A股乳业股集体高开，骑士乳业开涨16%，西部牧业开涨13%，熊猫乳品、三元股份等多股高开。 ...

Investment Rating - The report gives an investment rating of "Overweight" for the dairy industry, indicating an expectation for the industry to outperform the overall market [65]. Core Insights - The dairy industry is experiencing a cyclical downturn in fresh milk prices, with a potential turning point expected in 2025. The price of fresh milk reached a low of 3.04 yuan/kg in July 2025, following a peak of 4.38 yuan/kg in August 2021. This cycle typically spans approximately eight years [21][30]. - The overall production of dairy products in China has increased from 26.518 million tons in 2014 to 29.618 million tons in 2024, with a compound annual growth rate of 1.11% [32][33]. - The report highlights a trend of consolidation in the dairy supply chain, with larger farms increasingly dominating the market. The number of farms with over 1,000 head of cattle has risen to 12% by 2022 [26][30]. Summary by Sections Dairy Industry Overview - The dairy industry has a long supply chain, including feed, dairy farming, processing, and retail. Major dairy companies are concentrated in regions such as Northwest, North China, and East China, particularly in Inner Mongolia and Zhejiang [3][11][17]. Fresh Milk Price Cycle - The fresh milk price cycle has shown a pattern of peaks and troughs approximately every eight years. The last peak was in February 2014 at 4.27 yuan/kg, followed by a decline that stabilized around 3.4 yuan/kg until 2015. The current cycle began in 2018, peaking in 2021 and declining to 3.04 yuan/kg by July 2025 [21][28][30]. Companies in the Dairy Sector - The report identifies 17 dairy-related companies listed on the New Third Board and the Beijing Stock Exchange. Notable companies include Knight Dairy, Jule Dairy, and Southern Dairy, with Knight Dairy being a listed entity and others in the process of listing [4][35]. - Knight Dairy has shown a steady revenue growth trend, with a revenue of 3.70 billion yuan in Q1 2025, marking a year-on-year increase of 55.88%. However, its net profit has declined by 38.70% [4][39]. - Jule Dairy, known for its "Suanle Milk" product, reported a revenue of 1.641 billion yuan in 2024, a 5.06% increase year-on-year, with a net profit of 232 million yuan, up 18.35% [5][52]. - Southern Dairy, recognized as a key enterprise in Guizhou, achieved a revenue of 1.817 billion yuan in 2024, reflecting a 0.65% growth, with a net profit of 209 million yuan, up 4.36% [6][59].

Core Viewpoint - Knight Dairy's futures trading deviated from its original hedging purpose, resulting in losses exceeding 40 million yuan and triggering severe regulatory penalties [1][3] Group 1: Financial Performance - As of January 17, 2024, Knight Dairy's futures trading losses reached 9.02 million yuan, accounting for 12.6% of its audited net profit for 2022 [3] - By August 13, 2024, losses escalated to 38.73 million yuan, representing 38.21% of its audited net profit for 2023 [3] - The total cumulative loss peaked at 41.68 million yuan by December 31, 2024, which is 41.12% of its audited net profit for 2023 [3] - In 2024, Knight Dairy reported its first loss in nearly a decade, with a net profit of -7.70 million yuan, a significant decline of 108.20% from the previous year [6] - The company's revenue from fresh milk, low-temperature yogurt, and white sugar all experienced declines of 4.5%, 7.8%, and 11.6% respectively in 2024 [6] Group 2: Regulatory Actions - Knight Dairy was administratively penalized by the Inner Mongolia Securities Regulatory Bureau for failing to disclose significant futures trading losses in a timely manner [3] - The company received a fine of 2 million yuan, and key executives were also fined: Chairman Party Yongtao 800,000 yuan, CFO Wang Xilin 400,000 yuan, and Secretary Chen Yong 200,000 yuan [3][4] Group 3: Futures Trading Issues - Knight Dairy's futures trading included not only sugar and soybean meal but also urea, which is less related to its core business [8] - The regulatory body highlighted that the company engaged in high-risk speculative behavior, deviating from its original hedging intent [8] - The company's futures trading strategy has led to significant financial strain, impacting cash flow, asset value, and overall competitiveness [8] Group 4: Industry Context - The decline in Knight Dairy's performance is closely tied to the broader dairy industry environment, with fresh milk prices dropping 15.03% year-on-year by the end of 2024 [7] - The oversupply in the market has intensified competition, adversely affecting sales of both fresh milk and dairy products [7] - The company's futures trading losses in 2024 were attributed to poor directional judgment, leading to a dramatic decline in investment returns [7]

文/梧桐小编 7月18日，内蒙古骑士乳业集团股份有限公司（832786）公告公司及相差人员收到行政处罚决定书。经查， 骑士乳业未按规定及时披露期货交易重大亏损事项。2024年，骑士乳业开展了豆粕、白糖、尿素等期货交 易业务。公司期货交易重大亏损状态持续至2024年12月31日。期间累计亏损金额最高达到4167.88万元，占 骑士乳业2023年度经审计净利润的41.12%。骑士乳业未按规定及时履行信息披露义务。内蒙古证监局决 定：1、对骑士乳业责令改正，给予警告，并处以200万元罚款；2、对党涌涛（实控人、控股股东、董事 长）给予警告，并处以80万元罚款；3、对王喜临（董事、财务负责人）给予警告，并处以40万元罚款； 4、对陈勇（董事、董秘）给予警告，并处以20万元罚款。公司及3名责任人合计被罚款340万元。同一天， 北交所也公布了公司及3名责任人纪律处分的决定。骑士乳业2023年10月13日上市，被称为北交所"乳业上 市第一股"。 违规行为 骑士乳业未按规定及时披露期货交易重大亏损事项。 2024年，骑士乳业开展了豆粕、白糖、尿素等期货交易业务。截至2024年1月17日，骑士乳业及其子公司共 计8个期货账户累 ...

关于内蒙古骑士乳业集团股份有限公司 的年报问询函回复 天职业字[ 2025]3 4351 号 关于内蒙古骑士乳业集团股份有限公司 释义项目 释义 公司、内蒙古骑士、 集团公司、本集团 指 内蒙古骑士乳业集团股份有限公司 包头骑士 指 包头骑士乳业有限责任公司 裕祥农场 指 达拉特旗裕祥农牧业有限责任公司 兴甜农业 指 包头市兴甜农牧业有限责任公司 骑士农业 指 包头市骑士农牧业有限责任公司 聚甜农业 指 呼和浩特市骑士聚甜农牧业有限责任公司 汇甜农业 指 乌兰察布市汇甜农牧业有限责任公司 骑士牧场 指 鄂尔多斯市骑士牧场有限责任公司 康泰仑牧场 指 鄂尔多斯市康泰仑农牧业有限责任公司 敕勒川糖业 指 内蒙古敕勒川糖业有限责任公司 中正康源 指 内蒙古中正康源牧业有限公司 库布齐牧场 指 鄂尔多斯市骑士库布齐牧业有限责任公司 自有牧场 指 鄂尔多斯市骑士牧场有限责任公司、鄂尔多斯市康泰仑农牧 业有限责任公司、内蒙古中正康源牧业有限公司、鄂尔多斯 市骑士库布齐牧业有限责任公司 公司及其子公司 指 内蒙古骑士乳业集团股份有限公司、包头骑士乳业有 限责任 公司、达拉特旗裕祥农牧业有限责任公司、鄂尔多斯市骑士 牧场有限 ...

证券代码：832786 证券简称：骑士乳业 公告编号：2025-062 关于新增承诺事项情形的公告 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、承诺事项基本情况 本人作为公司控股股东、实际控制人、董事长，将严格履行相应职责，依法 依规通过参与公司股东会表决及其他法律法规允许的方式，对公司后续涉及金融 衍生品的全部交易进行审慎评估和决策。本人承诺，将坚决杜绝公司从事任何形 式的投机性期货交易，并接受监管部门、股东会及广大社会公众的监督。若公司 再次发生投机性期货交易行为进而产生亏损，本人将承担赔偿责任，切实维护公 司及中小股东的合法权益。 二、新增承诺事项的原因 为了进一步防范投资风险，促进公司长期稳定发展，保护上市公司及广大投 资者的利益，公司及实际控制人、控股股东、董事长党涌涛做出不再从事投机性 期货交易的承诺。 三、其他说明 无 四、备查文件 内蒙古骑士乳业集团股份有限公司（以下简称"公司"）及公司实际控制人、 控股股东、董事长党涌涛现承诺如下事项： 一、自本承诺函出具之日起，公司将不再从事 ...

内蒙古骑士乳业集团股份有限公司 关于公司及相关人员收到行政处罚决定书的公告 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。 证券代码：832786 证券简称：骑士乳业 公告编号：2025-065 一、基本情况 相关文书的全称：行政处罚决定书〔2025〕03 号 收到日期：2025 年 7 月 18 日 生效日期：2025 年 7 月 18 日 作出主体：中国证券监督管理委员会内蒙古监管局 措施类别：行政处罚决定书 （涉嫌）违法违规主体及任职情况： | 姓名/名称 | 类别 | 任职情况 | | --- | --- | --- | | 内蒙古骑士乳业集 团股份有限公司 | 上市公司 | | | | 董监高、 | | | 党涌涛 | 实际控制人、控股股东 | 实际控制人、控股股东、董事长 | | 王喜临 | 董监高 | 董事、财务负责人 | | 陈勇 | 董监高 | 董事、董事会秘书 | 涉嫌违法违规事项类别： 信息披露 具体情况如下： 骑士乳业未按规定及时披露期货交易重大亏损事项。 2024 年，骑士乳业 ...

证券代码：832786 证券简称：骑士乳业 公告编号：2025-063 内蒙古骑士乳业集团股份有限公司 关于对北京证券交易所 2024 年年报问询函回复的公告 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，不存在虚假 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。 北京证券交易所上市公司管理部： 近期，内蒙古骑士乳业集团股份有限公司（以下简称"公司"）收到贵部出 具的《关于对内蒙古骑士乳业集团股份有限公司的年报问询函》（年报问询函 【2025】第 013 号）（以下简称"问询函"）。根据要求，公司和天职国际会计师 事务所（特殊普通合伙）高度重视，本着勤勉尽责、诚实守信的原则，就相关问 题逐项进行认真讨论、核查与落实。现就年报问询函关注的事项回复说明如下： 本回复报告中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入所致。 本回复报告中的字体代表以下含义： | 问询函所列问题 | 黑体（加粗） | | --- | --- | | 对问询函所列问题的回复 | 宋体（不加粗） | 1 | 目录 | | --- | | 问题 | 1.关于经营业绩 5 | ...

Group 1 - The beverage manufacturing sector in A-shares is experiencing a volatile correction, with significant declines in stock prices [1] - Huangshi Group has seen a nearly 7% drop, while Zhuangyuan Dairy has fallen over 5.5% [1] - Other companies such as New Dairy, Knight Dairy, Beingmate, and *ST Yedao have also experienced declines [1]

A股乳业板块盘初拉升，皇氏集团一字涨停，品渥食品涨超5.5%，熊猫乳品、西部牧业、骑士乳业、欢 乐家等跟涨。 ...