Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company's 2024 performance is expected to meet forecasts, with revenue projected at 1.415 billion yuan, a year-on-year increase of 0.22%, and net profit at 224 million yuan, a decrease of 5.55% year-on-year [2][5] - The company is actively exploring new channels such as e-commerce, which saw a revenue increase of 90.46% in 2024, contributing to 5.4% of total revenue [3][5] - The new management is focusing on product innovation to attract younger consumers, with new products like AD Calcium Milk and Vitamin Water being introduced [5] Financial Performance Summary - For 2024, the company expects a net profit margin of 15.8%, down 1.0 percentage points year-on-year, but with a gross margin increase of 3.2 percentage points due to lower raw material costs [4] - The company plans to maintain a high dividend payout ratio of 87%, up 6 percentage points year-on-year, and intends to repurchase 4.33 million shares [2][4] - Revenue growth is projected at 5% for 2025, 6% for 2026, and 6% for 2027, with net profit growth of 14%, 11%, and 8% respectively [5] Product and Regional Performance - In 2024, the revenue from dairy beverages is expected to be 1.354 billion yuan, a decrease of 2% year-on-year, while other income is projected to increase by 128% [3] - Revenue from different regions shows mixed results, with East China remaining stable, while Central China and Northeast China experienced significant declines [3] Valuation Metrics - The company is projected to have a price-to-earnings (P/E) ratio of 20X for 2025, 18X for 2026, and 17X for 2027 [5] - The estimated earnings per share (EPS) for 2025 is 0.65 yuan, increasing to 0.78 yuan by 2027 [7][5]

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company's 2024 performance is expected to meet forecasts, with revenue projected at 1.415 billion yuan, a year-on-year increase of 0.22%, and net profit at 224 million yuan, a year-on-year decrease of 5.55% [2][5] - The company is actively exploring new channels such as e-commerce, which saw a revenue increase of 90.46% in 2024, contributing to 5.4% of total revenue [3][5] - The new management is focusing on product innovation to attract younger consumers, with new products like AD Calcium Milk and Vitamin Water being introduced [5] Financial Performance Summary - For 2024, the company expects a net profit margin of 15.8%, down 1.0 percentage points year-on-year, but with a gross margin increase of 3.2 percentage points due to lower raw material costs [4] - The company plans to maintain a high dividend payout ratio of 87%, which is an increase of 6 percentage points year-on-year [2] - The projected revenue growth rates for 2025-2027 are 5%, 6%, and 6%, respectively, with net profit growth rates of 14%, 11%, and 8% [5] Product and Regional Performance - In terms of product performance, the revenue from dairy beverages is expected to decline by 2% in 2024, while other categories are projected to grow by 128% [3] - Regionally, the company expects stable performance in East and Southwest China, while Central and Northeast regions are experiencing significant declines [3] Valuation Metrics - The projected P/E ratios for 2025-2027 are 20X, 18X, and 17X, respectively, indicating a favorable valuation outlook [5] - The company's total market capitalization is approximately 5.16 billion yuan, with a current share price of 13.08 yuan [9]

Core Viewpoint - The article discusses the ongoing transformation and product diversification efforts of Li Ziyuan, a listed company, under the leadership of the second-generation successor Li Boxiong, who aims to alleviate the company's growth stagnation and anxiety through frequent new product launches and brand upgrades [1][8][26]. Product Diversification - Li Ziyuan has initiated a product diversification strategy, launching new products such as upgraded AD Calcium Milk and the new VitaYoung vitamin water, with the latter featuring three flavors and a focus on vitamin functionality [2][11]. - The company has also expanded its fruit and vegetable juice product line with new offerings like corn juice and pomelo juice [2][6]. - In the latter half of 2024, Li Ziyuan plans to introduce additional product lines, including sparkling milk and plant-based protein drinks [6][10]. Growth Anxiety - The frequent introduction of new products is driven by Li Ziyuan's growth anxiety, as the company has faced stagnant revenue growth since its peak in 2021, with net profits fluctuating back to pre-IPO levels [9][26]. - The need to diversify away from reliance on sweet milk products is emphasized, as the company has been experiencing stagnation for three years, with a slight decline in performance from 2022 to 2024 [26][27]. Market Competition and Challenges - The upgraded AD Calcium Milk faces significant challenges in competing with established products like Wahaha's AD Calcium Milk, which has over 20 years of market presence [11][13]. - VitaYoung vitamin water, while positioned as a functional beverage, must contend with strong competitors such as Midea and Nongfu Spring, which dominate the vitamin drink market [14][20]. - The article highlights that simply launching new products may not resolve the current growth issues, especially if many of these products are imitative and lack strong market competitiveness [10][30]. Strategic Focus - Li Ziyuan's strategy involves clarifying its product direction, focusing on either extending its dairy product line or diversifying into beverage categories [10][31]. - The company aims to build a multi-product line and brand strategy, moving beyond its core sweet milk product to ensure sustainable growth [27][31]. - The article suggests that developing unique, high-potential products and enhancing brand building capabilities are critical for Li Ziyuan's success in its diversification efforts [32][33]. Future Directions - The company is exploring the possibility of becoming a supplier of private label products for retailers, leveraging its existing R&D and supply chain capabilities [34].

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 ...

Core Viewpoint - The article highlights the journey of Liziyuan from a small dairy operation to a leading player in the dairy industry, emphasizing its commitment to quality, innovation, and community engagement over the past 30 years [5][6][9]. Company History and Growth - Founded in 1995 by Li Guoping, Liziyuan started with three cows and has grown into a significant player in the dairy sector, with a production capacity exceeding 300,000 tons by the end of 2024 [5][6][9]. - The company underwent a name change in 1998 and established its industrial park, marking a pivotal step towards large-scale production [5][6]. - Liziyuan's sales surged to 430 million yuan in 2003, establishing it as a regional brand in the domestic dairy market [7]. Challenges and Resilience - The company faced significant challenges during the 2008 melamine scandal and the financial crisis, leading to a decline in sales and losses [8]. - Despite these difficulties, Liziyuan maintained employee wages and supplier payments, focusing on survival and market penetration through cost-effective products [8]. Financial Performance - Liziyuan went public in February 2021, becoming the "first stock of sweet milk," and has seen substantial growth in total assets, reaching 2.99 billion yuan by the end of 2024, with a compound annual growth rate of 27.35% since 2020 [9][10]. - The company has consistently increased its dividend payout ratio, reaching 80.32% in 2023, reflecting its commitment to shareholder value [10]. Business Strategy and Innovation - Liziyuan's success is attributed to its focus on core business, quality, and consumer relationships, which are seen as its competitive advantages [6][11]. - The company has developed a comprehensive supply chain and quality management system, ensuring product safety and freshness [12][13]. - Recent innovations include the launch of a zero-sugar milk series and a plant-based milk product, expanding its product range to meet diverse consumer needs [16][17]. Future Outlook - With the next generation of leadership under Li Bosheng, Liziyuan is poised for further growth, focusing on brand rejuvenation and targeting younger consumers [15][16]. - The company plans to enhance its production capacity and product offerings, aiming to become a leader in the health beverage sector [17].

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]