| 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 ...

Core Viewpoint - Zhejiang Liziyuan Food Co., Ltd. maintains a stable credit rating of AA for both the company and its convertible bonds, indicating a solid financial position and outlook for the future [1][6]. Company Overview - The company primarily engages in the research, production, and sales of "Liziyuan" brand sweet milk beverages and other dairy products, with a focus on enhancing its product matrix and maintaining strong competitiveness in niche markets [7][10]. - As of March 2025, the company has total assets of 30.12 billion yuan and equity of 17.98 billion yuan, with a debt ratio of 40.31% [14]. Financial Performance - The company reported a revenue of 14.15 billion yuan and a profit of 2.87 billion yuan for the year 2024, reflecting a stable financial performance [6][14]. - The gross profit margin has improved due to a decrease in the prices of key raw materials such as milk powder and sugar [7][18]. Market Position - The company's sales are primarily concentrated in East China, Southwest, and Central China, with ongoing efforts to enhance brand recognition and channel management [6][7]. - The company faces competition from both national and regional brands, with a stable market concentration in the dairy beverage industry [19][22]. Industry Analysis - The dairy beverage market in China is expected to grow from 1,432.1 billion yuan in 2023 to 1,696.6 billion yuan by 2027, with a compound annual growth rate of 4.3% [17]. - The industry benefits from rising consumer income and demand for diverse beverage options, indicating significant growth potential [16][17]. Risks and Challenges - The company remains highly dependent on dairy beverage products, making it vulnerable to changes in consumer preferences and market conditions [8]. - Increased sales and management expenses have impacted overall profitability, and there are concerns regarding production capacity utilization and competition in ongoing investment projects [8][9].

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-042 | | --- | --- | --- | | 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"2025 年度跟踪评级结果的公告 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、准确性和完整性依法承担法律责任。 重要内容提示 前次评级结果：公司主体信用等级：AA，"李子转债"债券信用等级：AA， 评级展望：稳定 2025 年 6 月 20 日 本次评级结果：公司主体信用等级：AA，"李子转债"债券信用等级：AA， 评级展望：稳定 根据《上市公司证券发行注册管理办法》和《上海证券交易所股票上市规则》等 有关规定，浙江李子园食品股份有限公司（以下简称"公司"）委托东方金诚国际信 用评估有限公司（以下简称"东方金诚"）对公司及公司于 2023 年 6 月 20 日发行的 可转换公司债券（以下简称"李子转债"）进行了跟踪信用评级。 前次评级结果：公司主体信用等级为"AA"，"李子转债"债券信用等级为"AA"， 评级展望为"稳定"，评 ...

信用等级通知书 东方金诚债跟踪评字【2025】0152 号 浙江李子园食品股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"李 子转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 AA，评级展望为稳定，同 时维持"李子转债"的信用等级为 AA。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月十九日 东方金诚债跟踪评字【2025】0152 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），声明如下： 1.本次评级为委托评级，东方金诚与评级对象不存在任何影响本次评级行为独立、客 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受 评级对象和第三方组织或个人的干预和 ...

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 15.78 CNY [5][6]. Core Insights - The company is expected to benefit from the launch of its new health-oriented product, VitaYoung, which features a "6-zero" formula, aligning with health consumption trends and potentially driving significant sales growth [1]. - A new generation manager has taken over, indicating a shift towards professional and youthful governance, alongside a revamped marketing strategy that leverages online media and celebrity endorsements to enhance brand visibility among younger consumers [2]. - The company is experiencing a reduction in the cost of bulk powder, leading to an increase in gross margin, which is projected to continue improving due to favorable raw milk prices [3]. - The company has a strong commitment to shareholder returns, planning to distribute approximately 194 million CNY in cash dividends, which represents 86.57% of the net profit for the year [4]. Financial Projections - Revenue growth is forecasted at 8.0%, 8.5%, and 9.0% for the years 2025 to 2027, with net profit growth expected at 7.5%, 15.5%, and 15.1% respectively, indicating strong growth potential [5][18]. - The company’s revenue for 2025 is projected to be 1,528 million CNY, with a gross margin of 41.7% [19][26]. - The company’s earnings per share (EPS) is expected to increase from 0.60 CNY in 2023 to 0.81 CNY by 2027 [19][26]. Business Structure and Product Lines - The company focuses on sweet milk beverage products, with a significant portion of revenue coming from its core dairy drink segment, which has shown consistent growth [10][12]. - The product mix includes a variety of beverages, with dairy drinks accounting for 95.69% of revenue, while new product lines like plant protein and vitamin water are being developed to meet diverse consumer needs [12][16]. - The company has established a strong distribution network, covering over 2,600 dealers nationwide, which supports its market presence [13].

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-041 | | --- | --- | --- | | 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 证券交易所股票上市规则》和本公司《可转债募集说明书》，就回售有关事项向 全体"李子转债"持有人公告如下： 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，均审议通过了《关于变更部分募集资 金投资项目的议案》。根据《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 "《可转债募集说明书》"）的约定， 可转债附加回售条款生效。 现依据《上市公司证券发行管理办法》《可转换公司债券管理办法》《上海 一、回售条款及价格 回售价格：100.01 元人民币/张（含当期利息） 回售期：2025 年 6 月 24 日至 2025 年 6 月 30 日 回售资金发放日：2025 年 7 月 3 日 回售期内"李子转债"停 ...

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 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，均审议通过了《关于变更部分募集资 金投资项目的议案》。根据《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 "《可转债募集说明书》"）的约定， 可转债附加回售条款生效。 现依据《上市公司证券 ...