Core Viewpoint - Ensuring food safety is the core element for gaining consumer trust and achieving sustainable growth in the dairy industry [1][2] Group 1: Company Responsibilities - The dairy industry is crucial for national welfare, with companies like San Yuan Food taking on both political and economic responsibilities [1] - San Yuan Food aims to provide healthy, nutritious, and safe dairy products to meet consumer expectations, which is part of its core political responsibility as a state-owned enterprise [1] - The company emphasizes its commitment to quality with the motto "70 years only for a good cup of milk," reflecting its economic responsibility towards sustainable development [1] Group 2: Food Safety Management - San Yuan Food has developed a standardized food safety control system based on a comprehensive risk analysis of the entire supply chain [2] - The company employs advanced technologies such as fingerprint mapping and rapid testing to monitor and prevent food safety risks [2] - Establishing a digital traceability system from source to consumer is a key strategy for building consumer trust and enhancing core competitiveness [2] Group 3: Organizational Structure and Culture - San Yuan Food has innovated its food safety organizational structure by forming a Food Safety Management Committee and implementing a "one responsible person" system [2] - The company integrates food safety into its business operations, ensuring that all employees understand their dual responsibilities regarding food safety [2] - Continuous internal training and assessments are conducted to enhance food safety knowledge and skills among employees [2][3] Group 4: Quality Control Measures - The company implements strict quality control measures, including a three-step tasting process at different stages of production to ensure product safety [3] - San Yuan Food has established a non-negotiable red line for quality safety, where any failure results in a complete rejection of the product [3] - Incentives are provided to departments or employees who propose effective quality improvement measures, promoting a culture of safety and quality [3]

Core Insights - The total revenue of 19 dairy companies in A-shares reached 96.559 billion yuan in the first half of 2025, with a year-on-year growth of 2.06%, while the net profit attributable to shareholders was 8.326 billion yuan, down 3.11% year-on-year [1][8]. Revenue Performance - Leading companies by revenue include Yili Group with 61.933 billion yuan, Bright Dairy with 12.472 billion yuan, and New Dairy with 5.526 billion yuan [4][8]. - Knight Dairy and Jiahe Food reported revenue growth exceeding 10% [1][4]. Profitability Analysis - Yili Group achieved a net profit of 7.2 billion yuan, significantly higher than other companies, while four companies, including Western Pastoral, reported losses [6][8]. - The average gross margin for the 19 dairy companies was approximately 25.34%, with a median of 26.17%, both showing a slight decline year-on-year [1][8]. Gross Margin Insights - The highest gross margin was recorded by Beingmate at 45.27%, followed by Sunshine Dairy, Yili Group, and Junyao Health, all exceeding 32% [1][8]. - Companies like Knight Dairy, Jiahe Food, and Western Pastoral had gross margins below 15% [8][12].

Group 1 - The core theme of the event is how traditional brands can innovate while preserving cultural heritage, aiming to attract younger consumers and promote national trends in consumption [1] - The event, titled "Finding the Consumption Power of Time-honored Brands," was held during the China International Fair for Trade in Services and was guided by the Beijing Municipal Bureau of Commerce [1] - The discussion emphasized the importance of creating unique consumption scenarios and deeply exploring consumer potential through innovation [1] Group 2 - Liu Xu, General Manager of the Brand Marketing Center at Sanyuan Foods, highlighted the company's approach to integrating quality and marketing to resonate with consumers [5] - Sanyuan Foods has launched a new product, "Sanyuan Beijing Fresh Milk," which ensures a closed-loop process from sourcing to production and delivery, allowing for same-day availability [5] - The company is expanding its retail presence by opening new stores in key locations, aiming to enhance consumer experience and promote Sanyuan as a "Beijing gift" [5] Group 3 - Liu Xu stated that Sanyuan Foods has maintained a commitment to quality and consumer experience for 70 years, achieving zero accidents in its operations [6] - The company focuses on continuous communication with younger consumers and personalized innovation to stay relevant in the market [6] - The integration of product innovation with consumer needs is seen as essential for revitalizing traditional brands and unleashing their new energy [6]

Core Viewpoint - The core element of winning consumer trust in the food industry is ensuring strict adherence to food safety standards, as emphasized by the quality management department of Beijing Sanyuan Foods Co., Ltd. during the 16th China Food Safety Forum [1] Group 1: Industry Importance - The dairy industry is crucial for national welfare and people's livelihoods, with companies like Sanyuan bearing both political and economic responsibilities [2] - Sanyuan Foods has a 70-year commitment to providing high-quality milk, reflecting its dedication to fulfilling its promises to the public [2] Group 2: Food Safety Management - The complexity of managing food safety in the dairy sector arises from the extensive supply chain, which includes production, processing, transportation, and procurement [2] - Sanyuan employs technological innovations and collaborates with suppliers to enhance food safety across the entire supply chain [2][3] - The company has developed a standardized food safety control system based on risk analysis, utilizing quick testing methods and traceability from source to consumer [2] Group 3: Organizational Structure and Culture - Sanyuan has established a food safety management committee and integrates food safety responsibilities into its business operations, ensuring accountability at all levels [4] - The company promotes a culture of food safety through internal training and assessments for its food safety personnel [4][5] - Sanyuan implements a unique three-step tasting process at critical points in the production chain to ensure quality and safety [4] Group 4: Economic Responsibility - The company believes that the greatest economic benefits stem from ensuring product safety and quality, with a strict quality safety veto system in place [5] - Sanyuan incentivizes departments and employees who propose effective quality improvement measures, balancing brand integrity with food safety commitments [5]

Market Overview - The beverage and dairy sector increased by 0.61% on September 11, with Zhuangyuan Pastoral leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Zhuangyuan Pastoral (002910) closed at 10.26, up 2.29% with a trading volume of 69,000 shares and a transaction value of 69.63 million yuan [1] - Yangyuan Beverage (603156) closed at 22.40, up 1.82% with a trading volume of 41,300 shares and a transaction value of 91.57 million yuan [1] - Yili Group (600887) closed at 28.72, up 1.02% with a trading volume of 607,900 shares and a transaction value of 1.738 billion yuan [1] - Other notable stocks include: - Pinhao Food (300892) at 39.91, up 1.24% [1] - Dongpeng Beverage (605499) at 299.78, up 0.92% [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 177 million yuan [2] - Notable capital flows include: - Yili Group saw a net inflow of 58.13 million yuan from retail investors but a net outflow of 5.81 million yuan from institutional investors [3] - Zhuangyuan Pastoral had a net inflow of 1.34 million yuan from retail investors [3]

Core Viewpoint - The announcement by the National Health Commission and the State Administration for Market Regulation regarding the implementation of digital labels for pre-packaged foods aims to enhance food safety and consumer information accessibility through the use of technology [1] Group 1: Digital Transformation of Food Labels - The digital label initiative addresses previous issues with traditional food labels, such as small text and cluttered information, by utilizing QR codes and other digital means to provide clearer and more accessible information [2] - Digital labels allow for richer content that was previously limited by physical label space, including detailed ingredient sourcing, production processes, and nutritional information [3] - The application of digital labels simplifies the presentation of key information, focusing on consumer interests while reducing production costs for food companies [4] Group 2: Benefits for Consumers - Digital labels enhance convenience for consumers by ensuring clarity and readability, while prohibiting distracting elements like pop-up ads [5] - The integration of multiple functions into a single QR code streamlines the process of accessing food information, traceability, and payment [5] Group 3: Industry Transformation - Many food companies are currently in a wait-and-see mode regarding the transition to digital labels due to compliance concerns, but the announcement provides clear guidance for reform [6] - The National Health Commission recommends that companies establish comprehensive digital label management systems, including version control and detailed operational logs to ensure traceability [7] - Companies like Mengniu, Pepsi, and Starbucks are already responding positively to the digital label initiative, with over a thousand products across various categories adopting digital labels [8]

Group 1 - The core viewpoint of the news highlights a decline in China's dairy product production, with a reported decrease of 3.6% year-on-year in July 2025, resulting in a total production of 221,000 tons [1] - From January to July 2025, the cumulative production of dairy products in China reached 16.592 million tons, reflecting a decrease of 1% compared to the previous year [1] Group 2 - The companies mentioned in the news include Yili Group (600887), Bright Dairy (600597), San Yuan (600429), New Dairy (002946), Huangshi Group (002329), Yantang Dairy (002732), Zhuangyuan Pasture (002910), and Pinwo Foods (300892) [1] - The report referenced is the "2025-2031 China Dairy Product Industry Market Operation Status and Investment Prospect Trend Report" published by Zhiyan Consulting [1]

Meeting Details - The first extraordinary general meeting of shareholders was held on September 5, 2025, at the company's industrial park in Beijing [2] - The meeting was convened by the board of directors and conducted through a combination of on-site and online voting, presided over by the chairman [2][3] Attendance - All 9 serving directors and 3 serving supervisors attended the meeting, along with senior management including the general manager and chief accountant [3] Resolutions Passed - The following resolutions were approved: 1. Change of registered capital and amendment of the Articles of Association [4] 2. Loan application by the New Zealand subsidiary of Ailefaxi and provision of guarantees by Ailefaxi [4] 3. Change of accounting firm [4][5] Legal Verification - The meeting was witnessed by Beijing Global Law Firm, which confirmed that the procedures for convening and conducting the meeting complied with relevant laws and regulations [5] Share Repurchase Announcement - The company announced a plan to repurchase and cancel 708,697.8 thousand shares of restricted stock due to unmet performance targets from the 2022 incentive plan [8] - Following the repurchase, the total share capital will decrease from 1,509,176,043 shares to 1,502,089,065 shares, and registered capital will reduce from RMB 1,509,176,043 to RMB 1,502,089,065 [8] Creditor Notification - The company notified creditors about the reduction in registered capital due to the stock repurchase, allowing them 45 days to claim debts or request guarantees [9] - Creditors must submit relevant documentation to assert their claims [10]

Group 1 - The legal opinion letter is issued by Beijing Global Law Firm regarding the 2025 first extraordinary general meeting of shareholders of Beijing Sanyuan Foods Co., Ltd. [1] - The law firm confirms that it has reviewed the relevant documents provided by the company and attended the meeting, ensuring the authenticity and completeness of the information [2] - The meeting is scheduled for September 5, 2025, and will be conducted in accordance with the Company Law, Shareholders' Meeting Rules, and other relevant regulations [3] Group 2 - The meeting will be chaired by the company's chairman, Mr. Yuan Haozong, and will allow both onsite and online voting [3] - A total of 6 shareholders or their agents attended the meeting in person, representing 1,095,067,497 shares, which is 72.5606% of the total voting shares [4] - Additionally, 177 shareholders participated via online voting, representing 8,837,871 shares, or 0.5856% of the total voting shares [4] Group 3 - The meeting will discuss three main proposals: changing the registered capital and amending the Articles of Association, a loan and guarantee proposal for a subsidiary, and a proposal to change the accounting firm [5] - All proposals received separate counting for minority investors, and there were no related party transactions requiring abstention from voting [5] - The first proposal was passed with over two-thirds approval, while the second and third proposals were approved by a simple majority [5] Group 4 - The law firm concludes that the meeting's procedures, participant qualifications, and voting results are all in compliance with relevant laws and regulations [5]

北京市环球律师事务所律师认为，本次股东大会的召集和召开程序符合《公 司法》《上市公司股东会规则》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》的有 关规定；出席本次股东大会的会议人员资格以及召集人资格合法有效；本次股东 大会表决程序和表决结果合法有效。 特此公告。 注：上海复星创泓股权投资基金合伙企业（有限合伙）（简称"复星创泓"）持有本公司 投资"）持有本公司 219,277,151 股股份，占公司股份总数的 14.53%。复星创泓与平闰投 资系一致行动人，本表格披露的有关数据包含复星创泓表决情况。 (三)关于议案表决的有关情况说明 无 三、 律师见证情况 律师：湛晶心、蒙超 | 证券代码：600429 证券简称：三元股份 公告编号：2025-039 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 北京三元食品股份有限公司 | | | | | | | | | | | | 本公司董事会及全体董事保证本公告内容 ...