证券代码：002695 证券简称：煌上煌 编号：2024—037 江西煌上煌集团食品股份有限公司 第六届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容真实、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"）第六届董事会第九 次会议通知于 2024 年 10 月 19 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 2024 年 10 月 30 日在公司会议室 以现场加通讯会议方式召开。本次会议应到董事 9 人，实到董事 9 人，全体董事 均亲自出席会议。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《2024 年第三季度报告》 具体内容详见 2024 年 10 月 31 日指定信息披露媒体《中国证券报》、《证券 时报》、《上海证券报》、《证券日报》和巨潮资讯网站（ht ...

1、审议通过《2024 年第三季度报告》 经认真审核，监事会认为：公司董事会编制和审议江西煌上煌集团食品股份 有限公司 2024 年第三季度报告的程序符合法律、行政法规和中国证监会的规定， 报告内容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 具体内容详见 2024 年 10 月 31 日指定信息披露媒体《中国证券报》、《证券 时报》、《上海证券报》、《证券日报》和巨潮资讯网站（http://www.cninfo.com.cn）的 《2024 年第三季度报告》。 证券代码：002695 证券简称：煌上煌 编号：2024—038 江西煌上煌集团食品股份有限公司 第六届监事会第九次会议决议公告 本公司及监事会全体成员保证公告内容真实、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")第六届监事会第九次 会议通知于 2024 年 10 月 19 日以专人送达、微信通知的方式通知全体监事及高 管。本次会议于 2024 年 10 月 30 日在公司会议室以现场会议方式召开。本次会 议应到监事 3 人， ...

Financial Performance - The company's revenue for Q3 2024 was ¥392,000,501.14, representing a decrease of 9.64% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥17,949,466.18, down 1.96% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥15,148,567.55, a decrease of 8.16%[2]. - Year-to-date revenue from January to September 2024 was ¥1,452,362,234.25, reflecting an 8.11% decline compared to the same period last year[5]. - Total operating revenue for Q3 2024 was CNY 1,452,362,234.25, a decrease of 8.1% from CNY 1,580,610,569.34 in the same period last year[14]. - Net profit for Q3 2024 was CNY 77,736,338.78, a decline of 20.8% compared to CNY 98,175,868.86 in Q3 2023[15]. - The net profit attributable to shareholders of the parent company was CNY 78,564,643.04, down 22.0% from CNY 100,876,425.34 in the previous year[15]. - The company experienced a 22.12% decline in net profit attributable to shareholders year-to-date, primarily due to decreased revenue and increased promotional expenses[5]. Cash Flow - The company's cash flow from operating activities for the first nine months of 2024 was ¥276,650,226.04, an increase of 32.93% year-on-year[6]. - The net cash flow from operating activities for Q3 2024 was CNY 276,650,226.04, an increase from CNY 208,110,107.53 in Q3 2023, representing a growth of approximately 32.9%[16]. - Total cash inflow from operating activities reached CNY 1,600,023,697.03, compared to CNY 1,569,369,133.13 in the previous year, indicating a slight increase of 1.9%[16]. - Cash outflow from operating activities decreased to CNY 1,323,373,470.99 from CNY 1,361,259,025.60, reflecting a reduction of about 2.8%[16]. - The cash flow from investing activities showed a net outflow of CNY 63,928,798.58, an improvement from a net outflow of CNY 305,979,183.16 in the same quarter last year[16]. - Cash inflow from investment activities totaled CNY 92,365,536.81, significantly higher than CNY 42,365,840.21 in Q3 2023, marking an increase of approximately 118.5%[16]. - The net cash flow from financing activities was negative at CNY -128,647,368.35, a decline from a positive cash flow of CNY 363,403,687.12 in the previous year[17]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥3,270,801,984.92, a decrease of 2.69% from the end of the previous year[2]. - Total current assets decreased to ¥1,847,499,374.71 from ¥1,985,646,233.94 at the beginning of the period[11]. - Total liabilities decreased to CNY 494,930,436.46 from CNY 564,020,517.82 year-over-year[14]. - The company's total equity was CNY 2,775,871,548.46, down from CNY 2,797,282,578.04 in the same period last year[14]. - The company's cash and cash equivalents at the end of the reporting period amount to ¥1,211,817,474.46, an increase from ¥1,127,743,415.35 at the beginning of the period[11]. - The total number of common shareholders at the end of the reporting period is 40,425[7]. Shareholder Information - The largest shareholder, Huang Shang Huang Group Co., Ltd., holds 35.54% of shares, totaling 197,952,000 shares[7]. - The second-largest shareholder, Xinyu Huang Shang Huang Investment Management Center (Limited Partnership), holds 19.93% of shares, totaling 111,007,654 shares[7]. - The actual controller of the company, Xu Guifen's family, holds a combined 100% control over Huang Shang Huang Group Co., Ltd.[8]. Expenses - Total operating costs for Q3 2024 were CNY 1,377,083,234.79, down 7.1% from CNY 1,483,352,011.20 year-over-year[14]. - Research and development expenses increased to CNY 52,989,051.82, up 25.3% from CNY 42,397,879.17 in the same quarter last year[14]. - Cash paid to employees increased to CNY 219,925,253.53 from CNY 206,566,495.04, reflecting an increase of about 6.4%[16]. Other Financial Metrics - The weighted average return on equity for the first nine months of 2024 was 2.83%, down 1.39% compared to the same period last year[2]. - The company reported a basic earnings per share of CNY 0.141, compared to CNY 0.197 in Q3 2023[15]. - The company received CNY 4,775,131.20 in tax refunds, an increase from CNY 2,793,204.85 in the previous year, representing a growth of approximately 71.3%[16]. - The company's deferred income increased to CNY 174,794,234.81, up from CNY 165,876,056.18 year-over-year[14]. - The company reported a significant increase in contract liabilities, which rose by 47.49% to ¥24,262,218.68, indicating an increase in customer prepayments[5]. - The financial expenses decreased by 32.05% to ¥-8,029,323.41, attributed to increased interest income from bank deposits and reduced interest expenses from repaid loans[5].

证券代码：002695 证券简称：煌上煌 编号：2024—036 关于 2023 年员工持股计划股票锁定期届满的提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 江西煌上煌集团食品股份有限公司（以下简称"公司"）于 2023 年 6 月 29 日 召开的第五届董事会第二十一次会议和 2023 年 7 月 17 日召开的 2023 年第三次 临时股东大会审议通过了《2023 年员工持股计划（草案）及其摘要的议案》等 相关议案，同意公司实施 2023 年员工持股计划（以下简称"本次员工持股计划"）。 本次员工持股计划通过非交易过户的方式获得公司回购专用证券账户所持有的 公司股票。具体内容详见公司刊登于《中国证券报》《证券时报》《证券日报》《上 海证券报》和巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 鉴于本次员工持股计划股票锁定期已于 2024 年 9 月 27 日届满，根据中国证 券监督管理委员会《关于上市公司实施员工持股计划试点的指导意见》《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 ...

华福证券 基本数据 总股本/流通股本(百万股) 556.95/464.35 流通 A 股市值(百万元) 2,957.93 每股净资产(元) 4.95 资产负债率(%) 16.71 一年内最高/最低价(元) 11.70/5.92 财务数据和估值 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,954 1,921 1,985 2,180 2,463 增长率 -16% -2% 3% 10% 13% 净利润（百万元） 31 71 122 160 188 增长率 -79% 129% 73% 31% 17% EPS（元/股） 0.06 0.13 0.22 0.29 0.34 市盈率（P/E） 115.1 50.3 29.0 22.2 18.9 市净率（P/B） 1.5 1.3 1.3 1.2 1.2 数据来源：公司公告、华福证券研究所 煌上煌（002695.SZ） 门店端经营承压，毛利率受益成本回落 事件：公司发布 2024 年中报，上半年实现营业收入 10.60 亿元，同比-7.53%； 实现归母净利润 0.61 亿元，同比-26.59%；实现扣非归母净利润 0.49 亿元，同 比- ...

证券研究报告 | 公司动态点评 2024 年 09 月 01 日 煌上煌（002695.SZ） 门店拓展放缓&单店收入承压，毛利率有所改善 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,954 | 1,921 | 1,922 | 2,189 | 2,490 | 股票信息 | | | 增长率 yoy （ % ） | -16.5 | -1.7 | 0.1 | 13.9 | 13.7 | | | | 归母净利润（百万元） | 31 | 71 | 91 | 115 | 143 | 行业 | 食品饮料 | | 增长率 yoy （ % ） | -78.7 | 129.0 | 29. ...

证券研究报告 | 公司动态点评 2024 年 09 月 01 日 煌上煌（002695.SZ） 门店拓展放缓&单店收入承压，毛利率有所改善 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,954 | 1,921 | 1,922 | 2,189 | 2,490 | 股票信息 | | | 增长率 yoy （ % ） | -16.5 | -1.7 | 0.1 | 13.9 | 13.7 | | | | 归母净利润（百万元） | 31 | 71 | 91 | 115 | 143 | 行业 | 食品饮料 | | 增长率 yoy （ % ） | -78.7 | 129.0 | 29. ...

证 2024 年 08 月 27 日 报 告 基本数据 2024-08-27 当前股价（元） 6.23 总市值（亿元） 35 总股本（百万股） 557 流通股本（百万股） 464 52 周价格范围（元） 5.97-11.6 日均成交额（百万元） 33.81 公 司 研 究 究 经营状况环比改善，毛利率同比提升 买入(维持) 事件 —煌上煌（002695.SZ）公司事件点评报告 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 市场表现 (%) 煌上煌 沪深300 -50 -40 -30 -20 -10 10 20 0 资料来源：Wind，华鑫证券研究 相关研究 1、《煌上煌（002695）：毛利率提 升对冲费率上行，盈利能力相对平 稳》2024-04-30 2、《煌上煌（002695）：低基数下 业绩高增，经营提效拐点初现》 2024-03-30 3、《煌上煌（002695）：千城万店 战略稳步推进，经营提效拐点初 现》2024-03-12 2024 年 08 月 27 日，煌上煌发布 2024 ...

Financial Performance - The company reported a revenue of CNY 1,060,361,733.11, a decrease of 7.53% compared to the previous year[43]. - The net profit attributable to shareholders was CNY 6,061,520, a decline of 26.59% year-on-year, primarily due to underperformance in store expansion and increased sales and management expenses[43]. - The company reported a total profit of CNY 76,006,691.53, down 22.63% from CNY 98,232,018.93 in the first half of 2023[138]. - The company reported a total operating revenue for the first half of 2024 of CNY 1,060,361,733.11, a decrease of 7.52% compared to CNY 1,146,765,976.71 in the same period of 2023[136]. - The company’s cash flow from operating activities was CNY 167,043,460.66, a decrease of 13.71% compared to the previous year[44]. - The company’s cash inflow from sales of goods and services totaled CNY 996,756,671.60 in the first half of 2024, down from CNY 1,041,898,778.90 in the same period of 2023, reflecting a decline of approximately 4.3%[142]. Product Development and Diversification - The company’s main business includes the development, production, and sales of over 200 products, primarily focusing on quick-consumption marinated meat products and rice products[16]. - The company launched a new product line of spicy duck products, with an approved production capacity of 55 tons for several variants, contributing to product diversification[21]. - The company has a focus on expanding its product range, particularly in poultry and meat products, while also developing rice-based products[16]. - The company aims to enhance its product value through innovative preservation technologies, solidifying its leadership in the sticky rice dumpling market[23]. - The company has implemented a dual-core product strategy focusing on "braised and grilled" offerings to cater to younger consumers[24]. Market Expansion and Strategy - The user base expanded to over 4,000 chain stores across 28 provinces and municipalities in China, enhancing brand visibility and market penetration[22]. - The company plans to expand its market presence through strategic partnerships and potential acquisitions in the coming year[22]. - The company operates three main business models: direct chain, franchise chain, and distributor, ensuring a comprehensive market approach[22]. - The company has established partnerships with 319 leading brands to enhance cross-industry marketing and brand visibility[23]. - The company is actively conducting market research to understand regional consumer preferences as it expands its chain stores across different provinces, addressing potential cross-regional operational risks[67]. Financial Management and Costs - The total procurement amount for raw materials reached approximately ¥504.99 million, with a significant portion sourced from farmers and cooperatives[30]. - Direct materials accounted for 76.22% of total costs in the first half of 2024, down from 78.42% in the same period last year[34]. - The comprehensive gross margin for meat products increased by over 6 percentage points year-on-year due to a decline in raw material prices[30]. - The average purchase price of key raw materials, such as duck necks, decreased by 55.58% compared to the same period in 2023[31]. - The company has implemented a strategic reserve management system for key raw materials to mitigate cost fluctuations[32]. Compliance and Certifications - The company holds multiple certifications, including a food production license valid until August 2, 2026, and a quality management system certification valid until December 10, 2025[18]. - The company has established a strong regulatory compliance framework, including pollution discharge permits and food safety management certifications[18]. - The company has implemented a comprehensive food safety control system, achieving ISO22000 and HACCP certifications, and has invested continuously in production facilities and staff training[63]. - The company strictly adheres to environmental protection laws and standards, including wastewater and air emission regulations[79]. Shareholder and Equity Information - The total number of shares outstanding is 556,947,081, with 83.37% being unrestricted shares[117]. - The largest shareholder, Jiangxi Huangshanghuang Group Co., Ltd., holds 35.54% of the shares, amounting to 197,952,000 shares[118]. - The company has not reported any changes in the number of shares held by major shareholders during the reporting period[118]. - The company has not engaged in any joint external investments during the reporting period[104]. - The company has not reported any share repurchase activities during the reporting period[118]. Environmental Responsibility - The company has implemented the "three simultaneous" work for environmental protection in all completed projects as per national laws and regulations[81]. - The wastewater treatment capacity of Jiangxi Huangshanghuang Group's wastewater station is 4,500 tons/day, with stable operation and compliance during the reporting period[84]. - The company invested CNY 3.8772 million in environmental governance and protection during the reporting period, including daily operation and maintenance of environmental facilities[85]. - The company paid CNY 110,800 in environmental protection tax during the reporting period[85]. Legal and Compliance Issues - The company reported a total of 2,249.18 thousand yuan involved in minor lawsuits, which accounts for 0.81% of the latest audited net assets, indicating no significant impact on the company[96]. - The company has no major litigation or arbitration matters during the reporting period, reflecting a stable legal environment[96]. - There were no penalties or rectification measures taken against the company during the reporting period, indicating compliance with regulations[97]. - The integrity status of the company and its controlling shareholders remains good, with no unfulfilled legal obligations or significant debts overdue[98].

| | 煌上煌集团有 | 受同一控股 | 其他应收 | 9.11 | 43.34 | 52.45 | 0.00 | 产品销 | 经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 限公司 | 股东控制 | 款 | | | | | 售 | 来 | | | 江西茶百年油 | 受同一控股 | 应收账款 | 0.27 | 0.12 | 0.32 | 0.07 | 产品销 | 经营性往 | | | 脂有限公司 | 股东控制 | | | | | | 售 | 来 | | | 江西茶百年油 | 受同一控股 | 其他应收 | 0.08 | 0.19 | 0.00 | 0.27 | 出售材 | 经营性往 | | | 脂有限公司 | 股东控制 | 款 | | | | | 料 | 来 | | | 江西合味原酒 店管理有限公 | 受同一控股 | 应收账款 | 9.47 | 3.91 | 4.00 | 9.38 | 产品销 | 经营性往 | | | | 股东控制 | | | | | | 售 | 来 | | | 司 | | | | | | | | ...