东方证券股份有限公司 特定对象发行可转换公司债券募集说明书》（以下简称"《可转债募集说明书》"） 的约定，可转债附加回售条款生效。 二、回收条款及价格 （一）附加回售条款 关于浙江李子园食品股份有限公司 可转换公司债券回售有关事项的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为浙江李子 园食品股份有限公司（以下简称"李子园"或"公司"）向不特定对象发行可转换公 司债券的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 12 号——可转换公司债券》等法律法规及规范 性文件，对本次李子园可转换公司债券（以下简称"李子转债"）回售有关事项 进行了审慎核查，并出具核查意见如下： 一、"李子转债"发行上市情况 经中国证券监督管理委员会《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）核准，公司 向社会公开发行面值总额为 60,000 万元的可转换公司债券，期限 6 年，应募集 资金人民币 60,000 万元，扣除 ...

Core Points - Li Ziyuan (605337) closed at 13.85 yuan on June 13, 2025, down 2.12% from 14.15 yuan the previous week [1] - The company's total market capitalization is 5.463 billion yuan, ranking 16th out of 26 in the beverage and dairy sector and 2703rd out of 5150 in the A-share market [1] Company Announcements - Li Ziyuan announced a cash dividend of 0.50 yuan per share (tax included) for the 2024 annual equity distribution, with the record date on June 13, 2025, and the ex-dividend date and payment date on June 16, 2025 [1][2] - The total number of shares is 394,433,036, with 6,945,462 shares held in the company's repurchase account excluded, resulting in 387,487,574 shares eligible for distribution, totaling a cash dividend of 193,743,787 yuan (tax included) [1][2] - The cash dividend per share is calculated as (total shares participating in distribution × actual cash dividend per share) ÷ total shares = (387,487,574 × 0.50) ÷ 394,433,036 ≈ 0.4912 yuan/share [1] Convertible Bonds - Due to the 2024 annual equity distribution, the conversion price of "Li Ziyuan Convertible Bonds" will be adjusted to 18.49 yuan/share, effective from June 16, 2025 [2][3] - "Li Ziyuan Convertible Bonds" will be suspended from trading on June 13, 2025, and will resume trading and conversion on June 16, 2025 [2] - The interest payment date for the convertible bonds in 2025 is June 20, 2025, with a coupon payment of 0.50 yuan (tax included) per bond with a face value of 100 yuan [2][3]

浙江李子园食品股份有限公司 关于"李子转债"2025 年付息公告 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： 浙江李子园食品股份有限公司（以下简称"本公司"或"公司"）于 2023 年 6 月 20 日发行的可转换公司债券将于 2025 年 6 月 20 日开始支付自 2024 年 6 月 20 日至 2025 年 6 月 19 日期间的利息。根据本公司《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》"）有关条款的规定，现将有关事项公告如下： 一、可转债发行上市概况 1、债券名称：浙江李子园食品股份有限公司可转换公司债券 可转债付息债权登记日：2025 年 6 月 19 日（星期四） 可转债除息日：2025 年 6 月 20 日（星期五） 可转债兑息日：2025 年 6 月 20 日（星期五） 2、债券简称：李子转债 3、债券代码：111014 4、债券类型：可转换为公司 A 股股票的可转换公司债券 5、发行总额：本次发行的可转债总额为人民币 6 ...

Summary of Li Ziyuan's Conference Call Company Overview - **Company**: Li Ziyuan - **Industry**: Beverage Industry, focusing on functional drinks and dairy products Key Points and Arguments Sales Performance - Significant growth in e-commerce channels, achieving a growth rate of 50-60% in Q1 2025, with both snack wholesale and e-commerce channels exceeding 100% growth in 2024 [2][3] - Despite overall revenue decline in traditional channels, the company expects a net profit growth of over 10% for the year, supported by effective cost control [2][3][6] Product Launches - Introduction of a new vitamin water series, with sales reaching 4-5 million units in May 2025 [2][5] - The company aims to position vitamin water as its second-largest product, targeting sales of 1 billion yuan [5][13] - New vitamin C products have been heavily promoted, with sales of 5 million yuan in May, targeting young consumers such as college students and white-collar workers [7][8] Marketing Strategy - Shift from traditional media advertising to online promotions and celebrity endorsements, including the use of actor Ding Yuxi for vitamin C products [4][10][11] - The company plans to leverage the 618 shopping festival for significant sales boosts, with expectations of reaching sales in the tens of millions [9][10] Cost Management - The company has locked in milk powder costs for the year, ensuring stable gross margins despite market fluctuations [4][19] - Overall cost control measures have led to a gross margin increase of 3-4 percentage points year-on-year [2][3] Market Trends and Competition - The functional beverage market is projected to grow, with a focus on health and nutrition trends [18] - Li Ziyuan's vitamin water differentiates itself with a simple ingredient list, emphasizing zero sugar, fat, and color additives, setting it apart from competitors [8] Future Outlook - The company anticipates a continued focus on expanding its presence in breakfast and small dining channels, particularly in advantageous regions [14][16] - Plans to maintain a high dividend payout ratio while managing capital expenditures due to sufficient existing production capacity [24] Organizational Changes - Management restructuring has occurred, with a younger leadership team taking charge to enhance operational efficiency [12] Financial Guidance - The company maintains its revenue targets despite external pressures, planning to stabilize core product performance through new product launches and channel expansions [26] Community Group Buying - Currently, there are no specific plans for community group buying initiatives [28] Additional Important Information - The company is investing in a spray-drying plant in Yinchuan to secure raw material supply and control costs [19][21] - The marketing strategy reflects a significant shift towards digital platforms, reducing reliance on traditional advertising [22][23]

证券代码：605337 证券简称：李子园 公告编号：2025-035 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2024年年度权益 分派实施公告 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。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.50元（含税） ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/13 － 2025/6/16 2025/6/16 ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规定，公司回购专用账户中的股份，不享有利润分配的权利。基于此，公司存放 于回购专用 ...

| 证券代码：605337 | 证券简称：李子园 公告编号：2025-035 | | --- | --- | | 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2024年年度权益 分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.50元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/13 | － | 2025/6/16 | 2025/6/16 | 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规定，公司回购专用账户中的股份 ...

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-036 | | --- | --- | --- | | 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 关于实施 2024 年年度权益分派时调整"李子转债" 转股价格的公告 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。 重要内容提示： 根据《募集说明书》发行条款的相关规定： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 111014 | 李子转债 | 可转债转股复牌 | | | 2025/6/13 | 2025/6/16 | 浙江李子园食品股份有限公司（以下简称"公司"）于 2023 年 6 月 20 日向 不特定对象发行了 600 万张可转换公司债券，每张面值 100 元，发 ...

东方证券股份有限公司 截至 2025 年 5 月 26 日，公司总股本为 394,433,036 股，扣除回购专用账户 持有公司股份 6,945,462 股，本次实际参与分配的股份数为 387,487,574 股，以此 计算，向全体股东每 10 股派发现金红利 5.00 元（含税），共计派发现金红利 193,743,787.00（含税），占公司合并报表中归属于上市公司普通股股东净利润的 86.57%。 关于浙江李子园食品股份有限公司 差异化权益分派特殊除权除息事项的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为浙江李子 园食品股份有限公司（以下简称"李子园"或"公司"）向不特定对象发行可转换公 司债券的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》及《上海证券交易所上市公 司自律监管指南第 2 号——业务办理》等法律法规及规范性文件，对本次李子园 差异化权益分派特殊除权除息事项进行了审慎核查，并出具核查意见如下： 一、本次差异化权益分派的原因 ...

Core Viewpoint - Li Ziyuan's core product, dairy beverages, has faced stagnation in growth for three consecutive years, leading to a revenue plateau around 1.4 billion yuan [1][2][3] Group 1: Company Performance - Li Ziyuan's revenue from 2022 to 2024 remained stagnant at approximately 1.4 billion yuan, with figures of 1.404 billion, 1.412 billion, and 1.415 billion respectively [2][3] - The net profit has also failed to surpass the 2021 peak of 262 million yuan, with figures of 222 million, 237 million, and 224 million for the respective years [2][3] - The company's reliance on dairy beverages has been over 95% from 2017 to 2024, indicating a lack of diversification [3] Group 2: Market Challenges - The dairy beverage market is highly competitive, with Li Ziyuan's core product, sweet milk, facing declining sales due to changing consumer preferences towards healthier options [3][4] - Sales growth for dairy beverages from 2022 to 2024 showed a decline of 8.06%, 1.67%, and a slight increase of 0.41%, indicating a weak market performance [3] Group 3: Product Diversification Efforts - Li Ziyuan has attempted to diversify its product offerings, including fruit and vegetable beverages, protein drinks, and entering the vitamin water market in 2024 [1][5] - Despite launching numerous new products, the impact on overall sales has been minimal, with the second-largest category, flavored dairy beverages, only generating over 10 million yuan in sales despite a 61.95% increase in volume [6] Group 4: Strategic Focus - The company plans to focus on milk powder and dairy product production and sales by 2025, with a project to process 1,000 tons of raw milk daily [7] - The shift towards milk powder may provide strategic transformation opportunities, but success will depend on various factors, including supply chain management and brand image [7]

Summary of Li Ziyuan's Conference Call Company Overview - **Company**: Li Ziyuan - **Industry**: Beverage, specifically focusing on functional drinks and vitamin water Key Points and Arguments Growth Strategy - **Vitamin Water as Growth Driver**: Li Ziyuan aims to establish vitamin water as a second growth curve with a sales target of 100 million yuan, leveraging modern channels, snack wholesale, and e-commerce platforms for promotion [2][5] - **E-commerce Performance**: E-commerce sales are projected to reach 10 million yuan in June, with a growth rate of 40%-50% in Q1 [2][16] - **Snack Wholesale Channel**: The company is rapidly developing the snack wholesale channel, targeting over 100 million yuan in sales this year [2][14] Product Development - **New Product Launches**: The company is introducing vitamin water with a "zero" additive concept, including 500ml and upcoming 250ml options, focusing on a simplified formula [3][4] - **Health and Nutrition Focus**: New products emphasize health and nutrition, targeting young consumers through brand ambassadors and innovative marketing strategies [9][10] Organizational Changes - **Management Restructuring**: A new generation of leadership has taken over, with a focus on brand upgrading, e-commerce team building, and new product development [7][9] - **Young Management Team**: The management team has been rejuvenated, with younger members taking key roles to enhance company vitality [7] Cost Management - **Cost Control Measures**: The company is focusing on controlling raw material costs, particularly large package powder, which constitutes 35%-40% of total costs, leading to improved gross margins [8] - **Profitability Outlook**: Overall profitability is expected to exceed revenue growth due to effective cost management [8] Market Trends - **Increased Demand for Health Products**: There is a growing market interest in fitness and health products, providing new opportunities for companies in this sector [10] - **Competitive Landscape**: The functional beverage market is becoming increasingly competitive, with a focus on clean ingredient lists and health benefits [11][21] Sales and Marketing Strategies - **Brand Ambassador Strategy**: The company has signed actor Ding Yuxi as a brand ambassador, aiming to attract younger consumers while reducing traditional media spending [15] - **E-commerce Team Expansion**: Plans to expand the e-commerce team, particularly in live streaming and interest-based e-commerce, to support new product launches [17] Channel Development - **Diverse Sales Channels**: The company is expanding its presence in various sales channels, including breakfast and small dining sectors, which account for about 25% of total sales [19] - **Interest vs. Shelf E-commerce**: Interest-based e-commerce is driving significant growth compared to traditional shelf e-commerce platforms [18] Profitability and Market Position - **No Immediate Profit Expectations for New Products**: The company does not expect immediate profits from the vitamin water product this year, focusing instead on establishing market presence [23] - **Profit Margins for Distributors**: The pricing strategy ensures sufficient profit margins for distributors, maintaining competitive advantages in the market [22] Additional Important Insights - **Focus on Young Consumers**: The company is actively targeting young consumers through innovative product offerings and marketing strategies [9] - **Future Product Plans**: Continuous optimization of existing beverage products to meet diverse channel demands is a priority [12]