证券代码：832786 证券简称：骑士乳业 公告编号：2025-061 内蒙古骑士乳业集团股份有限公司 为子公司提供担保的公告 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、担保情况概述 （三）决策与审议程序 2025 年 4 月 24 日，公司第六届董事会第十九次会议审议通过《关于预计 2025 年度为子公司提供担保的议案》，公司董事会提请股东会授权董事会在新增担保 总额不超过 15 亿元人民币额度内审批公司对下属子公司融资业务提供担保具体 事宜，在担保事项实际发生时由公司董事会审议即可；2025 年 5 月 29 日，公司 2024 年年度股东会审议通过《关于预计 2025 年度为子公司提供担保的议案》。 2025 年 7 月 14 日，公司第六届董事会第二十一次会议审议通过《关于为子 公司提供担保的议案》，对本次担保事项进行审议。 二、被担保人基本情况 （一）法人及其他经济组织适用 （一）担保基本情况 拟以内蒙古骑士乳业集团股份有限公司（以下简称"公司"）企业信用、公 司子公司包头骑士乳业有 ...

证券代码：832786 证券简称：骑士乳业 公告编号：2025-060 内蒙古骑士乳业集团股份有限公司 第六届董事会第二十一次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 7 月 14 日 2.会议召开地点：公司大会议室、腾讯会议室 3.会议召开方式：现场及通讯方式 4.发出董事会会议通知的时间和方式：2025 年 7 月 10 日以微信方式发出 5.会议主持人：董事长 党涌涛 6.召开情况合法、合规、合章程性说明： 独立董事张振华、李华峰、付明月因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于为子公司提供担保的议案》 1.议案内容： 拟以内蒙古骑士乳业集团股份有限公司（以下简称"公司"）企业信用、公 司子公司包头骑士乳业有限责任公司（以下简称"包头骑士"）企业信用、公司 子公司鄂尔多斯市骑士牧场有限责任公司（以下简称"骑士牧场"）企业信用、 公司法定代表人党涌涛、李俊夫妇的个人信用为公司全 ...

Group 1: Investor Relations Activities - The company held an online investor reception day on July 11, 2025, via a network platform [3] - Participants included the chairman, general manager, and other key executives [3] Group 2: Key Discussion Topics - The company addressed investor concerns regarding internal control and risk management, confirming that internal control deficiencies have been rectified [5] - Investors inquired about potential collaborations with online platforms and the company's ability to customize products for different customer segments [5] - The company outlined strategies to improve performance in 2025, focusing on enhancing raw material quality, maintaining stable livestock operations, diversifying dairy products, and prioritizing quality in sugar production [5] Group 3: Financial Health and Risk Management - The company reported sufficient liquidity and normal operations, stating that futures trading losses have been accounted for in 2024 and will not impact 2025 performance [6] - Plans to revise and enhance futures hedging policies were discussed to strengthen internal control management [6] Group 4: Future Outlook and Management - The company has set operational goals for 2025, emphasizing the importance of a circular economy model across its agricultural, livestock, dairy, and sugar industries [7] - The company aims to improve production efficiency, reduce costs, and enhance product quality to achieve better operational results and boost investor confidence [7]

证券代码：832786 证券简称：骑士乳业 公告编号：2025-058 内蒙古骑士乳业集团股份有限公司 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状 况、融资计划和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢 迎广大投资者踊跃参与！ 二、 活动时间、地点 （一）会议召开时间：2025 年 7 月 11 日 16:00-18:00。 （二）会议召开地点 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流。 关于参加内蒙古辖区上市公司 2025 年投资者 网上集体接待日预告公告 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、 活动类型 为进一步加强与投资者的互动交流，内蒙古骑士乳业集团股份有限公司（以 下简称"公司"）将参加由内蒙古证监局、内蒙古上市公司协会与深圳市全景网 络有限公司联合举办的"2025 年内蒙古辖区上市公司投资者网上集体接 ...

Core Viewpoint - Knight Dairy's investigation by the China Securities Regulatory Commission highlights significant risks in risk management and compliance within the dairy industry, reflecting the broader challenges faced by the sector during cyclical downturns [1][8]. Company Summary - Knight Dairy reported a substantial increase in futures trading losses, escalating from 9.02 million yuan in January 2024 to 41.68 million yuan by December, which represented 41.12% of the company's net profit for 2023 [2]. - The company faced a net profit loss of 7.70 million yuan in 2024, marking a year-on-year decline of 108.20%, the first loss recorded in nearly a decade [2]. - The management's failure to disclose these losses in a timely manner led to penalties, including a fine of 2 million yuan for the company and individual fines for key executives [2]. - Knight Dairy's risk management system was inadequate, lacking proper decision-making processes and risk supervision mechanisms, which transformed futures trading from a hedging tool into a significant financial burden [3]. Business Performance - Knight Dairy operates across four main sectors: forage planting, dairy farming, dairy product processing and sales, and sugar production, with a significant scale achieved in each area [4]. - The company has a modern dairy farming base with over 22,000 cows and a daily milk production capacity of approximately 350 tons [4]. - Despite revenue growth from 265 million yuan in 2015 to 1.297 billion yuan in 2024, the company struggled with profitability, facing challenges across all business segments in 2024 [4][5][6]. Industry Challenges - The domestic fresh milk price has been on a downward trend for three consecutive years, with a 13.42% year-on-year decline in 2024, posing challenges for Knight Dairy, which relies on fresh milk for 30% of its business [7]. - The downstream consumption market is also weakening, with declines in revenue for low-temperature yogurt and white sugar, indicating a lack of demand [7]. - Knight Dairy's vertical integration strategy aimed at cost reduction has increased risks during industry downturns, particularly in its sugar business, which is significantly affected by commodity price fluctuations [7][8]. - Compared to industry leaders like Yili and Mengniu, Knight Dairy lacks the scale and diversified product offerings necessary to mitigate risks effectively, making it more vulnerable during cyclical fluctuations [8].

Core Viewpoint - Knight Dairy has faced significant penalties due to substantial losses in futures trading and failure to disclose this information in a timely manner, leading to warnings and fines from regulatory authorities [1][3][4]. Group 1: Financial Losses and Penalties - In 2024, Knight Dairy engaged in futures trading for commodities such as soybean meal, sugar, and urea, resulting in cumulative losses of up to 41.12% of its 2023 audited net profit by the end of the year [2][3]. - The total penalties imposed by the Inner Mongolia Securities Regulatory Bureau amount to 3.4 million yuan, with specific fines for the chairman and other executives totaling 340,000 yuan [1][3]. - As of January 17, 2024, the cumulative losses from futures trading reached 902.46 million yuan, representing 12.60% of the 2022 audited net profit [2]. Group 2: Company Operations and Strategy - Knight Dairy, established in 1992, operates across the entire dairy supply chain, including feed crop planting, dairy farming, dairy processing, and sugar production, and was listed on the Beijing Stock Exchange in October 2023 [5][6]. - The company has been increasing investments in upstream industries, aiming to expand its sugar project and optimize its agricultural and dairy supply chain over the next 3-5 years [5][6]. - Despite a decline in milk prices, Knight Dairy has continued to invest in its livestock business, with recent capital injections into its wholly-owned subsidiary [6]. Group 3: Market Environment and Risks - The dairy industry has been facing challenges, with milk prices in major producing provinces averaging 3.32 yuan per kilogram in 2024, a decrease of 13.5% year-on-year [7]. - The sugar market is also volatile, influenced by futures market fluctuations, natural disasters, and policies from major importing and exporting countries, which can lead to revenue instability [7].

Core Viewpoint - The company Knight Dairy Industry Group is under investigation for failing to disclose significant losses from futures trading, reflecting broader struggles within the regional dairy industry during a challenging market environment [2][3][6]. Company Summary - Knight Dairy reported a cumulative futures trading loss of 902.46 million yuan, which accounted for 12.60% of its audited net profit for 2022 [5]. - By August 13, 2024, the cumulative loss reached 3,873.36 million yuan, representing 38.21% of its audited net profit for 2023 [6]. - The company failed to fulfill its obligation to disclose significant losses in a timely manner, leading to an investigation by the China Securities Regulatory Commission (CSRC) [6][7]. Financial Performance - Knight Dairy's revenue in 2023 was 1.297 billion yuan, a modest increase of 3.22% year-on-year, while its net profit turned negative at -769.51 million yuan, a decline of 108.20% compared to the previous year [10]. - The company had previously achieved a revenue of 1.256 billion yuan in its first year of listing, with a net profit of 938.52 million yuan, marking a growth of 31.03% [10]. Industry Context - The regional dairy industry is facing intensified competition, with major players like Yili and Mengniu dominating the market, leading to a highly concentrated market share [10][12]. - The industry is experiencing a downturn, with rising costs and declining prices for raw milk, putting additional pressure on regional dairy companies [11][12]. - The market for dairy products is becoming increasingly homogeneous, making it difficult for regional brands to compete effectively [13]. Governance and Compliance Issues - The investigation revealed shortcomings in Knight Dairy's internal controls and governance, particularly in risk management and compliance with disclosure regulations [11]. - The company and its executives face penalties, including fines and warnings, for their failure to disclose significant losses [7]. - This incident is not isolated, as Knight Dairy has faced previous warnings from regulatory bodies for other disclosure failures [7]. Future Outlook - The ongoing challenges faced by Knight Dairy may serve as a case study for other regional dairy companies navigating a difficult market landscape [13]. - The company must address its governance issues and find a path to recovery that leverages its regional strengths while avoiding direct competition with larger players [13].

长江商报消息 ●长江商报记者 沈右荣 实习生 赖海军 炒期货大幅亏损不按时披露，北交所乳业第一股骑士乳业（832786.BJ）及三名高管被证监会立案调 查。 7月4日晚，骑士乳业发布公告，公司收到中国证监会立案告知书，因公司期货投资亏损未及时履行信息 披露义务，涉嫌信息披露违法违规，6月26日，中国证监会决定对公司进行立案调查。同时被立案调查 的还有公司董事长、总经理党涌涛以及董秘、财务总监等。 当晚，骑士乳业还披露，因上述信息披露违法违规行为，骑士乳业收到了内蒙古证监局下发的《行政处 罚事先告知书》，公司及三位高管合计被罚340万元。 根据公告，骑士乳业及董事长、总经理党涌涛以及董事、董秘陈勇和董事、财务负责人王喜临均收到了 中国证监会的《立案告知书》和内蒙古证监局下发的《行政处罚事先告知书》。 《行政处罚事先告知书》详细披露了骑士乳业及三名高管违法违规的主要原因。 2024年，骑士乳业开展了豆粕、白糖、尿素等期货交易业务。据披露，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（以下简称"骑士乳业期货账户"）累计亏损金额达到902.46万元，占骑士 乳业2022年度经审计净利润的12.60% ...

Investment Rating - The industry investment rating is positive, indicating a favorable outlook for the sector, with a focus on companies with stable performance and reasonable valuations [35]. Core Insights - The report highlights that the North Exchange 50 Index experienced a slight decline of 1.71% this week, closing at 1415.04 points, while the average market capitalization of A-share constituent stocks is 3.083 billion [5][11]. - The report emphasizes the importance of focusing on quality stocks with stable growth and reasonable valuations in the North Exchange, particularly in the context of the 2025 investment landscape [5]. Summary by Sections Overall Market Overview - As of July 4, 2025, the North Exchange A-share market consists of 268 stocks, with an average market capitalization of 3.083 billion. The North Exchange 50 Index saw a decline of 1.71% this week, while the Shanghai and Shenzhen 300 Index increased by 1.54% [5][11]. - The average daily trading volume for the North Exchange 50 was 27.983 billion, down 17.81% from the previous week, with a turnover rate of 3.18% [5][24]. Stock and Industry Performance - In the past week, 50 stocks increased in value, while 217 stocks decreased, resulting in an increase ratio of 18.66%, which is a decrease of 74.63 percentage points week-on-week [17]. - The top five performing industries were Beauty Care (8.60%), Light Industry Manufacturing (1.9%), Pharmaceutical Biology (1.57%), Transportation (0.60%), and Environmental Protection (0.47%). Conversely, the bottom five industries included Electronics (-4.86%), Automotive (-4.58%), Communications (-3.92%), Media (-3.88%), and Public Utilities (-3.22%) [19][22]. New Stock Updates - No new stocks were listed on the North Exchange this week, but one company, Jinhua New Materials, passed the review for listing, while another, Beikang Testing, is scheduled for review next week [28][29]. Key Companies and Earnings Forecast - The report identifies key companies to watch, including: - Tongli Co., Ltd. (stock code: 834599.BJ) with a buy rating and an expected EPS of 1.99 for 2025 [6]. - Wuxin Tunnel Equipment (stock code: 835174.BJ) also rated as buy with an expected EPS of 1.64 for 2025 [6]. - Kaide Quartz (stock code: 835179.BJ) rated as hold with an expected EPS of 1.03 for 2025 [6]. - Hualing Co., Ltd. (stock code: 430139.BJ) rated as hold with an expected EPS of 0.34 for 2025 [6]. - Hengtou Open Source (stock code: 834415.BJ) rated as hold with an expected EPS of 0.22 for 2025 [6]. - Tianli Composite (stock code: 873576.BJ) rated as buy with an expected EPS of 1.03 for 2025 [6].

Investment Rating - The report suggests a positive outlook for the maternal and infant industry, driven by government policies aimed at encouraging childbirth and stimulating market growth [2][3]. Core Insights - The implementation of various supportive policies by the government is expected to boost the maternal and infant industry, with a projected increase in birth rates and consumer spending in this sector [6][9]. - The maternal and infant consumption market in China is anticipated to grow significantly, reaching approximately 76,299 billion yuan in 2024, with a potential increase to 89,149 billion yuan by 2027 [9][11]. - The report highlights the rapid development of the infant food market, with a compound annual growth rate (CAGR) of 8.9% from 2019 to 2024, leading to a market size of about 55.91 billion yuan in 2024 [25][29]. - The maternal and infant retail chain market is also expanding, with a projected growth from 587.4 billion yuan in 2019 to 906.2 billion yuan in 2024, reflecting a CAGR of 9.1% [32][34]. Summary by Sections Policy Impact - The Chinese government has introduced various policies to encourage childbirth, including subsidies and tax reductions, which are expected to stabilize and potentially increase the birth rate [6][7]. - The focus on modern parenting and quality of life among younger parents is driving demand for diverse maternal and infant products [6][9]. Market Growth - The maternal and infant consumption market is projected to grow to 76,299 billion yuan in 2024, marking a significant recovery in birth rates with 9.54 million births expected [9][11]. - The infant food market is experiencing rapid growth, with a projected market size of 55.91 billion yuan in 2024 and a CAGR of 8.9% from 2019 to 2024 [25][29]. Industry Segmentation - The report outlines the structure of the maternal and infant industry, which includes upstream food production, midstream manufacturing of products, and downstream retail channels [13][14]. - The dairy industry is also highlighted, with a projected market size of 5,216.70 billion yuan in 2024, despite a slight decline in milk production due to market imbalances [16][20]. Company Analysis - The report identifies key companies in the maternal and infant sector listed on the Beijing Stock Exchange, including Knight Dairy and Wuxi Jinghai, along with potential listings such as Southern Dairy and Ying's Holdings [44][45]. - The overall market capitalization of the consumer service sector on the Beijing Stock Exchange has increased, with a median market cap of 123.92 billion yuan [52][54].