Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights strong growth in the number of coffee and Western fast-food outlets, while the tea beverage segment is experiencing increasing differentiation [2] - The net opening numbers for various brands indicate a competitive landscape, with some brands expanding rapidly while others are contracting [3][4] Summary by Sections Net Opening Trends - In the first four months of 2025, the net opening numbers show significant growth for brands like KFC (+777), McDonald's (+52), and Luckin Coffee (+1474), while brands like Huaiyang and others are seeing declines [6][10] - The tea beverage segment shows mixed results, with brands like Mixue Ice Cream and Tea (+3123) expanding, while others like Heytea and Nayuki are facing contractions [8] Average Transaction Price Trends - The average transaction prices for major fast-food brands have shown a downward trend, with KFC and McDonald's experiencing declines of -3.9% and -2.1% respectively in recent months [7] - In the tea beverage sector, brands like Mixue and Heytea are also facing pressure on average transaction prices, with some brands showing significant declines [14] Coffee and Hot Pot Segment - The coffee segment is witnessing strong growth, with brands like Luckin Coffee and Manner showing net opening increases of 7% and 9% respectively [10] - The hot pot segment, however, is facing challenges, with brands like Haidilao and others showing minimal growth or declines in net openings [11] Other Food Categories - The report indicates a noticeable contraction in the number of outlets for categories like pickled fish and snacks, with brands like Tai Er and Yu Ni Zai Yi Qi showing negative net openings [13] - Average transaction prices in these categories are also under pressure, reflecting broader challenges in consumer spending [14]

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights strong growth in the number of coffee and Western fast-food outlets, while the tea beverage sector is experiencing increasing differentiation [2][3] - The net opening numbers for various brands indicate a competitive landscape, with some brands expanding rapidly while others are contracting [4][8] Summary by Sections Net Opening Trends - In the first four months of 2025, the net opening numbers for various sectors are as follows: - Coffee: 1,921 net openings, a 9% increase - Western fast food: 585 net openings, a 5% increase - Tea: -359 net openings, a 7% decrease [3][4] Customer Price Trends - Customer price trends for major brands show varying performance: - KFC: -1.6% in August 2023, worsening to -3.9% by December 2024 - McDonald's: -1.1% in August 2023, worsening to -0.1% by December 2024 - Starbucks: -1.1% in August 2023, worsening to -2.3% by December 2024 [7][12] Coffee and Hot Pot Sector - The coffee sector shows strong growth with notable net openings: - Luckin Coffee: 1,474 net openings, a 7% increase - Starbucks: 49 net openings, a 1% increase [10] - The hot pot sector shows mixed results with some brands experiencing declines in net openings [11] Tea Sector - The tea sector is characterized by a rapid expansion of certain brands like Mixue Ice Cream and Tea, which saw 3,123 net openings, a 9% increase, while others like Heytea and Nayuki are facing challenges with negative net openings [8][9] Other Food Categories - The report indicates a contraction in the number of outlets for categories like pickled fish and snacks, with brands like Tai Er and Yu Ni Zai Yi Qi showing negative net openings [13][14]

Core Viewpoint - The concept of the China-South Korea Free Trade Zone has shown a positive performance, ranking fourth among concept sectors with a 1.96% increase, despite a net outflow of main funds [1][2]. Group 1: Market Performance - The China-South Korea Free Trade Zone concept saw a 1.96% increase, with eight stocks rising, including Lianyungang, Xinhua Jin, and Haicheng Bangda reaching their daily limit [1]. - Notable gainers included Langzi Co., Chunxue Food, and Haodangjia, with increases of 3.94%, 1.59%, and 1.28% respectively [1]. - The top decliners in this sector were Qingdao Jinwang, Rizhao Port, and Zhongchuang Logistics, with declines of 5.46%, 2.15%, and 2.13% respectively [1]. Group 2: Fund Flow Analysis - The China-South Korea Free Trade Zone concept experienced a net outflow of 165 million yuan, with six stocks receiving net inflows [2]. - Haicheng Bangda led the net inflow with 33.158 million yuan, followed by Lianyungang, Haodangjia, and Langzi Co. with net inflows of 21.664 million yuan, 14.073 million yuan, and 8.034 million yuan respectively [2][3]. - The net inflow ratios for Haicheng Bangda, Haodangjia, and Chunxue Food were 36.04%, 7.34%, and 3.32% respectively [3].

春雪食品集团股份有限公司 Springsnow Food Group Co., Ltd. 2024 年年度股东会会议资料 证券代码：605567 1 / 27 2024 年年度股东会会议资料 2024 年年度股东会会议资料 2 / 27 2024 年年度股东会会议资料 春雪食品集团股份有限公司 2024 年年度股东会会议须知 为了维护全体股东的合法权益，确保本次股东会的正常秩序和议事效率，根据《春雪食品 集团股份有限公司股东会议事规则》和《公司章程》等有关规定，制定以下会议须知，请出席 会议的全体人员自觉遵守： 一、会议组织方式 目录 1、本次会议由公司董事会依法召集。 | 春雪食品集团股份有限公司 2024 年年度股东会会议须知 3 | | --- | | 春雪食品集团股份有限公司 2024 年年度股东会会议议程 5 | | 议案一：春雪食品集团股份有限公司关于《2024 年度董事会工作报告》的议案 7 | | 议案二：春雪食品集团股份有限公司关于《2024 年度监事会工作报告》的议案 8 | | 议案三：春雪食品集团股份有限公司关于《2024 年年度报告及摘要》的议案 9 | | 议案四：春雪食品集团股份 ...

Core Viewpoint - Company successfully turned a profit in 2024, with significant year-on-year net profit growth driven by cost control, market expansion, currency exchange gains, and improved production efficiency [1][4]. Group 1: Financial Performance - In 2024, the company achieved a net profit turnaround, with a notable increase in gross margin and a decrease in total expenses, despite a decline in operating revenue [4]. - The company's Q1 2025 report showed a main revenue of 595 million yuan, a year-on-year increase of 12.48%, and a net profit of 11.17 million yuan, up 286.9% year-on-year [10]. Group 2: Cost Control and Efficiency - Cost management strategies included optimizing internal management, reducing breeding costs, and achieving a 16% and 27% decrease in corn and soybean meal procurement prices, respectively [1]. - The establishment of a smart factory improved production efficiency, leading to a 40% increase in the slaughter volume of broilers [1]. Group 3: Market Expansion - Export business volume grew by 23.4% year-on-year, with a total export of 23,200 tons and a significant increase in the European market, generating 92.25 million USD [1]. - The company plans to continue expanding production capacity, with a target of adding 2,400,000 broilers and increasing processed product capacity by 18,000 tons in 2025 [2]. Group 4: Brand Development - The company enhanced brand recognition through various initiatives, including product launches, participation in industry exhibitions, and collaborations with e-commerce platforms [7]. - The dual-brand strategy with "Chunxue" and "Shangxian" has successfully increased brand awareness and market acceptance [7]. Group 5: Future Growth Drivers - Future profit growth will be driven by the development of prepared food products, cost reduction measures, market expansion, channel optimization, and brand premium capabilities [8]. - The company aims to enhance product structure and accelerate digital transformation to improve production efficiency and management [9].

Core Points - The company has issued a correction announcement regarding its 2024 annual report, specifically addressing errors in the section on major suppliers [1][2] - The corrected figures indicate that the top five suppliers' procurement amount is 50,207.46 million yuan, accounting for 18.44% of the total annual procurement [1] - The report highlights that there is a significant reliance on a few suppliers, with procurement from a single supplier exceeding 50% of the total [1][2] Summary by Sections Supplier Information - The initial report stated that the top five suppliers' procurement amount was 48,242.78 million yuan, which accounted for 17.72% of the total annual procurement [1] - The corrected report shows an increase in the procurement amount and percentage for the top five suppliers [1] - The company acknowledges the presence of new suppliers among the top five and emphasizes the risk of dependency on a limited number of suppliers [1][2]

证券代码：605567 证券简称：春雪食品 公告编号：2025-030 春雪食品集团股份有限公司 关于 2024 年年度报告的更正公告 前五名供应商采购额 48,242.78 万元，占年度采购总额 17.72%； 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。 2025 年 4 月 29 日，春雪食品集团股份有限公司（以下简称"公司"）于上 海证券交易所网站（www.sse.com.cn）披露了《春雪食品集团股份有限公司 2024 年年度报告》。经公司核查，发现上述报告 "公司主要供应商情况"处出现差错， 应当予以更正。 更正内容位于年报"第三节 管理层讨论与分析"之"五、报告期内主要经 营情况"之"（一）主营业务分析"之"2、（7）主要销售客户及主要供应商情况" 之"B.公司主要供应商情况"。 1、更正前： 报告期内向单个供应商的采购比例超过总额的 50%、前 5 名供应商中存在新 增供应商的或严重依赖于少数供应商的情形 单位：元 币种：人民币 前五名供应商采购额 50,207.46 万元，占年度采购总额 18.44%； 报 ...

Financial Performance - The company's operating revenue for 2024 was CNY 2,514,331,815.74, a decrease of 10.08% compared to 2023[20]. - Net profit attributable to shareholders was CNY 8,165,199.49, a significant recovery from a loss of CNY 34,686,272.87 in 2023[20]. - The basic earnings per share for 2024 was CNY 0.04, compared to a loss of CNY 0.17 in 2023[21]. - The weighted average return on equity increased to 0.76% in 2024, up 3.89 percentage points from -3.13% in 2023[21]. - Cash flow from operating activities decreased by 49.04% to CNY 101,170,466.11 due to an increase in inventory[20][23]. - The total assets at the end of 2024 were CNY 2,177,193,848.09, a slight decrease of 0.77% from 2023[20]. - The net assets attributable to shareholders increased by 1.14% to CNY 1,077,868,550.26 at the end of 2024[20]. - The company's operating revenue for the current period is CNY 2,514,331,815.74, a decrease of 10.08% compared to the same period last year[111]. - Operating costs decreased by 11.79% to CNY 2,338,547,234.10, resulting in a net cash flow from operating activities of CNY 101,170,466.11, down 49.04% year-on-year[111]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares, totaling 20,000,000.00 yuan (including tax) based on a total share capital of 200 million shares as of December 31, 2024[5]. - The total number of shares held by the current directors and senior management at the end of the reporting period is 21,882,333 shares, unchanged from the beginning of the year[184]. - The total pre-tax remuneration for the directors and senior management during the reporting period amounts to 850.87 million CNY[184]. - The company has approved its 2023 annual financial budget and profit distribution plan during the shareholders' meeting[182]. - The company plans to conduct financial derivative transactions and has approved a comprehensive credit application with banks[182]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongshun Zhonghuan Accounting Firm[4]. - There are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for providing guarantees[7]. - The company has established a structured governance framework in compliance with relevant laws and regulations, ensuring effective management and oversight[178]. - The company maintains complete independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations[179]. Market and Industry Trends - The company reported a significant increase in export business, contributing to improved profitability[21]. - The decline in prices of key feed raw materials, such as soybean meal and corn, led to reduced breeding costs[23]. - The white feather chicken industry in China is the third largest globally, with a projected poultry production of 26.6 million tons in 2024, growing by 3.8% year-on-year, and a slaughter volume of 8.646 billion chickens, up by 2.57%[57][58]. - The industry is transitioning from rapid expansion to a consolidation phase, with a notable slowdown in slaughter growth from 10.03% in 2023 to 2.57% in 2024, indicating a potential turning point[58]. - Consumer demand for high-protein, low-fat chicken is rising, driven by health trends, while technological advancements in breeding and farming are enhancing production efficiency[62]. Product Development and Innovation - In 2024, the company launched nine new products, further enhancing its product matrix and core competitiveness, with the "Shengjian Chicken Breast Strips" becoming a category sales champion on JD.com[39]. - The company is focusing on product innovation and brand building, with plans to launch a new sausage product in Q2 2025, targeting annual sales of over 50,000 tons within three years[150]. - The company aims to explore new product development in seafood, other meats, plant proteins, and functional foods to increase competitiveness in the food sector[148]. - The company is implementing an "Information and Intelligent Construction Project" to enhance production efficiency and reduce costs, which will significantly improve decision-making accuracy and market competitiveness[147]. Sustainability and Safety - The company supports the new regulations on pre-prepared food safety issued by six national departments, aiming to enhance food safety standards and contribute to high-quality industry development[46]. - The company has established a comprehensive food safety management system, achieving multiple certifications including ISO9001 and HACCP[100]. - The company has invested ¥3.1 million annually in food safety, with a dedicated team of 105 personnel[102]. - The company is committed to maintaining high standards for both domestic and export products, ensuring consistent quality across all production lines[151]. - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 30% over the next five years[185]. Research and Development - The company operates three R&D centers located in Yantai, Qingdao, and Shanghai, focusing on independent, customized, and joint R&D models[98]. - Research and development expenses increased by 22.66% to CNY 11,118,486.76 due to enhanced investment in R&D and recruitment of talent[111]. - The company has established a performance assessment system to evaluate the remuneration of directors and senior management[192]. - The company is enhancing its core technology capabilities by collaborating with domestic universities to develop key technologies, including automation in pre-cooked dish production[156]. Strategic Planning and Future Outlook - The company plans to reach a batch inventory of 16 million chickens and an annual output of 100 million chickens by the end of 2025[65]. - The company aims to enhance its market position through technological innovation, resource integration, and quality upgrades in response to market challenges[139]. - The company plans to invest a total of RMB 116.65 million in 2025, including RMB 30.15 million for expanding its contracted breeding base to 16 million chickens by the end of 2025[153]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB allocated for potential deals[186]. - The company is committed to reducing overall breeding costs by optimizing raw material procurement and improving breeding efficiency[162].

中国经济网北京4月29日讯春雪食品（605567）(605567.SH)昨日晚间披露关于股东减持股份计划的公 告。 公司股东烟台天自春雪股权投资中心(有限合伙)(以下简称"天自春雪")、烟台天自雪瑞股权投资中心(有 限合伙)(以下简称"天自雪瑞")系一致行动关系，所持公司股份为无限售条件流通股，分别是4,135,000 股、9,960,000股，占公司总股本的比例分别为2.07%、4.98%。 天自春雪、天自雪瑞系一致行动关系，其拟在公告披露之后的2025年5月23日至2025年8月22日，通过集 中竞价交易方式减持公司股份合计不超过2,000,000股，不超过公司总股本的1%。天自雪瑞拟在公告披 露之后的2025年5月23日至2025年8月22日，通过大宗交易方式减持公司股份不超过4,000,000股,不超过 公司总股本的2%。 春雪食品于2021年10月13日在上交所主板上市，公开发行新股数量为5000万股，发行价格为11.80元， 保荐机构是光大证券，保荐代表人是马如华、文光侠。目前该股股价处于破发状态。 春雪食品首次公开发行股票募集资金总额为5.90亿元，募集资金净额为5.41亿元，比原拟募资少3.1 ...

证券代码：605567 证券简称：春雪食品 公告编号：2025-027 春雪食品集团股份有限公司 2025 年一季度经营数据公告 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、准确性和完整性依法承担法律责任。 春雪食品集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四号——食品制 造》的相关要求，现将 2025 年一季度经营数据公告如下： 一、营业收入分产品： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | --- | --- | | 生鲜品 | 272,260,456.29 | 45.78 | | 调理品 | 301,132,559.44 | 50.64 | | 毛鸡 | 19,417,891.60 | 3.27 | | 其他产品 | 1,855,178.09 | 0.31 | | 营业收入合计 | 594,666,085.42 | 100.00 | 二、营业收入分渠道： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | ...