第一章 总则 第一条 为加强天津桂发祥十八街麻花食品股份有限公司 （以下简称公司） 财务管理工作，规范公司财务工作，健全财务监管体系，防范公司财务风险，保 护股东合法权益，根据《中华人民共和国公司法》（以下简称《公司法》）、《中 华人民共和国会计法》（以下简称《会计法》）、《企业会计准则》、《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》） 及其他相 关法律法规，结合公司实际情况，特制定本制度。 天津桂发祥十八街麻花食品股份有限公司 财务管理制度 第二条 本制度适用于公司、控股子公司及纳入合并会计报表范围内的其他 主体的财务管理工作。 天津桂发祥十八街麻花食品股份有限公司 财务管理制度 第三条 公司财务行为和财务管理工作必须遵守国家相关法律法规，并接受 公司董事会审计委员会及审计部门的检查和监督。 第二章 财务管理体制及机构设置 第四条 公司股东会、董事会依据《公司章程》规定的职责权限，负责审议 批准或实施财务管理与会计核算工作中的有关重大事项。公司董事会审计委员会 依据《公司法》等法律法规及《公司章程》对财务会计工作进行监督。 第五条 公司财务管理工作实行统一管理、分级负责原则，财务管理 ...

证券代码:002820 证券简称:桂发祥 √是 □否 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得担任公司董事的情形。 √是 □否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所业务规则规定的独立董事任职资格和 条件。 √是 □否 天津桂发祥十八街麻花食品股份有限公司 独立董事提名人声明与承诺 提名人天津桂发祥十八街麻花食品股份有限公司第五届董事会现就提名何桢为天津桂发祥十八街麻花食品股份 有限公司第5届董事会独立董事候选人发表公开声明。被提名人已书面同意作为天津桂发祥十八街麻花食品股份有限 公司第 5届董事会独立董事候选人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、职 称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况后作出的,本提名人认为被提名人符合相关法律、 行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具体声明 并承诺如下事项: 一、被提名人已经通过天津桂发祥十八街麻花食品股份有限公司第５届董事会提名委员会或者独立董事专门会议资格 审查,提名人与被提名人不存在利害关系或者其他 ...

本公司及监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、监事会会议召开情况 天津桂发祥十八街麻花食品股份有限公司(以下简称公司)第五届监事会第九次 会议于 2025 年 11 月 12 日在公司二楼会议室以现场方式召开。会议通知已于 2025 年 11 月 6 日通过专人送达、电话、邮件等方式送达给全体监事。公司监事共 5 人， 全部现场出席会议。会议由监事会主席许雅君主持，公司董事会秘书列席了本次会 议。本次监事会的召开符合《公司法》和《公司章程》的规定。 二、监事会会议审议情况 会议以记名投票方式进行表决并通过了如下决议： 审议通过《关于调整公司治理结构并修订<公司章程>的议案》。 证券代码：002820 证券简称：桂发祥 公告编号：2025-034 天津桂发祥十八街麻花食品股份有限公司 第五届监事会第九次会议决议公告 天津桂发祥十八街麻花食品股份有限公司 监 事 会 同意公司根据《公司法》《上市公司章程指引（2025 年修订）》等法律法规的 要求不再设置监事会及监事、其法定职权由审计委员会行使，并结合治理规范要求 和公司实际，增加董事会席位至 11 名，包括 ...

Market Overview - On November 12, the Tianjin state-owned enterprise reform sector declined by 0.36% compared to the previous trading day, with Baili Electric leading the decline [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with T-712 rising by 1.98% to close at 20.56, and Baili Electric falling by 3.54% to close at 7.08 [1][2] - The trading volume and turnover for T-712 were 302,000 shares and 636 million yuan, respectively [1] Capital Flow - The Tianjin state-owned enterprise reform sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 168 million yuan [2] - The capital flow data indicates that while institutional and speculative funds withdrew, retail investors were actively buying into the sector [2][3] Individual Stock Analysis - T-712 had a net inflow of 78.32 million yuan from institutional investors, while Baili Electric saw a significant outflow of 78.51 million yuan [3] - The stock of Tianjin Port closed at 4.89, down 0.41%, with a trading volume of 209,600 shares [2][3]

Market Overview - The leisure food sector experienced a slight decline of 0.01% on November 12, with Gui Faxiang leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ganyuan Food: closed at 61.63, up 2.97% with a trading volume of 43,200 lots and a transaction value of 267 million [1] - Lihai Food: closed at 44.62, up 1.36% with a trading volume of 42,600 lots and a transaction value of 206.1 million [1] - Major decliners included: - Gui Faxiang: closed at 14.30, down 2.26% with a trading volume of 273,100 lots and a transaction value of 394 million [2] - Ziyan Food: closed at 19.27, down 2.18% with a trading volume of 29,900 lots and a transaction value of 58.19 million [2] Capital Flow - The leisure food sector saw a net outflow of 171 million from institutional investors, while retail investors contributed a net inflow of 249 million [2] - Specific stock capital flows included: - Ganyuan Food: net inflow of 17.70 million from institutional investors, with a net outflow of 12.58 million from speculative funds [3] - Lihai Food: net inflow of 10.29 million from institutional investors, with a net outflow of 7.30 million from speculative funds [3]

11月12日，桂发祥盘中下跌2.05%，截至10:01，报14.33元/股，成交1.66亿元，换手率5.68%，总市值 28.78亿元。 资金流向方面，主力资金净流出221.78万元，特大单买入145.67万元，占比0.88%，卖出107.75万元，占 比0.65%；大单买入2790.79万元，占比16.86%，卖出3050.48万元，占比18.43%。 机构持仓方面，截止2025年9月30日，桂发祥十大流通股东中，诺安多策略混合A（320016）退出十大 流通股东之列。 责任编辑：小浪快报 资料显示，天津桂发祥十八街麻花食品股份有限公司位于天津市河西区洞庭路32号，成立日期1994年9 月20日，上市日期2016年11月18日，公司主营业务涉及传统特色及其他休闲食品的研发、生产和销售。 主营业务收入构成为：麻花产品64.96%，外采食品16.19%，糕点及方便食品12.65%，OEM产品 5.16%，其他(补充)1.03%。 桂发祥所属申万行业为：食品饮料-休闲食品-烘焙食品。所属概念板块包括：休闲食品、微盘股、小 盘、QFII持股、预制菜等。 截至9月30日，桂发祥股东户数3.40万，较上期减少11.27 ...

Core Viewpoint - The food and beverage sector experienced a significant upward movement, with notable stock performances from various companies [2] Group 1: Stock Performance - COFCO Sugar reached its daily limit increase [2] - San Yuan shares previously hit the daily limit increase [2] - Huanle Jia saw an increase of over 14% [2] - Other companies such as Baolingbao, Guifaxiang, Suobao Protein, and Barbie Foods also showed strong gains [2]

Investment Rating - The industry investment rating is "Outperform the Market" [22] Core Viewpoints - The overall performance of the liquor industry has significantly declined, entering a rapid clearing phase, but demand is expected to show weak recovery as policy pressures ease [3] - The industry is currently at a low valuation level, with pessimistic expectations fully priced in, indicating a clearer direction for future industry clearing [3] - The introduction of new tax policies in the gold sector is expected to benefit companies with brand and channel advantages, leading to a concentration of demand towards leading enterprises [4] Summary by Sections Industry Performance - The food and beverage industry index decreased by 0.56%, underperforming the Shanghai Composite Index, which increased by 1.08% [4][6] - Among the sub-sectors, pre-processed foods led with a gain of 2.26%, while soft drinks saw the largest decline at -1.20% [4][9] Liquor Sector Insights - Guizhou Moutai announced a mid-term dividend of approximately 30 billion yuan and a buyback plan of 15-30 billion yuan, enhancing shareholder returns [4] - Guizhou is promoting a shift in the liquor industry from "selling liquor" to "selling lifestyle," aiming to upgrade the industry from traditional manufacturing to cultural experience [4] Gold Sector Developments - The new tax policy for gold sales, effective from November 1, is expected to increase costs for non-member companies, potentially shifting demand towards leading firms with membership qualifications [4] Consumer Goods Focus - The report suggests focusing on high-growth consumer goods companies, such as Wancheng Group and Dongpeng Beverage, which are expected to receive valuation premiums due to their growth trajectories [5]

Core Insights - The stock price of Guifaxiang has increased by 14.14% year-to-date, with a recent rise of 9.45% over the last five trading days [2] - The company has experienced a significant decline in revenue and net profit for the period from January to September 2025, with revenue of 377 million yuan, down 6.23% year-on-year, and a net profit of 1.0196 million yuan, down 97.15% year-on-year [2] Stock Performance - As of November 10, Guifaxiang's stock rose by 2.64%, reaching 14.01 yuan per share, with a trading volume of 139 million yuan and a turnover rate of 5.02% [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 20, where it recorded a net buy of -51.6633 million yuan [2] Business Overview - Guifaxiang, established on September 20, 1994, and listed on November 18, 2016, specializes in the research, production, and sales of traditional and other leisure food products [2] - The revenue composition includes 64.96% from fried dough twists, 16.19% from externally sourced food, 12.65% from pastries and convenience foods, 5.16% from OEM products, and 1.03% from other sources [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 11.27% to 34,000, while the average circulating shares per person increased by 12.70% to 5,911 shares [2] - The company has distributed a total of 310 million yuan in dividends since its A-share listing, with 98.5003 million yuan distributed over the past three years [3]

Core Viewpoint - The traditional Chinese brand Gui Fa Xiang (002820.SZ) reported a significant decline in both revenue and net profit in its Q3 financial report, indicating a challenging operational environment and a shift from growth to contraction [1][2]. Group 1: Financial Performance - Gui Fa Xiang achieved a revenue of 377 million yuan in Q3, a year-on-year decrease of 6.23% [1]. - The net profit attributable to shareholders plummeted by 97.15% to 1.0196 million yuan, nearing a loss position [1]. - In the first half of the year, the company reported a net loss of 3.91 million yuan, marking its first half-year loss since 2022 [1]. Group 2: Product and Market Dynamics - The sales volume of the company's signature product, the "Eighteen Street Ma Hua," grew by 7.1% in 2024, but revenue from this product only increased by 0.47%, indicating a "volume increase but price drop" scenario [1]. - The decline in revenue is attributed to competitive pricing strategies aimed at maintaining market share, which have led to stagnant total revenue despite increased sales volume [1]. - The company faces competition not only from other traditional brands but also from national snack brands like Three Squirrels and Liangpinpuzi, which have intensified market pressures [1]. Group 3: Channel and Marketing Strategies - E-commerce emerged as the only channel with significant revenue growth, increasing by 21.69% to 26.9346 million yuan, while traditional channels, particularly in Tianjin, have seen declines [2]. - The company has increased its advertising expenditures by 11.11% in an effort to enhance brand visibility in tourist areas and major transport hubs [2]. - Despite opening five new direct stores in key locations in Tianjin, the effectiveness of these new openings remains uncertain, and the overall performance of direct sales has not improved [2].