证券代码：600597 证券简称：光明乳业 公告编号：2025-013 号 光明乳业股份有限公司 关于召开2024年度股东大会的通知 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。 重要内容提示： 一、召开会议的基本情况 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 23 日 13 点 30 分 召开地点：上海市徐汇区漕溪北路 595 号 A 栋五楼多功能厅。 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 6 月 23 日 至2025 年 6 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 1 股东大会召开日期：2025年6月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024年度股东大会 (二) 股东大会召集人：董事会 东大会召开当日的交 ...

一、监事会会议召开情况 证券代码：600597 证券简称：光明乳业 编号：临 2025-011 号 光明乳业股份有限公司 第七届监事会第十六次会议决议公告 本公司监事会及全体监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。 光明乳业股份有限公司（以下简称"公司"、"本公司"）第七届监事会第十 六次会议（以下简称"本次会议"）于 2025 年 5 月 30 日以通讯表决方式召开。 本次会议通知和会议材料于 2025 年 5 月 23 日以电子邮件方式发出。本次会议应 参加表决监事三人，实际参加表决监事三人，符合相关法律、法规以及公司《章 程》的规定。 二、监事会会议审议情况 1 光明乳业股份有限公司监事会 二零二五年五月三十日 附：候选人简历 监事候选人简历 张宇桢，女，1972 年 5 月出生，中共党员，大学。现任光明乳业股份有限 公司监事会主席。曾任光明食品集团资产经营管理有限公司监事会主席，光明食 品集团上海置地有限公司党总支书记、副总裁，光明食品（集团）有限公司党委 办公室主任，上海良友（集团）有限公司党委委员、党群工作部主任、监察室主 任 ...

(一)审议通过《关于换届选举公司普通董事的议案》。 同意 7 票、反对 0 票、弃权 0 票。 本议案已经公司第七届董事会提名委员会第九次会议审议通过。普通董事候 选人均符合相关法律、行政法规、规范性文件对董事任职资格的要求，不存在《公 司法》、公司《章程》规定的不得担任本公司董事的情形，未受到中国证券监督 管理委员会的行政处罚或证券交易所惩戒，不存在上海证券交易所认定不适合担 任上市公司董事的其他情形。 根据本公司《章程》的规定，本公司第七届董事会任期将届满。经本公司董 事会提名委员会资格审查，董事会提名黄黎明先生、贲敏女士、陆琦锴先生为本 公司第八届董事会普通董事候选人（普通董事候选人简历附后），任期自 2024 年 度股东大会审议通过之日起三年。 证券代码：600597 证券简称：光明乳业 公告编号：临 2025-010 号 光明乳业股份有限公司 第七届董事会第二十八次会议决议公告 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 光明乳业股份有限公司（以下简称"公司"、"本公司"）第七届董事会第二 ...

Industry Overview - The dairy market is experiencing a contraction, with a projected 2.7% year-on-year decline in total sales for 2024 according to Nielsen IQ [1] - Dairy production companies are under significant pressure due to an oversupply of raw milk, leading to increased production of industrial milk powder and a surge in inventory [1] Company Performance - Yili's revenue for 2024 is reported at 115.393 billion yuan, a decrease of 8.24% year-on-year, with a net profit of 8.453 billion yuan, down 18.94% [2] - Mengniu's revenue stands at 88.6748 billion yuan, reflecting a 10.1% decline, while its net profit plummeted by 97.8% to 10.45 million yuan [2] - Bright Dairy reported revenue of 24.278 billion yuan, down 8.33%, with a net profit decrease of 25.36% to 722 million yuan [2] Strategic Shifts - The B2B segment, particularly in partnerships with restaurants and cafes, is becoming increasingly important for dairy companies as they seek to mitigate losses [2] - Yili has formed partnerships with major restaurant chains like Haidilao and Hushang Ayi, while Mengniu has established strategic collaborations with Yum China and Daka International [2] Pricing Dynamics - The competitive landscape has led to significantly lower transaction prices for milk powder, with major tea beverage companies leveraging this to negotiate favorable terms [3] - The decline in milk prices has helped stabilize costs for coffee companies, allowing them to maintain product pricing and profitability [4] Market Impact - The low prices in the dairy sector are seen as a potential pathway for companies to reduce losses by capturing restaurant business [5] - The pricing war in the restaurant market has eased due to the lower dairy prices, providing some relief to the sector [6]

Group 1 - The core issue in the dairy industry is the mismatch between traditional dairy products and new consumer demands, particularly among young and elderly demographics [1][5] - The dairy industry in China experienced its first negative growth in five years, with total production dropping to 29.62 million tons in 2024, a decrease of 1.9% year-on-year [2] - Major dairy companies such as Yili, Mengniu, and Bright Dairy reported revenue declines of 8%-10% in 2024, reflecting the industry's overall downturn [2] Group 2 - Per capita dairy consumption in China fell to 41.5 kg in 2024, a decrease of 5.6% compared to the previous year, while global average consumption is around 140 kg [4] - The structure of dairy products in China is heavily reliant on liquid milk, which has reached a growth bottleneck, necessitating a shift towards high-value imported dairy products [4][5] - The rise of new consumption scenarios, such as ready-to-eat cheese and health-focused products, presents opportunities for growth in the dairy sector [5][7] Group 3 - Dairy companies are increasingly focusing on functional and health-oriented products, with major players like Yili and Mengniu prioritizing product innovation in this area [7][8] - The aging population in China is expected to create significant market opportunities for health-focused dairy products, particularly for the elderly demographic [8][9] - Reports suggest that the "quasi-elderly" group (ages 45-64) also faces nutritional imbalances, indicating a need for targeted dairy products to meet their specific health requirements [9]

Core Insights - The dairy industry is experiencing a revival due to supportive policies aimed at stabilizing the economy and boosting domestic demand, despite ongoing challenges such as a prolonged decline in milk prices and cost pressures [2][3] - Experts highlight that the transformation in the dairy sector is not just about pricing and distribution, but also involves a technological revolution from farm to table, with a focus on product diversification and quality improvement [2][4] Industry Challenges - The dairy industry faces instability in comprehensive benefits, uncoordinated development between farming and processing, and an imbalance in supply and demand, leading to increased costs and declining profits [3][4] - Recent data indicates a projected 3.1% decline in the dairy product industry sales in 2024, with raw milk production expected to decrease by 2.8% and dairy product output down by 1.9% [3][4] - The average price of fresh milk in major production areas was reported at 3.07 yuan per kilogram as of May 15, reflecting a nearly 30% drop from the peak in September 2021 [3][4] Market Dynamics - Over 80% of the dairy industry is currently facing losses, with the cost of dairy farming still exceeding the price of fresh milk [4] - The supply-demand relationship in the dairy sector is undergoing deep adjustments, with expectations of improvement in the second half of the year, although substantial changes may not occur until next year [4][5] - The low-temperature fresh milk segment has seen its market share increase from 5% in 2018 to 6.6% in 2023, indicating a growing consumer preference for this category [4][5] Innovation and Development - Technological innovation is identified as a key strategy for leading dairy companies to overcome current challenges, with a focus on breeding, smart factories, and dairy processing [6][7] - The aging population is creating significant opportunities in the silver economy, with a projected increase in the elderly population's nutritional needs, prompting the development of specialized dairy products [7][8] - The industry is shifting towards a family nutrition model, with a focus on high absorption of active nutrients and targeted product development for specific consumer groups [7][8]

Core Viewpoint - The event "Leading Freshness, Freshly Unveiling the Future" by Bright Dairy emphasizes the company's commitment to high-quality development through innovation and research, aiming to showcase the strength of China's dairy industry to the world [1][33]. Group 1: Event Highlights - The launch event took place at the Shanghai World Reception Hall, a significant venue for showcasing the city's image and hosting major activities [1]. - Bright Dairy announced the appointment of popular actor Wu Lei as the brand ambassador for Bright Youbei, aiming to enhance consumer health protection through a combination of fresh nutrition and celebrity influence [1][7]. Group 2: Leadership Statements - Huang Liming, Chairman of Bright Dairy, expressed the company's responsibility to lead the industry into the future, focusing on quality and innovation to create healthier and safer dairy products [4]. - The company aims to strengthen its core competitiveness and become a guardian of public health and industry development [4]. Group 3: Product Innovations - Bright Youbei has undergone a significant upgrade, now offering 5.0 ultra-fresh milk that contains 5 grams of high-quality protein, 1.7 times that of regular milk, and 300 mg/L of active immunoglobulin for enhanced consumer protection [12][20]. - The company has pioneered the use of five active nutrients on product packaging and was the first to achieve Shanghai brand certification for fresh milk [12]. Group 4: Research and Development Collaborations - Bright Dairy has established partnerships with various professional institutions to enhance its research ecosystem, including a long-term collaboration with Jiangnan University [14][17]. - The company is set to conduct clinical trials on probiotics and their effects on children's health and cognitive function in collaboration with Shanghai Children's Hospital and other research institutions [17]. Group 5: Community Engagement and Health Initiatives - The company launched a "National Nutrition Health Plan Upgrade" featuring new products aimed at weight management, aligning with the theme of the 11th National Nutrition Week [22]. - Bright Dairy's "Love and Nutrition Touching Communities" initiative aims to expand its outreach to various community settings, enhancing access to nutritious dairy products [27]. Group 6: Cross-Industry Collaborations - Bright Dairy announced a strategic partnership with the Shanghai International Film and Television Festival to integrate quality dairy products with cultural events, enhancing brand visibility [29]. - The company aims to create a new future for the dairy industry through cross-industry collaborations that resonate with consumers [29].

Core Viewpoint - The event "Leading Freshness, Unveiling the Future" by Bright Dairy aims to showcase the strength of China's dairy industry and its commitment to high-quality development through innovation and research [3][5]. Group 1: Company Developments - Bright Dairy has appointed actor Wu Lei as the brand ambassador for its "Youbei" brand, aligning with the brand's image of freshness and innovation [4]. - The upgraded "Youbei 5.0" product contains 5 grams of high-quality milk protein, which is 1.7 times that of regular milk, and includes 300 mg/L of active immunoglobulin for enhanced consumer protection [4]. - The company launched a new series of products focused on weight management, including "UFIT," "Youbei 5.0 Protein 0 Fat Ultra Fresh Milk," and others, as part of the "55 Shopping Festival" [7]. Group 2: Industry Context - The Chinese dairy industry is facing challenges such as unstable comprehensive benefits, uncoordinated development between farming and processing, and imbalances in product supply and demand [5]. - The industry is at a critical juncture, needing to innovate and adapt to overcome rising costs, price fluctuations, and declining profits [5]. - The event coincided with the 11th National Nutrition Week, emphasizing the importance of balanced nutrition and health management [6]. Group 3: Research and Innovation - Bright Dairy has established partnerships with various research institutions to enhance its research ecosystem, focusing on nutrition throughout the consumer lifecycle [6]. - The company signed a strategic cooperation agreement with Jiangnan University and initiated clinical trials on probiotics to improve health outcomes [6]. - The emphasis on technological innovation is seen as essential for the future development of the dairy industry, particularly in breeding, smart factories, and processing [6]. Group 4: Brand and Market Position - Bright Dairy has a history of innovation, being the first in the industry to achieve several milestones, including the introduction of active nutritional information on packaging and leading sales in fresh milk [4]. - The company has implemented a unique "Thousand Farm" standard for digital management of dairy cows, ensuring high-quality milk sources [8]. - Bright Dairy's commitment to quality and safety is reflected in its fully traceable production processes and smart factory operations [8].

Core Viewpoint - The collaboration between Bright Dairy's ice cream and Shanghai Soap's Fenghua on May 20, 2025, marks a significant cross-industry partnership aimed at creating a unique cultural experience that blends urban memory with contemporary creativity [2][10]. Group 1: Event Overview - The event titled "Flower Blooms to See Brightness" takes place at the romantic landmark Sweet Love Road in Shanghai, showcasing a fusion of two iconic brands [2][5]. - The initiative aims to evoke emotional connections and social responsibility through immersive consumer experiences and cultural rituals [5][11]. Group 2: Creative Engagement - Three creative scenes at the event enhance consumer engagement, including a "Love Announcement Board" where participants can express their love messages, fostering social media interaction [7][11]. - The introduction of a unique "Cold Aroma Matrix" by Shanghai Soap allows consumers to experience a blend of ice cream and fragrance, enhancing brand memory and product experience [9][11]. Group 3: Brand Collaboration - The partnership represents a deep restructuring of the old brand ecosystem, focusing on customized products that cater to modern consumer experiences [11][13]. - The collaboration creates a closed-loop model of "IP empowerment - scene innovation - user sedimentation," enhancing market competitiveness for both brands [11][15]. Group 4: Cultural and Economic Impact - The cross-industry collaboration serves as a new practical example for revitalizing national brands, transforming historical heritage into experiential cultural symbols [13][15]. - The innovative approach of combining different product categories meets the demands of young consumers for personalized and engaging experiences [13][16]. Group 5: Future Directions - Bright Dairy plans to continue exploring the "national trend brand symbiosis" model, aiming to expand development opportunities for traditional brands [16].

Core Viewpoint - The dairy industry faced significant challenges in the past year, but Bright Dairy has managed to achieve its profit targets despite a decline in liquid milk revenue and overall market pressures [1][4]. Financial Performance - Bright Dairy reported a total revenue of 24.28 billion yuan and a net profit attributable to shareholders of 722 million yuan for the year 2024, meeting its profit goals [1]. - Revenue from liquid milk decreased by 9.47% year-on-year to 14.166 billion yuan, while other dairy products saw a 5.87% increase to 7.791 billion yuan [1]. - The company generated approximately 2.2 billion yuan from its livestock and other segments [1]. - Internationally, revenue from the investment in New Zealand's Newlite contributed 7.439 billion yuan, accounting for over 30% of total revenue [1]. Market Outlook - The chairman of Bright Dairy, Huang Liming, described the current dairy market as having both challenges and opportunities, with short-term impacts from raw milk price fluctuations and changing market demands [4]. - The company anticipates a total revenue target of 26.196 billion yuan and a net profit of 339 million yuan for the current year, aiming for a return on equity greater than 3.48% [4]. Strategic Initiatives - Bright Dairy plans to enhance profitability through various strategies across its operations, including improving milk production quality, optimizing production capacity, and leveraging technology in logistics [4]. - The company aims to maintain its market share in fresh milk, expand into instant retail channels, and explore the tea beverage raw milk market [4]. - In response to weak consumer demand, Bright Dairy is focusing on partnerships with B2B sectors, particularly in the restaurant and tea beverage industries, exemplified by its collaboration with MANNER Coffee [4][5]. Growth Plans - The management highlighted plans to continue promoting key products like Bright Youbei and Rushi, while also customizing dairy products for specific channels such as fresh tea drinks and baked goods [5]. - The company intends to penetrate the instant retail market and enhance the quality of traditional distribution channels to improve overall operational efficiency [5].