Group 1: Report Basic Information - Report is about the analyst meeting of Chengde Lulu in the food and beverage industry on September 15, 2025 [1][2][17] Group 2: Core Views - The company will complete share repurchase within 12 months after the shareholders' meeting approves the repurchase plan and won't delay [26][29] - The company will develop diversified products around plant - based beverages according to market and consumer needs and has launched new products like Lulu's plant - based health water series [26] - The company will consider suggestions on product advertising design, consumer rewards, and product development [24][27][30] - The company will strengthen brand promotion, increase market confidence, and explore new channels to boost distributor confidence [27] Group 3: According to the Directory 01. Research Basic Information - Research object is Chengde Lulu, belonging to the food and beverage industry, received on September 15, 2025, by the general manager, financial officer Ding Xingxian, and board secretary Liu Mingshan [17] 02. Detailed Research Institutions - The reception objects are investors' online questions and others [20] 03. Research Institution Proportion - No specific content provided 04. Main Content Data - **Production time**: Lulu Zhiyin (Chun'an) Co., Ltd. is planned to be put into production in 2026 [24] - **Share repurchase**: The company will implement share repurchase according to the plan and market conditions, not delay, and won't cancel it. The company's deposit interest rate in the financial company is higher than the repurchase loan interest rate [25][26][29] - **Product diversification**: The almond milk series accounts for 94.2% of revenue. The company will develop multi - dimensional products around plant - based beverages and has launched new products for market promotion [26] - **Capital lending**: The company's policy - based special loan interest rate from the bank is lower than the deposit interest rate in the financial company [27] - **Management fees**: The increase in management fees is due to the increased share - based payment expenses recognized in the 2024 restricted stock incentive plan and the 2024 employee stock ownership plan [28] - **New product sales**: The specific sales of the health water, a key new product this year, will be announced in the 2025 annual report [29]

Group 1: Investor Relations Activities - The investor relations activity was conducted online on September 15, 2025, from 15:00 to 17:00 [1] - The meeting was attended by the General Manager and Financial Officer, Ding Xingxian, and Board Secretary, Liu Mingshan [1] Group 2: Production and Product Development - Lululemon Plant Drink (Chun'an) Co., Ltd. is expected to commence full production in 2026 [2] - The company is focusing on product diversification, with the almond milk series currently accounting for 94.2% of revenue [2][3] - New products such as Lululemon Plant Health Water and LOLO Sparkling Water are being developed to meet diverse consumer needs [2] Group 3: Share Buyback and Financial Management - The company plans to complete the share buyback within 12 months after the shareholders' meeting approval, with no delays expected [2][6] - The company has lent 3.16 billion yuan to its major shareholder's financial company at interest rates ranging from 0.35% to 3.4%, which is lower than the bank loan rate of 2.2% [3] - Management expenses have increased due to the 2024 restricted stock incentive plan and employee stock ownership plan [4] Group 4: Market Challenges and Strategies - The company is enhancing brand promotion and exploring new channels to boost distributor confidence amid a challenging beverage industry [4] - The company is committed to timely disclosure of share buyback progress and will consider suggestions for advertising redesign [4][5]