剔除2024年开始任职的财务总监数据之后，薪酬最低的是麦趣尔财务总监许文，仅为1.66万元，许文现年59岁，从2015年8月开始任职。从2022年以来，麦趣尔已经连续亏损三年，从2023年 值得注意的是，白酒作为高毛利的现金奶牛行业，财务总监平均薪酬大幅超过行业均值。去年16家上市白酒公司（数据来源于choice，截止2024年末任期不满1年的不参与统计，包括部分公司 其中年薪超100万的财务总监达到8位，占到一半。年薪超200万的三名财务总监分别是水井坊蒋磊峰（464.75万元）、古井贡酒朱家峰（221.69万元）、金徽酒谢小强（216.85万元）。 薪酬最低的是皇台酒业刘会平，为30.72万元。其次是伊力特财务总监颜军，为42.32万元。 金字火腿CFO周国华年纪最大，达到64岁。周国华目前身兼数职，是金字火腿董事、总裁、财务总监，2021年12月开始担任CFO一职。元祖股份CFO刘政年纪最小，仅32岁，从2023年10月开始 从学历来看，以本科为主，占比达到58%；其次是硕士，达到28%。专科有16名，占比达到12.4%。此外博士有1名，为立高食品财务总监王世佳；中职也有一名，为春雪食品财务总监郝孔臣。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][10][7] Core Views - Due to pressure in the festive gifting consumption market and a decrease in net profit in the first half of the year, the sales growth expectations for core categories such as cakes and Chinese and Western pastries have been revised downwards. The opening rhythm of new stores and the improvement in sales expense ratios have also been adjusted. The earnings forecast for the company has been updated, with expected EPS for 2025-2027 at 0.81, 0.94, and 1.12 yuan respectively, down from previous forecasts of 1.41 and 1.52 yuan for 2025 and 2026. Given the company's ongoing multi-brand and multi-channel layout, the recovery in profitability is considered to have strong certainty, leading to a target price of 14.58 yuan based on a 18x PE for 2025 [4][10][11] Financial Information Summary - The company's projected revenue for 2025 is 2,267 million yuan, with a year-on-year decline of 2.0%. The operating profit is expected to be 274 million yuan, down 20.1% year-on-year. The net profit attributable to the parent company is forecasted at 195 million yuan, a decrease of 21.5% year-on-year. The EPS for 2025 is estimated at 0.81 yuan [6][12] - The gross margin is projected to be 62.8% in 2025, with a net margin of 8.6%. The return on equity (ROE) is expected to be 11.9% [6][12] - The company plans to open more than last year, with over 770 stores by July 2025, indicating a slight acceleration in store openings [9][10]

Core Insights - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The average salary for CFOs in the food industry is 777,800 yuan, which is below the market average [1][5] - The age distribution shows that 54% of CFOs are aged between 40 and 50, while only 9.16% are aged between 30 and 40 [1] Salary Analysis - The total salary for CFOs in the food and beverage industry is 101 million yuan, with an average salary of 777,800 yuan [5] - The highest salary among CFOs is 4.65 million yuan for Jiang Leifeng of Shui Jing Fang, who saw an increase of 1.58 million yuan in 2024 [5] - The lowest salary recorded is 16,600 yuan for Xu Wen of Maiqu'er, who has faced continuous losses since 2022 [5] Educational Background - The majority of CFOs hold a bachelor's degree, accounting for 58%, followed by master's degrees at 28% [3] - There is one PhD holder among the CFOs, and one with a vocational education background [3]

Market Overview - The leisure food sector experienced a decline of 1.22% on July 29, with Yanjinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Huangshanghuang (002695) saw a price increase of 3.25%, closing at 13.35, with a trading volume of 127,700 shares and a turnover of 167 million yuan [1] - Yanjinpuzi (002847) reported a significant decline of 6.22%, closing at 69.69, with a trading volume of 50,100 shares and a turnover of 355 million yuan [2] - Other notable declines included Maquuer (002719) down 2.61% and Lihigh Food (300973) down 2.18% [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 173 million yuan from institutional investors, while retail investors experienced a net inflow of 212 million yuan [2] - The capital flow for individual stocks showed varied trends, with Lihigh Food receiving a net inflow of 9.36 million yuan from institutional investors [3] - Conversely, Yanjinpuzi experienced a net outflow of 3.56 million yuan from institutional investors [3]

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 1 million and 1.48 million yuan for the first half of 2025, representing a decrease of 32.01 million to 31.53 million yuan compared to the same period last year, a year-on-year decline of 97% to 96% [1][2] - The company anticipates a net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, to be between -29.8 million and -44 million yuan, a decrease of 51.65 million to 65.85 million yuan compared to the same period last year, reflecting a year-on-year decline of 236% to 301% [2] - The performance forecast is based on preliminary estimates by the company's finance department and has not been audited by an accounting firm [2][3] Group 2 - In the same period last year, the company reported a total profit of 47.81 million yuan, a net profit attributable to shareholders of the parent company of 33.01 million yuan, and a net profit attributable to shareholders after deducting non-recurring gains and losses of 21.85 million yuan [2] - The company reported earnings per share of 0.14 yuan for the previous year [2] - The primary reasons for the profit reduction include pressure from the macro consumption market, intensified industry competition, and the costs associated with opening new stores in southern markets, which have not yet fully translated into revenue growth [2]

[Performance Forecast Summary](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company expects a significant decline in its 2025 first-half performance, with net profit attributable to shareholders projected to decrease by 96% to 97% and a significant net loss after deducting non-recurring items 2025 Semi-Annual Performance Forecast | Metric | 2025 Semi-Annual Estimate (million yuan) | Prior Period (million yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent | 1 to 1.48 | 33.01 | ↓ 96% to 97% | | Net Profit Attributable to Parent (Excluding Non-Recurring Items) | -29.8 to -44 | 21.85 | ↓ 236% to 301% | - This performance forecast is a preliminary estimate based on the company's operating conditions and has not yet been audited by an accounting firm[4](index=4&type=chunk) [Prior Period Performance Review](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company demonstrated stable financial performance in the first half of 2024, achieving a net profit attributable to shareholders of 33.01 million yuan and earnings per share of 0.14 yuan 2024 Semi-Annual Key Financial Data | Metric | Amount (million yuan) | | :--- | :--- | | Total Profit | 47.81 | | Net Profit Attributable to Parent | 33.01 | | Net Profit Attributable to Parent (Excluding Non-Recurring Items) | 21.85 | | Earnings Per Share | 0.14 yuan | [Analysis of Performance Decline](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The current period's performance decline is primarily due to the dual impact of external market conditions and internal strategic adjustments, leading to reduced revenue and compressed profit margins - External factors: Macroeconomic consumer market demand pressure and intensified industry competition led to a decrease in operating revenue[6](index=6&type=chunk) - Internal strategic adjustments: The company actively expanded into new markets in southern China, but new store revenue growth requires time, while fixed costs such as rent and salaries are high[6](index=6&type=chunk) - Store optimization: The company implemented an optimization and closure strategy for underperforming stores in mature markets[6](index=6&type=chunk) - Future outlook: The company is confident in its long-term development and plans to enhance market competitiveness through precise marketing and differentiated strategies[6](index=6&type=chunk) [Risk Warning and Other Matters](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company emphasizes that this performance forecast data is a preliminary calculation and unaudited, with the final accurate financial data subject to the officially disclosed 2025 semi-annual report - This performance forecast data is a preliminary estimate by the company's finance department, unaudited by an accounting firm, and subject to uncertainty[7](index=7&type=chunk) - The final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report; investors are advised to pay attention to investment risks[8](index=8&type=chunk)

Group 1 - Morning Light Biological expects a net profit of 202.0 million to 232.0 million yuan for the first half of 2025, representing a year-on-year increase of 102.33% to 132.38% [1] - Northern Rare Earth anticipates a net profit of 900.0 million to 960.0 million yuan for the first half of 2025, with a significant year-on-year growth of 1882.54% to 2014.71% [1] - Youfa Group forecasts a net profit of 277.0 million to 307.0 million yuan for the first half of 2025, reflecting a year-on-year increase of 151.69% to 178.93% [1] Group 2 - Torch Electronics projects a net profit of approximately 247.0 million to 280.0 million yuan for the first half of 2025, indicating a year-on-year growth of 50.36% to 70.45% [3] - Zhiwei Intelligent expects a net profit of 91.98 million to 112.43 million yuan for the first half of 2025, with a year-on-year increase of 62.85% to 99.06% [4] - Youhao Group anticipates a net profit of 12.0 million yuan for the first half of 2025, representing a year-on-year growth of 51% [5] Group 3 - Nami Technology expects a net profit of 61.0 million to 73.0 million yuan for the first half of 2025, with a year-on-year increase of 35% to 62% [7] - Xinda Co. forecasts a net profit of 130.0 million to 150.0 million yuan for the first half of 2025, reflecting a substantial year-on-year growth of 2443.43% to 2834.73% [8] Group 4 - Shaanxi Coal Industry reported a coal production of 14.36 million tons in June, a year-on-year decrease of 5.07% [9] - Huanxu Electronics announced a consolidated revenue of 4.587 billion yuan in June, a year-on-year decline of 1.23% [10] Group 5 - Huadian International successfully issued 2.0 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [20] - Zhongmin Energy reported a total power generation of 1.405 billion kilowatt-hours in the first half of 2025, a year-on-year decrease of 0.89% [20] Group 6 - Huaxia Biotech passed the FDA inspection with zero deficiencies, covering six major systems [21] - Ruikeda's application for convertible bond issuance has been accepted by the Shanghai Stock Exchange [22] Group 7 - Dafu Technology plans to invest no more than 100 million yuan in Anhui Yunta [42] - Tongda Co. won a bid for a project valued at 180.3 million yuan from the Southern Power Grid [46]

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding their operational status and significant developments. Group 1: Company Announcements - Jinshi Technology (002951) stated that it has not engaged in any business related to stablecoins and confirmed no undisclosed significant matters [3] - New Asia Electronics (605277) reported that revenue from its "lotus core structure" technology application is less than 3.31% of total revenue, and the technology has not yet been mass-produced [4] - New Zhonggang (605162) confirmed that its main business has not undergone significant changes and its operational status remains normal [6] - Zhuoyue New Energy (688196) plans to invest 700 million yuan in a bioenergy project in Thailand, which includes a biodiesel production line with an annual capacity of 300,000 tons [7] - Zhengfan Technology (688596) intends to acquire 62.23% of Han Jing Semiconductor, aiming to enhance its competitiveness in the semiconductor sector [8] - Alliance Electronics (688311) announced that five shareholders plan to transfer 3.68% of the company's shares through a pricing inquiry [9] - Xinpeng Co., Ltd. (002328) reported that its subsidiary's investment project has been listed on the STAR Market [10] - Bayi Shikong (688181) is expanding into edge computing services, partnering with China Broadcasting Network [12] - Dafu Technology (300134) plans to invest up to 100 million yuan in Anhui Yunta Electronics [14] - Jinchengzi (688291) noted that revenue from its laser 3D printing control systems will account for less than 2% of total revenue in 2024 [15] - Dazhi (601519) confirmed that its daily operations are normal and there are no significant changes [16] - Senlin Packaging (605500) clarified that its consumer packaging business currently represents a small portion of its overall operations [17] - Guangyunda (300227) intends to acquire 56.0299% of Yilian Unlimited for 352 million yuan [18] - Xinning Electric (301388) reported no significant changes in its operational environment [19] - Shangwei New Materials (688585) announced progress in its controlling shareholder's control change plan [20] - Yong'an Futures (600927) confirmed no undisclosed significant information [21] Group 2: Performance Reports - Jingji Zhino (000048) reported June sales of 176,400 pigs, generating revenue of 310 million yuan [23] - Kemin Foods (002661) noted a 111.22% year-on-year increase in June sales revenue from its subsidiary [24] - Lihua Co., Ltd. (300761) reported a 21.3% year-on-year decline in June chicken sales revenue [25] - Xiaoming Co., Ltd. (300967) experienced a 182.52% year-on-year increase in June chicken product sales revenue [26] - Tiankang Bio (002100) reported a 19.53% year-on-year decline in June pig sales revenue [27] - Shen Shen Fang A (000029) expects a net profit increase of 1411.7% to 2034.17% for the first half of the year [29] - Juhua Co., Ltd. (600160) anticipates a net profit increase of 136% to 155% for the first half of the year [30] - Jieshun Technology (002609) expects a net profit increase of 105.68% to 193.82% for the first half of the year [31] - Haopeng Technology (001283) forecasts a net profit increase of 228.03% to 271.77% for the first half of the year [32] - Dajin Heavy Industry (002487) expects a net profit increase of 193.32% to 227.83% for the first half of the year [33] - Huace Navigation (300627) anticipates a net profit increase of 27.37% to 33.34% for the first half of the year [34] - Yatai Co., Ltd. (002284) expects a net profit increase of 81.97% to 101.13% for the first half of the year [35] - Huagong Technology (000988) forecasts a net profit increase of 42.43% to 52.03% for the first half of the year [36] - Shangwei Co., Ltd. (603333) expects a net loss of 27 million to 35 million yuan for the first half of the year [37] Group 3: Major Contracts and Share Transactions - Hongyuan Green Energy (603185) signed a cooperation agreement with Jiangsu Shunfeng Photovoltaic Technology [38] - Pulite (002324) announced a procurement contract for a 30MWh sodium-ion battery energy storage system [40] - Hisense Home Appliances (000921) plans to increase its shareholding by 6.92 million to 13.86 million shares [41] - Yanpai Co., Ltd. (301081) intends to increase its shareholding by 17 million to 34 million yuan [42] - Yuanzu Co., Ltd. (603886) announced a plan to reduce its shareholding by up to 1% [43] - 吉祥航空 (603885) plans to reduce its shareholding by up to 1% [44] - Jin Domain Medical (603882) intends to reduce its shareholding by up to 1% [45] - Chao Tu Software (300036) announced plans for its controlling shareholder to reduce its shareholding by up to 2.01% [46] - Xintong Lian (603022) plans to reduce its shareholding by up to 3% [47] - Dongfang Zhongke (002819) intends to reduce its shareholding by up to 3% [48] - Shuo Beid (300322) plans to repurchase shares worth 20 million to 30 million yuan [49]

Group 1 - Jinshi Technology has not engaged in any business related to stablecoins and confirmed no undisclosed significant matters [3] - Xinya Electronics reported that revenue from its "lotus core structure" technology accounts for less than 3.31% of total revenue, and the technology has not yet been mass-produced [4] - New Zhonggang stated that its main business has not undergone significant changes and its production and operational status remains normal [5] Group 2 - Zhuoyue New Energy plans to invest 700 million yuan in a bioenergy project in Thailand, which includes a biodiesel production line with an annual capacity of 300,000 tons [6] - Zhengfan Technology intends to acquire 62.23% of Han Jing Semiconductor, which will become a subsidiary, enhancing its capabilities in the semiconductor sector [7] Group 3 - Jingji Zhino reported sales of 176,400 pigs in June, generating revenue of 310 million yuan [9] - Kemin Foods' subsidiary saw a 111.22% year-on-year increase in sales revenue from pig sales in June [10] - Lihua Co. reported a 21.3% year-on-year decline in chicken sales revenue in June [11] Group 4 - Xiaoming Co. achieved a 182.52% year-on-year increase in chicken product sales revenue in June [12] - Tiankang Bio reported a 19.53% year-on-year decline in pig sales revenue in June [13] Group 5 - Juhua Co. expects a net profit increase of 136% to 155% for the first half of 2025, driven by rising prices of core products [14] - Jieshun Technology anticipates a net profit increase of 105.68% to 193.82% for the first half of 2025, supported by growth in innovative business [15] - Dajin Heavy Industry forecasts a net profit increase of 193.32% to 227.83% for the first half of 2025, attributed to significant growth in overseas business [16] Group 6 - Huace Navigation expects a net profit increase of 27.37% to 33.34% for the first half of 2025, driven by rapid growth in overseas markets [17] - Yatai Co. anticipates a net profit increase of 81.97% to 101.13% for the first half of 2025, due to market expansion and operational efficiency [18] - Shangwei Co. expects a net loss of 27 million to 35 million yuan for the first half of 2025, impacted by economic conditions and competition [19] Group 7 - Hongyuan Green Energy's subsidiary signed a cooperation agreement to stabilize operations during a pre-restructuring phase [21] - Pulit signed a procurement contract for a 30MWh sodium-ion battery energy storage system, marking a significant milestone in sodium battery applications [22] Group 8 - Hisense Home Appliances' controlling shareholder plans to increase its stake by acquiring up to 13.86 million shares [24] - Yanpai Co.'s controlling shareholder intends to increase its stake by investing between 17 million to 34 million yuan [25] - Yuanzhu Co. plans to reduce its stake by up to 1% due to funding needs [26] - Xintonglian's shareholder plans to reduce its stake by up to 3% for operational needs [27]

上海元祖梦果子股份有限公司 关于珠海兰馨成长咨询管理合伙企业（有限合伙） 及其一致行动人减持股份计划公告 证券代码：603886 证券简称：元祖股份 公告编号：2025-026 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： 股东持股的基本情况 截至本减持计划公告之日，珠海兰馨成长咨询管理合伙企业（有限合伙）（以 下简称"兰馨成长"）及其一致行动人兰馨管理咨询（天津）有限公司（以下简 称"兰馨管理"）分别持有上海元祖梦果子股份有限公司（以下简称"公司"、 "元祖股份"）股份 8,338,277 股、4,800,000 股，占公司总股本的 3.4743%、 2.0000%。合计共持有公司股份 13,138,277 股，占公司总股本 5.4743%。 减持计划的主要内容 兰馨成长和兰馨管理因自身资金需求，计划通过集中竞价减持公司股份不超 过 2,400,000 股，即不超过公司总股本的 1%。本次减持拟于本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 7 月 30 日-2025 年 1 ...