Group 1 - The company will stop the conversion of its convertible bonds "Li Zi Convertible Bonds" during the period from June 9, 2025, to the equity registration date due to the implementation of the 2024 profit distribution plan [2][5] - The 2024 profit distribution plan includes a cash dividend of 5.00 yuan per 10 shares (including tax) to all shareholders, excluding shares held in the company's repurchase account, with no stock bonus or additional shares [3][4] - The profit distribution plan was approved at the annual general meeting held on May 19, 2025, and further details were disclosed in the company's announcements [3][4] Group 2 - The company will announce the implementation of the profit distribution and the adjustment of the conversion price for the "Li Zi Convertible Bonds" on June 10, 2025 [5] - Holders of the convertible bonds wishing to enjoy the profit distribution must convert their bonds before June 6, 2025 [5]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Liquor - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Shanxi Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential of the soft drink and low-alcohol segments, with significant growth in companies like Li Ziyuan and Dongpeng Beverage [15][22] Consumer Goods - The consumer goods sector is recommended based on four main themes: cost control, new consumption, potential performance elasticity, and thematic expectations [18][22] - The report suggests focusing on companies that can leverage these themes, such as Ximai Food and H&H [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products like Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - For the white liquor sector, leading companies like Shanxi Fenjiu and Guizhou Moutai are recommended [5][22] - The report also suggests monitoring companies in the consumer goods sector that align with the identified themes [22]

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][53]. Core Insights - The food and beverage sector experienced a decline of 1.06% last week, slightly outperforming the CSI 300 index by 0.02 percentage points, ranking 27th among 31 sectors [4][9]. - The liquor segment is in a bottoming phase, with a focus on leading companies for recovery. The impact of recent "alcohol bans" is expected to be limited, as business banquets and personal consumption remain the primary drivers of demand [4][9]. - The beer sector is showing signs of improvement as the peak consumption season approaches, with April production figures indicating a 4.8% year-on-year increase [4][23]. - The snack segment is characterized by high growth potential, driven by strong product categories and new distribution channels [4]. - The dairy sector is expected to stabilize as upstream production capacity adjusts, with milk prices anticipated to recover gradually [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance last week was a decline of 1.06%, with soft drinks showing a notable increase of 9.27% [4][9]. - Top-performing stocks included Junyao Health and Kweichow Moutai, with gains of 38.58% and 32.17% respectively [4][9]. 2. Key Consumer Products and Raw Material Prices 2.1 Liquor Prices - As of June 1, 2025, the price for 2024 Moutai (bottle) is 2,070 CNY, down 50 CNY from the previous month [18]. 2.2 Beer Data - April production for major beer companies reached 2.896 million kiloliters, a 4.8% increase year-on-year [23]. 2.3 Upstream Raw Material Data - As of May 30, 2025, the price of fresh milk is 12.17 CNY per liter, with a year-on-year decrease of 0.49% [25]. 3. Industry Dynamics - Significant growth in wine sales was reported during the JD 618 shopping festival, with red wine sales increasing by 200% year-on-year [50]. - Guangdong province's beer production increased by 1.3% in the first four months of 2025 [50]. 4. Core Company Dynamics - Fuling Zhacai announced a cash dividend of 4.20 CNY per share, totaling 4.85 billion CNY [52]. - Haitian Flavoring announced a cash dividend of 8.60 CNY per share, totaling 47.73 billion CNY [52].

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-034 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 关于实施 2024 年度权益分派时"李子转债"停止 转股的提示性公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派，浙江李子园食品股份有限公司（以下简称"公司"） 的相关证券停复牌情况如下：权益分派实施公告前一交易日（2025 年 6 月 9 日） 至权益分派股权登记日期间，本公司可转债将停止转股。 （二）自 2025 年 6 月 9 日至权益分派股权登记日期间，"李子转债"将停止 转股，股权登记日后的第一个交易日起"李子转债"转股业务将恢复交易。欲享 受权益分派的可转债持有人可在 2025 年 6 月 6 日（含 2025 年 6 月 6 日）之前进 行转股。 三、其他 联系部门：公司证券部 联系电话：0579-82881528 | | | 一 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Wine - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential in the soft drink and low-alcohol segments, driven by new marketing strategies and upcoming sales events [15][22] Consumer Goods - The report recommends focusing on four main themes: cost control, new consumption logic, potential performance elasticity, and thematic expectations [18][22] - Specific companies to watch include Ximai Foods, Li Ziyuan, and Sanhua Foods, among others [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products such as Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - In the white liquor sector, Moutai and Fenjiu are highlighted for their strong alpha and benefits from market concentration [5][22]

Group 1 - The report indicates that in June, overseas focus is on tariff negotiations, debt risks, and interest rate cut expectations, leading to a cautious outlook for US stocks, while domestic economic and policy observations show limited incremental highlights [3][11] - The A-share market is expected to experience range-bound fluctuations, with a continuation of the "barbell strategy" focusing on dividend defense, domestic demand recovery, and technology growth [3][15] - The report highlights the importance of monitoring sectors such as banking, public utilities, transportation, new consumption, innovative pharmaceuticals, agriculture, and technology-driven industries like AI and semiconductors for potential investment opportunities [3][15] Group 2 - The report lists the top ten stocks for June, including companies from various sectors such as electronics, media, automotive, chemicals, pharmaceuticals, food and beverage, and power equipment [4][10] - Specific companies highlighted include Lianchuang Optoelectronics, Juguang Technology, and Changchun Gaoxin, with each showing promising growth potential based on recent performance and market conditions [4][17][27] - The report provides earnings forecasts for these companies, indicating expected revenue growth for Lianchuang Optoelectronics from 32.91 billion to 45.04 billion from 2025 to 2027, and for Juguang Technology from 5.65 billion to 11.01 billion in the same period [21][27]

证券代码：605337 证券简称：李子园 转债代码：111014 转债简称：李子转债 浙江李子园食品股份有限公司 "李子转债"2025年第二次 债券持有人会议 会议资料 2025年6月 | 目 录 | | --- | | "李子转债"2025年第二次债券持有人会议议程 1 | | --- | | "李子转债"2025年第二次债券持有人会议须知 3 | | 关于变更部分募集资金投资项目的议案 5 | | 关于修订《浙江李子园食品股份有限公司可转换公司债券持有人会议规则》的 | | 议案 13 | 浙江李子园食品股份有限公司 "李子转债"2025年第二次债券持有人会议议程 一、召开会议的基本情况 （一）会议类型和届次："李子转债"2025年第二次债券持有人会议 （二）会议召集人：浙江李子园食品股份有限公司董事会 （三）会议表决方式：采用记名方式现场投票表决或通讯方式投票表决 （四）现场会议时间和地点 （一） 主持人宣布会议开始，介绍本次债券持有人会议现场会议的出席情 况； （二） 董事会秘书程伟忠宣读会议须知； （三） 通过推举会议监票人和计票人； （四） 会议审议事项： 1、审议《关于变更部分募集资金投资项目的 ...

General Provisions - The rules are established to regulate the organization and behavior of the bondholders' meeting of Zhejiang Liziyuan Food Co., Ltd. and to define the rights and obligations of bondholders, ensuring their legal rights are protected [1][2] - The convertible bonds are issued according to the terms outlined in the prospectus, with the bondholders being those who acquire the bonds through legal means [2][3] Rights and Obligations of Bondholders - Bondholders have the right to receive interest based on the amount of bonds held, convert their bonds into A-shares, exercise the right of redemption, transfer or pledge their bonds, obtain relevant information, and participate in meetings to exercise voting rights [5][6] - Bondholders are obligated to comply with the terms of the bond issuance, pay subscription funds, adhere to valid resolutions from the bondholders' meeting, and not demand early repayment of principal and interest unless legally permitted [5][6] Authority of the Bondholders' Meeting - The bondholders' meeting has the authority to make decisions on changes proposed by the company regarding the prospectus, approve solutions when the company fails to pay interest, and decide on actions during significant corporate changes such as mergers or bankruptcy [8][9] - The meeting can also decide on the appointment or dismissal of the bond trustee and other matters as stipulated by laws and regulations [8][9] Convening the Bondholders' Meeting - The bondholders' meeting must be convened under specific circumstances, such as proposed changes to the prospectus, failure to pay interest, or significant corporate events like mergers or bankruptcy [9][10] - The board of directors or the bond trustee is responsible for convening the meeting within a specified timeframe, and bondholders holding a significant percentage of bonds can also request a meeting [10][11] Voting and Resolutions - Each bondholder has one vote per bond held, and resolutions must be passed by a majority of the voting rights represented at the meeting [31][32] - The results of the voting must be announced at the meeting, and the resolutions take effect immediately unless otherwise specified [35][36] Record Keeping and Documentation - The meeting must be documented, including details such as the time, location, attendees, and voting results, which must be signed by the meeting chair and other officials [40][41] - All documentation related to the meeting must be retained for a period of ten years [41][42]

Group 1 - The board of directors of Zhejiang Liziyuan Food Co., Ltd. held its 23rd meeting on May 29, 2025, in compliance with relevant laws and regulations [1][2] - The board approved the proposal to amend the "Rules for the Meeting of Convertible Bondholders of Zhejiang Liziyuan Food Co., Ltd." with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [2] - The board also approved the proposal to convene the second bondholders' meeting for "Liziyuan Convertible Bonds" in the same voting manner [2] Group 2 - The meeting was chaired by the company's chairman, Mr. Li Guoping, and attended by supervisors and senior management [1] - The resolutions from the meeting will be submitted for review at the bondholders' meeting [2] - The company ensures the accuracy and completeness of the announcement, taking legal responsibility for its content [1]

证券代码：605337 证券简称：李子园 转债代码：111014 转债简称：李子转债 浙江李子园食品股份有限公司 "李子转债"2025年第二次 债券持有人会议 会议资料 2025年6月 | "李子转债"2025年第二次债券持有人会议议程 | | --- | | "李子转债"2025年第二次债券持有人会议须知 . | | 关于变更部分募集资金投资项目的议案 | | 关于修订《浙江李子园食品股份有限公司可转换公司债券持有人会议规则》的 | | 议案 | 浙江李子园食品股份有限公司 "李子转债"2025年第二次债券持有人会议议程 一、召开会议的基本情况 （一）会议类型和届次："李子转债"2025年第二次债券持有人会议 （二）会议召集人：浙江李子园食品股份有限公司董事会 （三）会议表决方式：采用记名方式现场投票表决或通讯方式投票表决 （四）现场会议时间和地点 现场会议时间：2025年6月16日（星期一）上午 9:00 召开地点：浙江省金华市金东区丹溪东路1016号李子园科创大楼10楼会议 室 （二） 董事会秘书程伟忠宣读会议须知； （三） 通过推举会议监票人和计票人； （四） 会议审议事项： 1、审议《关于变更部分募 ...