证券代码：002695 证券简称：煌上煌 公告编号：2024—023 江西煌上煌集团食品股份有限公司 关于参加江西辖区上市公司 2024 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，江西煌上煌集团食品股份有限公司（以 下简称“公司”）将参加由江西省上市公司协会与深圳市全景网络有限公司联合 举办的“2024 年江西辖区上市公司投资者集体接待日活动”，现将相关事项公 告如下： 本次活动将采用网络远程的方式举行，投资者可以登录“全景路演”网站 （http://rs.p5w.net)，或关注微信公众号：全景财经，或下载全景路演APP，参与 本次互动交流，活动时间为 2024年 5月 17 日（周五）15:00至 17:00。届时公司 高管将在线就公司 2023 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关注的问题进行沟通与交流，欢迎广大投资者积 极参与。 ...

证券代码：002695 证券简称：煌上煌 编号：2024—022 特此公告。 江西煌上煌集团食品股份有限公司 董事会 二〇二四年五月十日 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。 江西煌上煌集团食品股份有限公司（以下简称"公司"）于 2024 年 1 月 12 日召开第六届董事会第四次会议、2024 年 1 月 29 日召开 2024 年第一次临时股 东大会审议通过《关于补选公司独立董事的议案》，同意选举陈红兵先生为公司 第六届董事会独立董事，任期自 2024 年第一次临时股东大会审议通过之日至第 六届董事会任期届满为止。 截至 2024 年第一次临时股东大会通知发出之日，陈红兵先生尚未取得深圳 证券交易所认可的独立董事证书。根据深圳证券交易所的有关规定，陈红兵先 生已承诺参加最近一次独立董事培训并取得深圳证券交易所认可的独立董事资 格证书。 近日，公司董事会收到陈红兵先生的通知，其已按照相关规定参加了深圳 证券交易所举办的上市公司独立董事任前培训（线上），并取得了由深圳证券交 易所创业企业培训中心颁发的《上市公司独立董事培训证明》。 江西煌上煌集团食品股份 ...

Financial Performance - The company's revenue for Q1 2024 was ¥457,512,213.32, a decrease of 10.56% compared to ¥511,512,105.35 in the same period last year[4] - Net profit attributable to shareholders was ¥32,573,316.77, down 10.08% from ¥36,225,383.53 year-on-year[4] - Basic and diluted earnings per share were both ¥0.058, representing an 18.31% decline from ¥0.071 in the same period last year[4] - Net profit for Q1 2024 was ¥31.81 million, down 5.20% from ¥33.56 million in the same period last year[24] - The company reported a total profit of ¥40.10 million, a decrease of 4.86% from ¥42.15 million in the previous year[23] Cash Flow - The net cash flow from operating activities decreased by 20.39% to ¥98,322,330.98 from ¥123,499,275.46 in the previous year[4] - The net cash flow from operating activities was ¥98.32 million, a decrease of 20.36% compared to ¥123.50 million in Q1 2023[27] - The net cash flow from investing activities improved by 57.50%, reaching -¥33,587,523.09 compared to -¥79,036,595.44 in the same period last year[13] - The company’s investment activities resulted in a net cash outflow of ¥33.59 million, an improvement from a net outflow of ¥79.04 million in the previous year[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,336,066,639.48, a slight decrease of 0.75% from ¥3,361,303,095.86 at the end of the previous year[4] - Current assets totaled RMB 1,930,330,027.52, a decrease from RMB 1,985,646,233.94 in the previous period[19] - The company's total liabilities were RMB 504,849,353.17, down from RMB 564,020,517.82 in the previous period[20] - The company's total assets attributable to shareholders increased by 1.24% to ¥2,828,460,406.86 from ¥2,793,764,525.69 at the end of the previous year[4] - The company has a total equity of RMB 2,831,217,286.31, up from RMB 2,797,282,578.04[20] Research and Development - Research and development expenses increased by 33.94% to ¥20,404,553.43 from ¥15,234,471.72 year-on-year[10] - Research and development expenses rose to ¥20.40 million, up 34.00% from ¥15.23 million in Q1 2023[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 42,219[14] - The net profit attributable to shareholders for the period is not explicitly stated in the provided documents, but the retained earnings increased to RMB 1,164,516,011.28 from RMB 1,131,942,694.51[20] Inventory and Cash Management - The company reported a decrease in inventory, which stood at RMB 449,598,119.49 compared to RMB 497,923,887.49 in the previous period[19] - Cash and cash equivalents at the end of Q1 2024 increased to ¥1.16 billion from ¥1.04 billion, reflecting a net increase of ¥35.23 million[28] - The cash and cash equivalents increased to RMB 1,162,978,223.24 from RMB 1,127,743,415.35[19] Operational Efficiency - Total operating revenue for Q1 2024 was RMB 457,512,213.32, a decrease of 10.55% compared to RMB 511,512,105.35 in the same period last year[22] - Total operating costs decreased to ¥424.36 million from ¥477.64 million, representing a reduction of 11.15%[23] - The company experienced a decrease in sales revenue from goods and services received, totaling ¥436.66 million compared to ¥506.87 million in Q1 2023[26] Corporate Governance - The company appointed a new independent director, Chen Hongbing, during the reporting period[16]

证券代码：002695 证券简称：煌上煌 编号：2024—020 江西煌上煌集团食品股份有限公司 3、本次实施的权益分派方案与公司股东大会审议通过的分配方案一致； 4、本次实施权益分派方案距离股东大会审议通过时间未超过两个月。 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。 江西煌上煌集团食品股份有限公司（以下简称"公司"或"本公司"）2023 年年度权益分派方案已获2024年4月22日召开的2023年度股东大会审议通过。 现将权益分派事宜公告如下： 2023 年年度权益分派实施公告 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 1、公司 2023 年度股东大会审议通过的 2023 年年度利润分配方案为：以公 司 2023 年末总股本 556,947,081 股为基数，向全体股东每 10 股派现金红利 1.80 元（含税），不送红股、不进行资本公积金转增股本，共计分配利润 100,250,474.58 元，若在分配方案公布后至实施前，公司总股本由于增发、股份回购等原因而发 生变化的，公司将按照"分配总额固定不变"的原则，对现金分红比例进行相应 调整。 ...

北京市盈科（南昌）律师事务所 南昌市红谷滩新区红谷中大道 998 号绿地中央广场 A1 楼 56 层 电话: 0791-83810555 北京市盈科（南昌）律师事务所 关于江西煌上煌集团食品股份有限公司 2023 年度股东大会法律意见书 致：江西煌上煌集团食品股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 大会规则》《深圳证券交易所上市公司股东大会网络投票实施细则》等我国现行 有关法律、法规、规范性文件以及江西煌上煌集团食品股份有限公司 （以下简 称"公司"）《公司章程》的规定，北京市盈科（南昌）律师事务所(以下简称 "本所")接受公司的委托，指派律师出席公司于 2024 年 4 月 22 日召开的 2023 年度股东大会（以下简称"本次股东大会"），对公司本次股东大会的召集和召 开程序、召集人、出席会议人员的资格、表决程序和表决结果的合法性、有效性 等进行了认真的审查，出具本法律意见书。 传真: 0791-83810333 事实真实、准确、完整，所发表的结论性意见合法，准确，不存在虚假记载、误 导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供公司为本次股东大会之 ...

证券代码：002695 证券简称：煌上煌 编号：2024—019 江西煌上煌集团食品股份有限公司 2023年度股东大会决议公告 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。 特别提示： 1、本次股东大会期间没有增加、否决或变更议案的情况发生； 2、本次股东大会不涉及变更以往股东大会决议的情况； 3、本次股东大会采取现场投票和网络投票相结合的方式。 一、会议通知情况 公司于 2024 年 3 月 30 日在《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）刊登了《关于召开 2023 年 度股东大会的通知》。 二、会议召开情况 （一）会议召集人：公司董事会。 （二）会议召开的日期、时间： （1）现场会议：2024 年 4 月 22 日（星期一）下午 14：30 （2）网络投票时间：2024 年 4 月 22 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 4 月 22 日上午 9:15-9:25、9:30-11:30、下午 13:00-15:00；通过深圳证券交易所互联 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase relative to the industry index over the next six months [25][33]. Core Insights - The company, recognized as the "first stock in the marinated food sector," has been deeply engaged in the industry for many years, implementing a "thousand cities, ten thousand stores" strategy and optimizing store structures to enhance single-store performance [1][15]. - The company aims to achieve revenues of 22.85 billion, 26.95 billion, and 30.74 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 18%, and 14% [1]. - The projected net profit attributable to the parent company is 1.4 billion, 1.9 billion, and 2.52 billion yuan for the years 2024, 2025, and 2026, reflecting year-on-year growth rates of 98%, 36%, and 32% [1]. Financial Summary - In 2023, the company reported operating revenue of 19.21 billion yuan, a decrease of 1.70% year-on-year, while the net profit attributable to the parent company was 0.71 billion yuan, an increase of 129.01% year-on-year [11][15]. - The comprehensive gross margin for 2023 was 29.06%, up by 0.90 percentage points, and the net profit margin was 3.68%, an increase of 2.10 percentage points [11]. - The company plans to open 2,000 new stores in 2024, focusing on both deepening existing markets and expanding into new ones [16][26]. Operational Performance - The company has successfully opened approximately 70% of its targeted new stores in 2023, with a total of 4,497 specialty stores by the end of the year [26]. - The average sales per store reached 650,000 yuan in the first half of 2023, showing a year-on-year increase of 9.87% [26]. - The company has introduced a new retail model combining online and offline sales, enhancing consumer engagement through various platforms [29].

公 司 研 究 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于2017年7月1日起正 式实施。根据上述规定，开源证券评定此研报的风险等级为R3（中风险），因此通过公共平台推送的研报其适用的 投资者类别仅限定为专业投资者及风险承受能力为C3、C4、C5的普通投资者。若您并非专业投资者及风险承受能 力为C3、C4、C5的普通投资者，请取消阅读，请勿收藏、接收或使用本研报中的任何信息。 因此受限于访问权限的设置，若给您造成不便，烦请见谅！感谢您给予的理解与配合。 本报告是基于本公司认为可靠的已公开信息，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、工 具、意见及推测只提供给客户作参考之用，并非作为或被视为出售或购买证券或其他金融工具的邀请或向人做出邀 请。本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、 价值及投资收入可能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。客户应当 考虑到本公司可能存在可能影响本报告客观性的利益冲突，不 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7][9]. Core Views - The company has shown significant year-on-year growth in performance, primarily due to cost reduction and decreased expenses [5]. - The "Thousand Cities, Ten Thousand Stores" strategy is steadily advancing, indicating a turning point in operational efficiency [6]. - Short-term same-store revenue is slightly pressured by external consumer environment factors, but the company is expected to return to a positive operational trajectory starting in 2024, with rapid store expansion and increasing concentration [7]. Financial Summary - For 2023, the company's revenue was 1.921 billion yuan, a decrease of 1.7% year-on-year, while the net profit attributable to shareholders was 71 million yuan, an increase of 129.1% year-on-year [22]. - The company’s gross margin for 2023 was 29.06%, up 0.9 percentage points year-on-year, and the net margin was 3.45%, up 2.46 percentage points year-on-year [22]. - The company’s operating cash flow for 2023 was 218 million yuan, a decrease of 43% [22]. - The number of stores reached 4,497 by the end of 2023, with a mix of 262 direct-operated and 4,235 franchised stores [23]. Earnings Forecast - The forecasted earnings per share (EPS) for 2024 and 2025 are 0.25 yuan and 0.33 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 33 and 25 times [7]. - The projected revenue for 2024 is 2.270 billion yuan, representing an 18.2% growth rate, and the net profit is expected to reach 141 million yuan, reflecting a 100.5% growth rate [12].

Financial Performance - The company's operating revenue for 2023 was CNY 1,920,549,123, a decrease of 1.70% compared to CNY 1,953,725,630 in 2022[22]. - The net profit attributable to shareholders for 2023 was CNY 30,816,209.84, representing a significant increase of 129.01% from CNY 13,487,502.77 in 2022[22]. - The net cash flow from operating activities decreased by 43.34% to CNY 217,971,643.41 from CNY 384,693,617 in 2022[22]. - Basic and diluted earnings per share for 2023 were CNY 0.124, up 106.67% from CNY 0.060 in 2022[22]. - Total assets increased by 12.00% to CNY 3,361,303,095 from CNY 2,996,738,186 at the end of 2022[23]. - The net assets attributable to shareholders rose by 19.17% to CNY 2,793,764,525 from CNY 2,344,885,369 in 2022[23]. - The company reported a quarterly operating revenue of CNY 511,512,105.35 in Q1 2023, CNY 635,253,871.36 in Q2, CNY 433,844,592.63 in Q3, and CNY 339,938,553.81 in Q4[29]. - The net profit attributable to shareholders in Q4 2023 was a loss of CNY 30,290,916.00, contrasting with profits in the earlier quarters[29]. - The company reported a significant loss from the disposal of non-current assets amounting to ¥547.32 million in 2023[31]. - The company's total revenue for 2023 was ¥22.14 billion, down 16.4% from ¥26.57 billion in 2022[32]. Dividend and Shareholder Communication - The company plans to distribute a cash dividend of 1.80 RMB per 10 shares to all shareholders based on a total share capital of 556,947,081 shares as of the end of 2023[4]. - The company emphasizes that the future operational plans and performance forecasts mentioned in the report do not constitute a substantive commitment to investors, highlighting the need for risk awareness[4]. - The company has a dedicated investor relations team to facilitate communication with shareholders and stakeholders[19]. - The company's financial disclosures are available on the Shenzhen Stock Exchange and other designated media, ensuring accessibility for investors[20]. Business Operations and Stability - The company has not reported any changes in its main business since its listing, indicating stability in its operations[21]. - The company has not reported any changes in its controlling shareholders, indicating stability in ownership[21]. - The company has maintained its full ownership of subsidiaries, including Guangdong Huangshanghuang and Fujian Huangshanghuang, ensuring control over its operations[16]. - The company’s operational headquarters remains in Nanchang, Jiangxi Province, maintaining its central management location[18]. - The company has implemented changes in accounting policies effective January 1, 2023, impacting deferred tax assets and liabilities[25]. Market and Industry Trends - The Chinese marinated food market size grew from ¥233 billion in 2018 to ¥369.1 billion in 2022, with a compound annual growth rate of 12.3%[38]. - The industry is experiencing a shift towards brand consolidation, with opportunities for leading brands to expand due to market reshuffling[39]. - The marinated food industry is expected to benefit from rising consumer spending and the ongoing supply-side reforms in China[39]. - The industry is projected to see increased market concentration as consumer preferences shift towards branded and chain-operated businesses[38]. Product Development and Innovation - The company aims to enhance product innovation and development to cater to diverse consumer needs, including small packaging and high-value products[40]. - The company has developed over 200 products, focusing on convenience and nutrition, including various marinated meat products and rice-based items[41]. - The company is committed to continuous improvement in food safety and quality through regular audits and certifications[46]. - The company is actively engaged in environmental management, as evidenced by its wastewater discharge permits and pollution source registration[46]. Marketing and Sales Strategy - The company achieved an online transaction volume (GMV) of 471 million yuan in 2023, with online sales accounting for 20.76% of total revenue[58]. - The company is focusing on expanding its terminal sales channels, particularly in highway service areas in Zhejiang and Jiangsu provinces[53]. - The company has established partnerships with 395 leading brands, enhancing its marketing reach and brand visibility through various promotional activities[51]. - The company has implemented a fresh cooking sales model in its stores, enhancing consumer experience and product appeal[53]. Financial Management and Fund Utilization - The company has established a dedicated account system for managing the raised funds to ensure compliance and efficient use[123]. - The total amount of funds raised in 2023 through a targeted issuance of shares was approximately RMB 449.99 million, with a net amount of RMB 441.54 million after deducting issuance costs[121]. - The company has reported no securities or derivative investments during the reporting period[116][117]. - The company aims to enhance the efficiency of fund usage and protect shareholder interests through strict management practices[123]. Governance and Compliance - The company maintains independence from its controlling shareholders in terms of assets, business, finance, personnel, and institutions, complying with relevant regulations[169]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements[166]. - The company has established specialized committees within the board, including strategy, audit, nomination, and remuneration committees, to enhance governance[166]. - The company emphasizes information disclosure and investor relations, ensuring timely and accurate communication with all investors[168]. Future Outlook and Growth Plans - The company plans to expand its market presence in Southeast Asia, targeting a 20% growth in international sales by 2025[189]. - The company aims to achieve a revenue of 2.35 billion yuan and a net profit of 140 million yuan in 2024, indicating a growth target for both metrics[150]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[177]. - The company anticipates a revenue growth of approximately 15% for the upcoming fiscal year, driven by new product launches and market expansion strategies[177].