二〇二五年四月 1 承德露露股份公司 董事会专门委员会议事规则 （经公司第八届董事会第十九次会议审议通过） 承德露露股份公司 董事会战略委员会议事规则 第一章 总则 第一条 承德露露股份公司（以下简称"公司"）为适应公司战略发展需要， 保证公司发展规划和战略决策的科学性，增强公司可持续发展能力，提高重大投资 决策效益和质量，根据《中华人民共和国公司法》《上市公司治理准则》《上市公 司独立董事管理办法》《公司章程》及其他有关规定，设立董事会战略委员会，并 制定本议事规则。 第二条 董事会战略委员会是董事会设立的专门工作机构，主要负责对公司长 期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由三名董事组成。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的三 分之一提名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由公司董事长担任。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根据上述第 三至第五条规定补足委员人数。 第八条 战略委员会的主要职责权限 ...

| 力机构，依法行使下列职权： | 体股东组成。股东会是公司的权 | | | --- | --- | --- | | （一）决定公司的经营方针和投 | 力机构，依法行使下列职权： | | | 资计划； | （一）选举和更换董事，决 | | | （二）选举和更换非由职工代表 | 定有关董事的报酬事项； | 修改 | | 担任的董事、监事，决定有关董事、 | （二）审议批准董事会的报 | | | 监事的报酬事项； | 告； | | | （三）审议批准董事会的报告； | （三）审议批准公司的利润 | | | （四）审议批准监事会报告； | 分配方案和弥补亏损方案； | | | （五）审议批准公司的年度财务 | （四）对公司增加或者减少 | | | 预算方案、决算方案； | 注册资本作出决议； | | | （六）审议批准公司的利润分配 | （五）对发行公司债券作出 | | | 方案和弥补亏损方案； | 决议； | | | （七）对公司增加或者减少注册 | （六）对公司合并、分立、 | | | 资本作出决议； | 解散、清算或者变更公司形式作 | | | （八）对发行公司债券作出决 | 出决议； | | | 议； | ...

承德露露股份公司 2024 年度独立董事述职报告-汪建明 各位股东及股东代表： 作为承德露露股份公司(以下简称"承德露露")的独立董事，本人 根据《公司法》《关于上市公司独立董事制度改革的意见》《上市公司 独立董事管理办法》《上市公司治理准则》等有关法律、法规及《公司 章程》《独立董事工作制度》的规定和要求，在 2024 年度履行了独立 董事的职责，不受公司大股东、实际控制人或者其他与公司存在利害关 系的单位与个人的影响，依靠公司董事会、经理层的密切配合，及时了 解公司的经营发展状况, 勤勉尽责，认真、审慎地履行了独立董事的职 责，出席了公司 2024 年的相关会议，维护了公司和股东特别是中小股 东的利益。现就 2024 年度履行职责情况述职如下： 一、出席会议及投票情况 | | | | | 独立董事出席董事会及股东大会的情况 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 本报告 | 现场出 | 以通讯方 | 委托出 | 缺席 | 是否连续两 | 出席股 | | 独立董 | 期应参 | | | | 董事 | 次未亲自参 | | | ...

承德露露股份公司 2024 年度独立董事述职报告-刘婷 各位股东及股东代表： 作为承德露露股份公司(以下简称"承德露露")的独立董事，本人 根据《公司法》《关于上市公司独立董事制度改革的意见》《上市公司 独立董事管理办法》《上市公司治理准则》等有关法律、法规及《公司 章程》《独立董事工作制度》的规定和要求，在 2024 年度履行了独立 董事的职责，不受公司大股东、实际控制人或者其他与公司存在利害关 系的单位与个人的影响，依靠公司董事会、经理层的密切配合，及时了 解公司的经营发展状况, 勤勉尽责，认真、审慎地履行了独立董事的职 责，出席了公司 2024 年的相关会议，维护了公司和股东特别是中小股 东的利益。现就 2024 年度履行职责情况述职如下： 作为公司独立董事，本人本着勤勉尽责的态度，积极参加公司召开 的董事会会议和股东大会，在会议召开前主动了解并获取做出决策前所 需要的情况和资料，详细审阅了会议相关材料，为董事会的重要决策做 了充分的准备工作。在会上，认真审议每个议题，积极参与讨论并提出 合理化建议。本年度，公司董事会、股东大会的召集召开符合法定程序， 重大经营决策事项和其他重大事项均履行了相关的审批程 ...

Financial Performance - The company's operating revenue for 2024 reached ¥3,287,292,242.27, an increase of 11.26% compared to ¥2,954,638,663.07 in 2023[18]. - Net profit attributable to shareholders for 2024 was ¥666,239,411.22, reflecting a growth of 4.41% from ¥638,126,055.28 in 2023[18]. - The net profit after deducting non-recurring gains and losses was ¥657,724,062.44, up 3.65% from ¥634,573,428.81 in the previous year[18]. - The company's total assets increased by 9.81% to ¥4,591,344,198.86 at the end of 2024, compared to ¥4,181,239,025.28 at the end of 2023[18]. - The weighted average return on net assets decreased to 20.55%, down 1.47 percentage points from 22.02% in 2023[18]. - The basic earnings per share for 2024 was ¥0.64, a 4.92% increase from ¥0.61 in 2023[18]. - The net cash flow from operating activities for 2024 was ¥630,404,373.97, a slight increase of 0.48% from ¥627,422,667.83 in 2023[18]. - The total profit reached 880.07 million yuan, reflecting a growth of 4.03% year-over-year[31]. - The net profit amounted to 666.17 million yuan, marking a 4.39% increase from the previous year[31]. - The revenue from plant protein beverages accounted for 99.92% of total operating revenue, amounting to ¥3,284,648,447.79, with a year-on-year growth of 11.25%[49]. Shareholder Information - The company plans to distribute a cash dividend of 3 RMB per 10 shares (including tax) to all shareholders based on the total number of shares eligible for profit distribution as of the record date[4]. - The total distributable profit for the period is reported at 1,671,325,258.95 CNY[128]. - The company plans to distribute a cash dividend of 3 CNY per 10 shares (including tax), with a total cash dividend amounting to 314,866,222.20 CNY, which represents 100% of the total profit distribution[128]. - The company has approved a stock incentive plan, granting 13 million restricted shares to 5 individuals, representing approximately 1.24% of the total share capital[129]. - The total number of shares held by the chairman, Shen Zhijun, increased to 8,500,000 shares through a restricted stock incentive plan[94]. - The total number of shares held by the vice chairman and general manager, Liang Qichao, also increased to 2,000,000 shares through a similar incentive plan[94]. Business Operations - The company has not reported any changes in its main business since its establishment in 1997, maintaining a consistent operational focus[15]. - The company operates under the supervision of the China Securities Regulatory Commission and is listed on the Shenzhen Stock Exchange[12]. - The company has established a dedicated management department for information disclosure and compliance[14]. - The company has a comprehensive management team, with key personnel including the legal representative and accounting supervisor[12]. - The company has a designed production capacity of 510,000 tons per year, with an actual production of 315,405.06 tons in 2024[42]. - The company developed 141 transportation hub stores and 203 school stores during the reporting period, enhancing its distribution network[34]. - The company is focusing on developing a series of health-oriented beverages with natural ingredients, aiming to meet the diverse needs of health-conscious consumers[62]. Market Strategy - The company plans to focus on product innovation and category upgrades to enhance competitiveness in the plant-based beverage market[31]. - New product launches include flavors such as "Almond Coffee" and "Almond Jasmine Tea" to cater to diverse consumer preferences[32]. - The company emphasizes a multi-channel development strategy, integrating online and offline marketing efforts to expand its market presence[31]. - The company is enhancing brand recognition through various marketing strategies, including collaborations with other brands and extensive advertising campaigns[33]. - The company plans to expand its product line and strengthen brand promotion to increase market share[43]. - The company launched several new products, including almond and coffee beverages, and low-sugar plant-based milk tea, aimed at diversifying its product offerings and expanding its consumer base[62]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and the potential risks in future operations[4]. - The company faces supply risks for key raw materials such as wild almonds and sugar, which may be affected by climate and market conditions, and plans to enhance procurement channels and manage costs effectively[84]. - The company emphasizes the importance of food safety and quality management, ensuring that no major quality issues have been reported while continuously improving quality control measures[85]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, with all board members present for the report's approval[4]. - The company has established independent financial and operational systems, ensuring compliance with legal regulations and maintaining independence from its controlling shareholder[90]. - The company faced regulatory measures from the Hebei Securities Regulatory Bureau due to non-compliance issues in information disclosure and corporate governance[108]. - The board of directors held multiple meetings throughout 2024, with significant resolutions made in January, March, April, August, September, October, and December[112]. - The company has implemented a quality improvement action plan to enhance product quality and customer satisfaction[87]. Environmental Responsibility - The company has invested approximately CNY 360,000 annually in environmental governance and protection, along with CNY 27,200 in environmental protection taxes[149]. - The company has implemented a wastewater treatment facility that meets environmental assessment requirements, ensuring compliance with pollution discharge standards[146]. - The company has achieved a maximum COD discharge concentration of 28 mg/L, which is below the industry standard of 360 mg/L[145]. - The company has developed a supply chain for wild almonds, benefiting approximately 300,000 local farmers, which accounts for 30% of the remaining labor force in the area[155]. Employee Engagement - The total number of employees at the end of the reporting period is 1,292, with 1,146 in the parent company and 146 in major subsidiaries[120]. - The company conducted 256 training sessions during the reporting period, with a total of 6,827 participants and 24,832 training hours, achieving a 100% employee training coverage[123]. - The company has established a performance evaluation mechanism for senior management, linking compensation to performance[133]. - The employee stock ownership plan management committee was elected on April 25, 2024, to oversee the plan's implementation and effectiveness[136]. Research and Development - Research and development expenses decreased by 48.36% to ¥15,783,776.88, primarily due to a focus on laboratory formula research[48]. - The company has a strong patent portfolio with 86 patents, including 12 invention patents, reinforcing its technological capabilities in the industry[46]. - The number of R&D personnel remained stable at 105, with a notable increase in master's degree holders by 20% from 10 to 12[63].

Financial Performance - The company's revenue for Q1 2025 was ¥1,001,722,618.92, a decrease of 18.36% compared to ¥1,227,000,303.00 in the same period last year[3] - Net profit attributable to shareholders was ¥215,453,152.56, down 12.53% from ¥246,330,515.04 year-on-year[3] - Basic and diluted earnings per share were both ¥0.21, reflecting a decline of 12.50% compared to ¥0.24 in the previous year[3] - Total operating revenue for the current period was ¥1,001,722,618.92, a decrease of approximately 18.4% compared to ¥1,227,000,303.00 in the previous period[16] - Net profit for the current period was ¥215,453,152.56, down from ¥246,329,172.68, representing a decline of approximately 12.5%[17] Cash Flow - The net cash flow from operating activities decreased by 87.54%, amounting to ¥7,617,386.08, primarily due to reduced cash inflow from sales[5] - The net cash flow from operating activities was 7,617,386.08 CNY, a significant decrease of 87.5% compared to 61,110,660.96 CNY in the previous period[19] - Total cash inflow from operating activities was 1,014,670,876.40 CNY, down 18.8% from 1,249,201,954.63 CNY year-over-year[19] - Cash outflow from operating activities totaled 1,007,053,490.32 CNY, a decrease of 15.2% compared to 1,188,091,293.67 CNY in the previous period[19] - The net cash flow from investing activities was -56,595,840.88 CNY, worsening from -26,774,653.13 CNY in the previous period[19] - Cash inflow from financing activities was 50,000,000.00 CNY, with a net cash flow of 22,697,831.65 CNY, compared to -1,910,599.05 CNY in the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,582,051,137.29, a slight decrease of 0.20% from ¥4,591,344,198.86 at the end of the previous year[3] - Total current assets decreased slightly to ¥3,597,521,220.42 from ¥3,611,459,651.07, a reduction of about 0.4%[12] - Total non-current assets increased to ¥984,529,916.87 from ¥979,884,547.79, reflecting a growth of approximately 0.5%[13] - Total liabilities decreased to ¥949,064,471.63 from ¥1,152,488,752.17, a decline of about 17.6%[14] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 5.65% to ¥3,632,986,665.66 from ¥3,438,855,446.69[3] - Total equity attributable to shareholders increased to ¥3,632,986,665.66 from ¥3,438,855,446.69, an increase of approximately 5.7%[14] Operating Costs and Expenses - Total operating costs decreased to ¥714,673,770.39 from ¥898,376,760.74, reflecting a reduction of about 20.5%[16] - The company reported a significant reduction in sales expenses, which were ¥181,563,927.76 compared to ¥196,085,362.46 in the previous period, a decrease of approximately 7.4%[16] - The company paid 190,276,743.57 CNY in taxes, an increase from 158,217,275.98 CNY in the previous period[19] Other Financial Metrics - The weighted average return on equity decreased by 1.57 percentage points to 6.10% from 7.67% year-on-year[3] - Non-recurring gains and losses totaled ¥154,614.28 for the reporting period[4] - The total number of ordinary shareholders at the end of the reporting period was 45,586[7] Investments and Projects - The company is progressing with the construction of a project to produce 150,000 tons of Lululemon beverages annually, with the foundation work completed as of the reporting date[10] - The company invested 56,599,240.88 CNY in fixed assets, up from 26,774,653.13 CNY in the previous period[19]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company holds a significant market position in the almond milk sector, with a market share of 90%, and its main product, "Lulu" almond milk, accounts for 97.54% of its revenue [4][5] - The company is expected to benefit from a decrease in raw material costs, particularly for bitter almonds and sugar, which could improve its gross margin [5] - The introduction of a new series of health-oriented water products aligns with market trends and is expected to expand the company's market presence [6][7] - The company has set ambitious revenue and profit targets for 2024-2026, aiming for revenue of 3.171 billion, 3.451 billion, and 3.803 billion yuan, respectively, with corresponding net profits of 644 million, 713 million, and 777 million yuan [8][10] Company Overview - The latest closing price of the company's stock is 9.11 yuan, with a total market capitalization of 9.6 billion yuan [3] - The company has a debt-to-asset ratio of 25.3% and a price-to-earnings ratio of 14.93 [3] Financial Projections - Revenue is projected to grow at rates of 7.32%, 8.83%, and 10.19% for the years 2024, 2025, and 2026, respectively [8][10] - The expected earnings per share (EPS) for the same years are 0.61, 0.68, and 0.74 yuan, with corresponding price-to-earnings ratios of 15, 13, and 12 [8][10]

公司公告汇总 关于回购股份进展情况的公告：承德露露股份公司分别于2024年10月24日、2024年11月11日召开会议， 审议通过了《关于回购部分社会公众股份方案的议案》，同意以不超过人民币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，回购数量不低于3000万股（含）且不高于6000万股（含），回 购资金额度不超过人民币70,500万元（含）。截至2025年3月31日，公司累计回购股份数量为3,000,000 股，占公司总股本的比例为0.29%，最高成交价为8.9596元/股，最低成交价为8.23元/股，成交总金额为 25,828,944元（不含交易费用）。本次回购股份资金来源为公司自有资金及股票回购专项贷款，回购价 格未超过回购方案中拟定的价格上限人民币11.75元/股（含）。公司首次回购股份的时间、回购股份的 数量、回购股份的价格及集中竞价交易的委托时段符合相关规定。公司后续将根据市场情况继续实施本 次回购计划，并将在回购期间根据相关法律、法规和规范性文件的规定及时履行信息披露义务。 截至2025年3月28日收盘，承德露露（000848）报收于8.6元，较上周的8.49元上涨1.3%。 ...

截至2025年4月2日收盘，承德露露(000848)报收于8.66元，上涨0.35%，换手率0.58%，成交量6.08万 手，成交额5277.2万元。 当日关注点 交易信息汇总 资金流向- 当日主力资金净流入284.1万元，占总成交额5.38%；- 游资资金净流出257.37万元，占总成交 额4.88%；- 散户资金净流出26.73万元，占总成交额0.51%。 公司公告汇总 关于回购股份进展情况的公告- 承德露露股份公司分别于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，回购数量不低于3000万股（含）且不高于6000万 股（含），回购资金额度不超过人民币70,500万元（含）。回购期限为自公司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。- 截至2025年3月31日，公司通过回购专用证券账户， 以集中竞价方式累计回购股份数量为3 ...

承德露露股份公司 证券代码：000848 证券简称：承德露露 公告编号：2025-007 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。 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 ...