证券代码：002956 证券简称：西麦食品 公告编号：2025-025 桂林西麦食品股份有限公司 关于公司高管减持计划实施完成的公告 公司高管张志雄保证向本公司提供的信息真实、准确、完整、没有虚假 记载、误导性陈述或重大遗漏。 （一）股东减持情况 | 股东名 | 减持方式 | 减持期间 | | | 减持均价 | 减持股数 | 减持比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | | | | | （元/股） | （股） | 例（%） | | | 大宗交易 集中竞价 | | | | | | | | 张志雄 | | 年 月 2025 | 6 | 日 4 | 24.00 | 7,500 | 0.0034 | | | 合计 | | | | 24.00 | 7,500 | 0.0034 | 1．股东减持计划实施情况 通过集中竞价方式减持的价格为 24.00 元/股。 2．减持股份来源 张志雄先生本次减持的股份，系公司 2021 年限制性股票激励计划以及该等 股份通过资本公积金转增股本取得的股份。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的 ...

| | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | ☑现场参观 □其他（线上交流会） | | 参与单位名 | 深交所投资者服务部、申万宏源证券组织的投资者"走进上市公司"一行个人 | | 称及人员 | 投资者 33 人 | | 时间 | 2025 年 5 月 27 日 14：30-16：00 | | 地点 | 广西贺州西麦生物食品有限公司 | | 形式 | 线下 | | 上市公司 接待人员 | 证券事务代表：何剑萍 | | | 公司工作人员带领投资者参观公司展厅、部分生产车间，讲解企业发展历程、 | | | 核心业务，主要产品。向投资者介绍公司近年来的整体发展情况和未来发展规 | | | 划，并就投资者关注的问题进行了交流。 | | | Q1：2025 年一季度公司营收和利润增长主要来自于哪些方面？ | | | A1：春节在一季度，是传统的销售旺季：1、电商一季度增速较高。一季度电 | | 投资者关系 | 商的增长主要来自于传统电商平台，传统电商平台盈利能力高于兴趣电商平 | | 活动主 ...

Market Performance - The Shanghai Composite Index decreased by 0.18% and the Shenwan Food and Beverage Index fell by 0.92% during the week of May 19 to May 23, 2025 [1] Institutional Insights - Open Source Securities recommends a combination of Shanxi Fenjiu, Kweichow Moutai, and Ximai Food, highlighting that Shanxi Fenjiu faces short-term demand pressure but has strong mid-term growth potential [2] - Guizhou Moutai is focusing on sustainable development and increasing its dividend payout ratio, indicating a long-term positive outlook [2] - Ximai Food is expected to improve profitability due to stable growth in its oat business and better raw material costs [2] Industry Recommendations - Zheshang Securities suggests focusing on leading liquor companies such as Shanxi Fenjiu and Kweichow Moutai, as well as cyclical stocks like Luzhou Laojiao and Yingjia Gongjiu [3] - Recommendations for consumer goods include companies that focus on cost control and new consumption trends, such as Ximai Food and Weifang Zhai [4] Macro Events - Japan's rice prices surged by 98.4% year-on-year in April, marking the highest increase since 1971, with the average price of 5 kg of rice reaching 4268 yen [5] - In Sudan, food prices increased by 124% year-on-year in April, with significant rises in wheat and goat prices, exacerbated by currency devaluation [7] Company News - The white wine industry in Renhuai showed strong growth in the first quarter, with significant improvements in production capacity and quality [8] - Huaren Beer faced challenges with a 0.76% decline in revenue and an 8.03% drop in net profit, attributed to market contraction and extreme weather [14] - Gujing Gongjiu was involved in a legal case concerning a 166,000 yuan execution notice, raising concerns about compliance management [12] Price Trends - High-end liquor prices have seen a significant decline, with key products like Wuliangye and Moutai dropping below 1000 yuan, reflecting a market correction [10] - The liquor industry is undergoing a deep adjustment period, with a shift from capital-driven to consumer-driven dynamics [10][11]

Core Viewpoint - The company, known as "China's first oat stock," is struggling to find a stable second growth curve and faces challenges in achieving the goal of "recreating a new Ximai" despite a positive revenue outlook for 2025 [1] Financial Performance - In 2024, the company achieved total revenue of 1.896 billion yuan, a year-on-year increase of 20.16%, and a net profit of 133 million yuan, up 15.36% [1] - The gross profit margin for 2024 was 41.33%, down 3.22 percentage points year-on-year, attributed to rising raw material costs [2] - The net profit margin has been declining for five consecutive years, from 16.18% in 2019 to 7.02% in 2024, indicating challenges in cost control and operational efficiency [2] Business Segments - Approximately 90% of the company's revenue comes from oatmeal products, with pure oatmeal revenue at 706 million yuan and compound oatmeal revenue at 851 million yuan, while cold oatmeal revenue is only 149 million yuan [3] - The company had previously aimed to create a second growth curve through cold oatmeal but has seen limited success in this area [3] Food Safety Concerns - The company faced food safety issues, with products being found to exceed acceptable mold levels in inspections, raising concerns about product quality [4][5] - This is not the first instance of product non-compliance, as the company has faced similar issues multiple times over the past 12 years [5] Strategic Shifts - The company is shifting its focus towards the health sector, particularly targeting the aging population, and plans to expand its product offerings to include protein powders and other health-related products [6] - The company is also pursuing international expansion, establishing a presence in multiple countries, although overseas operations are still in the exploratory phase [6]

Group 1: Product Potential and Innovation - The company is focusing on the development of oatmeal and composite products, which have shown high growth and consumer acceptance [1] - The company plans to continue launching new health-oriented products, including traditional Chinese medicine and wellness items [1] - There is an emphasis on enhancing the leisure attributes of oatmeal products to expand into more casual consumption channels [1] Group 2: Competitive Advantages - The company is recognized as the leading oatmeal brand in China, with a strong brand influence and consumer trust [2] - A diversified product matrix is being developed, including innovations in oatmeal milk, protein powder, and oatmeal porridge [2] - The company maintains a comprehensive online and offline sales network, with a strong presence in e-commerce, holding the top position in the oatmeal category [2] Group 3: Financial Performance and Market Outlook - The company expects a 15% year-on-year revenue growth in 2025, supported by a favorable market outlook for the oatmeal industry [2] - The company is actively managing raw material costs and optimizing supply chain efficiency to mitigate cost pressures [3] - The gross profit margin for Q1 2025 is expected to remain stable compared to the previous year [3] Group 4: Market Position and Industry Trends - The company holds the number one position in the Chinese oatmeal market, with both online and offline sales leading the industry [5] - The breakfast food market in China is valued at approximately 100 billion, with oatmeal showing faster growth [5] - The market share of the top three companies in the oatmeal industry in China is around 51%, indicating room for increased concentration compared to Japan (82%) and the USA (66%) [5]

证券代码：002956 证券简称：西麦食品 公告编号：2025-024 桂林西麦食品股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有虚 假记载、误导性陈述或重大遗漏。 重要提示 1、本次股东大会无变更、否决提案的情况； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召集人：桂林西麦食品股份有限公司（以下简称"公司"）董事会。 2、会议地点：广西桂林高新技术开发区九号小区 3 楼会议室。 3、会议方式：本次会议采取现场投票和网络投票相结合的方式。 4、会议时间： 现场会议时间：2025 年 5 月 19 日 14：00 网络投票时间：2025 年 5 月 19 日 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 19 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深交所互联网投票系 统（http://wltp.cninfo.com.cn）投票的具体时间为：2025 年 5 月 19 日上午 9： 15 至下午 15：00 期间的任意时间。 6、会议主持人： ...

中国深圳市福田区益田路6001号太平金融大厦11-12楼 邮政编码：518038 11F-12F Taiping Finance Tower, 6001Yitian Road, Futian District, Shenzhen, PRC 电话（Tel）：（0755）88265288 传真（Fax）：（0755）88265537 电子邮件（E-mail）：info@ sundiallawfirm.com 网站（Website）：www.sundiallawfirm.com 广东信达律师事务所 股东大会法律意见书 广东信达律师事务所 关于桂林西麦食品股份有限公司 2024 年度股东大会的 法律意见书 信达会字（2025）第 155 号 致：桂林西麦食品股份有限公司 广东信达律师事务所（以下简称"信达"）接受桂林西麦食品股份有限公司 （以下简称"公司"）的委托，指派信达律师参加公司 2024 年度股东大会（以 下简称"本次股东大会"），并进行必要的验证工作。信达指派的律师对本次股 东大会的合法性进行见证，并出具本《广东信达律师事务所关于桂林西麦食品股 份有限公司 2024 年度股东大会的法律意见书》（下称"《股东 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the value of liquor allocation is stronger, and consumer goods are embracing new consumption trends. The food and beverage index increased by 0.5% from May 12 to May 16, ranking 15th among 28 sub-industries, underperforming the CSI 300 by approximately 0.6 percentage points. Sub-industries such as health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) performed relatively well [3][10][12] - The report indicates that liquor companies are experiencing slow revenue growth, which is already anticipated by the market. This is due to demand remaining at a low level and companies reducing channel burdens. The report suggests that liquor is currently at a bottom range, with signs of marginal recovery in business demand and a pragmatic approach from liquor companies to reduce supply growth to alleviate channel pressure. Future performance growth is expected to rise gradually [3][10][11] - New consumption trends are emerging due to changes in business models and consumer perceptions, focusing on consumer demand and reconstructing consumption scenarios and experiences. This is reflected in new channels within the food and beverage industry, where traditional retail channels face challenges such as traffic loss and declining profit margins [11] Summary by Sections Market Performance - The food and beverage index increased by 0.5%, ranking 15th out of 28, and underperformed the CSI 300 by about 0.6 percentage points. Leading sub-industries included health products (+8.5%), baked goods (+2.4%), and dairy products (+1.5%) [10][12] - Individual stocks such as Xianle Health, Youyou Foods, and Xiwang Foods showed significant gains, while Bai Run Foods, Ganyuan Foods, and ST Jia Jia experienced declines [12][18] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder increased by 30.6% year-on-year, while the price of fresh milk decreased by 10.0% year-on-year [18][21] - The price of pork increased by 1.8% year-on-year, while the price of live pigs decreased by 3.8% year-on-year [24][25] Liquor Industry News - Moutai's sales through major e-commerce channels grew by over 30% in the first four months of the year. The company is also implementing new policies to boost sales for events and weddings [44] Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, and Ximai Foods. Shanxi Fenjiu faces short-term demand pressure but has high mid-term growth certainty. Guizhou Moutai is focusing on sustainable development and increasing dividend rates. Ximai Foods is expected to improve profitability due to better raw material costs [4][51]

Summary of Ximai Foods Conference Call Company Overview - Ximai Foods is a leading oat company in China, focusing on healthy oat grain products and has become the market leader in domestic market share through channel development and product innovation [2][6][15]. Industry Insights - The Chinese breakfast cereal market is approximately 100 billion RMB, with oats experiencing the fastest growth. Aging population and health consciousness are the core drivers of industry development, leading to increased demand for oat products [5][13][14]. - The market potential remains significant as per capita consumption and spending are expected to rise with increasing income levels [5][13]. Financial Performance - Ximai Foods is expected to have strong profit elasticity in 2025, with a projected profit growth of 33% due to a 10% year-on-year decrease in Australian oat raw material prices [4][23]. - The gross margin is anticipated to improve, with a historical range of 43%-45% [8][23]. - The company has maintained a stable expense ratio, benefiting from economies of scale due to revenue growth [9]. Business Strategy - The company has a stable shareholding structure, with the chairman's family holding approximately 54% of shares. A new employee stock ownership plan was launched in February 2025, targeting a compound annual growth rate of 15% over the next three years [7]. - Ximai Foods' core business includes pure oats, compound oats, and snack series, with compound oats' sales ratio increasing from 24% in 2020 to 45% in 2024 [2][10]. Regional Performance - The southern region has shown significantly higher growth compared to the northern region, with market share increasing from 41% to around 60% [11]. - Distribution remains the dominant sales model, but direct sales are increasing, particularly in snack wholesale and e-commerce channels [11][19]. Product Development - Ximai Foods has strong capabilities in product development, focusing on health trends and launching new products like oat milk and protein powder [17]. - The company has also expanded into the oat milk market, which is rapidly growing, with a market size of approximately 10 billion RMB in 2023 [17]. Competitive Landscape - Ximai Foods holds a 26% market share in the Chinese breakfast cereal market, having surpassed competitors since 2021 [15]. - The industry concentration is relatively low compared to international markets, indicating potential for further consolidation [15]. Marketing and Branding - The company invests heavily in brand marketing, with a sales expense ratio exceeding 30%, significantly higher than other companies in the snack food industry [20]. - Ximai Foods aims to establish a professional and high-quality brand image while engaging with younger consumers through social media platforms [20]. Future Outlook - Ximai Foods is expected to maintain a compound growth rate of 20% in the coming years, driven by industry growth and competitive advantages in channels and products [24]. - The company is well-positioned to leverage cost reductions and scale effects to enhance profit margins, maintaining a positive investment rating [24].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its market position and growth potential [8]. Core Insights - The company has maintained its leading position in the Chinese oat grain market for over 20 years, benefiting from the aging population and increasing health consciousness among younger consumers [7]. - Revenue for 2024 reached 1.896 billion yuan, a year-on-year increase of 20.2%, with a net profit of 133 million yuan, up 15.4% [4]. - The company is expected to achieve revenue growth of 20% in 2025 and 2026, with net profit growth of 35% in 2025 and 24% in 2026 [7]. Financial Performance - In Q1 2025, the company reported revenue of 656 million yuan, a year-on-year increase of 15.9%, and a net profit of 55 million yuan, up 21.2% [4]. - The gross margin for 2024 was 41.3%, down 3.2 percentage points year-on-year, primarily due to rising raw material costs [4]. - The company’s online sales grew over 17% year-on-year, with significant contributions from platforms like Douyin, where it achieved a GMV of 468 million yuan [4]. Product and Channel Development - The company has seen positive growth across all product categories, with compound oat products experiencing the fastest growth at 29% [4]. - Offline sales increased by 14% year-on-year, with snack wholesale channels growing nearly 50% [4]. - The company’s product structure is continuously upgrading, with successful launches in the oat + series and milk oat series, each exceeding 200 million yuan in sales [4]. Future Projections - The forecast for 2025-2027 indicates revenues of 2.277 billion yuan, 2.722 billion yuan, and 3.219 billion yuan, respectively, with corresponding net profits of 180 million yuan, 224 million yuan, and 274 million yuan [6]. - The expected EPS for 2025, 2026, and 2027 are 0.81 yuan, 1.00 yuan, and 1.23 yuan, respectively, with P/E ratios decreasing from 26.37 to 17.36 over the same period [6][7].