Core Viewpoint - The China Securities Regulatory Commission (CSRC) issued a warning letter to Yonghui Supermarket Co., Ltd. for failing to timely disclose changes in shareholding after reducing its stake in Hongqi Chain Co., Ltd. from 11% to 10% [1][5][6] Group 1: Company Actions - Yonghui Supermarket acquired over 5% of Hongqi Chain shares in 2017 through a transfer agreement [1][5] - From April 21 to April 24, 2025, Yonghui Supermarket reduced its holdings by 13.6 million shares, resulting in a decrease in ownership from 11% to 10% [1][5] - The company did not disclose the change in shareholding until July 21, 2025, violating the regulations [1][6] Group 2: Regulatory Framework - According to the "Measures for the Administration of the Acquisition of Listed Companies," investors must report changes in shareholding when reaching or crossing the 5% threshold within three days [3][4] - The CSRC can impose administrative measures, including issuing warning letters, for non-compliance with disclosure obligations [4][6] - Yonghui Supermarket's actions were recorded in the securities and futures market integrity database as part of the regulatory measures [1][6]

Core Points - YH Supermarket received a warning letter from the Sichuan Securities Regulatory Bureau for failing to timely disclose changes in equity after reducing its stake in Hongqi Chain [2][5] - The company appointed a new CEO, Wang Shoucheng, on September 18, 2023, following a management restructuring after Miniso became the largest shareholder [3] - YH Supermarket's revenue decreased by 20.73% year-on-year in the first half of the year due to strategic transformation and the closure of loss-making stores [4] Group 1: Regulatory Issues - YH Supermarket acquired over 5% of Hongqi Chain shares in 2017 and reduced its stake from 11% to 10% between April 21 and April 24, 2025, without timely disclosure [2] - The company acknowledged the issues raised in the warning letter and committed to improving compliance and information disclosure practices [2] Group 2: Management Changes - Wang Shoucheng, born in April 1991 and a graduate of Peking University, was appointed as CEO after a period of vacancy [3] - The management restructuring was part of a broader reform initiative led by Miniso's founder, Ye Guofu [3] Group 3: Financial Performance - YH Supermarket's revenue decline was attributed to the deep transformation strategy initiated in the second half of 2024, including the closure of underperforming stores [4] - Despite an increase in revenue from remodeled stores, it was insufficient to offset the losses from closed locations [4]

Core Viewpoint - Yonghui Supermarket received a warning letter from the Sichuan Securities Regulatory Bureau for failing to timely disclose changes in shareholding after reducing its stake in Hongqi Chain [1] Group 1: Regulatory Actions - The Sichuan Securities Regulatory Bureau issued a warning letter to Yonghui Supermarket due to non-compliance with the disclosure requirements outlined in the "Measures for the Administration of the Acquisition of Listed Companies" [1] - The company reduced its stake in Hongqi Chain from 11% to 10% by selling 13.6 million shares between April 21 and April 24, 2025, without timely reporting the change [1] Group 2: Compliance Issues - Yonghui Supermarket failed to disclose the equity change report until July 21, 2025, which is a violation of the regulations [1] - The actions of the company have been recorded in the securities and futures market integrity database as part of the regulatory measures taken [1]

Core Viewpoint - Yonghui Supermarket announced a reduction in its stake in Hongqi Chain, violating regulations regarding timely disclosure of equity changes [1] Group 1: Company Actions - In April 2025, the company reduced its holdings in Hongqi Chain by selling 13.6 million shares, decreasing its ownership from 11% to 10% [1] - The company failed to disclose the equity change report in a timely manner when its holdings reached a multiple of 5% [1] Group 2: Regulatory Response - The Sichuan Securities Regulatory Bureau issued a warning letter as an administrative regulatory measure against the company [1] - The company's actions will be recorded in the securities and futures market integrity database [1] Group 3: Future Compliance Measures - The company plans to enhance its understanding of relevant laws and regulations and improve its compliance awareness [1] - The company will ensure timely fulfillment of information disclosure obligations moving forward [1]

Core Viewpoint - Yonghui Supermarket has received a warning letter from the Sichuan Regulatory Bureau of the China Securities Regulatory Commission due to non-compliance with disclosure regulations regarding shareholding changes [1] Summary by Relevant Sections Company Actions - In 2017, the company acquired shares of Chengdu Hongqi Chain Co., Ltd. through a transfer agreement, becoming a shareholder with over 5% ownership [1] - Between April 21 and April 24, 2025, the company reduced its stake in Hongqi Chain by selling 13.6 million shares, decreasing its ownership from 11% to 10% [1] Regulatory Compliance - The company failed to timely disclose the change in shareholding when it fell below the 5% threshold, only reporting the change on July 21, 2025 [1] - This action was found to violate Article 13, Paragraph 2 of the "Measures for the Administration of the Acquisition of Listed Companies" [1] - As a result, the regulatory authority decided to issue a warning letter as an administrative regulatory measure against the company [1]

Core Viewpoint - Hongqi Chain announced the appointment of Mr. Tan Liu as the secretary of the board of directors, effective from the date of the board meeting until the end of the current board's term [1] Group 1 - The fifth session of the board of directors will hold its 24th meeting on September 24, 2025 [1] - The board approved the proposal to appoint the new secretary [1]

证券代码：002697 证券简称：红旗连锁 公告编号：2025-030 成都红旗连锁股份有限公司 关于聘任公司董事会秘书的公告 联系电话：028-87825762 传 真：028-87825530 邮 箱：19436823@qq.com 特此公告。 成都红旗连锁股份有限公司 董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 成都红旗连锁股份有限公司（以下简称"公司"）于 2025 年 9 月 24 日召开 第五届董事会第二十四次会议，审议通过了《关于聘任公司董事会秘书的议案》。 经公司董事会提名委员会审查通过，董事会同意聘任谭柳先生为公司董事会秘书 （简历见附件），任期自本次董事会审议通过之日起至第五届董事会任期届满之 日止。 谭柳先生具备履行职责所必须的专业能力和工作经验，并已取得深圳证券交 易所颁发的《董事会秘书培训证明》，符合《公司法》《深圳证券交易所上市公司 自律监管指引第 1 号—主板上市公司规范运作》《深圳证券交易所股票上市规则》 和《公司章程》等相关规定。联系方式如下： 联系地址：成都市高新区西区迪康大道7号 二〇二五年九月二十四日 附件： ...

一、董事会会议召开情况 成都红旗连锁股份有限公司（以下简称"公司"）第五届董事会第二十四次会 议于 2025 年 9 月 24 日上午 10:00 时以现场与通讯相结合的方式在公司会议室召 开。本次会议通知于 2025 年 9 月 22 日以邮件通知方式发出，应出席会议的董事 9 名，实际出席会议的董事 9 名（其中董事吴乐峰先生、独立董事谭洪涛先生、 贺立龙先生、周涛先生以通讯方式参会并表决），会议由董事长袁继国先生主持， 全体监事列席本次会议。本次会议的召集、召开及表决符合有关法律、法规及公 司《章程》的规定，会议决议合法有效。 二、董事会会议审议情况 证券代码：002697 证券简称：红旗连锁 公告编号：2025-031 成都红旗连锁股份有限公司 第五届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 《关于聘任公司董事会秘书的公告》详见《中国证券报》、《上海证券报》、《证 券日报》、《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）。 三、备查文件 1、第五届董事会第二十四次会议决议 成都红旗连锁股 ...

Core Viewpoint - The supply of fresh lemon water at some Mixue Bingcheng stores in Shanghai is returning to normal after a recent shortage caused by weather-related delays in lemon imports and local harvesting issues [2][4]. Group 1: Supply Chain and Pricing - A recent shortage of lemons was reported in multiple Mixue Bingcheng stores, but as of September 23, most locations have resumed normal supply levels [2]. - The national wholesale average price of lemons reached 14.98 yuan per kilogram as of September 22, nearly doubling from 7.87 yuan per kilogram a year earlier [3]. - The lemon market is experiencing significant fluctuations due to climate crises affecting global agricultural supply chains, with major production areas like Sichuan facing a 30%-60% reduction in output [4]. Group 2: Demand and Financial Performance - The demand for lemons has surged, with tea shops increasing their lemon purchases by 200% due to rising summer temperatures, leading to daily consumption rates exceeding 50 kilograms at top brands [4]. - Despite the rising costs of raw materials, Mixue Bingcheng has not increased the price of its fresh lemon water, which poses challenges for cost control [4]. - Mixue Bingcheng reported a revenue of 14.87 billion yuan in the first half of the year, a year-on-year increase of 39.3%, and a net profit of 2.72 billion yuan, up 44.1% [6]. Group 3: Profit Margins - The gross profit margin of Mixue Bingcheng is relatively moderate, ranging between 29%-31% over the past two years, reflecting its focus on cost-effectiveness [5]. - The gross margin for the 5 yuan fresh lemon water is expected to be slightly lower than that of other higher-priced products [5].

Core Insights - Hongqi Chain (002697) reported that as of September 19, 2025, the total number of shareholders is 67,312 [1] Company Summary - The company is actively engaging with investors through interactive platforms [1] - The shareholder count indicates a growing interest in the company, reflecting potential investor confidence [1]