Investment Rating - The investment rating for the company is maintained at "Accumulate" [11][4]. Core Views - The company has seen a positive growth in single-store revenue for franchise stores in H1 2025, although profitability remains under pressure due to a challenging consumption environment [1][3]. - The company is expected to improve its performance in 2026-2027 with new product launches and diversified channel networks [1][4]. - The gross margin has decreased significantly, with H1 2025 gross margin at 20.8%, down 4.0 percentage points year-on-year [1][3]. Financial Performance Summary - H1 2025 revenue and net profit attributable to the parent company were CNY 340 million and CNY 30 million, respectively, representing a year-on-year change of +4.7% and -24.5% [1]. - Retail channel revenue in H1 2025 was CNY 210 million, down 4.6% year-on-year, with franchise store revenue at CNY 180 million, up 2.7% [1][2]. - The company had 1,701 franchise stores by the end of H1 2025, a net decrease of 43 stores compared to the end of 2024 [2]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are adjusted to CNY 710 million, CNY 760 million, and CNY 800 million, reflecting slight increases from previous estimates [4][14]. - The expected EPS for 2025-2027 is CNY 0.57, CNY 0.72, and CNY 0.86, with a downward adjustment from previous forecasts [4][14]. - The target price is set at CNY 28.39, based on a PE ratio of 50x for 2025 [4][7].

Core Viewpoint - The document outlines the responsibilities and operational guidelines for independent directors of Suzhou Weizhixiang Food Co., Ltd. in the preparation and disclosure of the annual report, emphasizing the importance of independent oversight and compliance with regulatory requirements [1][2][3]. Group 1: General Principles - The purpose of the system is to enhance the governance mechanism, strengthen internal control, and ensure the independent directors effectively supervise the annual report preparation and disclosure process [1]. - Independent directors must fulfill their responsibilities independently, without influence from major shareholders or actual controllers, and should be provided with necessary working conditions by relevant departments [2]. Group 2: Responsibilities of Independent Directors - Independent directors are required to actively engage in their duties through various means such as meetings, site visits, and communication with accounting firms during the annual report preparation [2]. - They must pay close attention to significant risk events and may receive correspondence from the Shanghai Stock Exchange regarding their responsibilities [2]. - Independent directors should verify the qualifications of the accounting firm and the registered accountants involved in the annual report audit [2]. Group 3: Communication and Decision-Making - Prior to the audit, independent directors should communicate with the audit committee to understand the audit arrangements and focus on performance forecasts and corrections [2][3]. - They are responsible for ensuring that the decision-making process for board meetings complies with regulations and may request additional information or postponement if necessary [3]. Group 4: Reporting and Accountability - Independent directors must provide written confirmation of the annual report's content and express any dissenting opinions if they cannot guarantee its authenticity or completeness [4]. - They have the authority to independently hire external audit and consulting firms if there are disagreements on specific matters, with costs borne by the company [4]. - The company must ensure that all necessary disclosures are made in the annual report, and independent directors are tasked with maintaining confidentiality and preventing insider trading [4][5]. Group 5: Annual Reporting and Governance - Independent directors are required to prepare and disclose an annual performance report, focusing on internal controls, compliance, and the protection of minority shareholders' rights [5]. - The board of directors is responsible for the formulation, interpretation, and revision of this system, which will take effect upon approval [5].

Core Points - The document outlines the independent director special meeting system for Suzhou Weizhixiang Food Co., Ltd, aiming to enhance corporate governance and the role of independent directors [1][5] - Independent directors are defined as those who do not hold any other positions in the company and have no direct or indirect interests that could affect their independent judgment [2] - The independent directors have obligations to act in good faith and diligence towards the company and all shareholders, ensuring their decisions protect the overall interests of the company and the rights of minority shareholders [2][3] Summary by Sections Independent Director Meetings - The independent director special meeting consists of all independent directors and can be convened regularly or irregularly, with a three-day notice period, or immediately in emergencies [4] - Meetings can be held in person, via video, or by phone, and a majority of independent directors can propose a temporary meeting [4] - Independent directors are expected to attend meetings in person, or if unable, they must review materials and delegate another independent director to attend on their behalf [4] Decision-Making and Responsibilities - Certain matters require approval from the independent director special meeting before being submitted to the board, including related party transactions and changes to commitments [4] - Independent directors can exercise special rights, such as hiring external consultants for audits or proposing shareholder meetings, which must also be approved by the special meeting [3][4] Documentation and Confidentiality - The independent director special meeting must keep detailed records of discussions, including the basis for opinions and the impact on the company and minority shareholders [4] - All attending independent directors are bound by confidentiality regarding the matters discussed in the meetings [4] Implementation and Amendments - The system will take effect upon approval by the board and can be amended based on legal requirements and the company's circumstances [5]

苏州市味知香食品股份有限公司 重大信息内部报告制度 第一章 总则 第一条 为规范苏州市味知香食品股份有限公司（以下简称"公司"）的重 大信息内部报告工作，保证公司内部重大信息的快速传递、归集和有效管理，及 时、准确、全面、完整地披露信息，维护投资者的合法权益。根据《中华人民共 和国公司法》、 《中华人民共和国证券法》、 《上市公司信息披露管理办法》等法律、 规章的要求，结合本公司的实际情况，制定本制度。 第二条 公司应当建立重大信息的内部保密制度，加强未公开重大信息内部 流转过程中的保密工作，对公司、控股股东、实际控制人、公司董事、高级管理 人员以及其他核心人员使用网站、博客、微博、微信等媒体发布信息进行必要的 关注和引导，明确未公开重大信息的密级，尽量缩小知情人员范围，并保证未公 开重大信息处于可控状态。 第三条 本制度适用于公司董事、高级管理人员以及公司本部各部门或室、 各子公司。 第四条 公司应当要求控股子公司参照公司规定建立信息披露事务管理制 度，明确控股子公司应当向董事会秘书和信息披露事务部门报告的信息范围、报 告流程等。 第二章 重大信息的内容 第五条 公司重大信息包括但不限于以下内容： (一) ...

Core Points - The establishment of the Nomination Committee aims to enhance the company's core competitiveness and improve decision-making processes for major investments [1][2] - The committee consists of three directors, with a majority being independent directors, ensuring a balanced representation [2][3] - The committee is responsible for proposing candidates for directors and senior management, as well as reviewing their qualifications [2][4] Structure - The committee is composed of three members, including two independent directors, with the independent director serving as the chairperson [2][3] - The term of the committee aligns with that of the board of directors, allowing for re-election upon term completion [2][3] Responsibilities - The committee is tasked with drafting selection criteria for directors and senior management, and making recommendations on appointments and dismissals [2][4] - The chairperson of the committee has specific duties, including reporting to the board and ensuring the execution of committee decisions [3][4] Meeting Rules - Committee meetings can be regular or temporary, with a requirement for at least two-thirds of members to be present for decisions to be valid [3][4] - Meetings must be documented, and all attendees are bound by confidentiality regarding the discussed matters [4][5] Additional Provisions - The committee's operational guidelines are subject to national laws and regulations, as well as the company's articles of association [5] - The committee's rules will take effect upon approval by the board of directors [5]

第二章 人员结构 第三条 委员会由 3 名董事组成，其中独立董事 1 名。 第四条 委员会委员由董事长、二分之一以上独立董事或者三分之一以上全体 董事提名，并由董事会选举产生。 第五条 委员会设主任委员（召集人）1 名，负责主持委员会工作；主任委员由 委员选举，报董事会审批产生。 苏州市味知香食品股份有限公司 战略委员会工作制度 第一章 总 则 第一条 为适应战略发展需要，增强公司核心竞争力，确定公司发展规划，健 全投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质量，完善 公司治理结构，根据《中华人民共和国公司法》、《上市公司治理准则》、《苏州 市味知香食品股份有限公司章程》（以下简称"公司章程"）及其他有关规定，公 司董事会特设立董事会战略委员会（以下简称"委员会"），并制定本工作制度。 第二条 委员会是董事会按照股东会决议设立的专门工作机构，主要负责对公 司长期发展战略和重大投资和资本运作决策进行研究并提出建议。 第六条 委员会任期与董事会一致，委员任期届满，连选可以连任。期间如有 委员不再担任公司董事职务，其委员资格自其不再担任董事之时自动丧失。委员会 应根据公司章程及本工作制度增补新的委 ...

苏州市味知香食品股份有限公司 第一条 为进一步健全公司董事及高级管理人员的薪酬与考核管理制度，完 善公司治理结构，协助董事会科学决策，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司治理准则》、《苏州市味知香食品股份有限 公司章程》（以下简称"公司章程"）及其他有关规定，公司董事会特设立董事 会薪酬与考核委员会（以下简称"委员会"），并制定本工作制度。 薪酬与考核委员会工作制度 第二条 董事会薪酬与考核委员会是董事会按照股东会决议设立的专门工作 机构，主要负责制定公司董事及高级管理人员的考核标准并进行考核；负责制定、 审查公司董事及高级管理人员的薪酬政策与方案，对董事会负责。 第一章 总 则 第二章 人员结构 第三条 委员会由 3 名董事组成，其中独立董事 2 名。独立董事应当在委员 会中过半数并担任召集人。 第三章 职责权限 第四条 委员会委员由董事长、二分之一以上独立董事或者三分之一以上全 体董事提名，并由董事会选举产生。 第五条 委员会设主任委员（召集人）1 名，负责主持委员会工作；主任委 员由委员选举，报董事会审批产生。 第六条 委员会任期与董事会一致，委员任期届满，连选可以连任。 ...

苏州市味知香食品股份有限公司 投资者关系管理制度 第一章 总则 第一条 为了加强苏州市味知香食品股份有限公司（以下简称"公司"）与 投资者之间的有效沟通，促进公司完善治理，切实保护投资者特别是中小投资者 合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证 券交易所股票上市规则》（以下简称"《上市规则》"）、《上市公司投资者关 系管理工作指引》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等有关法律法规、规范性文件及《苏州市味知香食品股份有限公司公司章程》 （以 下简称"公司章程"）的规定，结合公司实际情况，特制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回 报投资者、保护投资者目的的相关活动。 第三条 本制度是公司投资者关系管理的基本行为指南。公司应当按照本制 度的精神和要求开展投资者关系管理工作。公司控股股东、实际控制人以及董事 和高级管理人员应当高度重视、积极参与和支持投资者关系管理工作。 （四 ...

苏州市味知香食品股份有限公司 审计委员会工作制度 第一章 总 则 第一条 为适应战略发展需要，增强公司核心竞争力，确定公司发展规划， 健全投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质量， 完善公司治理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司治理准则》、《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等法律法规、规范性文件及《苏州市味知香食品股份有限公司章程》 （以 下简称"公司章程"）的有关规定，公司董事会特设立董事会审计委员会（以下 简称"委员会"），并制定本制度。 第二条 审计委员会是董事会下设的专门委员会，对董事会负责，向董事会 报告工作，审计委员会的提案应当提交董事会审议决定。 第三条 审计委员会成员原则上应当独立于公司的日常经营管理事务，须保 证足够的时间和精力履行委员会的工作职责，勤勉尽责，切实有效地监督公司的 外部审计，指导公司内部审计工作，促进公司建立有效的内部控制并提供真实、 准确、完整的财务报告。 第四条 公司须为审计委员会提供必要的工作条件，配备专门人员或机构承 担审计委员会的工作联络、会议组织、材料准备和档案管理等日常工 ...

Core Points - The company has established an insider information management system to enhance confidentiality and prevent insider trading, ensuring fair information disclosure and protecting investors' rights [1][2][3] Group 1: Insider Information Management - The board of directors is responsible for managing insider information and must maintain accurate and complete records of insider information personnel [1][2] - The company secretary is designated as the head of insider information confidentiality, overseeing the registration and reporting of insider personnel [2] - Insider information includes significant changes in business policies, major investments, and any information that could materially affect stock prices [3][4] Group 2: Scope of Insider Information - Insider information encompasses various aspects such as major operational changes, significant asset transactions exceeding 30% of total assets, and important contracts that could impact the company's financial status [3][4] - The company must report insider personnel when significant events occur, such as major asset restructuring or changes in control [5][6] Group 3: Responsibilities of Insider Personnel - Insider personnel are required to maintain confidentiality and are prohibited from disclosing insider information or engaging in insider trading [2][5] - The company must ensure that the number of individuals aware of insider information is minimized before public disclosure [5][6] Group 4: Documentation and Reporting - The company is required to maintain detailed records of insider personnel, including their identities, roles, and the nature of the insider information they are privy to [6][10] - A memorandum documenting the progress of significant events must be created, detailing key decision points and involved personnel [10][11] Group 5: Accountability and Penalties - Violations of the insider information management system can lead to disciplinary actions, including warnings, fines, or termination of employment [13][14] - Serious breaches that result in significant losses may lead to criminal prosecution [13][14]