国信证券股份有限公司关于甘源食品股份有限公司 2024 年度募集资金存放与使用专项核查报告 根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《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》等有关规定的要求，国信证券股份有限公 司（以下简称"国信证券"或"保荐机构"）作为甘源食品股份有限公司（以下 简称"甘源食品"或"公司"）首次公开发行股票的保荐机构，对甘源食品 2024 年度募集资金存放与使用情况进行了专项核查，具体情况如下： 一、保荐机构进行的核查工作 国信证券保荐代表人通过与公司董事、监事、高级管理人员、内部审计、注 册会计师等人员交谈，查询了募集资金专户，查阅了内部审计报告、年度募集资 金存放与使用的专项说明、会计师募集资金年度使用情况鉴证报告以及各项业务 和管理规章制度，从公司募集资金的管理、募集资金的用途、募集资金的信息披 露情况等方面对其募集资金制度的完整性、合理性及有效性进行了核查。 二、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可〔2020〕664 号文核准，并经 ...

（独立董事：张锦胜） 作为甘源食品股份有限公司（以下简称"公司"）的独立董 事，2024 年在职期间内，本人严格按照《公司法》《证券法》 《上市公司治理准则》《上市公司独立董事管理办法》《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》及《公司章程》《独立董事工作制度》等有关规定，在工 作中忠实、勤勉、尽责地履行独立董事职责，积极出席公司相关 会议，认真审议董事会各项议案，充分发挥独立董事的作用，切 实维护公司和股东的合法权益，促进公司的规范运作。 现将 2024 年度履行职责的情况述职如下： 一、独立董事的基本情况 张锦胜，男，1971 年 12 月出生，中国国籍，毕业于南昌大 学食品科学与工程专业，博士学位。曾任南昌大学食品学院教师， 南昌赣江生物化工厂研发部工程师，南京东冉医药科技有限公司 法人代表、执行董事，现任南昌大学食品科学与工程教师。2021 年 11 月至今，任公司独立董事。 甘源食品股份有限公司 2024 年度独立董事述职报告 本人具备《上市公司独立董事管理办法》所要求的独立性， 不存在影响独立性的情况。 二、独立董事年度履职概况 （一）出席董事会和股东大会情况 报 ...

甘源食品股份有限公司 章 程 （2025 年 4 月） 1 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东大会 | 7 | | 第一节 | 股东 | 7 | | 第二节 | 股东大会的一般规定 | 9 | | 第三节 | 股东大会的召集 | 12 | | 第四节 | 股东大会的提案与通知 | 13 | | 第五节 | 股东大会的召开 | 15 | | 第六节 | 股东大会的表决和决议 | 17 | | 第五章 | 董事会 | 21 | | 第一节 | 董事 | 21 | | 第二节 | 董事会 | 23 | | 第六章 | 总经理及其他高级管理人员 | 27 | | 第七章 | 监事会 | 29 | | 第一节 | 监事 | 29 | | 第二节 | 监事会 | 29 | | 第八章 | 财务会计制度、利润分配和审计 | 31 | | 第一节 | 财务会计制度 ...

根据《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》《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》等相关规定，甘源食品股 份有限公司（以下简称"公司"）董事会就公司在任独立董 事刘江山先生、张锦胜先生、汤正梅女士的独立性情况进行 评估并出具专项意见如下： 经核查独立董事刘江山先生、张锦胜先生、汤正梅女士 的任职经历以及签署的相关自查报告，公司董事会认为：上 述三位独立董事未在公司担任除独立董事以外的任何职务， 未在公司主要股东公司及其附属企业任职，与公司以及主要 股东之间不存在利害关系或其他可能妨碍其进行独立客观 判断的关系，不存在影响独立董事独立性的情况，符合《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》 《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》等法律法规及《公司章程》中对独立董 事独立性的相关要求。 甘源食品股份有限公司 董事会关于独立董事 独立性自查情况的专项报告 董事会 2025 年 4 月 18 日 甘源食品股份有限公司 ...

甘源食品股份有限公司 2024 年度独立董事述职报告 （独立董事：汤正梅） 作为甘源食品股份有限公司（以下简称"公司"）的独立董 事，2024 年在职期间内，本人严格按照《公司法》《证券法》 《上市公司治理准则》《上市公司独立董事管理办法》《深证证 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》及《公司章程》《独立董事工作制度》等有关规定，在工 作中忠实、勤勉、尽责地履行独立董事职责，积极出席公司相关 会议，认真审议董事会各项议案，充分发挥独立董事的作用，切 实维护公司和股东的合法权益，促进公司的规范运作。 现将 2024 年度履行职责的情况述职如下： 一、独立董事的基本情况 汤正梅，女，1966 年 1 月出生，中国国籍，毕业于江西财 经大学会计专业，本科学历，注册会计师。曾任工商银行萍乡分 行财会部会计、工商银行萍乡分行财会部高级经理，现已退休。 2021 年 11 月至今，任公司独立董事。 本人具备《上市公司独立董事管理办法》所要求的独立性， 不存在影响独立性的情况。 二、独立董事年度履职概况 （一）出席董事会和股东大会情况 报告期内，本人积极参加公司召开的董事会和股东大会，履 行独 ...

作为甘源食品股份有限公司（以下简称"公司"）的独立董 事，2024 年在职期间内，本人严格按照《公司法》《证券法》 《上市公司治理准则》《上市公司独立董事管理办法》《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》及《公司章程》《独立董事工作制度》等有关规定，在工 作中忠实、勤勉、尽责地履行独立董事职责，积极出席公司相关 会议，认真审议董事会各项议案，充分发挥独立董事的作用，切 实维护公司和股东的合法权益，促进公司的规范运作。 现将 2024 年度履行职责的情况述职如下： 一、独立董事的基本情况 刘江山，男，1977 年 7 月出生，中国国籍，北京大学硕士 研究生、对外经济贸易大学博士研究生，法律、翻译硕士、国际 法学专业。曾任北京国闻律师事务所律师，北京功道律师事务所 律师，优选控股有限公司法务总经理，中控国际能源投资有限公 司风控总监，现任北京本慧统道律师事务所律师，北京创羽科技 有限公司法务总经理，萍乡学院知识产权教研室主任、教师。2021 年 11 月至今，任公司独立董事。 二、独立董事年度履职概况 （一）出席董事会和股东大会情况 甘源食品股份有限公司 2024 年度独立董事 ...

Financial Performance - The company reported a basic earnings per share of 4.14 yuan for 2024, an increase of 15.64% compared to 3.58 yuan in 2023 [1] - The net profit for 2024 was 3.76 billion yuan, reflecting a 14.29% increase from 3.29 billion yuan in 2023 [1] - The operating revenue reached 22.57 billion yuan, up 22.13% from 18.48 billion yuan in the previous year [1] - The return on equity (ROE) improved to 21.58%, a rise of 5.94% from 20.37% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 20.949 million shares, accounting for 42.16% of the circulating shares, with a decrease of 836,000 shares compared to the previous period [1] - The largest shareholder, Yan Binsheng, holds 13.1067 million shares, representing 26.38% of the total share capital, with no change in holdings [2] - New entrants among the top shareholders include Huatai Securities and China Merchants Bank, while several previous shareholders have exited the top ten list [2][3] Dividend Distribution - The company announced a dividend distribution plan of 10 shares for every 17.84 yuan (including tax) [4]

Financial Performance - The company's operating revenue for 2024 reached ¥2,257,260,993.06, representing a 22.18% increase compared to ¥1,847,559,891.15 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥376,190,408.71, up 14.32% from ¥329,060,868.83 in 2023[22]. - The net profit after deducting non-recurring gains and losses was ¥341,329,664.24, reflecting a 16.91% increase from ¥291,953,983.85 in 2023[22]. - The basic earnings per share for 2024 was ¥4.14, a 15.64% increase from ¥3.58 in 2023[22]. - The total assets at the end of 2024 amounted to ¥2,270,416,335.74, an 8.37% increase from ¥2,094,996,172.73 at the end of 2023[22]. - The net assets attributable to shareholders at the end of 2024 were ¥1,714,823,885.36, a slight increase of 1.78% from ¥1,684,817,478.25 in 2023[22]. - The cash flow from operating activities for 2024 was ¥327,372,196.07, which is a 26.95% increase compared to ¥257,874,327.34 in 2023[22]. - The weighted average return on equity for 2024 was 21.58%, up from 20.37% in 2023[22]. Revenue Breakdown - The company's total revenue for Q4 was 651,666,904.63 CNY, showing a significant increase compared to Q2's 456,354,847.63 CNY[26]. - The revenue from the distribution model was CNY 1.93 billion, accounting for 85.36% of total revenue, with a growth rate of 22.58%[43]. - The e-commerce model generated CNY 239 million, representing 10.59% of total revenue, with a growth rate of 10.75%[43]. - E-commerce revenue for 2024 was 239,123,314.08 yuan, accounting for 10.59% of total revenue, with a year-on-year growth of 10.75%[59]. Product Development and Innovation - The company is focusing on product innovation and development to meet the increasing consumer demand for quality and health-oriented snacks[36]. - The company launched several new products during the reporting period, including various flavored beans and snacks, enhancing product innovation and differentiation[41]. - The company has over 100 patents, demonstrating a strong commitment to product innovation and development[73]. - The company has successfully developed a new product, BBQ-flavored yellow mung beans, which improves taste, color, and flavor while reducing raw material waste, enhancing overall product efficiency[102]. Market Trends and Strategy - The company operates in the leisure food industry, which is experiencing a growing demand due to rising disposable income and changing consumer preferences[32]. - The market for snack foods is expected to grow, driven by trends towards health, innovation, and brand recognition in the nut and snack categories[35]. - The competitive landscape in the leisure food sector is evolving, with traditional retail channels transforming and new e-commerce platforms gaining prominence[36]. - The company aims to enhance its market position by leveraging emerging sales channels and adapting to consumer trends towards diverse and healthy food options[36]. Cost Management and Financial Health - The company's main business cost for 2024 is approximately ¥1.46 billion, an increase of 23.66% from ¥1.18 billion in 2023[63]. - Direct material costs account for over 77% of the main business costs, with nuts and seeds being the primary raw materials[64]. - The cost of goods sold was ¥1,456,770,389.94, which is a 23.67% increase from ¥1,177,982,215.93 in the previous year[78]. - The gross profit margin for the food industry was 35.46%, slightly down by 0.78% from the previous year[83]. Shareholder and Governance - The company plans to distribute a cash dividend of ¥17.84 per 10 shares, totaling approximately ¥163,000,000 based on 91,609,959 shares[5]. - The company has established a three-year shareholder return plan (2024-2026) to ensure a stable return mechanism for shareholders[196]. - The company held a total of 5 shareholder meetings during the reporting period, ensuring equal treatment of all shareholders, particularly minority investors[154]. - The company maintains independent financial, personnel, and operational structures, ensuring no overlap with controlling shareholders[160]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential risks in its future development outlook[5]. - The company has implemented measures to control risks associated with price fluctuations, liquidity, and policy changes in the futures market[119]. - The company’s hedging activities primarily aim to lock in raw material costs and prevent price volatility risks, achieving the goal of cost stabilization without significant risks[119]. Employee and Talent Management - The total number of employees at the end of the reporting period is 2,808, with 1,723 in the parent company and 1,085 in major subsidiaries[191]. - The company has implemented a comprehensive training program focusing on talent development, quality, safety, and information technology[193]. - The number of R&D personnel increased by 47.80% from 182 in 2023 to 269 in 2024, with the proportion of R&D personnel rising from 7.41% to 9.58%[103]. Future Outlook - The company is focusing on digital transformation to enhance operational efficiency, aiming to build an agile and flexible intelligent manufacturing system and a fully digital operational capability[139]. - The company aims to expand its market share by introducing innovative products that cater to diverse consumer preferences and health trends[101]. - The company anticipates that the overall benefits from the marketing network upgrade will be realized gradually as production capacity increases[128].

Financial Performance - The company's revenue for Q1 2025 was ¥504,037,728.43, a decrease of 13.99% compared to ¥586,039,141.89 in the same period last year[5] - Net profit attributable to shareholders was ¥52,757,916.00, down 42.21% from ¥91,292,733.23 year-on-year[5] - Basic and diluted earnings per share were both ¥0.58, reflecting a decline of 42.00% compared to ¥1.00 in the same period last year[5] - Total operating revenue for the current period was ¥504,037,728.43, a decrease of 14.0% from ¥586,039,141.89 in the previous period[23] - Net profit for the current period was ¥52,767,207.92, a decline of 42.3% compared to ¥91,292,733.23 in the previous period[24] - Earnings per share (EPS) for the current period was ¥0.58, down from ¥1.00 in the previous period[24] Cash Flow - The net cash flow from operating activities decreased by 27.64% to ¥62,698,642.70 from ¥86,653,905.84 in the previous year[5] - Operating cash flow for the current period is ¥62,698,642.70, a decrease of 27.7% compared to ¥86,653,905.84 in the previous period[25] - The net increase in cash and cash equivalents was ¥100,137,500.54, a substantial increase of 1066.83% compared to a decrease of ¥10,357,277.34 in the previous year[14] - Cash and cash equivalents at the end of the period amount to ¥185,617,220.49, compared to ¥235,998,272.62 at the end of the previous period[26] - The net increase in cash and cash equivalents for the current period is ¥100,137,500.54, recovering from a decrease of -¥10,357,277.34 in the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,178,414,563.94, a decrease of 4.05% from ¥2,270,416,335.74 at the end of the previous year[5] - Total current assets decreased from ¥1,247,548,917.49 to ¥1,141,359,788.26, reflecting a decline of approximately 8.5%[20] - Total liabilities decreased to ¥410,823,638.90 from ¥555,592,450.38, a reduction of 26.0%[22] - Total equity attributable to shareholders increased to ¥1,767,581,633.12 from ¥1,714,823,885.36, an increase of 3.1%[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 8,106[16] - The largest shareholder, Yan Binsheng, holds 56.24% of shares, totaling 52,426,980 shares[16] - The number of shares held by the top ten shareholders includes significant stakes from various investment funds, with the top three holding over 63% combined[16] - The total number of shares held by the top ten unrestricted shareholders is 18,000,000 shares, indicating a concentration of ownership[17] Investments and Expenses - The company reported a significant increase in receivables, with notes receivable rising by 618.29% to ¥2,076,828.40 due to the receipt of bank acceptance bills[10] - The net cash flow from investing activities increased by 218.45% to ¥91,608,427.35, primarily due to an increase in recovered time deposits[14] - Research and development expenses remained stable at ¥6,210,591.13, slightly up from ¥6,198,190.03[23] - Cash received from the recovery of investments is ¥375,900,000.00, up from ¥355,021,000.00 in the previous period, reflecting improved investment recovery[25] - Cash paid for the purchase of fixed assets and intangible assets is ¥33,764,476.93, down from ¥63,629,650.80 in the previous period, indicating reduced capital expenditure[25] Other Information - The company has no preferred shareholders or related party transactions reported in the current period[18] - The company has not reported any new product developments or market expansion strategies in the current earnings call[19] - The company has not yet audited the first quarter report for 2025[27] - The company plans to implement new accounting standards starting from 2025[27]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates that the recovery of consumer demand is ongoing, supported by the expansion of the "old-for-new" policy and the restoration of consumer confidence. The food and beverage sector is expected to benefit from upcoming domestic demand expansion policies [4][6] - The report highlights that the liquor industry is at the bottom of its cycle, with a high probability of stable upward movement, making it a suitable time for medium to long-term investment [4] - In the snack segment, companies with channel reforms and overseas market expansion are favored, with recommendations for Ganyuan Food. The beer industry is also expected to improve with the recovery of dining, recommending Qingdao Beer. Additionally, the dairy industry is highlighted for its potential due to fertility policy catalysts and the expected balance in raw milk prices, recommending leading company Yili [4] Summary by Sections Industry Trends - The social retail sales data for March 2025 showed a year-on-year increase of 5.9%, with a month-on-month increase of 1.9 percentage points compared to January-February [5][9] - The food and oil consumption growth rate remains stable, with significant increases in March for food and beverage categories, indicating a recovery in dining and nightlife consumption [5][6] Quarterly Observations - In Q1 2025, social retail sales increased by 4.6% year-on-year, with improvements in dining revenue, reflecting ongoing consumer demand recovery [6][7] - The food and oil category maintained a high growth rate, while beverage and tobacco categories showed month-on-month improvements, driven by improved consumer confidence [6][7] Industry Analysis - Major liquor companies are adjusting their targets and managing channel pressures, leading to a stable transition in the industry. The performance of leading liquor companies is expected to improve in the second half of the year as the base effect diminishes [7] - The snack segment is anticipated to accelerate in Q2, supported by channel reforms and category expansion, maintaining a favorable industry outlook [7]