Core Insights - The beverage and dairy sector experienced a 2.4% increase on October 10, with Zhuangyuan Pasture leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Sector Performance - Zhuangyuan Pasture (002910) closed at 11.95, up 10.04% with a trading volume of 259,800 shares and a transaction value of 307 million yuan [1] - Yangyuan Beverage (603156) also saw a significant increase, closing at 34.42, up 10.00% with a trading volume of 377,700 shares and a transaction value of 1.255 billion yuan [1] - Other notable performers included Knight Dairy (920786) with a 3.43% increase, and Xirong Technology (300915) with a 3.42% increase [1] Capital Flow - The beverage and dairy sector saw a net inflow of 341 million yuan from institutional investors, while retail investors experienced a net outflow of 271 million yuan [2] - The main capital inflow and outflow for key companies were detailed, with Yili Group (600887) showing a net inflow of 1.55 billion yuan from institutional investors [3] - Zhuangyuan Pasture had a net inflow of 176 million yuan from institutional investors, while retail investors showed a net outflow of 719,230 yuan [3]

10月10日，李子园盘中上涨2.07%，截至09:53，报12.80元/股，成交2443.55万元，换手率0.49%，总市 值49.93亿元。 资金流向方面，主力资金净流入90.71万元，大单买入249.06万元，占比10.19%，卖出158.36万元，占比 6.48%。 李子园今年以来股价涨18.53%，近5个交易日涨3.48%，近20日跌6.50%，近60日涨0.00%。 今年以来李子园已经1次登上龙虎榜，最近一次登上龙虎榜为4月17日，当日龙虎榜净买入-370.08万 元；买入总计4519.83万元 ，占总成交额比8.25%；卖出总计4889.91万元 ，占总成交额比8.93%。 资料显示，浙江李子园食品股份有限公司位于浙江省金华市金东区丹溪东路1016号李子园科创大楼，成 立日期1994年10月22日，上市日期2021年2月8日，公司主营业务涉及甜牛奶乳饮料系列等含乳饮料和其 他饮料的研发、生产与销售。主营业务收入构成为：含乳饮料93.76%，其他4.86%，乳味风味饮料 0.73%，其他(补充)0.47%，复合蛋白饮料0.17%。 李子园所属申万行业为：食品饮料-饮料乳品-软饮料。所属概念板块包括： ...

Core Insights - The beverage and dairy sector experienced a rise of 0.66% on October 9, with Zhuangyuan Pastoral leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Zhuangyuan Pastoral (002910) closed at 10.86, with a significant increase of 10.03%, trading volume of 239,000 shares, and a transaction value of 254 million [1] - Qiaoyuan Beverage (603156) saw a rise of 6.18%, closing at 31.29, with a trading volume of 328,100 shares and a transaction value of 1.042 billion [1] - Panda Dairy (300898) increased by 1.79%, closing at 26.09, with a trading volume of 30,800 shares and a transaction value of 79.09 million [1] - Yili Group (600887) rose by 1.28%, closing at 27.63, with a trading volume of 711,500 shares and a transaction value of 1.94 billion [1] - Tianrun Dairy (600419) and Beingmate (002570) also showed modest increases of 1.18% and 1.13%, respectively [1] Capital Flow - The beverage and dairy sector saw a net inflow of 47.31 million from institutional investors, while retail investors experienced a net outflow of 1.09 billion [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, despite the outflow from retail investors [2]

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-073 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 本季度转股情况：自 2025 年 7 月 1 日至 2025 年 9 月 30 日期间，共有人 民币 11,000 元"李子转债"转换为公司普通股股票，因转股形成的股份数量为 537 股。 一、可转债发行上市概况 （一）可转债发行情况 浙江李子园食品股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：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（以下简称"李子转债"）自 2023 年 12 月 28 日起开始转股，截至 2025 年 9 月 30 日，累计共有人民币 62,000 元"李子转债"转换为公司普通股股票， 累计转股股数为 3,173 股，占"李子转债"转股前公司已发行股份总额的 0.0008%。 未转股可转债情况：截至 2025 年 9 月 30 日 ...

浙江李子园食品股份有限公司发布可转债转股结果暨股份变动公告。"李子转债"自2023年12月28日起转 股，截至2025年9月30日，累计6.2万元"李子转债"转股，累计转股3173股，占转股前已发行股份总额的 0.0008%；尚未转股金额5.99938亿元，占发行总量的99.9897%。本季度（2025年7月1日至9月30日）， 1.1万元"李子转债"转股，形成股份537股。此外，因2023 - 2024年度权益分派及回购注销股份等，转股 价格从初始的19.47元/股调整为18.61元/股。股本方面，变动后总股本为390,102,273股。 ...

Core Insights - The beverage and dairy sector experienced a rise of 1.35% on September 30, with Dongpeng Beverage leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Sector Performance - Dongpeng Beverage (605499) closed at 303.80, up 4.56% with a trading volume of 30,800 lots and a transaction value of 260.6 million [1] - Liziyuan (605337) closed at 12.76, up 3.24% with a trading volume of 89,700 lots and a transaction value of 113 million [1] - Zhuangyuan Pasture (002910) closed at 9.87, up 2.39% with a trading volume of 55,800 lots and a transaction value of 54.32 million [1] - Other notable performers include Miaokelan (600882) up 1.33% and Wewei (600300) up 1.21% [1] Capital Flow - The beverage and dairy sector saw a net inflow of 61.14 million from main funds, while retail funds experienced a net outflow of 52.40 million [2] - Main funds showed significant inflows into Yili (600887) with 84.83 million and Dongpeng Beverage with 80.06 million [3] - Liziyuan (605337) also attracted 15.31 million from main funds, indicating strong institutional interest [3]

9月30日，李子园盘中上涨2.27%，截至13:56，报12.64元/股，成交4950.41万元，换手率1.02%，总市值 49.31亿元。 资金流向方面，主力资金净流入45.25万元，大单买入713.53万元，占比14.41%，卖出668.28万元，占比 13.50%。 李子园今年以来股价涨17.05%，近5个交易日涨1.53%，近20日跌8.27%，近60日跌1.33%。 今年以来李子园已经1次登上龙虎榜，最近一次登上龙虎榜为4月17日，当日龙虎榜净买入-370.08万 元；买入总计4519.83万元 ，占总成交额比8.25%；卖出总计4889.91万元 ，占总成交额比8.93%。 资料显示，浙江李子园食品股份有限公司位于浙江省金华市金东区丹溪东路1016号李子园科创大楼，成 立日期1994年10月22日，上市日期2021年2月8日，公司主营业务涉及甜牛奶乳饮料系列等含乳饮料和其 他饮料的研发、生产与销售。主营业务收入构成为：含乳饮料93.76%，其他4.86%，乳味风味饮料 0.73%，其他(补充)0.47%，复合蛋白饮料0.17%。 李子园所属申万行业为：食品饮料-饮料乳品-软饮料。所属概念板块包括： ...

Market Overview - The beverage and dairy sector increased by 0.9% on September 29, with Yangyuan Beverage leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Key stocks in the beverage and dairy sector showed varied performance, with notable gainers including: - Chi Yuan Beverage (603156) at 30.30, up 7.68% with a trading volume of 446,200 shares and a turnover of 1.337 billion [1] - Dongpeng Beverage (605499) at 290.55, up 1.75% with a trading volume of 16,700 shares and a turnover of 480 million [1] - Other stocks like Zhuangyuan Pasture (002910) and Huangshi Group (002329) also saw modest increases of 1.47% and 1.13% respectively [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 224 million from institutional investors, while retail investors saw a net inflow of 135 million [2] - Notable capital flows included: - Institutional net inflow for Dongpeng Beverage at 56.24 million, while retail saw a net outflow of 55.29 million [3] - Bright Dairy (600597) had a net inflow of 9.92 million from institutional investors, with retail outflows totaling 8.16 million [3]

目 录 浙江李子园食品股份有限公司 2025年第三次临时股东会议程 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 2025年第三次临时股东会会议资料 2025年10月 | 2025年第三次临时股东会议程 | 1 | | --- | --- | | 2025年第三次临时股东会会议须知 | 3 | | 关于董事会换届选举第四届董事会非独立董事的议案 | 5 | | 关于董事会换届选举第四届董事会独立董事的议案 | 9 | 一、召开会议的基本情况 （一）股东会类型和届次：2025年第三次临时股东会 （二）会议召集人：浙江李子园食品股份有限公司董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025年10月13日 14点30分 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 （五）网络投票的系统、起止日期和投票时间 网络投票系统：采用上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年10月13日 至2025年10月13日 ...

Core Viewpoint - Li Ziyuan has announced the termination of a 200 million yuan dairy beverage project in Yunnan due to objective factors such as land and industrial planning, reflecting a cautious approach to capacity expansion amid declining demand for high-sugar dairy products [1][4][5] Company Summary - Li Ziyuan's core product, high-sugar dairy beverages, is facing significant market challenges, with revenue from dairy beverages declining for two consecutive years [4][6] - As of the first half of 2025, the company's dairy beverage revenue was 583 million yuan, down 11.19% year-on-year, accounting for 93.8% of total revenue [6] - The company has five ongoing projects with a total budget of 1.58 billion yuan, expecting capacity to reach 592,600 tons by 2029, a 58% increase from 2024 [5][12] - The company is experiencing a decline in core markets, with revenue in East and Central China dropping by 8.12% and 6.65%, respectively, and a net reduction of 415 distributors [6] Industry Summary - The health consumption trend has led to a shift away from high-sugar beverages, with nearly 80% of consumers now considering sugar content when purchasing drinks [6][7] - The ready-to-drink tea and low-temperature fresh milk markets are gaining popularity, with the ready-to-drink tea market expected to grow at a compound annual growth rate of 17.3% from 2023 to 2028 [7] - Li Ziyuan's production capacity utilization is low, with an overall utilization rate of only 66% as of 2024, highlighting the issue of overcapacity in the context of changing consumer preferences [7][8] Financial Summary - Li Ziyuan's interest-bearing debt reached 757 million yuan as of the first half of 2025, a year-on-year increase of 30.79%, with an interest-bearing asset-liability ratio of 24.66% [8] - The company's gross margin has declined by 1.0 percentage points to 15.8% due to rising raw material costs, particularly from imported whole milk powder [8] - New product lines, including plant-based protein drinks and vitamin beverages, have not yet contributed significantly to revenue, with total revenue from non-dairy beverages at 35.83 million yuan in the first half of 2025 [9][11] Strategic Initiatives - To address supply chain risks, Li Ziyuan is investing 320 million yuan in a deep processing project for raw milk in Ningxia, aiming to reduce reliance on imports [8] - The company is also focusing on brand rejuvenation and expanding into new sales channels, with e-commerce revenue growing by 90.5% in 2024 [11] - Despite these efforts, traditional distribution channels still account for 95% of revenue, indicating a long road ahead for channel transformation [11]