江西煌上煌集团食品股份有限公司 第六届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 江西煌上煌集团食品股份有限公司（以下简称"公司"）第六届监事会第十 六次会议通知于 2025 年 8 月 8 日以专人送达、微信通知的方式通知全体监事及 高级管理人员。本次会议于 2025 年 8 月 11 日在公司会议室以现场加通讯会议方 式召开。本次会议应出席监事 3 人，实际出席监事 3 人，（其中，监事黄菊保先 生以通讯方式出席）。符合《中华人民共和国公司法》的规定和《公司章程》的 要求。本次会议由监事会主席黄菊保先生召集并主持，总经理褚浚先生，副总经 理褚剑先生、范旭明先生和副总经理、财务总监兼董事会秘书曾细华先生等高管 列席了本次会议。本次监事会会议的召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 二、监事会会议审议情况 1、审议通过《关于收购福建立兴食品股份有限公司控股权的议案》 经认真审核，监事会认为：公司收购福建立兴食品股份有限公司控股权事项 履行了必要的审议程序，审议程序合法、 ...

江西煌上煌集团食品股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 江西煌上煌集团食品股份有限公司（以下简称"公司"）第六届董事会第十 六次会议通知于 2025 年 8 月 8 日以电子邮件、专人送达和微信通知的方式通知 全体董事、监事及高级管理人员。本次会议于 2025 年 8 月 11 日在公司会议室以 现场加通讯会议方式召开。本次会议应出席董事 9 人，实际出席董事 9 人（其 中，独立董事章美珍女士、黄倬桢先生以通讯方式出席）。符合《中华人民共和 国公司法》的规定和《公司章程》的要求。本次会议由董事长褚浚先生召集并主 持，公司全体监事、高级管理人员列席了本次会议。本次董事会会议的召开符合 有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于收购福建立兴食品股份有限公司控股权的议案》 证券代码：002695 证券简称：煌上煌 编号：2025—031 表决结果：9 票赞成，0 票反对，0 票弃权。 2、审议通过《关于提请召开公司 2 ...

煌上煌公告，公司拟与福建立兴食品股份有限公司股东林解本、王永和、郭树松、赵志坚、林建清、华 安县晟兴投资合伙企业（有限合伙）和华安县众立投资合伙企业（有限合伙）签订《股权转让协议》， 受让上述股东持有的立兴食品合计51%的股权，股权交易价格为4.95亿元人民币。本次交易完成后，公 司将拥有立兴食品的控股权地位，立兴食品将成为公司控股子公司，公司将立兴食品纳入合并报表范 围。 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but achieved significant growth in net profit due to cost control and expense optimization strategies [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 984 million yuan, a year-over-year decrease of 7.19%, while net profit attributable to shareholders was 77 million yuan, an increase of 26.90% [1]. - The company’s gross profit margin was 31.96%, a decrease of 0.47 percentage points year-over-year, with the gross margin for the sauce and marinated meat products business at 38.61%, an increase of 2.23 percentage points [2]. - The company’s net profit margin was 7.82%, an increase of 2.10 percentage points year-over-year [2]. Group 2: Operational Challenges - The decline in revenue was primarily due to weak consumer scenarios leading to pressure on same-store sales, with a continuous reduction in the number of stores [1]. - As of June 30, 2025, the company had 2,898 specialty stores, a decrease of 762 direct stores and 715 franchise stores compared to the beginning of the year [1]. Group 3: Strategic Initiatives - The company launched a digital marketing platform in May 2025 to enhance terminal empowerment and optimize store operations through upgraded standards [1]. - Marketing efforts included sponsorship of high-speed rail and music festivals to reach younger consumers, resulting in over 200 million online and offline exposures [3]. - The company focused on product innovation by eliminating inefficient SKUs and concentrating on the hand-pulled sauce duck, which accounted for 22% of sales by the end of the reporting period [3]. Group 4: Future Outlook - The company aims to optimize store structure and deepen its "1+N" online and offline business model while actively seeking quality acquisition targets for long-term growth [3]. - Revenue projections for 2025-2027 are 1.959 billion, 2.206 billion, and 2.407 billion yuan, with respective year-over-year growth rates of 13%, 13%, and 9% [3].

Core Viewpoint - The company "Huang Shang Huang" (002695.SZ), known as the "first stock of duck neck," has faced continuous revenue decline, making its ambitious targets of 4 billion yuan in revenue and 10,000 stores unattainable [1][10]. Financial Performance - In the first half of 2025, the company reported revenue of 984 million yuan, a year-on-year decrease of 7.19%, while net profit reached 76.92 million yuan, an increase of 26.90% [3][4]. - The revenue has declined for four consecutive years, with the first half of 2025 achieving only 46.86% of the annual target of 2.1 billion yuan [1][8]. - The company experienced a significant reduction in sales expenses, which decreased by 27.38% year-on-year, contributing to the net profit growth [2][4]. Store Expansion and Strategy - The company aimed to implement a "thousand cities, ten thousand stores" strategy, planning to open over 2,000 stores annually to reach a total of 10,000 stores within three to four years [1][9]. - However, the number of specialized stores has decreased by approximately 36% over the past year and a half, with a net reduction of 1,599 stores [1][9]. - As of June 30, 2025, the company had 2,898 specialized stores, down from 3,660 at the end of 2024 [9]. Market Conditions and Challenges - The company attributed its revenue decline to changes in consumer behavior and a decrease in single-store revenue for traditional stores [3][6]. - The prices of key raw materials, such as duck wings and duck necks, remained low, allowing the company to lower its average material costs [3][6]. - The ambitious revenue target of 4 billion yuan by 2026 now appears increasingly difficult to achieve given the current performance [8][10].

Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first half of 2025, indicating a shift in financial dynamics despite ongoing challenges in the market [1][2]. Financial Performance - The company achieved operating revenue of 984 million yuan, a year-on-year decrease of 7.2% [1]. - The net profit attributable to shareholders was 76.92 million yuan, reflecting a year-on-year increase of 26.9% [1]. - The average procurement prices for key raw materials such as duck neck, chicken wing tips, and duck wings decreased by 38.7%, 32.17%, and 21.35% respectively, contributing to lower production costs [1]. - The overall gross profit margin improved by 2.23 percentage points to 38.61% [1]. - Sales expenses decreased significantly by 27.38% compared to the previous year [1]. Business Segments - The main business segments, including the processed meat products and rice products, both experienced revenue declines, with processed meat products generating 617 million yuan (down 11.65%) and rice products 312 million yuan (down 1.36%) [2]. - The company operates under three brands: "Huang Shang Huang," "Zhen Zhen Lao Lao," and "Du Jiao Xi" [2]. Market Dynamics - Changes in consumer behavior, such as the rise of online shopping and increased health awareness, have negatively impacted foot traffic and consumption frequency in stores [2]. - The number of stores decreased from 3,660 at the end of 2024 to 2,898 by June 30, 2025, marking a net reduction of 762 stores [2]. - The company had previously set a goal to open over 10,000 stores in more than 1,000 cities by 2026, but is now falling short of this target [3]. Strategic Challenges - The company has closed a significant number of franchise stores, primarily due to their weaker ability to withstand market changes [3]. - Analysts suggest that the company, similar to its peers, has overly relied on store expansion for growth, which is becoming unsustainable in a competitive market [3]. - The company is shifting focus from rapid store expansion to optimizing store operations and enhancing single-store revenue to cope with market pressures [3].

Core Insights - The company reported a revenue of 984 million yuan for the first half of 2025, a year-on-year decrease of 7.2%, while net profit attributable to shareholders increased by 26.9% to 76.92 million yuan [1][3] Financial Performance - The decline in revenue is attributed to changes in consumer behavior, with a continuous decrease in single-store revenue and a failure to meet store expansion expectations, resulting in a negative growth in the number of stores [3][4] - The average procurement prices for key raw materials such as duck necks, chicken wings, and duck wings decreased by 38.70%, 32.17%, and 21.35% respectively, contributing to a reduction in production costs [3] - The overall gross profit margin improved by 2.23 percentage points to 38.61% due to the decline in production costs and a significant reduction in sales expenses, which fell by 27.38% year-on-year [3] Business Segments - The main business segments, including processed meat products and rice products, both experienced revenue declines, with processed meat products generating 617 million yuan (down 11.65%) and rice products 312 million yuan (down 1.36%) [4] - The company operates three major brands: "Huang Shang Huang," "Zhen Zhen Lao Lao," and "Du Jiao Xi" [4] Store Expansion and Strategy - As of June 30, 2025, the number of dedicated stores decreased to 2,898 from 3,660 at the end of 2024, with a net reduction of 762 stores [4][5] - The company had previously set a target to open over 10,000 chain stores in more than 1,000 cities by 2026, but is now falling short of this goal, having closed 1,729 stores since the target was announced [5] - The closure of stores primarily affected franchise locations, which are more vulnerable to market changes [6] Market Trends - Changes in consumer behavior, including the rise of online shopping and increased health awareness, have led to a decrease in foot traffic and consumption frequency, negatively impacting overall performance [4][6] - The company is shifting focus from rapid store expansion to refined store operations to cope with market pressures [6]

Core Viewpoint - The recent financial report of Huang Shang Huang (002695) indicates a decline in total revenue but an increase in net profit, highlighting mixed performance in the company's financial health [1] Financial Performance Summary - Total revenue for the first half of 2025 was 984 million yuan, a decrease of 7.19% year-on-year [1] - Net profit attributable to shareholders reached 76.92 million yuan, an increase of 26.9% year-on-year [1] - The second quarter saw total revenue of 538 million yuan, down 10.72% year-on-year, while net profit was 32.55 million yuan, up 16.08% year-on-year [1] - Gross margin stood at 31.96%, a decrease of 1.44% year-on-year, while net margin increased by 36.56% to 7.79% [1] - Total operating expenses were 185 million yuan, accounting for 18.76% of revenue, a decrease of 13.84% year-on-year [1] - Earnings per share rose to 0.14 yuan, an increase of 26.61% year-on-year [1] Balance Sheet Insights - Accounts receivable increased significantly, with a ratio to net profit reaching 301.14% [1][4] - Cash and cash equivalents rose to 1.205 billion yuan, a 6.48% increase year-on-year [1] - Interest-bearing debt surged by 349.72% to 6.27 million yuan [1] Cash Flow Analysis - Net cash flow from operating activities increased by 21.69%, attributed to reduced spending on raw materials and operating expenses [2] - Net cash flow from investing activities decreased by 103.73%, due to lower returns from financial products compared to the previous year [2] - Net cash flow from financing activities increased by 55.35%, driven by reduced dividend payouts and loan repayments from the previous year [3] Business Model and Market Position - The company's return on invested capital (ROIC) was 0.88%, indicating weak capital returns, with a historical median ROIC of 5.5% over the past decade [4] - The business relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [4] - Analysts project a net profit of 84 million yuan for 2025, with an average earnings per share estimate of 0.15 yuan [4] Product Performance - The company reported positive sales trends for its specialty flavored rice dumplings, particularly during the festive season, indicating strong consumer interest [5]

Revenue and Profit - The total revenue for the company in the first half of 2025 was 984 million yuan, a year-on-year decrease of 7.19%. However, the net profit attributable to shareholders reached 76.92 million yuan, an increase of 26.90% year-on-year, indicating effective cost control and improved profitability [1] - In the second quarter, total revenue was 538 million yuan, down 10.72% year-on-year, while the net profit attributable to shareholders was 32.55 million yuan, up 16.08% year-on-year, demonstrating strong profit growth despite revenue pressure [2] Financial Indicators - The gross profit margin was 31.96%, a decrease of 1.44 percentage points year-on-year. The net profit margin was 7.79%, an increase of 36.56% year-on-year. The ratio of operating expenses to revenue was 18.76%, down 13.84 percentage points year-on-year. Earnings per share increased by 26.61% to 0.14 yuan [7] Accounts Receivable and Cash Flow - The company had a significant amount of accounts receivable, which accounted for 301.14% of the latest annual net profit. Accounts receivable amounted to 121 million yuan, a decrease of 31.69% from the previous year. Despite the reduction, the absolute value remains high, potentially impacting cash flow [4] - The net cash flow from operating activities increased by 21.69% year-on-year, primarily due to reduced spending on raw materials and operating expenses [4] Main Revenue Composition - Revenue from fresh products was 597 million yuan, accounting for 60.71% of total revenue. Revenue from rice products was 312 million yuan, making up 31.67% of total revenue, with a gross margin of 21.92%. Other revenue sources included slaughter processing at 40.54 million yuan (4.12%), packaging products at 19.35 million yuan (1.97%), and other business income at 14.63 million yuan (1.49%), with a gross margin of 11.86% [5] Development Review and Outlook - The company focuses on the research, production, and sales of marinated meat products and quick-service cold dishes, operating in the agricultural and sideline food processing industry. To adapt to changing consumer scenarios and underwhelming store expansion, the company is enhancing brand influence and product competitiveness through brand rejuvenation and terminal empowerment [6] - Despite a decline in revenue in the first half of 2025, net profit grew due to lower raw material costs and reduced sales expenses. However, high accounts receivable remains a concern that the company needs to address to ensure stable cash flow [6]

Core Viewpoint - The company, Huang Shang Huang, reported a decline in revenue while achieving profit growth, indicating a challenging operational environment with potential sustainability issues in profitability [1][4][26]. Financial Performance - For the first half of 2025, Huang Shang Huang achieved approximately 984 million yuan in revenue, a year-on-year decrease of 7.19%, while net profit attributable to shareholders was about 76.92 million yuan, reflecting a year-on-year increase of 26.90% [1][4]. - The increase in net profit was primarily driven by lower raw material prices and a significant reduction in sales expenses, which decreased by 27.38% year-on-year [4][11]. - The gross margin for the meat product segment improved by 2.23 percentage points due to a decline in production costs [4]. Operational Challenges - The company has faced continuous revenue decline since 2021, compounded by a negative growth in store numbers, leading to concerns about the sustainability of its operational scale [1][5]. - The sales volume and production of both the meat and rice product industries have seen significant year-on-year declines, indicating pressure on sales performance [12][13]. - The company has reported a total of 2,898 specialty stores as of June 30, 2025, down from 4,497 stores at the end of 2023, highlighting a failure to meet store expansion expectations [19][20]. Industry Context - The Chinese marinated food industry is entering a "stock competition" phase, characterized by slow overall growth, excess store numbers, and intensified price wars [22][25]. - The market for marinated products is projected to grow slightly, with an estimated market size of 1,620 billion yuan in 2025, despite a slowdown in growth rates [25]. - Leading companies in the industry are shifting from rapid expansion to refined operations to cope with market pressures, focusing on optimizing store models and enhancing single-store revenue [26].