（文章来源：证券日报） 证券日报网讯 9月16日晚间，煌上煌发布公告称，公司于2025年8月11日召开的第六届董事会第十六次 会议及2025年8月28日召开的2025年第二次临时股东大会，审议通过了《关于收购福建立兴食品股份有 限公司控股权的议案》。同意公司与福建立兴食品股份有限公司（简称"立兴食品"）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）及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49， 470.00万元人民币。收购完成后，公司将持有立兴食品51%的股权，立兴食品将成为公司的控股子公 司，并纳入公司合并报表范围。公司已依据股份转让协议支付第一期转让款项，且立兴食品已于2025年 9月15日在漳州市市场监督管理局完成相关工商变更登记手续。 ...

Market Overview - The leisure food sector increased by 0.94% on September 16, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Wancheng Group (300972) closed at 173.03, up 3.30% with a trading volume of 35,500 lots and a transaction value of 610 million [1] - Ziyan Food (603057) closed at 22.08, up 2.03% with a trading volume of 36,600 lots [1] - Guifaxiang (002820) closed at 13.26, up 2.00% with a trading volume of 158,500 lots [1] Underperformers - Ganyuan Food (002991) closed at 57.10, down 0.63% with a trading volume of 11,500 lots [2] - Jinzai Food (003000) closed at 12.34, down 0.48% with a trading volume of 36,300 lots [2] - Guangzhou Restaurant (603043) closed at 17.70, down 0.39% with a trading volume of 67,900 lots [2] Capital Flow - The leisure food sector experienced a net outflow of 4.44 million from institutional investors, while retail investors saw a net outflow of 31.84 million [2] - Speculative funds had a net inflow of 36.29 million [2] Individual Stock Capital Flow - Wancheng Group had a net inflow of 59.33 million from institutional investors, accounting for 9.73% of its total [3] - Guifaxiang saw a net inflow of 13.49 million from institutional investors, representing 6.45% [3] - Ziyan Food had a net inflow of 4.86 million from speculative funds, accounting for 3.78% [3]

Core Viewpoint - The company,煌上煌, has successfully completed the initial payment for acquiring a 51% stake in 福建立兴食品股份有限公司 (Lixing Food), marking a significant step in its expansion strategy [1] Group 1: Acquisition Details - The acquisition was approved during the sixth board meeting on August 11, 2025, and the second extraordinary general meeting on August 28, 2025 [1] - The total consideration for the 51% stake in Lixing Food is approximately 49,500 RMB [1] - Following the acquisition, Lixing Food will become a subsidiary of 煌上煌 and will be included in the company's consolidated financial statements [1] Group 2: Regulatory Compliance - Lixing Food completed the industrial and commercial change registration with the Zhangzhou Market Supervision Administration on September 15, 2025 [1]

证券代码：002695 证券简称：煌上煌 编号：2025—037 江西煌上煌集团食品股份有限公司 关于收购福建立兴食品股份有限公司控股权的进展公告 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、对外投资概述 公司于 2025 年 8 月 11 日召开的第六届董事会第十六次会议及 2025 年 8 月 28 日召开的 2025 年第二次临时股东大会，审议通过了《关于收购福建立兴食品 股份有限公司控股权的议案》。同意公司与福建立兴食品股份有限公司（以下简 称"立兴食品"）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）及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 49,470.00 万元人民币。收购完成后，公司将持有立兴食品 51%的股权，立兴食 品将成为公司的控股子公司，并纳入公司合并报表范围，具体内容详见公司于 2025 年 8 月 12 日在指定信息披露媒体披露的《关于收购福建立兴食品股份有限 公司控股权的公告》（公告编号：2025-033）。 ...

Core Insights - The stock of Jiangxi Huangshanghuang Group Food Co., Ltd. experienced a decline of 2.34% on September 15, with a trading volume of 211 million yuan [1] - The company reported a financing buy-in amount of 27.53 million yuan and a net financing buy of 4.36 million yuan on the same day [1][2] - For the first half of 2025, the company achieved a revenue of 984 million yuan, a year-on-year decrease of 7.19%, while the net profit attributable to shareholders increased by 26.90% to 76.92 million yuan [2] Financing and Trading Activity - On September 15, the total financing and securities lending balance for Huangshanghuang was 228 million yuan, accounting for 3.05% of the circulating market value, indicating a high level compared to the past year [1] - The company had a financing buy-in of 27.53 million yuan and a financing repayment of 23.16 million yuan on September 15, resulting in a net financing buy of 4.36 million yuan [1] - The securities lending activity showed a repayment of 12,500 shares with no shares sold, indicating a low securities lending balance of 120,200 yuan, below the 30th percentile of the past year [1] Shareholder and Dividend Information - As of September 10, the number of shareholders for Huangshanghuang increased by 13.74% to 41,200, while the average circulating shares per person decreased by 12.08% to 12,396 shares [2] - Since its A-share listing, the company has distributed a total of 518 million yuan in dividends, with 169 million yuan distributed over the past three years [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 1.4452 million shares as a new shareholder [2] Business Overview - Jiangxi Huangshanghuang Group, established on April 1, 1999, and listed on September 5, 2012, specializes in the development, production, and sales of marinated meat products and quick-consumption side dishes [1] - The company's revenue composition includes fresh products (60.71%), rice products (31.67%), slaughter processing (4.12%), packaging products (1.97%), and other businesses (1.49%) [1]

Core Insights - The leisure food sector experienced a decline of 0.36% on September 15, with Huang Shang Huang leading the drop [1][2] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1] Sector Performance - The leisure food sector saw a net outflow of 135 million yuan from main funds, while retail investors contributed a net inflow of 119 million yuan [2][3] - Key stocks in the sector showed varied performance, with Guangzhou Restaurant up by 1.25% and Huang Shang Huang down by 2.34% [1][2] Individual Stock Analysis - Guangzhou Restaurant closed at 17.77 yuan with a trading volume of 89,000 shares and a transaction value of 158 million yuan [1] - Huang Shang Huang closed at 13.35 yuan, with a trading volume of 156,700 shares and a transaction value of 211 million yuan, marking a decline of 2.34% [2] - Other notable stocks included Salted Fish Shop, which rose by 0.64%, and Li Gao Food, which also increased by 0.64% [1][2] Fund Flow Analysis - Main funds showed a net inflow in stocks like Jin Zai Food, while stocks like Guangzhou Restaurant and Youyou Food experienced net outflows from main funds [3] - Retail investors showed a positive net inflow in several stocks, indicating a potential shift in market sentiment [3]

Investment Rating - The report indicates a positive outlook for the consumer sector, with various sub-sectors showing significant gains in stock performance [2][3]. Core Insights - The consumer sector experienced a broad increase in stock prices, with notable weekly gains in food and beverage (+2.09%), beauty care (+1.78%), retail (+1.68%), home appliances (+1.39%), textiles and apparel (+0.80%), and social services (+0.36%) [2][3]. - Gold prices reached a new high of $3,690 per ounce, contributing to the sustained growth in the gold and jewelry sector, with retail sales in this category increasing by 11% year-on-year [2][3]. - The upcoming National Day and Mid-Autumn Festival holidays are expected to boost tourism, with a reported 130% increase in travel numbers compared to the previous year [2][3]. Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive rise, with specific stocks like Huang Shang Huang (+14.60%) and Sanjiang Shopping (+30.97%) leading the gains [2][3]. - Conversely, stocks such as Wancheng Group (-10.56%) and Anzheng Fashion (-25.20%) faced declines [2][3]. Industry News and Key Company Announcements - The Guangdong Provincial Department of Culture and Tourism announced measures to enhance inbound tourism, including optimizing visa policies and improving service offerings [14][15]. - Alibaba's Gaode Map launched a new service to support offline dining and service consumption, aiming to increase customer traffic [15]. - Meituan announced the relaunch of its quality takeaway service, utilizing AI to enhance user experience [15]. - The report highlights significant growth in the gold and jewelry sector, with expectations for continued high demand in the second half of 2025 [2][3].

Core Viewpoint - The "three giants" of the marinated food industry are facing revenue declines in the first half of 2025, indicating overall industry pressure. Despite efforts to stabilize profits through cost control and store reductions, growth in core business remains weak [2]. Group 1: Revenue and Profit Trends - The marinated food market showed signs of weakness in the first half of the year, with major players like Juewei Food experiencing a 15.57% year-on-year decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan [3]. - Huangshanghuang reported a 7.19% decrease in revenue to 984 million yuan, but net profit increased by 26.9% to approximately 76.92 million yuan, attributed to cost-cutting measures [3][5]. - Zhou Hei Ya's revenue fell by 2.9% to 1.22 billion yuan, while net profit surged by 228% to 108 million yuan, driven by improved store efficiency despite a reduction in total store count [4][5]. Group 2: Cost Control Measures - The decline in raw material prices has allowed some marinated food companies to maintain or even increase net profits despite lower sales volumes. Huangshanghuang noted a 2.23 percentage point increase in gross margin due to reduced production costs [5][6]. - The overall market dynamics indicate that the marinated food sector is facing challenges due to decreased consumer willingness and confidence, leading to a need for companies to balance cost reduction and innovation [5][6]. Group 3: Strategic Shifts and New Ventures - The three giants are exploring new business avenues to counteract declining core business performance. Zhou Hei Ya has launched a coconut water brand and is developing compound seasonings and instant food products [6]. - Huangshanghuang is entering the freeze-dried food market, planning to invest 495 million yuan to acquire a 51% stake in a freeze-dried food company, aiming to leverage complementary products and sales channels [6]. - Juewei Food has opened a new concept store, "Juewei Plus," venturing into casual dining with a diverse product range, including fried snacks and desserts [7].

Core Viewpoint - The "three giants" of the marinated food industry are facing revenue declines in the first half of 2025, prompting them to explore new business avenues to break through their current challenges [3]. Cost Reduction to Maintain Profit - The marinated food market showed signs of weakness in the first half of the year, with companies like Juewei Food experiencing a 15.57% decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan due to decreased internal sales [6]. - Huangshanghuang reported a 7.19% revenue decline to 984 million yuan but achieved a 26.9% increase in net profit to approximately 76.92 million yuan, attributed to cost-cutting measures and a reduction in store numbers [5][6]. - Zhou Hei Ya's revenue fell by 2.9% to 1.22 billion yuan, while net profit surged by 228% to 108 million yuan, thanks to improved store efficiency and the closure of underperforming outlets [6][7]. Seeking a Second Growth Curve - The three giants are actively seeking new growth avenues as reliance on core business becomes unsustainable. Zhou Hei Ya launched a coconut water brand and partnered with Sichuan Shentang Food to develop compound seasonings and convenience food products [9][10]. - Huangshanghuang is entering the freeze-dried food sector, planning to invest 495 million yuan to acquire a 51% stake in Fujian Lixing Food Co., which complements its existing product offerings [9][10]. - Juewei Food opened a new "Juewei Plus" store in Changsha, venturing into the casual dining space with products like fried marinated food, desserts, and fruit wine [10]. Market Insights - Analysts suggest that the growth of the marinated food sector relies on demographic advantages and increased store numbers, but the overall pricing is perceived as high, leading to challenges in consumer willingness and confidence [7][8]. - Experts caution that while exploring new business areas is a common strategy during performance pressures, companies must ensure alignment with brand positioning and conduct thorough market assessments to avoid diluting their core business [11].

Core Viewpoint - The "three giants" of the marinated food industry are collectively facing revenue decline in the first half of 2025, indicating overall industry pressure. Despite efforts to stabilize profits through store reductions and cost control, the main business growth remains weak [1] Group 1: Revenue and Profit Trends - The marinated food market showed signs of weakness in the first half of this year, with major players like Juewei Food experiencing a 15.57% year-on-year decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan [2] - Huangshanghuang reported a 7.19% decline in revenue to 984 million yuan, while net profit increased by 26.9% to 76.92 million yuan, attributed to cost-cutting measures despite a decline in main business segments [2] - Zhou Hei Ya's revenue decreased by 2.9% to 1.22 billion yuan, but net profit surged by 228% to 108 million yuan, driven by improved single-store operational efficiency [3] Group 2: Cost Control Measures - The decline in raw material prices has helped some marinated food companies maintain net profit levels. Huangshanghuang noted that the prices of key raw materials remained low, leading to a decrease in production costs and a 2.23 percentage point increase in gross profit margin for its marinated meat products [4] - The overall market dynamics indicate that the marinated food industry faces significant challenges due to decreased consumer willingness and confidence, alongside high prices and insufficient cost-performance ratios [4] Group 3: Strategic Shifts and New Ventures - The three giants are exploring new business avenues to sustain performance, with Zhou Hei Ya launching a coconut water brand and entering into partnerships for compound seasoning and convenience food products [5] - Huangshanghuang is investing 495 million yuan to acquire a 51% stake in a freeze-dried food company, aiming to enter the freeze-dried food market [5][6] - Juewei Food has opened a new "Juewei Plus" store in Changsha, venturing into the casual dining sector with a diverse product offering [7]