江西煌上煌(002695,股吧)集团食品股份有限公司（简称：煌上煌；代码：002695）是江西省农副产品深加工行业的龙头企业。公司于昨日登陆深交所中小板公开发行股票，将于8 月31 日公布中签号，此次拟发行3098 万股，发行后总股本为1.24 亿股。

JiangXiHuang fo the(002695,guba)Group food co., LTD（Referred to as：Fo fo the；code：002695）Is jiangxi agricultural and sideline products processing industry leading enterprises。The company in shenzhen yesterday on small and medium-sized plate public offering，On August 31, will be announced ZhongQianHao，The quasi issued 30.98 million shares，After issuance of the total share capital of 124 million shares。

　　煌上煌的产品涵盖了鸭、鸡、鹅、猪、牛、羊等快捷消费酱卤肉制品及水产、蔬菜、豆制品等佐餐凉菜食品，产品品种已达二百多个。公司的“皇禽及图”商标获得国家工商局商标局颁发的“中国驰名商标”称号；“皇禽”牌酱鸭被中国食品工业协会誉为“全国第一家独特酱鸭产品”，而且也是地方畅销特产之一。目前，“煌上煌”品牌已深入人心，拥有众多忠实消费者，在全国许多区域的消费者心目中得到了高度认可。

The bright bright products covers the duck、chicken、goose、pig、cattle、Sheep are fast consumption sauce spiced meat and aquatic products、vegetables、Bean products, etc... cold dish food，Products has reached more than two hundred。The company's“Huang birds and figure”Trademark obtains the national industrial and commercial bureau issued by the trademark office“China well-known trademark”title；“Huang birds”Brand the sauce duck by China food industry association as the“The first a unique sauce duck products”，But also one of the local popular speciality。At present，“Fo fo the”Brand already thorough popular feeling，Have many faithful consumer，In many areas in the minds of the consumers across the country has been highly recognized。

　细分行业竞争优势明显 Segmentation industry competitive advantages

　　快速的产品开发优势。公司在最初鸭肉制品深加工的基础上，不断研究和开发，已开发出鸡肉、鹅肉、猪肉、牛肉、羊肉、蔬菜、水产、豆制品等产品线，形成了二百多个品种的丰富产品组合。公司已能根据每季时令和消费者消费习惯的变化及时开发出新产品；根据不同区域消费者的消费嗜好差异，已开发出多种不同风格、深受当地消费者喜爱的区域特色产品。此外，公司还与南昌大学中德食品工程中心、江西农业大学食品科学与工程学院等科研院校建立了长期的合作关系，以保持并不断提升在行业内的领先优势。

Rapid product development advantage。The company in the first duck meat products on the basis of processing，Continuous research and development，Have developed chicken、Goose meat、pork、beef、mutton、vegetables、aquatic、Bean products and product lines，Formed more than two hundred varieties rich product mix。The company has quarterly according to season and consumer spending habits change timely to develop new products；According to different regional consumer spending habits differences，Have developed a variety of different styles、Are well received by the local customers favorite regional features of products。In addition，The company also and nanchang university sino-germany food engineering center、Jiangxi agricultural university in food science and engineering college and scientific research institutions to establish a long-term relations of cooperation，To maintain and continuously improve the lead in the industry。

　　拥有完整的产业链。公司已经形成了贯穿酱卤肉制品加工上下游的完整产业链，集组织养殖、屠宰、初加工、深加工、销售网络于一体，发挥协同效应，降低经营风险。在养殖方面，实行“公司+合作社+农户”的供应模式，保证原材料质量安全；在屠宰初加工方面，子公司煌大食品拥有较大规模的屠宰能力；在深加工方面，公司在主要销售区域建立生产基地；在销售方面，营销网络遍布14个省、自治区、直辖市。

Has a complete industrial chain。The company has formed through sauce spiced meat processing complete industrial chain upstream and downstream，Set organization breeding、slaughtering、pretreating、processing、The sales network in a body，Exert synergy effect，Reduce operating risk。In the breeding aspects，implement“The company + cooperative + farm households”Supply patterns，To ensure that raw materials quality and safety；In slaughtering pretreating aspects，Fo subsidiary food has a large-scale slaughter capacity；In the deep processing aspects，The company in the main sales area to establish production base；In terms of selling，Marketing network throughout 14 provinces、Autonomous region、Municipality directly under the。

　　完善的质量管理体系。公司视产品质量为企业生命，严格执行国家质量标准和食品安全标准：（1）原材料采购环节：公司“一般模式”采购的主要供应商均是经过层层筛选出来的国内知名厂商，食材品质优良，此外公司还建立了标准化的“公司+合作社+农户”供应模式, 有力地补充了公司原材料的供应；（2）深加工环节：通过了ISO9001质量管理体系、HACCP食品安全管理体系、ISO22000食品安全管理体系认证。（3）在产品配送和销售环节：公司实行全程的“冷链”配送，产品到达后立即储存于专用冷柜中进行销售。与此同时，公司建立了“每日报量、按需生产和每日物流配送”的业务模式；根据各门店过往销售业绩、季节因素等审核其报量的适当性，强化现场督导，以进一步降低食品安全的系统性风险。

Perfect quality management system。Company regards product quality as enterprise's life，Strict implementation of national quality standard and food safety standards：（1）Raw material purchasing link：The company“The general model”Purchasing the major suppliers of all is through layer upon layer screening out the well-known domestic manufacturers，Ingredients of good quality，In addition the company has also established standardized“The company + cooperative + farm households”Supply mode, Effectively supplement the company the supply of raw materials；（2）Processing link：Passed the ISO9001 quality management system、HACCP food safety management system、ISO22000 food safety management system certification。（3）In the product distribution and sale link：The company implements the“Cold chain”distribution，Products immediately after her arrival stored in special freezers in sales。meanwhile，The company has established“Every daily quantity、On-demand production and daily logistics distribution”Business model；According to the past store sales performance、Seasonal factors, such as the audit report the amount of appropriateness，Strengthen site supervision，To further reduce the food safety of systemic risk。

　　营销网络规模+区域优势。经过多年的持续开拓，公司已形成了以江西为核心，覆盖广东、福建、辽宁、北京、上海、陕西、海南、浙江、江苏、河南等地区的直营和加盟连锁销售网络，截至2012年6月30日，公司拥有1,891家专卖店，并在江西、广东、福建地区占据了市场领先地位，形成了公司营销网络的规模优势和区域优势。同时，公司的信息管理系统在国内同行业处于先进水平，形成了公司对营销网络的管理优势。

Marketing network scale + regional advantages。After many years of continuous development，The company has formed a jiangxi as the core，Covering guangdong、fujian、liaoning、Beijing、Shanghai、shaanxi、hainan、zhejiang、jiangsu、Henan and other regions of the retail and franchising sales network，By June 30, 2012，The company has a,891 home stores，And in jiangxi、guangdong、Fujian area occupy the market leading position，Form the company marketing the scale of the network advantages and regional advantages。At the same time，The company's information management system in domestic industry at advanced level，Formed a company for marketing network management advantages。

　　特别是，根据销售网络建设的需要，公司在江西、广东、福建、辽宁投资建设生产基地，以完善公司的生产布局。这些生产基地能够辐射区域市场，很好地满足东北、华中、华东、华南市场终端门店的销售需求，能实现直接、快捷、低成本的物流配送，打造了一个“贴近市场、供应及时、产品新鲜、质量保证”的全方位供应链体系。

especially，According to the needs of the sales network construction，The company in jiangxi、guangdong、fujian、Liaoning investment construction production base，To improve the company's production distribution。These production base to radiation area market，Well meet the northeast、Central China、East China、South China market terminal of store sales needs，Can realize direct、fast、Low cost of logistics distribution，Make a“Close to market、Supply timely、Product fresh、Quality assurance”All of the supply chain system。

业绩快速增长 Performance rapid growth

　　公司已开发出鸡肉、鹅肉、猪肉、牛肉、羊肉、蔬菜、水产品、豆制品等产品线，产品品种达247个。产品主要面向快捷消费食品市场、休闲食品市场和礼品市场，近年来公司销售收入保持年均30%以上的增速。

The company has developed a chicken、Goose meat、pork、beef、mutton、vegetables、Aquatic products、Bean products and product lines，Products up to 247。The main products for fast food consumption market、Leisure food market and gift market，In recent years, the company annual sales income keep more than 30% of growth。

　　从去年和今年上半年的业绩看，公司增长势头旺盛。2011年，公司实现营业收入约8.9亿元，同比增长27.6%；净利润达8109.81万元，增长33.8%；每股收益0.87元。2012年1-6月实现营业收入约4.7亿元，；净利润达4,706.55万元；每股收益0.51元。

From last year and the first half of this year to see the performance，The company strong growth momentum。In 2011,，To achieve the company operating income of about 890 million yuan，Year-on-year growth of 27.6%；Net profit of 81.0981 million yuan，Growth of 33.8%；Earnings per share 0.87 yuan。2012 years 1 to 6 months realize operating income of about 470 million yuan，；Net profit up to 4,7.0655 million yuan；Earnings per share 0.51 yuan。

借力资本市场打开成长空间 Borrows the capital market open space to grow up

　　根据招股说明书，公司此次发行拟募资3.3亿元，计划2亿元用于食品、肉制品加工和研发项目，1.1亿元用于营销网络建设，以进一步完善公司的产业布局。

According to the prospectus，The company the issue quasi need to recapitalise 330 million yuan，Plan 200 million yuan used in food、Meat products processing and r&d project，110 million yuan for the marketing network construction，In order to improve the company's industry layout。

　　其中，江西年产2万吨食品加工建设项目年产鲜货食品17,500吨、包装食品2,500吨，将有利于突破产能瓶颈、支持扩大的销售网络。计划，7,500吨鲜货食品以连锁经营的形式销售到江西省92个市县以及80%以上的乡镇，占总产量的37.5%；10,000吨鲜货食品以连锁经营的形式销售到北京、上海、西安、海南、湖北、湖南、浙江、安徽、天津、江苏等省份市场；2,500吨包装产品销售到全国大中城市市场。预计，该项目正常生产年平均收入为5.63亿元，平均税后净利润为5,792.21 万元，内部收益率为34.60% (税后)。

the，Jiangxi with annual output of 20000 tons of food processing construction project with fresh food 17,500 tons of、Packaging food 2,500 tons of，Will contribute to breakthrough the bottleneck capacity、Support expanding sales network。plan，7,500 tons of fresh food in the form of chain business sales to 92 cities and counties in jiangxi province and more than 80% of the villages and towns，Accounted for 37.5% of the total；10,000 tons of fresh food in the form of chain business sales to Beijing、Shanghai、xian、hainan、hubei、hunan、zhejiang、anhui、tianjin、Jiangsu provinces market；2,500 tons of packaging products sold to large and medium-sized cities throughout the country market。Is expected to，This project in the normal production of the average income for 563 million yuan，The average net profit after tax for 5,7.9221 million yuan，Internal rate of return is 34.60% (after-tax)。

　　辽宁5500吨肉制品加工建设项目将更好地服务公司生产基地建设，拓展东北区域。而且，生产基地建设和完善的战略布局，也是缩短产品物流配送半径、优化物流配送体系，降低生产成本和运输成本的关键性举措，有利于提高公司的综合盈利能力。

Liaoning 5500 tons of meat products processing construction project will better service the company production base construction，Expand the northeast region。and，Production base construction and perfect strategic layout，Is also shortened product logistics distribution radius、The logistics distribution system optimization，Reduce the production cost and transportation cost of key initiatives，To improve the company's comprehensive profitability。

　　营销网络建设项目将进一步完善公司的销售网络。据预测，未来5年，公司将把直营店、加盟店的开拓和管理作为发展的重中之重，随着公司此次营销网络建设募投项目的实施和公司自有资金在营销网络建设的大力投入，至2016年，将销售网络覆盖到全国25个省市自治区，直营店和加盟店数量在现有的基础上计划增加150%以上，为进一步扩大公司的市场份额打下坚实的基础，从而打开了公司的业绩成长空间。

The marketing network construction project will further improve the company's sales network。According to the forecast，The next five years，The company will take regular distributors、Napa stores of the development and management as the develop of heavy medium of heavy，With the company the marketing network construction offerings for project implementation and company equity fund in the marketing network construction vigorously investment，To 2016，Will the sales network covering the country 25 provinces, cities and autonomous regions，Regular distributors and franchisee quantity on the existing basis plan increased by more than 150%，In order to further expand the market share of the company to lay a solid foundation，Thus opened the company's performance growth space。