Core Viewpoint - The legal dispute between Huangshi Group and Dongyue Wealth Fund regarding a partnership agreement has highlighted the risks associated with capital market betting agreements and the strategic missteps of the leading water buffalo milk company during its diversification efforts [1][6]. Group 1: Partnership Agreement and Legal Dispute - The partnership agreement was signed on November 11, 2019, with Dongyue Wealth Fund investing 310 million yuan, representing 50.74% of the capital, while Huangshi Group contributed 300 million yuan, accounting for 49.1% [2]. - A supplementary agreement included key clauses ensuring a minimum annual return of 6.5% on the investment for Dongyue Wealth Fund, with Huangshi Group responsible for covering any shortfall [2]. - The failure to disclose critical terms of the supplementary agreement led to a lawsuit in November 2023, as Huangshi Group had not paid the agreed returns for three consecutive years [2][3]. Group 2: Company Performance and Strategic Challenges - Huangshi Group has faced significant financial challenges, with a cumulative loss exceeding 1.4 billion yuan since 2020, and a 231.9% year-on-year increase in net profit loss for 2024 [6][7]. - The company's diversification into unrelated sectors, such as film, education, and solar energy, has resulted in resource misallocation and increased management costs, further straining its financial position [7]. - The company's liquidity ratio stands at 0.83, indicating potential difficulties in meeting short-term liabilities, with interest-bearing debt rising to 2.295 billion yuan, while cash reserves are only 381 million yuan [7]. Group 3: Market Reaction and Future Implications - Following the lawsuit disclosure, Huangshi Group's stock price has dropped over 40%, severely impacting investor confidence and complicating future capital-raising efforts [8]. - The ongoing legal proceedings may lead to increased asset-liability ratios if the court enforces joint liability, raising concerns about the company's financial stability [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002329 证券简称：皇氏集团 公告编号：2025–045 皇氏集团股份有限公司 关于诉讼事项的进展公告 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、误导性陈述或重大遗 漏。 特别提示： 1．案件所处的诉讼阶段：二审判决。 2．上市公司所处的当事人地位：上诉人（原审被告）。 3．涉案的金额：投资转让款31,000万元及相关差额补足款等。 2025年1月9日，公司收到山东省高级人民法院（以下简称"山东高院"）送达的（2025）鲁民终20号《受 理案件通知书》等材料。公司不服一审判决、向山东高院提起上诉并获受理，具体内容详见公司在巨潮 资讯网（http://www.cninfo.com.cn）上披露的《关于诉讼事项的进展公告》（公告编号：2025-003）。 二、本次诉讼的进展情况 2025年6月4日，公司收到山东高院送达的（2025）鲁民终20号《民事判决书》，判决结果如下： 4．对上市公司损益产生的影响：本次判决为终审判决，尚未执行。基于谨慎性原则，公司2024年度财 务报表已根据一审判决结果计提预计负债19,071.8 ...

证券代码：002329 证券简称：皇氏集团 公告编号：2025–045 皇氏集团股份有限公司 关于诉讼事项的进展公告 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、误导性陈述或重大遗漏。 4．对上市公司损益产生的影响：本次判决为终审判决，尚未执行。基于谨 慎性原则，公司 2024 年度财务报表已根据一审判决结果计提预计负债 19,071.85 万元。上述案件最终对公司本期利润及期后利润产生的影响将以年审会计师事务 所的判断为准，公司将根据相关规定对本诉讼事项的进展情况及时履行信息披露 义务，请广大投资者注意投资风险。 一、本次诉讼的基本情况 2023 年 11 月 22 日，皇氏集团股份有限公司（以下简称"公司"）在巨潮资 讯网（http://www.cninfo.com.cn）上披露了《关于诉讼事项的公告》（公告编号： 2023-119），因与公司、皇氏数智有限公司（以下简称"皇氏数智"，皇氏数智 100%股权已转让，不再纳入公司合并报表范围）发生合伙合同纠纷，泰安市东岳 财富股权投资基金有限公司（以下简称"东岳财富基金"）向山东省泰安市中级 人民法院（以下简称"泰安中院"）提起 ...

Group 1 - The legal opinion letter confirms that the 2024 annual general meeting of Huangshi Group Co., Ltd. was convened and held in accordance with relevant laws and regulations [2][4][12] - The meeting was called by the company's board of directors, and the notice was published on multiple platforms including China Securities Journal and Shanghai Securities Journal [3][4] - The meeting took place on May 21, 2025, at the company's conference room in Nanning, Guangxi, and was presided over by the chairman [3][5] Group 2 - A total of 23 shareholders and their proxies attended the meeting, representing 78 shareholders and 232,047,808 shares, which is 27.8768% of the total shares [5][6] - The meeting also allowed for online voting, with 308 shareholders participating, representing 18,767,680 shares, or 2.2547% of the total shares [5][6] - The qualifications of the attendees and the convenor were confirmed to be valid and in compliance with legal requirements [5][11] Group 3 - The voting process combined both on-site and online methods, adhering to the company's articles of association and relevant regulations [6][11] - All proposed resolutions were consistent with the board's announcements, and no new proposals were introduced during the meeting [6][11] - The results of the voting showed overwhelming support for the resolutions, with most receiving over 99% approval [7][10][11] Group 4 - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting results are all valid and comply with applicable laws and regulations [11][12]

Meeting Overview - The meeting was held on May 21, 2025, from 14:30 to 15:30, combining on-site and online voting methods [1] - The location of the meeting was at the company's conference room in Nanning, Guangxi [1] - A total of 331 participants represented 386 shareholders, with shares totaling 250,815,488, accounting for 30.1315% of the company's voting shares [1] Shareholder Participation - Among the participants, 326 were small shareholders representing 381 shareholders and 30,555,780 shares, which is 3.6708% of the voting shares [2] - The on-site voting participation was 27.8768%, while 308 shareholders participated through online voting, representing 18,767,680 shares, or 2.2547% of the voting shares [1][2] Proposal Voting Results - The meeting reviewed several proposals, including the 2024 profit distribution plan and the 2025 mid-term cash dividend proposal [3] - Special voting items (Proposal 8, 9, and 11) required more than 2/3 of the valid voting rights held by attending shareholders to pass [3] - Proposal 9 involved the incentive plan for restricted stock, with 18,788,620 shares abstaining from voting [3] Legal Compliance - The meeting's procedures complied with the Company Law and relevant regulations, ensuring the legality of the attendees and voting results [4] - The resolutions were confirmed by signatures from attending directors and the recording person, along with the board seal [4]

证券代码：002329 证券简称：皇氏集团 公告编号：2025-044 皇氏集团股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 4．根据《公司法》《公司章程》《上市公司股东大会规则》的相关规定， 议案 8、议案 9、议案 11 对中小投资者的表决单独计票。 一、会议召开和出席情况 （一）现场会议召开时间：2025 年 5 月 21 日下午 14:30-15:30； 通过深圳证券交易所交易系统网络投票时间：2025 年 5 月 21 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 5 月 21 日 9:15-15:00 期间的任意时间。 （二）召开地点：广西南宁市高新区丰达路 65 号公司会议室； （三）召开方式：现场投票和网络投票相结合； 1 1．本次股东大会未出现否决议案的情形。 2．本次股东大会未涉及变更前次股东大会决议的情形。 3．本次会议以现场投票和网络投票相结合的方式召开。 （四）召集人：本公司董事 ...

北京市康达律师事务所关于 北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing,100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 皇氏集团股份有限公司 2024 年度股东大会 1、本所律师所发表的法律意见，仅依据本法律意见书出具日以前发生或存在的事 实并基于本所律师对有关法律、法规和规范性文件的理解而形成。在本法律意见书中， 本所律师仅就公司本次会议的召集和召开程序、出席会议人员和召集人的资格、会议 的表决程序和表决结果等事项进行审查和见证后发表法律意见，不对本次会议所审议 议案的内容以及在议案中所涉及的事实和数据的真实性和准确性发表意见。 2、本所律师 ...

Core Viewpoint - The dairy industry is experiencing a significant downturn in 2024, with a notable decline in revenue and profit across many companies, attributed to oversupply, weakened demand, and high inventory levels [1][2][3]. Industry Overview - In 2023, 19 dairy companies in A-shares reported a total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44%. 14 companies experienced revenue declines, compared to only 6 the previous year [1]. - The total net profit for these companies fell from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting profit declines [1]. - The dairy industry has faced a continuous decline in raw milk prices since 2021, with the dairy index dropping over 50% from its peak in January 2021 to its low in September 2024 [1]. Company Performance - Yili Group remains the dominant player in the industry, with a revenue of 115.78 billion yuan, followed by Bright Dairy, New Hope Dairy, and San Yuan Dairy, with revenues of 24.28 billion yuan, 10.67 billion yuan, and 7.01 billion yuan, respectively [1]. - The revenue of Yili Group decreased by 8.24%, while Bright Dairy and San Yuan Dairy saw declines of 8.33% and 10.73%, respectively [2][6]. - The number of companies with revenue declines increased from 6 to 14, indicating that nearly 74% of dairy companies faced revenue drops, with a median decline of 10.75% [3]. Notable Declines - The five companies with the most significant revenue declines include Huangshi Group, Pinwa Food, Panda Dairy, Jiahe Food, and Xibu Dairy, all of which have revenues below 2.5 billion yuan [3]. - Huangshi Group's revenue dropped significantly due to the transfer of its subsidiaries and ongoing diversification efforts that have not yielded expected returns [3]. - Pinwa Food, primarily an imported food company, reported a 24.9% decrease in revenue, while Panda Dairy faced overall product declines due to weak consumer demand [4]. Growth Opportunities - Five dairy companies reported revenue growth, including Huirong Technology, Beingmate, Yiming Food, Tianrun Dairy, and Knight Dairy, with Huirong Technology showing the highest growth due to its focus on plant-based and dairy fats [5]. - Beingmate, specializing in infant formula and nutritional products, achieved a revenue increase of 9.7%, although its gross margin declined due to increased sales discounts [5].

Group 1: Company Performance and Strategy - The company achieved a year-on-year growth of 4.74% in the dairy sector despite an overall decline in the domestic dairy industry [5] - The company reported a loss of approximately 680 million yuan for the fiscal year 2024, primarily due to litigation-related provisions and impairment losses [9] - The company aims to achieve a revenue target of 10 billion yuan by 2028, focusing on a full-chain competitive strategy in the dairy industry [12][14] Group 2: Product Differentiation and Market Expansion - The increasing popularity of buffalo milk is evidenced by rising search indices, indicating a growing market acceptance [4] - Buffalo milk has a higher dry matter content compared to regular milk, making it suitable for children transitioning from formula to whole milk [4] - The company is leveraging partnerships with leading infant product companies and top tea brands to expand its market share [4] Group 3: Future Outlook and Challenges - The dairy industry is undergoing a transformation towards high-quality development, facing pressures from both supply and demand sides [6] - The company is actively planning to expand its production capacity with the new factory in Anhui, designed for an annual capacity of 250,000 tons, set to begin operations in late 2025 [7] - The company is exploring international markets for buffalo milk products, aiming to establish a global brand presence [12]

资金面上看，今日钙钛矿电池概念板块获主力资金净流出8.52亿元，其中，43股获主力资金净流出，6 股主力资金净流出超5000万元，净流出资金居首的是通威股份，今日主力资金净流出1.57亿元，净流出 资金居前的还有东方日升、华工科技、宝馨科技等，主力资金分别净流出1.01亿元、7027.41万元、 6968.75万元。今日主力资金净流入居前的概念股有中国核电、天合光能、皇氏集团等，主力资金分别 净流入5749.94万元、2700.49万元、704.86万元。（数据宝） 钙钛矿电池概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600438 | 通威股份 | -3.05 | 2.16 | -15722.00 | | 300118 | 东方日升 | -5.01 | 9.71 | -10052.61 | | 000988 | 华工科技 | 1.36 | 3.34 | -7027.41 | | 002514 | 宝馨科技 | 1.40 | 24.18 | -6968.75 | | 60101 ...