桂林西麦食品股份有限公司 独立董事工作制度 二〇二五年十月 | | | 桂林西麦食品股份有限公司 独立董事工作制度 桂林西麦食品股份有限公司 独立董事工作制度 第一章 总则 第一条 为完善桂林西麦食品股份有限公司（以下简称"公司"）的公司治理结构， 充分发挥独立董事的作用，以保障全体股东尤其是中小股东的合法权益 不受损害，根据 《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司独立董事管理办法》 《深圳证券交易所股票上市规则》（以下简称"《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》（以下简称"《规范运 作指引》"）等法律法规和《桂林西麦食品股份有限公司章程》（以下简称"《公司章 程》"）的规定，并结合公司的实际情况制定《桂林西麦食品股份有限公司独立董事工 作制度》（以下简称"本制度"）。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、 实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断关系 的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个人 的影响。 第三条 独立董事 ...

桂林西麦食品股份有限公司 信息披露管理制度 第一章 总则 第一条 为规范桂林西麦食品股份有限公司（以下简称"本公司"或"公 司"）的信息披露行为，确保公司信息披露的真实、准确、完整与及时，切实保 护公司、股东及投资者的合法权益，根据《中华人民共和国公司法》、《中华人民 共和国证券法》、《上市公司信息披露管理办法》、《上市公司治理准则》、《深圳证 券交易所股票上市规则》（以下简称"《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》（以下简称"《规范运作指 引》"）、《深圳证券交易所上市公司自律监管指引第 5 号——信息披露事务管理》 等相关法律、法规、规范性文件以及《桂林西麦食品股份有限公司章程》（以下 简称"公司章程"）的规定，制定本制度。 第二条 本制度所称"信息披露义务人"，是指公司及其董事、高级管理人 员、股东或者存托凭证持有人、实际控制人，收购人及其他权益变动主体，重大 资产重组、再融资、重大交易、破产事项等有关各方，为前述主体提供服务的中 介机构及其相关人员，以及法律、行政法规和中国证监会规定的其他承担信息披 露义务的主体。 第三条 公司及上述相关信息披露义 ...

桂林西麦食品股份有限公司 董事会战略委员会工作细则 二〇二五年十月 | | | 桂林西麦食品股份有限公司 董事会战略委员会工作细则 第一章 总则 第一条 为适应桂林西麦食品股份有限公司（以下简称"公司"）战略发展 需要，增强公司核心竞争力，提高重大投资决策的效益和决策的质量，完善公司 治理结构，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 治理准则》《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》和《桂林西麦食品股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，公司设立董事会战略委员会，并制定本工作细则。 第二条 战略委员会是董事会设立的专门工作机构，主要负责对公司长期发 展战略和重大投资决策进行研究并提出建议。 第二章 战略委员会的产生与组成 第三条 战略委员会成员由三名董事组成，董事长为委员之一。 第四条 除董事长外的其他战略委员会委员由董事长、二分之一以上独立董 事或者三分之一以上的全体董事提名，并由董事会选举产生。 第五条 战略委员会设召集人一名，负责主持战略委员会工作，由董事长担 任。 第六条 战略委员会委员任职期限与其董事任职期限相同，连选可以 ...

Group 1 - The core viewpoint of the article highlights the strong financial performance of Ximai Food in the third quarter, with revenue and net profit showing significant year-on-year growth [1] Group 2 - In the third quarter, the company's revenue reached 547 million yuan, representing an 18.92% increase compared to the same period last year [1] - The net profit for the third quarter was 50.59 million yuan, reflecting a year-on-year growth of 21.00% [1] - For the first three quarters, the total revenue amounted to 1.696 billion yuan, which is an 18.34% increase year-on-year [1] - The net profit for the first three quarters was 132 million yuan, showing a year-on-year growth of 21.90% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥546,817,481.82, representing an increase of 18.92% compared to the same period last year[5] - Net profit attributable to shareholders for the same period was ¥50,592,604.47, up by 21.00% year-on-year[5] - The net profit after deducting non-recurring gains and losses surged by 86.30% to ¥49,185,032.85[5] - Year-to-date revenue as of the end of Q3 2025 totaled ¥1,695,915,810.05, reflecting an 18.34% increase from the previous year[5] - The basic earnings per share for Q3 2025 was ¥0.23, marking a 21.05% increase year-on-year[5] - The company's net profit for the current period reached CNY 132,505,542.73, an increase from CNY 108,588,356.86 in the previous period, representing a growth of approximately 22.1%[17] - Operating profit for the current period was CNY 156,657,498.96, compared to CNY 130,251,312.64 in the previous period, reflecting an increase of about 20.3%[17] - Total revenue from sales of goods and services amounted to CNY 1,734,759,670.35, compared to CNY 1,416,997,226.71 in the previous period, marking an increase of about 22.4%[18] - The company reported a total comprehensive income of CNY 132,516,997.63, compared to CNY 108,589,773.16 in the previous period, which is an increase of approximately 22.1%[17] - Basic and diluted earnings per share increased to CNY 0.59 from CNY 0.49, reflecting a growth of about 20.4%[17] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥204,886,506.22, an increase of 57.39%[5] - Cash flow from operating activities generated a net amount of CNY 204,886,506.22, up from CNY 130,173,463.85 in the previous period, indicating a growth of approximately 57.2%[18] - The company's cash and cash equivalents decreased to ¥134,339,787.60 from ¥268,619,924.67, representing a decline of 50%[13] - Cash and cash equivalents at the end of the period decreased to CNY 119,792,815.09 from CNY 360,042,004.08, a decline of approximately 66.7%[19] - The net cash flow from investing activities was negative at CNY -189,110,272.95, compared to CNY -139,860,790.86 in the previous period, indicating a deeper cash outflow[18] - The total amount of cash flow from financing activities was negative at CNY -107,206,888.82, compared to CNY -85,153,116.58 in the previous period, indicating a worsening cash flow situation[19] Assets and Liabilities - The total assets of the company at the end of Q3 2025 were ¥2,132,826,306.99, a decrease of 2.67% from the end of the previous year[5] - The total assets of the company stood at ¥2,132,826,306.99, down from ¥2,191,251,010.49, a decrease of about 2.7%[15] - The total liabilities decreased to ¥552,089,884.89 from ¥659,255,760.89, showing a reduction of approximately 16.3%[15] - The company's cash and cash equivalents decreased to ¥134,339,787.60 from ¥268,619,924.67, representing a decline of 50%[13] - The company's net profit margin improved, with net profit increasing to ¥142,794,153.53, compared to ¥99,359,487.15 in the previous period, marking a growth of about 43.7%[16] Equity and Shareholder Value - The equity attributable to shareholders increased by 3.10% to ¥1,561,567,419.43 compared to the end of the previous year[5] - The total equity attributable to shareholders increased to ¥1,561,567,419.43 from ¥1,514,588,086.17, representing a growth of approximately 3.1%[15] - The weighted average return on equity for the year-to-date period was 8.45%, up by 0.91% compared to the previous year[5] Operating Costs and Expenses - Total operating revenue for the period reached ¥1,695,915,810.05, an increase of approximately 18.4% compared to ¥1,433,060,647.63 in the previous period[16] - Total operating costs amounted to ¥1,553,121,656.52, reflecting a rise of about 16.5% from ¥1,333,701,160.48 in the prior period[16] - Research and development expenses rose to ¥7,635,101.79, up from ¥6,425,042.47, reflecting an increase of approximately 18.9%[16] - The company reported a significant reduction in short-term borrowings, decreasing to ¥105,049,208.33 from ¥129,316,168.72, a decline of about 18.8%[14] Management Commentary - The company reported a significant increase in net profit due to strong sales growth and effective cost control measures[8]

Investment Rating - The report does not provide a specific industry rating but highlights the performance of various sub-sectors within the food and beverage industry [7] Core Insights - The food and beverage sector is currently under pressure, with the SW food and beverage index declining by 1.02%, ranking 30th among 31 sub-industries [12] - The white liquor sector is in a "supply clearing" phase, with expectations of increased pressure in the upcoming quarterly reports, indicating a potential acceleration in industry clearing [16] - The report emphasizes the importance of monitoring the new leadership strategies at Kweichow Moutai following a significant personnel change [16] - The beverage sector shows promising growth, particularly with Eastroc Beverage's strong performance in the first three quarters of 2025, achieving a revenue of 16.844 billion yuan, a year-on-year increase of 34.13% [17] Summary by Sections 1. Sector Performance - The SW food and beverage sector saw a decline of 1.02%, with notable drops in the white liquor, beer, and snack sub-sectors [12] - The top-performing sub-sectors included pre-processed foods, other alcoholic beverages, and meat products, with increases of 1.10%, 0.35%, and 0.33% respectively [12] 2. White Liquor Sector - The SW white liquor index fell by 1.12%, indicating a bottom adjustment phase [16] - The current price for Feitian Moutai is 1,720 yuan, down 30 yuan from the previous week, while the price for Pu'er Moutai is 8,155 yuan, down 5 yuan [16] - Recommended companies in this sector include Kweichow Moutai and Shanxi Fenjiu, which are expected to perform relatively well during the adjustment period [16] 3. Beverage Sector - Eastroc Beverage reported a revenue of 16.844 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 34.13% [17] - The company also saw a net profit of 3.761 billion yuan, up 38.91% year-on-year [17] - Other companies like Jinzai Foods and Qiaqia Foods are facing challenges, with Jinzai reporting a revenue of 1.81 billion yuan, a slight increase of 2.1% year-on-year, but a net profit decline of 19.5% [17][19]

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Insights - The quarterly performance continues to show differentiation, with a recommendation to strengthen positions during the bottom cycle. The food and beverage index declined by 0.9% from October 20 to October 24, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 4.2 percentage points. Sub-industries such as processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5%) performed relatively well. The traditional consumption sector continues to face significant performance pressure, particularly in the liquor segment, where business demand remains under pressure. Although there has been a slight improvement in terminal consumption demand, the overall market demand remains weak. It is anticipated that the liquor sector will experience a further slowdown in performance growth for the third quarter [3][12][14]. Summary by Sections Market Performance - The food and beverage index experienced a decline of 0.9%, ranking 27th out of 28 sectors, and underperformed the CSI 300 by about 4.2 percentage points. Leading sub-industries included processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5) [12][14]. Upstream Data - Some upstream raw material prices have decreased. For instance, the price of fresh milk was 3.0 yuan per kilogram, down 2.9% year-on-year. The price of pork was 17.7 yuan per kilogram, down 28.4% year-on-year [21][26]. Policy Insights - The 20th Central Committee's Fourth Plenary Session emphasized expanding domestic demand and building a strong domestic market, which is expected to inject clear policy dividends into the food and beverage industry. The core driver for long-term industry growth is the boost in domestic demand, which will directly stimulate market consumption and upgrade potential [4][13]. Recommended Stocks - The report recommends focusing on two types of stocks: first, leading companies with low valuations and national layout capabilities; second, growth companies that align with new consumption trends. Specific recommendations include Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Weilong, and Bairun [5][56].

Group 1 - The core point of the article is that Ximai Food (002956) reported a total of 14,334 shareholders as of October 20, 2025 [1]

Market Overview - The leisure food sector increased by 1.1% on October 21, with Ximai Food leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Ximai Food (002956) closed at 21.40, up 10.03% with a trading volume of 100,500 shares and a transaction value of 208 million yuan [1] - Haoxiangni (002582) closed at 9.62, up 4.45% with a trading volume of 218,300 shares [1] - Wancheng Group (300972) closed at 198.95, up 3.02% with a trading volume of 28,100 shares and a transaction value of 550 million yuan [1] - Other notable performers include Liangpin Shop (603719) up 1.94%, Maiqu'er (002719) up 1.73%, and Qingdao Food (001219) up 1.56% [1] Capital Flow Analysis - The leisure food sector saw a net inflow of 75.7352 million yuan from institutional investors, while retail investors experienced a net outflow of 7.4904 million yuan [2] - The main capital inflow was concentrated in stocks like Wancheng Group and Haoxiangni, with significant outflows from retail investors [3] Detailed Capital Flow for Key Stocks - Wancheng Group had a net inflow of 64.8357 million yuan from institutional investors, while retail investors saw a net outflow of 61.3825 million yuan [3] - Haoxiangni experienced a net inflow of 43.1288 million yuan from institutional investors, with a net outflow of 35.6105 million yuan from retail investors [3] - Ximai Food had a net inflow of 35.9082 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth of consumer goods has shown a marginal decline, primarily due to the timing of the Mid-Autumn Festival and the diminishing effects of the "old-for-new" policy. However, with the release of policies aimed at stabilizing growth and promoting consumption, the macroeconomic environment is expected to improve, leading to a gradual recovery in consumer demand for the food and beverage sector. The white liquor industry is showing signs of bottoming out, with a low likelihood of further demand decline. The report suggests appropriate positioning in the white liquor sector due to its relatively low valuation and stable chip structure. In the mass consumer goods sector, new consumption targets are expected to maintain high growth rates throughout the year, with a focus on new channels, new products, and new markets [3][4][6]. Summary by Sections Industry Overview - The retail sales of consumer goods in September 2025 increased by 3.0% year-on-year, with a month-on-month decline of 0.4 percentage points from August. The food and beverage sector is anticipated to gradually improve as macroeconomic conditions stabilize [4][5]. Subsector Performance - In September 2025, the retail sales growth for grain and oil products, beverages, and tobacco and alcohol was 6.3%, -0.8%, and 1.6% year-on-year, respectively. The beverage sector showed relatively weak consumption, while the tobacco and alcohol sector saw improved growth due to pre-holiday stocking and a slight relaxation of alcohol bans [4][10][12]. Quarterly Insights - In Q3 2025, the retail sales of consumer goods grew by 3.5% year-on-year, a decrease of 1.9 percentage points compared to Q2. The food and beverage sectors experienced varying growth rates, with grain and oil products at 6.7%, beverages at 1.4%, and tobacco and alcohol at 0.8%, indicating a general softening in consumer demand [5][6]. Specific Company Insights - The white liquor sector is nearing a demand bottom, with recent policy relaxations leading to a recovery in consumption. Meanwhile, companies like Ximai Foods are accelerating the launch of new products and channels, which is expected to enhance profit elasticity and certainty in 2026 due to sustained raw material cost advantages [6].