Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, attributed to decreased consumer demand and increased operational costs, leading to a net loss. Company Overview and Financial Indicators - Company Name: Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. - Stock Code: 002820 - Total Assets: 955.32 million yuan, down 5.16% from the previous year [2] - Revenue: 249.09 million yuan, a decrease of 7.03% year-on-year [2] - Net Profit Attributable to Shareholders: -3.92 million yuan, a decline of 117.25% [2] - Basic Earnings per Share: -0.02 yuan, down 118.18% [2] Business Operations - The company specializes in the research, production, and sales of traditional and other leisure foods, with a focus on the "Guifaxiang 18th Street" mahua, recognized as a national intangible cultural heritage [3][4] - The company operates through a combination of direct sales, distributors, supermarkets, and e-commerce channels [3] - The main products include traditional mahua, pastries, and Tianjin-style convenience foods [3] Industry Development - The domestic GDP grew by 5.3% in the first half of the year, while retail sales increased by 5.0%, with the Tianjin region experiencing a decline of 0.7% [3] - The overall competition in the leisure food industry has intensified, with rising online traffic costs and pressure on profitability [3] Performance Analysis - The decline in revenue was influenced by reduced foot traffic and average spending in direct sales channels, as well as decreased income from distributors due to local market disruptions [4] - The company has increased advertising and operational costs, including expenses related to new store openings and digital marketing [4] - Investment income from idle funds decreased due to lower interest rates and reduced investment amounts [4] Retail Business Situation - The company operates 66 direct stores, with 64 in Tianjin, contributing approximately 69% of total revenue [5][6] - New stores were opened in key transportation hubs and urban centers to expand market reach [5] - The company is focusing on enhancing store operations and customer experience through improved management and marketing strategies [5] Brand and Marketing - The brand has been recognized as one of the "First Batch of Chinese Consumer Brands," enhancing its market influence [6] - Marketing efforts included participation in major international events and digital promotions through platforms like Douyin and WeChat [6] - The company is also working on expanding its overseas market presence, with plans for certification and partnerships in Southeast Asia [5][6] Digital Transformation - The company is implementing a digital management system to improve production efficiency and cost management [6] - The focus is on establishing a smart production data platform to enhance operational control and decision-making [6]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to decreased consumer demand and increased operational costs [5][6]. Financial Performance - Revenue for the reporting period was approximately 249.09 million yuan, a decrease of 7.03% compared to 267.92 million yuan in the same period last year [2]. - The net profit attributable to shareholders was a loss of approximately 3.92 million yuan, a decline of 117.25% from a profit of 22.72 million yuan in the previous year [2]. - The net cash flow from operating activities decreased by 16.55%, amounting to approximately 35.97 million yuan compared to 43.10 million yuan last year [2]. - Basic and diluted earnings per share were both -0.02 yuan, down 118.18% from 0.11 yuan [2]. - The weighted average return on equity was -0.43%, a decrease from 2.36% in the previous year [2]. Asset and Equity Position - As of the end of the reporting period, the total assets were approximately 955.32 million yuan, down 5.16% from 1.01 billion yuan at the end of the previous year [3]. - The net assets attributable to shareholders were approximately 887.08 million yuan [3]. Business Challenges and Strategies - The decline in performance was attributed to reduced consumer purchasing power, lower foot traffic, and decreased sales in both direct and distribution channels [5]. - The company is expanding its national market presence and has seen growth in e-commerce channels, although this has led to increased operational costs [5]. - New product launches and marketing strategies are being implemented to enhance brand visibility and sales, including collaborations with e-commerce platforms [6][7]. Digital Transformation - The company is advancing its digital transformation initiatives, including the implementation of an SAP ERP management system to enhance production efficiency and cost management [7]. Brand Development - The brand has been recognized as one of the "First Batch of Chinese Consumer Brands" by the Ministry of Industry and Information Technology, enhancing its market influence [6]. - Marketing efforts have included participation in major international events and promotional activities on social media platforms [6].

Group 1 - The board meeting of Tianjin Guifaxiang Eighteenth Street Mahua Food Co., Ltd. was held on August 8, 2025, with all 9 directors present, including 3 participating via remote voting [1][2] - The board unanimously approved the resolutions with a voting result of 9 votes in favor, 0 abstentions, and 0 votes against [1][2] - The audit committee of the board reviewed and approved the agenda items, confirming no guarantees were provided to any entities or individuals during the reporting period, with actual guarantee amounts being 0 [2]

Meeting Overview - The fifth meeting of the supervisory board of Tianjin Guifaxiang Eighteen Street Mahua Food Co., Ltd. was held on August 8, 2025, combining in-person and remote attendance [1] - All five supervisors attended the meeting, with one participating via remote voting [1] Meeting Resolutions - The supervisory board approved the procedures for the preparation and review of the company's 2025 semi-annual report and its summary, confirming compliance with legal and regulatory requirements [1][2] - The report was deemed to accurately reflect the company's actual situation without any false records, misleading statements, or significant omissions [1][2] Financial and Operational Status - There were no non-operational fund occupations by the controlling shareholder or related parties during the reporting period [2] - The only operational interaction with the controlling shareholder involved prepaid rent, and non-operational interactions with wholly-owned subsidiaries were for advance payments [2] - The company did not provide guarantees to any legal or non-legal entities or individuals during the reporting period, with actual guarantee amounts and approved guarantee limits both being zero [2]

证券日报网讯 8月8日晚间，桂发祥发布公告称，公司第五届董事会第七次会议审议通过了《2025年半 年度报告及摘要》等多项议案。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月8日晚间，桂发祥发布公告称，公司第五届监事会第七次会议审议通过了《2025年半 年度报告及摘要》等多项议案。 ...

证券日报网讯 8月8日晚间，桂发祥发布公告称，2025年上半年实现营业收入249，085，854.37元，同比 下降7.03%；归属于上市公司股东的净利润为-3，919，683.00元，同比下降117.25%。 （编辑 何成浩） ...

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天津桂发祥十八街麻花食品股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占用方与上市公 | 上市公司核算 | 2025 年期初占 | 2025 年半年度 占用累计发生 | 2025 年半年度占 | 2025 年半年度 | 2025 年半年度 | 占用形成 | | | 非经营性资金占用 | 资金占用方名称 | 司的关联关系 | 的会计科目 | 用资金余额 | 金额（不含利 | 用资金的利息(如 | 偿还累计发生 | 期末占用资金 | 原因 | 占用性质 | | | | | | | 息） | 有) | 金额 | 余额 | | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制 | | | | | | | | | | | ...

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