Core Viewpoint - Zhejiang Yiming Food Co., Ltd. announced a share reduction plan by three major shareholders, which may impact the stock price and investor sentiment [2][3]. Shareholder Reduction Plan - Shareholders plan to reduce a total of up to 12.03 million shares, representing 3.00% of the company's total share capital, within three months after the disclosure of the reduction plan [2]. - The specific reduction breakdown includes: - Xinyue Investment: up to 9.658 million shares (2.41% of total shares) [3]. - Mingniu Investment: up to 1.7659 million shares (0.44% of total shares) [3]. - Chengyue Investment: up to 606,000 shares (0.15% of total shares) [3]. Company Overview - Yiming Food primarily engages in the research, production, sales, and chain operation of fresh dairy and baked goods, with products sold mainly through "Yiming Fresh Milk Bar" chain stores [3]. - The company was listed on the Shanghai Stock Exchange on December 28, 2020 [3]. Financial Performance - For the first half of 2025, Yiming Food reported revenue of 1.401 billion yuan, a year-on-year increase of 2.12%, and a net profit of 32.2172 million yuan, up 21.73% year-on-year [4][5]. - The company plans to distribute a cash dividend of 0.25 yuan per 10 shares (including tax) [5]. Business Expansion - Yiming Food is expanding into pizza and coffee businesses, with plans to accelerate the annual store layout for "Thick Pizza" and to enter 200 stores with "Yicheng Coffee" [5].

Group 1: %Arabica Coffee Closure - %Arabica's first store in Wuxi will close by the end of August due to contract expiration, marking the only store of the brand in the city since its opening in 2020 [1] - The brand does not plan to exit the Wuxi market and may appear in a pop-up format while actively seeking a new location [1] - The brand's popularity has declined, with several stores, including those in Shanghai and Xiamen, closing after only a short period of operation [1] Group 2: Yiming Foods Performance - Yiming Foods reported a revenue of 1.401 billion yuan for the first half of 2025, a year-on-year increase of 2.12%, and a net profit of 32.22 million yuan, up 21.73% [2] - The company closed 104 stores in the first half of 2025, reducing the total number of stores from 1,968 to 1,864 [2] - The decline in revenue from both franchise and direct stores indicates a challenging market environment, prompting the company to seek changes [2] Group 3: New Brand Launches by Yiming Foods - Yiming Foods launched two new brands, "Yicheng Coffee" and "Thick Pizza," with plans to expand their presence in the market [3] - The company aims to open 600 Thick Pizza stores and enter 200 locations with Yicheng Coffee, collaborating with 500 external terminals [3] Group 4: Wanglaoji's International Expansion - Wanglaoji has established a production line in Malaysia and signed a global strategic cooperation agreement with Baosteel Packaging for local production in Southeast Asia [4][5] - The company is launching new international cans and plans to expand its market presence in Southeast Asia, North America, Europe, and Oceania [5] - The global plant-based beverage market is experiencing significant growth, with Southeast Asia showing a 25% growth rate in 2023, prompting Wanglaoji to accelerate its international strategy [5] Group 5: Hainan International Coffee Conference - The first Hainan International Coffee Conference will be held in Haikou on August 22-23, 2025, focusing on global coffee industry trends and opportunities [6] - The conference will feature participants from 13 coffee-producing countries and cover various aspects of the coffee industry, including brand value and market opportunities [6] - A product showcase will feature 20 innovative products, highlighting Hainan's unique coffee offerings [6] Group 6: PinkShake's Closure - The tea brand PinkShake has closed all its stores, with reports indicating that the management has gone missing and employees have not been paid for two months [7] - The brand, which focused on healthy and trendy milk drinks, had only opened its first store in June 2022 [7]

Core Insights - The company reported a revenue of 1.401 billion yuan for the first half of 2025, representing a year-on-year growth of 2.12%, while net profit attributable to shareholders reached 32.2172 million yuan, up 21.73%, outperforming industry averages [1] - The company focuses on a "fresh and healthy" core positioning, enhancing product development, channel optimization, and supply chain efficiency [1] Business Layout - The company has developed a multi-dimensional product and service system targeting consumption scenarios throughout the day, including breakfast, lunch, and afternoon tea [1] - Membership operations have improved through initiatives like "Black Gold Membership Rights Upgrade" and "Full Touchpoint Customer Standard Optimization," leading to increased core member ratios and consumption frequency [1] - The lunch segment continues to leverage the "Thick Pizza" strategy, while the afternoon tea and office scenes have introduced "Yicheng Coffee" to fill consumption gaps [1] R&D Investment - R&D expenses reached 26.5817 million yuan, a year-on-year increase of 32.29%, focusing on dairy cattle breeding, functional dairy products, and healthy baking [2] - The dairy segment launched the "Yiming A2 Planet Cup Milk," targeting the high-end market, while functional products include the "Jianqing" series of probiotics and optimized children's yogurt formulas [2] - The baking segment emphasizes "clean labels" and health, advancing technologies for rice flour substitution and low-GI, low-sugar products [2] Supply Chain and Logistics - The company has enhanced the automation level of its production bases in Pingyang, Pinghu, and Changzhou, with significant investments in smart production systems [2] - The cold chain logistics system has shown effectiveness with the "Same Day Fresh" model, improving delivery times by 6-12 hours [2] Store Operations - As of the end of June, the company operated 1,864 "Yiming Fresh Milk Bar" stores, including 466 direct-operated and 1,398 franchise stores, with a net decrease of 77 franchise stores year-on-year [3] - The company employs a layered strategy for market expansion, focusing on upgrading existing stores in mature markets and expanding into new markets like Suzhou and Nanchang [3] - Plans for the second half of the year include opening 50 new stores, launching new products, and enhancing digital transformation with AI site selection systems and smart POS terminals [3]

浙江一鸣食品股份有限公司 会议资料 二零二五年五月二十三日 目 录 浙江一鸣食品股份有限公司 2024 年年度股东大会表决方法说明 ..... 6 议案四：公司 2024 年财务决算与 2025 年财务预算的报告 ......... 27 议案七：关于续聘公司 2025 年度审计机构并支付报酬的议案 ... 33 议案十一：关于 2025 年度公司银行授信及担保额度预计的议案 44 议案十二：关于取消公司监事会并修订《公司章程》及相关议事规 议案十三：关于提请股东大会授权董事会办理小额快速融资相关事 浙江一鸣食品股份有限公司 为维护全体股东的合法权益，确保股东大会顺利进行，公司根据《公司法》、 《上市公司股东大会规则》以及《浙江一鸣食品股份有限公司章程》（以下简称 《公司章程》）的规定，特制订本须知： 一、董事会以维护全体股东的合法权益、维持大会正常秩序和提高议事效率 为原则，认真履行《公司章程》规定的职责，做好召集、召开股东大会的各项工 作。 二、股东参加股东大会依法享有发言权、表决权等权利。股东参加股东大会， 应认真履行其法定权利和义务，不得侵犯其他股东的权益，不得扰乱大会的正常 秩序。 既可以登陆交易系 ...