北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 关于天津桂发祥十八街麻花食品股份有限公司 2024 年第二次临时股东大会的法律意见书 致：天津桂发祥十八街麻花食品股份有限公司 受贵公司的委托，北京市君合律师事务所（以下简称"本所"）根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以 下简称"《股东大会规则》"）等法律、法规、规章及《天津桂发祥十八街麻花 食品股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就贵公司 2024 年第二次临时股东大会（以下简称"本次股东大会"）的有关事宜，出具本 法律意见。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案 内容以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意 见。 本法律意见书仅供见证本次股东大会相关事项合 ...

2023 年年度股东大会决议公告 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。 特别提示： 证券代码：002820 证券简称：桂发祥 公告编号：2024-032 天津桂发祥十八街麻花食品股份有限公司 1.本次股东大会无否决议案或修改议案的情况；本次股东大会上没有新提议案提 交表决。 2.本次股东大会不涉及变更前次股东大会决议的情况。 一、会议召开和出席情况 1.会议召开时间 （1）现场会议召开时间：2024 年 5 月 9 日（星期四）13:30 （2）网络投票时间：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2024 年 5 月 9 日（星期四）的交易时间，即 9:15—9:25，9:30—11:30 和 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 2024 年 5 月 9 日（星期四）上午 9:15 至下午 15:00 期间的任意时间。 2.现场会议召开地点：天津市河西区洞庭路 32 号公司二楼会议室 3.会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 4.会议召集人：公司董事会 5.会议主持人：公司董 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 关于天津桂发祥十八街麻花食品股份有限公司 2023 年年度股东大会的法律意见书 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案 内容以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意 见。 本法律意见书仅供见证本次股东大会相关事项合法性之目的而使用，未经本 所书面同意，任何人不得将其用作其他任何目的。 为出具本法律意见之目的，本所委派律师列席了贵公司本次股东大会，并根 据现行法律、法规的有关规定及要求，按照律师行业公认的业务标准、道德规范 和勤勉尽责精神，对贵公司提供的与本次股东大会有关的文件和事实进行了核查 和验证。在此基础上，本所律师发表法律意见如下： 一、关于本次股东大会的召集和召开程序 1、 根据贵公司第四届董事会第十九次会议决议及于 202 ...

天津桂发祥十八街麻花食品股份有限公司 关于聘任公司总经理、补选非独立董事及 战略委员会委员的公告 证券代码：002820 证券简称：桂发祥 公告编号：2024-030 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。 天津桂发祥十八街麻花食品股份有限公司（以下简称公司）于 2024 年 5 月 7 日召 开了第四届董事会第二十一次会议，审议通过了《关于聘任公司总经理的议案》，鉴于 公司原董事、总经理退休，决议聘任龙剑先生（简历附后）担任公司总经理，任期自董 事会审议通过之日起至第四届董事会届满之日止；审议通过了《关于补选第四届董事会 非独立董事的议案》，拟补选马天禄先生（简历附后）为第四届董事会非独立董事，任 期自股东大会审议通过之日起至第四届董事会届满之日止；审议通过了《关于补选第四 届董事会战略委员会委员的议案》，补选独立董事张俊民先生（简历附后）为第四届董 事会战略委员会委员，任期自董事会审议通过之日起至第四届董事会届满之日止。 补选非独立董事事项尚需提交股东大会审议。本次聘任总经理、补选战略委员会委 员及非独立董事完成后，不会导致董事会中兼任公司高级管理 ...

证券代码：002820 证券简称：桂发祥 公告编号：2024-029 天津桂发祥十八街麻花食品股份有限公司 第四届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 天津桂发祥十八街麻花食品股份有限公司(以下简称公司)第四届董事会第二十 一次会议于 2024 年 5 月 7 日在公司二楼会议室召开，会议采用现场和通讯结合的方 式。会议通知已于 2024 年 4 月 30 日通过专人送达、电话、邮件等方式送达给全体 董事、监事。公司董事共 8 人，实际出席的董事为 8 人，其中以通讯表决方式出席会 议的董事为 3 人，分别为周峰、史兰英、任建国。会议由董事长李路主持，公司监事、董 事会秘书列席了本次会议。本次董事会的召开符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 会议以记名投票方式进行表决并通过了如下决议： 1.审议通过《关于聘任公司总经理的议案》。 鉴于公司原总经理退休，经董事长提名，董事会提名委员会审查，同意聘任龙剑先 生为公司总经理，任期自董事会审议通过之日起至第四届董事会届满之日止。 表 ...

证券代码：002820 证券简称：桂发祥 公告编号：2024-031 天津桂发祥十八街麻花食品股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 根据《公司法》及《公司章程》的有关规定，经天津桂发祥十八街麻花食品股份有 限公司（以下简称公司）第四届董事会第二十一次会议审议通过，决定于 2024 年 5 月 24 日 14:30 在天津市河西区洞庭路 32 号公司二楼会议室，召开公司 2024 年第二次临 时股东大会，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，现将本次股东 大会的有关情况通知如下： 一、召开会议的基本情况 1.股东大会届次：公司 2024 年第二次临时股东大会。 2.会议召集人：公司董事会。经公司第四届董事会第二十一次会议审议通过，公司 董事会决议召开 2024 年第二次临时股东大会。 3.会议召开的合法、合规性：本次股东大会会议的召集、召开符合相关法律、行政 法规、部门规章、规范性文件和《公司章程》等规定。 4.会议召开日期、时间： （1）现场会议召开时间：2024 年 5 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [19]. Core Insights - The company has shown steady revenue growth, with a total revenue of 160 million yuan in Q1 2024, representing a 12% year-on-year increase. However, net profit decreased by 27% to 19 million yuan due to increased expenses [19]. - The company is actively expanding its distribution channels and enhancing brand building, with successful initiatives in e-commerce and partnerships with well-known supermarkets [19]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 0.47 yuan, 0.68 yuan, and 0.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19, 13, and 9 times [19]. Financial Projections - The company's projected revenue for 2023 is 504 million yuan, with expected growth rates of 113.2% in 2023, 45.7% in 2024, 35.9% in 2025, and 27.2% in 2026 [7]. - The projected net profit for 2023 is 61 million yuan, with growth rates of 186.4% in 2023, 53.8% in 2024, 45.4% in 2025, and 37.1% in 2026 [7]. - The report indicates a return on equity (ROE) of 6.2% for 2023, expected to rise to 9.2% in 2024, 12.6% in 2025, and 15.9% in 2026 [7].

Revenue and Profitability - The company's revenue for Q1 2024 was CNY 160,391,947.85, representing a 12.44% increase compared to CNY 142,651,899.09 in the same period last year[5] - Net profit attributable to shareholders decreased by 26.78% to CNY 18,698,588.31 from CNY 25,536,569.67 year-on-year[5] - Basic and diluted earnings per share decreased by 30.77% to CNY 0.09 from CNY 0.13 year-on-year[5] - Total operating revenue for Q1 2024 reached ¥160,391,947.85, an increase of 12.2% compared to ¥142,651,899.09 in the same period last year[22] - Net profit for Q1 2024 was ¥18,698,588.31, a decrease of 26.8% from ¥25,536,569.67 in Q1 2023[24] - Earnings per share (EPS) for Q1 2024 was ¥0.09, down from ¥0.13 in the previous year[24] Cash Flow and Financial Position - The net cash flow from operating activities fell by 43.55% to CNY 27,899,339.48, down from CNY 49,421,560.86 in the previous year[5] - Cash received from operating activities decreased due to the absence of a prior year's court settlement amount[12] - The net cash flow from operating activities for Q1 2024 was ¥27,899,339.48, a decrease of 43.5% compared to ¥49,421,560.86 in Q1 2023[26] - Total cash inflow from investment activities was ¥301,551,186.30, down 25.1% from ¥402,610,989.34 in the same period last year[26] - The net cash flow from investment activities was -¥5,100,334.64, contrasting with a positive cash flow of ¥1,686,726.34 in Q1 2023[26] - Cash outflow from financing activities totaled ¥53,032,354.35, significantly higher than ¥7,295,061.04 in Q1 2023[26] - The net increase in cash and cash equivalents was -¥30,233,349.51, compared to an increase of ¥43,813,226.16 in the previous year[27] - The ending balance of cash and cash equivalents was ¥610,982,400.46, down from ¥641,524,154.58 at the end of Q1 2023[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,025,756,224.54, a decrease of 3.08% from CNY 1,058,374,113.89 at the end of the previous year[5] - Cash and cash equivalents decreased from RMB 641,215,749.97 to RMB 610,982,400.46, a decline of approximately 4.3%[19] - Accounts receivable increased from RMB 14,856,765.11 to RMB 20,703,929.00, an increase of approximately 39.5%[19] - Inventory decreased from RMB 41,952,902.60 to RMB 38,102,170.38, a decline of approximately 9.0%[19] - The company’s total liabilities include accounts payable of RMB 23,069,198.18, up from RMB 20,552,849.82, an increase of approximately 7.4%[19] - Total liabilities decreased to ¥74,786,231.07 from ¥76,102,573.15 year-on-year[23] - Total equity attributable to shareholders was ¥950,969,993.47, down from ¥982,271,540.74 in the previous year[23] Expenses and Investments - The company increased its marketing expenses due to higher sales personnel costs and advertising efforts, contributing to the rise in sales expenses[10] - The company reported a decrease in R&D expenses as some projects were completed, leading to reduced investment in this area[11] - Research and development expenses were ¥566,890.74, a decrease of 23% from ¥736,179.19 in the same period last year[23] - Payments to employees increased to ¥47,691,987.38, up 44.7% from ¥32,959,148.99 in the same quarter last year[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,051[14] - The largest shareholder, Tianjin Guifaxiang, holds 33.99% of the shares, totaling 68,273,314 shares[14] - The company repurchased 5,525,200 shares, representing 2.75% of the total shares, with a total expenditure of RMB 49,999,551.36[16] Other Information - The company opened a new brand collection store, enhancing market visibility and engagement through various cultural activities[8] - The company has a long-term investment of RMB 40,831.12, down from RMB 43,463.59[19] - The company’s fixed assets decreased slightly from RMB 188,451,770.05 to RMB 187,585,778.96[19] - The company has not undergone an audit for the Q1 2024 report[28] - The company began implementing new accounting standards in 2024, affecting the financial statements[28] - The company plans to focus on market expansion and new product development in the upcoming quarters[24]

证券代码：002820 证券简称：桂发祥 公告编号：2024-027 天津桂发祥十八街麻花食品股份有限公司 截至本公告日，李铭祥先生持有公司股份 710,289 股，已知晓董事和高级管理人 员离任后股份管理的相关规定，并承诺在离任后继续按照相关法律法规及《公司章程》 等的规定进行锁定管理。 李铭祥先生在担任公司董事、总经理期间勤勉尽责、恪尽职守，公司董事会对李 铭祥先生在任职期间为公司所作出的贡献表示衷心感谢！ 特此公告。 天津桂发祥十八街麻花食品股份有限公司 董 事 会 二〇二四年四月十九日 1 关于董事、总经理辞职的公告 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。 天津桂发祥十八街麻花食品股份有限公司(以下简称公司)董事会于近日收到董 事、总经理李铭祥先生递交的书面辞职报告。李铭祥先生因退休申请辞去公司第四届 董事会董事、战略委员会委员及总经理职务、控股子公司法定代表人及其他职务，辞 职后不再担任公司及控股子公司其他任何职务。 根据《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 1 号——主板上市公司规范运作》，以及《公司章程》 ...

Investment Rating - The report maintains a "Buy" rating for the company [15][24]. Core Views - The company has turned profitable, with a significant revenue increase of 113% in 2023, reaching 504 million yuan, driven by a recovery in the regional tourism market [15][16]. - The gross margin improved by 18 percentage points to 46.04%, attributed to better management of raw material costs and increased production efficiency [15][16]. - The company is expected to achieve revenue and net profit of at least 550 million yuan and 66 million yuan, respectively, in 2024 [15][16]. - The product structure is continuously optimized, with steady expansion of sales channels, including a notable increase in direct sales and distribution revenue [15][16]. Financial Forecast - The company's revenue is projected to grow from 734 million yuan in 2024 to 1.269 billion yuan in 2026, with growth rates of 45.7%, 35.9%, and 27.2% respectively [4][6]. - Net profit is expected to rise from 94 million yuan in 2024 to 187 million yuan in 2026, with growth rates of 53.8%, 45.4%, and 37.1% respectively [4][6]. - The diluted earnings per share (EPS) is forecasted to increase from 0.47 yuan in 2024 to 0.93 yuan in 2026 [4][6]. Key Financial Metrics - The company's return on equity (ROE) is projected to improve from 9.2% in 2024 to 15.9% in 2026 [4][6]. - The gross profit margin is expected to remain strong, with estimates of 47.2% in 2024 and 49.7% in 2026 [4][6]. - The company's total assets are projected to grow from 1.101 billion yuan in 2024 to 1.257 billion yuan in 2026 [4][6].