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 ...

Group 1 - Key Point 1: The construction of key projects is essential for stabilizing economic operations and driving economic growth, with the Danzhou Tax Bureau focusing on personalized and precise tax services to support project initiation and continuation [1] - Key Point 2: The Danzhou offshore wind power project, with a total investment of 14.6 billion yuan, is expected to generate 3.66 billion kWh annually and save 1.1 million tons of standard coal, significantly contributing to Hainan's clean energy goals [2] - Key Point 3: The Danzhou Tax Bureau has established a "Wind Power Tax Benefit Team" to provide guidance on tax incentives for clean energy projects, ensuring that green tax benefits effectively support the development of the renewable energy sector [2] Group 2 - Key Point 1: The expansion of the Hainan Yangpu International Container Hub Port, with an investment of approximately 10.3 billion yuan, aims to enhance Hainan's competitiveness in the Beibu Gulf region by increasing container throughput capacity by 5.5 million TEUs [3] - Key Point 2: The Danzhou Tax Bureau utilizes big data to track key project developments and provide tailored tax policy support, ensuring that projects can fully benefit from available tax incentives [3] - Key Point 3: The Huangshanghuang International Food Processing and Trade Project aims to leverage Yangpu's unique advantages to create a comprehensive industrial base, enhancing the company's competitiveness in domestic and international markets [4] Group 3 - Key Point 1: The Danzhou Tax Bureau is committed to improving the intelligence, precision, and personalization of tax services to support local economic development and assist key projects [5] - Key Point 2: The tax incentives provided to small and micro enterprises have alleviated financial pressures, with one company benefiting from over 500,000 yuan in tax reductions [4] - Key Point 3: The Danzhou Tax Bureau's approach includes comprehensive analysis and targeted outreach to ensure that tax benefits reach the intended businesses effectively [4]

Core Viewpoint - The event marks the launch of the 2025 Rongchang Goose Non-material Cultural Heritage Food Consumption Season in Chongqing, with Huashanghuo being recognized as the "Promoting Enterprise of Rongchang Goose" due to its strong sales network and commitment to promoting the goose industry [1][11]. Group 1: Event and Recognition - The event took place on April 30, showcasing the Rongchang Goose and its cultural significance [1]. - Huashanghuo was awarded the title of "Promoting Enterprise of Rongchang Goose" for its efforts in developing the industry [1]. Group 2: Product Quality and Consumer Reception - The Rongchang Goose was praised for its tender meat, chewy skin, and authentic flavor during the tasting event [5]. - The collaboration between Huashanghuo and Rongchang Goose has been recognized for enhancing the dissemination of traditional Chinese cuisine [5]. Group 3: Production and Technology - The Huashanghuo Chongqing Rongchang base is one of eight national bases, covering 120 acres with an annual production capacity of 10,000 tons of marinated products [7]. - The company utilizes over 30 years of experience in marinated food development and advanced production lines to ensure consistent quality and flavor while maintaining traditional recipes [7]. Group 4: Marketing and Sales Strategy - Huashanghuo plans to create a nationwide sales network starting from Rongchang, with dedicated sales areas in local stores and online platforms [9]. - The marketing strategy includes leveraging social media platforms for promotional activities to enhance the visibility and reputation of Rongchang Goose [9]. Group 5: Future Development - The recognition as a promoting enterprise is a significant step in Huashanghuo's strategy to preserve local cuisine and explore new growth opportunities in the marinated food sector [11]. - The company aims to develop a sustainable model for integrating non-material cultural heritage with industry, promoting the industrialization and national expansion of local delicacies [11].

Company Performance - Jiangxi Huangshanghuang Food Co., Ltd. is the only company among the disclosed reports to achieve positive net profit growth in Q1 2025, with a net profit of 44.37 million yuan, a year-on-year increase of 36.21% [1] - Huangshanghuang plans to achieve a revenue of 2.1 billion yuan and a net profit of 145 million yuan in 2025, aiming for double growth in both revenue and profit [2] Industry Trends - The market growth rate of the marinated food industry has been slowing down, leading to intensified competition as new brands enter the market [3] - Leading companies are shifting from rapid expansion to refined operations, focusing on optimizing store models and enhancing single-store revenue to cope with market pressures [3] - Future competition will be determined by supply chain capabilities, with top companies investing in self-built breeding bases, central factories, and cold chain logistics to enhance competitiveness [3] - The industry is transitioning from "scale expansion" to "quality competition," emphasizing product health and innovation, with a focus on low-salt and low-fat formulations [3][4] Market Opportunities - The diverse consumption trends in marinated products provide ample market space for production companies to expand sales and develop new leading products [4] - Leading brands will further consolidate their advantages through technological investments and resource integration, while smaller brands need to seek differentiation in niche markets [4]

Group 1: Smartphone Market - Xiaomi has regained the top position in the Chinese smartphone market after ten years, with a shipment of 13.3 million units and a market share of 18.6%, representing a year-on-year growth of 39.9% [2] - Huawei shipped 11.2 million units with a market share of 15.7%, showing a year-on-year increase of 10% [2] - Apple experienced a decline, shipping 9.8 million units and a market share of 13.7%, down 10% year-on-year [2] Group 2: Corporate Developments - Apple is restructuring its teams, moving its robotics team to the hardware department, indicating dissatisfaction with its AI and machine learning leadership [3] - Cyberspace Group has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CICC and China Galaxy International [4] - Warner Pharmaceuticals has received approval for its bismuth potassium citrate granules, which will enhance its market competitiveness [12] Group 3: Financial Performance - CICC reported a net profit of 2.042 billion yuan for Q1, a year-on-year increase of 64.85%, with revenues of 5.721 billion yuan, up 47.69% [9] - WuXi AppTec achieved a net profit of 3.672 billion yuan in Q1, marking a year-on-year growth of over 89% [10] - Shanghai Pharmaceuticals reported a net profit of 1.333 billion yuan in Q1, down 13.56% year-on-year [11] Group 4: Consumer Goods - Lao Feng Xiang reported a net profit of 613 million yuan in Q1, a decrease of 23.55% year-on-year, with revenues of 17.521 billion yuan, down 31.64% [13] - Three squirrels reported a net profit of 239 million yuan in Q1, a decline of 22.46% year-on-year, with revenues of 3.723 billion yuan, up 2.13% [16] Group 5: New Initiatives - China Petroleum & Chemical Corporation has commenced construction on a 30,000-ton carbon fiber project, expected to be completed by 2027, supporting the new materials industry [22][23] - ZTE is entering the companion robot market, planning to launch products focused on security monitoring and emotional companionship [6] Group 6: Market Trends - TikTok is implementing new regulations to combat malicious marketing accounts, introducing a health score mechanism for accounts [8] - The dining reservation volume for the upcoming holiday has surged, with Haidilao receiving over 25,000 reservations for the first day of the holiday [15]