Core Viewpoint - The article discusses the explosive growth of the Chinese herbal health drink market, particularly focusing on the rise of "Chinese health water" products, which have become popular among young consumers, especially working individuals seeking convenient health solutions [3][8][19]. Market Overview - In the past year, 23 brands have launched 59 new herbal health water products, indicating a more aggressive market entry compared to the previous "sugar-free tea" trend [3][10]. - The market for Chinese health water has seen a growth rate exceeding 350% in 2023, reaching a market size of 450 million yuan, with projections estimating a compound annual growth rate of approximately 88.9% from 2024 to 2028, potentially reaching around 10.8 billion yuan by 2028 [8][19]. Consumer Behavior - Young working individuals are increasingly consuming herbal health water as a convenient option for health maintenance, often referred to as "life-sustaining water" [3][4]. - The primary consumer demographic consists of women, accounting for approximately 65.2% of the market, with 77.7% of consumers being under 36 years old [8][19]. - Many consumers express a mix of enthusiasm and skepticism regarding the health benefits of these products, with some viewing them as effective for wellness while others consider them primarily a marketing success [4][19]. Product Characteristics - The products typically emphasize "zero" concepts in their ingredients, appealing to health-conscious consumers. Common ingredients include red beans, barley, and various herbs, marketed under the "food and medicine are of the same origin" concept [7][14]. - The price range for these drinks is generally between 4 to 5 yuan for a 500ml bottle, similar to sugar-free tea drinks, but with a focus on health benefits [15][19]. Competitive Landscape - Major beverage companies are increasingly entering the herbal health water market, with brands like Yuanqi Forest and Kweichow Moutai launching their own products [11][19]. - The competitive environment is intensifying, with numerous brands vying for market share, leading to a proliferation of new flavors and product lines [10][11]. Marketing Strategies - Brands are leveraging celebrity endorsements to enhance their market presence, with notable figures promoting various herbal health water products [19]. - The marketing narrative often revolves around the convenience of consuming these drinks during busy work schedules, aligning with the lifestyle of modern consumers [19].

Core Viewpoint - As of June 6, 2025, Chengde Lululemon (000848) closed at 9.84 yuan, down 6.99% from the previous week's 10.58 yuan, indicating a decline in stock performance [1] Shareholder Changes - As of May 30, 2025, the number of shareholders for Chengde Lululemon decreased by 2,187, a reduction of 5.35% from the previous period [2][4] - The average number of shares held per shareholder increased from 25,700 shares to 27,200 shares, with an average holding value of 287,700 yuan [2] Company Announcements - Chengde Lululemon announced a share buyback plan on October 24 and November 11, 2024, allowing for the repurchase of 30 million to 60 million shares at a price not exceeding 11.75 yuan per share, with a total buyback amount not exceeding 705 million yuan [2] - As of May 31, 2025, the company had repurchased 3,000,000 shares, representing 0.29% of the total share capital, with a total transaction amount of 25,828,944 yuan [2][4]

承德露露股份公司（以下简称"公司"）分别于 2024 年 10 月 24 日、2024 年 11 月 11 日召开第八届董事会 2024 年第四次临时会议及 2024 年第三次临时股东大会，审议通过了《关于回购部分社会公众股 份方案的议案》，同意使用公司自有资金或自筹资金，以集中竞价交 易方式，以不超过人民币 11.75 元/股（含）的价格回购本公司部分人 民币普通股 A 股股份，回购的数量不低于 3000 万股（含）且不高于 6000 万股（含），回购的资金额度不超过人民币 70,500 万元（含）， 具体回购数量及回购金额以回购期限届满或回购实施完成时实际回购 的数据为准。回购股份的期限为自公司 2024 年第三次临时股东大会审 议通过本次回购股份方案之日起 12 个月内。 证券代码：000848 证券简称：承德露露 公告编号：2025-030 承德露露股份公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 上述内容具体详见公司分别于 2024 年 10 月 25 日、2024 年 11 月 15 日在《中国证券报》《证券时报 ...

Group 1 - Chengde Lululemon has experienced a decline for four consecutive trading days, with a cumulative drop of -4.71% [1] - Chengde Lululemon Co., Ltd. was established on October 17, 1997, and listed on the Shenzhen Stock Exchange on November 13, 1997, with the stock code "000848" [1] - In the first quarter of this year, the fund "Zhaoshang Core Competitiveness Mixed A" remains one of the top ten shareholders of Chengde Lululemon, with a year-to-date return of 11.96%, ranking 582 out of 4568 in its category [1] Group 2 - The fund manager of Zhaoshang Core Competitiveness Mixed A is Zhu Hongyu, who has a master's degree in engineering from Tsinghua University and has held various positions in the finance industry [4] - Zhu Hongyu has been with Guotou Ruijin Fund Management Co., Ltd. since June 2010 and has served as a fund manager for multiple funds since 2011 [4] - Zhaoshang Fund Management Co., Ltd. was established in December 2002, with major shareholders being China Merchants Bank (55%) and China Merchants Securities (45%) [4]

Core Points - The company has approved a cash dividend distribution plan for the year 2024, where shareholders will receive 3 RMB per 10 shares, totaling approximately 314.87 million RMB, after excluding shares held in the repurchase account [1][2][4] - The total share capital for the dividend distribution is calculated as 1,049,554,074 shares, after deducting 3,000,000 shares held in the repurchase account [2][4] - The record date for the dividend distribution is set for June 3, 2025, and the ex-dividend date is June 4, 2025 [3][4] Dividend Distribution Details - The cash dividend of 3 RMB per 10 shares is inclusive of tax, with different tax treatments for various types of investors [2][4] - The actual cash dividend amount is calculated based on the total share capital minus the repurchased shares, resulting in a cash dividend of 2.991449 RMB per share after the distribution [1][4] - The company will directly transfer the cash dividends to shareholders' accounts through their custodial securities companies on the ex-dividend date [4][5] Adjustments and Calculations - The company will adjust the repurchase price of restricted stock options based on the profit distribution [4] - The ex-dividend price will be calculated using the formula: Ex-dividend reference price = (Previous closing price - Cash dividend) [4]

证券代码：000848 证券简称：承德露露 公告编号：2025-029 承德露露股份公司 2024 年年度权益分派实施公告 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、误导性陈述或者重大遗漏。 特别提示： 1、根据《中华人民共和国公司法》《上市公司股份回购规则》等 相关规定，公司通过回购专用证券账户持有的本公司股份不享有参与利 润分配的权利。截至本公告披露日，承德露露股份公司（以下简称"公 司"）通过回购专用证券账户（以下简称"回购专户"）持有公司股份 3,000,000 股 。 因此 ， 本 次 权 益 分 派 以 公 司 股 权 登 记 的 总 股 本 1,052,554,074 股剔除已回购股份 3,000,000 股后的 1,049,554,074 股 为分配基数。公司本次实际现金分红总额 = （1,052,554,074 股 -3,000,000 股）*3 元/10 股=314,866,222.20 元（含税）。 2、因公司回购股份不享有参与利润分配的权利，本次权益分派实 施后，根据股票市值不变原则，实施权益分派前后公司总股本保持不变， 现金分红总额分摊到每一股的比例将 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is successfully advancing its new product, Lulule Herbal Health Water, which is positioned in a rapidly growing health beverage market. The competitive landscape is favorable, providing valuable development opportunities. The chairman is personally leading the product development and marketing efforts, indicating the company's commitment to this new line [3][4] - The company is expanding its presence in the southern market by establishing a factory and creating new sales districts. Adjustments to product formulations are being considered to cater to regional taste preferences. The introduction of new products is expected to enhance market penetration and address weaknesses in the southern market [4] - Cost reductions in key raw materials are expected to improve profit margins. The price of wild apricot kernels, a significant ingredient, is projected to decrease, contributing to cost savings and supporting market investments and new product promotions [4] - The company anticipates steady growth in its core product, Almond Milk, with expected revenue of 34.52 billion, 38.02 billion, and 40.07 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 5.01%, 10.14%, and 5.39%. The net profit attributable to the parent company is projected to be 7.14 billion, 7.81 billion, and 8.13 billion yuan for the same years, with corresponding growth rates of 7.15%, 9.46%, and 4.01% [5][8][10] Company Overview - The latest closing price of the company's stock is 10.54 yuan, with a total market capitalization of 111 billion yuan. The company has a debt-to-asset ratio of 25.1% and a price-to-earnings ratio of 16.47 [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is successfully advancing its new product, Lulule Herbal Health Water, which is positioned in a rapidly growing health beverage market. The competitive landscape is favorable, providing valuable development opportunities. The chairman is personally leading the product development and marketing efforts, indicating the company's commitment to this new line [3][4] - The company is expanding its presence in the southern market by establishing a factory and creating new sales districts. Adjustments to product formulations are being considered to cater to regional taste preferences. The introduction of new products is expected to enhance market penetration and address weaknesses in the southern market [4] - Cost reductions in key raw materials are expected to improve profit margins. The price of wild apricot kernels, a significant ingredient, is projected to decrease, contributing to cost savings and supporting market investments and new product promotions [4] - The company anticipates steady growth in its core product, Almond Milk, with a recovery expected in Q2 due to resilient demand. Revenue projections for 2025-2027 are set at 34.52 billion, 38.02 billion, and 40.07 billion yuan, respectively, with corresponding net profits of 7.14 billion, 7.81 billion, and 8.13 billion yuan [8][10] Summary by Sections Company Overview - The latest closing price is 10.54 yuan, with a total market capitalization of 111 billion yuan. The company has a debt-to-asset ratio of 25.1% and a price-to-earnings ratio of 16.47 [2] Financial Forecast and Key Metrics - Revenue is projected to grow at rates of 5.01%, 10.14%, and 5.39% for the years 2025, 2026, and 2027, respectively. The net profit is expected to grow by 7.15%, 9.46%, and 4.01% in the same years. The earnings per share (EPS) is forecasted to be 0.68, 0.74, and 0.77 yuan for 2025, 2026, and 2027, respectively [10][11]

Group 1 - The A-share food and beverage sector experienced a surge, with Jiayuan Health hitting the daily limit, and Miaokelando rising over 6% [1] - Other companies such as Chengde Lululemon, Wancheng Group, and Liziyuan also saw significant gains [1]

General Provisions - The company establishes rules to ensure the lawful exercise of shareholder rights in accordance with the Company Law, Securities Law, and relevant regulations [1][2] - The company must strictly follow legal and regulatory requirements when convening shareholder meetings, ensuring that all shareholders can exercise their rights [1][2] - Shareholder meetings are categorized into annual and temporary meetings, with annual meetings held within six months after the end of the previous fiscal year [1][2] Shareholder Meeting Authority - The shareholder meeting is the company's authority body, responsible for electing and replacing directors, approving remuneration, and making decisions on significant asset transactions exceeding 30% of the company's audited total assets [2][3] - The meeting can authorize the board to make decisions regarding bond issuance [2][3] - Certain transactions, such as investments and asset sales, must be submitted for shareholder approval if they meet specified thresholds [2][4] Meeting Procedures - The board must convene the shareholder meeting within the stipulated timeframe and must notify shareholders accordingly [6][7] - Independent directors can propose temporary meetings, and the board must respond within ten days [6][7] - Shareholders holding more than 10% of shares can request a temporary meeting, and the board must respond within ten days [6][7] Proposals and Notifications - Proposals must fall within the authority of the shareholder meeting and be clearly defined [18][19] - Shareholders holding at least 1% of shares can submit temporary proposals ten days before the meeting [18][19] - Notifications for annual meetings must be sent at least 20 days in advance, while temporary meetings require a 15-day notice [19][20] Meeting Conduct - The shareholder meeting must be held at the company's registered location, and provisions must be made for remote participation [11][12] - All shareholders registered by the record date have the right to attend and vote [11][12] - The meeting must be presided over by the chairman or a designated director, and all proceedings must be recorded accurately [13][14] Voting and Resolutions - Each share carries one vote, and shareholders must express their opinions on proposals [16][17] - Voting results must be announced immediately after the meeting, and resolutions must be disclosed promptly [17][18] - The company must implement resolutions regarding profit distribution or capital increases within two months after the meeting [19][20] Legal Compliance - Any resolutions that violate laws or regulations are deemed invalid, and shareholders can request annulment within 60 days [20][21] - The company must fulfill its obligations to disclose information regarding any legal disputes related to shareholder resolutions [20][21]