| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-005 | | --- | --- | --- | | 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 关于全资子公司完成工商变更登记并换发 营业执照的公告 本公司董事会、全体董事及相关股东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"）全资子公司浙江李子园 贸易有限公司（以下简称"贸易公司"）因经营发展需要，对其法定代表人及住 所进行了变更。 二、营业执照信息 变更登记后，贸易公司《营业执照》的相关信息如下： 1、统一社会信用代码：91330703MA28D5NU4M 2、企业名称：浙江李子园贸易有限公司 3、类型：有限责任公司（自然人投资或控股的法人独资） 4、住所：浙江省金华市金东区多湖街道丹溪东路1016号李子园科创大楼7 楼 5、法定代表人：李博胜 6、注册资本：壹仟万元整 现贸易公司已完成了上述工商变更登记手续，并取得了金华市金东区市场 监督管理局换发的《营业执照》。本次变更的具体信 ...

Company and Industry Summary Company Overview - The company is expected to achieve double-digit revenue growth for the full year 2025, with a slight recovery in the first quarter, showing a year-on-year increase of 3-5 percentage points. The gross margin remains high, and profitability continues the trend from the fourth quarter [2][4]. Key Points Revenue and Growth Expectations - The company has set a high stock incentive target of 18% revenue growth, but due to unmet targets in previous years, the compound growth goal may still have a gap. The immediate goal is to achieve a 10% growth target [2][5]. - The company anticipates a stable consumer environment and national guidance to restore confidence, aiming for double-digit revenue growth [4]. Product Launches and Innovations - The company plans to launch the M beverage series and supplement its product line with dairy beverages and nutrient water (containing vitamins B, C, and E). Last year's new products, such as the Five Black series, generated sales of tens of millions, with some products exceeding 100 million in sales over the past two years [2][8]. - Nutrient water is targeted at young consumers, emphasizing health without additives, preservatives, or sugars, and is priced around five yuan for a 500ml bottle [9]. Inventory and Supply Chain Management - The company maintains a healthy inventory level of around 20 days and does not encourage stockpiling through incentives, ensuring product freshness and market movement [2][7]. Sales and Marketing Strategy - The sales team has undergone a youth-oriented and flat management restructuring, eliminating regional manager layers to enhance efficiency and optimize customer structure by clearing inactive clients and recruiting new ones [2][13][14]. - The company will reduce advertising budgets, focusing more on market terminal image and promotional activities, with overall expenses expected to decrease by about one percentage point compared to last year [22][26]. Channel Performance and Market Dynamics - The distribution channels are dominated by the circulation channel, accounting for over 50%, with breakfast at 18-19%, and e-commerce at about 5-6%. The circulation channel saw a decline last year, while snack wholesale and e-commerce channels experienced significant growth [3][17][18]. - The company expects at least 30% growth in snack wholesale and e-commerce channels this year, with breakfast and small dining channels also projected to grow by over 20% [19]. Financial Performance and Cost Management - The gross margin is expected to remain high, with a projected decrease in milk powder prices by 5-10 percentage points this year due to increased domestic milk powder usage [22][23]. - The company plans to maintain an 80% dividend payout ratio, consistent with previous years, supported by good cash flow and profitability [33]. Consumer Demographics - The core consumer demographic ranges from teenagers to those in their 30s, primarily consisting of students and young working professionals [31]. Production Capacity and Utilization - Current production capacity utilization is around 60%, indicating significant room for future capacity release [32]. Future Outlook - The company expresses confidence in achieving growth this year due to channel adjustments, new product launches, and a younger workforce, although further observation is needed to confirm trends [35].

公司于 2024 年 12 月 30 日召开第三届董事会第二十次会议，逐项审议通过《关 于聘任公司高级管理人员的议案》，同意聘任李博胜先生为公司总经理。具体内容详 见公司于 2024 年 12 月 31 日在上海证券交易所网站（www.sse.com.cn）上发布的《浙 江李子园食品股份有限公司关于变更部分董事、监事及高级管理人员的公告》（公告 编号：2024-091）。 根据修订后的《公司章程》规定，总经理为公司的法定代表人，公司法定代表人 由李国平先生变更为李博胜先生。近日，公司已完成《公司章程》备案及变更法定代 表人手续，并已取得浙江省市场监督管理局换发的《营业执照》，相关登记信息如下： 1、统一社会信用代码：9133070314730958XR | 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-004 | | --- | --- | --- | | 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 关于完成工商变更登记并换发营业执照的公告 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 ...

Summary of the Conference Call for Liziyuan Company Overview - The conference call discusses Liziyuan, a company in the beverage industry, focusing on its performance in 2024 and plans for 2025 [2][3]. Key Points and Arguments 2024 Performance - The company achieved revenue growth in 2024, but it fell short of expectations due to a significant decline in traditional distribution channels impacted by weak consumer demand [2][3]. - The company mitigated this decline by entering the snack wholesale channel and enhancing e-commerce efforts, with snack wholesale channel revenue increasing from tens of millions to around 80-90 million [2][5]. - E-commerce channels saw a doubling in revenue, contributing to overall stability [2][5]. Channel Strategy - In 2024, the company focused on breakfast and small dining channels, with plans to implement channel-specific management in 2025 to improve product promotion and cost efficiency [2][10]. - Traditional distribution channels still account for 50%-60% of revenue, while emerging channels like snack wholesale have shown significant growth, with breakfast and small dining channels making up about 20% and e-commerce around 5%-6% [2][9]. 2025 Growth Plans - The company aims for over 100% growth in 2025, focusing on maintaining momentum in snack wholesale and e-commerce while breaking into breakfast and small dining channels [2][10]. - The strategy includes channel-specific management to enhance market penetration and promotional effectiveness [10]. Cost Management - The cost of bulk powder procurement is at a low level, expected to remain low in 2025, ensuring high gross margins [2][12]. - Stable prices for sugar and packaging materials have limited their impact on overall costs [2][13]. - The company plans to continue cost-cutting measures and improve efficiency through channel management, reducing traditional media advertising expenditures [2][14]. New Product Development - New products, such as zero-sugar beverages and sparkling milk, have not performed as well as expected, contributing only 5-6% to annual revenue [2][16][17]. - Future product development will focus on dairy and other beverages, with plans to introduce health-oriented products in 2025 [2][16]. Regional Market Performance - The East China market remains stable, accounting for over 50% of sales, while the Southwest region has shown growth [2][22]. - The company plans to focus on East China, Southwest, and South China markets while managing peripheral markets with a more relaxed approach [2][22]. Competitive Landscape - The competition in the dairy beverage industry is intense, with pressure from other food and beverage sectors, including juice and tea products [2][23]. Financial Outlook - The company maintained a dividend payout ratio of around 80% in 2024, with similar expectations for 2025 due to strong cash flow [2][25]. - Current production capacity utilization is low at 60%-70%, indicating potential for significant cost reductions if capacity is fully utilized [2][25]. Demand Expectations - Demand in 2025 is expected to remain stable, with the company optimistic about exceeding targets through refined channel management [2][26][27]. Additional Important Insights - The company is actively monitoring inventory levels among distributors to avoid stockpiling and ensure efficient sales [2][24]. - The focus on digital transformation and improving coverage in retail channels is ongoing, although specific metrics are not yet available [2][24].

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-003 | | --- | --- | --- | | 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部分董监高 集中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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： 大股东及董监高持股的基本情况 集中竞价减持计划的实施结果情况 本次减持计划实施前，浙江李子园食品股份有限公司（以下简称"公司）董 事、副总经理苏忠军先生持有公司股份 1,717,440 股，占公司总股本的 0.4354%。 上述股份来源于首发前限售股份及公司资本公积金转增股份。 | 股东名称 | 股东身份 | 持股数量（股） | | 持股比例 | 当前持股股份来源 | | | --- | --- | --- | --- | --- | --- | --- | | 苏忠军 | 董事、监事、高级 | | 1,717,440 | 0.4354% | IPO 前取得：780,000 股 | | | | 管理人员 | ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for Li Ziyuan [1]. Core Views - The report highlights that the main concerns regarding the company stem from its product singularity and outdated sales channels. However, it emphasizes positive changes in product, channel, and brand strategies that could enhance growth potential [9][17]. - The company has a strong market position in the sweet milk segment, with sales exceeding 1 billion yuan in 2023 and a market share of approximately 10% in the neutral dairy beverage market [19][31]. - The overall dairy beverage market in China is projected to grow, with a market size of approximately 1,414.6 billion yuan in 2023 and a CAGR of 4.5% expected from 2023 to 2026 [31][32]. Summary by Sections 1. Introduction - The report outlines the company's historical development and recent positive changes in product, channel, and brand strategies, suggesting potential for upward movement in a market with low concentration [17]. 2. Company Overview - Li Ziyuan has been a leader in the sweet milk industry since its establishment in 1994, with a strong brand presence and a diverse product line including various dairy beverages [19][21]. - The company's ownership structure is stable, with the founders holding approximately 60% of the shares, which supports efficient management and long-term strategic planning [21][23]. 3. Dairy Beverage Market Analysis - The dairy beverage market is substantial, with a size exceeding 1,400 billion yuan in 2023, and the segment is characterized by a mix of nutritional and flavorful products [31][32]. - The market concentration is relatively high, with the top five companies holding a CR5 of 54.51%, indicating room for Li Ziyuan to increase its market share [34][41]. 4. Strategic Initiatives - The company is actively diversifying its sales channels and enhancing brand appeal through targeted marketing strategies aimed at younger consumers [9][18]. - Li Ziyuan is focusing on core markets with growth potential, particularly in mature and semi-mature markets, while optimizing its channel management to improve efficiency [18][19]. 5. Financial Projections - Revenue forecasts for 2024-2026 are set at 14.1 billion yuan, 15.6 billion yuan, and 17.2 billion yuan, respectively, with corresponding net profits of 2.3 billion yuan, 2.6 billion yuan, and 2.9 billion yuan [1][9].

国浩律师（杭州）事务所 关于 浙江李子园食品股份有限公司 2025 年第一次临时股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年一月 国浩律师（杭州）事务所 李子园 2025 年第一次临时股东大会法律意见书 国浩律师（杭州）事务所 关 于 浙江李子园食品股份有限公司 2025 年第一次临时股东大会 法律意见书 致：浙江李子园食品股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江李子园食品股份有 限公司（以下简称"公司""李子园"）的委托，指派律师出席公司 20 ...

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-002 | | --- | --- | --- | | 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 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 1 月 15 日 (二) 股东大会召开的地点：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 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 252 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 253,683,180 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 65.4687 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定， ...

证券代码：605337 证券简称：李子园 一、召开会议的基本情况 （一）股东大会类型和届次：2025年第一次临时股东大会 （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：本次股东大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 浙江李子园食品股份有限公司 2025年第一次临时股东大会会议资料 2025年1月 | 2025年第一次临时股东大会议程 | 1 | | --- | --- | | 2025年第一次临时股东大会会议须知 | 3 | | 关于修订《公司章程》并办理工商变更登记的议案 | 5 | | 关于修订《股东大会议事规则》的议案 | 7 | | 关于修订《董事会议事规则》的议案 | 8 | | 关于补选公司第三届董事会非独立董事的议案 | 10 | | 关于补选公司第三届监事会非职工代表监事的议案 | 11 | 浙江李子园食品股份有限公司 2025年第一次临时股东大会议程 召开的日期时间：2025年1月15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 至2025年1月15日 采用上海证券交易所 ...

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-001 | | --- | --- | --- | | 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 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 2024 年 12 月 31 日，累计共有人民币 51,000 元"李子转债"转换为公司普通股股票， 累计转股股数为 2,636 股，占"李子转债"转股前公司已发行股份总额的 0.0007%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的"李子转债" 金额为人民币 599,949,000 元，占"李子转债"发行总量的比例为 99.9915%。 本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，共有 人民币 14,000 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 736 股。 一、 可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会证监许可 ...