法律意见书 北京金诚同达律师事务所 关于 承德露露股份公司 2024 年度股东大会的 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于承德露露股份公司 2024 年度股东大会的 法律意见书 金证法意[2025]字 0522 第 0466 号 致：承德露露股份公司 北京金诚同达律师事务所（以下简称"本所"）接受承德露露股份公司（以 下简称"承德露露"或"公司"）的聘请，指派本所律师出席公司 2024 年度股东 大会（以下简称"本次股东大会"）并对会议的相关事项出具法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）《律师事 务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》 等有关法律、法规和规范性文件的要求以及《承德露露股份公司章程》（以下简 称"《公司章程》"）的规定，对本次股东大会的召集、召开程序，出席会议人员 的资格、召集人资格，会议的表决程 ...

Core Viewpoint - The company is facing significant challenges as it prepares for the unlocking of 3.46 million restricted shares, which represents 0.33% of its total share capital, amidst declining revenue and profit in the first quarter of 2024 [1][2]. Group 1: Financial Performance - In Q1 2024, the company's revenue decreased by 18.4% year-on-year to 1 billion yuan, while net profit fell by 12.5% to 215 million yuan [1][2]. - The company's revenue has been stagnant between 2 billion and 3 billion yuan from 2019 to 2023, with the anticipated growth in 2024 largely dependent on price increases rather than market expansion [2]. Group 2: Market and Product Challenges - The core product, almond milk, accounts for 96.84% of total revenue, but consumer feedback indicates issues with taste and a lack of innovation, leading to competition from new categories like coconut water [2]. - The company is experiencing pressure from rising raw material costs, particularly due to a 30% increase in procurement prices for wild almonds in 2023, which has contributed to a decline in gross margin from 52.62% in 2019 to 40.94% [2]. Group 3: Innovation and R&D Investment - The company relies on traditional retail channels for over 90% of its revenue, with the northern market contributing more than 90%, while the southern market remains underdeveloped due to trademark disputes and channel barriers [3]. - There is a significant disparity in R&D investment, with the company allocating less than 0.5% of its revenue to R&D, compared to over 5% for competitors like Oatly, which has resulted in a lack of product innovation [3]. Group 4: Industry Trends and Future Outlook - The traditional brand's competitive edge is eroding as new brands tighten their grip on the market, indicating a need for breakthroughs in product innovation, channel transformation, and organizational efficiency [4]. - The shift in consumer preferences towards functional and differentiated health drinks poses a challenge for the company, which has not adapted to the evolving market dynamics [3][4].

Core Points - The first unlock period of the 2024 Restricted Stock Incentive Plan has been achieved, allowing 4 eligible participants to unlock a total of 3.456 million shares, which accounts for 0.33% of the company's total share capital [1][9][10] Summary by Sections Incentive Plan Approval Process - The board of directors and the supervisory board approved the draft of the 2024 Restricted Stock Incentive Plan on March 14, 2024 [1] - The company conducted an internal announcement regarding the incentive plan from March 16 to March 25, 2024, with no objections received [2] - The shareholders' meeting on April 2, 2024, approved the incentive plan and related management measures [2] - The board meeting on April 15, 2024, confirmed that the conditions for granting the restricted stock had been met, with the grant date set for April 17, 2024 [2] Unlock Conditions Achievement - The first unlock period for the restricted stock is defined as the first trading day after 12 months from the grant date until the last trading day within 24 months from the grant date, allowing for 30% of the total granted shares to be unlocked [3] - The first unlock period ended on April 16, 2025, and the conditions for unlocking were confirmed to be met [3][4] Financial and Compliance Conditions - The company did not experience any negative audit opinions or violations of profit distribution regulations in the last fiscal year, thus meeting the unlock conditions [4][5] - The company has not been recognized as an inappropriate candidate by regulatory bodies in the last 12 months, fulfilling the necessary compliance requirements [5] Performance Metrics for Unlocking - The performance metrics for unlocking shares are based on the company's annual revenue and net profit, with specific target values set for each year [6][7] - The company achieved a revenue of 3.287 billion yuan and a net profit of 674 million yuan for the year 2024, meeting the required performance thresholds [6][7] Individual Performance Assessment - Individual performance assessments for the eligible participants are categorized into four levels (A, B, C, D), with corresponding unlocking ratios based on performance scores [8] - The total number of shares that can be unlocked for each participant is calculated based on company-level and individual-level performance metrics [8] Share Structure Changes - Following the unlocking of shares, the company's total share capital remains at 1,052,554,074 shares, with the newly unlocked shares being 3.456 million [9][10] - The share structure before and after the unlocking indicates no significant changes in the overall capital distribution [10] Legal and Compliance Documentation - The company has prepared legal opinions and independent financial advisory reports to support the compliance of the unlocking process [10]

证券代码：000848 证券简称：承德露露 公告编号：2025-027 承德露露股份公司 关于2024年限制性股票激励计划第一个解除限售期 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、承德露露股份公司（以下简称"公司"） 2024年限制性股票激 励计划（以下简称"本激励计划""《激励计划》"）第一个解除限售 期解除限售条件已经成就，本次符合解除限售条件的激励对象共计4人， 可解除限售的限制性股票数量为345.60万股，占公司当前总股本的 0.33%。 2、本次解除限售股份可上市流通的日期为：2025年5月16日。 一、本激励计划已履行的相关审批程序 （一）2024年3月14日，公司第八届董事会2024年第二次临时会议及 第八届监事会2024年第三次临时会议通过了《关于〈公司2024年限制性 股票激励计划（草案）〉及其摘要的议案》。本激励计划激励对象共计 5人，拟授予激励对象的限制性股票数量共计1,300.00万股，约占公司 2024年限制性股票激励计划公布日公司股本总额105,255.4074万股的 1.2 ...

作为重要的增长引擎，中国市场仍被国际饮料绑定为业绩可持续抓手。据百事公司、可口可乐两大巨头近日接连公布 的2025年Q1财报：前者净收入179.2亿美元，有机收入同比提升1.2%；后者营收111.29亿美元，有机营收增长6%，且 净利润为33.35亿美元，提升5%。 外有百事、可口可乐点赞今年Q1饮料业务在中国市场表现，内现康师傅、统一、农夫山泉等上市公司披露去年度饮料 事业营收提升。以国内饮料企业营收情况为主进行复盘，尽管包装饮用水产量波动，但接棒的茶饮料等产品仍在品类 格局变动下为行业撑起了其他增量空间，整体向两位数增速也在多家公司财务报表中体现。 业绩走上坡路固然依靠品类支撑，但产品露出往往需得到与之调性相符的营销方式来推动，年轻消费群体作为饮料用 户画像的主要组成部分，便影响着品牌对于更新型交互方式的探讨。快闪店、分享瓶、音乐节，饮料品牌正在不断刷 新自身的年轻化形象。 百事、可口可乐表扬中国市场Q1业绩，国内部分饮料企业去年营收双位数抬高 与茶饮料同步，果汁品类的放量也为饮料添上又一筹码。农夫山泉财报显示，2024年集团果汁饮料产品录得收益40.85 亿元，同比增长15.6%，占总收益的9.5%，同 ...

财报显示，2025年一季度，养元饮品实现营业收入18.6亿元，同比减少19.7%，归母净利润6.4亿元，同比减少约27%；承德露露的情况也类似，一季度实现 收入10亿元，同比减少18.4%，归母净利润2.2亿元，同比减少12.5%。 两家上市公司证代办工作人员表示，之所以一季度业绩下降，一方面与2025年春节较早，备货期集中在2024年末，导致错位对比；另一方面，也与目前低迷 的市场环境有关。 记者注意到，2024年第四季度，养元饮品和承德露露的收入分别增长了16.1%和22.7%，但从全年数据看，上述两家企业的部分业绩指标也有所下滑，养元 饮品实现收入60.6亿元，同比还减少了1.7%。 近年来，在健康化的推动下，饮料行业也是近年来表现较好的快消品类之一，但国内传统的植物蛋白饮品却没有享受到健康化升级带来的增长红利。从具体 业务看，2024年养元饮品核心产品核桃乳收入53.7亿元，反而下滑了5.9%，保持增长的则是功能性饮料，收入6.5亿元，同比增长了45%。 国内传统的植物蛋白饮品却没有享受到健康化升级带来的增长红利 GENER I # .. E . -277 S I . FOR A BOD ! 0 2 ...

Investment Rating - The report maintains a "Buy" investment rating for Chengde Lululemon (000848.SZ) [1][10] Core Views - The company's Q1 performance was under pressure due to the timing of the Spring Festival, but cost benefits are gradually emerging. The total revenue and net profit for 2024 are projected to be 3.287 billion and 666 million yuan, respectively, with year-on-year growth of 11% and 4% [2][10] - The company is expected to continue its steady growth in almond milk products while launching new products that combine with coffee and tea, aiming to capture the health-conscious market [3][10] - The northern region is leading growth, with direct sales channels performing well, particularly through effective online strategies [4][10] Summary by Sections Q1 Performance - Q1 2025 revenue and net profit were 1.002 billion and 215 million yuan, showing a year-on-year decline of 18% and 13% respectively. The gross margin improved due to lower almond costs, while increased market investment raised expense ratios [2][3] Product Performance - Revenue from almond milk, walnut milk, and almond milk drinks for 2024 were 3.188 billion, 85 million, and 12 million yuan, with year-on-year growth of 11.38%, -2.29%, and 248.62% respectively. The main product, almond milk, continues to grow steadily [3][10] Regional and Channel Performance - Revenue from the northern, central, and other regions for 2024 were 2.990 billion, 191 million, and 106 million yuan, with year-on-year growth of 11.73%, 9.16%, and 2.51% respectively. Direct sales channels showed strong performance, particularly through e-commerce platforms [4][9] Financial Forecast - The company is projected to have EPS of 0.67, 0.76, and 0.82 yuan for 2025, 2026, and 2027, with corresponding PE ratios of 14, 13, and 12 times. The revenue growth rate for 2025 is estimated at 3.3% [10][12]

2025 年 05 月 13 日 业绩短期承压，期待新品反馈 —承德露露（000848.SZ）公司事件点评报告 买入(维持) 事件 2025 年 4 月 23 日，承德露露发布 2024 年年报及 2025 年一 季报。 投资要点 ▌Q1 业绩表现承压，成本利好逐步显现 业绩符合预期，春节错期影响致 Q1 业绩承压。2024 年总营 收 / 归 母 净 利 润 分 别 为 32.87/6.66 亿元，分别同比 +11%/+4%；其中，2024Q4 分别为 11.28/2.47 亿元，分别同 比+23%/+27%。2025Q1 分别为 10.02/2.15 亿元，分别同比- 18%/-13%。Q1 毛利率提升受益于杏仁成本下降，市场投入加 大致费用率提升。2024 年毛利率/净利率分别为 41%/20%，分 别同比 -0.5/-1.3pcts ， 销 售 / 管 理 费 用 率 分 别 同 比 +1.1/+0.6pcts。2025Q1 毛利率/净利率分别为 48%/22%，分 别同比 +4.4/+1.4pcts ， 销 售 / 管 理 费 用 率 分 别 同 比 +2.1/+0.5pcts。经营净现金流表现稳健 ...

证券研究报告：食品饮料|深度报告 发布时间：2025-05-12 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 近期研究报告 《关注内需，建议积极布局（附重点标 的一季度预测）》 - 2025.04.14 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 18019.54 | | --- | --- | --- | | 52 | 周最高 | 19832.49 | | 52 周最低 | | 14118.56 | 行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -28% -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 食品饮料 沪深30 ...

证券代码：000848 证券简称：承德露露 公告编号：2025-026 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。 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。 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》《证券日报》及巨潮资讯网 （www.cnin ...