募集资金使用相关事项的专项意见 2025 年 8 月 21 日，洽洽食品股份有限公司（以下简称"洽洽食品"或"公 司"）第六届董事会第十九次会议、第六届监事会第十五次会议审议通过了《关 于部分募集资金投资项目结项、终止部分募集资金投资项目并将剩余募集资金永 久补充流动资金的议案》。国元证券股份有限公司（以下简称"国元证券"或"保 荐机构"）作为洽洽食品持续督导保荐机构，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等有关规定，对洽洽食品上述相关事项进行了尽职 核查，核查情况如下： 一、洽洽食品募集资金到位情况 （一）首次公开发行 A 股股票 洽洽食品首次公开发行股票募集资金总额为 200,000.00 万元，扣除发行费 用后，募集资金净额为 188,840.00 万元。华普天健会计师事务所（北京）有限 公司对洽洽食品首次公开发行股票的资金到位情况进行了审验，并出具了《验资 报告》（会验字[2011]3442 号）。 （二）2020 年公开发行可转换公 ...

2025 年 8 月 21 日 1 根据《洽洽食品股份有限公司 2024 年股票期权激励计划（草案）》的相关 规定，由于 3 名激励对象离职，不再符合激励对象条件，其已获授但尚未行权 的股票期权共计 60 万份不得行权，由公司注销；鉴于公司 2024 年股票期权激 励计划设定的第一个行权期公司层面业绩考核未达标，26 名激励对象第一个行 权期已获授但尚未行权的 107.4 万份股票期权不得行权，由公司注销。综上， 合计注销 167.4 万份股票期权。 上述注销事项符合《上市公司股权激励管理办法》及公司《洽洽食品股份 有限公司 2024 年股票期权激励计划（草案）》的相关规定。本次注销部分股票 期权涉及的激励对象准确，且该事项履行的程序合法、合规，不存在损害公司 及全体股东的利益的情形。同意公司注销该部分股票期权。 洽洽食品股份有限公司董事会 洽洽食品股份有限公司 薪酬与考核委员会关于注销部分股票期权相关事项的 核查意见 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股 权激励管理办法》等法律法规、规范性文件以及《洽洽食品股份有限公司章程》 的规定，洽洽食品股份有限公司(以下简称"公司")董 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-062 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于 2025 年半年度募集资金存放与使用情况专项报告 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。 一、募集资金基本情况 （一）首次公开发行股票募集资金 1、实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可[2011]198 号文《关于核准洽洽食品股 份有限公司首次公开发行股票的批复》核准，洽洽食品股份有限公司（以下简称 公司）于 2011 年 2 月向社会公开发行人民币普通股（A 股）5,000 万股，每股发 行价为人民币 40.00 元，应募集资金总额为人民币 200,000.00 万元，根据有关 规定扣除发行费用人民币 11,160.00 万元后，实际募集资金金额为人民币 188,840.00 万元。该募集资金已于 2011 年 2 月到位。上述资金到位情况已经华 普天健会计师事务所（北京）有限公司会验字[2011]3442 号《验资报告》验证。 公司对募集资金采取了专户存储管理。 2、募集资金使用 ...

洽洽食品公告，2025年上半年营业收入27.52亿元，同比下降5.05%。净利润8864.16万元，同比下降 73.68%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

| | | 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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。 洽洽食品股份有限公司（以下简称"公司"）第六届董事会第十九次会议 于 2025 年 8 月 21 日召开，会议决定于 2025 年 9 月 8 日（星期一）召开公司 2025 年第二次临时股东大会，现将本次股东大会的有关事项公告如下： 一、召开会议基本情况 （一） 股东大会届次：公司 2025 年第二次临时股东大会。 （二） 会议召集人：公司董事会； （三） 会议召开的合法、合规性：2025 年 8 月 21 日，公司召开第六届董事 会第十九次会议，审议通过了《关于召开 2025 年第二次临时股东大会的议案》。 本次会议的召集、召开符合《中华人民共和国公司法》、《公司章程》等相关法 律法规的规定。 （四） 会议召开的日期、时间： 现场会议时间：2025 年 9 月 8 日（星期一）下午 14:00； 网络投票时间：2025 年 9 月 8 日。通过深圳证券交易所交易系统进行网络 投票的具体 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-060 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届监事会第十五次会议决议的公告 本公司及监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。 一、监事会会议召开情况 洽洽食品股份有限公司（以下简称"公司"）第六届监事会第十五次会议通 知于2025年8月16日以书面及邮件方式通知全体监事，并于2025年8月21日在公司 四楼会议室召开，本次会议采用现场方式召开。会议由监事会主席宋玉环女士主 持，全体监事出席了会议。本次会议应到监事3名，实到监事3名，符合《中华人 民共和国公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 经全体监事审议表决，形成如下决议： （一）会议以 3 票同意，0 票反对，0 票弃权，通过了《关于<2025 年半年 度报告>及摘要的议案》； 公司《2025 年半年度报告》详见巨潮资讯网（www.cninfo.com.cn），公司 《2025 年半年度报告摘要》刊登在《中国证券报》《证券时报》《上海证券报》 《证券日报》和巨潮资讯网（www.cninfo. ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-059 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届董事会第十九次会议决议的公告 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。 一、董事会会议召开情况： 洽洽食品股份有限公司(以下简称"公司")第六届董事会第十九次会议于 2025 年 8 月 16 日以书面及邮件等方式通知全体董事，并于 2025 年 8 月 21 日以 现场及通讯表决的方式在公司四楼会议室召开。会议应到会董事七人，实际到会 董事七人，符合召开董事会会议的法定人数。会议由公司董事长陈先保先生主持， 公司监事和高级管理人员列席了会议，本次会议的召开符合《公司法》及《公司 章程》的有关规定。 二、董事会会议审议情况： 本次会议经过有效表决，形成如下决议： （一）会议以 7 票同意，0 票反对、0 票弃权，审议通过了《关于公司<2025 年半年度报告>及摘要的议案》； 本议案已经第六届董事会审计委员会 2025 年第三次会议审议通过。 公司《2025 年半年度报告》详见巨潮资讯网 www.cninfo.co ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's integrity, with financial statements verified, and no dividend distribution or capital reserve conversion planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for no false records, misleading statements, or major omissions[5](index=5&type=chunk) - Company head Chen Xianbao, chief accountant Chen Qi, and head of accounting department Hu Xiaoyan declare the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's structure, covering nine main chapters on company operations, finance, governance, and key matters - The report contains nine main chapters, covering company operations, finance, governance, and important matters[9](index=9&type=chunk) [List of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include signed financial statements, publicly disclosed company files, and the original semi-annual report, all available at the company's securities department - Reference documents include signed and sealed financial statements, original publicly disclosed documents, and the original semi-annual report text[11](index=11&type=chunk) - All reference documents are available at the company's securities department[11](index=11&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, primarily referring to the full and abbreviated names of the company, its subsidiaries, and affiliates - Definitions cover the names of the company and its various subsidiaries and affiliates, such as "the Company" referring to "Qiaqia Food Co., Ltd.", and "Chongqing Qiaqia" referring to "Chongqing Qiaqia Food Co., Ltd."[13](index=13&type=chunk) Part II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Qiaqia Food Co., Ltd., stock ticker "Qiaqia Food" and code 002557, is listed on the Shenzhen Stock Exchange, with Chen Xianbao as its legal representative - Company stock ticker: **Qiaqia Food**, stock code: **002557**, listed on: **Shenzhen Stock Exchange**[15](index=15&type=chunk) - The company's legal representative is Chen Xianbao[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's board secretary, Chen Jun, and securities affairs representative, Du Jun, share the same contact address in Hefei, Anhui, with provided phone, fax, and email details - Board Secretary: Chen Jun, Securities Affairs Representative: Du Jun[16](index=16&type=chunk) - Contact address: 1307 Lianhua Road, Economic and Technological Development Zone, Hefei, Anhui Province[16](index=16&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, and information disclosure channels remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's contact information remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company experienced a **5.05% year-over-year decrease in operating revenue**, a **73.68% drop in net profit attributable to shareholders**, and an **84.77% decline in non-recurring net profit**, alongside a **76.12% reduction in net operating cash flow** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (million CNY) | Prior Period (million CNY) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,752.11 | 2,898.33 | -5.05% | | Net Profit Attributable to Shareholders of Listed Company | 88.64 | 336.81 | -73.68% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 43.09 | 282.86 | -84.77% | | Net Cash Flow from Operating Activities | 164.28 | 688.04 | -76.12% | | Basic Earnings Per Share (CNY/share) | 0.1748 | 0.6628 | -73.63% | | Diluted Earnings Per Share (CNY/share) | 0.1748 | 0.6623 | -73.61% | | Weighted Average Return on Net Assets | 1.56% | 6.15% | -4.59% | | **Period-End Indicators** | **As of Current Period End (million CNY)** | **As of Prior Year End (million CNY)** | **Period-End vs. Prior Year End Change (%)** | | Total Assets | 8,389.41 | 10,057.06 | -16.58% | | Net Assets Attributable to Shareholders of Listed Company | 5,217.65 | 5,725.99 | -8.88% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets between international accounting standards and Chinese accounting standards[21](index=21&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards[22](index=22&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the reporting period amounted to **45.55 million CNY**, primarily from government subsidies, investment income, and fair value changes, offset by non-current asset disposal losses and non-operating income/expenses Non-Recurring Gains and Losses and Amounts | Item | Amount (million CNY) | Explanation | | :--- | :--- | :--- | | Non-current asset disposal gains and losses (including reversal of impairment provisions) | -0.62 | | | Government subsidies recognized in current profit or loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on profit or loss) | 50.13 | | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 8.78 | Investment income and fair value changes from wealth management products | | Other non-operating income and expenses apart from the above | -1.42 | | | Less: Income tax impact | 11.31 | | | Total | 45.55 | | - The company has not classified any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[26](index=26&type=chunk) Part III Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily produces and sells nut and roasted seed snacks, boasting a diverse product line and global marketing network, while actively expanding new channels amidst macroeconomic and channel shifts [(I) Main Business and Products](index=9&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81) Qiaqia Food specializes in nut and roasted seed snacks, including sunflower seeds and daily nut mixes, with high brand recognition and products sold in nearly 70 countries, achieving global top sales for sunflower seeds for five consecutive years - The company primarily produces nut and roasted seed snacks, with a rich product line including Qiaqia Red Bag Fragrant Sunflower Seeds, Blue Bag Flavored Sunflower Seeds, and Small Yellow Bag Daily Nuts[28](index=28&type=chunk) - Qiaqia brand sunflower seeds have been the global sales leader for **5 consecutive years**, with products exported to nearly **70 countries and regions** domestically and internationally[28](index=28&type=chunk) [(II) Business Model](index=9&type=section&id=(%E4%BA%8C)%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates a global marketing network primarily through distributors, with increasing direct sales channels (28.33% in H1 2025), and a "company + order agriculture + growers" procurement model, supported by multi-location production bases - The company has established a global marketing network primarily based on distributors, with online and offline channels complementing each other[30](index=30&type=chunk) - As of the end of the reporting period, the company had **1,406 distributors**, including **1,306 domestic** and **100 international**[31](index=31&type=chunk) Direct Sales Channel Operating Revenue and Proportion | Direct Channel | Jan-Jun 2025 (million CNY) | Percentage of Operating Revenue | | :--- | :--- | :--- | | Operating Revenue | 779.56 | 28.33% | | 2024 | 1,462.40 | 20.51% | | 2023 | 1,057.46 | 15.54% | | 2022 | 1,090.54 | 15.84% | - The procurement model adopts "company + order agriculture + growers" and agent/cooperative models, with other materials primarily sourced through annual tenders[34](index=34&type=chunk) - Production is based on sales orders, with **10 production bases** established in Hefei, Harbin, Baotou, Chongqing, Changsha, Chuzhou, Fuyang, and Thailand[34](index=34&type=chunk) [(III) Industry Overview During the Reporting Period](index=11&type=section&id=(%E4%B8%89)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) China's trillion-CNY snack food market continues to grow, driven by personalized and health-conscious consumer demands, while retail channels diversify with online-offline integration, and the expanding but fragmented nut market emphasizes innovation and supply chain optimization - China's snack food market has exceeded **one trillion CNY** and shows long-term stable growth[34](index=34&type=chunk) - Consumers are increasingly focused on product quality, price, and ingredients, preferring clean label, natural, simple, and additive-free products[34](index=34&type=chunk) - Retail channels are decentralizing and diversifying, with a clear trend towards online-offline omni-channel integration[35](index=35&type=chunk) - The nut market continues to expand, but the domestic nut and roasted seed food market has **low concentration** and **fierce competition**[37](index=37&type=chunk) [(IV) Company's H1 2025 Operating Performance and H2 Operating Plan](index=12&type=section&id=(%E5%9B%9B)%20%E5%85%AC%E5%8F%B8%202025%20%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%92%8C%E4%B8%8B%E5%8D%8A%E5%B9%B4%E7%BB%8F%E8%90%A5%E8%AE%A1%E5%88%92) In H1 2025, the company's revenue **decreased by 5.05%** and net profit **fell by 73.68%** due to macroeconomic factors, channel shifts, and rising raw material costs, prompting strategic responses including new channel expansion, R&D investment, and a H2 focus on category expansion, supply chain optimization, and organizational reform - In the first half of 2025, the company's operating revenue was **2.75 billion CNY**, a **5.05% year-over-year decrease**; net profit attributable to shareholders of the listed company was **89 million CNY**, a **73.68% year-over-year decrease**[39](index=39&type=chunk) - The profit decline was mainly due to rising costs of sunflower seeds and core nut raw materials, as well as increased investment in new product R&D and high-potential channels[39](index=39&type=chunk) - The company comprehensively implemented channel deep cultivation projects, reaching approximately **560,000 terminal outlets**, and increased investment in emerging channels such as snack bulk stores, membership stores, and instant retail[39](index=39&type=chunk) - Actively expanded overseas markets, entering mainstream channels in Canada, Japan, and the Philippines, and establishing presence in coffee shops and convenience stores in Thailand and Indonesia[40](index=40&type=chunk) - The H2 operating plan focuses on "breaking new ground, innovating, and resilient growth," including expanding the category matrix, optimizing channel services, supply chain optimization and cost control, and deepening organizational reform and talent development[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) [(V) Brand Operations](index=14&type=section&id=(%E4%BA%94)%20%E5%93%81%E7%89%8C%E8%BF%90%E8%90%A5%E6%83%85%E5%86%B5) The company reinforces its "Happy Qiaqia Qia" brand message through diverse youth-focused interactions, including city-themed packaging, cultural IP collaborations, exam support, and nut nutrition education, while advancing its international strategy with global landmark activations and local cultural integration in Thailand - The company engages young consumers through activities like the "Fancy Sunflower Seed Cracking Competition," co-hosting the "Bubble Island Music Festival," and appearing at the "Weifang International Kite Festival"[47](index=47&type=chunk) - Deeply collaborated with Hefei Culture and Tourism and Huangshan Tourism to launch city-limited packaging products, and partnered with San Kong Cultural IP and Hebei Hengshui Middle School for exam support activities[47](index=47&type=chunk) - Continuously expanded nut nutrition outreach, conducting "Nut Nutrition Campus Tour" science popularization activities and establishing "Nut Hope Huts"[47](index=47&type=chunk) - Advanced its international brand strategy by lighting up "Qiaqia Red" brand landmarks in core cities across **8 countries/regions globally**, including New York, Toronto, and Sydney[47](index=47&type=chunk) - The company was selected for the Ministry of Industry and Information Technology's "List of Chinese Consumer Brands" and was honored for the **third time** as one of the "2024 Chinese Brands Loved by Foreigners"[48](index=48&type=chunk) Operating Cost Major Components (Year-over-Year Change) | Item | Jan-Jun 2025 Amount (million CNY) | Percentage of Operating Cost | Jan-Jun 2024 Amount (million CNY) | Percentage of Operating Cost | Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Direct Materials | 1,788.04 | 81.53% | 1,691.38 | 81.51% | 5.71% | | Direct Labor, Depreciation, Energy, and Others | 280.50 | 12.79% | 280.15 | 13.50% | 0.12% | | Freight Related to Contract Performance Obligations | 85.62 | 3.90% | 80.15 | 3.86% | 6.82% | | Other Business Costs | 39.07 | 1.78% | 23.26 | 1.12% | 67.97% | | Total | 2,193.23 | 100.00% | 2,074.94 | 100.00% | 5.70% | Production and Inventory (Year-over-Year Change) | Item | Unit | June 30, 2025 | June 30, 2024 | Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | | Sales Volume | tons | 92,583.01 | 100,303.78 | -7.70% | | Production Volume | tons | 85,157.75 | 95,112.31 | -10.47% | | Inventory Volume | tons | 2,940.93 | 3,243.39 | -9.33% | [II. Analysis of Core Competitiveness](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its strong brand, stringent quality control, extensive sales network, continuous technological innovation, efficient supply chain, and modern management, collectively maintaining its leading position in the nut and roasted seed industry [(I) Brand Advantage](index=15&type=section&id=(%E4%B8%80)%20%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) With over 20 years of development, Qiaqia Food has become a leading brand in China's nut and roasted seed industry, boasting a brand value of **52.68 billion CNY** and multiple national honors, while enhancing consumer trust through "transparent factory" initiatives - The company's brand value reached **52.68 billion CNY**, earning it a spot in the "2024 Asia's Top 500 Brands"[50](index=50&type=chunk) - Continuously conducts "Transparent Factory" activities to enhance consumer trust[50](index=50&type=chunk) - Has repeatedly received the "China Food and Health Annual Brand" honor and was selected as one of the "Chinese Brands Loved by Foreigners"[50](index=50&type=chunk) [(II) Quality Advantage](index=15&type=section&id=(%E4%BA%8C)%20%E5%93%81%E8%B4%A8%E4%BC%98%E5%8A%BF) The company upholds a "safe, stable, fresh" quality policy, ensuring product quality through comprehensive quality management and standardized processes, and has earned numerous food safety and quality management certifications and awards - The company insists on ensuring the freshness of raw materials and products at every stage, from planting, procurement, storage, and transportation to production and sales[51](index=51&type=chunk) - It has perfected "end-to-end" management processes, achieving standardized management across all links, and has received honors such as "Food Safety Integrity Unit" and "Hefei Mayor's Quality Award Gold Prize"[51](index=51&type=chunk) [(III) Channel Advantage](index=16&type=section&id=(%E4%B8%89)%20%E6%B8%A0%E9%81%93%E4%BC%98%E5%8A%BF) The company possesses a nationwide offline retail network and a growing overseas sales network, actively expanding into emerging channels, supported by a professional sales team and rapid market response capabilities, with products exported to nearly 70 countries - The company possesses a nationwide offline terminal sales network and a gradually growing overseas sales network[52](index=52&type=chunk) - Actively expands into special channels, gift channels, catering channels, and other emerging channels, while also vigorously developing new online channels[52](index=52&type=chunk) - Products are exported to nearly **70 countries and regions** in Asia, Europe, and America, making it one of the national brands with the most export countries and widest export regions[52](index=52&type=chunk) [(IV) Technology Advantage](index=16&type=section&id=(%E5%9B%9B)%20%E6%8A%80%E6%9C%AF%E4%BC%98%E5%BF%83) The company prioritizes modern food industrial technology to transform traditional industries, continuously investing in basic research and process innovation, earning a "National Science and Technology Progress Award Second Prize," establishing **12 R&D innovation platforms** and **15 industry-university-research core technology platforms**, and leading or participating in the revision of **49 national, industry, and group standards** - The company's "Key Technologies for Storage and Processing Quality Preservation of Dry Nuts and Industrialization Project" was awarded the "National Science and Technology Progress Award Second Prize"[53](index=53&type=chunk) - It has established **12 major R&D innovation platforms** and **15 major industry-university-research core technology platforms**, accumulating **310 authorized patents**[53](index=53&type=chunk) - It has led and participated in the formulation and revision of **49 national, industry, and group standards**[53](index=53&type=chunk) [(V) Supply Chain Advantage](index=16&type=section&id=(%E4%BA%94)%20%E4%BE%9B%E5%BA%94%E9%93%BE%E4%BC%98%E5%8A%BF) The company implements a TPM management system, establishing a comprehensive food quality and safety supply chain management system from "planting" to "consumer," achieving multiple international certifications, and earning "National Green Factory" and "National Green Supply Chain Management Enterprise" titles - Established a comprehensive food quality and safety supply chain management system from "planting" to "product processing" and extending to "consumers"[54](index=54&type=chunk) - Obtained food safety and quality management system certifications including HACCP, QMS, FSMS, BRC, and traceability systems[54](index=54&type=chunk) - Awarded the nut industry's first national-level "Green Factory" honor and recognized as a "National Green Supply Chain Management Enterprise"[55](index=55&type=chunk) [(VI) Modern Management System Advantage](index=17&type=section&id=(%E5%85%AD)%20%E7%8E%B0%E4%BB%A3%E5%8C%96%E7%AE%A1%E7%90%86%E4%BD%93%E7%B3%BB%E4%BC%98%E5%8A%BF) The company has built an integrated and reliable core business information platform, utilizing systems like SAP, OA, SRM, and SFA to enhance operational efficiency and scientific decision-making, alongside an "end-to-end" process system and process-driven organizational structure for rapid customer response - Constructed an integrated, stable, and reliable core business information operation platform, enhancing scientific decision-making and optimizing business processes[56](index=56&type=chunk) - Utilizes information systems such as SAP, OA, SRM, SFA, and channel deep cultivation to improve customer experience and enterprise operational efficiency[56](index=56&type=chunk) - Established an "end-to-end" process system and a process-driven organizational structure to rapidly respond to customer needs[56](index=56&type=chunk) [III. Main Business Analysis](index=17&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business, snack foods, saw a **5.05% year-over-year decrease in operating revenue** and a **5.70% increase in operating costs** in H1 2025, leading to a decline in gross profit margin, with sunflower seed and nut product revenues falling, but e-commerce and overseas business revenues growing by **24.79%** and **13.18%**, respectively Major Financial Data Year-over-Year Change | Item | Current Period (million CNY) | Prior Period (million CNY) | Year-over-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,752.11 | 2,898.33 | -5.05% | | | Operating Cost | 2,193.23 | 2,074.94 | 5.70% | | | Selling Expenses | 332.65 | 332.96 | -0.09% | | | Administrative Expenses | 157.29 | 150.76 | 4.34% | | | Financial Expenses | -13.88 | -59.19 | 76.56% | Primarily due to exchange rate fluctuations | | Income Tax Expense | 21.95 | 87.33 | -74.86% | Primarily due to reduced total profit | | R&D Investment | 40.44 | 31.57 | 28.09% | | | Net Cash Flow from Operating Activities | 164.28 | 688.04 | -76.12% | Primarily due to increased cash payments for goods and services and decreased cash receipts from sales and services | | Net Cash Flow from Investing Activities | 270.46 | -58.53 | 562.12% | Primarily due to increased cash received from investment recovery and decreased cash paid for investments | | Net Cash Flow from Financing Activities | -927.43 | -565.73 | -63.93% | Primarily due to increased cash paid for debt repayment and increased cash received from borrowings | | Net Increase in Cash and Cash Equivalents | -484.76 | 54.63 | -987.28% | | Operating Revenue Composition (by Product and Region) | Item | Current Period Amount (million CNY) | Percentage of Operating Revenue | Prior Period Amount (million CNY) | Percentage of Operating Revenue | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | | | | | | | Sunflower Seeds | 1,771.85 | 64.39% | 1,854.32 | 63.98% | -4.45% | | Nuts | 614.32 | 22.32% | 660.45 | 22.79% | -6.98% | | Other Products | 304.22 | 11.05% | 352.78 | 12.17% | -13.76% | | Other Business Income | 61.72 | 2.24% | 30.78 | 1.06% | 100.51% | | **By Region** | | | | | | | Eastern Region | 654.65 | 23.79% | 870.08 | 30.02% | -24.76% | | Southern Region | 884.08 | 32.13% | 863.13 | 29.78% | 2.43% | | Northern Region | 422.83 | 15.36% | 527.45 | 18.20% | -19.83% | | E-commerce | 450.91 | 16.38% | 361.33 | 12.47% | 24.79% | | Overseas | 277.92 | 10.10% | 245.56 | 8.47% | 13.18% | | Other Business Income | 61.72 | 2.24% | 30.78 | 1.06% | 100.51% | Gross Profit Margin by Industry, Product, and Region | Item | Operating Revenue (million CNY) | Operating Cost (million CNY) | Gross Profit Margin | Year-over-Year Change in Operating Revenue | Year-over-Year Change in Operating Cost | Year-over-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Snack Food | 2,690.39 | 2,154.16 | 19.93% | -6.18% | 4.99% | -8.52% | | **By Product** | | | | | | | | Sunflower Seeds | 1,771.85 | 1,400.96 | 20.93% | -4.45% | 5.81% | -7.67% | | Nuts | 614.32 | 523.57 | 14.77% | -6.98% | 11.22% | -13.95% | | **By Region** | | | | | | | | Eastern Region | 654.65 | 509.47 | 22.18% | -24.76% | -13.53% | -10.10% | | Southern Region | 884.08 | 708.41 | 19.87% | 2.43% | 16.55% | -9.71% | | Northern Region | 422.83 | 348.83 | 17.50% | -19.83% | -8.92% | -9.88% | | E-commerce | 450.91 | 379.89 | 15.75% | 24.79% | 26.69% | -1.26% | | Overseas | 277.92 | 207.56 | 25.32% | 13.18% | 20.84% | -4.73% | Selling Expenses Composition (Year-over-Year Change) | Item | Current Period Amount (million CNY) | Proportion | Prior Period Amount (million CNY) | Proportion | Amount Change (million CNY) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Advertising and Promotion Expenses | 214.47 | 64.47% | 214.98 | 64.56% | -0.50 | -0.23% | | Employee Compensation | 92.11 | 27.69% | 88.80 | 26.67% | 3.31 | 3.73% | | Travel Expenses | 12.14 | 3.65% | 11.82 | 3.55% | 0.32 | 2.69% | | Office Expenses | 5.60 | 1.68% | 7.20 | 2.16% | -1.59 | -22.15% | | Business Entertainment Expenses | 3.13 | 0.94% | 4.13 | 1.24% | -1.00 | -24.30% | | Depreciation of Right-of-Use Assets | 0.30 | 0.09% | 0.66 | 0.20% | -0.36 | -54.29% | | Depreciation of Fixed Assets | 0.20 | 0.06% | 0.22 | 0.07% | -0.01 | -6.53% | | Amortization of Intangible Assets | 0.19 | 0.06% | 0.07 | 0.02% | 0.12 | 164.98% | | Other | 4.51 | 1.35% | 5.09 | 1.53% | -0.59 | -11.49% | | Total | 332.65 | 100.00% | 332.96 | 100.00% | -0.31 | -0.09% | [IV. Non-Principal Business Analysis](index=19&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's non-principal business income primarily derives from bank wealth management products, large-denomination deposit investments, and government subsidies, which significantly contribute to total profit but are generally not sustainable Non-Principal Business Analysis | Item | Amount (million CNY) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 26.80 | 24.13% | Primarily investment income from bank wealth management products and large-denomination deposits | No | | Gains and Losses from Fair Value Changes | -3.16 | -2.84% | Primarily fair value changes of wealth management products | No | | Asset Impairment | 14.06 | 12.65% | Primarily provision for bad debts of accounts receivable and other receivables | No | | Non-Operating Income | 48.67 | 43.81% | Primarily government subsidies | No | | Non-Operating Expenses | 2.57 | 2.32% | Primarily donation expenses | No | [V. Analysis of Assets and Liabilities](index=19&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the reporting period end, the company's total assets and net assets attributable to shareholders both decreased; while cash and cash equivalents increased their proportion within current assets, accounts receivable and inventory significantly declined, and the company maintains well-operating overseas assets in Hong Kong, Thailand, and Indonesia Significant Changes in Asset Composition | Item | As of Current Period End (million CNY) | Percentage of Total Assets | As of Prior Year End (million CNY) | Percentage of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,131.36 | 49.24% | 4,583.18 | 45.57% | 3.67% | | Accounts Receivable | 169.01 | 2.01% | 418.38 | 4.16% | -2.15% | | Inventories | 834.61 | 9.95% | 1,545.87 | 15.37% | -5.42% | | Long-term Equity Investments | 88.70 | 1.06% | 91.31 | 0.91% | 0.15% | | Fixed Assets | 1,255.88 | 14.97% | 1,326.97 | 13.19% | 1.78% | | Construction in Progress | 3.81 | 0.05% | 0.00 | 0.00% | 0.05% | | Right-of-Use Assets | 8.28 | 0.10% | 5.55 | 0.06% | 0.04% | | Short-term Borrowings | 696.01 | 8.30% | 850.00 | 8.45% | -0.15% | | Contract Liabilities | 86.48 | 1.03% | 174.87 | 1.74% | -0.71% | | Lease Liabilities | 4.54 | 0.05% | 2.89 | 0.03% | 0.02% | Major Overseas Asset Information | Specific Asset Content | Reason for Formation | Asset Scale (Net Asset Book Value) (million CNY) | Location | Operating Model | Profitability | Proportion of Overseas Assets to Company's Net Assets | Major Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Jiehang Subsidiary Assets | Investment Establishment | 31.53 | Hong Kong, China | Daily Operations | Good | 0.60% | No | | Thailand Factory Project Assets | Investment Self-Construction | 559.76 | Thailand | Production | Good | 10.72% | No | | Indonesia Subsidiary Assets | Investment Establishment | 3.20 | Jakarta, Indonesia | Daily Operations | Normal | 0.06% | No | | Singapore Subsidiary Assets | Investment Establishment | 0.00 | Singapore | Daily Operations | - | 0.00% | No | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (million CNY) | Current Period Fair Value Change Gains/Losses (million CNY) | Current Period Purchases (million CNY) | Current Period Sales (million CNY) | Ending Balance (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading (excluding derivative financial assets) | 304.94 | -3.16 | 3,495.00 | 3,529.32 | 267.47 | | Other Equity Instrument Investments | 218.48 | | | 36.25 | 189.15 | | Subtotal of Financial Assets | 523.43 | -3.16 | 3,495.00 | 3,565.57 | 456.62 | Asset Rights Restriction Status as of Reporting Period End | Item | Book Value as of June 30, 2025 (million CNY) | Type of Restriction | Restriction Details | Book Value as of December 31, 2024 (million CNY) | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 0.48 | Frozen | Bank acceptance bill deposits, letter of guarantee deposits, etc. | 0.47 | | Notes Receivable | 131.35 | Asset Transfer | Endorsed but unexpired bank acceptance bills not derecognized | 64.09 | | Accounts Receivable | | | | 2.74 | | Total | 131.83 | | | 67.30 | [VI. Investment Analysis](index=21&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment **decreased by 45.75% year-over-year**; initial public offering funds were **111.66% utilized**, and 2020 convertible bond funds were **49.10% utilized**, with some projects terminated or altered, and remaining funds reallocated or held in special accounts 1. Overall Situation](index=21&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's investment amounted to **91.50 million CNY**, a **45.75% decrease** compared to the prior period Current Period Investment Amount | Indicator | Amount (million CNY) | | :--- | :--- | | Current Period Investment Amount | 91.50 | | Prior Period Investment Amount | 168.66 | | Change Rate | -45.75% | 5. Use of Raised Funds](index=21&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company has utilized **111.66%** of its initial public offering funds and **49.10%** of its 2020 convertible bond funds, with some projects like the "Inner Mongolia Raw Material Base Construction Project" and "Chongqing Qiaqia Food Phase II Industrial Park Project" terminated or altered, and remaining funds reallocated or held in special accounts (1) Overall Use of Raised Funds](index=22&type=section&id=(1)%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%80%BB%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company's initial public offering raised **1.89 billion CNY**, with **2.11 billion CNY** cumulatively used (**111.66% utilization**); the 2020 convertible bond raised **1.33 billion CNY**, with **650.70 million CNY** cumulatively used (**49.10% utilization**), leaving **960 million CNY** unused, primarily in special accounts, large-denomination deposits, and time deposits Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (million CNY) | Total Cumulatively Used Raised Funds (million CNY) | Raised Funds Utilization Rate as of Period End | | :--- | :--- | :--- | :--- | :--- | | 2011 | Initial Public Offering | 1,888.40 | 2,108.53 | 111.66% | | 2020 | Convertible Bonds | 1,325.16 | 650.70 | 49.10% | | Total | | 3,213.56 | 2,759.23 | 85.86% | - The total unused raised funds amount to **959.84 million CNY**, primarily held in special raised funds accounts, large-denomination deposits, and time deposits[78](index=78&type=chunk) - The net raised funds from the initial public offering were **1.89 billion CNY**, plus net interest income of **338.46 million CNY** and **90 million CNY** recovered from equity transfer, minus cumulative usage of **2.11 billion CNY**, leaving a balance of **208.33 million CNY**[79](index=79&type=chunk)[80](index=80&type=chunk) - The net raised funds from the 2020 public offering of convertible bonds were **1.33 billion CNY**, plus net interest income of **74.84 million CNY**, minus cumulative usage of **650.70 million CNY**, leaving a balance of **751.51 million CNY**[81](index=81&type=chunk) (2) Status of Committed Raised Fund Projects](index=23&type=section&id=(2)%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%89%BF%E8%AF%BA%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) Several raised fund projects, such as the Harbin Qiaqia Food Processing Project and the Food Production Process Improvement and Automation Project, have been completed or reached their intended operational status, while others, like the "Inner Mongolia Raw Material Base Construction Project" and "Chongqing Qiaqia Food Phase II Industrial Park Project," were terminated or altered due to market changes or capacity adjustments Status of Committed Raised Fund Projects | Committed Investment Project | Committed Investment Amount (million CNY) | Adjusted Investment Amount (million CNY) | Cumulative Investment as of Period End (million CNY) | Investment Progress as of Period End | | :--- | :--- | :--- | :--- | :--- | | Harbin Qiaqia Food Co., Ltd. Food Processing Project | 275.39 | 232.93 | 232.93 | 100.00% | | Inner Mongolia Raw Material Base Construction Project | 92.62 | 26.49 | 26.49 | 100.00% | | Food Production Process Improvement and Automation Project | 122.05 | 117.66 | 117.66 | 100.00% | | Supply, Production, and Sales Full-Process Business Information Platform Construction Project | 29.99 | 29.99 | 29.99 | 100.00% | | Chuzhou Qiaqia Nut Snack Food Project | 490.00 | 490.00 | 347.77 | 70.97% | | Hefei Qiaqia Industrial Park Nut Flexible Factory Construction Project | 260.00 | 260.00 | 0.00 | 0.00% | | Changsha Qiaqia Food Phase II Expansion Project | 170.00 | 170.00 | 33.25 | 19.56% | | Qiaqia Nut R&D and Testing Center Project | 140.00 | 140.00 | 0.00 | 0.00% | | Supplementary Working Capital Project | 280.00 | 269.68 | 269.68 | 100.00% | | Changsha Qiaqia Food Co., Ltd. Food Processing Project (Over-raised) | 310.64 | 337.05 | 337.05 | 100.00% | | Repayment of Bank Loans (Over-raised) | 190.00 | 190.00 | 190.00 | 100.00% | | Xinjiang Raw Material Base Construction Project (Over-raised) | 168.92 | 87.98 | 87.98 | 100.00% | | Acquisition of Jiangsu Qia Kang Food Co., Ltd. Project (Over-raised) | 96.00 | 86.00 | 86.00 | 100.00% | | Investment in Establishing Thailand Subsidiary Project (Over-raised) | 196.48 | 196.48 | 162.16 | 82.53% | | Chongqing Qiaqia Food Phase II Industrial Park Project (Over-raised) | 357.24 | 95.41 | 95.41 | 100.00% | | Baotou Qiaqia Nut Snack Food Expansion Project (Over-raised) | 261.83 | 4.77 | 175.60 | 67.07% | - The "Inner Mongolia Raw Material Base Construction Project" was terminated due to increased pest and disease issues and a lack of superior varieties, leading to reduced raw material planting area[86](index=86&type=chunk) - The "Chongqing Qiaqia Food Phase II Industrial Park Project" was terminated because capacity met demand, with the remaining raised funds reallocated to the "Baotou Qiaqia Nut Snack Food Expansion Project"[86](index=86&type=chunk)[87](index=87&type=chunk) (3) Changes in Raised Fund Projects](index=28&type=section&id=(3)%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E5%8F%98%E6%9B%B4%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company terminated the "Inner Mongolia Raw Material Base Construction Project" and the "Chongqing Qiaqia Food Phase II Industrial Park Project," reallocating the remaining funds from the latter to the "Baotou Qiaqia Nut Snack Food Expansion Project" Changes in Raised Fund Projects | Financing Project Name | Changed Project | Corresponding Original Committed Project | Total Raised Funds to be Invested in Changed Project (million CNY) | Cumulative Actual Investment as of Period End (million CNY) | Investment Progress as of Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Raw Material Base Construction Project | - | Inner Mongolia Raw Material Base Construction Project | 26.49 | 26.49 | 100.00% | | Chongqing Qiaqia Food Phase II Industrial Park Project | Baotou Qiaqia Nut Snack Food Expansion Project | Chongqing Qiaqia Food Phase II Industrial Park Project | 261.83 | 175.60 | 67.07% | - The "Inner Mongolia Raw Material Base Construction Project" has been terminated, with remaining raised funds still managed in a special account[92](index=92&type=chunk) - The "Chongqing Qiaqia Food Phase II Industrial Park Project" was terminated, and the remaining raised funds were reallocated to the "Baotou Qiaqia Nut Snack Food Expansion Project"[92](index=92&type=chunk) [VII. Major Asset and Equity Sales](index=30&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell any major assets during the reporting period[93](index=93&type=chunk) - The company did not sell any major equity during the reporting period[94](index=94&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=30&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major holding and participating companies include several food sales and production subsidiaries, such as Ningbo Qiaqia Food Sales Co., Ltd. and Guangdong Qiaqia Food Supply Chain Management Co., Ltd., all of which contributed significant operating revenue and net profit during the reporting period Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million CNY) | Total Assets (million CNY) | Net Assets (million CNY) | Operating Revenue (million CNY) | Operating Profit (million CNY) | Net Profit (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qiqihar Northern Qiaqia Food Sales Co., Ltd. | Subsidiary | Wholesale, Sales | 5.00 | 34.97 | 24.80 | 192.07 | 16.02 | 16.08 | | Chongqing Southern Qiaqia Food Sales Co., Ltd. | Subsidiary | Wholesale, Sales | 5.00 | 38.36 | 25.71 | 118.69 | 20.98 | 16.92 | | Inner Mongolia Huakui Agricultural Technology Co., Ltd. | Subsidiary | Production | 50.00 | 263.45 | 64.26 | 387.69 | 10.48 | 9.02 | | Chongqing Qiaqia Food Co., Ltd. | Subsidiary | Production | 49.40 | 217.59 | 89.09 | 327.28 | 16.05 | 13.60 | | Ningbo Qiaqia Food Sales Co., Ltd. | Subsidiary | Wholesale, Sales | 10.00 | 1,409.96 | 150.90 | 392.52 | 49.61 | 58.03 | | Tianjin Qiaqia E-commerce Co., Ltd. | Subsidiary | Wholesale, Sales | 20.00 | 38.32 | 33.39 | 92.27 | 15.17 | 12.73 | | Guangdong Qiaqia Food Supply Chain Management Co., Ltd. | Subsidiary | Wholesale, Sales | 10.00 | 60.32 | 40.61 | 497.90 | 23.85 | 21.90 | [IX. Information on Structured Entities Controlled by the Company](index=30&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[96](index=96&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=31&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from raw material price volatility, food safety, limited product categories, talent development, external economic uncertainty, and increased fixed asset depreciation; it addresses these through enhanced procurement, strict quality control, new product R&D, talent cultivation, optimized overseas expansion, and strengthened project management - Raw material risk: Reduced agricultural planting area, natural disasters, and fluctuating acquisition prices lead to increased costs. Countermeasures: Enhance procurement capabilities, innovate procurement models, increase direct sourcing, and expand upstream in the industrial chain[97](index=97&type=chunk) - Food safety risk: Increased consumer awareness and corporate responsibility. Countermeasures: Strictly control product quality, improve traceability mechanisms and emergency plans, and implement ISO9001 and HACCP systems[97](index=97&type=chunk) - Market demand changes and insufficient product categories risk: Clear trend towards market diversification. Countermeasures: Guided by market and consumer demand, increase new product R&D, and enrich product categories through self-development, cooperative development, and equity investments[98](index=98&type=chunk) - Talent pipeline construction risk: Shortage of excellent talent for new businesses and products. Countermeasures: Combine external recruitment with internal training, establish a talent pool, improve employee growth and training plans, and build a matrix organization[98](index=98&type=chunk) - External economic environment uncertainty risk: Complex international trade environment and exchange rate fluctuations. Countermeasures: Adopt a strategy of "strengthening foundations, global vision, model innovation, and gradual promotion," conduct feasibility studies for overseas factory construction, production, and sales, and complete overseas expansion through various capital operations[99](index=99&type=chunk) - Risk of profit decline due to increased fixed asset depreciation: Increased depreciation expenses after raised fund projects are completed and operational. Countermeasures: Strengthen subsequent management of raised fund projects, improve capacity utilization, asset turnover efficiency, and management levels[99](index=99&type=chunk)[100](index=100&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=32&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not established a market value management system nor disclosed a valuation enhancement plan - The company has not established a market value management system[101](index=101&type=chunk) - The company has not disclosed a valuation enhancement plan[101](index=101&type=chunk) [XII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=32&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has disclosed and actively implemented its "Quality and Return Dual Enhancement" action plan through consistent dividend distribution, share repurchase programs, strategic and ESG committee adjustments, and enhanced investor communication to safeguard shareholder interests and boost sustainable development - The company has disclosed its "Quality and Return Dual Enhancement" action plan announcement, aiming to protect shareholder interests and boost investor confidence[101](index=101&type=chunk) - In January 2025, the company implemented the 2024 Q1-Q3 equity distribution, with **149 million CNY** in cash dividends; in June 2025, it implemented the 2024 annual equity distribution, with **497 million CNY** in cash dividends[101](index=101&type=chunk) - The company initiated a share repurchase plan on November 14, 2024, and as of June 30, 2025, had repurchased **944,592 shares** for a total transaction amount of **25.28 million CNY**[102](index=102&type=chunk) - The "Board of Directors Strategy Committee" was adjusted to the "Board of Directors Strategy and ESG Committee," adding ESG management responsibilities[103](index=103&type=chunk) - Enhanced communication with investors through official website, investor relations phone, email, and interactive platforms, with **130 questions answered** on the interactive platform during the reporting period, achieving a **100% response rate**[103](index=103&type=chunk) Part IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Vice General Manager Yang Yukun resigned on April 30, 2025, due to personal reasons - Vice General Manager Yang Yukun resigned on April 30, 2025, due to personal reasons[105](index=105&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=33&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[106](index=106&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=33&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company implemented a 2024 stock option incentive plan with initial grants, but some options were canceled due to employee departures or unmet performance targets; multiple employee stock ownership plans remain active, with some shares transferred by departing employees, participating in profit distribution but not shareholder voting 1. Equity Incentives](index=33&type=section&id=1%E3%80%81%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1) The company approved its 2024 stock option incentive plan in September 2024 and completed initial grant registration in November 2024; during the reporting period, a total of **1.674 million stock options** were canceled due to the departure of **3 incentive recipients** and the failure of **26 incentive recipients** to meet the first exercise period's performance targets - The company approved the "Qiaqia Food Co., Ltd. 2024 Stock Option Incentive Plan (Draft)" on September 18, 2024[107](index=107&type=chunk) - On November 22, 2024, the company completed the registration of the initial grant of stock options[110](index=110&type=chunk) - A total of **1.674 million stock options** were canceled due to the departure of **3 incentive recipients** and the failure of **26 incentive recipients** to meet the first exercise period's company-level performance targets[110](index=110&type=chunk) 2. Implementation of Employee Stock Ownership Plans](index=34&type=section&id=2%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company currently has its fifth, seventh, eighth, and ninth employee stock ownership plans active during the reporting period, with some departing employees' shares transferred, and these plans participated in profit distribution but not shareholder voting, while some plan durations were extended All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Percentage of Total Share Capital of Listed Company | Funding Sources for Implementation Plan | | :--- | :--- | :--- | :--- | :--- | | Company directors (excluding independent directors), supervisors, senior management; heads of first-level operating units and functional departments, heads of second-level operating units and functional departments; manager-level and above management and professional personnel, other key employees | 43 | 91,947 | 0.02% | Company incentive funds, other legal employee compensation, employee's own funds, and other methods permitted by laws and administrative regulations | | Company directors (excluding independent directors), supervisors, senior management; some heads of first-level operating units and functional departments, heads of second-level operating units and functional departments | 30 | 362,300 | 0.07% | Company incentive funds | | Company directors (excluding independent directors), supervisors, senior management; heads of first-level operating units and functional departments and director-level management and technical personnel; heads of second-level operating units and functional departments and manager-level professional personnel; supervisor-level management and technical personnel and other key employees | 217 | 1,638,531 | 0.32% | Legal employee compensation, financing funds, self-raised funds, and other funds obtained through methods permitted by laws and regulations | | Company directors (excluding independent directors), supervisors, senior management; heads of first-level operating units and functional departments and director-level management and technical personnel; heads of second-level operating units and functional departments, manager-level professional personnel, and core key personnel | 74 | 2,701,000 | 0.53% | Legal employee compensation, financing funds, self-raised funds, and other funds obtained through methods permitted by laws and regulations | - During the reporting period, **3 departing employees** completed share transfer procedures, involving the fifth, seventh, and eighth employee stock ownership plans[112](index=112&type=chunk) - The fifth, seventh, eighth, and ninth employee stock ownership plans participated in the company's 2024 Q1-Q3 and annual profit distribution but did not participate in shareholder general meetings[113](index=113&type=chunk) - The duration of the fifth employee stock ownership plan has been extended to April 7, 2026, and the eighth employee stock ownership plan has been extended to May 10, 2026[115](index=115&type=chunk)[118](index=118&type=chunk) [IV. Environmental Information Disclosure](index=38&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) Qiaqia Food Co., Ltd. is listed among enterprises required to disclose environmental information by law, with relevant reports publicly available on the enterprise environmental information disclosure platform and the national pollutant discharge permit management information platform - Qiaqia Food Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law[119](index=119&type=chunk) - Environmental information disclosure reports are available on the enterprise environmental information disclosure platform and the national pollutant discharge permit management information platform[119](index=119&type=chunk) [V. Social Responsibility](index=38&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) Leveraging its industry advantages, the company has established raw material bases in Xinjiang, Inner Mongolia, Guangxi, and Anhui, boosting local farmers' incomes, while actively engaging in public welfare, providing disaster relief, promoting nut nutrition, and earning the "INC2025 Sustainability Award" - The company has established sunflower seed and nut raw material bases in Xinjiang, Inner Mongolia, Guangxi, and Anhui, providing employment opportunities and increasing farmers' incomes in these regions[120](index=120&type=chunk) - Provided nutritional supplies to earthquake-stricken areas in Xigaze, Tibet, and flood-affected areas in Zhaoqing and Qingyuan, Guangdong[120](index=120&type=chunk) - Conducted "Nut Nutrition Campus Tour" science popularization activities, built "Nut Hope Huts," and implemented nut-into-campus nutrition breakfast programs to safeguard the healthy growth of adolescents[120](index=120&type=chunk) - Awarded the "INC2025 Sustainability Award" at the 42nd INC International Nut and Dried Fruit Congress[120](index=120&type=chunk) Part V Important Matters [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company as of the End of the Reporting Period](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company's actual controller, controlling shareholder, other shareholders, directors, supervisors, and senior management strictly fulfilled their share lock-up and non-compete commitments made during the initial public offering or refinancing, with no overdue unfulfilled commitments as of the reporting period end - Actual controller Chen Xianbao, controlling shareholder Hefei Huatai Group Co., Ltd., and other related parties strictly fulfilled their share lock-up and non-compete commitments[122](index=122&type=chunk) - Commitments include not transferring more than **25% of shares annually** during tenure, not transferring shares within **six months after resignation**, and not engaging in businesses that substantially compete with the issuer[122](index=122&type=chunk) - All commitments were fulfilled on time during the reporting period, with no overdue unfulfilled situations[122](index=122&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=39&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating funds occupied by its controlling shareholder or other related parties - The company had no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period[123](index=123&type=chunk) [III. Irregular External Guarantees](index=40&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[124](index=124&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=40&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was not audited[125](index=125&type=chunk) [V. Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=40&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm - The company did not receive a "non-standard audit report" from its accounting firm during the reporting period[126](index=126&type=chunk) [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=40&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company did not receive a "non-standard audit report" for the prior year from its accounting firm - The company did not receive a "non-standard audit report" for the prior year from its accounting firm during the reporting period[126](index=126&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=40&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[126](index=126&type=chunk) [VIII. Litigation Matters](index=40&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters during the current reporting period[127](index=127&type=chunk) - The company had no other litigation matters during the reporting period[127](index=127&type=chunk) [IX. Penalties and Rectification](index=40&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[127](index=127&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=40&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or its actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or its actual controller[128](index=128&type=chunk) [XI. Major Related Party Transactions](index=41&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions or disposals, joint external investments, related party receivables/payables, or financial services with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[129](index=129&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[130](index=130&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[131](index=131&type=chunk) - The company had no related party receivables or payables during the reporting period[132](index=132&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated finance companies[133](index=133&type=chunk) - The company had no other major related party transactions during the reporting period[135](index=135&type=chunk) [XII. Major Contracts and Their Performance](index=42&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no trusteeship, contracting, leasing, or major guarantee situations, but engaged in wealth management, primarily investing自有资金 and raised funds in bank and brokerage wealth management products, with an outstanding balance of **267 million CNY** at period-end 1. Trusteeship, Contracting, and Leasing Matters](index=42&type=section&id=1%E3%80%81%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no trusteeship, contracting, or leasing situations - The company had no trusteeship situations during the reporting period[136](index=136&type=chunk) - The company had no contracting situations during the reporting period[137](index=137&type=chunk) - The company had no leasing situations during the reporting period[138](index=138&type=chunk) 2. Major Guarantees](index=42&type=section&id=2%E3%80%81%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) During the reporting period, the company had no major guarantee situations - The company had no major guarantee situations during the reporting period[139](index=139&type=chunk) 3. Wealth Management](index=42&type=section&id=3%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) During the reporting period, the company engaged in wealth management, primarily investing its own funds and raised funds in bank and brokerage wealth management products, with a total transaction amount of **726.32 million CNY** and an outstanding balance of **267 million CNY** at period-end, with no overdue unrecovered amounts Overall Wealth Management Situation | Specific Type | Source of Wealth Management Funds | Wealth Management Transaction Amount (million CNY) | Unexpired Balance (million CNY) | Overdue Unrecovered Amount (million CNY) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 380.00 | 2.00 | 0.00 | | Bank Wealth Management Products | Raised Funds | 21.32 | 0.00 | 0.00 | | Brokerage Wealth Management Products | Own Funds | 325.01 | 265.00 | 0.00 | | Total | | 726.32 | 267.00 | 0.00 | - The company's wealth management products primarily consist of bank wealth management products and brokerage wealth management products, with funding sources including own funds and raised funds[141](index=141&type=chunk)[142](index=142&type=chunk) - During the reporting period, the company's wealth management products did not experience any situations where principal was expected to be unrecoverable or other potential impairment events[148](index=148&type=chunk) 4. Other Major Contracts](index=49&type=section&id=4%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) During the reporting period, the company had no other m

Market Overview - The leisure food sector experienced a decline of 0.97% on August 21, with Gui Faxiang leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Notable gainers included: - Guangzhou Restaurant: closed at 16.87, up 1.63% with a trading volume of 70,500 shares and a turnover of 118 million yuan [1] - Zhizhi Food: closed at 23.57, up 1.29% with a trading volume of 90,100 shares and a turnover of 211 million yuan [1] - Haoxiangni: closed at 10.50, up 1.25% with a trading volume of 475,500 shares and a turnover of 505 million yuan [1] - Significant decliners included: - Gui Faxiang: closed at 13.22, down 8.19% with a trading volume of 500,100 shares and a turnover of 684 million yuan [2] - Wancheng Group: closed at 152.40, down 2.55% with a trading volume of 17,300 shares and a turnover of 267 million yuan [2] - Yanjinpuzi: closed at 72.33, down 2.20% with a trading volume of 49,800 shares and a turnover of 366 million yuan [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 273 million yuan from institutional investors, while retail investors contributed a net inflow of 232 million yuan [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with Guangzhou Restaurant experiencing a net inflow of 11.14 million yuan from institutional investors [3] - Other stocks like Tali Bread and Ximai Food also showed mixed capital flows, with Tali Bread seeing a net outflow of 2.56 million yuan from retail investors [3]

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