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。 | 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-066 | | --- | --- | --- | | 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 关于董事会延期换届的公告 公司董事会延期换届不会影响公司的正常运营。公司将尽快推进董事会换届工 作，并及时履行相应的信息披露义务。 特此公告。 浙江李子园食品股份有限公司董事会 2025 年 9 月 8 日 浙江李子园食品股份有限公司（以下简称"公司"）第三届董事会任期将于 2025 年 9 月 12 日届满。鉴于公司新一届董事会换届工作尚在积极筹备中，为保证公司董 事会相关工作的连续性及稳定性，换届选举工作将适当延期，董事会各专门委员会 和高级管理人员的任期亦相应顺延。 在换届选举工作完成前，公司第三届董事会及各专门委员会全体成员和高级管 理人员将依照法律、行政法规和《公司章程》的相关规定，继续履行相应职责和义 务。 ...

Core Viewpoint - The dairy industry is experiencing a significant divergence in performance, with leading companies like Yili achieving revenue growth while regional players face declining sales and profits [1][4][6]. Industry Overview - As of the end of August, all half-year reports for dairy listed companies in 2025 have been disclosed, revealing a stark contrast in performance amid weak demand [1]. - The industry is undergoing profound changes, shifting focus from scale expansion to quality and efficiency, emphasizing product innovation and quality improvement [2]. Performance Analysis - Among 21 major dairy listed companies, only 6 reported revenue growth, while 15 experienced declines [4]. - Yili's revenue reached 61.933 billion, marking a 3.37% increase, while Mengniu and Bright Dairy saw declines of 7.2% and 1.9%, respectively [5]. - The overall profitability of the industry is under pressure, with 7 companies reporting losses, including YouRan Dairy and Modern Dairy [6]. Business Segment Insights - Liquid milk, a traditional mainstay, continues to face challenges, with Yili's liquid milk revenue down 2.06% and Mengniu's down 11.22% [8]. - Conversely, the milk powder segment shows signs of recovery, with Yili's milk powder revenue increasing by 14.26% and Mengniu's by 2.46% [10]. Strategic Responses - Companies are enhancing cost control and efficiency to navigate challenges, with Mengniu improving its operating profit margin by 1.5 percentage points to 8.5% [13]. - There is a notable trend towards diversification and international expansion, with Yili's overseas business revenue growing by 14.4% [15]. - Regional companies are leveraging local advantages for differentiated development, with New Dairy reporting a 33.76% increase in net profit [14]. Future Trends - The dairy industry is expected to evolve towards high-end, functional, and segmented products, with a focus on infant formula and cheese [15]. - Internationalization will be a key strategy for leading dairy companies, enhancing their global competitiveness [15]. - Cross-industry integration is emerging as a trend, with a shift from merely selling products to providing health solutions [15].

Meeting Overview - The company will hold its second extraordinary general meeting of shareholders in 2025 on September 12, 2025, at 14:30 [1] - The meeting will be conducted through a combination of on-site and online voting [1] - The online voting will take place on the same day from 9:15 to 15:00 [1] Meeting Agenda - The meeting will start with the announcement of the attendance and qualification of shareholders [2] - The board secretary will read the meeting guidelines [2] - Election of monitors and counters for the meeting will be conducted [2] - Shareholders will have the right to speak, inquire, and vote during the meeting [2][3] Voting Procedures - Voting will be conducted through both on-site and online methods, with specific instructions for marking votes [3][4] - Invalid votes will be considered as abstentions [4] - The counting of votes will be overseen by appointed monitors and a witnessing lawyer [4][6] Proposals for Cash Management - The company proposes to use up to 820 million yuan of idle funds for cash management to enhance fund efficiency and reduce financial costs [4][5] - The investment will focus on high-security and high-liquidity financial products [5][6] - The cash management will be valid for 12 months from the date of approval at the meeting [5][6] Use of Idle Raised Funds - The company plans to use up to 380 million yuan of idle raised funds for cash management, ensuring it does not affect ongoing projects [7][8] - The funds will be sourced from the proceeds of convertible bonds issued to unspecified investors [8][9] - The cash management will also be valid for 12 months from the date of approval [11] Profit Distribution Proposal - The company proposes a cash dividend of 2.40 yuan per share, totaling approximately 95.67% of the net profit for the first half of 2025 [13][14] - The distribution will be based on the total share capital as of August 25, 2025, excluding shares held in the company's repurchase account [14] Governance Changes - The company intends to abolish the supervisory board and amend its articles of association, transferring the supervisory functions to the audit committee of the board [15][16] - The changes aim to enhance corporate governance and align with legal regulations [15][16]

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年第二次临时股东大会会议资料 2025年9月 | 2025年第二次临时股东大会议程 | 1 | | --- | --- | | 2025年第二次临时股东大会会议须知 | 3 | | 关于使用闲置自有资金进行现金管理的议案 | 5 | | 关于使用部分闲置募集资金进行现金管理的议案 | 8 | | 关于2025年半年度利润分配预案的议案 | 13 | | 关于取消监事会并修订《公司章程》的议案 | 15 | | 关于修订《董事会议事规则》的议案 | 53 | | 关于修订《股东大会议事规则》的议案 | 54 | | 关于修订《独立董事工作制度》的议案 | 55 | | 关于修订《关联交易管理制度》的议案 | 56 | | 关于修订《会计师事务所选聘制度》的议案 | 57 | | 关于修订《对外担保管理制度》的议案 | 58 | | 关于修订《募集资金管理制度》的议案 | 59 | | 关于修订《防止大股东及关联方资金占用管理制度》的议案 | 60 | | 关于修订《对外投资管理制度》的议案 ...

Core Viewpoint - Li Ziyuan's stock price has shown volatility, with a year-to-date increase of 25.01%, but a recent decline of 4.80% over the past five trading days, indicating potential market fluctuations and investor sentiment changes [1][2]. Group 1: Stock Performance - As of September 3, Li Ziyuan's stock price was 13.50 CNY per share, with a market capitalization of 5.266 billion CNY [1]. - The stock has experienced a net outflow of 511.66 million CNY in principal funds, with large orders accounting for 11.33% of total purchases and 18.34% of total sales [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -3.7008 million CNY on April 17 [1]. Group 2: Financial Performance - For the first half of 2025, Li Ziyuan reported a revenue of 621 million CNY, a year-on-year decrease of 8.53%, while the net profit attributable to shareholders was 96.1224 million CNY, reflecting a growth of 1.05% [2]. - Since its A-share listing, the company has distributed a total of 653 million CNY in dividends, with 479 million CNY distributed over the past three years [3]. Group 3: Company Overview - Li Ziyuan, established on October 22, 1994, is located in Jinhua City, Zhejiang Province, and specializes in the research, production, and sales of dairy beverages, with 93.76% of its revenue coming from dairy drinks [1][2]. - The company operates within the food and beverage sector, specifically in the soft drink category, and is associated with concepts such as e-commerce and domestic dairy industry [2].

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-065 | | --- | --- | --- | | 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 关于召开2025年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 8 日（星期一）10:00-11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 9 月 8 日 前 访 问 网 址 https://eseb.cn/1r6h6mXsor6 或使用微信扫描下方小程序码进行会前提问， 公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注 的问题进行回答。 一、说明会类型 浙江李子园食品股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日在上海证券交易所网站《2025 年半年度报告》及《2025 年半年度报告摘要》。 ...

Core Viewpoint - Li Ziyuan (605337) reported a decline in total revenue for the first half of 2025, attributed to intensified market competition and adjustments in sales strategy, while net profit showed a slight increase [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 621 million yuan, a decrease of 8.53% year-on-year [1]. - Net profit attributable to shareholders was 96.12 million yuan, an increase of 1.05% year-on-year [1]. - Gross margin improved to 39.86%, up 4.18% year-on-year, while net margin increased to 15.47%, up 10.48% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 137 million yuan, representing 22.04% of revenue, an increase of 8.5% year-on-year [1]. - Earnings per share rose to 0.25 yuan, a 4.17% increase year-on-year [1]. Cash Flow and Debt Analysis - Operating cash flow per share decreased significantly by 58.79% to 0.21 yuan, due to reduced cash received from sales and increased cash paid for purchases [1][4]. - The company’s interest-bearing debt increased by 30.79% to 757 million yuan, indicating a rising debt burden [1][3]. - The company's debt-to-asset ratio reached 24.66%, suggesting a need for attention to its debt situation [5]. Changes in Key Financial Items - Prepayments increased by 38.02%, reflecting higher advance payments for goods [3]. - Short-term borrowings surged by 426.77%, driven by increased pledged loans and bank acceptance bill discounts [3]. - The company reported a significant increase in investment income by 63.76%, attributed to higher interest income from large certificates of deposit [6]. Business Model and Market Position - The company relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying factors driving this strategy [6]. - Historical data indicates a median Return on Invested Capital (ROIC) of 28.6% since its listing, although the ROIC for the previous year was only 9.12%, suggesting a decline in investment returns [6].

Market Overview - The beverage and dairy sector experienced a decline of 0.33% on August 28, with Miaokelan leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Liziyuan (605337) with a closing price of 14.60, up 2.96% and a trading volume of 369,700 shares, totaling 533 million yuan [1] - Sanyuan (600429) closed at 4.87, up 2.74% with a trading volume of 508,900 shares, totaling 252 million yuan [1] - Major decliners included: - Miaokelan (600882) closed at 26.30, down 3.34% with a trading volume of 134,600 shares, totaling 352 million yuan [2] - Qishi Dairy (832786) closed at 10.89, down 2.51% with a trading volume of 137,200 shares, totaling 150 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 178 million yuan from institutional investors and 118 million yuan from retail investors, while individual investors contributed a net inflow of 296 million yuan [2] - Key stocks with significant capital flow included: - Liziyuan (605337) had a net inflow of 24.83 million yuan from institutional investors, while retail investors had a net outflow of 15.99 million yuan [3] - New Dairy (002946) experienced a net inflow of 21.01 million yuan from institutional investors, but a net outflow of 2.02 million yuan from retail investors [3]

Core Insights - The company Li Ziyuan (605337) reported a total revenue of 621 million yuan for the first half of 2025, a year-on-year decrease of 8.53%, while the net profit attributable to shareholders increased by 1.05% to 96.12 million yuan [1] - The company's gross margin improved by 4.18% to 39.86%, and the net margin increased by 10.48% to 15.47% [1] - The financial report indicates a general performance with mixed results, highlighting a significant decrease in operating cash flow per share by 58.79% to 0.21 yuan [1] Financial Performance - Total revenue for 2025 was 621 million yuan, down from 679 million yuan in 2024, reflecting a decline of 8.53% [1] - Net profit attributable to shareholders rose to 96.12 million yuan from 95.12 million yuan, marking a slight increase of 1.05% [1] - The gross margin for the period was 39.86%, up from 38.26%, while the net margin improved to 15.47% from 14.00% [1] - Total expenses (selling, administrative, and financial) amounted to 137 million yuan, accounting for 22.04% of revenue, an increase of 8.5% year-on-year [1] Cash Flow and Debt - Operating cash flow per share decreased significantly by 58.79% to 0.21 yuan, indicating reduced cash inflow from operations [1] - The company’s interest-bearing liabilities increased by 30.79% to 757.1 million yuan, reflecting a rise in financial leverage [1] - Short-term borrowings surged by 426.77%, attributed to increased pledged loans and bank acceptance bill discounts [2] Asset and Liability Changes - The company saw a 20.97% decrease in cash and cash equivalents, totaling 605 million yuan [1] - Accounts receivable dropped by 36.83% to 1.44 million yuan, indicating improved collection efficiency [1] - The construction in progress increased by 336.81%, reflecting ongoing investments in new projects [2] Operational Insights - The decline in revenue was attributed to intensified market competition and adjustments in sales strategy [4] - Sales expenses decreased by 7.24%, while financial expenses rose significantly by 108.68% due to reduced bank interest income [4] - The company’s return on invested capital (ROIC) was reported at 9.12%, with a historical median of 28.6%, indicating a need for improved capital efficiency [5]

Summary of Li Ziyuan's Conference Call Company Overview - **Company**: Li Ziyuan - **Date**: August 27, 2025 Key Points Industry and Market Dynamics - Traditional channels are facing significant challenges due to market conditions and consumer recovery fatigue, leading to an approximate 8% decline in overall revenue for the first half of 2025 [3][4] - Fragmentation in distribution channels has notably impacted traditional circulation channels, while snack wholesale systems and e-commerce have shown growth [3][5] Financial Performance - In July, sales increased by a single-digit percentage year-on-year, with gross margin rising by 1.5 percentage points to 41.5%, and net profit growing by over 10% [12] - The company reported a slight increase in gross margin due to lower raw material costs, despite a decline in revenue leading to lower capacity utilization and increased depreciation costs [3][7] Product and Channel Adjustments - The company continues to focus on dairy beverages while expanding into vitamin water, which has seen over 70% growth, although its overall impact on revenue remains limited [4][6] - Vitamin water sales reached approximately 20 million yuan, primarily through convenience stores and e-commerce, with plans to expand sales channels next year [2][6] Cost Control and Management Strategy - The company has locked in prices for bulk powder, which constitutes about 35% of total costs, ensuring cost advantages will continue into the next year [7] - A new spray powder factory is expected to be operational by the end of this year or early next year, allowing for cost-effective raw material procurement [7] Management Changes - Following the second-generation succession, the management team has been rejuvenated, with a focus on optimizing management structure and improving operational efficiency [8][9] Sales Team and Product Strategy - The sales team has been restructured to include younger personnel, with a focus on adapting to market changes [9] - The product strategy emphasizes dairy beverages while exploring new product lines in health and nutrition [9][10] Future Outlook - The company anticipates a seasonal increase in sales in the second half of the year, particularly from September to November, which is expected to be the peak sales period [12][28] - Full-year sales for vitamin water are projected to be around 50 million yuan, with ongoing efforts to enhance brand presence and channel distribution [20] Dividend Policy - The company plans to maintain a high dividend payout ratio, with a dividend of 0.24 yuan per share for the first half of 2025, representing approximately 95% of earnings [29] Challenges and Strategic Responses - Traditional circulation channels are under pressure, prompting the company to strengthen its presence in alternative channels such as convenience stores and retail systems [27] - The company is preparing for new product launches in the upcoming year, focusing on various packaging and flavor options [22] Additional Insights - The company has experienced a decline in direct sales, particularly in the second quarter, due to strategic adjustments in online sales of dairy products [22] - E-commerce remains a critical channel for brand promotion, although it has not yet turned profitable, with losses of approximately 3 to 4 million yuan in the first half of the year [18][19] This summary encapsulates the key insights from Li Ziyuan's conference call, highlighting the company's current challenges, strategic adjustments, and future outlook in the beverage industry.