| 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].

Group 1 - The core point of the announcement is the decision made by the board of directors of Zhejiang Liziyuan Food Co., Ltd. regarding the election of the fourth board of directors, which includes both non-independent and independent directors [3][11][36] - The third board of directors' 26th meeting was held on September 17, 2025, with all 9 directors present, and the meeting complied with relevant laws and regulations [2][3] - The board approved the election of 6 non-independent directors and 3 independent directors, with the candidates needing to be submitted for shareholder approval [37][38] Group 2 - The upcoming third extraordinary general meeting of shareholders is scheduled for October 13, 2025, and will utilize both on-site and online voting methods [20][21] - The voting system for the meeting will be the Shanghai Stock Exchange's online voting system, with specific time slots for voting [21][22] - Shareholders must register by October 10, 2025, to participate in the meeting, and the registration process includes specific requirements for both corporate and individual shareholders [30][31] Group 3 - The candidates for the fourth board of directors include Li Guoping, Zhu Wenxiu, Li Bosheng, Wang Shunyu, Jin Hanhui as non-independent directors, and Xiao Zuoping, Zhang Hao, Wang Genwu as independent directors [37][38] - Each candidate has been vetted for qualifications and independence, ensuring compliance with relevant regulations and standards [38][49][52] - The election will follow a cumulative voting system, allowing shareholders to allocate their votes among the candidates [34][36]

北京商报讯（记者 孔文燮）9月17日晚间，李子园发布公告称，公司于2025年9月17日召开第三届董事 会第二十六次会议，审议通过了《关于董事会换届选举第四届董事会非独立董事的议案》《关于董事会 换届选举第四届董事会独立董事的议案》，同意提名李国平、朱文秀、李博胜、王顺余、金函辉为公司 第四届董事会非独立董事候选人；同意提名肖作平、张灏、王根武为公司第四届董事会独立董事候选 人。 ...

（文章来源：证券日报） 证券日报网讯 9月17日晚间，李子园发布公告称，公司于2025年9月17日召开第三届董事会第二十六次 会议，审议通过了《关于董事会换届选举第四届董事会非独立董事的议案》《关于董事会换届选举第四 届董事会独立董事的议案》，同意提名李国平先生、朱文秀先生、李博胜先生、王顺余先生、金函辉先 生为公司第四届董事会非独立董事候选人；同意提名肖作平先生、张灏先生、王根武先生为公司第四届 董事会独立董事候选人。 ...