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]

Revenue and Profit - The company's revenue for Q1 2025 was ¥445,935,566.98, a decrease of 2.53% compared to ¥457,512,213.32 in the same period last year[5] - Net profit attributable to shareholders increased by 36.21% to ¥44,369,658.05 from ¥32,573,316.77 year-on-year[5] - Net profit for the current period was CNY 43,748,016.11, an increase of 37.6% compared to CNY 31,812,143.87 in the previous period[22] - The total comprehensive income attributable to the parent company was CNY 44,369,658.05, an increase from CNY 32,573,316.77 in the previous period, representing a growth of approximately 36.2%[23] Cash Flow - The net cash flow from operating activities rose significantly by 86.24% to ¥183,116,233.61, compared to ¥98,322,330.98 in the previous year[14] - Net cash flow from operating activities was CNY 183,116,233.61, significantly up from CNY 98,322,330.98 in the prior period, marking an increase of approximately 86.2%[23] - Cash inflow from operating activities totaled CNY 487,226,594.78, compared to CNY 467,773,497.42 in the previous period, indicating a growth of about 4.3%[23] - Cash outflow from operating activities decreased to CNY 304,110,361.17 from CNY 369,451,166.44, a reduction of approximately 17.7%[23] - The company reported a net increase in cash and cash equivalents of CNY 139,787,960.87, compared to CNY 35,234,807.89 in the prior period, representing an increase of approximately 296.5%[24] - The ending balance of cash and cash equivalents was CNY 1,267,555,659.72, up from CNY 1,162,951,902.17 in the previous period[24] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥3,347,619,959.79, reflecting a 1.99% increase from ¥3,282,353,555.33 at the end of the previous year[5] - Total liabilities amounted to CNY 532,794,115.74, a slight increase from CNY 526,414,722.98 in the previous period[20] - The company's total assets increased to CNY 3,347,619,959.79, up from CNY 3,282,353,555.33, reflecting a growth of 2%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 35,775[15] - The largest shareholder, Huang Shang Huang Group Co., Ltd., holds 35.38% of shares, totaling 197,952,000 shares[15] - The second-largest shareholder, Xinyu Huang Shang Huang Investment Management Center, holds 19.84% of shares, totaling 111,007,654 shares[15] - The actual controller of the company is the Xu Guifen family, holding a combined 40% stake in Huang Shang Huang Group Co., Ltd.[15] - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[17] - There are no significant changes in the financing and securities lending activities of the top 10 shareholders[17] Expenses and Costs - Total operating costs decreased to CNY 396,893,110.93, down 6.5% from CNY 424,359,386.96 in the previous period[21] - Research and development expenses were CNY 16,596,699.26, down 18.0% from CNY 20,404,553.43 in the previous period[21] - The company's financial expenses decreased by 45.32% to -¥1,801,837.24, mainly due to a reduction in bank deposit interest income[12] Other Financial Metrics - The basic and diluted earnings per share both increased by 36.21% to ¥0.079 from ¥0.058 in the same period last year[5] - The net profit after deducting non-recurring gains and losses rose by 48.25% to ¥39,484,977.92 from ¥26,634,659.17 year-on-year[5] - The company reported a 93.88% increase in investment income to ¥689,847.42, compared to ¥355,809.02 in the previous year[12] - Deferred income tax assets increased to CNY 66,600,546.11 from CNY 65,407,616.72, showing a growth of 1.8%[20] - The company reported a financial asset impairment loss of CNY 10,137.26 during the current period[22] Inventory and Receivables - Accounts receivable increased by 67.87% to ¥30,633,618.29, primarily due to increased receivables from distributors[10] - Accounts receivable rose to ¥30,633,618.29 from ¥18,248,311.45, indicating an increase of about 68.0%[18] - Inventory decreased to ¥376,309,565.98 from ¥455,271,945.19, reflecting a decline of approximately 17.3%[18] - Total current assets amounted to ¥1,906,217,791.06, up from ¥1,854,353,101.73, showing an increase of about 2.8%[18] Accounting Standards - The company did not undergo an audit for the first quarter report[25] - The new accounting standards will be first implemented starting in 2025[26]

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Zhou Hei Ya, and Huang Shang Huang, are collectively facing a decline in performance in 2024, marking a significant downturn in an industry that was once thriving [1][3][5]. Financial Performance - Juewei Food's revenue dropped to 6.257 billion yuan in 2024, a year-on-year decrease of 13.84%, with net profit plummeting 34.04% to 227 million yuan, marking its first revenue decline since its IPO in 2017 [1][3]. - Zhou Hei Ya's revenue fell by 10.7% to 2.451 billion yuan, with net profit down 15.03% to 98.2 million yuan [3]. - Huang Shang Huang experienced a 9.44% decrease in revenue to 1.739 billion yuan, with net profit sharply declining by 42.86% to 40.33 million yuan, marking its fourth consecutive year of revenue decline [3][5]. Market Dynamics - The decline in performance is attributed to intensified market competition and changing consumer demand, with rising prices leading to consumer complaints about affordability [3][5]. - Juewei Food acknowledged that its performance was significantly impacted by fierce market competition, with continued revenue and profit declines in the first quarter of 2024 [3][5]. - Huang Shang Huang cited changes in consumer purchasing power and consumption scenarios as factors leading to reduced single-store revenue, alongside increased promotional costs and other operational challenges [5]. Store Count and Expansion - The total number of marinated food stores in China decreased by 23,000 over the past year, with the three major brands closing over 1,700 stores in the first half of 2024 alone [7]. - Juewei Food's store count dropped from 15,950 at the end of 2023 to 12,129 by mid-April 2024, a net decrease of 3,821 stores in 16 months [7]. Profit Margins - Despite the revenue and profit declines, the gross profit margins of the three giants improved in 2024, with Juewei Food's gross margin increasing by 6.1 percentage points to 33.96% [9]. - Huang Shang Huang's gross margin rose by 3.93 percentage points to 32.95%, while Zhou Hei Ya's gross margin reached 56.8%, up by 4.4 percentage points [9]. Internal Challenges - The marinated food industry faces significant internal challenges, including uncontrollable production costs due to reliance on volatile raw material prices, particularly poultry by-products [10][12]. - The soaring costs of raw materials, such as duck products, have severely compressed profit margins, with procurement costs remaining high despite some price reductions in the latter half of 2023 [12][14]. - The industry's growth model, heavily reliant on rapid store expansion, is now hindered by declining consumer demand and rising operational costs, forcing companies to shift focus from quantity to improving single-store performance [16]. External Competition - The marinated food industry is experiencing pressure from diversified consumption channels, with new retail formats like bulk snack stores and e-commerce platforms drawing customers away from traditional marinated food outlets [17][19]. - Changing consumer dietary habits and preferences, driven by economic pressures, have led to a decline in the appeal of traditional marinated products, which are often perceived as unhealthy [19][21]. - Supermarkets have increasingly focused on their own processed products, enhancing their competitiveness against traditional marinated food brands, which struggle to adapt to changing consumer tastes [21][23].

营收、净利润两位数下滑，卤味公司的处境难言乐观。 "鸭脖卖不动了"的声响越来越大。 过去一年，卤味三巨头仍未能摆脱"魔咒"，绝味食品、周黑鸭、煌上煌三家公司的营收、净利润均出现下滑，"最差业绩"距离高光 时刻越来越远。 新京报贝壳财经记者梳理看到，极速扩张后，三家公司2024年开始收缩版图，其中，煌上煌和周黑鸭一年时间关店七八百家。相比 之下，绝味食品收缩的步子迈得更大，门店总数从2023年底的15950家滑落至今年4月的12129家。 近年来，市场竞争加剧、消费环境变化、门店布局调整等原因，导致卤味行业市场增速放缓。在业内看来，酱卤肉制品行业正经历 从"规模扩张"向"质量竞争"的转型期，供应链整合能力、食品安全管理及差异化创新能力将成为企业突围的核心要素。 煌上煌净利润跌四成，卤味集体走下坡路 2024年，绝味食品、周黑鸭、煌上煌业绩情况。 2024年，绝味食品实现营业收入约62.57亿元，同比下滑13.84%；归属于上市公司股东的净利润约2.27亿元，同比下滑34.04%。 2017年3月17日上市以来，绝味食品始终保持盈利状态，虽然起伏较大，但从归母净利润的绝对值看，2024年财报是绝味食品上市 以来最 ...

以下文章来源于启阳路4号 ，作者公司研究院 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 近日，"卤制品三巨头大幅关店网友吐槽吃不起"冲上热搜榜首，阅读量超8000万，讨论量1.1 万，"明明是街边小店非要卖出酒店摆盘的价格"、"每次都说拿一点点就够了，一称40块"、"它 明明可以抢，却还给了我一些鸭脖"，话题词下网友诉说起那些年被价格刺客支配的往事。 反映在卤味三巨头的财报里，营收和利润双跌。 根据近期发布的财报，周黑鸭营收24.5亿元，同比下滑10.7%；净利润9820万元，同比下滑 15%；煌上煌营收17.39亿元，同比下滑9.44%；归属净利润4033万元，同比下滑42.86%；绝 味食品，营收62.57亿元，同比下滑13.84%；净利润2.27亿元，同比下滑34.04%。 "月薪过万，啃不起鸭脖"，已经成了打工人的自我调侃。近年几乎每一次财报一发，"鸭脖卖不 动了""年轻人不爱吃鸭脖了"的讨论声就会出现，"卤味三巨头"到底怎么了？ 卤味三巨头到底有多贵？ 根据绝味鸭脖小程序，定位北京，270克鸭脖30元、240克黑鸭翅中25元、150克鸭肠30元、 120克鸭舌50元。根据周黑鸭小程 ...

国金证券股份有限公司 关于江西煌上煌集团食品股份有限公司 向特定对象发行股票之持续督导保荐总结报告书 国金证券股份有限公司（以下简称"国金证券""保荐人"）作为江西煌上煌 集团食品股份有限公司（以下简称"煌上煌""公司"）向特定对象发行股票的保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等规定，国金证 券的持续督导期持续至 2024 年 12 月 31 日，截至本报告书出具日，持续督导期已 满，现根据有关法律法规和规范性文件的要求，出具本持续督导保荐总结报告书。 一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导性陈 述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本保荐人及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项进行 的任何质询和调查。 3、本保荐人及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业务管 理办法》的有关规定采取的监管措施。 | 保荐人名称： | 国金证券股份有限公司 | | --- | --- | | 法定代表 ...