Core Viewpoint - Knight Dairy experienced its first loss in nearly a decade in 2024, with a net profit of -7.70 million yuan, attributed to multiple factors including declining product prices and increased costs [2][3]. Financial Performance - In 2023, Knight Dairy's revenue grew by 32.55% to 1.256 billion yuan, and net profit increased by 31.03% to 93.85 million yuan [2]. - In 2024, the company reported revenue of 1.297 billion yuan, a year-on-year increase of 3.22%, but net profit turned negative at -7.70 million yuan [2]. - The decline in revenue was noted in key product lines such as fresh milk, low-temperature yogurt, and white sugar, while only the OEM milk powder business saw growth [2]. Reasons for Loss - The chairman attributed the loss to several factors: declining prices of fresh milk, increased costs of white sugar due to low sugar content in raw materials, significant losses in futures trading, low prices in the breeding industry, and impairment of biological assets [2][3]. - The company faced issues with its earnings forecast due to not adequately considering the impact of milk prices on the value of biological assets, leading to a significant revision of its profit forecast [3]. Industry Context - The fresh milk price has been in a downward trend for over 30 months, remaining below cost, which has affected the profitability of the industry [4]. - The increase in supply during the spring milk production season, coupled with weak consumer demand, has contributed to the recent decline in fresh milk prices [4]. Strategic Moves - Despite the challenging market conditions, Knight Dairy has been increasing its investment in the livestock sector, including a series of capital increases in its subsidiary, Kubuqi Ranch [4][5]. - The company has engaged in multiple rounds of capital increases, raising the registered capital of Kubuqi Ranch from 170 million yuan to 250 million yuan [4]. - Future plans include focusing on refined management, improving raw material quality, and enhancing product diversity and market competitiveness [5].

Core Viewpoint - The A-share market is experiencing active trading in the consumer sector, particularly in food, dairy, and liquor industries, with several companies reaching their daily price limits [1] Group 1: Industry Performance - The food, dairy, and liquor sectors are leading the gains in the A-share market [1] - Notable companies such as Jiaotong Anli, Kuaijishan, Quanyangquan, and Junyao Health have hit the daily limit [1] - Other companies like Qishi Dairy, Huanlejia, Xibu Muye, and Youyou Food are also seeing rapid increases in their stock prices [1]

证券代码：832786 证券简称：骑士乳业 公告编号：2025-048 内蒙古骑士乳业集团股份有限公司 2024 年年度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 说明会类型 内蒙古骑士乳业集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日在北京证券交易所官方信息披露平台（www.bse.cn）发布了《2024 年年度 报告》及《2024 年年度报告摘要》。为方便广大投资者更深入了解公司 2024 年 年度经营业绩的具体情况，加强与投资者的互动交流，公司拟召开 2024 年年度 报告业绩说明会。 二、 说明会召开的时间、地点 三、 参加人员 公司董事长、总经理：党涌涛先生 公司董事、董事会秘书：陈勇先生 公司董事、财务负责人：王喜临女士 公司保荐代表人：沈劼先生 四、 投资者参加方式 本次说明会采用网络方式召开。 为充分尊重投资者，提升交流的针对性，现就公司 2024 年年度报告业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资 ...

乳业板块午后拉升，品渥食品（300892）、骑士乳业涨超9%，熊猫乳品（300898）涨超5%，西部牧业 （300106）、贝因美（002570）跟涨。 ...

A股食品股震荡走高，西王食品涨停，一致魔芋涨超10%，康比特、西麦食品、骑士乳业、安德利等多 股涨超5%。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in food stocks, particularly noting that Xiwang Food has reached its daily limit increase [1] - Xiwang Food has experienced a limit increase, while other companies such as Yizhi Magic Tofu have risen over 10%, and companies like Kangbiter, Ximai Food, Knight Dairy, and Andeli have all seen increases of over 5% [1]

Group 1 - The beverage manufacturing sector in A-shares experienced an increase during trading, with Andeli hitting the upper limit again [1] - *ST Blue Yellow also reached the upper limit, indicating strong market performance [1] - Companies such as Guotou Zhonglu, Knight Dairy, and Panda Dairy all rose by over 4% [1] Group 2 - Other companies like *ST Coconut Island and Liziyuan also saw gains, contributing to the overall positive trend in the sector [1]

Group 1 - The core viewpoint of the articles highlights the unexpected financial performance of Knight Dairy (832786.BJ) in 2024, with a revenue increase of only 3.22% to 1.297 billion yuan, while net profit turned into a loss of 7.6951 million yuan compared to a profit of 93.85 million yuan in 2023 [2] - The decline in fresh milk prices is identified as a critical factor impacting Knight Dairy's profitability, with domestic milk prices dropping nearly 40% over 40 months, leading to an average price of 3.32 yuan/kg in 2024, a year-on-year decrease of 13.42% [2] - Knight Dairy's heavy reliance on a single major customer, Mengniu, for over 90% of its fresh milk sales limits its bargaining power, resulting in a challenging situation where both raising cattle and selling cattle are unprofitable [2] Group 2 - The company faces challenges due to its single business structure, with over 40% of its sugar business sales dependent on a single customer, Zhejiang Hangshishan Industrial [3] - Although Knight Dairy has attempted to diversify by expanding into milk powder and long-life sterilized milk, these segments saw revenue growth of 40% and 85% respectively in 2024, but their gross margins remain below 10%, making them unlikely to become significant growth drivers in the short term [3] - Knight Dairy has been criticized by the Beijing Stock Exchange for not timely revising its earnings forecast, raising concerns about its financial transparency [3]

文/梧桐瑞雪 4月25日，"北交所乳业第一股"骑士乳业（832786）公布2024年年报。2024年公司实现营业收入129676万元，同比增长3.22%；实现归母净利润-769.51万元，同比 下降108.20%。公司于2023年10月13日上市，上市次年业绩即变脸亏损，着实有点尴尬！ 一、业绩预告信息披露不准确且未及时修正，公司及董事长、财务负责人被通报批评 而此次年报亏损还伴随着戏剧性的波折。 2025年1月24日，公司业绩预告显示，预计2024年实现归母净利润为650万元至840万元。一个月后的2025年2月28日，公司再度发布业绩预告修正公告，预计实现 归母净利润修正为-870.16万元，出现了利润由正到负的关键性调整。 因业绩预告信息披露不准确且未及时修正，公司被北京证券交易所给予通报批评的纪律处分，并记入证券期货市场诚信档案。公司董事长党涌涛、财务负责人王 喜临因未能勤勉尽责，亦被通报批评。 二、计提减值、期货业务成亏损主要原因 骑士乳业业绩预告修正公告显示，导致业绩出现修正和亏损的主要原因有二：一是对生产性生物资产计提减值准备；二是期货业务出现亏损。 骑士乳业的生产性生物资产包括：犊牛、育成牛、 ...

Core Viewpoint - The North Exchange has significantly increased its regulatory measures against listed companies in 2025, with a notable rise in disciplinary actions compared to the previous year [1][5]. Regulatory Actions - As of April 27, 2025, the North Exchange has imposed disciplinary actions on 6 companies and 11 senior management personnel due to short-term trading or information disclosure violations, compared to only 1 company in the same period last year [1]. - Specific companies such as Huawi Design and Knight Dairy received penalties for inaccurate financial disclosures and failure to timely correct performance forecasts [1][4]. Comparison with Previous Year - In the same timeframe of 2024, only one disciplinary action was taken against a major shareholder for share reduction violations, indicating a marked increase in regulatory scrutiny in 2025 [5]. - The North Exchange's market activity has also surged, with the North 50 Index rising by 25.28% from January 1 to April 25, 2025, compared to a decline of 25.3% in the same period last year [5]. Case Studies - Huawi Design faced penalties after already receiving administrative sanctions from the Jiangxi Securities Regulatory Bureau, highlighting a "double penalty" situation [4]. - Kun Gong Technology reported a profit overstatement of 1.2747 million, constituting 161.66% of its total profit, which led to disciplinary actions despite prior administrative measures [4]. Conclusion - The North Exchange's enhanced regulatory framework reflects a commitment to improving the quality of listed companies and protecting investor interests, as evidenced by the increased number of disciplinary actions and the positive market performance [5].