法律意见书 信达会字（2025）第233号 广东信达律师事务所 股东大会法律意见书 中国深圳福田区益田路 6001 号太平金融大厦 11 楼、12 楼 邮政编码：518038 11、12/F, TaiPingFiance Tower,Yitian Road 6001,Futian District, ShenZhen, P. R. China 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755)88265537 网址(Website)：https://www.sundiallawfirm.com 广东信达律师事务所 关于仙乐健康科技股份有限公司 2025年第三次临时股东大会的 致：仙乐健康科技股份有限公司（下称"贵公司"） 广东信达律师事务所接受贵公司的委托，指派高灵灵律师及万茜律师（下称 "本所律师"）参加了贵公司2025年第三次临时股东大会（下称"本次股东大会"）， 并进行了必要的验证工作。现根据《中华人民共和国公司法》（下称"《公司法》"）、 《上市公司股东会规则》（下称"《股东会规则》"）、《深圳证券交易所上市 公司股东会网络投票实施细则》（下称"《网络投票实施细则》"）等 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

Market Overview - On August 1, the food processing sector rose by 1.17%, led by *ST Chuntian, while the Shanghai Composite Index closed at 3559.95, down 0.37% [1] - The Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - The top performers in the food processing sector included: - *ST Chuntian: Closed at 4.37, up 3.31% with a trading volume of 89,400 shares and a turnover of 38.61 million yuan [1] - Baba Food: Closed at 19.25, up 3.00% with a trading volume of 52,400 shares and a turnover of 100 million yuan [1] - Jinzi Ham: Closed at 6.72, up 2.28% with a trading volume of 404,000 shares and a turnover of 272 million yuan [1] Capital Flow - The food processing sector experienced a net outflow of 18.21 million yuan from institutional investors and 53.49 million yuan from speculative funds, while retail investors saw a net inflow of 71.69 million yuan [2] - Notable capital flows for specific stocks included: - Jinzi Ham: Net inflow of 40.46 million yuan from institutional investors, but a net outflow of 3.79 million yuan from speculative funds [3] - Baba Food: Net inflow of 8.31 million yuan from institutional investors, with a net outflow of 5.63 million yuan from speculative funds [3]

Core Viewpoint - The company has decided not to exercise the right to adjust the conversion price of its convertible bonds, "Xianle Convertible Bonds," despite meeting the conditions for downward adjustment, in order to protect the interests of all investors [10]. Group 1: Convertible Bond Issuance - The company issued 10.2489 million convertible bonds with a total fundraising amount of RMB 1,024.8929 million, netting RMB 1,016.1675 million after expenses [1]. - The bonds were listed on the Shenzhen Stock Exchange on May 14, 2021, under the name "Xianle Convertible Bonds" and code "123113" [2]. - The conversion period for the bonds began on October 25, 2021, following the end of the bond issuance [2]. Group 2: Conversion Price Adjustment - The conversion price was initially set at RMB 85.98 per share and was adjusted to RMB 56.92 per share after a cash dividend and capital increase [2][3]. - Subsequent adjustments to the conversion price occurred on several occasions, with the latest adjustment reducing the price to RMB 31.82 per share effective May 27, 2025 [8]. - The company has the authority to propose a downward adjustment of the conversion price if the stock price falls below 85% of the conversion price for at least 15 trading days within a 30-day period [9]. Group 3: Board Decisions - The company's board of directors convened on July 30, 2025, and decided not to propose a downward adjustment of the conversion price for the next six months, even if the conditions for adjustment are met again [10]. - This decision was made to maintain investor confidence and protect the interests of all stakeholders [10].

证券日报网讯 7月30日晚间，仙乐健康发布公告称，截至2025年7月30日，公司股票已经出现在任意连 续三十个交易日中至少有十五个交易日的收盘价低于"仙乐转债"当期转股价格的85%的情形，触及"仙 乐转债"转股价格向下修正条款。经公司第四届董事会第十二次会议审议通过，公司董事会决定本次不 行使"仙乐转债"的转股价格向下修正的权利，且在未来六个月内（即2025年7月31日至2026年1月30 日），如再次触发"仙乐转债"转股价格向下修正条款，亦不提出向下修正方案。 （文章来源：证券日报） ...

Group 1 - The company, Xianle Health, announced that its fourth board meeting was held on July 30, 2025, via teleconference, where it reviewed the proposal regarding not adjusting the conversion price of "Xianle Convertible Bonds" [2] - For the year 2024, the revenue composition of Xianle Health is as follows: soft capsules accounted for 47.1%, gummies for 23.63%, tablets for 7.73%, functional beverages for 5.89%, powders for 5.5%, and hard capsules for 5.29% [2]

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-075 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于不向下修正"仙乐转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、截至 2025 年 7 月 30 日，仙乐健康科技股份有限公司（以下简称"公司"） 股票已经出现在任意连续三十个交易日中至少有十五个交易日的收盘价低于"仙 乐转债"当期转股价格的 85%的情形，触及"仙乐转债"转股价格向下修正条款。 2、经公司第四届董事会第十二次会议审议通过，公司董事会决定本次不行 使"仙乐转债"的转股价格向下修正的权利，且在未来六个月内（即 2025 年 7 月 31 日至 2026 年 1 月 30 日），如再次触发"仙乐转债"转股价格向下修正条 款，亦不提出向下修正方案。 公司于 2025 年 7 月 30 日召开了第四届董事会第十二次会议，审议通过了 《关于不向下修正"仙乐转债"转股价格的议案》，公司董事会决定本次不行使 ...

仙乐健康科技股份有限公司 第四届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 | 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-074 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 本议案无需提交公司股东大会审议。 经与会董事认真审议，本次会议以回收表决票的表决方式表决通过了以下决 议： 1、审议通过了《关于不向下修正"仙乐转债"转股价格的议案》 董事会决定本次不行使"仙乐转债"的转股价格向下修正的权利，且在未来 六个月内（即 2025 年 7 月 31 日至 2026 年 1 月 30 日），如再次触发"仙乐转 1 债"转股价格向下修正条款，亦不提出向下修正方案。 表决结果：7 票赞成，0 票反对，0 票弃权。 仙乐健康科技股份有限公司（以下简称"公司"）第四届董事会第十二次会 议于 2025 年 7 月 30 日以通讯会议方式召开。会议通知于 2025 年 7 月 30 日以 微信信息等方式送达给全体董事及其他列席人员 ...

Core Insights - Xianle Health and Memory Tensor signed a strategic cooperation agreement at WAIC 2025 to transform the health industry from standardized manufacturing to personalized services through innovative projects [1][3] Group 1: Strategic Cooperation - The partnership aims to build a large model infrastructure for the nutrition and health industry based on the MemOS memory tensor operating system [3] - Xianle Health will establish a private AI computing cluster compliant with GMP standards and migrate its formula data assets to the MemVault multi-level knowledge hub [3][4] Group 2: Innovative Systems - Three core systems will be developed: PharmaQA for regulatory consultation, FormuGenius for formula generation, and NutriTrend for global market intelligence [3][4] - The collaboration will also include a joint laboratory to create a personalized formula simulation system and an intelligent clinical trial design engine [4] Group 3: Industry Transformation - The MemOS system will enable intelligent attribution of formula failures, marking a significant shift from experience-driven to cognitive computing in the CDMO industry [4] - The focus is on addressing the core challenges of low cost and low hallucination in industrial large models, aiming to empower the health industry through AI innovation [4]

从资金流向上来看，当日食品加工板块主力资金净流出1.27亿元，游资资金净流出2488.55万元，散户资 金净流入1.52亿元。食品加工板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603345 | 安井食品 | | 3588.42万 | 9.81% | -3645.99万 | -9.97% | 57.57万 | 0.16% | | 002515 | 金字火腿 | | 2249.10万 | 14.02% | -1481.85万 | -9.24% | -767.25万 | -4.78% | | 002702 海欣食品 | | | 1308.54万 | 13.69% | -383.06万 | -4.01% | -925.48万 | -9.68% | | 002626 | 金达威 | | 1100.54万 | 4.62% | 1399.42万 | 5.88% | -2499.96 ...