Group 1 - The average return of 11 theme funds on the Beijing Stock Exchange (BSE) reached 52.12% in 2025, indicating a strong performance and potential for diversified investor participation as the two-year fixed-open products become available for subscription and redemption [1][19][20] - The number of public fund institutions investing in BSE stocks increased to 29 by the end of 2024, a year-on-year growth of 31.82%, with the number of heavily invested companies rising from 34 to 41 in the first three quarters of 2025 [11][12] - The BSE's market performance shows a shift towards diversified investment styles, with a focus on emerging industries such as intelligent connected new energy vehicles, commercial aerospace, low-altitude economy, and robotics [1][31] Group 2 - The BSE 50 Index reported a value of 1,387.70 points, with a week-on-week increase of 0.75%, while the BSE specialized and new index reached 2,317.70 points, up 0.79% [2][43] - The TTM PE ratios for various sectors on the BSE include high-end equipment at 38.37X, information technology at 84.54X, and chemical new materials at 42.21X, indicating sector-specific valuation trends [2][33] - The top ten companies by market value held by funds on the BSE as of Q3 2025 include Jinbo Bio, Naconoer, and Better Energy, with significant changes in holdings reflecting market dynamics [22][23][24] Group 3 - The BSE's passive index fund scale has seen significant growth, with the BSE 50 Index fund size reaching 128.93 billion yuan by November 28, 2025, and the number of tracking products increasing to 68 [13][16] - The fund holdings on the BSE show that 59.17% of companies have a market value between 2-5 billion yuan, while 49.17% of companies reported a net profit of less than 50 million yuan in 2024 [27][29] - The industry allocation preferences of funds on the BSE are similar to those on the dual innovation board, with the top five sectors being machinery, hardware equipment, electrical equipment, automotive parts, and software services [31][32]

国融证券股份有限公司 关于内蒙古骑士乳业集团股份有限公司 募投项目结项并将节余募集资金永久补充流动资金的 核查意见 国融证券股份有限公司（以下简称"国融证券"或"保荐机构"）作为内蒙古骑 士乳业集团股份有限公司（以下简称"骑士乳业"或"公司"）向不特定合格投资者 公开发行股票并在北交所上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《北京证券交易所股票上市规则》《北京证券交易所上市公司持续监管指引 第9号——募集资金管理》等有关规定，对骑士乳业募投项目结项并将节余募集资 金永久补充流动资金事项进行了核查并发表意见如下： 一、募集资金基本情况 骑士乳业于2023年9月15日收到中国证券监督管理委员会下发的《关于同意内 蒙古骑士乳业集团股份有限公司向不特定合格投资者公开发行股票注册的批复》 （证监许可[2023]2142号），同意公司向不特定合格投资者公开发行股票的注册申 请。公司本次发行股票每股面值人民币1.00元，发行数量52,270,000股，发行价格 为每股人民币5.00元，募集资金总额为人民币261,350,000.00元，扣除本次发行费 用（不含增值税）人民币37,941,080.35元，募集资 ...

证券代码：920786 证券简称：骑士乳业 公告编号：2025-118 内蒙古骑士乳业集团股份有限公司 关于募投项目结项并将节余募集资金永久补充流动资金的公告 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。 内蒙古骑士乳业集团股份有限公司（以下简称"公司"或"骑士乳业"）于 2025 年 11 月 26 日召开第六届董事会第二十七次会议审议通过了《关于募投项 目结项并将节余募集资金永久补充流动资金的议案》，鉴于公司 2023 年向不特 定合格投资者公开发行股票募集资金投资项目 "骑士乳业奶牛养殖项目"已达 到预定可使用状态，同意公司将上述募投项目结项，并将节余募集资金用于永久 补充流动资金，用于公司日常生产经营使用。现将相关情况公告如下： 一、 募集资金基本情况 经中国证券监督管理委员会《关于同意内蒙古骑士乳业集团股份有限公司向 不特定合格投资者公开发行股票注册的批复》（证监许可[2023]2142 号）核准， 公司于北京证券交易所向社会公众公开发行人民币普通股(A 股)52,270,000 股， 发行 ...

证券代码：920786 证券简称：骑士乳业 公告编号：2025-119 内蒙古骑士乳业集团股份有限公司 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、会议召开基本情况 （一）股东会届次 本次会议为 2025 年第二次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 2025 年 11 月 26 日公司召开内蒙古骑士乳业集团股份有限公司第六届董事 会第二十七次会议，通过《关于召开 2025 年第二次临时股东会的议案》。 （三）会议召开的合法合规性 公司董事会保证本次股东会会议的召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。本次股东会的召开不需要相关部门的批准或 履行必要程序。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 关于召开 2025 年第二次临时股东会通知公告（提供网络投票） 本次会议采用现场投票和网络投票相结合方式召开。公司同一股东投票应 选择现场投票或网络投票，如果同一表决权出现重复投票表决的，以第一次投 票表决结果为准。 （五）会 ...

证券代码：920786 证券简称：骑士乳业 公告编号：2025-117 4.发出董事会会议通知的时间和方式：2025 年 11 月 25 日以微信方式发出 5.会议主持人：董事长 党涌涛 6.开情况合法合规的说明： 内蒙古骑士乳业集团股份有限公司 第六届董事会第二十七次会议决议公告 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 11 月 26 日 2.会议召开地点：公司大会议室、腾讯会议 3.会议召开方式：现场及通讯方式 本次会议的召开符合《中华人民共和国公司法》、《内蒙古骑士乳业集团股份 有限公司章程》、《董事会议事规则》和有关法律、法规规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 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《关于公司募投项目结项并将节余募集资金永久补充流动资金的 议案》 1.议案内容： 鉴于公司募集资金投资项目"骑士乳业奶牛 ...

Market Overview - The beverage and dairy sector increased by 1.88% on November 28, with Yantang Dairy leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Notable stock performances include: - Caobo Dao V (002732) rose by 9.99% to a closing price of 20.03, with a trading volume of 163,400 shares and a turnover of 322 million yuan [1] - Sunshine Dairy (001318) also increased by 9.99% to 15.97, with a trading volume of 126,000 shares and a turnover of 198 million yuan [1] - Panda Dairy (300898) saw a 5.90% increase, closing at 29.42 with a trading volume of 151,100 shares and a turnover of 441 million yuan [1] Capital Flow - The beverage and dairy sector experienced a net inflow of 433 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - Key stocks in terms of capital flow include: - Yili Group (600887) had a net inflow of 117 million yuan from institutional investors, but a net outflow of 130 million yuan from retail investors [3] - Sunshine Dairy (001318) had a net inflow of 91 million yuan from institutional investors, with significant outflows from both retail and speculative investors [3]

Core Insights - The dairy sector in the A-share market experienced a collective decline, with several companies seeing significant drops in their stock prices [1] Company Performance - Sanyuan Foods (三元股份) saw a decline of 7.99%, with a total market capitalization of 83.07 billion [2] - Nanchao Foods (南侨食品) dropped by 7.80%, with a market cap of 82.23 billion [2] - Pinwo Foods (品渥食品) fell by 4.67%, with a market value of 34.07 billion [2] - Miaokelando (妙可蓝多) decreased by 3.93%, with a market capitalization of 13 billion [2] - Huangshi Group (皇氏集团) declined by 3.61%, with a market cap of 31.13 billion [2] - Maijuer (麦趣尔) fell by 3.18%, with a market value of 16.42 billion [2] - Yiming Foods (一鸣食品) decreased by 3.08%, with a market capitalization of 85.77 billion [2] - Zhuangyuan Pasture (庄园牧场) dropped by 3.08%, with a market cap of 21.55 billion [2] - Junyao Health (均瑶健康) fell by 2.93%, with a market value of 45.82 billion [2] - Western Pastoral (西部牧业) decreased by 2.92%, with a market capitalization of 23.88 billion [2] - New Dairy (新乳业) dropped by 2.80%, with a market cap of 149 billion [2] - Knight Dairy (骑士乳业) fell by 2.66%, with a market value of 20.68 billion [2] - Panda Dairy (熊猫乳品) decreased by 2.56%, with a market capitalization of 34.45 billion [2] - Wewei Co. (维维股份) dropped by 2.50%, with a market cap of 56.76 billion [2]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 914 million yuan, a year-on-year increase of 24.01%, and net profit attributable to the parent company at 39.09 million yuan, a year-on-year increase of 281.30% [1] - The subsidiary, Kubuchi Animal Husbandry, is gradually starting production, which is expected to enhance profitability [1] - The company is expanding its community group buying and supermarket channels, which is anticipated to further boost sales [2] Financial Summary - For 2025, the company forecasts net profit attributable to the parent company to be 77 million yuan, 105 million yuan, and 136 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.37, 0.50, and 0.65 yuan per share [1][5] - The projected P/E ratios for 2025, 2026, and 2027 are 27.8, 20.4, and 15.8 times respectively [1][5] - The company’s revenue is expected to grow from 1.4 billion yuan in 2025 to 1.8 billion yuan in 2027, reflecting a compound annual growth rate [5][7] Market Conditions - The domestic dairy industry is currently characterized by a "strong supply, weak demand" situation, which is expected to continue affecting raw milk prices [3] - The company is actively engaging in community group buying platforms and expanding into well-known supermarket chains, which may help mitigate some of the supply-demand pressures [2]

Market Overview - The beverage and dairy sector experienced a decline of 0.54% on the trading day, with Junyao Health leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Weiweijia (600300) with a closing price of 3.47, up 2.97% [1] - New Dairy (002946) at 17.01, up 2.47% [1] - Yili (600887) at 27.36, up 0.66% with a transaction volume of 621,200 shares and a transaction value of 1.702 billion [1] - Major decliners included: - Junyao Health (605388) at 7.13, down 3.52% [2] - Happy Home (300997) at 16.62, down 3.26% [2] - Beiyinmei (002570) at 6.28, down 2.64% with a transaction value of 305 million [2] Capital Flow - The beverage and dairy sector saw a net inflow of 193 million from institutional investors, while retail investors experienced a net outflow of 39.39 million [2] - The capital flow for key stocks showed: - Yili (600887) had a net inflow of 285 million from institutional investors, but a net outflow of 172 million from retail investors [3] - Chengde Lululemon (000848) had a net inflow of 42.62 million from institutional investors, with a net outflow of 5.37 million from retail investors [3] - Miao Ke Lan Duo (600882) had a net inflow of 20.36 million from institutional investors, but a significant net outflow of 29.61 million from retail investors [3]

证券代码：920786 证券简称：骑士乳业 公告编号：2025-115 内蒙古骑士乳业集团股份有限公司 第六届董事会第二十六次会议决议公告 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 10 月 25 日 2.会议召开地点：公司大会议室、腾讯会议 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 10 月 22 日以微信方式发出 5.会议主持人：董事长 党涌涛 本次会议的召开符合《中华人民共和国公司法》、《内蒙古骑士乳业集团股份 有限公司章程》、《董事会议事规则》和有关法律、法规规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 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《公司 2025 年三季度报告》 1.议案内容： 具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）披露的 《2025 年三季 ...