Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]

江西煌上煌集团食品股份有限公司 2024年年度权益分派实施公告 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。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002695 证券简称：煌上煌 编号：2025一020 5、本次实施权益分派方案距离股东会审议通过时间未超过两个月。 二、权益分派方案 本公司2024年年度权益分派方案为：以公司现有总股本559,441,921股为基数，向全体股东每10股派 1.100000元人民币现金（含税；扣税后，QFII、RQFII以及持有首发前限售股的个人和证券投资基金每 10股派0.990000元；持有首发后限售股、股权激励限售股及无限售流通股的个人股息红利税实行差别化 税率征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应纳税额【注】；持 有首发后限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利税，对香港投资者持有基金 份额部分按10%征收，对内地投资者持有基金份额部分实行差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股1个月（含1个月）以内， ...

Core Viewpoint - The rising prices and declining store numbers of the "three giants" in the marinated food industry indicate a significant shift in consumer behavior, particularly among young people who now perceive marinated snacks as luxury items rather than affordable treats [1][2][3] Group 1: Financial Performance - The combined revenue of the "three giants" (Juewei, Zhou Hei Ya, and Huang Shang Huang) in 2024 was 10.5 billion yuan, a decrease of 1.4 billion yuan from 2023 [3] - Juewei, known as the "king of marinated food," reported a revenue of 6.257 billion yuan, down 13.84% year-on-year, with a net profit decline of 34.04% to 227 million yuan [3] - Huang Shang Huang's total revenue decreased by 9.44%, with a net profit drop of 42.86%, while Zhou Hei Ya experienced a revenue decline of 10.7% and a net profit decrease of 15% [3] Group 2: Consumer Behavior - The primary reason for the decline in sales for the "three giants" is attributed to reduced consumer purchases, with 80% of consumers indicating they have decreased their frequency of buying marinated snacks from chain brands [19][20] - Despite nearly 90% of respondents still consuming marinated snacks regularly, the perception of these products has shifted, with many now viewing them as expensive [14][19] - A survey revealed that 85.5% of participants believe the rising prices of marinated snacks are the main reason for the decline in sales [20] Group 3: Pricing Strategy - The average price for marinated snacks has significantly increased, with Juewei's duck neck priced at 20 yuan for 180 grams, translating to 55.56 yuan per kilogram, a 30% increase from 2019 [17] - Zhou Hei Ya's duck products are priced higher than imported cherries, indicating a shift towards a "luxury snack" positioning that conflicts with consumer expectations for affordable treats [17][24] - Despite a decrease in raw material costs, the end prices of marinated snacks have not adjusted downward, leading to consumer dissatisfaction [20][24] Group 4: Store Closures - The "three giants" have all experienced a reduction in store numbers, with Huang Shang Huang and Zhou Hei Ya closing 700 to 800 stores in 2024 [9] - Juewei has also shown a significant trend of store closures, with nearly 1,000 stores closed from the end of 2023 to mid-2024 [10] - The closures are attributed to increased competition and changing consumer preferences, making it difficult for many stores to sustain operations [10][25]

江西煌上煌集团食品股份有限公司 证券代码：002695 证券简称：煌上煌 编号：2025—020 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。 2024 年年度权益分派实施公告 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"）2024 年年度权益分派方案已获 2025 年 5 月 6 日召开的 2024 年度股东会审议通过。现 将权益分派事宜公告如下： 一、股东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 2024 年度股东会审议通过的 2024 年度利润分配方案为：以实施本 次利润分配方案的股权登记日总股本为基数，向全体股东每 10 股派现金红利 1.10 元（含税），不送红股、不进行资本公积金转增股本。若在分配方案公布后 至实施前，公司总股本因股权激励行权、股份回购等原因而发生变化的，公司将 按照"利润分配的比例不变"的原则，相应调整利润分配总额。 2、本次实施的权益分派方案披露至实施期间，因公司 2023 年股票期权激励 计划行权使公司的股本总额增加，截至本公告披露日，公司总股本为 559,441,921 股。公司按照"利 ...

Group 1 - The core viewpoint of the news is that Huang Shang Huang achieved significant growth in revenue and profit in 2024, while also planning for future strategic development to enhance its market presence [3][4]. - In 2024, Huang Shang Huang reported operating revenue of 1.739 billion yuan and a net profit attributable to shareholders of 40.33 million yuan, indicating a stable operational strategy amidst a complex market environment [3]. - The company aims to accelerate its "thousand cities, ten thousand stores" strategic development goal, targeting an operating revenue of 2.1 billion yuan and a net profit of 145 million yuan in 2025, reflecting a dual growth strategy [3]. Group 2 - In 2024, Huang Shang Huang's R&D expenses reached 62.32 million yuan, marking a year-on-year increase of 10.24%, the highest growth rate in the past five years [4]. - The R&D expenses accounted for 3.58% of the operating revenue, representing the highest R&D intensity since the company went public [4]. - The company has established various research platforms and invested over 20 million yuan to build a food quality safety inspection and R&D engineering technology center, enhancing its technological innovation capabilities [8]. Group 3 - The gross profit margin for Huang Shang Huang significantly improved in 2024, reaching 32.76%, an increase of 3.71 percentage points year-on-year, primarily due to lower market prices for raw materials [8]. - The gross profit margin for fresh products increased by 6.05 percentage points to 38.54% in 2024, indicating effective cost management [8]. Group 4 - Since its listing in 2012, Huang Shang Huang has consistently returned profits to shareholders through stable dividend policies, proposing a cash dividend of 1.10 yuan per 10 shares for 2024 [9]. - The total profit distribution for 2024 is estimated at 61.54 million yuan, with a dividend payout ratio of 152.59% and a dividend yield of 1.29% [9]. - Cumulatively, the company has distributed a total of 518 million yuan in cash dividends since its IPO [9].

Core Viewpoint - The three major players in the marinated food industry are facing unprecedented challenges, with collective declines in performance attributed to a combination of market pressures and strategic missteps [2][8]. Group 1: Industry Challenges - The marinated food industry is experiencing a systemic imbalance, where brands seek profits, consumers demand value, and franchisees require growth space, leading to a fragile equilibrium [4]. - Rising raw material costs, particularly for duck by-products, have led to significant price increases, which consumers are increasingly sensitive to, resulting in a disconnect between pricing strategies and consumer expectations [5]. - External competition from casual snack shops and community vendors is intensifying, further eroding the traditional marinated food market's consumer base [5]. Group 2: Financial Performance - The financial reports for 2024 show significant revenue declines for the three major brands: - Juewei: Revenue of 6.257 billion, down 13.84%, with net profit down 34.04% to 0.227 billion - Zhou Hei Ya: Revenue of 2.451 billion, down 10.66%, with net profit down 15.03% to 0.098 billion - Huang Shang Huang: Revenue of 1.739 billion, down 9.44%, with net profit down 42.86% to 0.04 billion [10]. - Store closures are becoming a trend, with Juewei reportedly reducing over 3,800 stores in 16 months, while Zhou Hei Ya and Huang Shang Huang also face significant reductions [11]. Group 3: Strategic Missteps - Juewei's aggressive investment strategy has not yielded expected returns, leading to a focus on core business and a search for exit strategies from non-core investments [16]. - Zhou Hei Ya's shift to a franchise model has not performed as anticipated, resulting in a significant number of closures, particularly in community locations [17]. - Huang Shang Huang's diversification efforts have not been fruitful, with its attempts to expand into other food categories failing to offset losses in its core marinated food business [21]. Group 4: Future Directions - The three major brands are exploring various strategies to reignite growth, including launching more affordable products and leveraging technology for improved consumer engagement [22]. - Juewei is focusing on AI-driven retail solutions, while Zhou Hei Ya is attempting to return to its classic product offerings, and Huang Shang Huang is engaging in cultural tourism initiatives [22].

Performance Overview - The "three giants of marinated food" experienced a decline in both revenue and net profit in the past year [1][3] - In 2024, the revenue of Juewei Foods was 6.257 billion yuan, a year-on-year decrease of 13.84%, with a net profit of 227 million yuan, down 34.04% [3] - Zhou Hei Ya reported a revenue of 2.451 billion yuan, a decline of 10.66%, and a net profit of 98.204 million yuan, down 15.03% [4] - Huang Shang Huang's revenue was 1.739 billion yuan, a decrease of 9.44%, with a net profit of 40.33 million yuan, down 42.86% [4] Executive Compensation - Juewei Foods paid a total of 6.7499 million yuan in executive compensation in 2024, an increase of 12% from 6.0344 million yuan in 2023 [3] - Huang Shang Huang's total executive compensation was 7.864 million yuan in 2024, a 2% increase from 7.7017 million yuan in 2023 [2] - Zhou Hei Ya's total executive compensation was approximately 12.2 million yuan, a decrease of 11% from 13.7 million yuan in 2023 [3] Industry Trends - The marinated food industry is facing significant operational pressure, with a noticeable slowdown in growth [5] - The compound annual growth rate (CAGR) from 2018 to 2023 was 6.42%, with a market size of approximately 318 billion yuan in 2023 [5] - The industry is experiencing a lack of demand and consumption, leading to a decline in sales and the closure of inefficient stores [4][5]

1、本次股东会期间没有增加、否决或变更议案的情况发生； 2、本次股东会不涉及变更以往股东会决议的情况； 3、本次股东会采取现场投票和网络投票相结合的方式召开。 一、会议召开情况 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 特别提示： （一）会议召集人：江西煌上煌集团食品股份有限公司董事会。 （二）会议召开的日期和时间： （1）现场会议时间：2025年5月6日（星期二）下午14：30 （2）网络投票时间：2025年5月6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5月6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投票系统投票的具体时间为：2025年5月6日上午 9:15至下午15:00期间的任意时间。 （三）会议主持人：公司董事长褚浚先生。 （四）现场会议召开地点：江西省南昌县小蓝经济开发区洪州大道66号公司综合大楼三楼会议室。 （五）会议召开方式：以现场投票和网络投票相结合的方式召开。 （六）会议召开的合法、合规性：本次 ...

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 传真: 0791-83810333 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 2024 年度股东大会的法律意见书 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 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（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 2025 年 5 月 6 日召开的 2024 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。 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 ...

证券代码：002695 证券简称：煌上煌 编号：2025—019 江西煌上煌集团食品股份有限公司 2024年度股东会决议公告 1、本次股东会期间没有增加、否决或变更议案的情况发生； 2、本次股东会不涉及变更以往股东会决议的情况； 3、本次股东会采取现场投票和网络投票相结合的方式召开。 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。 特别提示： 一、会议召开情况 （一）会议召集人：江西煌上煌集团食品股份有限公司董事会。 （二）会议召开的日期和时间： （1）现场会议时间：2025 年 5 月 6 日（星期二）下午 14：30 （2）网络投票时间：2025 年 5 月 6 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 5 月 6 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 网投票系统投票的具体时间为：2025 年 5 月 6 日上午 9:15 至下午 15:00 期间的 任意时间。 （三）会议主持人：公司董事长褚浚先生。 （四）现场会议召开地点：江西省南昌县小蓝经济开发区洪州 ...