关于青海小西牛生物乳业股 份有限公司 业绩承诺实现情况的 专项审核报告 关于青海小西牛生物乳业股份有限公司 业绩承诺实现情况的 专项审核报告 | | 目录 | 页次 | | --- | --- | --- | | 一、 | 专项审核报告 | 1-2 | | 二、 | 关于青海小西牛生物乳业股份有限公司 | 1 | | | 业绩承诺实现情况的说明 | | 关于青海小西牛生物乳业股份有限公司 业绩承诺实现情况的 专项审核报告 信会师报字[2025]第 ZA20322 号 青海小西牛生物乳业股份有限公司全体股东： 二、 管理层的责任 青海小西牛管理层的责任是按照企业会计准则的相关规定，编制 《关于青海小西牛生物乳业股份有限公司业绩承诺实现情况的说明》， 并负责设计、执行和维护必要的内部控制，以保证其内容真实、准确、 完整，以及不存在由于舞弊或错误而导致的重大错报。 三、 注册会计师的责任 我们的责任是在实施审核工作的基础上对《关于青海小西牛生物 乳业股份有限公司业绩承诺实现情况的说明》发表审核意见。 专项审核报告第1页 四、 工作概述 我们接受委托，审核了后附的青海小西牛生物乳业股份有限公司 （以下简称"青海小西牛 ...

二、 附表 委托单位：光明乳业股份有限公司 审计单位：毕马威华振会计师事务所（特殊普通合伙） 关于光明乳业股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情 况的专项报告 1 目 录 一、审计报告 一、 专项审计报告 联系电话：+86（10） 8508 5000 2 | | | 占用方与上市 | 上市公司 | 2024 年 | 2024 年度 占用累计 | 2024 年度 | 2024 年度 | 2024 年期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 用 | 资金占用方 名称 | 公司的关联关 | 核算的会 | 期初占用 | 发生金额 | 占用资金 的利息 | 偿还累计 | 末占用资 | 占用形成 原因 | 占用性质 | | | | 系 | 计科目 | 资金余额 | (不含利 息) | (如有) | 发生金额 | 金余额 | | | | 现控股股东、实 际控制人及其附 | 不适用 | | | | | | | | | 不适用 | | 属企业 | | | | | | | | ...

光明乳业股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止内部控制审计报告 二、 注册会计师的责任 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2515363 号 光明乳业股份有限公司全体股东： 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，我们审计了光明乳业 股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业 ...

光明乳业股份有限公司 2024 年度募集资金存放与使用情况专项报告的鉴证报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 对光明乳业股份有限公司募集资金 2024 年度存放与使用情况专项报告的鉴证报告 毕马威华振专字第 2503225 号 光明乳业股份有限公司董事会： 我们接受委托，对后附的光明乳业股份有限公司 (以下简称"贵公司") 募集资金 2024 年 度存放与使用情况的专项报告 (以下简称"专项报告") 执行了合理保证的鉴证业务，就专项报 告是否在所有重大方面按照中国证券监 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Core Insights - The conference focused on the innovation, management optimization, and cost control of dairy cold chain logistics, emphasizing its importance for product quality and consumer safety [2][5][26] - The dairy cold chain sector is experiencing structural challenges, including declining milk production and rising consumer quality demands, necessitating a shift towards a value chain and collaborative ecosystem [5][26] Group 1: Industry Challenges and Innovations - The dairy industry faces challenges such as a decline in milk production, a significant trend towards quality consumption, and the potential of lower-tier markets [5][26] - The need for a resilient cold chain infrastructure and the application of digital technologies like IoT and blockchain are highlighted as essential for enhancing quality across the supply chain [5][26] - Companies are encouraged to transition from a focus on supply chain guarantees to value creation, emphasizing innovation over mere scale expansion [5][26] Group 2: Collaborative Efforts and Strategic Partnerships - The conference brought together over 200 representatives from dairy producers, cold chain logistics firms, and technology providers to discuss collaborative solutions [2][3] - Key industry players, including Mengniu and Yili, shared their experiences in building efficient cold chain networks and enhancing service quality through strategic partnerships [10][17] - The importance of creating a shared ecosystem among stakeholders to drive high-quality development in the dairy cold chain was emphasized [25][28] Group 3: Technological Advancements - Companies like G7 and SF Express are leveraging IoT and AI technologies to enhance transparency and efficiency in dairy logistics, ensuring product freshness and safety [15][13] - Innovations in temperature control, real-time monitoring, and automated systems are being adopted to address the complexities and high costs associated with cold chain logistics [22][28] - The integration of digital platforms and AI-driven solutions is seen as a pathway to optimize supply chain operations and reduce costs [22][28] Group 4: Future Directions - The industry is moving towards a more sustainable and low-carbon approach, with a focus on green technologies and practices [26][28] - There is a consensus on the need for enhanced collaboration and data sharing among companies to build a more efficient and resilient cold chain network [26][28] - Future strategies will likely include the development of flexible distribution networks and precise temperature control systems to meet diverse consumer demands [26][28]

| 600597 | 光明乳业 | -1.74 | 1.25 | -1936.67 | | --- | --- | --- | --- | --- | | 300997 | 欢乐家 | -2.82 | 2.61 | -1657.76 | | 600127 | 金健米业 | -2.02 | 4.56 | -1653.34 | | 002458 | 益生股份 | -1.58 | 2.20 | -1431.22 | | 600887 | 伊利股份 | 0.24 | 0.38 | -1430.45 | | 605337 | 李子园 | -4.00 | 4.77 | -1330.34 | | 300898 | 熊猫乳品 | -2.47 | 7.76 | -1197.23 | | 600965 | 福成股份 | -4.63 | 3.04 | -1051.64 | | 002329 | 皇氏集团 | -4.64 | 8.37 | -942.10 | | 001219 | 青岛食品 | -2.61 | 4.24 | -919.57 | | 002732 | 燕塘乳业 | -3.37 | 4.77 | -907.97 | | ...

中国乳业核心种源自主可控迈入新纪元！近日，全球奶牛育种权威榜单Top200TPI®Genomic Young Bulls国际公牛排行榜重磅揭晓——光明乳业旗下种公 牛"冠军侯"以全球第92名的优异成绩跻身百强，成为中国首个进入该榜单前100名的本土种公牛，创下"全国唯一""历史首次"双重里程碑。中国公牛综合育 种值（TPI）国际排名最高记录至此更新。 毫无疑问，"冠军侯"的诞生堪称中国奶业自主培育的"超算"。 "冠军侯"在为光明乳业产品质量升级提供核心支撑的同时，更打破了我国奶牛顶级种源瓶颈， 为国家奶业振兴注入了强大"种"动力。 要知道，公牛种源堪称乳业的"芯片"。因为优秀种牛不仅可以加快奶牛繁育进程，助力牧场高效完成高产牛群的迭代、中产牛群的改良，也能大幅提升奶牛 生产性能水平，推动产业提质增效。 此次首登国际百强，既是光明乳业依托全国唯一国家重点实验室创新育种技术突破"卡脖子"难题的实证，更宣告中国乳业正式打破核心种源难登国际育种之 林的桎梏，以自主可控的"中国芯"跻身全球种业竞争第一梯队。 中国种公牛首登国际百强,为奶业振兴注入强大"种"动力 Top200TPI®Genomic Young Bulls ...

Core Viewpoint - The financial reports of major food and beverage companies in China for 2024 show modest revenue growth, indicating a competitive landscape where established players are adapting to market changes and consumer preferences [1][4][9]. Group 1: Revenue Performance - Unified Enterprises China reported total revenue of 30.332 billion yuan, a year-on-year increase of 6.1% [1]. - Nongfu Spring's total revenue reached 42.896 billion yuan, growing by 0.5% year-on-year [1]. - Master Kong's revenue was 80.651 billion yuan, with a growth of 0.3% [1]. - China Foods reported 41.492 billion yuan in revenue, up 0.21% year-on-year [1]. - Haitian Flavoring's revenue was 26.901 billion yuan, reflecting a 9.53% increase [1]. - The revenue growth of these companies translates to significant absolute increases, with Unified Enterprises China adding 1.741 billion yuan, Master Kong adding 233 million yuan, and Nongfu Spring adding 229 million yuan compared to 2023 [1]. Group 2: Business Adaptation - Nongfu Spring experienced a 21.3% decline in its core bottled water segment, which dropped from 47.5% to 37.2% of total revenue, while its tea beverage segment grew by 32.3%, increasing its share from 29.7% to 39% [3][4]. - The shift in revenue sources illustrates how companies like Nongfu Spring are adapting to market fluctuations by reallocating resources to more profitable segments [3][4]. Group 3: Industry Trends - Companies with annual revenues exceeding 20 billion yuan are increasingly diversifying their business lines to maintain growth and fend off competition [4][5]. - The average revenue of companies in this category is significant, with the 500th ranked company on the China Private Enterprises 500 list having a revenue of 26.3 billion yuan [5]. - The historical context shows that these companies have evolved over decades, adapting to market changes and consumer demands, which has allowed them to emerge as industry leaders [5][6]. Group 4: Growth Strategies - The transition from "quantity" to "quality" in the consumer market from 2013 to 2024 highlights the need for companies to innovate and adapt to changing consumer preferences [8][9]. - The overall revenue of major food and beverage companies has shown slight fluctuations but maintains a growth trend, indicating resilience in the face of market challenges [9][10]. Group 5: Long-term Growth Metrics - The compound annual growth rate (CAGR) for major companies from 2013 to 2023 shows varied performance, with Nongfu Spring leading at 15.39% and others like Wahaha and China Wangwang showing negative growth [17][19]. - The average CAGR for the 14 companies analyzed is 6.48%, comparable to global top-tier companies during the same period [19][20]. Group 6: Market Expansion - Companies are increasingly looking to international markets for growth, with Wan Zhou International's acquisition of Smithfield Foods exemplifying a successful global expansion strategy [63]. - Mengniu's acquisition of the Southeast Asian ice cream brand Aice demonstrates the potential for growth in international markets [64].

Core Viewpoint - The demand for pasteurized milk in China is declining due to macroeconomic slowdown and consumer confidence issues, with projected consumption dropping to 1.7818 million tons and market size to 35.889 billion yuan in 2024 [1][8]. Overview - Pasteurized milk, also known as pasteurized milk or fresh milk, is produced from raw cow (or sheep) milk through pasteurization, retaining its nutritional value and natural flavor, making it popular among consumers [2]. - It requires refrigeration at around 4°C and has a short shelf life of 2-7 days. It can be categorized into whole, low-fat, and skimmed pasteurized milk based on fat content, and pure or flavored based on added ingredients [2]. Industry Policies - A series of policies have been implemented to support the dairy industry in China, including the "14th Five-Year Plan" for enhancing dairy competitiveness and various initiatives aimed at rural revitalization and high-quality development of the dairy sector [4][5]. Industry Chain - The upstream of the pasteurized milk industry includes milk sources (dairy cattle and sheep farming), production equipment, and packaging materials, while the downstream encompasses sales channels such as supermarkets, convenience stores, and e-commerce platforms [6][7]. Competitive Landscape - The market concentration of the pasteurized milk industry in China has increased, with leading companies like Bright Dairy, Mengniu Dairy, and New Hope Dairy holding over 70% of the market share. Bright Dairy has the largest share at 18.5%, followed by Mengniu Dairy at 12.6% [10]. - Bright Dairy's revenue for the first half of 2024 reached 12.71 billion yuan, with liquid milk accounting for 61.16% of sales [12]. - Mengniu Dairy reported a revenue of 44.67 billion yuan in the first half of 2024, with a gross profit of 17.98 billion yuan and a gross margin of 40.26% [14]. Development Trends - The competition in the pasteurized milk market is expected to intensify, leading companies to focus on product differentiation. Brands will likely introduce unique products such as functional and organic pasteurized milk, along with innovative forms and flavors to cater to younger consumers [16].