华安证券股份有限公司 关于 佳沃食品股份有限公司 本次重大资产重组前发生"业绩变脸"或重组存在 拟置出资产情形相关事项 之 专项核查意见 独立财务顾问 二〇二五年四月 1 2 | 承诺事由 | 承诺方 | 承诺类型 | 承诺内容 | | 承诺时间 | | | 承诺期限 | 履行情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 佳沃集团受托桃源县湘晖农业投资有限公司（下称"桃源湘晖"）所持有的万福生科(湖南) | | | | | | | | | | | 农业开发股份有限公司（下称"万福生科、上市公司"）股份表决权。本公司作为交易对 | | | | | | | | | | | 方，为避免本公司及本公司控制的其他企业与上市公司及其子公司产生同业竞争，本公司 | | | | | | | | | | | 特不可撤销地作出如下承诺：1、承诺人将不会利用对万福生科的控股关系进行损害万福 | | | | | | | | | | | 生科及其他股东利益的任何经营活动。2、本承诺出具之日，承诺人及其控制的其他企业 | | | | ...

华安证券股份有限公司 关于本次交易不构成《上市公司重大资产重组管理办法》 第十三条规定的重组上市情形的核查意见 财务顾问主办人： 金仁杰 孔繁惺 华安证券股份有限公司 2025 年 4 月 24 日 佳沃食品股份有限公司（以下简称"上市公司"）拟将其所持北京佳沃臻诚 科技有限公司（以下简称"佳沃臻诚"）100%股权转让给关联方佳沃品鲜（北京） 企业管理有限公司（以下简称"本次交易"）。华安证券股份有限公司作为本次交 易的独立财务顾问，对本次交易是否构成《上市公司重大资产重组管理办法》第 十三条规定的重组上市情形进行核查，现发表如下意见： 经核查，本次交易为上市公司将其所持佳沃臻诚 100%股权转让给关联方佳 沃品鲜（北京）企业管理有限公司，交易完成后，佳沃臻诚将不再纳入上市公司 合并报表范围。本次交易未涉及上司公司股本结构变化。本次交易前后上市公司 控股股东及实际控制人均未发生变化，且本次交易不涉及向上市公司实际控制人 及其关联方购买资产。 因此，本次交易不构成《上市公司重大资产重组管理办法》第十三条规定的 重组上市情形。 （以下无正文） 1 （本页无正文，为《华安证券股份有限公司关于本次交易不构成<上市公司 ...

北京市中伦律师事务所 关于佳沃食品股份有限公司 内幕信息知情人登记制度的制定和执行情况 之专项核查意见 2025 年 4 月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 关于佳沃食品股份有限公司 内幕信息知情人登记制度的制定和执行情况 之专项核查意见 佳沃食品股份有限公司（以下简称"上市公司"或"佳沃食品"）拟向佳沃品 鲜（北京）企业管理有限公司转让其持有的北京佳沃臻诚科技有限公司100%股 权（以下简称"本次交易"）。 本所律师根据《公司法》《证券法》《重组管理办法》《上市规则》《公 开发行证券 ...

佳沃食品股份有限公司 2023 年度、2024 年度 备考审阅报告 | 索引 | | 页码 | | --- | --- | --- | | 审阅报告 | | 1 | | 已审备考财务报表 | | | | — | 备考合并资产负债表 | 2-3 | | — | 备考合并利润表 | 4 | | — | 备考财务报表附注 | 5-83 | 我们按照《中国注册会计师审阅准则第2101号——财务报表审阅》的规定执行了审阅 业务。该准则要求我们计划和实施审阅工作，以对备考财务报表是否不存在重大错报获取 有限保证。审阅主要限于询问公司有关人员和对财务数据实施分析程序，提供的保证程度 低于审计。我们没有实施审计，因而不发表审计意见。 根据我们的审阅，我们没有注意到任何事项使我们相信上述备考财务报表没有按照企 业会计准则的规定编制，未能在所有重大方面公允反映被审阅单位2024年12月31日、2023 年12月31日的备考财务状况以及2024年度、2023年度的备考经营成果。 我们提醒报表使用者关注备考合并财务报表附注三对编制基础的说明,本报告仅供佳 沃食品重大资产重组使用,不得用作任何其他目的。本段内容不影响已发表的审计意见 ...

华安证券股份有限公司关于 佳沃食品股份有限公司本次交易产业政策和交易类型的核 查意见 佳沃食品股份有限公司（以下简称"上市公司"或"佳沃食品"）拟向关联 方佳沃品鲜（北京）企业管理有限公司转让其所持北京佳沃臻诚科技有限公司（以 下简称为"佳沃臻诚"）100%股权（以下简称"本次交易"），本次交易构成重大 资产出售。受上市公司委托，华安证券股份有限公司（以下简称"独立财务顾问"） 担任本次交易的独立财务顾问，独立财务顾问已按照中国证券监督管理委员会 （以下简称"中国证监会"）颁发的《监管规则适用指引——上市类第 1 号》等 规范性文件的要求，对上市公司本次交易产业政策和交易类型相关事项进行核查， 现发表如下意见： 一、本次交易涉及的行业或企业是否属于《国务院关于促进企业兼并重组的 意见》和工信部等十二部委《关于加快推进重点行业企业兼并重组的指导意见》 确定的"汽车、钢铁、水泥、船舶、电解铝、稀土、电子信息、医药、农业产业 化龙头企业"等重点支持推进兼并重组的行业或企业 本次交易标的公司佳沃臻诚通过下属子公司 Australis 从事三文鱼的养殖、 加工及销售业务，根据《上市公司行业统计分类与代码》（JR/T 0 ...

北京市中伦律师事务所 关于佳沃食品股份有限公司 重大资产出售暨关联交易的 法律意见书 2025 年 4 月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty | 释 | 义 | 3 | | --- | --- | --- | | 正 | 文 | 8 | | | 一、 | 本次交易的方案 8 | | | 二、 | 本次交易各方的主体资格 11 | | | 三、 | 本次交易的批准与授权 16 | | | 四、 | 本次交易的相关协议 17 | | | 五、 | 本次交易的实质条件 18 | | | 六、 ...

本资产评估报告依据中国资产评估准则编制 佳沃食品股份有限公司拟重大资产出售项目 所涉及的北京佳沃臻诚科技有限公司 股东全部权益价值 资产评估报告 天兴评报字（2025）第 0326 号 （共一册，第一册） 北京天健兴业资产评估有限公司 PAN-CHINA ASSETS APPRAISAL CO .,LTD 二○二五年三月十二日 | | | | | | 佳沃食品股份有限公司拟重大资产出售项目 所涉及的北京佳沃臻诚科技有限公司股东全部权益价值资产评估报告 第 1页 声明 一、本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估协 会发布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定及本 资产评估报告载明的使用范围使用资产评估报告；委托人或者其他资产评估报告 使用人违反前述规定使用资产评估报告的，本资产评估机构及资产评估师不承担 责任。本资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报 告使用人和法律、行政法规规定的资产评估报告使用人使用；除此之外，其他任 何机构和个人不能成为资产评估报告的使用人。本资产评估机构及资产评估师提 示资产评估 ...

Financial Performance - The company reported a basic earnings per share of -1.0385 yuan for Q1 2025, a decrease of 105.48% compared to -0.5054 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -1.81 billion yuan, representing a 105.68% increase in losses compared to -0.88 billion yuan in Q1 2024 [1] - Operating revenue decreased by 34.05% to 6.78 billion yuan in Q1 2025 from 10.28 billion yuan in Q1 2024 [1] - The net asset per share was -10.58 yuan, a decline of 72.31% from -6.14 yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 53.92 million shares, accounting for 40.36% of the circulating shares, with a decrease of 1.9471 million shares compared to the previous period [2] - The largest shareholder, Jiawo Group Co., Ltd., holds 40.07 million shares, representing 29.97% of the total share capital, with no change in holdings [3] - Notable changes among the top shareholders include a decrease of 39.64 million shares for Shi Chunbao and a decrease of 28.53 million shares for Chen Yanming [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

Group 1 - The company *ST Jiawo (300268.SZ) announced its plan to transfer 100% equity of Beijing Jiawo Zhencheng Technology Co., Ltd. to its affiliate Jiawo Pinxian (Beijing) Enterprise Management Co., Ltd. [1] - This transaction constitutes a related party transaction and is expected to be classified as a significant asset restructuring [1]

Financial Performance - The company's revenue for Q1 2025 was ¥677,514,772.36, a decrease of 34.09% compared to ¥1,027,931,125.62 in the same period last year[4] - The net loss attributable to shareholders was ¥180,913,426.83, representing a 105.49% increase in losses from ¥88,041,963.16 year-over-year[4] - The company's operating profit for Q1 2025 was RMB -130 million, an improvement of 8% compared to RMB -142 million in Q1 2024[13] - Net loss for the period was ¥201,318,265.61, compared to a net loss of ¥94,162,274.28 in the previous period, indicating a significant increase in losses[41] - The basic and diluted earnings per share were both -¥1.0385, compared to -¥0.5054 in the previous period, showing a deterioration in earnings performance[42] Cash Flow - The net cash flow from operating activities was -¥245,444,238.24, a decline of 125.41% compared to -¥108,888,332.88 in the previous year[4] - Cash flow from operating activities was ¥762,217,484.56, down from ¥1,092,819,353.90, a decline of about 30%[44] - The net cash flow from investing activities decreased by 46.08% to -¥220,000,000, attributed to increased infrastructure investments in fishing grounds[7] - The net cash flow from financing activities increased by 137.43% to ¥312,000,000, primarily due to increased borrowings from related parties[7] - The ending cash and cash equivalents balance was $460.86 million, up from $201.08 million in the previous period, indicating improved liquidity[45] Assets and Liabilities - The company's total assets increased by 3.32% to ¥9,604,281,445.31 from ¥9,295,306,013.20 at the end of the previous year[4] - The total liabilities increased to ¥10,182,425,983.10 from ¥9,752,672,824.28, reflecting a rise of approximately 4.4%[39] - The total equity attributable to shareholders of the parent company decreased to -¥543,430,199.44 from -¥442,750,094.62, indicating a worsening financial position[39] - As of March 31, 2025, the company's debt-to-asset ratio was 106.02%, indicating significant financial strain[25] Operational Challenges - The company reported a 34.09% decrease in operating income, primarily due to reduced production and sales volumes as part of its operational plan[6] - The company faced a significant increase in unit costs due to a decrease in production volume, negatively impacting Q1 2025 operating performance[11] - The domestic salmon business underwent strategic contraction in Q1 2025 due to reduced production and sales from Chile[12] - The company is facing liquidity risks with overdue debts amounting to 88 million RMB as of March 31, 2025[25] Strategic Initiatives - The company plans to stabilize operations by expanding markets, adjusting product structures, and controlling costs[12] - The company plans to improve asset quality and optimize capital structure through strategic investments and asset restructuring[24] - The company is actively expanding its overseas sales channels to mitigate risks associated with geopolitical factors and supply chain disruptions[34] - The company has established a management team with an international perspective to better navigate macroeconomic and regulatory challenges[35] Shareholder Information - The top shareholder, Jiawo Group Limited, holds 46.08% of shares, totaling 80,265,919 shares[9] - The total number of common shareholders at the end of the reporting period was 4,967[9] Inventory and Production - The harvest volume for Australis in Q1 2025 was 8,309 tons, a 43% decrease compared to 14,481 tons in Q1 2024, while sales volume dropped by 40%[13] - In Q1 2025, the total harvest weight was 8,309 tons WFE, a decrease of 43% compared to 14,481 tons WFE in Q1 2024[17] - Q1 2025 sales volume was 8,787 tons WFE, down 40% from 14,655 tons WFE in Q1 2024[18] - The average selling price for Atlantic Salmon in Q1 2025 was $6.98 per KG WFE, slightly up from $6.94 in Q1 2024[20] - The unit cost of production for Atlantic Salmon in Q1 2025 was $6.45 per KG WFE, an increase from $6.30 in Q1 2024[23] Compliance and Regulatory Issues - The company is closely monitoring the compliance plan with the SMA to avoid penalties, emphasizing the importance of regulatory adherence[31] - The company has submitted administrative review applications for 12 aquaculture centers whose compliance plans were rejected[30] Financial Adjustments - Financial expenses increased by 78.97% to ¥1,295,000,000, mainly due to exchange losses and increased interest expenses from related party borrowings[6] - Other comprehensive income after tax was ¥1,561,145.46, compared to -¥329,583.90 in the previous period, indicating a recovery in this area[42] - The company reported an investment income of ¥1,207,880.64, a significant improvement from a loss of -¥293,654.03 in the previous period[41]