证券代码：600597 证券简称：光明乳业 公告编号：临 2025-039 号 光明乳业股份有限公司 关于购买董事、高级管理人员责任险的公告 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律责任。 为进一步完善风险管理体系，降低光明乳业股份有限公司（以下简称"公司"） 运营风险，促进公司董事、高级管理人员充分履职，保障广大投资者的利益，根 据《公司法》《上市公司治理准则》等相关规定，公司拟为公司及全体董事、高 级管理人员购买责任保险。具体情况如下： 一、责任险方案 1、投保人：光明乳业股份有限公司 4、保费支出：不超过人民币 50 万元/年（最终根据保险公司报价及协商确 定） 5、保险期限：12 个月（后续每年可续保或重新投保） 二、相关授权 为提高决策效率，公司董事会提请股东大会在上述权限内授权公司管理层办 理公司及全体董事、高级管理人员责任险购买的相关事宜（包括但不限于确定其 他相关责任人员；确定保险公司；确定保险金额、保险费及其他保险条款；选择 及聘任保险经纪公司或其他中介机构；签署相关法律文件及处理与投保相关的其 他事项等）， ...

证券代码：600597 证券简称：光明乳业 公告编号：临 2025-045 号 一、召开会议的基本情况 (一) 股东大会类型和届次 2025年第二次临时股东大会 召开的日期时间：2025 年 12 月 15 日 13 点 30 分 召开地点：上海市徐汇区宜山路 829 号 1 号楼 701 会议室 (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大会网络投票系统 网络投票起止时间：自2025 年 12 月 15 日 光明乳业股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 1 股东大会召开日期：2025年12月15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 (二) 股东大会召集人：董事会 (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 本次股东大会审议提案及投票股东类型 至2025 年 12 月 15 日 采用上海证券交易所 ...

证券代码：600597 证券简称：光明乳业 公告编号：临 2025-035 号 光明乳业股份有限公司 第八届董事会第六次会议决议公告 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"）第八届董事会第六 次会议（以下简称"本次会议"）于 2025 年 11 月 28 日在上海市宜山路 829 号 1 号楼本公司会议室以现场表决方式召开。本次会议通知和会议材料于 2025 年 11 月 21 日以电子邮件方式发出。本次会议应参加表决董事七人，亲自出席会议董 事七人。本次会议出席人数符合《公司法》以及本公司《章程》有关召开董事会 会议法定人数的规定。本次会议由董事长黄黎明先生主持，公司部分监事和部分 高级管理人员列席本次会议。本次会议的召开符合相关法律、法规以及公司《章 程》的规定。 二、董事会会议审议情况 (一)审议通过《关于变更公司注册地址、取消监事会及修改章程的议案》。 同意 7 票、反对 0 票、弃权 0 票。 及上海证券交易所网站 www.sse.c ...

Core Viewpoint - The film "Cai Rou Hun Tun" has been released nationwide, evoking nostalgic memories of Shanghai through its portrayal of traditional flavors and family connections [1][3]. Company and Product Summary - Shanghai Aisen, a subsidiary of Bright Meat Industry, has launched a co-branded product line of dumplings and fillings that replicate the flavors depicted in the film [3][5]. - The co-branded dumplings feature fresh pork and seasonal vegetables, maintaining a thin skin and generous filling, embodying the warmth of home [3][7]. - The core ingredient, "Aisen cold fresh pork," is sourced through a cold chain process to ensure safety and quality, aligning with the film's theme of "home-cooked meat" [5][7]. Culinary Experience - The dumplings are crafted using traditional methods, with no additives and a 24-hour cooling process to preserve freshness, mirroring the homemade taste depicted in the film [7][8]. - The film emphasizes dumplings as a symbol of familial bonds and community ties, which is reflected in the co-branded product as a vessel for memories [7][8]. Marketing and Promotion - The collaboration represents a mutual effort between traditional brands and local cinema, transforming iconic products into symbols of urban memory [8]. - A themed event titled "Walk into Old Wang's Home" was held to promote the film and the co-branded dumplings, featuring nostalgic decor and classic products [8][10].

乳制品行业的一个新共识是：常温奶正在失宠，低温鲜奶火速上位中。 昔日凭借低温鲜奶成为中国"乳业第一股"的光明，却没乘上这股东风。不仅业绩承压，被逼到出售资产 求生，连仅剩的"鲜奶优势"，也在快速消失。被伊利股份（600887.SH）、蒙牛乳业（02319.HK）甩在 身后，沦为区域老三。 到2014年时，光明乳业的营收已经突破双百亿，其中华东地区市场占有率达 22%，上海地区更是高达 40%，坐稳区域龙头地位。但此后选择常温奶赛道的伊利、蒙牛凭借战略与渠道优势逐步实现赶超，差 距一步步持续扩大中。 根据光明乳业最新财报，其2025年前三季度营收同比下降0.99%至182.31亿元，净利润同比下跌25.05% 至0.87亿元。这已是光明乳业自2022年以来，连续三年营收同比下滑。其中第三季度更是直接亏了1.3亿 元。 换句话说，光明乳业2025年忙活了9个月，只赚了不到1个亿。作为对比，乳业老大伊利前三季度的净利 润是104.26亿元，零头都比它多。 是什么压垮了光明乳业的业绩？ 分产品来看，光明是国内最早推出鲜奶品牌的乳企，但占公司第一大营收比重的液态奶营收却在持续下 滑，今年前三季度液态奶营收为101.46 ...

Core Insights - The Chinese dairy product industry is experiencing a decline in production, with a reported decrease of 0.1% in September 2025 compared to the previous year, totaling 276,000 tons [1] - Cumulative production from January to September 2025 reached 2,197.9 million tons, reflecting a 0.5% decrease year-on-year [1] Company Analysis - Key listed companies in the dairy sector 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] Market Report - The report titled "2026-2032 China Dairy Product Industry Market Operation Status and Investment Prospects Trend Report" by Zhiyan Consulting provides insights into the operational dynamics and future investment opportunities within the dairy sector [1][2]

Core Viewpoint - The food and beverage sector demonstrates resilience amid market corrections, with the food ETF (515710) showing fluctuations in performance, reflecting the overall market sentiment [1][3]. Group 1: Market Performance - The food and beverage sector ranks among the top three in performance across 30 CITIC primary industries, despite a broader market downturn [1]. - The food ETF (515710) experienced a decline of 1.29% by the end of the trading day, after an initial rise [1][2]. - Key stocks such as Yunnan Energy Investment fell by 7.73%, while others like Jiu Gui Jiu and Jin Da Wei dropped over 4%, negatively impacting the sector's overall performance [1][2]. Group 2: Sales and Demand Insights - Recent research indicates that Moutai 1935 has seen over 20% year-on-year sales growth in several markets since Q3, with some areas reporting growth exceeding 30% [1][3]. - High opening rates and positive feedback from distributors suggest strong recognition of the product in both distribution and consumer channels [3]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, presenting a potential opportunity for left-side positioning [3]. - As of November 20, the food ETF's underlying index had a price-to-earnings ratio of 21, placing it in the lower 10.2% percentile over the past decade, indicating favorable long-term investment potential [3]. - Analysts predict that the food and beverage sector will experience a shift from valuation recovery to performance-driven growth starting in 2026, with expectations of improved earnings across various segments [4]. Group 4: Sector Composition and Focus - The food ETF (515710) tracks the CSI sub-index for the food and beverage industry, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other segments like beverages and dairy [5]. - Key stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5].

Market Overview - The beverage and dairy sector experienced a decline of 1.44% on November 20, with San Yuan leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable stock performances include: - San Yuan (600429) closed at 5.52, down 8.15% with a trading volume of 961,900 shares and a turnover of 537 million [2] - Yili (600887) closed at 29.40, down 0.61% with a trading volume of 472,400 shares and a turnover of 1.397 billion [1] - Dongpeng Beverage (6655509) closed at 256.54, down 0.95% with a trading volume of 10,900 shares and a turnover of 280 million [1] Capital Flow - The beverage and dairy sector saw a net outflow of 300 million from institutional investors, while retail investors had a net inflow of 352 million [2] - Specific stock capital flows include: - Yili (600887) had a net inflow of 91.648 million from institutional investors, but a net outflow of 80.749 million from retail investors [3] - New Dairy (002946) experienced a net inflow of 4.227 million from institutional investors and a net outflow of 1.230 million from retail investors [3]

Core Viewpoint - The recent launch of the pet food brand "Guangming Youyi" by Guangming Food International at the China International Import Expo indicates the company's strategic move to tap into the growing pet economy, aiming to create differentiated competitive advantages amidst declining performance in its core dairy business [1][12]. Group 1: Company Performance - Guangming Dairy's financial performance has been declining, with a reported revenue of 18.23 billion yuan for the first three quarters of 2025, a year-on-year decrease of 0.99%, and a net profit of 87 million yuan, down 25.05% [2][3]. - In Q3 2025, Guangming Dairy achieved a revenue of 5.76 billion yuan, showing a slight growth of 1.04%, but reported a net loss of 130 million yuan [3]. - The company's revenue has been declining for four consecutive years since 2022, with liquid milk revenue dropping to 10.15 billion yuan in the first three quarters of 2025, a decrease of 8.57% year-on-year [4]. Group 2: Market Challenges - Guangming Dairy faces intense competition from major players like Yili and Mengniu, which are eroding its market share, particularly in the low-temperature milk segment [5]. - The rise of regional dairy companies and alternative products like new tea drinks is further complicating the competitive landscape, impacting Guangming's traditional market [5]. - The company's overseas investment in Newlight has also been problematic, with significant losses reported, leading to the sale of its North Island assets for $170 million due to underutilization and losses [5]. Group 3: Pet Economy Potential - The pet economy is seen as a potential growth avenue for Guangming Dairy, with the number of pets in urban China expected to exceed 120 million by 2024, and the pet industry market size projected to surpass 580 billion yuan [10]. - The pet food market has shown significant growth, with the market size increasing from 28 billion yuan in 2015 to an expected 227.2 billion yuan by 2024, indicating a strong demand for pet food products [11]. - Guangming Dairy's entry into the pet food sector is a strategic choice to broaden its business scope and create new growth curves, leveraging its expertise in food safety and nutrition [9][12]. Group 4: Competitive Landscape in Pet Food - The pet food market is highly competitive, with established brands like Mars and Nestlé dominating, alongside new entrants from various sectors, making it challenging for Guangming to gain market share [13]. - The high repurchase rate in pet food sales means that new brands often struggle to penetrate established consumer bases, as pet owners tend to stick with brands that have worked for them [14]. - Despite the challenges, Guangming Dairy's commitment to R&D, with a reported expenditure of 100 million yuan in 2025, reflects its focus on innovation and product development [18].

Market Overview - The beverage and dairy sector increased by 0.46% compared to the previous trading day, with San Yuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - San Yuan Co., Ltd. (600429) closed at 6.01, up 3.80% with a trading volume of 1.1457 million shares and a turnover of 691 million yuan [1] - Junyuan Health (605388) closed at 7.86, up 2.21% with a trading volume of 211,100 shares and a turnover of 166 million yuan [1] - Panda Dairy (300898) closed at 28.51, up 1.75% with a trading volume of 67,100 shares and a turnover of 191 million yuan [1] - New Dairy (002946) closed at 17.83, up 1.71% with a trading volume of 67,500 shares and a turnover of 119 million yuan [1] - Yangyuan Beverage (603156) closed at 28.27, up 1.58% with a trading volume of 86,900 shares and a turnover of 244 million yuan [1] - Yili Group (600887) closed at 29.58, up 0.20% with a trading volume of 630,400 shares and a turnover of 1.87 billion yuan [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 6.8937 million yuan from institutional investors, while retail investors saw a net inflow of 40.3808 million yuan [2] - The capital flow for key stocks indicates varying trends, with Yili Group seeing a net inflow of 54.2414 million yuan from institutional investors [3] - Yangyuan Beverage had a net outflow of 43.5322 million yuan from retail investors, despite a net inflow of 36.7944 million yuan from institutional investors [3]