Core Insights - The dairy industry is experiencing a significant downturn in 2024, with 19 listed dairy companies in A-shares reporting a total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44% [1] - The net profit attributable to shareholders dropped from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting a decline in net profit [1] - Key factors suppressing the dairy industry include oversupply, weakened demand, and high inventory levels, leading to a continuous decline in fresh milk prices and intensified competition [1] Revenue and Profitability - 14 out of 19 dairy companies reported a decline in revenue, compared to only 6 the previous year [1] - The median net profit margin for listed dairy companies was only 1.98%, down 2.01 percentage points from the previous year [4] - The highest net profit margins were recorded by Sunshine Dairy (21.84%), Panda Dairy (13.32%), and Huirong Technology (10.18%) [4] Gross Margin Analysis - 12 companies experienced a decline in gross margin, with the most significant drops seen in Western Pastoral, Beingmate, and Zhuangyuan Pastoral [3] - The median gross margin for the 19 listed dairy companies was 25.31%, an increase of 2.18 percentage points from the previous year [2] - Seven companies saw an increase in gross margin, with the most notable improvements from Junyao Health, Huangshi Group, Panda Dairy, and Pinwa Food [2] Market Trends - The dairy industry index has seen a decline of over 50% from its peak in January 2021 to the low in September 2024, but there has been a noticeable increase since September 2024 [1] - The market anticipates that upstream destocking will lead to a bottoming out of raw milk prices, alongside policies promoting fertility to boost demand [1] Company-Specific Performance - Panda Dairy, a leader in the condensed milk segment, reported a revenue decline of 19.29% last year, with a further 8.27% drop in the first quarter of 2024, despite an increase in gross margin due to lower raw material costs [2] - Bright Dairy, a typical regional dairy company, has seen a decline in revenue since 2022, with a low gross margin of around 19%, significantly below that of Yili [5]

Core Viewpoint - The dairy industry is experiencing a significant downturn in 2024, with a notable decline in revenue and profit across many companies, attributed to oversupply, weakened demand, and high inventory levels [1][2][3]. Industry Overview - In 2023, 19 dairy companies in A-shares reported a total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44%. 14 companies experienced revenue declines, compared to only 6 the previous year [1]. - The total net profit for these companies fell from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting profit declines [1]. - The dairy industry has faced a continuous decline in raw milk prices since 2021, with the dairy index dropping over 50% from its peak in January 2021 to its low in September 2024 [1]. Company Performance - Yili Group remains the dominant player in the industry, with a revenue of 115.78 billion yuan, followed by Bright Dairy, New Hope Dairy, and San Yuan Dairy, with revenues of 24.28 billion yuan, 10.67 billion yuan, and 7.01 billion yuan, respectively [1]. - The revenue of Yili Group decreased by 8.24%, while Bright Dairy and San Yuan Dairy saw declines of 8.33% and 10.73%, respectively [2][6]. - The number of companies with revenue declines increased from 6 to 14, indicating that nearly 74% of dairy companies faced revenue drops, with a median decline of 10.75% [3]. Notable Declines - The five companies with the most significant revenue declines include Huangshi Group, Pinwa Food, Panda Dairy, Jiahe Food, and Xibu Dairy, all of which have revenues below 2.5 billion yuan [3]. - Huangshi Group's revenue dropped significantly due to the transfer of its subsidiaries and ongoing diversification efforts that have not yielded expected returns [3]. - Pinwa Food, primarily an imported food company, reported a 24.9% decrease in revenue, while Panda Dairy faced overall product declines due to weak consumer demand [4]. Growth Opportunities - Five dairy companies reported revenue growth, including Huirong Technology, Beingmate, Yiming Food, Tianrun Dairy, and Knight Dairy, with Huirong Technology showing the highest growth due to its focus on plant-based and dairy fats [5]. - Beingmate, specializing in infant formula and nutritional products, achieved a revenue increase of 9.7%, although its gross margin declined due to increased sales discounts [5].

近日，公司董事、首席科学家、副总经理陈历俊先生向董事会申请辞去公司 董事、副总经理职务，保留公司首席科学家职务。今后，陈历俊先生将发挥自身 专业优势，进一步专注于科研创新和质量安全，科技赋能，助力公司高质量发展。 一、董事会会议召开情况 北京三元食品股份有限公司（简称"公司"）于 2025 年 5 月 14 日以通讯会 议方式召开第八届董事会第四十一次会议，本次会议的通知于 2025 年 5 月 11 日以电话、电子邮件方式向全体董事发出。公司董事 9 人，参加会议 9 人。本次 会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规范性文件 及《公司章程》的规定。 二、董事会会议审议情况 审议通过《关于公司董事、高级管理人员工作变动的议案》； 股票代码：600429 股票简称：三元股份 公告编号：2025-019 北京三元食品股份有限公司 第八届董事会第四十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 陈历俊先生的辞职不会导致公司董事会人数低于法定最低人数，不会影响董 事会正常运作，亦不会影响公司 ...

第八届董事会第四十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、董事会会议召开情况 股票代码：600429 股票简称：三元股份 公告编号：2025-019 北京三元食品股份有限公司 表决结果：8 票同意，1 票回避，0 票反对，0 票弃权。 特此公告。 北京三元食品股份有限公司董事会 北京三元食品股份有限公司（简称"公司"）于 2025 年 5 月 14 日以通讯会 议方式召开第八届董事会第四十一次会议，本次会议的通知于 2025 年 5 月 11 日以电话、电子邮件方式向全体董事发出。公司董事 9 人，参加会议 9 人。本次 会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规范性文件 及《公司章程》的规定。 2025 年 5 月 15 日 二、董事会会议审议情况 审议通过《关于公司董事、高级管理人员工作变动的议案》； 近日，公司董事、首席科学家、副总经理陈历俊先生向董事会申请辞去公司 董事、副总经理职务，保留公司首席科学家职务。今后，陈历俊先生将发挥自身 专业优势，进一步专注于科研创新和质 ...

Core Insights - The dairy industry is undergoing a green transformation as ESG principles penetrate the real economy, with significant progress in carbon emission disclosure and reduction practices among leading dairy companies [1][2][4] - Despite improvements, structural contradictions in full value chain carbon reduction remain prominent, particularly in the low coverage of Scope 3 emissions accounting and the lack of technical standards for packaging recycling and supply chain carbon management [1][4] - The challenge of converting high carbon reduction investments into brand premiums amidst fluctuating consumer demand has emerged as a new issue for dairy companies balancing sustainable development with operational efficiency [1][7] Carbon Emission Disclosure - The disclosure of ESG information among listed dairy companies has improved, with 9 H-share listed dairy companies having published ESG or sustainability reports [1][2] - Leading companies like Yili and Mengniu achieved the highest MSCI ESG ratings of AA in 2024, reflecting their progress in ESG practices and information disclosure [2][3] - A total of 11 A-share listed dairy companies disclosed their 2024 ESG reports, with several companies clearly reporting their greenhouse gas emissions [2][3] Carbon Reduction Practices - Notable carbon reduction achievements include New Dairy's "Zero Carbon Dairy" action plan, aiming for peak carbon emissions by 2030 and a 5% annual reduction in carbon intensity [2][3] - Yili has set a target to reduce carbon emissions intensity by 50% by 2030 compared to 2012 levels, achieving this goal ahead of schedule [3][4] - H-share listed companies generally perform better in carbon emission disclosure, with many providing detailed Scope 3 emissions data [3][5] Challenges in Full Value Chain Carbon Reduction - The low disclosure rate of Scope 3 emissions highlights the shortcomings in carbon reduction and accounting across the entire value chain [4][5] - The release of the first low-carbon evaluation technical standard for the dairy industry aims to address monitoring and accounting challenges faced by companies of different sizes [4][5] - Companies like Mengniu and Yili are actively working on comprehensive carbon accounting across their supply chains, with Yili having completed 47.2% of its carbon inventory for core suppliers by the end of 2024 [5][6] Brand Premium and Market Dynamics - The dairy industry faces operational challenges, with many companies experiencing revenue declines in 2024, prompting a need to convert ESG practices into product premiums [6][7] - Yili and Mengniu are integrating ESG achievements into their brand strategies, offering carbon-neutral products to enhance consumer engagement [7][8] - The market is not yet mature enough for consumers to prioritize ESG performance in their purchasing decisions, indicating a need for companies to enhance internal management and operational efficiency to realize long-term value from ESG investments [7][8]

Core Viewpoint - The company reported a decline in revenue and net profit for FY 2024, but showed significant improvement in non-recurring net profit, indicating a potential recovery path for FY 2025 [1][5]. Financial Performance - FY 2024 revenue was 7.012 billion yuan, down 10.7% year-on-year; net profit attributable to shareholders was 55 million yuan, down 77.4%; non-recurring net profit was 30 million yuan, up 934.2% [1]. - Q4 2024 revenue was 1.620 billion yuan, down 4.5% year-on-year; net profit attributable to shareholders was -49 million yuan, down 518.2%; non-recurring net profit was -41 million yuan, down 83.2% [1]. - Q1 2025 revenue was 1.647 billion yuan, down 19.5% year-on-year; net profit attributable to shareholders was 88 million yuan, up 20.9%; non-recurring net profit was 83 million yuan, up 22.6% [1]. Product Performance - In FY 2024, revenue from liquid milk, solid milk, ice cream, and others was 4.411 billion, 963 million, 1.499 billion yuan, respectively, with changes of -8.8%, +3.5%, and -11.7% year-on-year [2]. - Q4 2024 revenue from liquid milk, solid milk, ice cream, and others was 1.052 billion, 288 million, 218 million yuan, with changes of -12.9%, +31.9%, and -6.5% year-on-year [2]. - Q1 2025 revenue from liquid milk, solid milk, ice cream, and others was 1.024 billion, 213 million, 360 million yuan, with changes of -15.2%, -13.3%, and -35.9% year-on-year [2]. Sales Model - In FY 2024, revenue from direct sales, distributors, and others was 2.243 billion, 3.840 billion, and 790 million yuan, with changes of -18.4%, -5.8%, and -8.2% year-on-year [3]. - Q4 2024 revenue from direct sales, distributors, and others was 592 million, 919 million, and 471 million yuan, with changes of -26.0%, +38.7%, and -73.7% year-on-year [3]. - Q1 2025 revenue from direct sales, distributors, and others was 595 million, 792 million, and 209 million yuan, with changes of -7.2%, -31.7%, and -1.3% year-on-year [3]. Regional Performance - In FY 2024, revenue from Beijing and outside Beijing was 3.436 billion and 3.437 billion yuan, with changes of -28.8% and +20.2% year-on-year [3]. - Q4 2024 revenue from Beijing and outside Beijing was 766 million and 791 million yuan, with changes of -22.5% and +21.3% year-on-year [3]. - Q1 2025 revenue from Beijing and outside Beijing was 779 million and 818 million yuan, with changes of -40.3% and +15.5% year-on-year [3]. Strategic Initiatives - The company is expanding its "fresh" strategy from Beijing to key regions nationwide, with a reported sales increase of 341% for low-temperature products [4]. - The company is optimizing its product structure, reducing costs, and focusing on high-margin products, leading to a ninefold increase in non-recurring net profit [5]. - The company is implementing a "dairy+" strategy, expanding its product matrix and entering new markets such as tea and coffee [9]. Organizational Efficiency - The company has streamlined its organizational structure, reducing headquarters departments from 21 to 14 and cutting personnel by 46% to enhance management efficiency [8]. - The company is investing in digital transformation across core business areas to improve operational capabilities [8]. Investment Outlook - Revenue forecasts for 2025-2026 have been adjusted, with expected revenues of 7.19 billion and 7.35 billion yuan, and net profits of 860 million and 1.05 billion yuan for the same period [10].

Core Viewpoint - Beijing Sanyuan Foods Co., Ltd. reported a decline in total revenue for 2024, but a significant increase in net profit, indicating a shift towards profitability despite overall revenue challenges [1][2]. Financial Performance - In 2024, the company had total assets of 8.834 billion yuan and total revenue of 7.012 billion yuan, a year-on-year decrease of 10.73%. However, the net profit attributable to the parent company was 29.82 million yuan, a year-on-year increase of 934.19% [1]. - For Q1 2025, total revenue was 1.647 billion yuan, down 19.45% year-on-year, while net profit attributable to the parent company was 87.82 million yuan, up 20.85% [1]. Market Position and Strategy - The low-temperature fresh milk market in China is expanding, with national penetration increasing from 28% in March 2018 to 39% in March 2024 [1]. - Sanyuan has established a leading position in the North China market, particularly in Beijing, where it holds the largest market share in liquid milk [1]. - The company is expanding its "fresh" strategy from Beijing to key regions nationwide, with a 341% increase in sales since introducing low-temperature products in the Pang Donglai system [2]. Product Development and Optimization - Sanyuan has launched a SKU reduction strategy, eliminating nearly 20% of inefficient SKUs and focusing on high-end products to drive revenue growth [3]. - The company has made significant investments in R&D, particularly in functional dairy products, to enhance its product offerings and increase value [3]. Brand Strategy and Market Positioning - Sanyuan's brand strategy emphasizes "freshness," targeting key markets and enhancing supply chain advantages while creating star products with differentiated features [4]. - The company is focusing on visual branding, using appealing packaging for children's products and a minimalist design for premium offerings to enhance consumer recognition and brand value [4].

Financial Performance - In 2024, the company reported a revenue of 7.012 billion yuan, a decrease of 10.73% year-on-year, primarily due to changes in market demand and the exclusion of Shifeng Livestock from the consolidation scope since May 2023 [2] - The net profit attributable to shareholders was 54.81 million yuan, down 77.44% year-on-year, largely due to the absence of one-time gains from the sale of Shifeng Livestock shares in 2023 [3] - The basic earnings per share decreased to 0.036 yuan, reflecting a 77.50% decline, consistent with the drop in net profit [5] Core Business Analysis - The net profit excluding non-recurring items was 29.82 million yuan, a significant decrease of 87.72% compared to 2023, indicating that while core business profitability improved, there is still substantial room for enhancement [4] - The adjusted basic earnings per share, excluding non-recurring items, increased to 0.020 yuan, marking a 900% growth from 0.002 yuan in 2023, suggesting a substantial improvement in core business profitability [6] Expense Analysis - Total expenses showed varied trends, with sales expenses decreasing by 4.67% to 1.21 billion yuan, management expenses down 14.58% to 267 million yuan, while financial expenses surged by 250.84% to 84.15 million yuan [7] - The increase in financial expenses was primarily due to reduced interest income from shareholder loans following the debt-to-equity swap with joint ventures [11] Cash Flow Analysis - The net cash flow from operating activities was 359 million yuan, an increase of 153.52% year-on-year, indicating improved operational efficiency [15] - The net cash flow from investing activities was -93.27 million yuan, reflecting a decrease of 122.98%, primarily due to capital contributions to joint ventures [16] - The net cash flow from financing activities was -538 million yuan, indicating potential pressure in fundraising and repayment plans [17] Market and Competitive Landscape - The company faces increased competition in the dairy industry as leading firms expand in regional markets and low-temperature dairy products, necessitating a focus on brand strength and product differentiation [18] - Fluctuations in raw material prices pose ongoing challenges, requiring the company to maintain flexible procurement strategies [19] R&D and Innovation - The company invested 119 million yuan in R&D, accounting for 1.69% of revenue, indicating a commitment to innovation despite a reduction in R&D spending [13] - The R&D team consists of 49 members, with a strong educational background, which is crucial for driving innovation [14]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company is expected to gradually improve its quality and efficiency in 2025 as reforms are implemented [1] - The company reported a total revenue of 7,012 million yuan in 2024, a decrease of 10.7% year-on-year, and a net profit attributable to shareholders of 55 million yuan, down 77.4% year-on-year [7] - The company is transitioning from a revenue-oriented strategy to a profit-oriented one, with internal reforms aimed at enhancing management efficiency and profitability [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7,127 million yuan, with a year-on-year growth rate of 1.6% [6] - Net profit attributable to shareholders is projected to be 89 million yuan in 2025, representing a year-on-year growth of 63.1% [6] - The company’s gross margin is expected to be 23.7% in 2025, with a return on equity (ROE) of 1.8% [6] Performance Analysis - In Q1 2025, the company achieved a total revenue of 1,647 million yuan, down 19.5% year-on-year, but net profit increased by 20.9% to 88 million yuan [7] - The company’s gross margin in Q1 2025 improved to 24.36%, up 0.46 percentage points year-on-year, attributed to cost reductions [7] - The company is focusing on internal reforms, including reducing SKUs and optimizing product structure, which are expected to enhance profitability in the future [7]

北京三元食品股份有限公司 二〇二四年度 the state of the state of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the station Thornton et in 内部控制审计报告 致同审字(2025)第 110A017133 号 北京三元食品股份有限公司全体股东: 内部控制审计报告 致同会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册资审计报告是否由具有执业许可的会计师事务所出身 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 cc.mof.gov.cn) 报告编码:京25WTON 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了北京三元食品股份有限公司(以下简称三元股份公司)2024年 12月 31日的财务报告内部控制的有效性。 一、企业对内部控制 ...