Summary of Key Points Core Viewpoint - Zhejiang Liziyuan Food Co., Ltd. has issued convertible bonds, with limited conversion activity observed since the issuance, indicating a low uptake by investors thus far [1][2]. Group 1: Convertible Bond Issuance - The company issued 6 million convertible bonds on June 20, 2023, with a total value of RMB 60 million and a maturity of 6 years [2]. - The coupon rates for the bonds are structured to increase over the years, starting from 0.3% in the first year to 2.0% in the sixth year [2]. Group 2: Conversion Status - As of June 30, 2025, only RMB 51,000 worth of convertible bonds have been converted into 2,636 shares, representing 0.0007% of the total shares before conversion [1][5]. - The total amount of unconverted convertible bonds stands at RMB 599,949,000, which is 99.9915% of the total issuance [1][5]. Group 3: Conversion Price Adjustments - The initial conversion price was set at RMB 19.47 per share, which has been adjusted to RMB 18.49 per share as of June 10, 2025 [2][5]. - The conversion period for the bonds is from December 28, 2023, to June 19, 2029 [5].

累计转股情况：浙江李子园食品股份有限公司向不特定对象发行可转换 公司债券（以下简称"李子转债"）自 2023 年 12 月 28 日起开始转股，截至 2025 年 6 月 30 日，累计共有人民币 51,000 元"李子转债"转换为公司普通股股票， 累计转股股数为 2,636 股，占"李子转债"转股前公司已发行股份总额的 0.0007%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"李子转债" 金额为人民币 599,949,000 元，占"李子转债"发行总量的比例为 99.9915%。 | 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 可转债转股结果暨股份变动公告 本公司董事会、全体董事及相关股东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： 根据有关规定和《浙江李子园食品股份有限公司向不特定对象发行可转换公 司债券募集说明书》的约定，公司本次发行 ...

Core Viewpoint - Zhejiang Liziyuan Food Co., Ltd. has issued convertible bonds totaling RMB 600 million, with a maturity of 6 years and a structured interest rate that increases over time, aimed at expanding its production capacity and enhancing its market position in the beverage industry [3][14]. Section 1: Bond Overview - The company has received approval from the China Securities Regulatory Commission to issue convertible bonds amounting to RMB 600 million, with a face value of RMB 100 per bond, totaling 6 million bonds [3][4]. - The net proceeds from the bond issuance, after deducting issuance costs of RMB 2.4 million, amount to RMB 597.6 million [3][14]. - The bonds will be listed on the Shanghai Stock Exchange under the name "Liziyuan Convertible Bonds" with the code "111014" starting from July 13, 2023 [3][4]. Section 2: Key Terms of the Bonds - The bonds have a structured interest rate that starts at 0.3% in the first year and increases to 2.0% by the sixth year [5][6]. - Interest payments will be made annually, with the first payment due on June 20, 2025, covering the period from June 20, 2024, to June 19, 2025 [25]. - The initial conversion price for the bonds is set at RMB 19.47 per share, with provisions for adjustments based on stock performance and corporate actions [7][9]. Section 3: Use of Proceeds - The total amount raised will be fully allocated to the expansion and technological upgrade of a production line for 150,000 tons of dairy beverages [14][21]. - The company has established a dedicated account for the management of the raised funds, ensuring compliance with regulatory requirements [21][22]. Section 4: Financial Performance - For the fiscal year ending December 2023, the company reported a revenue of RMB 1.415 billion, a slight increase of 0.22% year-on-year [17][20]. - The net profit attributable to shareholders decreased by 5.55% to RMB 223.8 million compared to the previous year [17][20]. - The company’s total assets stood at RMB 2.988 billion, reflecting a decrease of 2.30% year-on-year [20]. Section 5: Credit Rating - The company has been assigned a credit rating of AA by Dongfang Jincheng, with a stable outlook for both the company and the convertible bonds [14][26].

Fundraising Overview - Zhejiang Liziyuan Food Co., Ltd. has been approved to publicly issue convertible bonds totaling RMB 600 million, with a maturity of 6 years and a face value of RMB 100 per bond, resulting in 6 million bonds issued [1] - The actual funds raised after deducting issuance costs of RMB 2,402,075.47 (excluding tax) amount to RMB 597,597,924.53, which were received on June 28, 2023 [1] Fund Allocation Changes - The company has decided to change the allocation of part of the raised funds, specifically RMB 235.57 million, from the original project of expanding the production line for dairy beverages to a new project for processing 1,000 tons of raw milk daily [1][2] - This decision was approved during the board and supervisory meetings held on April 26, 2025 [1] Fund Management and Supervision Agreement - A four-party supervision agreement was signed on June 27, 2025, involving the company, its wholly-owned subsidiary, the bank, and the sponsor, to regulate the management and use of the raised funds [2] - The agreement stipulates that the funds must be stored in a dedicated account and used solely for the specified project [4][5] Account Details - As of June 29, 2025, the company has opened several dedicated accounts at various banks for the management of the raised funds, including accounts at Agricultural Bank of China and Zhejiang Jinhua Chengtai Rural Commercial Bank [2][4] - The balance in the dedicated account for the new project was reported as zero as of June 20, 2025 [5] Regulatory Compliance - The agreement mandates compliance with relevant laws and regulations, including the supervision of fund usage by the sponsor, which has the right to conduct audits and inquiries [5][6] - Any withdrawal exceeding 20% of the net raised funds must be reported to the sponsor, ensuring transparency in fund management [6][7] Legal Framework - The agreement is governed by the laws of the People's Republic of China, with disputes to be resolved through arbitration in Shanghai [8]

股票简称：李子园 股票代码：605337 债券简称：李子转债 债券代码：111014 浙江李子园食品股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （上海市黄浦区中山南路 318 号 2 号楼 24 层） 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、 《浙江李子园食品股份有限公司与东方证券承销保荐有限公司关于向不特定对 象发行可转换债券之受托管理协议》（以下简称"《受托管理协议》"）、《浙 江李子园食品股份有限公司向不特定对象发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）、《浙江李子园食品股份有限公司 2024 年年度报 告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由本期可转 换公司债券受托管理人东方证券股份有限公司（以下简称"东方证券"）编制。 东方证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也 不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责 任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断， ...

Group 1 - The core point of the article highlights the generational transition in the Chinese private economy, particularly in family-owned businesses, with over 80% being family-controlled and entering a critical succession phase [14] - Li Ziyuan's new general manager, Li Bosheng, represents a new chapter for the brand as he takes over management responsibilities, marking a significant generational shift [3][4] - The company has faced stagnation in revenue growth, primarily due to its heavy reliance on sweet milk products, which account for over 95% of its revenue, leading to a near-zero growth situation since 2021 [4][6] Group 2 - Despite holding a market share close to 50% in the sweet milk segment, Li Ziyuan's revenue has been under pressure due to the rising popularity of healthier beverage options, resulting in a five-year compound growth rate of only 6.4% [6][9] - New product launches, such as juice drinks and plant-based beverages, have not significantly contributed to overall revenue, indicating a lack of a successful "second growth curve" [9] - Li Bosheng's strategy includes diversifying product offerings and embracing new retail channels, with a focus on health-oriented products and e-commerce growth, leading to a 16.2% increase in net profit in early 2025 [10][12] Group 3 - The article discusses the broader trend of generational change in the fast-moving consumer goods (FMCG) sector, with many companies facing systemic challenges related to succession [14][20] - Examples of successful transitions include Master Kong, which saw a 19.8% increase in net profit under the leadership of the second generation, and Wahaha, which has restructured its operations under new leadership [16][18] - The strategic shifts observed during these transitions include moving from reliance on single products to a diversified product matrix, enhancing channel penetration, and leveraging data for decision-making [20][21][22]

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-044 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 关于签署募集资金专户存储四方监管协议的公告 本公司董事会、全体董事及相关股东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、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意浙江李子园食品股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1166 号）， 同意浙江李子园食品股份有限公司（以下简称"公司"或"本公司"）向不特定 对象公开发行面值总额 60,000 万元可转换公司债券，期限 6 年，每张面值为人 民币 100 元，发行数量 6,000,000 张，共计募集资金 60,000 万元，扣除发行费用 人民币 2,402,075.47 元（不含税）后，实收募集资金为人民币 597,597,924.53 元。 上述募集资金已于 2023 年 6 月 28 日到位，中汇会计师事务所（特殊普通合伙） ...

Summary of Li Ziyuan's Conference Call Company Overview - **Company**: Li Ziyuan - **Industry**: Beverage Industry, specifically focusing on dairy and functional drinks Key Points and Arguments Sales Performance - Traditional channel sales, including supermarkets and small stores, have declined due to reduced foot traffic, while e-commerce and convenience store sales have shown growth, with e-commerce sales increasing by approximately 30%-40% in Q1 and Q2 [2][3] - Overall revenue is expected to decline in the first half of the year, consistent with Q1 performance [3] Profitability - The company has improved its gross margin by 3-4 percentage points year-on-year in Q1 through cost control and strategic raw material reserves [2][5] - Net profit is projected to increase by over 100% in the first half of the year, with Q1 net profit growth reaching 15%-16% [5] Product Development - Focus on optimizing the product structure of dairy beverages, with the introduction of a new vitamin water series featuring 0 fat, 0 calories, 0 colorants, and 0 additives [2][6] - The vitamin water series has generated approximately 15 million yuan in sales by the end of June, with a monthly sales target of around 10 million yuan [7][8] Market Strategy - Plans to adjust product offerings in traditional channels by introducing new flavors and specifications, particularly low-sugar options in the sweet milk category [10] - Strengthening partnerships with emerging channels such as snack stores, convenience systems, and vending machines to enhance distributor confidence and drive sales [10] Advertising and Cost Management - Increased investment in advertising, including celebrity endorsements, but overall spending will not significantly exceed last year's levels [4][11] - The company has locked in prices and quantities for bulk powder, expecting costs to be lower than last year's average, which will positively impact gross margins [13] Future Product Plans - Besides vitamin water, the company is developing a vitamin C series and whole grain beverages, with plans for online and offline promotional activities [14] - Emphasis on health and nutrition trends in future product development, aiming for simple ingredients that meet consumer demands for health [17] Competitive Landscape - The functional beverage market is large, with significant competition from brands like Dongpeng and Red Bull, but Li Ziyuan aims to target specific demographics such as students and white-collar workers [18][19] Seasonal Sales Strategy - Anticipates stronger sales in the third quarter due to warmer weather, which typically boosts beverage consumption [20] Strategic Investments - Recent investment in a spray powder factory in Yinchuan to expand the supply chain and control costs [22] Organizational Changes - Under new leadership, the company has undergone channel restructuring and organizational adjustments, focusing on emerging channels and younger management [16][23]

Core Viewpoint - As of June 27, 2025, Liziyuan (605337) closed at 12.73 yuan, down 0.47%, with a turnover rate of 2.22% and a trading volume of 87,500 shares, amounting to a transaction value of 111 million yuan [1] Trading Information Summary - On June 27, the capital flow for Liziyuan was as follows: - Net outflow of main funds was 5.8762 million yuan, accounting for 5.28% of total transaction value - Net inflow of speculative funds was 11.3574 million yuan, accounting for 10.2% of total transaction value - Net outflow of retail funds was 5.4812 million yuan, accounting for 4.92% of total transaction value [2][5] Company Announcement Summary - Zhejiang Liziyuan Food Co., Ltd. issued a third reminder regarding the "Liziyuan Convertible Bonds" optional repurchase: - The repurchase price is 100.01 yuan per bond (including current interest) - The repurchase period is from June 24, 2025, to June 30, 2025 - The payment date for repurchase funds is July 3, 2025 - During the repurchase period, "Liziyuan Convertible Bonds" will stop converting into shares - Bondholders can choose to repurchase part or all of the unconverted bonds, and this repurchase is not mandatory - As of the last trading day before the announcement, the closing price of "Liziyuan Convertible Bonds" was higher than the repurchase price, indicating potential losses for those choosing to repurchase - The company held the 2024 annual shareholders' meeting on May 19, 2025, and the second bondholders' meeting on June 16, 2025, both approving the proposal to change part of the fundraising investment projects, activating the repurchase clause as per the convertible bond prospectus - If the total circulation value of convertible bonds falls below 30 million yuan due to repurchase, the bonds will continue to trade until the end of the repurchase period, after which the company will disclose relevant announcements [3][5]

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 关于"李子转债"可选择回售的第三次提示性公告 本公司董事会、全体董事及相关股东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： "李子转债"持有人可回售部分或全部未转股的可转换公司债券。"李子 转债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.01 元人民币/张（含 当期利息）卖出持有的"李子转债"。截至本公告发出前的最后一个交易日，"李 子转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带来损失， 敬请关注选择回售的投资风险。 浙江李子园食品股份有限公司（以下简称"本公司"或"公司"）分别于 2025 年 5 月 19 日召开了 2024 年年度股东大会，于 2025 年 6 月 16 日召开了"李 子转债"2025 年第二次债券持有人会议，均审议通 ...