Core Viewpoint - Guifaxiang, known as the "first stock of Mahua," has reported a mid-year loss for the first time in two years, raising concerns about its future development prospects in the face of multiple challenges such as weak consumer demand and a single product structure [1][4]. Group 1: Financial Performance - The company expects a net loss attributable to shareholders of approximately 3 to 5 million yuan for the first half of the year, reflecting ongoing operational difficulties [1]. - In the first quarter, Guifaxiang's revenue decreased by 8.76% year-on-year, with net profit down 64.46% to 6.645 million yuan, indicating a significant decline in performance [3]. - The estimated loss for the second quarter is projected to be around 10 to 12 million yuan, marking a severe downturn compared to previous years [3]. Group 2: Reasons for Loss - The primary reasons for the loss include persistent weak market demand, particularly in the Tianjin local market, leading to a decline in both customer traffic and average transaction value [2]. - The expansion of distribution channels has resulted in increased operational costs, including higher advertising expenses and depreciation costs for new office buildings [2]. - A decrease in investment income due to reduced investment in financial products and lower interest income has further exacerbated the financial downturn [2]. Group 3: Business Model and Strategy - Guifaxiang's revenue heavily relies on its Mahua products, which accounted for 65.91% of total revenue in 2024, highlighting the vulnerability of its single product structure [4]. - The company has increased marketing expenditures significantly, from 108 million yuan in 2022 to 153 million yuan in 2024, while reducing R&D spending by 66.2% [4]. - The company faces intense competition in the snack food industry, necessitating a shift towards product innovation and a more diversified marketing strategy to attract younger consumers [5]. Group 4: Industry Context - The snack food industry in China is experiencing rapid expansion, with increasing demand for healthier and personalized products, while traditional channels are under pressure to adapt [5]. - The competition has shifted from price wars to a focus on product innovation and consumer experience, emphasizing the need for companies like Guifaxiang to evolve [5]. - Guifaxiang stands at a crossroads, needing to balance traditional craftsmanship with modern market demands, serving as a case study for the transformation of traditional brands in the new era [6].

Performance Forecast - The company expects a loss of 3 million to 5 million yuan for the current reporting period, compared to a profit of 22.72 million yuan in the same period last year, representing a decline of 113.20% to 122.01% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be a loss of 3 million to 5 million yuan, down from a profit of 21.54 million yuan last year, indicating a decrease of 113.93% to 123.21% [1] - Basic earnings per share are projected to be a loss of 0.02 to 0.03 yuan per share, compared to earnings of 0.11 yuan per share in the previous year [1] Reasons for Performance Change - The decline in performance is attributed to a decrease in overall customer traffic and average transaction value in direct sales channels [1] - Revenue from distribution channels has decreased due to the closure and renovation of some local tourist attractions, with the benefits from newly developed markets yet to materialize [1] - A drop in sales and production has led to an increase in fixed manufacturing costs per unit, resulting in higher unit costs and a decline in overall gross margin [1]

Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. 2025 Semi-Annual Performance Forecast [I. Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a shift from profit to loss in H1 2025, with net profit attributable to shareholders projected to be a loss of RMB 3 million to RMB 5 million, a significant year-on-year decrease of 113.20% to 122.01% from RMB 22.7196 million profit last year 2025 Semi-Annual Performance Forecast | Item | Current Reporting Period | Prior Year Same Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Loss: RMB 3 million – RMB 5 million | Profit: RMB 22.7196 million | | Year-on-Year Change | Decrease: 113.20% - 122.01% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: RMB 3 million – RMB 5 million | Profit: RMB 21.5407 million | | Year-on-Year Change | Decrease: 113.93% - 123.21% | - | | **Basic Earnings Per Share** | Loss: RMB 0.02/share – RMB 0.03/share | Profit: RMB 0.11/share | [II. Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that the financial data in this performance forecast has not been audited by an accounting firm - The financial data in this performance forecast has not been audited by an accounting firm[3](index=3&type=chunk) [III. Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The decline in performance is primarily attributed to multiple factors: insufficient demand from core consumer groups leading to decreased revenue and gross profit margin; increased selling and administrative expenses (including depreciation of new buildings) for market expansion; and a reduction in wealth management and interest income negatively impacting profit - Insufficient demand from core consumer groups led to a year-on-year decrease in operating revenue, with declining customer traffic and average transaction value in direct sales channels and reduced income from some distribution channels due to scenic area closures and renovations, ultimately resulting in a lower overall gross profit margin[4](index=4&type=chunk) - The company's accelerated national market expansion led to a significant year-on-year increase in e-commerce operation service fees, promotion expenses, and advertising investments, alongside higher depreciation costs for newly constructed office buildings and increased information system expenses[5](index=5&type=chunk) - Both the company's investment income and interest income decreased, primarily due to reduced available funds for wealth management product purchases and lower bank deposits and interest rates[5](index=5&type=chunk) [IV. Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company advises investors that this performance forecast is a preliminary estimate by the finance department, and the final accurate data will be disclosed in the 2025 semi-annual report, urging investors to make prudent decisions - This performance forecast is a preliminary estimate by the company's finance department, with specific data subject to the 2025 semi-annual report[6](index=6&type=chunk)

证券代码：002820 证券简称：桂发祥 公告编号：2025-021 天津桂发祥十八街麻花食品股份有限公司 关于使用暂时闲置自有资金购买短期理财产品进展公告 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）于 2025 年 3 月 28 日召 开了第五届董事会第五次会议、第五届监事会第五次会议，审议通过《关于使用暂时闲 置自有资金购买短期理财产品的议案》，同意公司及控股子公司使用部分暂时闲置自有 资金购买安全性高的短期理财产品，额度不超过 20,000 万元人民币，购买理财产品的 额度在有效期内可以滚动使用。具体内容详见 2025 年 3 月 29 日发布于《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） 上的相关公告。 根据上述决议，公司及全资子公司桂发祥十八街麻花食品（天津）有限公司、天津 艾伦糕点食品有限公司分别与中信银行股份有限公司天津分行签订了协议，使用暂时闲置 自有资金共计人民币 20,000 万元购买结构性存款产品，现将具体情 ...

Market Performance - As of June 6, the Tianjin Free Trade Zone concept index rose by 2.60%, ranking second among concept sectors, with seven stocks increasing in value [1] - Notable gainers included HNA Technology, Bohai Chemical, and Haitai Development, which hit the daily limit, while HNA Technology, Tianjin Pulin, and Youfa Group saw increases of 9.03%, 2.68%, and 1.56% respectively [1] Sector Comparison - The Tianjin Free Trade Zone concept was among the top-performing sectors, with a net inflow of 120 million yuan from main funds, indicating strong investor interest [2] - The leading stocks in terms of net fund inflow were HNA Technology, Bohai Chemical, and Jintou City Development, with net inflows of 90.06 million yuan, 86.73 million yuan, and 47.65 million yuan respectively [2] Fund Flow Analysis - The net inflow ratios for Haitai Development, Jintou City Development, and Bohai Chemical were 51.10%, 20.62%, and 14.08% respectively, indicating significant investor confidence in these stocks [3] - The detailed fund flow data showed that HNA Technology had a trading volume of 90.06 million yuan with a turnover rate of 9.89%, while Bohai Chemical had a turnover rate of 13.09% [3][4]

Group 1 - The A-share market in Tianjin Free Trade Zone showed strong performance at the beginning of trading, with Hai Tai Development hitting the daily limit up [1] - Other companies such as Gui Fa Xiang, Heng Yin Technology, Bo Hai Chemical, and Tian Bao Infrastructure also experienced gains [1]

Core Viewpoint - The announcement details the implementation of the 2024 profit distribution plan for Tianjin Guifaxiang Eighteenth Street Mahua Food Co., Ltd, which includes a cash dividend distribution to shareholders based on the company's total share capital after excluding repurchased shares [1][2]. Group 1: Profit Distribution Plan - The total share capital of the company is 200,868,295 shares, with 5,525,200 shares held in a repurchase account that do not participate in profit distribution [1]. - The profit distribution plan approved at the 2024 annual general meeting involves a cash dividend of RMB 1.50 per 10 shares (including tax), totaling RMB 29,301,464.25 (including tax) to be distributed among 195,343,095 shares [1][2]. - The cash dividend per share, after accounting for the total share capital, is calculated to be RMB 1.458740 (including tax) [1][6]. Group 2: Dividend Payment Details - The record date for the dividend distribution is set for June 12, 2025, and the ex-dividend date is June 13, 2025 [3]. - The cash dividends will be directly credited to the accounts of shareholders through their custodial securities companies on the ex-dividend date [5]. - Different tax rates apply for various categories of shareholders, with specific provisions for foreign institutional investors and individual shareholders based on their holding periods [2][3]. Group 3: Ex-Dividend Price Calculation - The ex-dividend price will be adjusted based on the closing price on the record date minus the cash dividend per share of RMB 0.1458740 [6]. - The total cash dividend amount is derived from the participating share capital multiplied by the distribution ratio, confirming the total of RMB 29,301,464.25 [6].

Core Viewpoint - The company Tianjin Guifaxiang Eighteenth Street Mahua Food Co., Ltd. has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 1.50 per 10 shares for shareholders, with a total distribution amounting to RMB 29,301,464.25 [1][2][3] Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on May 8, 2025, with a base of 195,343,095 shares after deducting repurchased shares [1][2] - The total cash dividend is set at RMB 1.50 per 10 shares (tax included), with no capital reserve conversion into share capital [1][2] Dividend Payment Details - The cash dividend distribution will be executed based on the number of shares held as of the registration date, which is June 12, 2025, and the ex-dividend date is June 13, 2025 [2][3] - The company will not withhold individual income tax for shareholders holding shares before the initial public offering, while different tax rates apply for various categories of shareholders [2][3] Calculation of Dividend and Ex-Dividend Price - The total cash dividend amount is calculated as 195,343,095 shares multiplied by the distribution ratio of RMB 0.15 per share, resulting in a total of RMB 29,301,464.25 [3][4] - The ex-dividend price will be adjusted based on the closing price on the registration date minus RMB 0.1458740 per share [4]

证券代码：002820 证券简称：桂发祥 公告编号：2025-020 天津桂发祥十八街麻花食品股份有限公司 2024 年度权益分派实施公告 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： 公司现有总股本 200,868,295 股，其中通过回购专用证券账户持有的本公司股 份 5,525,200 股不享有参与利润分配的权利。按照总股本（含回购股份）折算的每 10 股分派现金红利为 1.458740 元（含税，即 1.458740 元/股=现金分红总额 29,301,464.25 元÷总股本 200,868,295 股×10）。本次权益分派实施后的除权除息 参考价=本次权益分派股权登记日收盘价-按总股本折算的每股现金分红比例=本次 权益分派股权登记日收盘价-0.1458740 元/股。 天津桂发祥十八街麻花食品股份有限公司（简称公司或本公司）2024 年度权益 分派方案已获得 2025 年 5 月 8 日召开的 2024 年年度股东大会审议通过。现将权益 分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1.2025 年 5 月 8 日，公司召 ...

Core Viewpoint - Tianjin Guifaxiang Eighteen Street Mahua Food Co., Ltd. has successfully completed the change of its business scope and the revision of its Articles of Association, which was approved during the annual shareholders' meeting held on May 8, 2025 [1][2]. Group 1: Company Information - The company is officially registered as Tianjin Guifaxiang Eighteen Street Mahua Food Co., Ltd. with a unified social credit code of 91120103103368983M [2]. - The company was established on September 20, 1994, and has a registered capital of 28.68 million RMB [2]. - The legal representative of the company is Li Lu [2]. Group 2: Business Scope - The company has updated its business scope to include food production and food sales, which are subject to approval by relevant authorities [2]. - Additional general business activities include counter and booth rental, non-residential real estate leasing, labor services (excluding labor dispatch), and various technical services and cultural activities [2].