Market Expansion Strategy - The company plans to expand its market presence outside Tianjin, focusing initially on Beijing and Shanghai, with a structured team and distributor management system in place [2][3] - The brand has a relatively high recognition in surrounding regions, leveraging its brand and product advantages for gradual nationwide expansion [3] Product Development and Sales Channels - The company aims to enhance its product line by focusing on leisure snacks, with plans to automate production of 8g filled snacks as a key product [3][4] - Online sales channels will include traditional e-commerce platforms like JD and Taobao, as well as emerging platforms like Douyin for short video commerce [3][4] Distribution and Pricing Strategy - The company acknowledges a past decline in distributor channels and plans to strengthen support for local distributors while expanding recruitment efforts in markets outside Tianjin [3][4] - There is a differentiation in pricing strategies between direct sales and distributor channels, with direct sales playing a crucial role in market price control [3][4] Financial Performance and Projections - The company projects a revenue target of CNY 460 million and a net profit of CNY 60 million for the year, reflecting a recovery in performance [5][6] - The sales expense ratio is higher than industry peers due to the direct sales model, which incurs fixed costs for store operations [7] Operational Improvements - The company is investing in automation and production efficiency to address past challenges in meeting market demand [7] - Plans are in place to enhance service quality and operational management in direct sales to improve profitability [6][7] Marketing and Brand Development - The company is focusing on online marketing strategies, including live streaming and word-of-mouth promotion, to boost brand awareness and drive sales [4][6] - A pilot project for an old brand collective store is being developed to create a cultural consumption experience center [4][5] Investment and Acquisition Plans - The company is actively seeking investment and acquisition opportunities within the food industry to support strategic growth [5][7] - There is a focus on utilizing excess cash for strategic investments while managing cash flow efficiently [7]

证券代码：002820 证券简称：桂发祥 天津桂发祥十八街麻花食品股份有限公司 投资者关系活动记录表 答：您好，感谢关注。下一步，公司将继续发力，以创新为驱动， 打造老字号融合发展平台，聚焦核心优势，促进产品分类升级； 同时进一步加强线上平台建设，结合品牌宣传与营销，线上线下 全渠道拓展市场，持续拉动业绩回升。具体经营计划详见公司于 指定媒体披露的《2022 年年度报告》"管理层讨论与分析"之 "公司未来发展的展望"部分。谢谢！ 问题 10.你股价再跌就破产了。 编号：2023-01 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 全景网（https://rs.p5w.net/html/137037.shtml）交流互动网 友 时间 2023-4-28（周五）下午 15:00-17:00 地点 全景网（https://rs.p5w.net/html/132007.shtml） 上市公司接待 人员姓名 董事长 李 路 董事/总经理 李铭祥 独立董事 张俊民 副总经理/财务总监 蒋桂洁 董事会秘书 黄靓雅 投资者 ...

天津桂发祥十八街麻花食品股份有限公司 2023 年第一季度报告 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经审计 □是 否 1 天津桂发祥十八街麻花食品股份有限公司 2023 年第一季度报告 证券代码：002820 证券简称：桂发祥 公告编号：2023-019 天津桂发祥十八街麻花食品股份有限公司 2023 年第一季度报告 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。 重要内容提示： 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 会计政策变更 □会计差错更正 □同一控制下企业合并 □其他原因 | | 本报告期 | 上年同期 | | 本报告期比上年同期 | | --- | --- | --- | --- | --- | | | | | | 增减（%） ...

Financial Performance - The company's operating revenue for 2022 was ¥236,335,777.19, a decrease of 41.66% compared to ¥405,124,206.90 in 2021[18] - The net profit attributable to shareholders was -¥70,612,720.35, representing a decline of 431.72% from ¥21,286,635.53 in the previous year[18] - The basic earnings per share for 2022 was -¥0.35, down 418.18% from ¥0.11 in 2021[18] - Total assets at the end of 2022 were ¥1,032,872,101.44, a decrease of 10.44% from ¥1,153,302,419.55 at the end of 2021[18] - The net assets attributable to shareholders decreased by 9.56% to ¥952,784,557.16 from ¥1,053,517,349.24 in 2021[18] - The company reported a net cash flow from operating activities of -¥21,750,200.32, a decline of 134.47% from ¥63,102,139.98 in 2021[18] - The weighted average return on equity was -7.06%, down from 2.02% in the previous year[18] - The company's total revenue for Q1 2022 was ¥68,519,272.64, while Q2 revenue dropped to ¥40,491,599.63, and Q3 revenue increased to ¥84,977,007.68, before falling again to ¥42,347,897.24 in Q4[22] - The net profit attributable to shareholders for Q3 2022 was a loss of ¥1,508,235.12, with Q1 and Q2 losses of ¥19,261,561.06 and ¥25,615,589.69 respectively, and a significant loss of ¥24,227,334.48 in Q4[22] Market and Industry Trends - The total market size of the leisure snack industry in China was ¥734.2 billion in 2022, with an expected growth to ¥976.5 billion by 2027, indicating a robust growth trend[29] - The baking food industry in China reached a market size of ¥285.3 billion in 2022, growing by 9.7% year-on-year[29] - In 2022, the total retail sales of consumer goods in China decreased by 0.2%, with food retail sales increasing by 8.7%[31] - The company faced challenges due to a 22.1% decline in domestic tourist numbers and a 30% drop in domestic tourism revenue in 2022, impacting sales[32] Product and Sales Strategy - The company’s main product, the traditional snack "Eighteen Street Mahua," is well-regarded and has a strong market presence, particularly in the Tianjin region[30] - The company has expanded its e-commerce channels by entering platforms such as Douyin and Kuaishou, aiming to enhance consumer interaction and brand exposure[34] - The company has implemented product packaging upgrades and launched new product combinations to meet changing consumer demands, particularly in the home consumption sector[34] - The company has developed new products tailored for e-commerce, targeting younger consumers and aligning with festive promotional activities[34] - The company has adjusted its product offerings to include more convenient and flexible packaging options, enhancing the shopping experience for consumers[34] Operational Challenges - The company faced significant risks in the retail and food industries, which were detailed in the report[3] - The company has acknowledged uncertainties regarding its ability to continue as a going concern due to negative net profits in recent years[18] - The company reported a significant decline in store operating profit, with a loss of approximately ¥23.44 million compared to a profit of approximately ¥48.98 million in the previous period[37] - The number of distributors in the Tianjin region decreased by 19.06% to 225, while the total number of distributors decreased by 15.13% to 286[46] Financial Management and Investments - The company received government subsidies amounting to ¥2,146,503.35 in 2022, which are closely related to its normal business operations[24] - The company reported a non-operating income of ¥4,086,001.19 from entrusted investment management in 2022, reflecting its strategy to optimize asset management[24] - The company invested ¥5,174,151.02 in research and development, which is a 7.73% increase from ¥4,802,966.02 in the previous year[57] - The company has committed to a dividend payout ratio of 30% of net profits, ensuring returns to shareholders while maintaining growth investments[184] Corporate Governance and Management Changes - The company reported a resignation of the chairman, Feng Guodong, on September 1, 2022, due to health reasons, and a resignation of director Ma Hongtao for work reasons on the same date[132] - The company appointed Li Lu as the new chairman on November 2, 2022, following the resignation of the previous chairman[132] - The company experienced a change in the supervisory board with the resignation of Zhao Li as the chairwoman on November 28, 2022, due to work adjustments[132] - The company has expanded its board with independent directors who bring extensive experience from various industries, including food and beverage[135] Social Responsibility and Community Engagement - The company has received multiple honors for its social responsibility efforts, including "National Civilized Unit" and "National Model Labor Relations Harmonious Enterprise" awards[175] - The company has provided over 10,000 hours of volunteer service in community support activities, reflecting its dedication to social welfare[178] - The company has actively participated in important community health and safety initiatives, including fire safety and health education campaigns[178] - The company donated a total of 70,000 yuan to the Tianjin Red Cross and 10,000 yuan to the Tianjin Youth Development Foundation, demonstrating its commitment to social responsibility[179] Future Outlook and Strategic Plans - In 2023, the company aims to leverage policy optimizations to boost consumption and tourism recovery, while also addressing ongoing economic pressures and rising raw material costs[105] - The company plans to establish a platform for the integration of time-honored brands, creating a collection store that showcases local specialties and cultural heritage, enhancing consumer experience[105] - The company is considering strategic acquisitions to enhance its product portfolio and market presence, with a budget of 200 million RMB allocated for potential deals[184] - The company plans to expand its distribution channels, particularly targeting local tourism and convenience stores, while also developing markets outside Tianjin, starting with Beijing[111]

证券代码：002820 证券简称：桂发祥 公告编号：2023-017 天津桂发祥十八街麻花食品股份有限公司 关于举行 2022 年度网上业绩说明会的公告 1 （问题征集专题页面二维码） 特此通知。 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。 天津桂发祥十八街麻花食品股份有限公司（以下简称公司）已于 2023 年 4 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 （http://www.cninfo.com.cn）上披露了《2022 年年度报告》全文及《2022 年年度 报告摘要》。为了便于广大投资者更深入全面地了解公司情况，公司将于 2023 年 4 月 28 日（星期五）下午 15:00—17:00 在全景网举办公司 2022 年度网上业绩说明会。 本次说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台" （http://ir.p5w.net）参与本次年度业绩说明会。 出席本次年度报告网上业绩说明会的人员有：公司董事长李路先生、总经理李铭 祥先生，独立董事张俊民先生，副总经理兼财务总监蒋桂洁女士，董事 ...

Group 1: Market Performance and Product Strategy - The decline in the traditional "Mahua" product line is attributed to economic conditions and policy adjustments, while revenue from pastries is increasing [3] - The company plans to refine its product offerings based on consumer demand, focusing on health and functionality, and targeting younger consumers [3] - Future product development will include creating sub-brands under the main brand "Gui Fa Xiang" to represent a broader range of quality food products [3] Group 2: Market Expansion and Retail Strategy - The company aims to expand its market presence through a combination of flagship stores, sales subsidiaries, and distribution channels, leveraging e-commerce for nationwide reach [3] - Current direct stores in Tianjin show significant profit variance due to differing locations and functions, with some stores focusing on brand image while others stabilize local pricing [4] - The company sees potential for further store openings in Tianjin, particularly in areas not yet covered [5] Group 3: Financial and Operational Insights - The last price increase for "Mahua" occurred in July 2014, driven by product updates and favorable market acceptance [4] - The company has completed the construction of three production lines at its airport production base, with production expected to commence in the first half of the year [6] - The presence of counterfeit products highlights the brand's popularity, prompting the company to implement protective measures through patents and trademarks [6]

Group 1: Company Overview and Strategy - The company aims to deepen its market presence in Tianjin while expanding nationally, focusing on optimizing existing channels and introducing new product categories, particularly non-mahua products like pastries [3][4] - The strategy involves transitioning from a "specialized" approach to a "scale" approach, balancing differentiated advantages with scale advantages to support core products [3][4] - The company plans to leverage its brand and channel advantages to promote traditional pastries as a new growth point, capitalizing on the market potential of traditional foods [4][5] Group 2: Market Position and Consumer Trends - The company does not view its products as "low-frequency" consumables, as its mahua products cater to various consumer segments, with daily consumers making up a significant portion of sales [4][5] - The company emphasizes the importance of adapting to changing consumer preferences by integrating traditional craftsmanship with modern technology and trends [5][6] - The company recognizes the competitive landscape, noting that traditional brands have advantages in quality and cost control due to their long-standing market presence [4][6] Group 3: Operational Insights - The company operates a comprehensive retail model, selling both its own products and high-quality local specialties, enhancing product variety [6][7] - Pricing adjustments are made based on factors like raw material costs and product updates, with no fixed schedule, and the market generally accepts these changes well [7][8] - New store profitability typically reaches breakeven within approximately six months, depending on the store type and scale [7][8] Group 4: Challenges and Responses - The company faces challenges from counterfeit products, which impact sales; it is addressing this through enhanced self-protection measures and market surveillance [7][8] - The company is developing a new production base at the airport, which will commence operations after equipment testing and market conditions allow [8] - Employee motivation and talent development are priorities, with plans to introduce various incentive mechanisms in line with company growth [8]

天津桂发祥十八街麻花食品股份有限公司 2022 年第三季度报告 证券代码：002820 证券简称：桂发祥 公告编号：2022-048 天津桂发祥十八街麻花食品股份有限公司 2022 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 1 天津桂发祥十八街麻花食品股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 84,977,007.68 | ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥109,010,872.27, a decrease of 51.44% compared to ¥224,509,583.71 in the same period last year[21]. - The net profit attributable to shareholders was a loss of ¥44,877,150.75, representing a decline of 306.71% from a profit of ¥21,710,691.30 in the previous year[21]. - The net cash flow from operating activities was negative at ¥14,788,021.44, down 125.96% from ¥56,954,895.58 in the same period last year[21]. - Basic and diluted earnings per share were both -¥0.22, a decrease of 300.00% compared to ¥0.11 in the previous year[21]. - Total assets at the end of the reporting period were ¥1,066,842,505.53, a decrease of 7.50% from ¥1,153,302,419.55 at the end of the previous year[21]. - The net assets attributable to shareholders decreased by 7.12% to ¥978,512,366.68 from ¥1,053,517,349.24 at the end of the previous year[21]. - The company's total operating costs decreased by 35.01% to ¥81,425,740.75, with significant reductions in direct material costs for self-produced products by 48.40%[46]. - The company's total liabilities decreased to CNY 39,803,329.11 as of June 30, 2022, from CNY 50,483,046.10 at the beginning of the year[159]. Revenue and Sales - The company's revenue from direct stores in Tianjin was approximately ¥83.97 million, a decrease of 49.13% compared to the previous period's ¥165.05 million[34]. - The overall retail sales in the food manufacturing industry increased by 4.1% year-on-year, but the growth rate has slowed compared to the same period last year[29]. - The domestic tourism total for the first half of 2022 was 1.455 billion trips, a decline of 22.2% year-on-year, impacting sales of the company's traditional snack products[30]. - The company's direct store sales are significantly influenced by local retail market conditions and population mobility, with a strong brand presence in the Tianjin area[33]. - Sales growth rate dropped significantly by 99.10%, from a previous growth of 49.97% to -49.13%[35]. - The company's store efficiency decreased by 49.59%, with a revenue per store of 5,320.23 CNY compared to 10,554.73 CNY in the previous period[35]. - The company reported a significant decline in revenue from its main product category, with a 57.03% drop in revenue from the main product, 麻花 (twisted dough sticks), totaling 55,145,610.27 CNY[38]. - Revenue in Tianjin region decreased by 59.21% to ¥17,582,879.57, while external regions saw a decline of 62.99% to ¥1,323,133.94, resulting in a total revenue drop of 59.50% to ¥18,906,013.51[39]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares for the 2022 half-year period[4]. - The management has indicated potential future strategies to address the challenges faced during the reporting period[4]. - The company plans to enhance its e-commerce business by developing new products tailored for online sales and increasing marketing activities on platforms like Douyin and Kuaishou[32]. - The company aims to shift its focus from the gift market to the leisure self-consumption market, responding to changing consumer demands during the pandemic[33]. - The company plans to continue optimizing production technology to meet modern consumer demands and enhance the nutritional health attributes of its products[52]. - The company plans to enhance its product categories and adjust its sales strategies to better respond to changing consumer demands and mitigate risks[88]. - The company aims to expand its market presence beyond Tianjin, where over 90% of its revenue currently comes from, to reduce reliance on a single market[90]. Investment and R&D - Research and development investment increased by 24.41% to ¥2,966,142.06, reflecting the company's commitment to innovation despite declining performance[55]. - The company has obtained 12 invention patents, enhancing its competitive advantage through the introduction of new food elements into traditional products[52]. - The company is actively developing digital technologies to enhance its retail operations and improve customer engagement through smart stores and e-commerce channels[91]. - Research and development expenses for the first half of 2022 were reported at 4.28 million RMB, which is a slight increase from 3.33 million RMB in the previous year, reflecting a commitment to innovation[182]. Market Conditions and Risks - The company faces risks related to the retail and food industries, which are detailed in the report[4]. - The overall GDP growth in Tianjin for the first half of 2022 was 0.4%, with social retail sales declining by 5.5% year-on-year, reflecting a challenging economic environment[30]. - The company reported a significant decline in sales due to multiple factors including the ongoing pandemic, limited population movement, and weak consumer sentiment, leading to a notable drop in performance for its main product lines[86]. Compliance and Governance - The company has implemented strict quality control measures and achieved ISO9001 and ISO22000 certifications to maintain high food safety standards[87]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[100]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[105]. - The company reported no significant litigation or arbitration matters during the reporting period[109]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,777, with no preferred shareholders[139]. - The largest shareholder, Guifaxiang Group, holds 33.53% of the shares, totaling 67,353,014 shares, with an increase of 1,094,500 shares during the reporting period[139]. - The company has repurchased 3,931,705 shares, reducing its registered capital from 204.8 million yuan to 200.868295 million yuan[126]. Cash Flow and Liquidity - The cash and cash equivalents net increase was -¥51,842,913.25, a reduction of 87.06% compared to -¥400,792,996.84 in the previous year[55]. - The company's cash and cash equivalents decreased to ¥211,981,839.18, constituting 19.87% of total assets, down from 22.88% at the end of the previous year[65]. - The total cash outflow from financing activities was 36,355,593.43 CNY, slightly reduced from 39,548,996.41 CNY in the previous year, reflecting improved cash management[171].

Financial Performance - The company's revenue for Q1 2022 was ¥68,519,272.64, a decrease of 39.92% compared to ¥114,052,444.59 in the same period last year[3] - The net profit attributable to shareholders was -¥19,261,561.06, representing a decline of 314.15% from a profit of ¥8,994,229.82 in the previous year[3] - The cash received from sales decreased by 41.36% to ¥76,751,189.70 from ¥130,884,683.42 in the same period last year[8] - Operating profit for the current period is -$19.10 million, compared to a profit of $10.62 million in the previous period[20] - Net profit for the current period is -$19.26 million, a significant decline from a profit of $8.99 million in the previous period[20] - Other comprehensive income after tax for the current period is -$3.45 million, compared to $11.64 million in the previous period[21] Cash Flow and Liquidity - The net cash flow from operating activities was -¥7,127,553.85, down 124.47% from ¥29,122,315.76 in the same period last year[3] - Cash flow from operating activities shows a net outflow of -$7.13 million, compared to a net inflow of $29.12 million in the previous period[24] - Cash and cash equivalents decreased from CNY 263,825,523.16 to CNY 250,881,516.61, a decline of about 4.9%[15] - Cash and cash equivalents at the end of the period are $250.88 million, down from $688.12 million at the end of the previous period[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,126,920,595.42, a decrease of 2.29% from ¥1,153,302,419.55 at the end of the previous year[3] - The company's total liabilities decreased from CNY 99,785,070.31 to CNY 92,668,258.31, representing a reduction of about 7.1%[17] - The total current assets were reported at CNY 743,628,582.39, down from CNY 760,570,798.31, indicating a decrease of approximately 2.2%[15] - The company's inventory decreased from CNY 45,956,234.23 to CNY 42,705,979.06, reflecting a reduction of approximately 7.8%[15] - The non-current assets totaled CNY 383,292,013.03, down from CNY 392,731,621.24, indicating a decrease of approximately 2.5%[16] Research and Development - The company reported a significant increase in R&D expenses, which rose by 42.87% to ¥1,735,398.63 compared to ¥1,214,702.31 in the previous year[7] - Research and development expenses increased to $1.74 million, up from $1.21 million in the previous period, reflecting a focus on innovation[20] Operational Challenges - The company faced significant challenges due to the Omicron variant outbreak, which severely affected sales during the traditional peak season[8] - The company did not open any new direct stores during the reporting period, impacting cash outflows for fixed assets and intangible assets[9] Equity and Earnings - The weighted average return on equity was -1.85%, a decrease of 2.69% from 0.84% in the previous year[3] - The company's retained earnings decreased from CNY 352,600,309.53 to CNY 333,338,748.47, a decline of about 5.5%[17] - The total equity attributable to the parent company decreased from CNY 1,053,517,349.24 to CNY 1,034,252,337.11, reflecting a reduction of approximately 1.8%[17] - The company reported a basic and diluted earnings per share of -$0.10, down from $0.04 in the previous period[21] Operating Costs - Total operating costs for the current period are $90.70 million, down 12.43% from $103.55 million in the previous period[19] - Sales expenses rose to $30.40 million, compared to $29.49 million in the previous period, indicating increased marketing efforts[20]