拉长时间线，这是继2024年净利润腰斩后，公司再次陷入业绩低谷。作为拥有近百年历史的"麻花第一 股"，桂发祥正面临消费需求疲软、渠道转型承压、产品结构单一等多重挑战。 时隔两年，"麻花第一股"桂发祥（002820.SZ）中期业绩再现亏损。这一消息引发了市场对这家百年老 字号未来发展前景的广泛关注。 公司近期公布的业绩预告显示，预计公司今年上半年归属上市公司股东净亏损额约为300万-500万元。 这一数据背后，反映的是这家传统食品企业在新时代下面临的转型阵痛。 桂发祥始创于1927年，总部位于天津，以"桂发祥十八街麻花"这一中华老字号品牌闻名全国。作为天津 传统特色食品的龙头企业，公司主营业务涵盖传统特色休闲食品的研发、生产和销售，其中麻花类产品 是其核心业务。 桂发祥2024年年报显示，公司营收高度依赖麻花产品，全年实现营业收入4.96亿元，其中麻花品类占比 达65.91%。这种单一的产品结构在消费多元化的今天显得尤为脆弱。从销售渠道来看，公司以直营模 式为主，62家直营店中有61家集中在天津地区，区域集中度高达98%。值得注意的是，自2024年起，其 直营店面平效分别下降了11.71%。 业绩转亏，二季度或 ...

证券代码：002820 证券简称：桂发祥 公告编号：2025-022 天津桂发祥十八街麻花食品股份有限公司 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、本期业绩预计情况 的净利润 比上年同期下降：113.20%-122.01% 亏损：300 万元–500 万元 扣除非经常性损益后 盈利：2,154.07 万元 的净利润 比上年同期下降：113.93%-123.21% 项 目 本报告期 上年同期 亏损：300 万元–500 万元 归属于上市公司股东 盈利：2,271.96 万元 天津桂发祥十八街麻花食品股份有限公司 基本每股收益 亏损：0.02 元/股–0.03 元/股 盈利：0.11 元/股 二、与会计师事务所沟通情况 本次业绩预告相关财务数据未经过会计师事务所审计。 三、业绩变动原因说明 其中，直营渠道整体客流量、客单价均有所下滑；经销渠道因本地市场部分景区关闭改 造导致收入下滑，新开拓市场效益尚未体现。销量下降、产量降低导致分摊的固定制造 费用提升，单位成本增加，整体毛利率下降。 比大幅增长；旅游景区、交通枢纽及大型展会的广告投入同比增加；购置及新 ...

Core Viewpoint - The announcement details the implementation of the 2024 profit distribution plan for Tianjin Guifaxiang Eighteenth Street Mahua Food Co., Ltd, which includes a cash dividend distribution to shareholders based on the company's total share capital after excluding repurchased shares [1][2]. Group 1: Profit Distribution Plan - The total share capital of the company is 200,868,295 shares, with 5,525,200 shares held in a repurchase account that do not participate in profit distribution [1]. - The profit distribution plan approved at the 2024 annual general meeting involves a cash dividend of RMB 1.50 per 10 shares (including tax), totaling RMB 29,301,464.25 (including tax) to be distributed among 195,343,095 shares [1][2]. - The cash dividend per share, after accounting for the total share capital, is calculated to be RMB 1.458740 (including tax) [1][6]. Group 2: Dividend Payment Details - The record date for the dividend distribution is set for June 12, 2025, and the ex-dividend date is June 13, 2025 [3]. - The cash dividends will be directly credited to the accounts of shareholders through their custodial securities companies on the ex-dividend date [5]. - Different tax rates apply for various categories of shareholders, with specific provisions for foreign institutional investors and individual shareholders based on their holding periods [2][3]. Group 3: Ex-Dividend Price Calculation - The ex-dividend price will be adjusted based on the closing price on the record date minus the cash dividend per share of RMB 0.1458740 [6]. - The total cash dividend amount is derived from the participating share capital multiplied by the distribution ratio, confirming the total of RMB 29,301,464.25 [6].

Core Viewpoint - The company Tianjin Guifaxiang Eighteenth Street Mahua Food Co., Ltd. has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 1.50 per 10 shares for shareholders, with a total distribution amounting to RMB 29,301,464.25 [1][2][3] Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on May 8, 2025, with a base of 195,343,095 shares after deducting repurchased shares [1][2] - The total cash dividend is set at RMB 1.50 per 10 shares (tax included), with no capital reserve conversion into share capital [1][2] Dividend Payment Details - The cash dividend distribution will be executed based on the number of shares held as of the registration date, which is June 12, 2025, and the ex-dividend date is June 13, 2025 [2][3] - The company will not withhold individual income tax for shareholders holding shares before the initial public offering, while different tax rates apply for various categories of shareholders [2][3] Calculation of Dividend and Ex-Dividend Price - The total cash dividend amount is calculated as 195,343,095 shares multiplied by the distribution ratio of RMB 0.15 per share, resulting in a total of RMB 29,301,464.25 [3][4] - The ex-dividend price will be adjusted based on the closing price on the registration date minus RMB 0.1458740 per share [4]

Core Viewpoint - Tianjin Guifaxiang Eighteen Street Mahua Food Co., Ltd. has successfully completed the change of its business scope and the revision of its Articles of Association, which was approved during the annual shareholders' meeting held on May 8, 2025 [1][2]. Group 1: Company Information - The company is officially registered as Tianjin Guifaxiang Eighteen Street Mahua Food Co., Ltd. with a unified social credit code of 91120103103368983M [2]. - The company was established on September 20, 1994, and has a registered capital of 28.68 million RMB [2]. - The legal representative of the company is Li Lu [2]. Group 2: Business Scope - The company has updated its business scope to include food production and food sales, which are subject to approval by relevant authorities [2]. - Additional general business activities include counter and booth rental, non-residential real estate leasing, labor services (excluding labor dispatch), and various technical services and cultural activities [2].

Group 1 - The company expects a decline in performance for the first quarter of 2025, with a projected net profit of 6 million to 7 million yuan, representing a year-on-year decrease of 67.91% to 62.56% [8] - The decline in overall revenue is attributed to a decrease in foot traffic and average transaction value in direct sales channels, as well as a drop in revenue from distribution channels due to renovations at some scenic spots [2][8] - Despite stable raw material prices, the increase in fixed manufacturing costs due to reduced production has led to a rise in unit costs and a slight decrease in gross profit margin [2] Group 2 - The company's e-commerce business continues to grow, but advertising and marketing expenses have increased, along with management costs related to new office building depreciation and information system services [2] - The company's stock experienced abnormal trading fluctuations, with a cumulative price deviation exceeding 20% over two consecutive trading days [6][7] - The company confirmed that there are no undisclosed significant matters that could impact stock trading prices, and all previously disclosed information remains accurate [7][8]