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]

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-072 | | --- | --- | --- | | 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 关于实施 2025 年半年度权益分派时"李子转债"停止 转股暨转股价格调整的提示性公告 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： （二）公司 2025 年半年度利润分配方案已经 2025 年 9 月 12 日召开的 2025 年第二次临时股东大会审议通过，具体内容详见公司于 2025 年 9 月 13 日在上海 证券报及上海证券交易所网站（www.sse.com.cn）披露的《公司 2025 年第二次临 时股东大会决议公告》（公告编号：2025-067），以及 2025 年 8 月 27 日在上海证 券交易所网站（www.sse.com.cn）披露的《公司关于 2025 年半年度利润分配预案 的公告》（公告编号：2025-054）。 （三）本次权益分派方案实施后，公司将根据《浙江李子园食品股份有 ...

Market Overview - The beverage and dairy sector increased by 0.38% on September 24, with Yangyuan Beverage leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Qiaoyuan Beverage (603156) saw a significant rise of 9.98%, closing at 23.25 with a trading volume of 141,000 shares and a transaction value of 318 million [1] - Other notable performers included Yili Co. (600887) with a slight increase of 0.11% and a transaction value of 946 million, and Miao Ke Lan Duo (600882) which rose by 2.11% with a transaction value of 226 million [2] Capital Flow - The beverage and dairy sector experienced a net inflow of 63.06 million from institutional investors, while retail investors saw a net outflow of 35.84 million [2] - Major stocks like Yangyuan Beverage had a net inflow of 70.31 million from institutional investors, indicating strong institutional interest [3] Individual Stock Analysis - Yangyuan Beverage (603156) had a net institutional inflow of 70.31 million, representing 22.08% of its trading volume, while retail investors showed a net outflow of 38.08 million [3] - Miao Ke Lan Duo (600882) also attracted institutional investment with a net inflow of 13.06 million, but faced a retail outflow of 1.25 million [3]

Core Viewpoint - Li Ziyuan has terminated a planned investment of 200 million yuan in a dairy beverage production line in Yunnan, citing "land planning and industrial planning" as reasons, while industry insiders believe it is related to declining revenue and underutilization of existing capacity [1][2] Group 1: Project Termination - The terminated project was planned since 2022, involving the construction of three sterile filling production lines for dairy beverages with a total investment of approximately 200 million yuan [2] - The termination was officially announced on September 12, 2023, through an agreement with the local government, emphasizing the need to optimize resource allocation and reduce investment risks [2] Group 2: Capacity and Utilization - As of last year, Li Ziyuan's total production capacity across five factories was 375,900 tons, with an actual utilization of 248,800 tons, resulting in a capacity utilization rate of only 66% [1][4] - The company has ongoing projects with a planned investment of 1.58 billion yuan, aiming to increase total capacity to 592,600 tons by 2029, representing a 58% increase compared to 2024 [3] Group 3: Revenue and Market Challenges - The core revenue source for Li Ziyuan, dairy beverages, has faced significant pressure, with revenue for this segment declining by 11.19% year-on-year to approximately 583 million yuan in the first half of 2025 [4] - The company is attempting to diversify its product offerings, including new products like AD calcium milk and vitamin water, to mitigate reliance on a single category [5] Group 4: Strategic Shift to Milk Powder - Li Ziyuan plans to invest 320 million yuan in a new project in Ningxia to produce whole and skim milk powder, indicating a strategic shift to explore a "second growth curve" [1][5] - The milk powder market is highly competitive, with established players like Yili and Mengniu already present, raising concerns about Li Ziyuan's ability to penetrate this market effectively [5]

Core Viewpoint - Li Ziyuan has announced the termination of a planned 200 million yuan investment in a dairy beverage production line in Yunnan, citing "land planning and industrial planning" as reasons, while industry insiders attribute it to declining revenue and underutilization of existing capacity [2][3][4] Group 1: Project Termination - The terminated project was planned since 2022, involving the construction of three sterile filling production lines for dairy beverages with a total investment of approximately 200 million yuan [3] - The agreement to terminate the project was signed on September 12, 2023, with a mutual understanding to negotiate the termination by September 12, 2025 [3] - The decision to halt the project was made to optimize resource allocation, reduce investment risks, and protect the interests of the company and its shareholders [4] Group 2: Capacity and Utilization - As of 2024, Li Ziyuan has a total production capacity of 375,900 tons across five factories, but the actual capacity utilized is only 248,800 tons, resulting in a capacity utilization rate of 66% [2][6] - The company has been expanding its production capacity since its A-share market debut in 2021, raising a total of 1.376 billion yuan for capacity expansion projects [4][5] Group 3: Revenue and Market Challenges - The core revenue source for Li Ziyuan, dairy beverages, has faced pressure, with revenue for this segment dropping by 11.19% year-on-year to approximately 583 million yuan in the first half of the year [6] - The company is attempting to diversify its product offerings to mitigate reliance on a single category, with plans to enter the milk powder market amid fierce competition [6][7] Group 4: Future Investments - Li Ziyuan plans to invest 320 million yuan in a new project in Ningxia, focusing on the production of whole and skim milk powder, among other dairy products [7] - The company aims to leverage its existing production management systems and resources to navigate the competitive landscape of the milk powder market [8]

Market Overview - The beverage and dairy sector experienced a decline of 1.94% on September 22, with Huanlejia leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Huanlejia (300997) closed at 18.20, down 5.99% with a trading volume of 151,400 shares and a turnover of 283 million yuan [1] - Dongpeng Beverage (605499) closed at 287.85, down 3.84% with a trading volume of 26,500 shares and a turnover of 769 million yuan [1] - Panda Dairy (300898) closed at 27.63, down 3.09% with a trading volume of 44,300 shares and a turnover of 123 million yuan [1] - Junuan Health (605388) closed at 7.71, down 3.02% with a trading volume of 144,800 shares and a turnover of 112 million yuan [1] - Liziyuan (605337) closed at 12.89, down 2.86% with a trading volume of 66,300 shares and a turnover of 85.84 million yuan [1] - Zhuangyuan Pasture (002910) closed at 9.27, down 2.83% with a trading volume of 50,600 shares and a turnover of 47.11 million yuan [1] - Knight Dairy (832786) closed at 10.26, down 2.56% with a trading volume of 76,100 shares and a turnover of 78.86 million yuan [1] - Pinwu Food (300892) closed at 35.86, down 2.40% with a trading volume of 35,500 shares and a turnover of 127 million yuan [1] - Western Pasture (300106) closed at 11.22, down 2.35% with a trading volume of 80,300 shares and a turnover of 90.43 million yuan [1] - New Dairy (002946) closed at 16.91, down 1.97% with a trading volume of 84,100 shares and a turnover of 142 million yuan [1] Capital Flow Analysis - The beverage and dairy sector saw a net outflow of 255 million yuan from institutional investors, while retail investors had a net inflow of 216 million yuan [1] - The sector experienced a net inflow of 39.29 million yuan from speculative funds [1] Individual Stock Capital Flow - Yili Group (600887) had a net inflow of 17.86 million yuan from institutional investors, while retail investors saw a net outflow of 78.97 million yuan [2] - Yangyuan Beverage (603156) had a net inflow of 2.57 million yuan from institutional investors, with retail investors experiencing a net outflow of 5.63 million yuan [2] - Tianrun Dairy (600419) had a net outflow of 0.76 million yuan from institutional investors, while retail investors had a net outflow of 2.20 million yuan [2] - Sanyuan Foods (600429) had a net outflow of 2.32 million yuan from institutional investors, with retail investors experiencing a net outflow of 1.70 million yuan [2] - Xiangpiaopiao (603711) had a significant net outflow of 5.23 million yuan from institutional investors, while retail investors had a net inflow of 4.24 million yuan [2]

Market Overview - The beverage and dairy sector increased by 0.14% on September 19, with Tianrun Dairy leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Tianrun Dairy (600419) closed at 10.28, up 1.78% with a trading volume of 87,600 shares and a transaction value of 89.67 million yuan [1] - Dongpeng Beverage (605499) closed at 299.34, up 1.25% with a trading volume of 22,700 shares and a transaction value of 678 million yuan [1] - Yangyuan Beverage (603156) closed at 21.24, up 0.81% with a trading volume of 21,700 shares and a transaction value of 45.78 million yuan [1] - Other notable stocks include Xibu Muye (300106) at 11.49 (+0.70%) and Liziyuan (605337) at 13.27 (+0.53%) [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 157 million yuan from institutional investors, while retail investors saw a net inflow of 138 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Dongpeng Beverage saw a net inflow of 72.40 million yuan from institutional investors, while it experienced a net outflow of 51.02 million yuan from speculative funds [3] - Xibu Muye had a net inflow of 20.37 million yuan from institutional investors, but a net outflow of 2.29 million yuan from retail investors [3] - Tianrun Dairy had a net inflow of 4.29 million yuan from institutional investors, with a net outflow of 5.49 million yuan from retail investors [3]

Core Viewpoint - Li Ziyuan has announced the termination of its wholly-owned subsidiary's external investment due to declining sales and low capacity utilization, while still maintaining several ongoing construction projects with a total budget of 1.58 billion yuan [1][3][4]. Group 1: Investment and Capacity - The terminated capacity project was planned since 2022, with an initial investment of approximately 200 million yuan for three sterile filling production lines [2]. - As of 2024, Li Ziyuan has five factories with a total capacity of 375,900 tons, but the actual utilization is only 248,800 tons, resulting in a capacity utilization rate of 66% [3]. - The company has ongoing projects with a total budget of 1.58 billion yuan, and by 2029, the capacity is expected to increase by 58% to 592,600 tons [3]. Group 2: Sales Performance - Li Ziyuan's revenue from dairy beverages has stagnated since 2022, with a significant decline of 11.19% in the first half of this year [3][6]. - The company relies heavily on sweet milk products, which account for about 90% of its main business revenue, making it vulnerable to market changes [7]. - Sales in key markets such as East China and Central China have declined, with a drop exceeding 10% in some areas [7]. Group 3: Product Innovation and Costs - To address product aging, Li Ziyuan is launching new products, including flavored milk and nutrient drinks, with a total investment of 320 million yuan in a deep processing project [8]. - The sales expense ratio has increased from around 12% to nearly 15% in the first half of this year, which offsets the gross margin improvement from lower raw material costs [8]. - The gross margin is expected to increase by 3.23 percentage points in 2024, while the net margin is projected to decline by nearly 1 percentage point [8].