Core Viewpoint - Li Ziyuan celebrates its 30th anniversary, reflecting on its journey and outlining a vision for high-quality development in the future [1][3] Group 1: Company Achievements and Future Plans - Li Ziyuan has grown from three dairy cows in 1995 to five major production bases across China, establishing itself as a well-known brand in sweet milk [3] - By 2024, Li Ziyuan's core product, sweet milk, is expected to cover nearly 50% of the market share in the flavored dairy beverage sector [3] - The company aims to maintain market order and support its over 2,600 distributors to enhance market penetration and growth [3] Group 2: Brand Strategy and Product Development - In 2023, Li Ziyuan launched a brand renewal strategy, introducing a new slogan and updating its brand image to appeal to younger consumers [5] - The company has increased its investment in research and development, expanding its product range to over 60 varieties, including a zero-sugar sweet milk series and plant-based protein drinks [5][6] - Li Ziyuan's new product "VitaYoung" vitamin water features a unique formula with zero sugar, fat, calories, preservatives, flavoring, and color additives, aligning with health trends [6] Group 3: Marketing and Consumer Trends - The company is leveraging multi-channel marketing strategies to enhance brand visibility, including advertising in major urban areas and utilizing social media platforms [5] - Future consumer trends identified by the company include a focus on health, clean ingredients, and the preferences of Generation Z and the aging population [6] - Li Ziyuan plans to adopt a "young and diversified" brand strategy, aiming to create multiple growth curves through its main brand and a matrix of sub-brands [6]

2025年5月 证券代码：605337 证券简称：李子园 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 "李子转债"2025年第一次 债券持有人会议 会议资料 目 录 | "李子转债"2025年第一次债券持有人会议议程 1 | | --- | | "李子转债"2025年第一次债券持有人会议须知 2 | | 关于变更部分募集资金投资项目的议案 4 | 浙江李子园食品股份有限公司 "李子转债"2025年第一次债券持有人会议议程 一、召开会议的基本情况 （一）会议类型和届次："李子转债"2025年第一次债券持有人会议 （二）会议召集人：浙江李子园食品股份有限公司董事会 （三）会议表决方式：采用记名方式现场投票表决或通讯方式投票表决 （四）现场会议时间和地点 现场会议时间：2025年5月19日（星期一）上午 9:00 召开地点：浙江省金华市金东区丹溪东路1016号李子园科创大楼10楼会议 室 二、现场会议议程 （一） 主持人宣布会议开始，介绍本次债券持有人会议现场会议的出席情 况； 1 （二） 董事会秘书程伟忠宣读会议须知； （三） 通过推举会议监票人和计票人； （四） 会议审议事项： 1、 ...

证券代码：605337 证券简称：李子园 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年年度股东大会会议资料 2025年5月 | 2024年年度股东大会议程 | | 1 | | --- | --- | --- | | 2024年年度股东大会会议须知 | | 3 | | 关于2024年度董事会工作报告的议案 | | 5 | | 关于2024年度监事会工作报告的议案 | | 11 | | 关于2024年度独立董事述职报告的议案 | | 16 | | 关于2024年度财务决算报告的议案 | | 17 | | 关于2024年年度报告及其摘要的议案 | | 23 | | 关于2024年度利润分配预案的议案 | | 24 | | 关于续聘会计师事务所的议案 | | 26 | | 关于变更部分募集资金投资项目的议案 | | 30 | | 关于制定未来三年（2025-2027年度）股东分红回报规划的议案 | 38 | | | 关于公司2025年度董事薪酬的议案 | | 42 | | 关于公司2025年度监事薪酬的议案 | | 44 | | 关于回购注销2024年员工持股计划部分股份的议案 ...

李子园科创大楼 ◎记者 杨烨 郑俊婷 谭镕 浙江金华的晨雾里，飘荡着若有若无的乳香。 三十多年前，李国平踩着三轮车穿梭在江南街巷，用铁皮桶卖牛奶开启了自己的创业之路。没有人能够 想到，李国平掌舵的浙江李子园食品股份有限公司(简称"李子园")，会在二十多年后驶上资本赛道，成 为"甜牛奶第一股"。 一瓶甜牛奶，拉动的是产业链乃至区域经济。截至2024年末，李子园全国年产能突破30万吨，拥有浙江 金华、江西上高、云南曲靖等五大生产基地，形成"生产－渠道－品牌"的完整产业链，是当地的纳税大 户。 李子园的三十年，体现了草根浙商从"白手起家"到"独树一帜"的创业历程，印证了"专注主业"与"锐意 创新"并重的商业智慧。 1995年，金华市李子园食品有限公司成立。李子园创始人李国平发现，当时我国乳制品行业处于萌芽 阶段，人们对于健康和饮食十分重视。李国平决定进军相关赛道。这家集乳制品、含乳饮料及其他饮 料研发、生产、销售于一体的公司正式开启三十载的创业之路。 1998年，金华市李子园食品有限公司更名为金华市李子园牛奶有限公司，建立李子园工业园，这标志 着李子园规模化生产的 "犇"腾之路——李子园守正创新三十载启示录 □ 从 ...

Core Insights - Li Ziyuan has established itself as a leading brand in China's sweet milk beverage market, emphasizing product and channel positioning to cater to diverse consumer needs [2][3] - The company focuses on long-term value creation through innovation and sustainable practices, while maintaining a strong corporate culture that emphasizes family values and employee development [3][4] - Capital market engagement is seen as a new growth opportunity, with plans for industrial upgrades and potential mergers and acquisitions to enhance product quality and service [4] Company Strategy - Li Ziyuan has developed five production bases to control raw material procurement and production processes, enhancing scale efficiency and offering high-quality products at competitive prices [2] - The company prioritizes a distribution network that focuses on circulation channels, particularly in school ecosystems and breakfast scenarios, creating long-term competitive advantages [2] - Employee retention and development are key, with initiatives like stock incentives and internal promotions to reduce turnover and ensure operational efficiency [2][3] Future Outlook - The company plans to introduce a range of health-oriented products in response to evolving consumer trends, while continuing to deepen its focus on the sweet milk segment [4] - New sub-brands are in development, including VitaYoung for health-focused products and a national trend brand, Li Guifei, to diversify its product offerings [4] - The overarching goal is to build a century-old brand that delivers value to consumers and the market, aligning with the founder's philosophy of long-term sustainability over short-term profits [4]

中国经济网北京5月6日讯李子园（605337）(605337.SH)近日披露的2024年年度报告显示，公司去年实 现营业收入14.15亿元，同比增长0.22%；归属于上市公司股东的净利润2.24亿元，同比下降5.55%；归 属于上市公司股东的扣除非经常性损益的净利润2.07亿元，同比下降5.24%；经营活动产生的现金流量 净额3.60亿元，同比下降12.92%。 经计算，李子园首次公开发行及向不特定对象发行可转换公司债券募集资金总额合计13.76亿元。 李子园2025年第一季度报告显示，公司首季实现营业收入3.20亿元，同比下降4.30%；归属于上市公司 股东的净利润6616.55万元，同比增长16.17%；归属于上市公司股东的扣除非经常性损益的净利润 6178.58万元，同比增长5.11%；经营活动产生的现金流量净额1.31亿元，同比增长62.12%。 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减变动幅度(%) | | 营业收入 | 319,977,088.07 | 334.364.152.28 | -4.30 | ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue for 2024 is expected to be 1.415 billion yuan, showing a slight increase of 0.22% year-on-year, while the net profit attributable to shareholders is projected to be 224 million yuan, a decrease of 5.55% year-on-year [8] - The company has maintained a stable profitability with a gross margin of 29.1% in 2024, an increase of 3.24 percentage points year-on-year, primarily due to declining raw material costs [8] - The company is focusing on product upgrades and channel expansion, particularly in the sweet milk series and new vitamin water products, which are expected to enhance profitability [8] Financial Summary - Total revenue forecast for 2024 is 1.415 billion yuan, with a projected growth of 8.69% in 2025 [1] - The net profit attributable to shareholders is expected to reach 254 million yuan in 2025, reflecting a year-on-year growth of 13% [1] - The earnings per share (EPS) is projected to be 0.64 yuan in 2025, with a price-to-earnings (P/E) ratio of 19.43 times [1] - The company plans to distribute a cash dividend of 184 million yuan in 2024, with a cash dividend rate of approximately 87% [8]

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-026 | | --- | --- | --- | | 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召开 2024年年报及2025年第一季度业绩说明会的公告 会议召开时间：2025 年 05 月 12 日（星期一）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 05 月 12 日 前 访 问 网 址 https://eseb.cn/1nRTQC6UKsw 或使用微信扫描下方小程序码进行会前提问， 公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注 的问题进行回答。 公司 2024 年度及 2025 年第一季度经营成果、发展战略等情况，公司计划于 2025 年 05 月 12 日（星期一）10:00-11:00 在"价值在线"（www.ir-online.cn）举办浙 江李子园食品股份有限公司 2024 年年报及 2025 年第一季度业绩说明会，与投资 者进行沟 ...

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

Group 1 - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling approximately 193.74 million yuan, which accounts for 86.57% of the net profit attributable to shareholders [4][5] - The company reported a revenue of approximately 1.42 billion yuan for 2024, a year-on-year increase of 0.22%, while the net profit attributable to the parent company decreased by 5.24% to approximately 207.31 million yuan [10] - The company is a leader in the dairy beverage industry, holding nearly 50% market share in sweet milk beverages, with the market size of the dairy beverage industry expected to grow from 143.21 billion yuan in 2023 to 169.66 billion yuan by 2027, reflecting a compound annual growth rate of 4.3% [7][8] Group 2 - The food and beverage industry is expected to remain stable despite macroeconomic pressures, with essential consumer goods showing resilience and a projected GDP growth of 5.0% in 2024 [6] - The beverage industry achieved a record production of 188 million tons in 2024, with significant growth in health-oriented beverage categories [7] - The company has introduced new product lines, including plant-based protein drinks and high-vitamin water, to cater to the growing demand for healthier options among younger consumers [8] Group 3 - The company has established a specialized account for managing raised funds, ensuring compliance with relevant regulations and protecting investor interests [55][60] - The company has utilized part of its idle raised funds for cash management, amounting to 15 million yuan from the initial public offering and 28 million yuan from convertible bonds [69][72] - The company has completed several fundraising projects, reallocating surplus funds to other investment projects, including a total of 6.16 million yuan for permanent working capital [74]