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 ...

北京三元食品股份有限公司 二〇二四年度 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"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进 报告编码:京25U65W 目 录 | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-128 | ant Thornton 审计报告 致同审字(2025)第 110A017132 号 北京三元食品股份有限公司全体股东: 一、审计意见 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)财务 投表，包括 2024 年 12月 31日的合并及公司资产负债表，2024 年度的合并及 公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关 财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了三元股份公司 2024年 12月 31日的合并及公司财务状况以及 2024年度的合并及公司 ...

Financial Performance - The company's basic earnings per share decreased to 0.0360 yuan, a decline of 77.5% compared to 0.1600 yuan in the previous year [1] - Net profit fell to 0.55 billion yuan, down 77.37% from 2.43 billion yuan in the previous year [1] - Operating revenue decreased to 70.12 billion yuan, a drop of 10.73% from 78.55 billion yuan in the previous year [1] - The return on equity (ROE) decreased to 1.09%, down 77.2% from 4.78% in the previous year [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 113,476.97 million shares, accounting for 75.78% of the circulating shares, with a decrease of 865.58 million shares compared to the previous period [1] - Beijing Shounong Food Group Co., Ltd. remains the largest shareholder with 53,590.89 million shares, representing 35.79% of total share capital [2] - The second-largest shareholder, Beijing Enterprises (Dairy) Limited, holds 28,314.28 million shares, accounting for 18.91% [2] Dividend Distribution - The company announced a dividend distribution of 0.12 yuan per share (including tax) [3]

北京三元食品股份有限公司 2024 年度独立董事述职报告 本人蒋林树作为北京三元食品股份有限公司（简称"公司"）独立董事，根 据中国证监会《上市公司独立董事管理办法》、上海证券交易所《上市公司自律 监管指引第1号——规范运作》以及《公司章程》、公司《独立董事管理办法》 等相关规定，现将2024年度履职情况报告如下： （二）参与董事会专门委员会、独立董事专门会议工作情况 公司董事会下设战略委员会、提名委员会、审计委员会和薪酬与考核委员会， 本人在董事会各专门委员会均担任委员，并在提名委员会中担任主任。2024年度， 公司共召开4次提名委员会会议、6次审计委员会会议、2次薪酬与考核委员会会 议、2次战略委员会会议。2024年，公司共召开4次独立董事专门会议。 本人积极出席任职的专门委员会相关会议，对于提交董事会相关专门委员会 审议的议案，均在会前认真查阅相关文件资料，与高管、公司相关部门负责人员、 会计师事务所等各方进行充分沟通交流，利用自身的专业知识，独立、客观、公 正地发表意见，并以严谨的态度独立行使表决权，忠实履行独立董事的职责，切 实维护公司整体利益和全体股东尤其是中小股东的合法权益。 一、独立董事的基本 ...

北京三元食品股份有限公司 2024 年度独立董事述职报告 本人郑登津作为北京三元食品股份有限公司（简称"公司"）独立董事，根 据中国证监会《上市公司独立董事管理办法》、上海证券交易所《上市公司自律 监管指引第1号——规范运作》以及《公司章程》、公司《独立董事管理办法》 等相关规定，现将2024年度履职情况报告如下： 一、独立董事的基本情况 （一）工作履历、专业背景以及兼职情况 公司董事会下设审计委员会、战略委员会、提名委员会和薪酬与考核委员会， 本人在董事会各专门委员会均担任委员，并在审计委员会中担任主任。2024年， 本人郑登津，工商管理（会计学）博士，博士生导师。2017年起就职于中央 财经大学会计学院，现任中央财经大学会计学院副教授、财务管理系副主任，兼 任北京同有飞骥科技股份有限公司及盛达金属资源股份有限公司独立董事。2024 年6月起兼任北京三元食品股份有限公司独立董事。 （二）是否存在影响独立性的情况说明 本人未在公司担任除独立董事以外的其他职务，也未在公司股东及关联方任 职，与公司控股股东、实际控制人不存在直接或间接利害关系或其他可能影响本 人进行独立客观判断的关系，并且本人具有《上市公司独立董 ...

北京三元食品股份有限公司 2024 年度独立董事述职报告 本人倪静作为北京三元食品股份有限公司（简称"公司"）独立董事，根据 中国证监会《上市公司独立董事管理办法》、上海证券交易所《上市公司自律监 管指引第1号——规范运作》以及《公司章程》、公司《独立董事管理办法》等 相关规定，现将2024年度履职情况报告如下： 一、独立董事的基本情况 （一）工作履历、专业背景以及兼职情况 本人倪静，厦门大学与法国埃克斯—马赛第三大学联合培养法学博士，中国 社会科学研究院法学研究所博士后。现任华东政法大学国际法学院副教授、硕士 生导师；上海市人民调解协会副会长；上海仲裁委员会、上海国际经济贸易仲裁 委员会（上海国际仲裁中心）仲裁员；上海豫园旅游商城（集团）股份有限公司、 复星联合健康保险股份有限公司独立董事。2022年5月起兼任北京三元食品股份 有限公司独立董事。 （二）是否存在影响独立性的情况说明 本人在担任公司独立董事期间，未在公司担任除独立董事、董事会专门委员 会委员以外的其他职务，与公司以及控股股东、实际控制人之间不存在利害关系 或者其他可能影响本人进行独立客观判断的关系，本人独立履行职责，不受公司 及其控股股东、实 ...