Meeting Overview - The shareholder meeting was held on September 5, 2025, with a half-day duration [3] - The meeting took place at the company's conference room located at No. 1 Jinhua West Street, Guangzhou Economic and Technological Development Zone [4] - The meeting combined on-site voting and online voting methods [5] Attendance - A total of 320 shareholders and their proxies attended the meeting, representing 278,116,119 shares with voting rights, accounting for 55.4313% of the total voting shares [7] - Of these, 5 shareholders attended in person, representing 265,776,353 shares (52.9719%), while 315 shareholders voted online, representing 12,339,766 shares (2.4594%) [8] - 319 small shareholders attended, representing 19,637,892 shares (3.9140%) [8] Resolutions Passed - The resolution to reappoint the accounting firm for the fiscal year 2025 was approved with 277,010,002 votes in favor (99.6023%) [11] - The resolution to elect a non-independent director to the second board was approved with 276,978,802 votes in favor (99.5911%) [12] - The resolution to amend the company's articles of association was approved with 276,825,502 votes in favor (99.5359%) [13] - The resolution regarding the performance evaluation report for the chairman and senior management for 2024 was approved with 276,795,202 votes in favor (99.5250%) [14] Legal Opinion - The meeting was witnessed by lawyers from Junhe Law Firm (Guangzhou), who confirmed that the meeting's procedures and resolutions complied with relevant laws and the company's articles of association [15][16]

Core Points - The legal opinion letter confirms that the procedures for convening and holding the 2025 first extraordinary general meeting of shareholders of Yuehai Yongshuntai Group Co., Ltd. comply with Chinese laws and regulations as well as the company's articles of association [1][2][7] Group 1: Meeting Procedures - The board of directors made a resolution to convene the meeting and notified shareholders 15 days in advance through public announcements, which aligns with the requirements of the Company Law and the company's articles of association [2][3] - The meeting was held both in-person and via online voting, with specific time slots for voting through the Shenzhen Stock Exchange systems [4][5] Group 2: Attendance and Qualifications - A total of 315 shareholders and their proxies attended the meeting, representing 12,339,766 shares, which is 2.4594% of the total shares [5][6] - The board of directors served as the conveners of the meeting, meeting the qualifications set forth in the Company Law and the company's articles of association [5][6] Group 3: Voting Procedures and Results - The voting process combined in-person and online methods, with no new proposals raised by shareholders during the meeting [6] - The following resolutions were passed with significant majority votes: - Appointment of the accounting firm for 2025: 99.6023% in favor [6] - Election of a non-independent director: 99.5911% in favor [6] - Amendments to the company's articles of association: 99.5359% in favor [6] - Report on the performance evaluation of the chairman and senior management for 2024: 99.5250% in favor [6] - The voting procedures were conducted in accordance with the Company Law and the company's articles of association, rendering the resolutions legally valid [6][7]

Meeting Information - The shareholder meeting of Yuehai Yongshuntai Group Co., Ltd. is scheduled for September 5, 2025, at 15:00, lasting half a day [1] - Online voting will be available from 9:15 to 15:00 on the same day through the Shenzhen Stock Exchange [1] Attendance - A total of 5 shareholders and their representatives attended the meeting in person, representing 55.4313% of the total voting shares [1] - 315 shareholders participated in online voting, representing 12,339,766 shares, which is 2.4594% of the total voting shares [1] - 319 small shareholders attended the meeting, excluding directors, supervisors, senior management, and shareholders holding more than 5% of the shares [1] Voting Results - The voting results showed that 277,010,002 shares were in favor of the proposals, accounting for 99.6023% of the total voting shares [2] - 848,617 shares were against, representing 0.3051%, and 257,500 shares were abstained, which is 0.0926% [2] - For small shareholders, 18,531,775 shares voted in favor, making up 94.3674% of the small shareholders' voting shares [2] Additional Voting Results - Another proposal received 276,978,802 votes in favor, which is 99.5911% of the total voting shares [3] - 866,517 shares were against, representing 0.3116%, and 270,800 shares were abstained, accounting for 0.0974% [3] - Small shareholders voted 18,500,575 shares in favor, which is 94.2086% of their total voting shares [3] Legal Opinion - The meeting was witnessed by lawyers from Junhe Law Firm, confirming that the meeting's procedures and voting were in compliance with Chinese laws and the company's regulations [6]

北京市君合（广州）律师事务所 关于 粤海永顺泰集团股份有限公司 2025 年第一次临时股东大会的 法律意见书 二零二五年九月 北京市君合（广州）律师事务所 关于粤海永顺泰集团股份有限公司 2025 年第一次临时股东大会的法律意见书 致：粤海永顺泰集团股份有限公司 北京市君合（广州）律师事务所（以下简称"本所"）接受粤海永顺泰集团 股份有限公司（以下简称"公司"）的委托，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》等中国现行法律、行政法规、 部门规章和规范性文件（以下简称"中国法律、法规"，为本法律意见书之目的， 未包括中华人民共和国香港特别行政区、澳门特别行政区及台湾省的法律法规） 以及《粤海永顺泰集团股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，就公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）有关事 宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国法律、法规及《公司章程》的 规定以及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案内 容以及该 ...

证券代码：001338 证券简称：永顺泰 公告编号：2025-031 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 9 月 5 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间：2025 年 9 月 5 日 9:15-15:00 的任意时间。 2、现场会议召开地点：中国广州经济技术开发区金华西街 1 号公司六楼会议室。 粤海永顺泰集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示 1、本次股东大会未出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议时间 （1）现场会议时间：2025 年 9 月 5 日（星期五）下午 15:00，会期半天； 现场出席本次股东大会的股东及股东代理人共有 5 名，代表有表决权股份 265,776,353 股，占公司有表决权股份总数的 52.9719%； 3、会议召开和表决方式：本次股东大会采用现场表 ...

Market Overview - As of 10:30 AM today, the Shanghai Composite Index is at 3767.69 points, above the six-month moving average, with a decline of 1.20% [1] - The total trading volume of A-shares today is 1,148.81 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 217 A-shares have surpassed the six-month moving average today [1] - Stocks with significant deviation rates include: - Aibulu (13.25%) - Runpu Food (13.23%) - Youhao Group (9.75%) [1] - Stocks with minor deviation rates that have just crossed the six-month moving average include: - Zhonggang International - Richen Co. - Yongshuntai [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: 1. Aibulu: Today's price increase of 14.87%, with a deviation rate of 13.25% [1] 2. Runpu Food: Today's price increase of 13.63%, with a deviation rate of 13.23% [1] 3. Youhao Group: Today's price increase of 9.95%, with a deviation rate of 9.75% [1] Additional Stocks with Notable Performance - Other notable stocks include: - Liwang Co.: Price increase of 9.09%, deviation rate of 7.10% [1] - Andake Technology: Price increase of 7.19%, deviation rate of 6.99% [1] - Yong'an Pharmaceutical: Price increase of 6.88%, deviation rate of 6.32% [1]

Core Viewpoint - Yongshuntai (001338) reported a slight increase in total revenue and net profit for the first half of 2025, with total revenue reaching 2.223 billion yuan, up 2.55% year-on-year, and net profit of 169 million yuan, up 0.96% year-on-year [1] Financial Performance - Total revenue for the second quarter of 2025 was 1.2 billion yuan, down 3.63% year-on-year, while net profit for the same period was 98.09 million yuan, up 14.88% year-on-year [1] - The gross profit margin decreased to 11.96%, down 1.8% year-on-year, and the net profit margin decreased to 7.61%, down 1.55% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 73.94 million yuan, accounting for 3.33% of revenue, a decrease of 16.36% year-on-year [1] - Earnings per share increased to 0.34 yuan, up 3.03% year-on-year, while operating cash flow per share rose to 2.3 yuan, up 4.96% year-on-year [1] Accounts Receivable and Debt - Accounts receivable were significant, with the amount reaching 886 million yuan, a decrease of 17.26% year-on-year, but still representing 295.79% of net profit [1][4] - Interest-bearing debt decreased significantly to 222 million yuan, down 58.61% year-on-year [1] Cash Flow Analysis - Net cash flow from operating activities increased by 4.96%, attributed to a higher cash inflow from sales exceeding the cash outflow for purchases [3] - Net cash flow from investing activities decreased by 233.97%, due to increased cash outflow for structured deposits and fixed asset investments [3] - Net cash flow from financing activities decreased by 42.77%, due to reduced cash inflow from borrowings and increased cash outflow for debt repayment and dividends [3] Business Evaluation - The company's return on invested capital (ROIC) was 8.45%, indicating average capital returns, with a net profit margin of 6.99% [2][4] - The company has established a strong position in the specialty malt market, being one of the early entrants and maintaining good relationships with craft beer clients [4]

Core Viewpoint - Yongshuntai (001338) reported a slight increase in total revenue and net profit for the first half of 2025, with total revenue reaching 2.223 billion yuan, up 2.55% year-on-year, and net profit of 169 million yuan, up 0.96% year-on-year [1] Financial Performance - Total revenue for the second quarter was 1.2 billion yuan, down 3.63% year-on-year, while net profit for the same period was 98.09 million yuan, up 14.88% year-on-year [1] - The gross profit margin was 11.96%, a decrease of 1.8% year-on-year, and the net profit margin was 7.61%, down 1.55% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 73.94 million yuan, accounting for 3.33% of revenue, a decrease of 16.36% year-on-year [1] - Earnings per share increased to 0.34 yuan, up 3.03% year-on-year, while net assets per share rose to 7.25 yuan, up 4.31% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable were significant, with the amount reaching 295.79% of the latest annual net profit [1][4] - The net cash flow from operating activities increased by 4.96%, attributed to a greater increase in cash received from sales than cash paid for purchases [3] - The net cash flow from investing activities decreased significantly by 233.97%, due to increased cash payments for structured deposits and fixed asset investments [3] Business Evaluation - The company's return on invested capital (ROIC) was 8.45%, indicating average capital returns, with a historical median ROIC of 6.64% since its listing [4] - The company has established strong relationships with craft beer clients, providing a wide range of high-quality specialty malt products and attentive after-sales service [5]

Core Viewpoint - The company is actively progressing with the construction of a new specialized malt production line with a capacity of 50,000 tons per year, while maintaining high capacity utilization and adapting sales strategies based on market changes [1] Group 1: Production and Capacity - The company’s subsidiary, Baomai, is currently constructing a new specialized malt production line with a planned capacity of 50,000 tons per year [1] - The company has maintained a high capacity utilization rate in recent years [1] Group 2: Sales and Marketing Strategy - The company aims to adjust its sales strategies in response to market changes while ensuring the needs of key customers are met [1] - The company is committed to building strong cooperative relationships with various customers [1] Group 3: Accounts Receivable Management - The company places a high emphasis on managing accounts receivable risks and has implemented a credit rating system for customers [1] - The company has not experienced any bad debts in recent years due to strict accounts receivable control measures [1] - The company accelerates settlement efficiency and strengthens the tracking management of delivery and invoicing [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has demonstrated significant profit growth in Q2 2025, with a revenue of 2.223 billion yuan (up 2.55% year-on-year) and a net profit attributable to shareholders of 169 million yuan (up 0.96% year-on-year) [1] - The core business of the company, which is the sale of malt products, achieved a revenue of 2.135 billion yuan in H1 2025 (up 1.27% year-on-year), accounting for 96.03% of total revenue [2] - The company is positioned as the largest malt supplier in Asia, benefiting from scale advantages, strong customer barriers, and a unique cost structure [4] Financial Performance Summary - Revenue is projected to reach 4.426 billion yuan in 2025, with a year-on-year growth of 3.4%, and net profit attributable to shareholders is expected to be 334 million yuan, reflecting an 11.4% increase [4] - The company's gross margin and net profit margin for Q2 2025 were 13.24% and 8.17%, respectively, both showing year-on-year increases [2] - The company has optimized its production capacity to align with the trend of high-end beer consumption, with a total production capacity of 1.08 million tons per year [3] Future Outlook - The company is expected to benefit from cost advantages in the short term and increased demand for high-end beer in the long term [3] - The dividend payout ratio is projected to increase to 50.27% in 2024, indicating a commitment to returning value to shareholders [3] - The company is actively pursuing a strategy to enhance its product structure towards high-end and customized products [3]