Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The revenue of the beverage and tea industry in January-February decreased by 0.4% year-on-year [2] - The overall performance of the food and beverage sector shows a slight increase, with the food and beverage index rising by 0.40% from March 24 to March 28, ranking third among 28 sub-industries [6][7] - The report recommends high-end liquor with stable demand and high growth certainty, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional brands [18] Summary by Sections Industry Performance - From March 24 to March 28, the overall market index increased by 0.07%, while the food and beverage index increased by 0.40% [6][7] - The top-performing sectors were meat products (+2.86%), dairy products (+2.13%), and beer (+2.01%) [6] - Notable stock performances included Miaokelando (+28.66%), Guangming Meat (+13.02%), and Yanjinpuzi (+5.33%) [6] Company Announcements - Shuanghui Development reported a total revenue of 59.561 billion yuan for 2024, down 0.55% year-on-year [21] - Zhujiang Beer reported a total revenue of 5.731 billion yuan for 2024, up 6.56% year-on-year [21] - Sanquan Food reported a total revenue of 3.476 billion yuan for 2024, up 10.41% year-on-year [21] - Three squirrels reported a total revenue of 10.622 billion yuan for 2024, up 49.30% year-on-year [21] Industry News - The 112th National Sugar and Wine Commodity Fair is preparing to sign several major projects with a total investment exceeding 3 billion yuan [23] Consumer Data - In January-February 2025, the total retail sales of consumer goods increased by 4.0% year-on-year, while the catering retail sales increased by 4.3% [24] - The consumer confidence index for January 2025 was 87.5, down 1.57% year-on-year [24] Alcohol Industry Data - In January-February 2025, the production of liquor, beer, and wine decreased by 11.2%, 4.9%, and 25% year-on-year, respectively [29]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The performance of the food and beverage index showed a 0.4% increase from March 24 to March 28, ranking third among primary sub-industries, outperforming the CSI 300 by approximately 0.4 percentage points. The leading sub-industries included meat products (+2.9%), dairy products (+2.1%), and beer (+2.0%) [4][11][12] - The fourth quarter of 2024 saw significant performance differentiation among companies, with several reporting improved earnings. For instance, Shuanghui Development experienced comprehensive profit improvement, while Tianwei Foods exceeded previous profit forecasts due to strong demand and reduced raw material costs [4][11] - The outlook for the first quarter of 2025 suggests that the industry is at a bottoming phase, with expectations of gradual performance recovery in subsequent quarters. It is recommended to increase allocations in the liquor, beer, and snack sectors [4][11] Summary by Sections Market Performance - The food and beverage index outperformed the market with a 0.4% increase, ranking third among industries. Key performers included Miaokelando, Guangming Meat, and Jiahe Foods, while Maikui'er, Lianhua Holdings, and Xiwang Foods faced declines [12][13] Upstream Data - Some upstream raw material prices have decreased. For example, the price of fresh milk was 3.1 yuan/kg, down 12.5% year-on-year, while pork prices increased by 2.3% year-on-year to 20.9 yuan/kg [18][21] - The price of imported barley fell by 10.4% year-on-year, which may alleviate cost pressures for beer companies [27][28] Company Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, Ganyuan Foods, and Ximai Foods, with each showing strong growth potential and strategic advantages in their respective markets [5][49]

Investment Rating - The industry rating is "Outperform the Market" with expectations for the overall industry performance to surpass the market in the next six months [17]. Core Insights - The "Weight Management Year" initiative aims to promote healthy eating habits and increase awareness of weight management among the population, with a focus on functional foods [1]. - Functional foods related to weight management include meal replacements, general functional foods, and health supplements, utilizing ingredients like nutrients, plant extracts, and compounds such as L-carnitine [2]. - The report highlights the role of probiotics in weight management by improving gut health and metabolism, recommending companies like Keta Bio [3]. - Oats and dairy products are emphasized as advantageous meal replacements due to their nutritional benefits and health claims [4]. - The concept of "food and medicine homology" is explored, with traditional Chinese medicine ingredients being integrated into food products to meet health and dietary needs [5]. - The report suggests that the promotion of healthy eating concepts will directly benefit functional food sectors, with a particular emphasis on the role of traditional Chinese medicine in dietary adjustments [5]. Summary by Sections - **Functional Foods**: The report identifies meal replacements, functional foods, and health supplements as key categories, with specific ingredients highlighted for their benefits in weight management [2]. - **Probiotics**: Probiotics are noted for their positive impact on gut health and fat metabolism, with specific strains recommended for their effectiveness [3]. - **Meal Replacements**: Oats and dairy products are recognized for their health benefits and suitability as meal replacements, with specific companies recommended for investment [4]. - **Traditional Chinese Medicine**: The integration of traditional Chinese medicine into food products is discussed, highlighting its dual value in nutrition and health [5]. - **Investment Recommendations**: The report recommends focusing on companies in the health food sector, including Keta Bio, Yili, New Dairy, and traditional medicine companies like Tongrentang [8].

广东信达律师事务所 股东大会法律意见书 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 关于桂林西麦食品股份有限公司 2025年第一次临时股东大会的 法律意见书 信达会字（2025）第036号 致：桂林西麦食品股份有限公司 一、关于本次股东大会的召集与召开 (一) 股东大会的召集 本次股东大会根据2025年2月18日召开的公司第三届董事会第十三次会议审 议通过的《关于提请召开公司2025年第一次临时股东大会的议案》，由公司董事 会召集。 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2025年第一次临 ...

证券代码：002956 证券简称：西麦食品 公告编号：2025-006 2025 年第一次临时股东大会决议公告 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。 桂林西麦食品股份有限公司 4、会议时间： 现场会议时间：2025 年 3 月 6 日 14：30 网络投票时间：2025 年 3 月 6 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 3 月 6 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 3 月 6 日上午 9： 15 至下午 15：00 期间的任意时间。 5、股权登记日 ...

广东信达律师事务所 法律意见书 关于桂林西麦食品股份有限公司 2025年员工持股计划的 法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11-12楼 11-12F., TAIPING FINANCE TOWER, 6001 YITIAN ROAD, FUTIAN, SHENZHEN, CHINA 电话(Tel)：(0755) 88265288 传真(Fax)：(0755)88265537 网址（Website）：www.sundiallawfirm.com 邮政编码：518038 广东信达律师事务所 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 2025 年员工持股计划的 法律意见书 信达励字(2025)第 011 号 致：桂林西麦食品股份有限公司 根据桂林西麦食品股份有限公司（以下简称"西麦食品"或"公司"）与广 东信达律师事务所（以下简称"信达"）签订的《专项法律顾问聘请协议》，信 达受公司委托，担任其 2025 年员工持股计划项目（以下简称"本次员工持股计 划"）之特聘专项法律顾问。 根据《中华人民共和国公司法》（简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《 ...

桂林西麦食品股份有限公司 关于全资子公司存续分立暨对外投资进展的公告 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。 桂林西麦食品股份有限公司（以下简称"公司"）于 2025 年 2 月 24 日召开 第三届董事会第十四次会议，审议通过了《关于全资子公司存续分立的议案》， 同意全资子公司江苏西麦食品有限责任公司（以下简称"江苏西麦"）实施存续 分立。现将相关情况公告如下： 一、分立情况概述 2024 年 3 月 27 日，公司召开第三届董事会第七次会议审议通过了《关于对 外投资设立全资子公司暨签署投资合作协议的议案》，拟在宿迁经济技术开发区 设立全资子公司投资"西麦大健康食品项目"。具体详见 2024 年 3 月 28 日披露 的《关于对外投资设立全资子公司暨签署投资合作协议公告》（2024-006）。 为优化公司管理架构，合理配置资源，提升运营效率，促进公司业务协同发 展，公司拟对江苏西麦进行分立。分立完成后，江苏西麦继续存续，另派生分立 1 家全资子公司，由该派生分立的全资子公司实施前述"西麦大健康食品项目"。 本次存续分立事项不构成关联交易，亦不构成重大 ...

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。 证券代码：002956 证券简称：西麦食品 公告编号：2025-004 桂林西麦食品股份有限公司 第三届董事会第十四次会议决议公告 3．本次董事会应出席的董事 5 名，实际出席的董事 5 名。 4．本次董事会由董事长谢庆奎先生主持，公司监事和高级管理人员列席了 本次董事会。 5．本次会议召开程序及出席情况符合《公司法》《公司章程》及有关法律、 行政法规、部门规章、规范性文件的要求，会议决议合法有效。 二、董事会会议审议情况 审议通过《关于全资子公司存续分立的议案》 一、董事会会议召开情况 1．桂林西麦食品股份有限公司（以下简称"公司"）第三届董事会第十四次 会议通知以电子邮件、专人送达的方式于 2025 年 2 月 21 日已向公司全体董事发 出，通知中包括会议的相关材料，同时列明了会议的召开时间、内容和方式。 2．本次董事会于 2025 年 2 月 24 日在公司会议室以通讯会议的方式召开。 具体内容详见巨潮资讯网（www.cninfo.com.cn）披露的《关于全资子公司存 续分立暨对外投资进展的公告》。 表 ...

| 日期 | 2025/2/19 | | --- | --- | | 当前股价(元) | 15.76 | | 一年最高最低(元) | 18.10/10.09 | | 总市值(亿元) | 35.18 | | 流通市值(亿元) | 35.18 | | 总股本(亿股) | 2.23 | | 流通股本(亿股) | 2.23 | | 近 3 个月换手率(%) | 182.5 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-02 2024-06 2024-10 西麦食品 沪深300 相关研究报告 《春节销售预期乐观，成本改善释放 利 润 弹 性 — 公 司 信 息 更 新 报 告 》 -2024.12.26 《业绩稳步增长，线上渠道主动调控 —公司信息更新报告》-2024.11.3 《燕麦主业务延续高增，积极推动品 类和渠道创新—公司信息更新报告》 -2024.8.30 食品饮料/休闲食品 西麦食品（002956.SZ） 员工持股计划落地，立足中长期稳健发展 2025 年 02 月 20 日 投资评级：增持（维持） 张宇光（分析师） 张恒玮（分析师） zhangyuguang@k ...