Core Viewpoint - The beverage and dairy sector experienced a 1.02% increase on November 11, with Huanlejia leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.39% and 1.03% respectively [1] Group 1: Market Performance - The beverage and dairy sector's notable gain was primarily driven by Huanlejia, which surged by 19.99% to a closing price of 26.23 [1] - Other significant performers included Sanyuan Shares, which rose by 10.05% to 6.02, and Yiming Foods, which increased by 6.10% to 24.18 [1] - The overall trading volume for Huanlejia reached 399,100 shares, contributing to a transaction value of approximately 9.83 billion [1] Group 2: Capital Flow - The beverage and dairy sector saw a net outflow of 127 million from institutional investors, while retail investors contributed a net inflow of 155 million [2] - Notable individual stock capital flows included Yiming Foods with a net inflow of approximately 55.66 million from institutional investors, despite a net outflow from retail investors [3] - Sanyuan Shares also experienced a net inflow of 15.64 million from institutional investors, indicating strong interest from this segment [3]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

浙江李子园食品股份有限公司 关于召开2025年第三季度业绩说明会的公告 | 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 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： 一、说明会类型 浙江李子园食品股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了《2025 年第三季度报告》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 会议召开时间：2025 年 11 月 11 日（星期二）10:00-11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 11 日 前 访 问 网 址 https://eseb.cn/1sTweT0fmTK 或使用微信扫描下方小程序码进行 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company's short-term performance continues to be under pressure, with distributors still in an adjustment phase. However, the current dividend payout ratio is favorable, and the report anticipates a recovery in the future [2][10]. - The report has revised the EPS forecasts for 2025-2027 to 0.52, 0.57, and 0.62 yuan respectively, down from previous estimates of 0.61, 0.66, and 0.70 yuan. The target price is set at 13.00 yuan per share, based on a 25x PE ratio for 2025E [10][12]. Financial Summary - Total revenue for 2023 is projected at 1,412 million yuan, with a slight increase of 0.6% from the previous year. However, a decline of 8.0% is expected in 2025 [3][11]. - Net profit attributable to the parent company is forecasted at 237 million yuan for 2023, with a year-on-year increase of 7.2%. The net profit is expected to decline to 204 million yuan in 2025, a decrease of 9.1% [3][11]. - The company’s net asset return rate is projected to be 13.9% in 2023, decreasing to 11.8% by 2025 [3][11]. Revenue and Profit Analysis - For the first three quarters of 2025, the company's revenue decreased by 8.51% year-on-year, while the net profit attributable to the parent company fell by 5.93% [10]. - In Q3 alone, revenue declined by 8.46% year-on-year, with a net profit margin of 14.71%, down 1.44 percentage points from the previous year [10]. Product and Channel Performance - The revenue from dairy beverages saw a significant decline of 13.22% to 88.7 million yuan in the first three quarters. Conversely, other products experienced rapid growth, increasing by 123.11% to 81.736 million yuan, driven by new products like vitamin water [10]. - The distribution channel revenue decreased by 10.74% to 90.1 million yuan, while direct sales channels grew by 37.08% to 68.059 million yuan, attributed to the rapid growth of e-commerce [10]. Dividend Policy - The company plans to distribute a cash dividend of 2.40 yuan per 10 shares for the first half of 2025, resulting in a total payout of 91.958 million yuan, with a dividend payout ratio of 95.67% [10].

Core Insights - Li Ziyuan (605337.SH) reported its Q3 2025 results on October 29, 2025, highlighting a total of 5 institutional investors holding 139 million shares, which accounts for 35.75% of the total share capital [1] - The institutional holding percentage decreased by 2.38 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Lishui Water Drip Spring Investment Development Co., Ltd., Moutai (Guizhou) Private Fund Management Co., Ltd., Zhejiang Li Ziyuan Food Co., Ltd. - 2024 Employee Stock Ownership Plan, Zhejiang Guotian Private Fund Management Co., Ltd., and the National Social Security Fund 111 Portfolio [1] - The total institutional holding percentage stands at 35.75% [1] Public Funds - A total of 48 public funds were not disclosed in the current period compared to the previous quarter, including notable funds such as Fortune China Securities Value ETF, Huaxia Xingyang One-Year Holding Mixed Fund, and others [1] Social Security Fund - One social security fund, the National Social Security Fund 111 Portfolio, reported a decrease in holdings, with a reduction percentage of 0.45% compared to the previous quarter [1]

Summary of Li Ziyuan's Conference Call Company Overview - **Company**: Li Ziyuan - **Industry**: Food and Beverage Key Points Financial Performance - In the first three quarters of 2025, Li Ziyuan's other business revenue reached approximately 80 million yuan, showing rapid growth and indicating initial success in product diversification [2][5] - The overall gross margin has been rising in 2025, but there was a 2.5 percentage point decline in Q3 due to revenue drop affecting scale effects [2][7] Product Development and Market Strategy - The vitamin water product line has not met expectations, but the company is committed to developing it as a second growth curve, focusing on systematic R&D and sales [2][4] - The classic product "Sweet Milk" faced revenue pressure in Q3, attributed to a broader decline in the consumer goods industry, but the company remains optimistic about its potential [3][4] E-commerce and Sales Channels - E-commerce channels have performed well due to new management's focus, key talent recruitment, and product differentiation strategies [2][9] - The snack wholesale channel is rapidly growing, with a dedicated department established to manage it, and customized products launched to support 2025 performance [2][11] Internal Improvements and Operational Efficiency - The company sees significant internal improvement opportunities, particularly in decision support and policy alignment to better respond to external changes [2][6] - Distributor profit margins are stable, and actions have been taken to control unauthorized sales [2][12] Future Projects and Investments - The new wooden project aims to self-supply milk powder to control costs and expand B-end business, with completion and production expected in early 2026 [2][8] - Convertible bond funds are allocated for working capital and infrastructure investments, with no plans to adjust the bond price [2][14] Market Trends and Consumer Preferences - The company is aware of varying consumer preferences across different markets, which influences new product development strategies [2][13] - The focus will be on developing new products with market-moving capabilities while considering regional consumption habits [2][13] Dividend Policy Outlook - The company aims to provide stable and slightly growing returns to investors, with dividends being prioritized unless significant investment plans arise [2][10] 2025 and 2026 Outlook - For Q4 2025, the company plans to correct previous shortcomings in channel development, expense allocation, and new product strategies, expecting overall improvement in 2026 [2][15]

Core Insights - Li Ziyuan (605337.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved a total operating revenue of 973 million yuan, representing a year-on-year decrease of 8.51% [1] - The net profit attributable to shareholders was 148 million yuan, down 5.93% year-on-year [1] - Basic earnings per share stood at 0.38 yuan [1]

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-080 | | --- | --- | --- | | 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 2025 年前三季度主要经营数据的公告 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。 浙江李子园食品股份有限公司(以下简称"公司") 根据上海证券交易所《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》的有关规定，现将公 司 2025 年前三季度的主要经营数据（未经审计）公告如下： 一、主要业务经营情况 (一)主营业务按产品类别分类情况 单位：元 币种：人民币 | 产品类别 | 2025 | 年前三季度营业收入 | 2024 | 年前三季度营业收入 | 同比增长幅度 | | --- | --- | --- | --- | --- | --- | | 含乳饮料 | | 887,099,773.77 | | 1,022,183,938.81 | -13.22% | | 其他 | | 81,736, ...

Revenue and Profit - The company's revenue for the third quarter was ¥352,002,317.27, a decrease of 8.46% compared to the same period last year[4] - The total profit for the quarter was ¥65,413,317.53, reflecting a decline of 16.02% year-over-year[4] - The net profit attributable to shareholders was ¥51,792,739.74, down 16.62% from the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥42,795,042.61, a decrease of 28.73% compared to the same period last year[4] - The basic earnings per share were ¥0.13, representing an 18.75% decline year-over-year[5] - The diluted earnings per share were ¥0.12, down 20.00% from the previous year[5] - Total operating revenue for the first three quarters of 2025 was CNY 973,407,177.22, a decrease of 8.5% compared to CNY 1,063,913,090.96 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 147,880,095.18, a decline of 5.4% from CNY 157,238,370.92 in 2024[21] - Earnings per share for the first three quarters of 2025 were CNY 0.38, compared to CNY 0.40 in the same period of 2024[21] - The total profit for the period was ¥98,734,937.50, compared to ¥405,125,841.22 in the previous year, indicating a significant decline[32] - The company reported a net profit of ¥103,848,420.53, down from ¥408,353,195.30 in the same period last year[32] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,199,891,312.26, an increase of 7.09% compared to the end of the previous year[5] - The equity attributable to shareholders decreased to ¥1,598,441,506.49, a decline of 7.60% from the previous year[5] - Total current assets amount to ¥1,250,670,646.57, an increase from ¥1,150,110,736.71 in the previous period[15] - Total non-current assets are valued at ¥1,949,220,665.69, up from ¥1,838,027,470.48 previously[16] - Total current liabilities are ¥888,300,381.60, an increase from ¥585,226,798.19 in the previous period[16] - Total non-current liabilities amount to ¥603,006,430.64, compared to ¥588,646,215.73 previously[16] - Total liabilities increased to CNY 1,591,684,829.01 in 2025 from CNY 1,258,193,694.52 in 2024, reflecting a growth of 26.4%[17] - Total equity decreased to CNY 1,608,206,483.25 in 2025 from CNY 1,729,944,512.67 in 2024, a decline of 7.0%[17] - The total assets of the company reached CNY 3,199,891,312.26 in 2025, up from CNY 2,988,138,207.19 in 2024, an increase of 7.1%[17] - The company’s total liabilities increased to CNY 953,846,168.20 from CNY 795,238,822.91, indicating a rise of 19.9%[29] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥316,967,669.40, down 8.32% compared to the previous year[4] - Net cash flow from operating activities was CNY 316,967,669.40, down from CNY 345,739,409.61 year-over-year, reflecting a decline of 8.5%[26] - In the first three quarters of 2025, the net cash flow from operating activities was ¥99,432,336.98, a decrease of 46% compared to ¥183,957,398.85 in the same period of 2024[35] - The net cash flow from financing activities was negative at CNY -32,426,411.98, an improvement from CNY -349,723,374.28 in the previous year[26] - The company incurred a total cash outflow from financing activities of ¥229,486,028.26, compared to ¥200,076,706.80 in the same period of 2024[37] - The cash inflow from investment activities totaled ¥712,979,896.02, compared to ¥1,179,756,185.06 in the previous year[35] - The net cash flow from investing activities was -¥101,836,603.16, an improvement from -¥393,512,165.10 in the same period of 2024[35] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 35,195[11] - The largest shareholder, Lishui Water Drop Spring Investment Development Co., Ltd., holds 127,094,760 shares, accounting for 32.58% of total shares[11] - The second-largest shareholder, Li Guoping, holds 86,385,182 shares, representing 22.14% of total shares[11] - The company has a total of 6,945,462 shares in its repurchase account, which accounts for 1.78% of the total share capital[12] Government Subsidies and Other Income - The company received government subsidies amounting to ¥3,888,825.10 during the quarter, contributing to its non-recurring gains[7] - The company reported a significant increase in other income, totaling CNY 9,694,391.59, compared to CNY 10,275,449.13 in the prior year[31] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 11,435,309.34, down from CNY 13,566,349.42 in 2024, indicating a reduction of 15.7%[20] - Research and development expenses for the first three quarters were CNY 6,789,042.35, slightly down from CNY 7,499,567.43 in the same period last year[31] Financial Expenses - The company reported a financial expense of CNY 1,366,316.45 in 2025, compared to a financial income of CNY 4,294,497.49 in 2024, marking a significant shift[20] Cash and Cash Equivalents - The company has a significant increase in cash and cash equivalents, with current cash holdings at ¥581,259,051.02, down from ¥624,767,417.70[15] - Cash and cash equivalents at the end of the period were CNY 581,259,051.02, down from CNY 705,679,649.38, representing a decline of 17.6%[26] - Cash and cash equivalents at the end of the period stood at ¥376,023,703.14, down from ¥574,946,835.46 a year earlier[37] Accounting Standards - The company has not applied new accounting standards for the current year[38]

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]