Group 1 - The company is steadily advancing its collaboration with the channel partner, Pang Donglai, focusing on the distribution of red dates and health-preserving fresh food products [2] - The company aims to enhance terminal operation efficiency and consumer reach through this partnership [2] - The company is committed to expanding high-potential channels and new channel opportunities to provide high-quality health food to more consumers [2]

Group 1 - The company has opened a flagship store in the Jinshui District of Zhengzhou before the New Year, which includes a variety of products beyond just red dates and health-preserving foods [2] - The flagship store features upgraded space experience, product display, and technological interaction, creating a multifunctional space that integrates shopping, socializing, and cultural experiences [2] - The store also offers various cultural and creative peripheral products, as well as fresh baked goods, inviting customers to experience and purchase in-store [2]

Core Viewpoint - The company reported strong operational performance during the Chinese New Year sales period, focusing on various product categories to enhance sales and ensure supply [2] Group 1: Sales Performance - The company actively operated its production and sales business during the New Year sales period [2] - Marketing activities were conducted around multiple product categories, including black gold dates, glutinous fragrant dates, and red date eight-treasure tea [2] - The company ensured sufficient inventory to support supply and enhance terminal sales [2] Group 2: Future Reporting - Specific sales figures will be disclosed in the company's regular reports and legal announcements [2]

Core Viewpoint - The company emphasizes the importance of market value management and acknowledges that recent stock price fluctuations are influenced by multiple complex factors including macroeconomic conditions, industry trends, and market sentiment [1] Group 1: Company Strategy - The company maintains a commitment to high quality, high value, and excellent service as part of its operational philosophy to reward consumers [1] - The company urges investors to view market fluctuations rationally and focuses on enhancing intrinsic value [1] Group 2: Future Outlook - The company plans to continue delivering solid performance to reward investors in the future [1]

Core Viewpoint - The company, Haoxiangni, emphasizes its core strategy of focusing on "red dates + health-preserving fresh food" as its main business, aiming to enhance intrinsic value through product innovation and channel development [1] Group 1 - The company is committed to focusing on its main business development [1] - The company aims to improve its independent operating capabilities [1] - The company is dedicated to enhancing long-term returns for shareholders [1]

Core Insights - The company, Haoxiangni (002582), announced that its flagship store located on Huanghe Road in Zhengzhou achieved over 1 million sales in its first week of operation, marking a significant milestone for the store [1] Company Performance - The flagship store's sales performance indicates strong market demand and effective business strategy, as it reached the milestone of 1 million in sales faster than any other single store [1]

Group 1 - The core viewpoint of the article indicates that the company identifies its peak sales seasons as the first, third, and fourth quarters of the year [1]

Core Viewpoint - The stock price of Haoxiangni has shown fluctuations, with a year-to-date increase of 14.48% but a recent decline in the last five trading days by 5.88% [2] Group 1: Stock Performance - On February 9, Haoxiangni's stock rose by 2.26%, reaching 12.65 CNY per share, with a trading volume of 113 million CNY and a turnover rate of 2.62%, resulting in a total market capitalization of 5.664 billion CNY [1] - Year-to-date, Haoxiangni's stock has increased by 14.48%, while it has decreased by 5.88% in the last five trading days and by 1.63% over the past 20 days [2] - The stock has been on the "Dragon and Tiger List" twice this year, with the most recent instance on January 28, where it recorded a net buy of -84.664 million CNY [2] Group 2: Company Overview - Haoxiangni Health Food Co., Ltd. was established on September 24, 1997, and went public on May 20, 2011. The company specializes in the production, processing, and sales of jujube-related products and nut snacks [2] - The revenue composition of Haoxiangni includes 72.66% from jujube products, 16.54% from other categories, 3.79% from health preservation products, 3.75% from non-food sectors, and 3.27% from miscellaneous [2] - As of September 30, the number of shareholders for Haoxiangni was 46,300, a decrease of 20.94% from the previous period, with an average of 7,432 circulating shares per person, an increase of 26.49% [2] Group 3: Financial Performance - For the period from January to September 2025, Haoxiangni reported a revenue of 1.062 billion CNY, a year-on-year decrease of 9.77%, while the net profit attributable to shareholders was -4.7088 million CNY, an increase of 92.24% year-on-year [2] - Since its A-share listing, Haoxiangni has distributed a total of 1.638 billion CNY in dividends, with 921 million CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder of Haoxiangni is the Xingquan Commercial Model Mixed Fund (LOF) A, holding 22.3161 million shares, unchanged from the previous period [3] - The third-largest shareholder, Xingquan New Vision Regular Open Mixed Fund, increased its holdings by 188,400 shares to 17.7729 million shares [3] - New institutional shareholders include the招商优势企业混合A, which holds 6 million shares, and 东方红产业升级混合, which holds 2.8343 million shares [3]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - This week, the price of the main contract of Zhengzhou jujube futures declined, with a weekly drop of approximately 2.85%. The overall pre - Spring Festival sales pace was acceptable, and it was approaching the end of the pre - holiday stocking period. As of February 5, 2026, the physical inventory of 36 sample points of jujubes was 11,888 tons, a decrease of 1,255 tons from last week, a 9.55% month - on - month decrease and a 12.84% year - on - year increase. The pre - holiday sales situation was similar to that of the same period last year. Affected by the Spring Festival holiday, long - distance logistics had basically stopped, but local logistics could still operate normally. Due to the decentralized acquisition structure of the 2025 production season and the industry's generally cautious expectation for the new season after the holiday, risk control should be noted as the long holiday approached. Future trading should focus on spot prices and the consumer side [9]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The price of the main contract of Zhengzhou jujube futures declined this week, with a weekly drop of about 2.85% [9]. - **Market Outlook**: The pre - Spring Festival sales pace was acceptable, and it was near the end of the pre - holiday stocking. The inventory of 36 sample points decreased month - on - month. The pre - holiday sales were similar to last year. Long - distance logistics stopped, and local logistics was normal. The industry was cautious about the post - holiday market. Risk control was needed as the holiday approached. Future trading should focus on spot prices and the consumer side [9]. 3.2 Futures and Spot Market - **Futures Price**: The price of the Zhengzhou jujube 2605 contract declined this week, with a weekly drop of about 2.85% [11]. - **Top 20 Positions**: As of this week, the net position of the top 20 in jujube futures was - 20,558 lots [12]. - **Futures Warehouse Receipts**: As of this week, the number of Zhengzhou jujube warehouse receipts was 3,350 [15]. - **Futures Spread**: As of this week, the spread between the Zhengzhou Commodity Exchange jujube futures 2605 contract and the 2609 contract was - 225 yuan/ton [19]. - **Basis**: As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 535 yuan/ton [22]. - **Purchase Price in Main Producing Areas**: As of February 6, 2026, the purchase price of jujube bulk goods in Aksu was 5.15 yuan/kg, in Alar was 5.65 yuan/kg, and in Kashgar was 6.5 yuan/kg [25]. - **First - Grade Jujube Spot Price**: As of February 6, 2026, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei was 4.1 yuan/jin, and in Henan was 4.15 yuan/jin [29]. - **Special - Grade Jujube Spot Price**: As of February 6, 2026, the spot price of special - grade grey jujubes in Cangzhou, Hebei was 9.23 yuan/kg, and the wholesale price in Henan was 9.44 yuan/kg [33]. 3.3 Industry Chain Situation - **Supply Side - Inventory**: As of February 5, 2026, the physical inventory of 36 sample points of jujubes was 11,888 tons, a decrease of 1,255 tons from last week, a 9.55% month - on - month decrease and a 12.84% year - on - year increase [37]. - **Supply Side - Production**: The jujube production in the 2025/26 production season is expected to decline [41]. - **Demand Side - Export**: In December 2025, China's jujube export volume was 5,071,577 kg, the export value was 79,876,362 yuan, the export average price was 15,749.81 yuan/ton. The export volume increased by 43.36% month - on - month and decreased by 18.20% year - on - year. The cumulative export from January to December 2025 was 34,362,765 kg, a cumulative year - on - year decrease of 3.58% [44]. - **Demand Side - BOCE Trading**: This week, the BOCE Xinjiang Jujube Good Brand had a small amount of trading in orders [49]. 3.4 Options Market and Futures - Stock Correlation - **Options Market**: The implied volatility of at - the - money options for jujubes this week is presented in the relevant chart, but specific data is not detailed [50]. - **Stock Market - Hao Xiang Ni**: The price - to - earnings ratio chart of Hao Xiang Ni (002582) is presented, but specific data analysis is not provided [52].

Group 1 - The company announced a 2025 employee stock ownership plan funded by repurchased shares [1] - In 2024, the company repurchased a total of 15.6664 million shares, accounting for 3.46% of the total share capital, with a transaction amount of 86.1699 million yuan [1] - As of the announcement date, the actual subscription funds for the employee stock ownership plan have been fully paid, with 44.0688 million shares subscribed [1] Group 2 - On February 5, 2026, 9.1429 million shares will be transferred to the plan account through non-trading transfer, representing 2.04% of the total share capital [1] - After the transfer, the remaining shares in the repurchase account will be 6.5235 million shares [1] - The plan holders include two senior executives, indicating a related relationship with the plan [1]