Core Viewpoint - The acquisition of a 51% stake in Lixing Food by Huangshanghuang for 494.7 million yuan highlights the growing interest of food companies in the pet food market, particularly in freeze-dried products, which are gaining popularity due to their nutritional value and convenience [2][5][6]. Group 1: Acquisition Details - Huangshanghuang announced the acquisition of 51% of Lixing Food for 494.7 million yuan, with the transaction still in progress [2][4]. - Lixing Food, established in 2006, specializes in freeze-dried food production, boasting 37 production lines and an annual output capacity of nearly 6,000 tons of freeze-dried products and 10,000 tons of plant extracts and concentrates [4][5]. - The projected revenues for Lixing Food are 229 million yuan in 2023, 415 million yuan in 2024, and 251 million yuan in the first half of 2025, with net profits expected to turn positive in 2024 [4][6]. Group 2: Market Trends - The pet food market is seeing an influx of companies, including well-known brands like Three Squirrels, Laifen, and Yili, entering the sector through subsidiaries and investments [2][9]. - Three Squirrels has established two subsidiaries focused on pet food, with one brand, "Gold Medal Dad," already gaining traction on e-commerce platforms [9][10]. - Other companies, such as Babbi Foods and Beiyinmei, are also exploring the pet food market, with Babbi forming a subsidiary for pet food and Beiyinmei focusing on pet dairy products [10][11]. Group 3: Strategic Implications - Huangshanghuang views the acquisition as a strategic move to diversify its product offerings and tap into new consumer segments, particularly in the pet food market [5][6]. - The freeze-dried food segment is particularly appealing due to its high nutritional value and convenience, making it a popular choice among pet food brands [6][12]. - The collaboration between various companies in the pet food sector indicates a trend towards innovation and addressing market needs, such as improving the quality and stability of freeze-dried pet food products [12].

卤制品和休闲零食大军正涌入宠物赛道。 近日，卖酱卤鸭和粽子的卤制品企业煌上煌（002695.SZ）宣布斥资4.947亿元收购福建立兴食品股份有 限公司（简称"立兴食品"）51%股权。 21世纪经济报道记者朱艺艺 杭州报道 对于交易进展，9月8日，21世纪经济报道记者致电煌上煌证券部人士了解到，"目前交易还在进行中， 具体进度等后续公告披露。" 若交易最终完成，立兴食品将成为煌上煌控股子公司，正式纳入上市公司合并报表范围。 作为国内冻干食品制造龙头，立兴食品拥有37条冻干生产线，8000平方米的冻干炉设备，年产各种冻干 产品近6000吨、植物萃取粉及浓缩液近10000吨的能力。煌上煌在互动易上回复投资者提问时也提 到，"目前，立兴食品已有部分冻干产品如冻干益生菌酸奶块、冻干果蔬，冻干肉类等产品被应用于宠 物食品品牌企业。" 据21世纪经济报道记者不完全统计，除了煌上煌，三只松鼠、来伊份、巴比食品（605338.SH）、伊利 股份（600887.SH）、贝因美（002570.SZ）、得利斯（002330.SZ）、汇隆新材（301057.SZ）等数十家 上市公司跨界入局宠物赛道。 近5亿元控股 被煌上煌青睐的立兴食 ...

证券之星消息，9月8日休闲食品板块较上一交易日上涨1.13%，煌上煌领涨。当日上证指数报收于 3826.84，上涨0.38%。深证成指报收于12666.84，上涨0.61%。休闲食品板块个股涨跌见下表： 从资金流向上来看，当日休闲食品板块主力资金净流出2351.24万元，游资资金净流出1842.59万元，散户 资金净流入4193.83万元。休闲食品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300972 万辰集团 | | 3399.23万 | 4.49% | 116.47万 | 0.15% | -3515.69万 | -4.64% | | 002695 | 煌┣煌 | 1685.47万 | 6.58% | 1000.68万 | 3.91% | -2686.15万 | -10.49% | | 002557 | 治治食品 | 801.84万 | 3.51% | -988.49万 | -4. ...

Market Overview - The leisure food sector increased by 0.16% on September 5, with Laiyifen leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Key Performers - Laiyifen (603777) closed at 14.78, up 3.07% with a trading volume of 290,800 shares and a turnover of 421 million yuan [1] - Other notable performers include: - Huangshanghuang (002695) at 12.33, up 1.40% [1] - Guangzhou Restaurant (603043) at 17.61, up 1.32% [1] - Yuanzu Co. (603886) at 13.34, up 1.14% [1] Underperformers - Salted Fish (002847) closed at 72.17, down 1.65% with a trading volume of 58,900 shares and a turnover of 420 million yuan [2] - Other underperformers include: - Ximai Food (002956) at 21.25, down 1.62% [2] - Youyou Food (603697) at 12.58, down 0.94% [2] Capital Flow - The leisure food sector experienced a net outflow of 80.43 million yuan from institutional investors, while retail investors saw a net inflow of 72.85 million yuan [2] - Notable capital flows include: - Laiyifen had a net inflow of 11.73 million yuan from institutional investors [3] - Yuanzu Co. saw a net inflow of 12.58 million yuan from institutional investors [3]

Company Overview - Jiangxi Huangshanghuang Group Food Co., Ltd. is located in Nanchang, Jiangxi Province, and was established on April 1, 1999. The company was listed on September 5, 2012. Its main business involves the development, production, and sales of marinated meat products and quick-consumption cold dishes [2] - The revenue composition of the company includes: fresh products 60.71%, rice products 31.67%, slaughter processing 4.12%, packaging products 1.97%, others 1.49%, and testing services 0.04% [2] - The company belongs to the food and beverage industry, specifically in the leisure food and cooked food sector, and is associated with concepts such as small-cap, leisure food, new retail, cold chain logistics, and prepared dishes [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 984 million yuan, a year-on-year decrease of 7.19%. However, the net profit attributable to the parent company was 76.92 million yuan, reflecting a year-on-year increase of 26.90% [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 [3] Stock Market Activity - As of September 4, the company's stock price increased by 2.08%, reaching 12.28 yuan per share, with a total market capitalization of 6.87 billion yuan [1] - Year-to-date, the stock price has risen by 45.84%, but it has seen a decline of 2.46% over the last five trading days and a 15.54% drop over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on August 12, where it recorded a net buy of -36.98 million yuan [1] Shareholder Information - As of August 29, the number of shareholders for the company was 36,300, an increase of 0.59% from the previous period. The average circulating shares per person decreased by 0.59% to 14,099 shares [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 [3]

Market Overview - The leisure food sector experienced a decline of 1.24% on September 2, with Ziyan Food leading the drop [1][2] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Ziyan Food's stock price fell by 6.72% to 23.75, with a trading volume of 66,300 shares and a transaction value of 162 million yuan [2] - Other notable declines include: - Ximai Food down 2.82% to 21.40 - Guifaxiang down 2.81% to 12.82 - Three Squirrels down 2.43% to 26.11 [2] Trading Volume and Capital Flow - The leisure food sector saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 253 million yuan [2][3] - The trading volume for various stocks included: - Taoli Bread with a closing price of 5.69 and a trading volume of 250,700 shares [1] - Yanzhu Co. with a closing price of 13.17 and a trading volume of 44,400 shares [1] Capital Inflow Analysis - Main funds showed a net inflow in stocks like Taoli Bread (10.27 million yuan) and Youyou Food (3.91 million yuan) [3] - Conversely, stocks like Black Sesame and Maiqu'er experienced net outflows of -20.11 million yuan and -203.98 million yuan, respectively [3]

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Huangshanghuang, and Zhouheiya, are facing declining revenues and profits due to a drop in sales and a reduction in store numbers, prompting them to seek new growth opportunities through diversification and operational efficiency improvements [2][3][4]. Group 1: Financial Performance - Juewei Food reported a revenue of 2.82 billion yuan for the first half of 2025, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71%, making it the only brand with declines in both revenue and profit [2]. - Huangshanghuang achieved a revenue of 984 million yuan, down 7.19%, but its net profit increased by 26.9% to approximately 76.92 million yuan [2]. - Zhouheiya's revenue was 1.22 billion yuan, a decrease of 2.9%, while its net profit surged by 228% to 108 million yuan [2]. Group 2: Store Operations - The reduction in store numbers and declining sales of marinated products are significant factors affecting revenue for the "three giants" [3]. - Huangshanghuang's total store count decreased by 762 to 2,898, while Zhouheiya's stores fell by 167 to 2,864 [3]. - Juewei Food did not disclose its current store count but reported a reduction of 981 stores by mid-2024, totaling 14,969 stores [3]. Group 3: Market Trends and Challenges - The marinated food sector is experiencing a decline in sales, with Huangshanghuang's marinated meat product sales down 15.69% and Zhouheiya's total sales down 1.61% [4]. - Juewei Food's revenue from fresh products, which account for 76.59% of its total, fell by 19.15%, with poultry product revenue dropping by 20.79% [4]. - Analysts suggest that while cost-cutting measures can enhance short-term profitability, long-term success will require innovation and market expansion [4]. Group 4: Strategic Adjustments - The "three giants" are shifting focus from rapid store expansion to enhancing operational efficiency and exploring new sales channels [8]. - Zhouheiya has improved single-store sales by optimizing store structure and extending operating hours, achieving a revenue increase of 2.15% to approximately 712 million yuan [8]. - Huangshanghuang is also focusing on refined store operations and enhancing single-store revenue through various strategies [8]. Group 5: Diversification Efforts - Zhouheiya is diversifying by launching a coconut water brand and developing compound seasonings and convenience food products [9]. - Huangshanghuang plans to acquire a 51% stake in a freeze-dried food company to expand its product offerings [9]. - Juewei Food is venturing into casual dining with a new store concept and has invested in various sectors, although it has faced significant losses in recent years [10].

Core Viewpoint - The company Huangshanghuang, known as the "first stock of marinated food," is attempting to break its performance bottleneck through a nearly 500 million yuan acquisition of freeze-dried food company Lixing Food after a failed acquisition last year [1][4][8]. Group 1: Acquisition Details - Huangshanghuang plans to acquire 51% of Lixing Food for approximately 495 million yuan, which will make Lixing a subsidiary and included in Huangshanghuang's consolidated financial statements [1][2]. - Lixing Food, established in 2006, has a registered capital of 70.91 million yuan and is a leading manufacturer in the freeze-dried food sector, with an annual production capacity of nearly 6,000 tons of freeze-dried products [2][3]. Group 2: Financial Performance - In 2024, Lixing Food achieved a revenue of 50.79 million yuan and a net profit of 42.22 million yuan, with performance commitments from the sellers to maintain net profits of at least 75 million yuan in 2025, 89 million yuan in 2026, and 100 million yuan in 2027 [3][4]. - Huangshanghuang's revenue has declined from a peak of 2.436 billion yuan in 2020 to 1.739 billion yuan in 2024, with net profit dropping to 40.33 million yuan, only one-seventh of its peak [4][5]. Group 3: Market Strategy - The acquisition is seen as a strategic move to diversify and tap into new consumer markets, particularly in the growing freeze-dried food sector, which is expected to see significant growth [10][11]. - The freeze-dried food market is projected to grow at a compound annual growth rate (CAGR) of 8.35% from 2024 to 2030, with the Chinese market expected to reach 8.8 billion yuan by 2030 [11][12]. Group 4: Challenges and Opportunities - Despite the potential benefits, Huangshanghuang faces challenges in integrating Lixing Food and achieving the promised performance targets, as the freeze-dried food market is becoming increasingly competitive [10][12]. - Industry experts suggest that Huangshanghuang should also focus on product innovation and digital transformation to enhance its core marinated food business while exploring new growth avenues through acquisitions [12][13].

2025年第二次临时股东大会决议公告 证券代码：002695 证券简称：煌上煌 编号：2025—036 江西煌上煌集团食品股份有限公司 本公司及董事会全体成员保证信息披露内容真实、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召开。 一、会议通知情况 公司于 2025 年 8 月 12 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 2025 年 第二次临时股东大会的通知》。 二、会议召开情况 （二）会议召开的日期和时间： （1）现场会议时间：2025 年 8 月 28 日（星期四）下午 14：30 （2）网络投票时间：2025 年 8 月 28 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：2025 年 8 月 28 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 联网 ...

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 会规则》《深圳证券交易所上市公司股东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章程》（以下 简称"《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") 接受江西煌上煌集团食品股份有限公司（以下简称"公司"）的委托，指派律师出 席公司于 2025 年 8 月 28 日召开的 2025 年第二次临时股东会（以下简称"本次股 东会"），对公司本次股东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、有效性等进行审查，出具本法律意见书。 本所及本所律师根据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，对本次股东会的相关情况进行了充分的核查验证，保证本法律意见书不 存在虚假记载、误导性陈述及重大遗漏，并承担相应法律责任。 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 ...