Market Overview - The seasoning and fermentation sector increased by 0.37% compared to the previous trading day, with Zhu Laoliu leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Zhu Laoliu (code: 920726) closed at 19.28, up 3.54% with a trading volume of 18,300 lots and a transaction value of 34.45 million yuan [1] - Richen Co., Ltd. (code: 603755) closed at 34.71, up 2.30% with a trading volume of 19,300 lots and a transaction value of 65.70 million yuan [1] - Angel Yeast (code: 600298) closed at 41.00, up 2.27% with a trading volume of 75,000 lots and a transaction value of 306 million yuan [1] - Other notable stocks include Zhongjing Food (code: 300908) up 1.46%, ST Jiajia (code: 002650) up 1.14%, and Tianwei Food (code: 603317) up 1.06% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 60.96 million yuan from institutional investors, while retail investors saw a net inflow of 48.05 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhongjing Food saw a net inflow of 10.29 million yuan from institutional investors, while retail investors had a net outflow of 6.36 million yuan [3] - Angel Yeast experienced a net inflow of 0.64 million yuan from institutional investors, with retail investors also seeing a net outflow of 0.48 million yuan [3] - Other stocks like Fuling Pickles and Baoli Food also showed varied capital flows, indicating differing investor sentiments across the sector [3]

证券代码：002650 证券简称：ST 加加 公告编号：2025-085 公司分别于 2023 年 7 月 13 日、2023 年 8 月 12 日、2023 年 9 月 12 日、 2023 年 10 月 12 日、2023 年 11 月 11 日、2023 年 12 月 12 日、2024 年 1 月 1 2 日、2024 年 2 月 8 日、2024 年 3 月 12 日、2024 年 4 月 12 日、2024 年 5 月 13 日、2024 年 6 月 1 日、2024 年 7 月 12 日、2024 年 8 月 13 日、2024 年 9 月 13 日、2024 年 10 月 12 日、2024 年 11 月 12 日、2024 年 12 月 12 日、202 5 年 1 月 11 日、2025 年 2 月 12 日、2025 年 3 月 12 日、2025 年 4 月 12 日、 2025 年 5 月 12 日披露了《关于公司控股股东被申请破产审查的进展公告》（公 告编号：2023-028/029/032/033/038/052、2024-003/007/010/015/031/038/046/ ...

Core Insights - ST加加 reported a total operating revenue of 1.009 billion yuan for Q3 2025, with a net profit attributable to shareholders of -18.0368 million yuan, an increase of 49.6146 million yuan compared to the same period last year [1] - The company achieved a net cash inflow from operating activities of 84.6177 million yuan, marking a 63.76% increase year-on-year and representing three consecutive years of growth [1] Financial Performance - The latest debt-to-asset ratio stands at 14.85%, a decrease of 0.44 percentage points from the previous quarter and a reduction of 4.82 percentage points year-on-year [3] - The gross profit margin is reported at 28.37%, an increase of 3.84 percentage points compared to the same period last year, achieving three consecutive years of growth [3] - The return on equity (ROE) is -0.97%, which is an improvement of 2.38 percentage points year-on-year [3] - The diluted earnings per share are -0.02 yuan, an increase of 0.05 yuan compared to the same period last year [3] Efficiency Metrics - The total asset turnover ratio is 0.45 times, reflecting a year-on-year increase of 12.17% with an increase of 0.05 times compared to the same period last year [3] - The inventory turnover ratio is 2.36 times, which is an increase of 0.34 times year-on-year, representing a 16.80% increase compared to the same period last year [3] Shareholder Structure - The number of shareholders is reported at 16,900, with the top ten shareholders holding a total of 568 million shares, accounting for 49.27% of the total share capital [3] - The largest shareholder is China Orient Asset Management Co., Ltd., holding 23.4% of the shares [3]

Core Insights - The company, 加加食品, reported a continued growth trend in its performance for the third quarter of 2025, with a revenue of 276 million yuan, representing a year-on-year increase of 11.43% [1] - The net profit attributable to shareholders was a loss of 26.39 million yuan, which is an improvement of approximately 12.1 million yuan compared to the same period last year [1] - For the first three quarters, the company achieved a revenue of 1.009 billion yuan, remaining stable compared to the previous year, while the net profit loss decreased significantly by 49 million yuan, showing a 73.34% improvement [1] Company Strategy - 加加食品's performance improvement is attributed to its commitment to product health and high-end transformation, aligning with China's "Healthy China 2030" strategy [1] - The company has been proactive in promoting a "reduced salt" concept since 2018, launching a series of low-salt products, including reduced salt soy sauce variants [1] - 加加食品 has developed core technology for physical salt reduction, achieving over 35% salt reduction while maintaining essential nutritional components [1] Product Development and Market Strategy - In 2023, 加加食品 continued to innovate around its "reduced salt strategy," launching new products such as "reduced salt pure brewed soy sauce" and "reduced salt organic soy sauce" [2] - The company is focusing on refining its product structure by reducing SKU numbers and promoting high-margin products [2] - 加加食品 is enhancing its sales capabilities through the development of new channels, including e-commerce and industrial catering, while solidifying traditional distribution channels [2] Corporate Governance - Recently, 加加食品 made significant adjustments at the board level, completing the election of two non-independent directors and one independent director [2] - The board changes were approved during the second extraordinary general meeting of shareholders held on September 16, with two directors recommended by the largest shareholder, 东方资产, successfully elected [2]

Core Viewpoint - ST加加 reported an improvement in performance for Q3 2025, driven by a focus on product health and high-end transformation [1] Financial Performance - In Q3 2025, the company achieved revenue of 276 million yuan, a year-on-year increase of 11.43% [1] - The net profit attributable to shareholders was a loss of 26.39 million yuan, which represents a reduction in loss of approximately 12.1 million yuan compared to the same period last year [1] - For the first three quarters, the company recorded revenue of 1.009 billion yuan, remaining stable compared to the previous year [1] - The net profit attributable to shareholders for the first three quarters was a loss of 18.04 million yuan, a reduction in loss of nearly 50 million yuan year-on-year [1] Strategic Initiatives - The company has developed the DSX physical salt-reduction core technology, achieving a salt reduction of over 35% while retaining essential nutritional components [1] - ST加加 has introduced new products under the "salt-reduction strategy," including "salt-reduced," "pure brewed salt-reduced soy sauce," and "organic salt-reduced" series [1] - The company is focusing on promoting high-margin products and adjusting its product structure by reducing SKU numbers [1] - ST加加 is enhancing its sales capabilities through the establishment of new channels such as e-commerce and industrial group meals, while solidifying traditional channels [1] Corporate Governance - Recent significant changes were made at the board level, with the election of two non-independent directors and one independent director during the second extraordinary general meeting of shareholders on September 16 [2] - The first major shareholder, Oriental Asset, recommended the election of directors Xie Zijing and Yao Di [2]

Group 1 - The core point of the article is that ST Jiajia reported its Q3 2025 financial results, showing a revenue increase but a net loss [1] - In Q3, the company achieved a revenue of 276 million yuan, representing a year-on-year growth of 11.43% [1] - The net profit attributable to shareholders for Q3 was a loss of 26.39 million yuan [1] Group 2 - For the first three quarters of 2025, the company reported a total revenue of 1.009 billion yuan, which is a year-on-year decline of 2.65% [1] - The net profit attributable to shareholders for the first three quarters was a loss of 18.04 million yuan [1]

Core Viewpoint - ST Jiajia (002650), known as the "first stock of soy sauce," reported continued growth in its performance for Q3 2025, with a revenue of 276 million yuan, marking an 11.43% year-on-year increase, while reducing net losses significantly compared to the previous year [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 276 million yuan, reflecting an 11.43% increase year-on-year [1] - For the first three quarters, the total revenue reached 1.009 billion yuan, remaining stable compared to the same period last year, with a net loss of 18.0368 million yuan, a significant reduction in losses by nearly 50 million yuan [1] Group 2: Strategic Initiatives - The improvement in ST Jiajia's performance is attributed to its commitment to product health and high-end transformation, aligning with China's "Healthy China 2030" strategy, which emphasizes the reduction of salt, oil, and sugar [1] - The company has been proactive in launching low-salt products, including low-salt soy sauce variants, since 2018, capitalizing on the strategic opportunity presented by the national nutrition plan [1] - ST Jiajia has developed a core technology for physical salt reduction, achieving over 35% salt reduction while maintaining essential nutritional components, supported by four national invention patents [1] Group 3: Market and Product Development - The company continues to innovate around its "low-salt strategy," introducing new products such as "low-salt pure brewed soy sauce" and "low-salt organic soy sauce" [2] - ST Jiajia is enhancing its market presence by promoting low-salt products, adjusting its product structure, and focusing on high-margin products while expanding into e-commerce and industrial catering channels [2] Group 4: Corporate Governance - Recent significant changes in the board of directors were made, with the election of two non-independent directors and one independent director, indicating a strategic shift in governance [3]

Core Viewpoint - The company, JiaJia Foods, reported significant improvements in its financial performance for Q3 2025, driven by its focus on health-oriented and premium product transformations [1][2] Financial Performance - In Q3, the company achieved revenue of 276 million yuan, a year-on-year increase of 11.43% [1] - The net profit attributable to shareholders was a loss of 26.39 million yuan, which represents a reduction in losses of approximately 12.1 million yuan compared to the same period last year [1] - For the first three quarters, the company reported total revenue of 1.009 billion yuan, remaining stable compared to the previous year, with a net loss of 18.04 million yuan, significantly reducing losses by nearly 50 million yuan, reflecting a year-on-year improvement of 73.34% [1] Product Development and Innovation - The company's performance improvement is attributed to its commitment to product health and high-end transformation, aligning with the "Healthy China 2030" strategy [1] - Since 2018, the company has proactively entered the low-salt market, establishing a technological moat with its proprietary "DSX physical salt reduction core technology," achieving over 35% salt reduction while maintaining the core nutrition and flavor of soy sauce [1] - The company has developed a product matrix that includes low-salt light soy sauce, low-salt flavor enhancer, and the newly launched "low-salt organic" series, enhancing its market competitiveness [1] Market Strategy and Governance - The company is advancing refined reforms in its channels and market strategies, focusing on creating low-salt flagship products, optimizing product structure, and promoting high-margin product sales [2] - It is also reinforcing traditional channels while actively expanding into e-commerce and industrial group catering as new growth points, enhancing overall operational efficiency through "large market construction" [2] - Recent governance structure optimization was completed, with the election of two new directors recommended by the largest shareholder, Oriental Assets, which is expected to inject new momentum into the company's strategic advancement [2]

加加食品集团股份有限公司 证券投资、期货和衍生品交易管理制度 加加食品集团股份有限公司 证券投资、期货和衍生品交易管理制度 第一章 总则 第一条 为规范加加食品集团股份有限公司（以下简称"公司"）的证券投 资、期货和衍生品交易及相关信息披露行为，有效控制公司投资风险，提高投资 效益，保证公司资金、财产的安全，维护公司和股东的合法权益，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《深圳证券交易所股票上市规则》（以下简称"《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》《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交 易》等有关法律法规以及《加加食品集团股份有限公司章程》（以下简称"《公 司章程》"）并结合公司实际情况，制定本制度。 第二条 本制度适用于公司及合并报表范围内的子公司的证券投资、期货和 衍生品交易行为。未经公司同意，控股子公司不得进行证券投资、期货和衍生品 交易。公司参股公司进行证券投资、期货和衍生品交易，对公司业绩可能造成较 大影响的，公司应当参照本制度相关规定，履行信息 ...

第一章 总 则 第一条 为规范加加食品集团股份有限公司（以下简称"公司"）市值管理行 为，切实推动公司提升投资价值，增强投资者回报，维护公司及广大投资者的合法 权益，公司根据《中华人民共和国公司法》《中华人民共和国证券法》《国务院关 于加强监管防范风险推动资本市场高质量发展的若干意见》《上市公司信息披露管 理办法》《上市公司监管指引第10号——市值管理》等法律、行政法规、规范性文 件及《加加食品集团股份有限公司章程》（以下简称"《公司章程》"）的规定， 结合公司实际情况，制定本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。 加加食品集团股份有限公司 市值管理制度 加加食品集团股份有限公司 市值管理制度 第三章 市值管理的机构与职责 第五条 市值管理工作由董事会领导、经营管理层深度协同负责。董事长是市值 1 / 4 加加食品集团股份有限公司 市值管理制度 第二章 市值管理的目的与基本原则 第三条 市值管理的主要目的是以扎实稳健的经营为基础，通过制定科学发展战 略、完善公司治理结构、规范经营管理、培育核心竞争力等方式，以及通过资本运 作、 ...