河北养元智汇饮品股份有限公司 2025 年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十二 号——酒制造》的相关规定，现将河北养元智汇饮品股份有限公司（以下简称"公 司"）2025 年前三季度主要经营数据（未经审计）公告如下： 一、公司 2025 年前三季度主要经营情况 证券代码：603156 证券简称：养元饮品 公告编号：2025-028 1.按销售渠道分类情况 2.按区域分类情况 单位：万元 币种：人民币 渠道类型 2025 年 1－9 月 销售收入 2024 年 1－9 月 销售收入 增减变动幅度（%） 经销 361,681.83 396,465.71 -8.77 直销 25,819.77 23,941.46 7.85 合计 387,501.60 420,407.17 -7.83 河北养元智汇饮品股份有限公司董事会 2025 年 10 月 25 日 二、公司 2025 年前三季度经销商变动情况 | 单位：个 | | --- | | ...

Financial Performance - The company's revenue for Q3 2025 reached ¥1,439,862,205.45, representing an increase of 11.88% compared to the same period last year[4] - Total profit for the quarter was ¥478,155,129.92, showing a significant increase of 64.44% year-over-year[4] - Net profit attributable to shareholders was ¥375,160,871.40, up 88.20% from the previous year[4] - The basic earnings per share for the quarter was ¥0.2976, reflecting an increase of 88.00% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 was approximately ¥3.91 billion, a decrease of 7.65% compared to ¥4.23 billion in the same period of 2024[18] - Net profit for the first three quarters of 2025 was approximately ¥1.12 billion, a decrease of 8.97% compared to ¥1.23 billion in the same period of 2024[19] - Earnings per share for the first three quarters of 2025 was ¥0.8879, down from ¥0.9726 in the same period of 2024[20] - The company reported an investment income of approximately ¥95.69 million in the first three quarters of 2025, compared to a loss of approximately ¥72.25 million in the same period of 2024[19] - Other comprehensive income after tax for the first three quarters of 2025 was approximately ¥197.10 million, compared to a loss of approximately ¥281.35 million in 2024[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,318,343,947.52, a decrease of 18.13% compared to the end of the previous year[5] - As of September 30, 2025, the company's total assets amounted to approximately RMB 11.32 billion, a decrease from RMB 13.82 billion as of December 31, 2024[15] - The company's total liabilities decreased to approximately ¥2.33 billion in 2025 from ¥3.81 billion in 2024, reflecting a reduction of 38.73%[17] - Total equity attributable to shareholders decreased to approximately ¥8.99 billion in 2025 from ¥10.01 billion in 2024, a decline of 10.14%[17] - The company holds long-term equity investments valued at approximately RMB 587.87 million as of September 30, 2025, slightly down from RMB 591.88 million at the end of 2024[15] - The company's inventory was reported at RMB 425.52 million as of September 30, 2025, a decrease from RMB 767.23 million at the end of 2024[14] - The company has a total of RMB 5.93 billion in non-current assets as of September 30, 2025, compared to RMB 5.76 billion at the end of 2024[15] Cash Flow - The net cash flow from operating activities was reported as -¥165,004,678.90, indicating a negative cash flow situation[4] - Cash inflow from operating activities for the first three quarters of 2025 was approximately CNY 3.59 billion, a slight decrease of 1.9% compared to CNY 3.66 billion in the same period of 2024[21] - Net cash flow from operating activities was negative CNY 165 million in 2025, worsening from negative CNY 119 million in 2024[22] - Cash inflow from investment activities significantly increased to CNY 5.38 billion in 2025, up 129% from CNY 2.34 billion in 2024[22] - Net cash flow from investment activities was CNY 1.71 billion in 2025, compared to CNY 846 million in 2024, indicating strong investment recovery[22] - Cash inflow from financing activities was CNY 1.11 billion in 2025, a substantial increase from CNY 323 million in 2024[22] - The total cash and cash equivalents at the end of Q3 2025 stood at CNY 417 million, down from CNY 1.26 billion at the end of Q3 2024[22] - The company reported a total cash outflow from operating activities of CNY 3.76 billion in 2025, slightly lower than CNY 3.78 billion in 2024[22] - The company paid CNY 2.35 billion in dividends and interest in 2025, compared to CNY 2.03 billion in 2024, reflecting a 15% increase[22] Shareholder Information - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[12] - The company’s major shareholder, Yao Kuizhang, holds 21.24% of the shares, making him the largest shareholder and actual controller[12] Future Plans - The company plans to recover 10% of the capital reduction from Zhongji Investment Co., Ltd. by the end of 2023, with subsequent recoveries of 10% in Q1 2024, 20% in Q2 2024, 20% in Q3 2024, and 40% in Q4 2024, along with interest for the occupied period[13] Accounting Standards - The company has not adopted new accounting standards for the year 2025[23]

Core Viewpoint - Yangyuan Beverage (603156) reported a significant increase in third-quarter net profit, indicating strong performance despite a decline in year-to-date revenue [1] Financial Performance - The company's third-quarter revenue reached 1.44 billion yuan, representing a year-on-year growth of 11.88% [1] - The net profit for the third quarter was 375 million yuan, showing a substantial year-on-year increase of 88.2% [1] - For the first three quarters of 2025, the total revenue was 3.905 billion yuan, reflecting a year-on-year decrease of 7.64% [1] - The net profit for the first three quarters was 1.119 billion yuan, which is a year-on-year decline of 8.95% [1] - The basic earnings per share stood at 0.8879 yuan [1]

养元饮品10月24日公告，2025年第三季度实现营业收入14.4亿元，同比增长11.88%；归属于上市公司股 东的净利润3.75亿元，同比增长88.20%；基本每股收益0.2976元。前三季度实现营业收入39.05亿元，同 比下降7.64%；归属于上市公司股东的净利润11.19亿元，同比下降8.95%；基本每股收益0.8879元。 ...

Core Insights - The beverage and dairy sector experienced a slight decline of 0.15% on October 23, with Yangyuan Beverage leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Sector Performance - The beverage and dairy sector saw mixed performances among individual stocks, with notable gainers including Xiangpiaopiao (+3.98%), Sunshine Dairy (+2.56%), and Tianrun Dairy (+1.76%) [1] - Conversely, Qiaoyuan Beverage led the declines with a drop of 5.62%, followed by Beimei (-0.62%) and Zhuangyuan Pasture (-0.37%) [2] Trading Volume and Capital Flow - The total trading volume for the beverage and dairy sector was significant, with Xiangpiaopiao recording a volume of 111,300 hands and a transaction value of 153 million yuan [1] - The sector experienced a net outflow of 130 million yuan from major funds, while retail investors contributed a net inflow of 205 million yuan [2] Individual Stock Capital Flow - Xiangpiaopiao had a net inflow of 29.48 million yuan from major funds, while it faced a net outflow of 10.78 million yuan from speculative funds [3] - East Peng Beverage saw a net inflow of 17.87 million yuan from major funds but a net outflow of 27.91 million yuan from speculative funds [3]

Core Insights - The beverage and dairy sector experienced a slight increase of 0.15% on October 22, with Yangyuan Beverage leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Yangyuan Beverage (603156) closed at 31.15, up 4.92% with a trading volume of 265,400 shares [1] - Zhuangyuan Pasture (002910) closed at 10.75, up 2.38% with a trading volume of 226,800 shares [1] - Huangshi Group (002329) closed at 3.69, up 1.37% with a trading volume of 174,000 shares [1] - Sanyuan Foods (600429) closed at 4.88, up 1.04% with a trading volume of 91,900 shares [1] - Bright Dairy (600597) closed at 8.61, up 0.94% with a trading volume of 98,600 shares [1] - Other notable stocks include Xiangpiaopiao (603711) and Tianrun Dairy (600419), which saw minor increases [1] Capital Flow - The beverage and dairy sector saw a net outflow of 174 million yuan from institutional investors, while retail investors contributed a net inflow of 218 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Yangyuan Beverage had a net inflow of 4.55 million yuan from institutional investors but saw a net outflow of 12.96 million yuan from retail investors [3] - Sanyuan Foods experienced a net inflow of 3.76 million yuan from institutional investors, while retail investors contributed a net inflow of 2.49 million yuan [3] - New Dairy (002946) faced a net outflow of 1.85 million yuan from institutional investors but had a net inflow of 6.03 million yuan from retail investors [3]

Market Overview - The beverage and dairy sector experienced a slight decline of 0.05% on October 20, with New Dairy leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Yangyuan Beverage: closed at 29.69, up 3.38% with a trading volume of 177,200 shares and a turnover of 524 million yuan [1] - Western Pastoral: closed at 11.23, up 2.93% with a trading volume of 67,600 shares and a turnover of 75.06 million yuan [1] - Other gainers included Caobo Daobu, Huanlejia, and Qishi Dairy, all showing positive performance [1] - Conversely, New Dairy saw a significant decline of 4.36%, closing at 17.10 with a trading volume of 73,000 shares and a turnover of 126 million yuan [2] Capital Flow - The beverage and dairy sector saw a net inflow of 151 million yuan from institutional investors, while retail investors experienced a net outflow of 66.42 million yuan [2] - Major stocks with significant capital flow included: - Yili Group: net inflow of 65.81 million yuan from institutional investors, but a net outflow of 51.30 million yuan from retail investors [3] - Dongpeng Beverage: net inflow of 56.42 million yuan from institutional investors, with retail investors also showing a net outflow [3] - Yangyuan Beverage and other stocks also reflected similar trends in capital flow [3]

Market Overview - The Shanghai Composite Index fell by 1.47% this week, with only four industries showing gains, led by the banking and coal sectors, which rose by 4.89% and 4.17% respectively [1] - The food and beverage industry ranked third in terms of weekly gains [1] Fund Flow Analysis - Total net outflow of main funds from both markets reached 301.749 billion yuan this week, with only two industries experiencing net inflows: banking (24.19 billion yuan) and coal (2.67 billion yuan) [1] - The electronic industry saw the largest net outflow, totaling 70.079 billion yuan, followed by the power equipment sector with a net outflow of 41.692 billion yuan [1] Industry Performance - The food and beverage sector increased by 0.86% this week, despite a net outflow of 378 million yuan in main funds [3] - Within the food and beverage sector, 49 out of 124 stocks rose, with notable increases from Kweichow Moutai (11.08%), Miaokelando (8.52%), and Guifaxiang (6.90%) [3] - Conversely, 71 stocks declined, with Jinzi Ham, Yangyuan Beverage, and Zhuangyuan Pasture experiencing significant drops of 17.80%, 16.56%, and 14.06% respectively [3] Top Stocks in Food and Beverage - Kweichow Moutai led the net inflow with 680 million yuan, followed by Luzhou Laojiao (204 million yuan) and Wuliangye (198 million yuan) [3] - The top outflow stocks included Jinzi Ham (-186 million yuan), Yangyuan Beverage (-171 million yuan), and Zhuangyuan Pasture (-135 million yuan) [4]

Core Viewpoint - Yangyuan Beverage is increasing its investment in private equity through a 1 billion yuan capital increase to its subsidiary fund, despite a decline in its main business revenue and profit [1][2]. Group 1: Investment Strategy - The 1 billion yuan capital increase will be used for new project investments, not for existing projects [2]. - Yangyuan Beverage's private equity fund, Qianhong Investment, was established in May 2021 with an initial size of 3 billion yuan, with Yangyuan contributing 2.997 billion yuan [2]. - Qianhong Investment has invested a total of 2.954 billion yuan in seven companies, with a significant 1.6 billion yuan investment in Changjiang Storage, representing 54% of the total investment [2][3]. Group 2: Financial Performance - In the first half of 2025, Yangyuan Beverage reported revenue of 2.465 billion yuan, a year-on-year decline of 16.19%, and a net profit of 744 million yuan, down 27.76% [1][6]. - The core product, walnut milk, accounts for 89% of revenue, with sales dropping from 765,200 tons in 2019 to 565,300 tons in 2024 [6]. - The company has seen negative growth across all major sales regions, with the exception of the Southwest region, where sales have declined by double digits [6][7]. Group 3: Market Challenges - The plant protein beverage industry is experiencing a decline, with a 3.94% drop in sales from 2019 to 2023, facing competition from dairy products and other beverage categories [6]. - Yangyuan Beverage's reliance on a single product has weakened its risk resilience, prompting a shift towards cross-industry investments [7]. - New product revenues remain small and have limited contribution to overall growth, despite an increase in the number of distributors [7].

Core Viewpoint - Yangyuan Beverage is diversifying its investment strategy by increasing its stake in the private equity fund Qianhong Investment, with a focus on high-tech sectors such as semiconductors and renewable energy, rather than its core walnut milk business [1][2][3]. Investment Strategy - The company announced a capital increase of 1 billion yuan to Qianhong Investment, raising the fund's total size from 3 billion yuan to 4 billion yuan, with Yangyuan's contribution increasing its stake to 99.925% [1][5]. - The investment is characterized as a "purely financial investment" with no synergy to the company's main business, reflecting a trend among traditional businesses to invest in high-tech sectors as their core growth slows [2][4]. Financial Performance - Yangyuan's investment in Qianhong Investment is significant, as it represents nearly 93% of the company's projected net profit for 2024, which is estimated at 17.2 billion yuan [12]. - The company has faced declining revenues and profits from its core walnut milk product, with a reported revenue drop of 16.19% and a net profit decline of 27.76% in the first half of 2025 [13][15]. Investment Portfolio - Qianhong Investment has invested in seven projects, primarily in hard technology sectors, with a total investment of 2.954 billion yuan, including significant stakes in companies like Changxin Storage [6][9]. - The investment strategy has not yielded positive returns recently, with Qianhong Investment reporting a net loss of 903,000 yuan in 2024 and a further loss in the first half of 2025 [10][11]. Market Challenges - The company's core product, walnut milk, has seen a decline in market appeal, prompting the need for diversification into investments to mitigate risks associated with relying solely on its beverage business [13][14]. - Despite attempts to innovate and introduce new products, the effectiveness of marketing strategies has diminished, leading to a need for a strategic shift towards product development and innovation [15][16]. Industry Trends - The trend of traditional companies venturing into venture capital and high-tech investments is becoming more common, as seen with other firms like Jinzi Ham, which also seeks to diversify its portfolio [18][22]. - The challenges faced by Yangyuan and similar companies highlight the complexities and risks associated with cross-industry investments, particularly when lacking specialized expertise [23][24].