Core Viewpoint - The seasoning and fermentation products sector experienced a decline of 1.19% on September 24, with XD Haitian leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] - The main funds in the seasoning and fermentation products sector saw a net outflow of 94.34 million yuan, while retail investors had a net inflow of 122 million yuan [2] Group 2: Individual Stock Performance - The top-performing stocks in the sector included: - Richen Co., Ltd. (603755) with a closing price of 31.57, up 2.87% and a trading volume of 26,100 lots [1] - Baoli Food (603170) closed at 14.48, up 2.40% with a trading volume of 39,000 lots [1] - Jialong Co., Ltd. (002495) closed at 2.61, up 1.16% with a trading volume of 182,200 lots [1] - XD Haitian (603288) closed at 38.80, down 0.61% with a trading volume of 136,900 lots [2] - Other notable stocks included: - Anji Food (603696) closed at 11.92, up 0.25% with a trading volume of 66,300 lots [2] - Zhongjing Food (300908) closed at 29.68, up 0.44% with a trading volume of 13,600 lots [2]

证券代码：002650 证券简称：ST 加加 公告编号：2025-076 加加食品集团股份有限公司 关于关联方被拍卖的资产中涉及公司委托加工的部分资产的进展公告 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。 根据公司于2025年4月29日披露的《2024年年度报告》显示，截至2024年12 月31日，公司存放于宁夏可可美厂区的味精及原辅料、低值易耗品账面余额合 计8,344.83万元，已计提存货跌价准备2,435.67万元。在法院查封期间，公司对 上述存放在宁夏可可美厂区的全部库存资产丧失了控制权及处置权。公司对宁 夏可可美厂区内存放的库存资产及拍卖所得价款已提出取回申请，截至本公告 披露日，该取回申请尚在审核中，尚存放在宁夏可可美厂区的库存资产后续能 否运回或变现存在不确定性，且部分库存资产存在过期、霉变损耗的可能性。 截至目前公司生产经营情况正常，若上述被查封的库存资产公司未能有效解决， 可能形成资产损失，对公司经营业绩产生较大影响，具体对公司的影响以会计 师事务所审计确认的结果为准，敬请广大投资者谨慎决策，注意投资风险。 一、关联方被拍卖的资产中涉及公 ...

Core Viewpoint - ST加加 has transitioned to a state without a controlling shareholder or actual controller, which the company asserts will not adversely affect its main business structure or daily operations [1][2] Group 1: Business Impact - The absence of a controlling shareholder or actual controller will not significantly impact the company's main business and financial status [1] - The company maintains a sound corporate governance structure and has not experienced any management changes as a result of this transition [1] Group 2: Strategic Focus - The company will continue to focus on its "low-salt" product strategy, enhancing promotion efforts and developing flagship low-salt products [2] - There will be ongoing adjustments to the product structure, including a reduction in SKU numbers and a push for high-margin product development [2] - ST加加 aims to expand into new channels such as e-commerce and industrial catering while solidifying traditional channels [2] - A special initiative called "Big Market Construction" will be implemented to establish regional market benchmarks and enhance overall sales capabilities [2] Group 3: Market Development - The company emphasizes the importance of every regional market, including Xu Zhou, and does not plan to abandon any markets [1] - Xu Zhou is a key market for the company, primarily focusing on sales through supermarkets with products like Wei Ji Xian and Jin Biao [1]

Group 1 - The company held an earnings briefing on September 19, 2025, via an online platform to address investor inquiries regarding its performance and strategic direction [1] - The company emphasized the positive market acceptance of its low-sodium soy sauce products, aligning with the health food trend, and is committed to continuous innovation in this product line [1] - The absence of a controlling shareholder has not led to significant changes in the company's business structure or management, maintaining a sound corporate governance framework [1] Group 2 - The company plans to focus on its low-sodium product strategy in the second half of 2025, aiming to promote flagship products and adjust its product structure to enhance high-margin product development [1] - The company is actively monitoring the bankruptcy proceedings of a shareholder, Hunan Zhuoyue Investment, and will fulfill its information disclosure obligations as required [1] - The company is addressing market presence issues in major cities by leveraging a distributor model, focusing on traditional channels while expanding into e-commerce and industrial catering [1]

Group 1: Market Strategy - The company is focusing on promoting low-sodium soy sauce products, which align with the health food trend, and has received positive market feedback [2][3] - The sales proportion of low-sodium products is being emphasized, with plans to enhance product lines centered around these offerings [2][3] - The company aims to reduce SKU numbers and push for high-margin product development while maintaining traditional sales channels [5] Group 2: Operational Structure - The absence of a controlling shareholder or actual controller will not adversely affect the company's main business structure or daily operations [3][4] - The company maintains a sound corporate governance structure, ensuring independence in management, finance, and assets [3][4] Group 3: Sales and Market Development - The company is actively developing key markets, including second-tier cities like Xuzhou, which has a population of nearly 10 million [4][5] - Current sales plans include focusing on low-sodium products, adjusting product structures, and expanding into e-commerce and industrial catering channels [5] Group 4: Legal and Compliance - The company is monitoring the bankruptcy proceedings of its shareholder, Hunan Excellence Investment, and will comply with legal disclosure requirements [3][5] - The first creditors' meeting related to the bankruptcy case is pending, with the company committed to providing updates as required by law [5]

Market Overview - The seasoning and fermentation sector saw a slight increase of 0.04% on September 19, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 30.75, up 3.33% with a trading volume of 50,500 shares and a turnover of 152 million yuan [1] - ST Jiajia (002650) closed at 6.49, up 1.41% with a trading volume of 57,400 shares and a turnover of 37.19 million yuan [1] - Tianwei Food (603317) closed at 11.72, up 0.69% with a trading volume of 41,100 shares and a turnover of 47.95 million yuan [1] - Other notable stocks include Zhongju Gaoxin (600872) at 18.80, up 0.59%, and Anqi Yeast (600298) at 39.63, up 0.35% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 98.62 million yuan from institutional investors, while retail investors saw a net inflow of 7.02 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Anqi Yeast (600298) had a net inflow of 7.01 million yuan from institutional investors, but a net outflow of 30.54 million yuan from retail investors [3] - Richen Co., Ltd. (603755) saw a net inflow of 5.98 million yuan from institutional investors and a net outflow of 13.68 million yuan from retail investors [3] - Jiagang Co., Ltd. (002495) had a net inflow of 5.39 million yuan from retail investors, despite a net outflow from institutional investors [3]

关于关联方被拍卖的资产中涉及公司委托加工的部分资产的进展公告 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、关联方被拍卖的资产中涉及公司委托加工部分资产事项概述 加加食品集团股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日披露 了《关于关联方被拍卖的资产中涉及公司委托加工的部分资产的风险提示性公 告》，公司关联方宁夏可可美生物工程有限公司、宁夏玉蜜淀粉有限公司及宁 夏沃野肥业有限公司（以下简称"三家公司"）管理人在京东拍卖破产强清平台 （网址：https://pmmall.jd.com/assets/17932755?publishSource=10）公开拍卖三家 公司的资产中涉及公司委托加工的部分资产。具体内容详见公司在巨潮资讯网 披露的《关于关联方被拍卖的资产中涉及公司委托加工的部分资产的风险提示 性公告》（公告编号：2024-048）。 证券代码：002650 证券简称：ST 加加 公告编号：2025-075 加加食品集团股份有限公司 二、本次进展情况 2025 年 9 月 18 日，公司通过查询京东拍卖破产强清平台（网址：htt ...

Market Overview - The seasoning and fermentation sector experienced a decline of 0.37% on September 17, with ST Jia Jia leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Key stocks in the seasoning and fermentation sector showed mixed results, with notable declines in several companies: - ST Jia Jia (002650) closed at 6.53, down 4.39% with a trading volume of 114,000 shares and a turnover of 75.18 million yuan [2] - Anji Food (603696) closed at 12.41, down 3.87% with a trading volume of 152,800 shares and a turnover of 192 million yuan [2] - Other notable declines include: - Day Chen Co. (603755) down 1.40% - Jialong Co. (002495) down 1.37% [2] Capital Flow Analysis - The seasoning and fermentation sector saw a net outflow of 228 million yuan from institutional investors, while retail investors contributed a net inflow of 180 million yuan [2] - The following stocks had significant capital flow changes: - Tianwei Food (603317) had a net inflow of 5.51 million yuan from institutional investors, but a net outflow of 6.63 million yuan from retail investors [3] - ST Jia Jia (002650) experienced a net outflow of 12.21 million yuan from institutional investors, while retail investors contributed a net inflow of 9.33 million yuan [3] - Fuling Pickles (002507) had a net outflow of 17.49 million yuan from institutional investors, with a net inflow of 19.78 million yuan from retail investors [3]

Core Viewpoint - ST加加 has transitioned to a state of "no actual controller," with significant changes in its shareholder structure and management control, which may present both opportunities and challenges for the company moving forward [1][2][3] Shareholder Structure - The largest shareholder, China Orient, holds 23.42% of ST加加, while the second largest,卓越投资, holds 18.79%, resulting in no single shareholder being able to control the company [1] -卓越投资 is undergoing bankruptcy proceedings, which will further dilute the influence of the Yang family over the company [2] Financial Performance - In the first half of 2025, ST加加 reported revenues of 733 million yuan, a year-on-year decrease of 7.1%, but managed to turn a loss of 29.16 million yuan from the previous year into a profit of 8.35 million yuan [2] - The main revenue sources remain "加加" soy sauce and "盘中餐" cooking oil, accounting for approximately 75% of total revenue [3] Business Strategy - The company is focusing on high-margin products and enhancing sales of mid-to-high-end series, while also improving operational capabilities through refined management [2] - ST加加 has expanded its online sales channels, achieving 25.97 million yuan in online revenue, a year-on-year increase of 37.32% [3] Governance and Future Outlook - The transition to a "no actual controller" status is not inherently positive or negative; its impact will depend on the company's ability to establish effective governance mechanisms [3] - If the company can quickly improve its board structure and management responsibilities, this change could be an opportunity to mitigate historical risks and attract external resources [3]

Group 1 - The company ST加加 (SZ 002650) held its fifth board meeting on September 16, 2025, in Changsha, where it reviewed the proposal to adjust the members of its specialized committees [1] - For the first half of 2025, ST加加's revenue composition was as follows: 77.42% from condiments, 19.69% from grain and oil products, and 2.89% from other categories [1] - As of the report date, ST加加's market capitalization was 7.9 billion yuan [2]