东方财富证券股份有限公司 关于 福建万辰食品集团股份有限公司 2024 年限制性股票激励计划首次授予部分 第一个归属期（第二批次）及预留授予部 分（第一批次）第一个归属期（第一批次） 归属相关事项 之 独立财务顾问报告 独立财务顾问：东方财富证券股份有限公司 东方财富证券股份有限公司 独立财务顾问报告 在本独立财务顾问报告中，除非文义载明，以下简称具有如下含义： | 释义项 | | 释义内容 | | --- | --- | --- | | 万辰集团、本公司、上市 | 指 | 福建万辰食品集团股份有限公司（曾用名：福建万辰生物 | | 公司、公司 | | 科技集团股份有限公司） | | 本激励计划 | 指 | 福建万辰食品集团股份有限公司 年限制性股票激励 2024 | | | | 计划 | | 《激励计划》 | 指 | 《福建万辰食品集团股份有限公司 2024 年限制性股票激 | | | | 励计划》 | | 本独立财务顾问报告 | 指 | 《东方财富证券股份有限公司关于福建万辰食品集团股份 | | | | 有限公司 年限制性股票激励计划首次授予部分第一 2024 | | | | 个归属期（第二批次）及预留授 ...

国浩律师（北京）事务所 法律意见书 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9 th Floor, Taikang Financial Tower, No. 38 North Road East Third Ring, Chaoyang District, Beijing, 100026, China 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 二〇二六年一月 关于 福建万辰食品集团股份有限公司 2023 年第二期限制性股票激励计划授予价格调 整、首次授予部分第二个归属期（第二批次） 归属条件成就及作废部分限制性股票相关事项 之 | 释 义 | 2 | | --- | --- | | 一、本次调整、本次归属和本次作废的批准与授权 | 5 | | 二、本次调整的具体情况 | 7 | | 三、本次归属的具体情况 | 7 | | 四、本次作废的具体情况 | 10 | | 五、结论意见 | 10 | 国浩律师（北京）事务所 法律意见书 释 义 在本《法律意见书》中，除 ...

证券代码：300972 证券简称：万辰集团 公告编号：2026-016 福建万辰生物科技集团股份有限公司 关于续聘公司 2025 年度审计机构的公告 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。 福建万辰食品集团股份有限公司（以下简称"公司"）于 2026 年 1 月 22 日召开第四届董事会第四十五次会议审议通过了《关于续聘公司 2025 年度审计 机构的议案》，拟续聘中审众环会计师事务所（特殊普通合伙）（以下简称"中 审众环"）为公司 2025 年度审计机构。本事项尚需提交公司 2026 年第二次临时 股东会审议，本次续聘符合《国有企业、上市公司选聘会计师事务所管理办法》 的规定，现将有关事宜公告如下： 一、拟聘任会计师事务所事项的情况说明 中审众环是具有从事证券、期货相关业务资格及金融业务审计资格的大型会 计师事务所之一。为保持审计业务的一致性、连续性和稳定性，保证审计工作质 量，持续提高财务报告披露质量和审计报告的社会公认度，同时结合在以前年度 审计工作中表现出的较好专业水平和职业操守，公司拟续聘中审众环会计师事务 所（特殊普通合伙）为公司 2025 ...

证券代码：300972 证券简称：万辰集团 公告编号：2026-017 福建万辰食品集团股份有限公司 关于召开 2026 年第二次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2026 年第二次临时股东会 2、股东会的召集人：董事会 6、会议的股权登记日：2026 年 02 月 04 日 7、出席对象： （1）截至股权登记日下午收市时，在中国证券登记结算有限责任公司深圳分公司登记 在册的全体持有公司已发行有表决权股份的股东均有权出席股东会，并可以以书面形式委 托代理人出席会议和参加表决，该股东代理人不必是本公司股东； （2）公司董事、高级管理人员； （3）公司聘请的见证律师； （4）根据相关法规应当出席股东会的其他人员 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》 等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 02 ...

福建万辰食品集团股份有限公司 董事会薪酬与考核委员会关于公司 2023 年限制性股票激励计划、 2023 年第二期限制性股票激励计划及 2024 年限制性股票激励计划 相关事项的核查意见 福建万辰食品集团股份有限公司（以下简称"公司"）于 2026 年 1 月 22 日召开的第四届董事会第四十五次会议，审议通过了《关于作废公司 2023 年限 制性股票激励计划、2023 年第二期限制性股票激励计划及 2024 年限制性股票激 励计划部分已授予尚未归属的限制性股票的议案》《关于公司 2023 年限制性股 票激励计划第二个归属期（第二批次）归属条件成就的议案》《关于公司 2023 年第二期限制性股票激励计划首次授予部分第二个归属期（第二批次）归属条件 成就的议案》《关于公司 2024 年限制性股票激励计划首次授予部分第一个归属 期（第二批次）及预留授予部分（第一批次）第一个归属期（第一批次）归属条 件成就的议案》等议案。 2023 年激励计划第二个归属期（第二批次）拟归属的 24 名激励对象符合《公 司法》《证券法》等法律、法规和规范性文件以及《公司章程》规定的任职资格， 符合《管理办法》《上市规则》等法律、法规 ...

证券代码：300972 证券简称：万辰集团 公告编号：2026-010 福建万辰食品集团股份有限公司 第四届董事会第四十五次会议决议公告 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 福建万辰食品集团股份有限公司（以下简称"公司"）第四届董事会第四十 五次会议于 2026 年 1 月 22 日在公司会议室以现场结合通讯方式召开，本次董事 会会议通知于 2026 年 1 月 20 日以书面、电子邮件的形式向公司全体董事发出。 会议应参与表决董事 9 名，实际参与表决董事 9 名。本次会议由公司董事长王丽 卿主持，公司高级管理人员列席会议。本次会议的召开符合《中华人民共和国公 司法》等相关法律、法规以及《福建万辰食品集团股份有限公司章程》（以下简 称"《公司章程》"）的规定。 二、董事会会议审议情况 全体与会董事经认真审议，形成以下决议： （一）审议通过《关于作废公司 2023 年限制性股票激励计划、2023 年第二 期限制性股票激励计划及 2024 年限制性股票激励计划部分已授予尚未归属的限 制性股票的议案》 根据公司 2023 年限制 ...

Market Performance - The leisure food sector increased by 0.73% compared to the previous trading day, with "Good Idea" leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - "Good Idea" (002582) closed at 16.18, up 6.03% with a trading volume of 698,800 shares and a transaction value of 1.123 billion yuan [1] - "Wancheng Group" (300972) closed at 219.50, up 3.51% with a transaction value of 601 million yuan [1] - "Lihigh Food" (300973) closed at 46.56, up 1.77% with a transaction value of 155 million yuan [1] - "Nanjiao Food" (605339) closed at 18.94, up 1.39% with a transaction value of 47.9721 million yuan [1] - "Purple Lotus Food" (603057) closed at 29.69, up 1.19% with a transaction value of 224 million yuan [1] - "Three Squirrels" (300783) closed at 24.50, up 0.82% with a transaction value of 221 million yuan [1] - "Maiqu'er" (002719) closed at 9.21, up 0.66% with a transaction value of 52.3833 million yuan [1] - "Liangpinpuzi" (603719) closed at 12.12, up 0.33% with a transaction value of 48.7241 million yuan [1] - "Guifaxiang" (002820) closed at 12.63, up 0.32% with a transaction value of 84.7587 million yuan [1] - "Ganyuan Food" (002991) closed at 62.82, up 0.05% with a transaction value of 59.5207 million yuan [1] Capital Flow - The leisure food sector experienced a net outflow of 112 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [2] - The capital flow for individual stocks shows varying trends, with "Wancheng Group" having a net inflow of 9.9595 million yuan from institutional investors [3] - "Lihigh Food" had a net inflow of 295.83 million yuan from retail investors, while "Salted Fish" (002847) saw a net outflow of 2.19959 million yuan from institutional investors [3]

Core Viewpoint - The recent appreciation of the RMB is expected to benefit the food and beverage sector through reduced import costs, improved domestic demand, and increased foreign investment allocation [1][2]. Group 1: Recent Developments - The RMB has accelerated its appreciation, breaking the 7 mark offshore on December 25 and reaching 6.96 onshore by January 22, indicating enhanced economic momentum and improved export competitiveness [1]. - Historical analysis shows that during previous RMB appreciation cycles (May-November 2020 and November-December 2022), the food and beverage sector outperformed the CSI 300 index by 18% and 12%, respectively [2]. Group 2: Cost, Demand, and Valuation Dynamics - Cost: The appreciation of the RMB reduces the converted prices of imported raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2]. - Demand: The recovery of domestic demand is a fundamental support for the strong RMB, which will further lower companies' restocking costs, shifting the industry from passive destocking to active restocking, thus reinforcing demand resilience [2]. - Valuation: The liquidity remains ample during the RMB appreciation cycle, enhancing the inflow of foreign capital into A-shares, which is expected to bring liquidity premiums to the food and beverage sector, known for its high foreign ownership [2]. Group 3: Investment Recommendations - The report highlights three main lines of focus for investment: 1. Cost benefits, recommending companies such as Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3]. 2. Demand recovery, recommending companies like Anjijia Food, Qianwei Central Kitchen, Youran Dairy, Modern Farming, New Dairy, and Wancheng Group [3]. 3. Valuation recovery, recommending companies including Yili Group, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3].

Core Viewpoint - The company, Hunan Mingming Henan Commercial Chain Co., Ltd., is set to launch an IPO on January 28, 2026, aiming to become the first "bulk snack stock" on the Hong Kong Stock Exchange, despite revealing significant risks in its financial data and operational model [1]. Group 1: Industry Dynamics - The industry has seen a consolidation trend, resulting in two major players dominating the market, attributed to the entry of primary capital and a similar business model among various brands [2]. - The bulk snack store model enhances efficiency through digitalization, eliminating distributors and optimizing supply chains, which allows for lower prices for consumers and higher turnover for the company [2][3]. - Mingming Henan's digital management tools significantly improve operational efficiency, with inventory turnover days at just 11.6 days and logistics costs at 1.7% of total revenue, outperforming other retail sectors [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company's gross profit margin was 9.73%, and net profit margin was 3.36%, both significantly lower than traditional retail margins of 15%-20% [4]. - The company reported a negative operating cash flow of -230 million yuan in 2024, indicating a concerning divergence from its net profit of 834 million yuan, although cash flow improved to 1.395 billion yuan in the first half of 2025 [4]. - The franchise model, which accounts for over 99% of its 19,517 stores, is becoming a liability as franchisee profitability declines, with average monthly profits dropping to 5,500 yuan, half that of competitors [4][5]. Group 3: Governance Issues - Significant shareholder sell-offs, including a complete divestment by Yanjinpuzi and substantial share transfers by Zhao Yiming, raise concerns about the sustainability of the bulk snack sector [6]. - Legal challenges are emerging, with lawsuits related to shareholder rights and product quality issues, including over 2,400 complaints regarding food safety [6]. - The company's reliance on a complex network of small manufacturers for its products, with 60% being private label items, exacerbates quality control challenges [6]. Group 4: Strategic Initiatives - In response to growth challenges, the company is launching its own brand and transitioning the Zhao Yiming brand to a new store model, aiming to enhance profitability and governance [7].

Investment Rating - Industry rating: Recommended [5] Core Insights - Recent appreciation of the RMB is expected to continue, enhancing domestic asset attractiveness and improving the competitiveness of export products [1] - Historical analysis shows that during previous RMB appreciation periods, the food and beverage sector outperformed the CSI 300 index by 18% and 12% respectively, indicating strong performance potential in the current cycle [2] - The current RMB appreciation is anticipated to create a triple resonance effect in the sector, leading to cost reduction, increased demand, and valuation recovery [2] Summary by Sections Cost Side - RMB appreciation reduces the import cost of raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2] Demand Side - Domestic demand recovery is a fundamental support for the strengthening RMB. The appreciation will lower inventory replenishment costs for companies, shifting the industry from passive destocking to active replenishment, thus reinforcing domestic demand resilience [2] Capital Side - The liquidity remains ample during the RMB appreciation cycle, increasing foreign capital inflow into A-shares. The food and beverage sector, with a high proportion of foreign holdings, is expected to benefit from valuation recovery driven by increased foreign allocation [2] Investment Recommendations - Focus on three main lines of investment: 1. Cost benefits: Recommended companies include Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3] 2. Demand recovery: Recommended companies include Anjijia Food, Qianwei Central Kitchen, Youran Livestock, Modern Dairy, New Dairy, and Wancheng Group [3] 3. Valuation recovery: Recommended companies include Yili, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3] Earnings Forecast and Valuation - Key companies and their respective ratings, earnings per share (EPS) forecasts, and price-to-earnings (P/E) ratios for the years 2024 to 2027 are provided, indicating a positive outlook for several companies in the sector [7]