Core Insights - The article discusses the decline of the duck neck snack industry, highlighting the closure of 5,600 stores and the loss of consumer interest among young people [1] - Major brands like Juewei, Zhou Hei Ya, and Huang Shang Huang are facing significant challenges, including store closures, financial losses, and a drop in consumer trust [1][6] Group 1: Industry Overview - The duck neck snack was once a staple of nightlife, with brands rapidly expanding and attracting franchisees due to perceived profitability [1][3] - By 2019, the market began to saturate, leading to a decline in single-store revenue as competition increased [3] - In the first half of 2025, Zhou Hei Ya reported revenue of 1.223 billion, a decrease of 2.9% year-on-year, while Huang Shang Huang's revenue was 984 million, down 7.19% year-on-year [1] Group 2: Business Model Challenges - The franchise model initially appeared profitable due to upfront fees and bundled services, but market saturation led to diminishing returns for franchisees [3][8] - Zhou Hei Ya's focus on high-end locations resulted in high rental costs, making its business model vulnerable during economic downturns [3][6] - The number of franchise stores for Zhou Hei Ya decreased to 1,291 by the first half of 2025, indicating a contraction in its business [3] Group 3: Consumer Behavior and Market Trends - The menu offerings of these brands have remained stagnant, failing to innovate and attract younger consumers who prefer trendy and novel options [4][8] - Price increases have alienated consumers, as the cost of duck neck snacks has approached that of full meals, leading to a perception of reduced value [6][8] - The combination of quality control issues, lack of product innovation, and rising prices has contributed to a significant decline in brand loyalty and consumer interest [6][8] Group 4: Financial Impact - The combined revenue of the three major brands decreased by nearly 1 billion in the first half of 2025, reflecting a systemic contraction in the industry [8] - Juewei has faced severe financial issues, leading to its designation as ST (special treatment) in the capital market, with its market value evaporating by 80% from its peak [1][6] - Zhou Hei Ya has been forced to make layoffs and internal adjustments due to declining revenue and increased operational costs [6]

Core Points - The company held its third extraordinary general meeting of shareholders in 2025, ensuring that the information disclosed is true, accurate, and complete without any false records or misleading statements [1] - The meeting was conducted with a combination of on-site and online voting, and no new, rejected, or changed proposals were introduced during the meeting [1][7] Meeting Notification - The company published the notice for the extraordinary general meeting on October 21, 2025, in several financial newspapers and on the official website [2] Meeting Details - The meeting was convened by the board of directors of the company [3] - The on-site meeting took place on November 6, 2025, at 14:30, with online voting available throughout the day [4] - The meeting was presided over by the chairman of the board, Mr. Chu Jun [5] - The location of the meeting was at the company's comprehensive building in Nanchang, Jiangxi Province [6] Attendance - A total of 171 shareholders and representatives attended the meeting, representing 376,019,949 shares, which is 67.1961% of the total voting shares [8] - Of these, 7 attended the on-site voting, representing 373,128,344 shares (66.6794%), while 164 participated via online voting, representing 2,891,605 shares (0.5167%) [9] - Among the attendees, 164 were small shareholders, representing 2,891,605 shares (0.5167%) [10] - All directors, supervisors, and senior management attended the meeting, along with legal representatives from a law firm [11] Voting Results - The meeting approved several proposals, including the addition of board seats and amendments to the company's articles of association, with 99.9830% of the votes in favor [12] - Other governance proposals were also approved, with varying levels of support from small shareholders, including amendments to the board meeting rules and independent director system [13][14][15] - A proposal to abolish the supervisor meeting rules received 99.9731% approval [21] Legal Opinion - The meeting was witnessed by lawyers from a law firm, who confirmed that the procedures followed were in compliance with relevant laws and regulations [22] Documents for Reference - The resolutions from the extraordinary general meeting and the legal opinion from the law firm are available for review [23]

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 2025 年第三次临时股东会的法律意见书 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 11 月 06 日召开的 2025 年第三次临时股东会（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 ...

证券代码：002695 证券简称：煌上煌 编号：2025—044 江西煌上煌集团食品股份有限公司 2025年第三次临时股东大会决议公告 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 10 月 21 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 年第三次临时股东大会的通知》。 二、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 11 月 6 日（星期四）下午 14：30 （2）网络投票时间：2025 年 11 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 11 月 6 日上午 9:15-9:25、9:30-11:30 ...

Market Overview - The leisure food sector experienced a slight decline of 0.13% on November 6, with ST Juewei leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Notable gainers in the leisure food sector included: - Ganyuan Food (002991) with a closing price of 57.71, up 1.84% and a trading volume of 21,200 lots [1] - Ximai Food (002956) closed at 22.51, up 1.44% with a trading volume of 34,600 lots [1] - Wancheng Group (300972) closed at 179.46, up 1.10% with a trading volume of 12,600 lots [1] - Conversely, ST Juewei (603517) saw a decline of 1.52%, closing at 13.64 with a trading volume of 91,600 lots [2] - Other notable decliners included: - Yanjinpuzi (002847) down 1.38% to 71.33 [2] - Three Squirrels (300783) down 1.02% to 23.32 [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 126 million yuan from institutional investors, while retail investors contributed a net inflow of 100 million yuan [2] - The overall capital flow for individual stocks showed mixed results, with Ganyuan Food experiencing a net inflow of over 3.89 million yuan from institutional investors [3] - Other stocks like Ziyan Food (603057) had a net inflow of 1.55 million yuan from institutional investors, while stocks like ST Juewei and Lihai Food (300973) faced significant net outflows [3]

Market Overview - The leisure food sector increased by 0.08% on November 5, with Ximai Food leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Ximai Food (002956) closed at 22.19, up 2.35% with a trading volume of 44,300 shares and a transaction value of 98.90 million [1] - Guifaxiang (002820) also rose by 2.35% to 13.52, with a trading volume of 231,600 shares and a transaction value of 313 million [1] - Other notable performers include Maiqu'er (002719) up 1.90% to 9.67, and Sanzhi Songshu (300783) up 1.73% to 23.56 [1] Capital Flow - The leisure food sector experienced a net outflow of 3.67 million from institutional investors, while retail investors saw a net outflow of 43.58 million [2] - Conversely, speculative funds recorded a net inflow of 47.25 million [2] Individual Stock Capital Flow - Sanzhi Songshu (300783) had a net inflow of 20.74 million from institutional investors, but a net outflow of 30.54 million from retail investors [3] - Guifaxiang (002820) saw a net inflow of 9.29 million from institutional investors, with a net outflow of 13.02 million from retail investors [3] - Other stocks like Jinzai Food (003000) and Yuanzi Food (603886) also showed mixed capital flows, with significant retail outflows [3]

Core Viewpoint - The company is expanding its presence in Hainan as part of its "Thousand Cities, Ten Thousand Stores" strategy, leveraging the free trade port policy to explore Southeast Asian markets and establish a high-quality overseas raw material base [1] Group 1: Company Operations - As of November 4, the company's factory in Hainan covers an area of 60,135.35 square meters [1] - The construction of the Hainan food processing and cold chain storage center has been postponed to December 31, 2026, due to changes in the market environment [1] Group 2: Strategic Intent - The company's initial intention for its Hainan layout is to implement its strategic goals and take advantage of favorable policies to enhance its market reach [1]

Core Viewpoint - The company, Huang Shang Huang (002695.SZ), is currently sourcing pineapples primarily from local suppliers in Fujian, which offers advantages in logistics and time efficiency. Durian is mainly sourced from Thailand to ensure stable product quality. There are no current plans to import pineapples or durians from Taiwan, but any future procurement developments that meet disclosure standards will be announced promptly [1]. Group 1 - The company sources pineapples locally from Fujian, benefiting from shorter logistics and reduced time costs [1] - Durian is primarily sourced from Thailand to maintain product quality stability [1] - There are no plans to import agricultural products from Taiwan at this time [1]

Core Viewpoint - The leisure food sector experienced a 1.77% increase on November 3, with Wancheng Group leading the gains, while the overall market indices also showed positive movement [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3976.52, up 0.55% [1] - The Shenzhen Component Index closed at 13404.06, up 0.19% [1] - The leisure food sector stocks showed varied performance, with Wancheng Group rising by 4.02% to a closing price of 183.88 [1] Group 2: Stock Performance - Key stocks in the leisure food sector included: - Wancheng Group: 4.02% increase, 3.31 million shares traded, total turnover of 602 million yuan [1] - Gui Faxiang: 3.05% increase, 1.53 million shares traded, total turnover of 201 million yuan [1] - Ximai Food: 2.81% increase, 378,000 shares traded, total turnover of 82.12 million yuan [1] - Ziyan Food: 2.51% increase, 491,000 shares traded, total turnover of 91.69 million yuan [1] - Huang Shang Huang: 2.20% increase, 1.15 million shares traded, total turnover of 149 million yuan [1] Group 3: Capital Flow - The leisure food sector saw a net outflow of 51.14 million yuan from institutional investors, while retail investors contributed a net inflow of 91.52 million yuan [1] - Specific stock capital flows included: - Wancheng Group: 19.90 million yuan net inflow from institutional investors [2] - Gui Faxiang: 6.78 million yuan net inflow from institutional investors [2] - Ximai Food: 3.77 million yuan net inflow from retail investors [2]

Group 1 - The company Huashanghuan stated on November 3 that as of October 31, 2025, the total number of shareholders is 34,451 [2]