截至12月9日收盘，乳业概念上涨1.12%，位居概念板块涨幅第5，板块内，21股上涨，皇氏集团涨停， 一鸣食品、均瑶健康、欢乐家等涨幅居前，分别上涨6.10%、5.00%、3.87%。跌幅居前的有怡亚通、立 高食品、万辰集团等，分别下跌1.44%、1.17%、0.77%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 共封装光学(CPO) | 1.64 | 海南自贸区 | -3.33 | | 福建自贸区 | 1.44 | 金属铅 | -3.05 | | PVDF概念 | 1.39 | 金属锌 | -2.82 | | 太赫兹 | 1.14 | 金属铜 | -2.58 | | 乳业 | 1.12 | 天津自贸区 | -2.31 | | 海峡两岸 | 1.04 | 特钢概念 | -2.07 | | 数字水印 | 0.83 | 磷化工 | -2.05 | | 共享单车 | 0.81 | 黄金概念 | -2.02 | | 光刻机 | 0.77 | 金属镍 | -2.01 | | PCB概念 | 0.68 | 小金属概 ...

对于该板块，湘财证券指出，当前板块估值分位数处于历史低位，随着市场风格切换，已逐步显现相对 收益，建议关注基本面压力释放后的底部回暖机遇与估值修复潜力。消费变革下，既要关注品类、渠 道、消费场景的创新机会，又要关注传统消费领域中积极求变及低估值的配置机会。建议关注两条主 线：一是需求稳定、抗风险能力强的龙头；二是积极布局新品新渠道新场景、抢占高增长赛道的企业， 当前重点关注兼具战略前瞻性和执行力的优质企业。 食品饮料板块9日盘中震荡上扬，截至发稿，安记食品（603696）涨停斩获6连板，皇氏集团 （002329）、海欣食品（002702）午后亦涨停，一鸣食品（605179）涨近6%。 值得注意的是，安记食品已连续6个交易日涨停。公司8日晚间发布风险提示称，经自查，公司目前日常 经营活动正常，市场环境、行业政策没有发生重大变化或调整，内部生产经营秩序正常，不存在应披露 而未披露的重大信息。公司股票交易存在市场情绪过热情形及较高的炒作风险，可能存在短期涨幅较大 后的大幅下跌风险。敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 ...

Core Viewpoint - The article highlights the unique business model of Yiming Foods in the competitive dairy industry, focusing on its "Yiming Fresh Milk Bar" chain that combines fresh dairy products with baked goods to create a high-frequency consumption scenario for breakfast and light meals [3]. Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 2.15 billion, a year-on-year increase of 4.3% [4]. - The net profit attributable to shareholders reached 46.41 million, reflecting a year-on-year growth of 25.7%, indicating strong profit quality due to minimal non-recurring items [6]. - The third quarter showed significant growth, with revenue reaching 740 million, up 8.5% year-on-year, and net profit of 14.19 million, a 35.9% increase [8]. Business Segments - The dairy segment remains the company's cornerstone, generating 660 million in revenue in the first half of 2025, with a gross margin of 31.7%, up 1.5 percentage points from the previous year [9]. - The bakery segment generated 430 million in revenue, with a gross margin of 29.6%, down 1.6 percentage points year-on-year [9]. Cash Flow and Cost Management - The net cash flow from operating activities reached 350 million in the first three quarters of 2025, a 16.9% increase, indicating strong sales collection capabilities [12]. - Management expenses decreased by 18.3% year-on-year, contributing to a profit growth rate that outpaced revenue growth [16]. Business Model and Strategy - Yiming Foods operates a "central factory + chain store" model, utilizing cold chain logistics for daily deliveries to stores, which minimizes the need for on-site production [21]. - The company has established three production bases and a logistics system that combines self-operated and third-party services to ensure fresh delivery [23]. - The store network consists of 1,864 outlets, with a focus on franchise operations, and a strategic shift towards upgrading existing stores in mature markets while expanding into new regions [23]. Growth Opportunities - The company is expanding its B2B channels, targeting schools and corporate clients to stabilize retail fluctuations and improve capacity utilization [24]. - Product innovation is a priority, with developments in functional dairy products and health-oriented baked goods to meet consumer demand for healthier options [24]. - Digital transformation initiatives are underway, focusing on smart manufacturing and retail data systems to enhance operational efficiency [24].

Summary of Earnings Call for Yiming Foods Company Overview - Yiming Foods reported a year-on-year revenue growth of 5.5%, with significant online channel growth reaching 48.64% [2][5] - The company’s future growth is expected to come from products such as low-temperature modified milk, low-temperature white milk, yogurt, large rice ball series, and sandwich series [2][14] Financial Performance - As of September 2025, the company achieved a revenue of 2.146 billion yuan, a year-on-year increase of 4.26%. The net profit attributable to shareholders was 46.4 million yuan, up 25.74% [3] - The revenue from franchise stores accounted for 35.63% of total sales, while direct stores contributed 20.4% [3] Channel Performance - Franchise store revenue decreased by 2.35%, while direct store revenue fell by 11.83% [3][26] - Direct sales channel revenue grew by 19.12%, and distribution channel revenue increased by 27.87% [3][26] - The company plans to focus on opening franchise stores, targeting the addition of 600-800 new stores by 2026, with direct store proportion expected to drop below 20% [2][6] Product Development and Market Strategy - The company emphasizes healthy eating in its R&D, focusing on zero-additive baked goods, gut health in yogurt, and nutrition-based Chinese meals [2][8] - Current products are well-suited for the elderly, but collaboration with community elderly service centers is still in exploration [8][9] Online Sales and Profitability - Online sales are divided into three segments: Douyin live streaming (not profitable), Tmall/JD (low profit margin), and New Selection Mall (high gross margin) [10][11] - Despite high transaction volume on Douyin, promotional costs lead to a low overall e-commerce profit margin of about 1% [11] - The online revenue growth is driven by both promotional activities and natural traffic [12] Supply Chain and Cost Management - The company has reduced reliance on bulk powder for milk production, with fresh milk procurement being the primary source, and self-supplied milk accounting for about 20% [17][18] - Fresh milk prices are expected to remain stable or slightly decrease, minimizing cost impact [17] Customer Base and Membership System - The B2B customer base is growing significantly, with expectations to exceed 250 million yuan in total volume by 2025 [4][24] - The membership system is crucial for driving sales in franchise stores, with membership sales accounting for over one-third of total sales [25] Future Outlook - The company aims for balanced development in both new product R&D and channel expansion, focusing on high-quality protein, nutritional balance, and gut health [15][16] - The breakfast and school channels are expanding, with significant growth expected in direct sales [23] Additional Insights - The company is exploring partnerships with community elderly service centers for customized delivery services [9] - The coffee business, Yicheng Coffee, leverages the existing franchise store network for expansion [7] This summary encapsulates the key points from the earnings call, highlighting the company's performance, strategies, and future outlook in detail.

Market Overview - The beverage and dairy sector increased by 1.12% on December 1, with Sunlight Dairy leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Sunlight Dairy (001318) closed at 17.57, up 10.02% with a trading volume of 257,000 shares and a transaction value of 447.1 million [1] - Other notable performers included: - Quan Yang Quan (600189) at 7.54, up 4.72% [1] - Huanle Jia (300997) at 24.39, up 3.39% [1] - Dongpeng Beverage (605499) at 269.03, up 2.04% [1] - Yiming Food (605179) at 22.35, up 1.78% [1] Fund Flow Analysis - The beverage and dairy sector experienced a net outflow of 145 million from institutional investors, while retail investors saw a net inflow of 117 million [2] - The main stocks with significant fund flows included: - Yili Group (600887) with a net outflow of 64.44 million from institutional investors [3] - Sunlight Dairy (001318) with a net inflow of 42.02 million from institutional investors [3] - Chengde Lolo (000848) had a net inflow of 4.49 million from retail investors [3]

值得注意的是，朱枫是一鸣食品实际控制人、董事长朱立科与董事李红艳的女儿，同时也是创始人朱明春和李美香的孙女。目前她未直接持有公司股份。 从一鸣食品近期业绩来看，2025年前三季度表现稳健，实现营业收入21.46亿元，同比增长4.26%；归母净利润4640.77万元，同比增长25.74%。 随着二代成员逐步进入决策层，一鸣食品未来的发展战略与家族企业的演变路径值得市场关注。 知名乳品与烘焙企业一鸣食品（605179.SH）董事会即将迎来一位年轻的新成员。 近日，一鸣食品公告称，在2025年11月24日召开的第七届董事会第十四次会议上，审议通过了《关于增选第七届董事会非独立董事的议案》，提名年仅28岁 的朱枫为公司非独立董事候选人。此项决议标志着这位实控人家庭的年轻一代正式进入核心决策层。 此次人事变动伴随公司治理结构的调整。一鸣食品计划将董事会规模从现有的7人扩大至9人，其中非独立董事由4名增加至6名。新增的两个董事席位，一个 将通过增选非独立董事填补，朱枫正是该职位的候选人；另一个席位则将由职工代表大会选举一名职工代表董事担任。这项调整旨在更好地规范公司治理。 朱枫作为董事会新提名人选，虽然年轻但已在一鸣食品 ...

Summary of Yiming Foods Conference Call Company Overview - **Company**: Yiming Foods - **Reporting Period**: First three quarters of 2025 - **Key Financials**: - Net profit attributable to shareholders increased by 25.74% year-on-year - Deducting non-recurring gains, net profit grew by 16.33% [2][3] Industry Insights - **Sales Channel Performance**: - Milk bar channel accounted for the highest sales proportion, but direct store revenue decreased by 11.83% year-on-year - Direct sales and distribution channels grew by 19.12% and 27.87% respectively - Online sales channel surged by 48.46%, indicating a significant shift towards digital sales [2][3] Key Points - **Franchise Store Performance**: - Revenue growth in franchise stores driven by increased foot traffic, particularly during lunch and afternoon tea times - New product categories like rice products and sandwiches are key growth drivers, with a sustainable growth trend expected [2][5] - **Profit Margins**: - Health light food series has a gross margin of approximately 60%, significantly higher than dairy products (20%-30%) - Overall net profit margin for all store types is around 4% to 5% [2][10][11] - **Direct Sales Growth**: - Rapid growth in direct sales, with key clients including Hema and Guming - Hema's sales increased significantly from 10 million in 2024 to over 80 million in 2025 - Guming's performance declined due to product adjustments, while other clients showed over 40% growth [2][12][14] - **Product Pricing Strategy**: - New product launches may lead to price adjustments, with potential increases expected in the first half of 2026 to meet market demand [2][8] - **Store Expansion Plans**: - Anticipated opening of 600 to 800 new franchise stores in 2026 to enhance market coverage - Franchise store count increased in Q3 2025, with expectations for continued growth in Q4 [2][9] Additional Insights - **Cost Structure**: - Company expects a 1.5% decrease in overall raw material costs in 2026 compared to 2025 - Significant price drops observed in commodities like eggs, while some raw materials saw price increases [2][20][21] - **Raw Material Sourcing**: - Own milk source accounts for about 20%, with the remainder sourced through cooperatives - Future sourcing strategy aims to maintain a dynamic balance between self-sourced and cooperative-sourced milk [2][22][23] - **Distribution Channel Adjustments**: - Stable performance in distribution channels, with some clients reclassified, impacting reported growth rates - If certain large clients were included in direct sales, the growth would be reported as 32% instead of 19% [2][4][24] This summary encapsulates the key insights and financial performance of Yiming Foods as discussed in the conference call, highlighting the company's growth strategies, market dynamics, and operational efficiencies.

Core Points - The company will hold an investor briefing on December 8, 2025, from 09:00 to 10:00 to discuss its Q3 2025 performance and financial results [2][3][4] - Investors can submit questions from December 1 to December 5, 2025, before 16:00 through the Shanghai Stock Exchange Roadshow Center website or via the company's email [2][4][6] - The briefing will be conducted in an interactive online format, allowing for real-time communication between the company and investors [3][5] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [2][5] - Key personnel attending include Chairman and General Manager Zhu Like, Board Secretary Lin Yilei, and Chief Financial Officer Deng Xiujun [4] - Investors can access the meeting details and main content afterward through the Shanghai Stock Exchange Roadshow Center [6]

浙江一鸣食品股份有限公司 2025 年第二次临时股东会 会议资料 二零二五年十二月十日 目 录 | 浙江一鸣食品股份有限公司 | 2025 年第二次临时股东会会议须知 1 | | --- | --- | | 浙江一鸣食品股份有限公司 | 2025 年第二次临时股东会议程 3 | | 议案 | 1：关于修订《公司章程》并办理工商变更登记的议案 5 | | 议案 | 2：关于修订《董事会议事规则》的议案 7 | | 议案 | 3：关于增选第七届董事会非独立董事的议案 8 | 浙江一鸣食品股份有限公司 2025 年第二次临时股东会会议须知 为维护全体股东的合法权益，确保股东会顺利进行，公司根据《公司法》、 《上市公司股东会规则》以及《浙江一鸣食品股份有限公司章程》（以下简称《公 司章程》）的规定，特制订本须知： 一、董事会以维护全体股东的合法权益、维持会议正常秩序和提高议事效率 为原则，认真履行《公司章程》规定的职责，做好召集、召开股东会的各项工作。 二、股东参加股东会依法享有发言权、表决权等权利。股东参加股东会，应 认真履行其法定权利和义务，不得侵犯其它股东的权益，不得扰乱会议的正常秩 序。 三、股东会由董事长主 ...

证券代码：605179 证券简称：一鸣食品 公告编号：2025-037 浙江一鸣食品股份有限公司 关于召开 2025 年第三季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律责任。 二、 说明会召开的时间、地点 （一）会议召开时间：2025年12月08日（星期一）09:00-10:00 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 12 月 01 日 （星期一） 至 12 月 05 日 （星 期五）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 inmfood@yi-ming.cn 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。 浙江一鸣食品股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 12 月 08 日 （星期一 ...