2024, attributed to a decrease in raw material prices and better return rates [8]. - The company is in a channel optimization transition, focusing on expanding new retail channels such as membership supermarkets and discount stores to boost revenue and profit performance [8].

Core Viewpoint - The 2025 Bakery China event aims to provide a platform for showcasing innovative baking products, enhancing brand influence, and expanding market space, with a focus on the emergence of new trends and products in the baking industry [1][8]. Group 1: Industry Trends and Innovations - The event will feature over 500 new product case studies to assist brands in decision-making [5][8]. - New product launches are becoming a core strategy for brands to reposition themselves and respond to consumer preferences in a fragmented market [7][10]. - The 2025 China Bakery New Product Launch Week will introduce a product manual covering 13 major sections, including six channel innovations and seven product innovation trends [8]. Group 2: Market Dynamics and Consumer Insights - The event serves as a professional stage for brands to showcase their new products, which are seen as votes on market trends [10]. - The upcoming trends in the Chinese baking industry for the next six months to a year will be anticipated during the event [10]. - The ability to link raw materials, production chains, and retail will directly impact the life cycle of new products [18]. Group 3: Industry Collaboration and Supply Chain - The event will feature a full industry chain collaboration, with major retail and beverage brands participating, allowing for a comprehensive understanding of the product flow from development to consumption [17][18]. - The participation of suppliers and manufacturers will facilitate a multi-dimensional dialogue across different channels, emphasizing customization and collaboration as key industry trends [17][18]. Group 4: Brand Highlights and Case Studies - Notable brands such as Sam's Club, Hema, and Starbucks will showcase their innovative products and strategies during the event [17]. - Companies like Guangzhou Liuhe Food Co., Ltd. and Shanghai Xinmai Food Industrial Co., Ltd. are highlighted for their successful transitions and contributions to the baking industry [21][29]. - The event will also feature emerging brands that focus on health and quality, such as DOCKI DOCKI and Papa Sugar, which emphasize natural ingredients and artisanal production methods [36][43].

Group 1 - The company has redeemed its entrusted wealth management products, with the structured deposit 202418870 yielding an actual annualized return of 2.97% over 125 days, generating a profit of RMB 249,195.21 [2] - The structured deposit 202418871 yielded an actual annualized return of 0.85% over 127 days, generating a profit of RMB 75,417.12 [2] - The company utilized a total of RMB 4,950 million of idle self-owned funds for these investments [1] Group 2 - The company plans to hold an annual performance briefing for 2024 and the first quarter of 2025 on May 15, 2025, from 13:00 to 14:00 [4][5] - The briefing will be conducted in an interactive online format at the Shanghai Stock Exchange Roadshow Center [5][9] - Investors can submit questions for the briefing from May 8 to May 14, 2025, and the company will address common concerns during the session [6][7]

证券代码：603866 证券简称：桃李面包 公告编号：2025-028 桃李面包股份有限公司（以下简称"公司"）于 2024 年 12 月 23 日与中国 银行股份有限公司（以下简称"中国银行"）签订协议，公司使用闲置自有资金 人民币 2,450 万元购买了（辽宁）对公结构性存款 202418870；人民币 2,550 万 元购买了（辽宁）对公结构性存款 202418871。具体情况详见公司刊登在上海证 券交易所网站（www.sse.com.cn）上的《桃李面包关于使用闲置自有资金进行委 托理财的进展公告》（公告编号：2024-060）。 公司已于近日赎回上述理财产品，（辽宁）对公结构性存款 202418870 实 际年化收益率为 2.97%，投资理财存续天数 125 天，获得理财收益人民币 249,195.21 元；（辽宁）对公结构性存款 202418871 实际年化收益率为 0.85%， 投资理财存续天数 127 天，获得理财收益人民币 75,417.12 元。 具体情况如下： | 序 | | | | | 实际年 | 实际收益 | | | --- | --- | --- | --- | --- | --- ...

证券代码：603866 证券简称：桃李面包 公告编号：2025-029 桃李面包股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 08 日（星期四）至 05 月 14 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"栏目或通过公司邮箱 tlir@tolybread.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 桃李面包股份有限公司（以下简称"公司"）已于 2025 年 3 月 21 日发布公 司 2024 年度报告，并于 2025 年 4 月 19 日发布公司 2025 年第一季度报告,为便 于广大投资者更全面深入地了解公司 2024 年度和 2025 年第一季度经营成果、财 务状况，公司计划于 2025 年 05 月 15 日（星期四）13:00-14:0 ...

证券代码：603866 证券简称：桃李面包 公告编号：2025-027 桃李面包股份有限公司 控股股东及实际控制人内部转让股份计划公告 本公司董事会、全体董事及相关股东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： 控股股东及实际控制人持股的基本情况 截至本公告披露日，桃李面包股份有限公司（以下简称"公司"）控股股东 及实际控制人吴志刚先生持有公司股份 151,528,282 股,约占公司总股本的 9.47%；控股股东及实际控制人吴学群先生持有公司股份 389,402,093 股，约占 公司总股本的 24.34%；控股股东及实际控制人吴学亮先生持有公司股份 229,647,670 股，约占公司总股本的 14.36%。 内部转让的主要内容 因家庭资产规划需要，吴志刚先生将通过大宗交易方式向其次子吴学群先生 转让股份合计不超过 10,314,400 股，占公司股份总数的 0.64%；向其三子吴学 亮先生转让股份合计不超过 21,679,900 股，占公司股份总数的 1.36%。本次转 让系控股股东及实际控制人之间的内部转让，不涉及向市场 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, indicating ongoing pressure on its core business, while maintaining a "buy" rating from analysts [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.2 billion yuan, a year-on-year decrease of 14.2% - The net profit attributable to shareholders was 84 million yuan, down 27.1% year-on-year - The net profit excluding non-recurring items was 79 million yuan, reflecting a decline of 27.5% year-on-year [1][2]. Revenue Breakdown - Revenue from bread and pastries was 1.19 billion yuan, down 14.4% - Other products generated revenue of 93 million yuan, an increase of 15.1% - Regional performance showed that only the Central China region experienced growth, with revenue of 50 million yuan, up 7.8% [2]. Profitability and Cost Structure - The gross margin for Q1 2025 was 22%, a decrease of 1.1 percentage points year-on-year - The sales expense ratio was 8.6%, down 0.2 percentage points; the management expense ratio was 2%, up 0.2 percentage points; the R&D expense ratio was 0.4%, down 0.1 percentage points; and the financial expense ratio was 0.7%, up 0.2 percentage points - The net profit margin was 7%, an increase of 0.1 percentage points year-on-year [3]. Capacity and Market Strategy - The company has established production bases in 24 regions across the country, with a total capacity of 237,000 tons - New production bases in Shanghai and Foshan are under construction, expected to release an additional 99,000 tons of capacity - The company is enhancing partnerships with emerging retail channels and exploring new retail models to strengthen brand competitiveness [3]. Earnings Forecast - EPS for 2025-2027 is projected to be 0.34 yuan, 0.36 yuan, and 0.39 yuan, respectively - Corresponding dynamic PE ratios are expected to be 17 times, 16 times, and 15 times [3].