证券代码：605300 证券简称：佳禾食品 公告编号：2025-064 备案日期：2025 年 7 月 31 日 关于参与投资私募投资基金的进展公告 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、参与投资私募投资基金概述 为了更好地利用资本市场，实现公司战略发展，佳禾食品工业股份有限公司 （以下简称"公司"）的全资子公司蔻歌食品（上海）有限公司（以下简称"蔻 歌食品"）于 2025 年 7 月 16 日与北京方圆金鼎投资管理有限公司签订了《共青 城金螭创业投资合伙企业（有限合伙）合伙协议》《共青城金螭创业投资合伙企 业（有限合伙）合伙协议之补充协议》，参与投资共青城金螭创业投资合伙企业 （有限合伙）（以下简称"共青城金螭基金""标的基金"或"合伙企业"）。蔻 歌食品作为合伙企业的有限合伙人之一，认缴出资人民币 700 万元，占认缴出资 总额的 12.94%。具体内容详见公司于 2025 年 7 月 17 日在上海证券交易所网站 （www.sse.com.cn）披露的《佳禾食品工业股份有限公司关于参与投资私募投资 基金的公 ...

Overview - The instant coffee market in China is projected to reach a market size of 83.18 billion yuan in 2024, with a year-on-year growth of 5.85% [1][10] - Despite rapid growth, per capita consumption remains significantly lower than the global average, indicating substantial future growth potential [1][10] Market Policy - Instant coffee falls under the "Manufacturing Industry" category, specifically "Food Manufacturing," and is subject to strict regulations regarding raw material procurement, production, and quality testing to ensure food safety [3] - Recent policies have been implemented to enhance food safety and streamline food processing, which will positively impact the instant coffee industry [5] Industry Chain - The upstream of the instant coffee industry includes suppliers of coffee beans, sugar, and packaging materials, while the midstream involves the production and processing of instant coffee [6][8] - Coffee bean production in China is concentrated in regions like Yunnan and Hainan, with a projected coffee production of 151,800 tons in 2024, a year-on-year increase of 0.82% [8] Competitive Landscape - Major players in the instant coffee market include Nestlé and Maxwell, with domestic companies like Jiahe Foods and Hainan Lishen Investment Group also gaining traction [12][14] - Jiahe Foods reported a total revenue of 2.311 billion yuan in 2024, with coffee business revenue accounting for 12.04% [14] - Hainan Lishen has established itself as a modern food production enterprise with a complete coffee industry chain [16] Development Trends - Future trends indicate a shift towards flavor innovation and healthier options, with consumers increasingly favoring low-sugar, low-fat, and organic instant coffee products [18]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the liquor sector has faced challenges due to the implementation of the "Regulations on Strict Economy and Opposition to Waste" by the central government, leading to a decline in revenue and profits for most liquor companies in Q2 2025. However, recent media corrections have stabilized the sector, and a gradual recovery is expected [3][20] - The report emphasizes the importance of individual stock opportunities within the consumer goods sector, particularly in the context of the liquor market's recovery and the introduction of innovative products [4][21] Summary by Sections Industry Overview - The closing index for the food and beverage sector is 17226.07, with a 52-week high of 19809.29 [1] - The sector has shown a relative performance decline compared to the CSI 300 index, with a year-on-year retail sales growth of 4.8% in June 2025 [14] Liquor Sector Analysis - The report notes that major liquor companies like Moutai, Wuliangye, and Luzhou Laojiao have varying price-to-earnings ratios, indicating a mixed valuation landscape [20] - The introduction of new products, such as the "Jiu Gui Free Love" by Jiu Gui Jiu and its collaboration with the retail channel "Pang Dong Lai," is expected to drive sales and innovate marketing strategies [5][18] Fund Holdings and Market Sentiment - As of Q2 2025, the food and beverage sector's fund holding ratio is 6.75%, reflecting a decrease of 2.12 percentage points, indicating cautious sentiment among investors [4][20] - The liquor segment's fund holding ratio is 4.98%, also down by 2.42 percentage points, suggesting a trend of risk aversion in the market [20] Company Performance Highlights - Dongpeng Beverage reported stable revenue growth, with significant increases in electrolyte water and fruit tea segments [22] - The report mentions that companies like Youfei Foods and Guoquan are focusing on channel optimization and product innovation to drive growth [23] - The performance of companies such as Zhou Hei Ya and Jiahe Foods is noted, with both showing signs of recovery despite facing challenges [23] Market Trends and Price Movements - The food and beverage sector index increased by 0.68% in the latest week, ranking 13th among 30 sectors, while the dynamic PE ratio stands at 21.26 [24] - The report highlights that soft drinks and dairy products have shown the highest growth rates among sub-sectors [24]

证券代码：605300 证券简称：佳禾食品 公告编号：2025-063 佳禾食品工业股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 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： 现金管理产品名称及期限：【CSDVY202510150】结构性存款产品（88 天）、【CSDVY202510151】结构性存款产品（90 天） 履行的审议程序：本事项已分别经佳禾食品工业股份有限公司（以下简 称"公司"）第三届董事会第四次会议、第三届监事会第三次会议及 2024 年年 度股东大会审议通过。具体内容见公司 2025 年 4 月 26 日披露于上海证券交易所 网站（www.sse.com.cn）的《佳禾食品工业股份有限公司关于使用部分闲置募集 资金进行现金管理的公告》（公告编号：2025-030）。 特别风险提示：尽管本次公司进行现金管理购买的理财产品为低风险、 流动性好的产品，属于低风险投资品种，但金融市场受宏观经济、财政及货币政 策的影响较大，不排除该项投资可能受到市场波动的影响，理财收益具有不确定 ...

Core Viewpoint - Jiahe Foods is facing significant challenges due to a decline in its core business of powdered oil, particularly in the context of the "0 powdered oil" movement among beverage brands, leading to a substantial drop in revenue and profit margins [2][3][6]. Investment Activities - Jiahe Foods announced that its wholly-owned subsidiary, Koge Foods, will invest 7 million yuan in the Gongqingcheng Jincheng Fund, accounting for 12.94% of the total subscription amount [1]. Financial Performance - In the first half of 2025, Jiahe Foods expects a net profit attributable to shareholders of between 10.55 million yuan and 15.83 million yuan, representing a year-on-year decline of 77.21% to 84.80% [1]. - For 2024, Jiahe Foods reported a revenue decline of 18.68% to 2.311 billion yuan and a net profit drop of 67.43% [2]. - The company's gross margin fell from 24.46% to 16.09% and net margin from 11.52% to 3.72% from 2020 to 2024, primarily due to rising raw material costs [6]. Market Trends - The "0 powdered oil" movement reflects consumer concerns about the health risks associated with powdered oil, leading to a significant revenue drop from chain channels by 42.35% [2][3]. - The saturation of beverage stores and the shift in the tea beverage industry towards product quality over price have further reduced demand for powdered oil [3]. Business Diversification - Jiahe Foods is attempting to diversify its revenue streams by expanding into the coffee market, with plans to produce various coffee products, including roasted coffee beans and ready-to-drink coffee [4][5]. - The coffee production capacity is projected to reach 16,000 tons of roasted coffee beans and 10,000 tons of ready-to-drink coffee, but the current coffee business revenue remains relatively small at 278 million yuan for 2024 [5]. Operational Challenges - The company has experienced a continuous decline in net profit since 2020, with a significant drop in 2024, raising concerns about financial sustainability [6][7]. - The increase in operational costs due to the expansion into coffee and rising raw material prices has further pressured net profit margins [6][7].

Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for the sector as a whole [5]. Core Insights - The actual demand in the liquor industry has significantly decreased in Q2 2025, with companies like Water Well and Jiu Gui Jiu showing early indicators of industry performance through their earnings forecasts [1][18]. - Moutai's establishment of a joint venture and Jiu Gui Jiu's collaboration with Pang Dong Lai for product launches reflect the multi-faceted strategies employed by major liquor companies to mitigate industry pressures and enhance annual performance [1][18]. - The beverage sector is expected to see leading water companies continue to capture market share, with Farmer Spring's market share rapidly recovering, leading to potential upward revisions in profit forecasts [1][18]. - The snack sector is facing short-term challenges due to rising costs and increased expenses, with a focus on new product launches and net profit margin improvements in the second half of the year [1][18]. - The pet sector presents a buying opportunity following recent corrections, with a focus on valuation shifts in the second half of the year [1][18]. Summary by Sections Core Company Tracking - Moutai is forming platform companies with provincial distributors to develop local cultural Moutai products, which is expected to stabilize pricing and support annual targets while alleviating pressure on the main product's volume growth [12]. - Water Well reported a 13% decline in revenue and a 57% drop in net profit for H1 2025, with significant Q2 revenue declines attributed to inventory reduction pressures and policy impacts [13]. - Jiu Gui Jiu's net profit for H1 2025 is expected to drop by 90%-93%, with a 43% revenue decline, as the company increases sales expenses and new product promotion efforts [14]. - Hai Tian Wei Ye anticipates rapid overseas growth and is enhancing its market share through localized strategies and channel expansion [15]. - Qia Qia Food's net profit is projected to decrease by 71%-76% in H1 2025, with expectations for improvement in H2 as costs normalize [16]. - Gan Yuan Food's net profit is expected to decline by 55%-56% in H1 2025, with plans to strengthen sales of new and core products in H2 [17]. Investment Recommendations - The report suggests focusing on liquor companies that are adjusting their strategies in response to market pressures, particularly those with a safety margin in valuations [18][19]. - In the beverage sector, companies like Farmer Spring and Uni-President China are expected to perform well, while traditional consumer stocks like Moutai and Lu Zhou Lao Jiao are recommended for their recovery potential [19]. - The report highlights opportunities in the snack sector with companies like Qia Qia and Gan Yuan, emphasizing the importance of new product launches and margin improvements [19].

Core Points - The first industry standard for the ready-to-drink tea beverage sector has been officially released, addressing previous gaps in industry regulations [1][2] - The standard, titled "Requirements for Raw and Auxiliary Materials of Ready-to-Drink Tea Beverages," will take effect on January 1, 2026, and aims to enhance quality control and safety in the industry [1][3] Industry Development - The ready-to-drink tea industry has experienced rapid growth in recent years, but it has also faced food safety issues due to its relatively short development history [1][3] - As the industry matures, more companies are establishing their own standards, contributing to the overall standardization of the sector [1][3] Standard Details - The newly released standard was developed by the China Tea Circulation Association in collaboration with several leading companies, including Heytea and Gu Ming [2][3] - It specifies quality requirements, inspection methods, packaging, transportation, and storage for various raw materials used in tea beverages, including tea leaves, fruits, dairy products, and sweeteners [2][3] Consumer Focus - There is an increasing consumer demand for high-quality and healthy tea beverages, prompting companies to prioritize the quality of raw materials [1][4] - The standard aims to align with consumer interests by ensuring that the raw materials used in tea beverages meet safety and quality standards [4][12] Future Outlook - The China Tea Circulation Association plans to continue improving the standardization system for the ready-to-drink tea industry, aiming for scientific and high-quality development [5] - The industry is moving towards greater self-regulation, with companies recognizing the importance of adhering to established standards for quality and safety [12]

Investment Overview - The company, Jiahua Food Industrial Co., Ltd., is participating in an investment in the Qiongcheng Jinchih Venture Capital Partnership (Limited Partnership) with a total investment amount of RMB 7 million, representing 12.94% of the total subscribed capital [2][5] - The investment does not require approval from the company's board of directors or shareholders and does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [3][5] Partner Information - The general partner and fund manager is Beijing Fangyuan Jinding Investment Management Co., Ltd., established on July 10, 2014, with a registered capital of RMB 50 million [4][5] - The fund has a registered capital of RMB 5 million and was established on May 30, 2025, focusing on private equity investment and asset management [5][6] Fund Details - The initial fundraising scale of the fund is RMB 54.1 million, with various limited partners contributing different amounts, including Jiahua Food's subsidiary, Koge Food (Shanghai) Co., Ltd. [5][6] - The fund's investment period is set for five years, with a potential extension of up to two additional years [6][7] Strategic Impact - The investment aligns with the company's strategic development needs, allowing it to leverage the expertise of professional investment institutions in the consumer sector, thereby enhancing its understanding of industry trends and opportunities for sustainable growth [11][12]

投资标的名称：共青城金螭创业投资合伙企业（有限合伙）（以下简称"共 青城金螭基金"、"标的基金"、"合伙企业"或"本合伙企业"）。 投资金额：佳禾食品工业股份有限公司（以下简称 "公司"）的全资子 公司蔻歌食品（上海）有限公司（以下简称"蔻歌食品"）拟作为有限合伙人以 自有资金认缴出资人民币 700 万元，占认缴出资总额的 12.94%。 本次对外投资事项无需提交公司董事会及股东会审议；本次对外投资不 构成关联交易，也不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 相关风险提示： 证券代码：605300 证券简称：佳禾食品 公告编号：2025-062 佳禾食品工业股份有限公司 关于参与投资私募投资基金的公告 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: 1、蔻歌食品作为有限合伙人，根据合伙协议的相关规定在认缴出资份额内 承担有限责任，存在着在认缴出资额范围内无法收回投资成本的风险。 2、由于私募基金投资具有周期较长、流动性较低等特点，蔻歌食品本次参 与的标的基金的投资回报可能将面临较长的投资回收 ...

Core Viewpoint - The company, Jiahe Foods, is experiencing a significant decline in its financial performance for the first half of 2025, with net profit expected to drop by 77.21% to 84.80% compared to the same period last year, raising concerns about the transformation pains of the leading plant-based cream industry player [1] Group 1: Financial Performance - The projected net profit for the first half of 2025 is between 10.55 million to 15.83 million yuan, a substantial decrease from the previous year [1] - The net profit after excluding non-recurring gains and losses is expected to be as low as 2.37 million to 3.55 million yuan, reflecting a year-on-year decline of 94.24% to 96.16% [1] Group 2: Reasons for Decline - The decline in performance is attributed to a dual pressure from rising costs and strategic investments [1] - Increased product costs due to a rise in raw material prices and higher marketing expenses from expanding into coffee and C-end sales channels are key factors [1] Group 3: Business Strategy and Market Trends - Jiahe Foods' core product, plant-based cream, has seen a significant drop in sales due to the trend of "de-plant-based cream" in the new tea beverage industry [1] - The company is shifting focus towards the coffee industry, having announced plans to raise 725 million yuan for coffee production expansion and working capital [1] - In June, the company enhanced brand recognition by gifting coffee products to shareholders [1] Group 4: Sales and Marketing Expenses - Sales expenses surged by 75.14% year-on-year in 2024, primarily due to increased promotional costs for the coffee business and e-commerce platform expenses [2] - In the first half of 2025, the trend of rising marketing expenses continued, significantly impacting profit margins despite efforts to penetrate the market through free product giveaways and strengthening C-end channel construction [2] - The wholly-owned subsidiary, Jinmao Coffee, reported revenue of 292 million yuan in 2024, but its net profit was only 7.67 million yuan, with profit margins below the industry average [2]