●网络互动地址：登录"上证路演中心"网站（http://roadshow.sseinfo.com） ●会议召开方式：网络文字交流 ●预征集投资者提问：2025 年 9 月 17 日（星期三）至 9 月 23 日（星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600597@brightdairy.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 光明乳业股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 2025 年 9 月 24 日（星期三）15:00-16:00 举 行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、活动类型 证券代码：600597 证券简称：光明乳业 公告编号：临 2025-028 号 光明乳业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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 ...

Core Insights - The core viewpoint of the articles is that Guangming Dairy is leading the digital transformation in the dairy industry, leveraging new technologies to enhance cost management and provide a model for other companies in their digital transition [1][2]. Group 1: Digital Transformation Initiatives - Guangming Dairy has established a dedicated digital transformation department and built a comprehensive big data platform to upgrade traditional operations into digital ones [1]. - The company integrates technologies such as big data, cloud computing, and artificial intelligence to create smart factories and digital pastures, enhancing consumer experience through real-time feedback [1]. - The digital transformation covers the entire supply chain, from dairy source management to production and logistics, ensuring efficient collaboration and data connectivity [1]. Group 2: Strategic Partnerships and Sales Innovation - Guangming Dairy has formed a strategic partnership with Alibaba to empower traditional sales channels through a new retail model that combines online and offline sales [2]. - The company utilizes big data to better identify customers, optimize inventory, and enhance resource utilization, leading to cost savings and sustainable development [2]. Group 3: Consumer Trust and Transparency - The company has implemented a digital traceability system that presents a transparent production process to consumers, enhancing trust in its dairy products [2]. - Real-time monitoring of production processes allows consumers to participate in oversight, significantly increasing their confidence in Guangming Dairy's products [2]. Group 4: Future Outlook - Guangming Dairy aims to continue deepening its digital reforms, pushing the dairy industry towards smarter and more efficient operations, ultimately delivering higher quality products to consumers and contributing to sustainable industry development [2].

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 Insights - The article discusses a creative initiative led by Bright Dairy, targeting Generation Z to rejuvenate the brand through innovative ideas and collaboration [2][5]. Group 1: Brand Rejuvenation - Bright Dairy is engaging with young creators to redefine its brand identity, moving beyond being a mere childhood memory to becoming a lifestyle proposal for young people [3][4]. - The initiative has received over 300 creative submissions, indicating strong interest and participation from the youth [2]. Group 2: Creative Collaboration - Participants are encouraged to think outside the box, with ideas such as cross-industry collaborations and unique product flavors that resonate with local culture [3][4]. - The competition includes awards for best creativity and interaction, along with entrepreneurial support, aiming to create a complete cycle from idea generation to market feedback [5][6]. Group 3: Youth Engagement - The project aims to empower students by providing real-world entrepreneurial experiences, bridging the gap between academic learning and practical application [7]. - The initiative reflects a broader trend of consumer upgrade in China, showcasing how traditional brands can innovate by listening to the voices of younger generations [7].

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]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a focus on the challenges faced in the liquid milk and livestock product segments, while other dairy products showed positive growth [1][2]. Revenue Summary - For 25H1, the revenue from liquid milk, other dairy products, and livestock products was 66.1 billion, 44.5 billion, and 5.2 billion respectively, showing year-on-year changes of -8.6%, +8.8%, and -13.8% [2]. - In 25Q2, the revenue for liquid milk, other dairy products, and livestock products was -10.8%, +6.1%, and +140.4% year-on-year, indicating a mixed performance across product lines [2]. - Regional performance in 25H1 showed revenue from Shanghai, other regions, and overseas at 34.9 billion, 49.9 billion, and 39.4 billion respectively, with year-on-year changes of -6.9%, -1.5%, and +1.9% [2]. - Channel-wise, direct sales, distributors, and other channels generated revenues of 27.6 billion, 95.7 billion, and 0.8 billion respectively, with year-on-year changes of -1.1%, -2.2%, and -13.1% [2]. Profitability Summary - The gross margin for 25H1 decreased by 1.0 percentage points to 18.9%, while the net profit margin and the non-recurring net profit margin were 1.7% and 2.0% respectively, both showing declines [3]. - The sales expense ratio for 25H1 decreased by 0.8 percentage points to 10.9%, indicating effective cost control [3]. - The management expense ratio also saw a decline, down by 0.4 percentage points to 3.3% in 25H1 [3]. Outlook and Valuation - The company anticipates a gradual recovery in overall dairy product demand, benefiting from a balanced supply-demand situation in the raw milk cycle starting in 2026 [4]. - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.45, 0.48, and 0.52 yuan, reflecting slight changes from previous estimates [4]. - The target price is set at 9.90 yuan based on a price-to-earnings (PE) ratio of 22x for 2025, indicating a positive outlook for the company's stock [4].

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]

Core Viewpoint - Bright Dairy's revenue and net profit decreased in the first half of 2025 compared to the same period in 2024, indicating challenges in the company's financial performance [1][2]. Financial Performance - In the first half of 2025, Bright Dairy reported a revenue of 12.47 billion yuan, a decrease of 1.9% year-on-year [2]. - The net profit attributable to shareholders was 217.24 million yuan, down 22.53% from the previous year [2]. - The net profit after deducting non-recurring gains and losses was 252 million yuan, reflecting a decline of 27.79% year-on-year [2]. - The total profit for the period was 270.81 million yuan, an increase of 14.55% compared to the same period last year [2]. Cash Flow - The net cash flow from operating activities was 417.24 million yuan, showing a significant increase of 82.28% year-on-year, attributed to relocation compensation received [2][3]. Regional Performance - Revenue from the Shanghai region was 3.49 billion yuan, down 6.93% year-on-year [5]. - Revenue from other regions was 4.99 billion yuan, a decrease of 1.52% [5]. - Revenue from overseas regions was 3.94 billion yuan, an increase of 1.92% [5]. Asset Overview - As of the end of June 2025, Bright Dairy's overseas assets amounted to 7.14 billion yuan, accounting for 31.49% of total assets [5]. - The overseas investment in New Zealand's New Lite, which primarily produces various dairy products, reported a revenue of 3.95 billion yuan but incurred a net loss of 63.46 million yuan in the first half of 2025 [6].

Core Viewpoint - The dairy industry is experiencing a significant divergence in performance, with leading companies like Yili achieving revenue growth while regional players face declining sales and profits [1][4][6]. Industry Overview - As of the end of August, all half-year reports for dairy listed companies in 2025 have been disclosed, revealing a stark contrast in performance amid weak demand [1]. - The industry is undergoing profound changes, shifting focus from scale expansion to quality and efficiency, emphasizing product innovation and quality improvement [2]. Performance Analysis - Among 21 major dairy listed companies, only 6 reported revenue growth, while 15 experienced declines [4]. - Yili's revenue reached 61.933 billion, marking a 3.37% increase, while Mengniu and Bright Dairy saw declines of 7.2% and 1.9%, respectively [5]. - The overall profitability of the industry is under pressure, with 7 companies reporting losses, including YouRan Dairy and Modern Dairy [6]. Business Segment Insights - Liquid milk, a traditional mainstay, continues to face challenges, with Yili's liquid milk revenue down 2.06% and Mengniu's down 11.22% [8]. - Conversely, the milk powder segment shows signs of recovery, with Yili's milk powder revenue increasing by 14.26% and Mengniu's by 2.46% [10]. Strategic Responses - Companies are enhancing cost control and efficiency to navigate challenges, with Mengniu improving its operating profit margin by 1.5 percentage points to 8.5% [13]. - There is a notable trend towards diversification and international expansion, with Yili's overseas business revenue growing by 14.4% [15]. - Regional companies are leveraging local advantages for differentiated development, with New Dairy reporting a 33.76% increase in net profit [14]. Future Trends - The dairy industry is expected to evolve towards high-end, functional, and segmented products, with a focus on infant formula and cheese [15]. - Internationalization will be a key strategy for leading dairy companies, enhancing their global competitiveness [15]. - Cross-industry integration is emerging as a trend, with a shift from merely selling products to providing health solutions [15].

Group 1 - The Chinese dairy market is in a recovery phase as of mid-2025, with major companies like Yili, Mengniu, and China Feihe leading in market capitalization [1] - Among the top five companies, four have revenues exceeding 10 billion yuan, with Yili at 61.3 billion yuan and Mengniu at 41.6 billion yuan [2] - Most companies have experienced a decline in revenue and net profit, with China Feihe's revenue down by 9.98% and net profit down by 46.66% [3][4] Group 2 - The overall market is facing pressure, particularly in the ambient liquid milk segment, as consumer preferences shift towards fresh products [5][6] - Price competition is intensifying, with smaller regional companies capturing market share from larger brands [7][8] - Despite revenue declines in liquid milk, some brands like New Dairy have seen growth in high-end product lines, indicating a shift in consumer demand [11] Group 3 - The dairy industry is experiencing a shift towards low-temperature fresh milk, which is gaining popularity over traditional ambient milk [16][20] - Companies are diversifying their product offerings to reduce reliance on liquid milk, with Yili and Mengniu seeing a decrease in the proportion of liquid milk revenue [14][15] - The infant formula segment is becoming increasingly competitive, with Yili and Feihe both claiming the top market share, although their statistics differ [23][24] Group 4 - Government policies, such as child-rearing subsidies, are stimulating demand for infant formula, contributing to revenue growth for several companies [27][28] - High-end infant formula products are gaining traction, with parents willing to spend more on quality, driving market prices upward [30] - Companies are increasingly focusing on B2B markets, with significant growth potential in sectors like food service and coffee [31][32] Group 5 - Major dairy companies are forming strategic partnerships with coffee and tea brands to enhance product sales, indicating a shift towards B2B collaborations [37][40] - The B2B market for dairy products, particularly high-end cream and cheese, is becoming a new growth engine for the industry [40]