Core Viewpoint - The report highlights a significant decline in the financial performance of Namchow Food Group in the first half of 2025, with a notable drop in revenue and profits due to rising raw material costs outpacing product price increases [3][4]. Company Overview and Financial Indicators - Namchow Food Group, established for 29 years, is a leading player in the baking oil sector in China, focusing on the development, production, and sales of baking-related products [10][18]. - The company reported a revenue of approximately 1.55 billion RMB for the first half of 2025, a decrease of 0.69% compared to the same period in the previous year [3]. - The total profit for the period was approximately 48.68 million RMB, down 68.77% year-on-year, while the net profit attributable to shareholders fell by 72.00% to about 35.96 million RMB [3][4]. - The company's net cash flow from operating activities decreased by 84.72%, indicating increased cash outflows for purchasing goods and services [3]. Industry Overview - The domestic baking industry has been growing steadily, driven by rising disposable incomes and changing consumer preferences towards diverse dietary habits [4][5]. - The baking industry in China is projected to grow at a compound annual growth rate (CAGR) of approximately 2.1% from 2019 to 2024, with the retail market size expected to reach 285.3 billion RMB by 2024 [5]. - The demand for pre-prepared baking products is increasing, providing opportunities for companies to enhance efficiency and reduce costs in the baking sector [8][16]. Competitive Landscape - The baking raw materials market is characterized by intense competition, with many small and medium-sized enterprises alongside larger players, leading to a fragmented market [6]. - The implementation of new national standards for products like cream is expected to improve competitive dynamics in the industry starting from March 2026 [6]. Product and Service Offerings - Namchow Food Group's product range includes baking oils, cream, dairy products, and pre-prepared baking items, with over 200 varieties available [10][11]. - The company has a strong focus on research and development, holding 173 patents, including 28 invention patents, which positions it at the forefront of industry innovation [9][10]. Sales and Distribution Channels - The company employs both direct sales and distribution models, targeting high-profile clients in the food industry while also expanding its reach through e-commerce platforms [19][20]. - Namchow has begun to explore international markets, successfully exporting products to Southeast Asia and other regions, indicating potential for future growth [20]. Consumer Trends - There is a growing trend towards high-quality and fresh baked goods among consumers, with an increasing preference for pre-prepared baking products in various retail environments [21]. - The expansion of baking sections in supermarkets and the rise of online retail are reshaping consumer purchasing behaviors, providing new opportunities for growth in the baking ingredients market [21].

Core Points - The report presents the semi-annual financial performance of Namchow Food Group (Shanghai) Co., Ltd. for the year 2025, highlighting a decrease in total assets and net profit compared to the previous year [1][2] Financial Summary - Total assets at the end of the reporting period amounted to CNY 4,306.59 million, a decrease of 3.63% from CNY 4,150.36 million at the end of the previous year [1] - Operating revenue for the reporting period was CNY 1,554.97 million, reflecting a slight decline of 0.69% from CNY 1,565.85 million in the same period last year [1] - Total profit for the period was CNY 48.68 million, representing a significant decrease of 68.77% from CNY 155.86 million in the previous year [1] - Net profit attributable to shareholders was CNY 33.65 million, down 72.21% from CNY 121.09 million year-on-year [1] - The net cash flow generated from operating activities was not specified in the provided data [1] Shareholder Information - The total number of shareholders at the end of the reporting period was 14,143 [2] - The largest shareholder, NAMCHOW (CAYMAN ISLANDS) HOLDING CORP., holds 81.55% of the shares, amounting to 346,015,384 shares [2] - Other notable shareholders include Alfred & Chen Partners Co. Ltd. with 2.44% and individual shareholders such as Liang Shengyi with 1.71% [2]

Fundraising Overview - The company raised a total of RMB 1,078,729,415.76 from the issuance of 63,529,412 shares at a price of RMB 16.98 per share, with a net amount of RMB 991,277,271.83 after deducting related fees [1][2] - As of June 30, 2025, the remaining balance of the raised funds is RMB 381,340,115.11, after using RMB 658,977,507.77 for investment projects [1][2] Fund Management - The company has established a fundraising management system in compliance with relevant regulations to ensure the proper use of funds [1][2] - A tripartite supervision agreement was signed with the underwriter and the bank to oversee the management of the raised funds [1][2] Fund Usage - The company has utilized RMB 658,977,507.77 of the raised funds for various projects, with no prior self-funded investments or temporary use of idle funds reported [2][3] - As of June 30, 2025, the company has invested RMB 298,800,000.00 of idle funds in seven-day notice deposits, with a focus on high-security, liquid financial products [2][3] Project Updates - The company has approved the extension of project completion dates for the expansion and technical transformation projects to June 2026 due to market demand adjustments and construction delays [4][5] - The cold chain storage system upgrade and customer service center projects have been completed and are operational, with surplus funds of RMB 6,376,524.60 allocated to the ongoing Chongqing production base project [4][5] Compliance and Reporting - The company has maintained timely and accurate disclosures regarding the use and management of raised funds, with no violations reported [4][5]

证券代码：605339 证券简称：南侨食品 公告编号：临 2025-049 南侨食品集团（上海）股份有限公司 关于部分募投项目延期的公告 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个别及连带责任。 重要内容提示： ? 本次涉及延期的募投项目名称：扩产建设及技改项目 ? 募投项目延期情况：在募投项目实施主体、募集资金用途及投资项目规模不发 生变更的情况下，将扩产建设及技改项目达到预定可使用状态的日期从 2025 年 ? 上述事项已经公司第三届董事会战略委员会第四次会议、第三届董事会第十五 次会议、第三届监事会第十五次会议审议通过。根据《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等有关规定，本次部分募投项目延期事 项无需提交公司股东大会审议。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于核准南侨食品集团（上海）股份 有限公司首次公开发行股票的批复》（证监许可[2021]1198 号），公司首次公开 发行 6,352.9412 万股人民币普通股（A 股）股票，发行价格为 16.98 元/股，募 集资金总额 ...

Main Business Performance - The total operating revenue for the reporting period is approximately 764 million RMB, with the highest revenue coming from baking application oils at approximately 337 million RMB [1][1][1] - Revenue breakdown by product category includes: - Baking application oils: 336,906,600.65 RMB - Cream: 142,698,287.31 RMB - Dairy products: 162,554,184.17 RMB - Pre-made baked goods: 116,096,578.98 RMB - Fillings: 5,611,654.52 RMB - Others: 164,686.38 RMB [1][1][1] Revenue by Region - Revenue distribution by region shows that South China generated the highest revenue at approximately 234 million RMB, followed by East China at approximately 167 million RMB and Central China at approximately 154 million RMB [1][1][1] - The revenue by region is as follows: - East China: 167,411,676.45 RMB - Central China: 154,383,432.88 RMB - South China: 234,074,239.31 RMB - North China: 64,268,267.95 RMB - Southwest: 65,423,929.62 RMB - Northeast: 44,496,198.58 RMB - Northwest: 27,434,391.30 RMB - Overseas: 6,539,855.92 RMB [1][1][1] Revenue by Channel - The revenue from distributors accounts for the majority at approximately 426 million RMB, while direct sales contribute around 338 million RMB [1][1][1] - Revenue by channel is detailed as follows: - Distributors: 426,368,819.86 RMB - Direct sales: 337,651,837.34 RMB - Others: 11,334.81 RMB [1][1][1] Distributor Situation - The total number of distributors at the end of the reporting period is 471, reflecting an increase of 42 compared to the same period last year [1][1][1] - Distributor count by region shows: - East China: 79 (increase of 7) - Central China: 103 (increase of 5) - South China: 117 (increase of 15) - North China: 56 (increase of 13) - Southwest: 61 (increase of 8) - Northeast: 27 (increase of 1) - Northwest: 24 (decrease of 7) - Overseas: 4 (no change) [1][1][1]

证券代码：605339 证券简称：南侨食品 编号：临2025-051 南侨食品集团（上海）股份有限公司 关于变更董事会秘书的公告 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个别及连带责任。 南侨食品集团（上海）股份有限公司（以下简称"公司"或"南侨食品"） 董事会近日收到董事会秘书莫雅婷女士提交的书面辞职报告，莫雅婷女士原定任 期至 2026 年 10 月，现因个人原因，申请辞去公司董事会秘书职务，辞去上述职 务后，莫雅婷女士仍在公司任职。根据《公司法》和《公司章程》等有关规定， 莫雅婷女士的辞职报告自送达公司董事会之日起生效。 截至 2025 年 8 月 10 日，莫雅婷女士未持有公司股份，不存在应当履行而未 履行的承诺事项。 根据《公司法》、 《上海证券交易所股票上市规则》等有关规定，公司董事长 陈正文先生提名，公司董事会提名委员会审查，董事会聘任苏璠女士为公司董事 会秘书，任期自董事会会议审议通过之日起至第三届董事会任期届满之日止。 苏璠女士已经取得上海证券交易所董事会秘书资格证书，已经上海证券交易 所审核无异议。截至本公告披 ...

证券代码：605339 证券简称：南侨食品 公告编号：临2025-054 南侨食品集团（上海）股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 南侨食品集团（上海）股份有限公司(以下简称 "公司")之间接控股股东南侨投 资控股股份有限公司（以下简称"南侨投控"）为台湾地区上市公司，南侨投控需按 照台湾证券交易所相关规定，披露每月营业收入数据。为使A 股投资者能够及时了解 公司的经营情况，本公司亦同步在上海证券交易所指定的信息披露媒体上披露本公司 营业收入。 本简报为初步核算数据，未经会计师事务所审计或审阅，最终数据以公司定期报 告为准，敬请投资者注意投资风险。 公司 2025 年 7 月合并营业收入为人民币 19,810.03 万元，同比减少 9.19 %。 特此公告。 南侨食品集团（上海）股份有限公司董事会 ...

证券代码：605339 证券简称：南侨食品 公告编号：临 2025-052 南侨食品集团（上海）股份有限公司 关于召开 2025 年半年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个别及连带责任。 重要内容提示： ? 会议召开时间：2025 年 8 月 22 日(星期五)下午 14:00-15:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://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 8 月 15 日(星期五)至 8 月 21 日(星期四)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： ncfgs@ncbakery.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。 南侨食品集团（上海）股份有限公司（以下简称"公司"）于 2025 年 8 月 年度报告及其摘要》，为便于广大投资者更全面深入地了解公司 2025 年半年度经 营成果和财务状况，公司计划于 2025 年 8 ...

南侨食品集团（上海）股份有限公司 第三届董事会第十五次会议决议公告 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个别及连带责任。 南侨食品集团（上海）股份有限公司（以下简称"公司"）第三届董事会第 十五次会议通知于 2025 年 7 月 31 日以 E-mail 方式发出，于 2025 年 8 月 11 日 以现场结合通讯表决的方式召开。本次会议应到董事 9 名，实到董事 9 名。会议 由公司董事长陈正文先生主持，全体监事、高管列席了本次会议。本次会议的通 知和召开程序符合《公司法》和《公司章程》的有关规定。会议审议并通过议案、 议题如下： 一、 《 2025 年 半 年 度 报 告 及 其 摘 要 》（ 详 见 上 海 证 券 交 易 所 网 站 http://www.sse.com.cn） 证券代码：605339 证券简称：南侨食品 编号：临2025-047 表决结果：9 票赞成，赞成票比例 100%，0 票反对，0 票弃权。 本议案已经公司第三届董事会审计委员会第十六次会议审议通过。 四、 《关于聘任公司董事会秘书的议案》（详见 ...

证券代码：605339 证券简称：南侨食品 编号：临2025-048 南侨食品集团（上海）股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监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个别及连带责任。 南侨食品集团（上海）股份有限公司（以下简称"公司"）第三届监事会第 十五次会议通知于 2025 年 7 月 31 日以 E-mail 方式发出，于 2025 年 8 月 11 日 以现场结合通讯表决的方式召开。本次会议应表决监事 3 名，实际表决 3 名。会 议由公司监事会主席汪时渭先生主持。本次会议的通知和召开程序符合《公司法》 和《公司章程》的有关规定。会议审议并通过议案、议题如下： 一、《 2025 年 半 年 度 报 告 及 其 摘 要 》 （ 详 见 上 海 证 券 交 易 所 网 站 http://www.sse.com.cn） 公司章程和公司内部管理制度的各项规定。 各项规定，所包含的信息能从各方面真实地反映公司 2025 年半年度的财务状况 以及报告期内经营成果和现金流量等事项。 监事会在提出本意见前，没有发现参与 202 ...