Core Insights - The 16th Dairy Conference and Dairy 20 Forum was held in Xiamen from July 13 to 15, showcasing the importance of quality and brand in the dairy industry [1][3] - Being a long-standing force in China's dairy industry, the company actively participated in various aspects of the conference, emphasizing its commitment to nutrition and health [1][6] Group 1 - The conference theme focused on "Quality and Brand, Perseverance in Progress; Cooperation and Win-Win, Choices in Change," with multiple keynote reports on topics such as student milk, sterilized milk, and consumer renewal [3] - The opening ceremony featured a symbolic torch ceremony representing the spirit of "Quality Commitment, Craftsmanship, and Steadfast Progress," recognizing the company's dedication to dairy safety and quality [3][6] - The company participated in the release of the "Xiamen Initiative" aimed at stabilizing the dairy industry's foundational capacity and promoting the concept of "Strengthening the Upstream and Solidifying the Foundation" [5] Group 2 - The company showcased a product matrix covering nutritional needs across all life stages, including children's formula, adult formula, and nutritional milk powder, which received significant attention [6] - The exhibition utilized interactive experiences and professional explanations to effectively communicate the company's research capabilities and product value in the infant formula and family nutrition sectors [6] - The conference gathered industry wisdom and clarified future directions, reinforcing confidence in the development of the dairy industry [8]

贝因美股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开的第九 届董事会第九次会议审议通过了《关于回购公司股份方案的议案》，公司拟以集 中竞价交易方式回购公司 A 股股票，用于公司未来实施的股权激励或员工持股 计划。本次回购金额不超过人民币 3 亿元（含），不低于人民币 1.5 亿元（含）， 回购价格不超过 9.06 元/股（含）。根据最高回购规模、回购价格上限测算，预 计回购股份数量为 3,311.26 万股，约占公司目前总股本的 3.07%。具体内容详见 公司于 2025 年 4 月 30 日披露于指定信息披露媒体及巨潮资讯网 （http://www.cninfo.com.cn）上的《关于回购公司股份方案暨取得股票回购专项 贷款承诺函的公告》（公告编号：2025-035）。 证券代码：002570 证券简称：贝因美 公告编号：2025-044 贝因美股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 董事会 2025 年 7 月 2 日 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指 ...

Market Overview - The Shanghai Composite Index fell by 0.70% on June 27, with 18 out of the 28 sectors experiencing gains, led by the metals and communications sectors, which rose by 2.17% and 1.79% respectively [2] - The banking and public utilities sectors saw the largest declines, down by 2.95% and 1.01% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 19.41 billion yuan, with 8 sectors seeing net inflows [2] - The communications sector had the highest net inflow of 2.579 billion yuan, contributing to its 1.79% increase [2] - The electronics sector also saw a positive net inflow of 2.435 billion yuan, with a daily increase of 0.92% [2] - In contrast, 23 sectors experienced net capital outflows, with the computer sector leading at 6.630 billion yuan, followed by the defense and military sector with 2.891 billion yuan [2] Food and Beverage Sector Performance - The food and beverage sector declined by 0.80%, with a net capital outflow of 884 million yuan [3] - Out of 123 stocks in this sector, 57 rose while 60 fell [3] - Notably, 42 stocks had net capital inflows, with Sunshine Dairy leading at 69.11 million yuan, followed by Yili and Beingmate with inflows of 47.95 million yuan and 42.58 million yuan respectively [3] - Major outflows were seen in stocks like Kweichow Moutai, Shanxi Fenjiu, and Yanghe Brewery, with outflows of 675.12 million yuan, 64.08 million yuan, and 49.90 million yuan respectively [5] Food and Beverage Sector Capital Inflows - Top inflow stocks included: - Sunshine Dairy: +4.89%, 10.20% turnover, 69.11 million yuan inflow - Yili: -0.29%, 0.54% turnover, 47.95 million yuan inflow - Beingmate: +1.74%, 18.88% turnover, 42.58 million yuan inflow [4] Food and Beverage Sector Capital Outflows - Top outflow stocks included: - Kweichow Moutai: -1.19%, 0.30% turnover, -675.12 million yuan outflow - Shanxi Fenjiu: -1.78%, 0.45% turnover, -64.08 million yuan outflow - Yanghe Brewery: -1.40%, 0.57% turnover, -49.90 million yuan outflow [5]

Market Overview - The Shanghai Composite Index fell by 0.07% on June 20, with nine industries experiencing gains, led by transportation and food & beverage sectors, which rose by 0.88% and 0.73% respectively [1] - The banking sector saw the largest net inflow of funds, amounting to 1.94 billion yuan, while the food & beverage sector followed with a net inflow of 1.36 billion yuan [1] Food & Beverage Sector Performance - The food & beverage industry increased by 0.73%, with a total net inflow of 1.36 billion yuan, comprising 123 stocks, of which 55 rose and 61 fell [2] - Notable stocks with significant net inflows included Kweichow Moutai, with 357 million yuan, followed by Luzhou Laojiao and Wuliangye, with inflows of 341 million yuan and 218 million yuan respectively [2] Top Gainers in Food & Beverage - The top gainers in the food & beverage sector included: - Kweichow Moutai: +0.19%, 0.28% turnover, 357.21 million yuan inflow - Luzhou Laojiao: +2.78%, 1.20% turnover, 340.86 million yuan inflow - Wuliangye: +1.94%, 0.76% turnover, 218.20 million yuan inflow [2] Top Losers in Food & Beverage - The stocks with the largest net outflows included: - Beingmate: -1.82%, 9.16% turnover, -70.92 million yuan outflow - Yili: +0.76%, 0.53% turnover, -48.69 million yuan outflow - Yanghe Brewery: +0.35%, 0.55% turnover, -31.95 million yuan outflow [3]

Group 1 - The dairy sector experienced a short-term surge, with Beiningmei (002570) hitting the daily limit, while companies like Western Pastoral (300106), Knight Dairy, Panda Dairy (300898), Junyao Health (605388), and Pinwo Food (300892) also saw significant gains [1] Group 2 - There is a notable shift in capital flow, with "smart money" revealing insights into the main operators' trading strategies [1]

Group 1 - The dairy sector experienced a decline of 1.44% as of the market close on June 6, ranking among the top losers in the concept sector [1][2] - Major companies within the dairy sector that saw significant declines include Lihua Foods, New Dairy, and Happy Family, while the top gainers were Junyao Health, *ST Tianshan, and Jinjian Rice Industry, with increases of 5.80%, 1.99%, and 0.59% respectively [1][2] - The dairy sector faced a net outflow of 379 million yuan from main funds today, with 25 stocks experiencing net outflows, and 13 stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The stock with the highest net outflow was Yili Group, which saw a net outflow of 114 million yuan, followed by Junyao Health, Bei Yin Mei, and Yiya Tong with outflows of 53.44 million yuan, 40.58 million yuan, and 36.65 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Jinjian Rice Industry, Guangming Dairy, and Weivi Co., with net inflows of 15.03 million yuan, 11.77 million yuan, and 6.89 million yuan respectively [2][3] - The dairy sector's outflow list highlighted Yili Group with a decline of 1.10%, Junyao Health with an increase of 5.80%, and Bei Yin Mei with a decline of 1.78% [3]

证券代码：002570 证券简称：贝因美 公告编号：2025-043 贝因美股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、回购股份的进展情况 截至 2025 年 5 月 31 日，公司暂未回购股份，根据相关规定，公司将于首次 回购股份事实发生的次一交易日予以披露。 二、其它说明 公司后续将根据市场情况在回购期限内继续实施本次回购计划，并按照相关 法律法规的规定及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 贝因美股份有限公司 董事会 2025 年 6 月 4 日 贝因美股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开的第九 届董事会第九次会议审议通过了《关于回购公司股份方案的议案》，公司拟以集 中竞价交易方式回购公司 A 股股票，用于公司未来实施的股权激励或员工持股 计划。本次回购金额不超过人民币 3 亿元（含），不低于人民币 1.5 亿元（含）， 回购价格不超过 9.06 元/股（含）。根据最高回购规模、回购价格上限测算，预 计回购股份数量为 3,311.26 万股，约占公 ...

Industry Overview - The main listed companies in the maternal and infant industry include Kidswant (301078), Runben (603193), Aiyingshi (603214), Mengjie (002397), Jinfalabi (002762), Beiyinmei (002570), Keka (301009), China Feihe (06186.HK), Babytree Group (01761.HK), Goodbaby International (01086.HK), and Newman (02530.HK) [1] - The development history of China's maternal and infant industry can be divided into several stages: Exploration Period (1990s), Development Period (2000-2010), Explosion Period (2011-2018), and Integration Period (2019-present) [1][2] Development Stages - Exploration Period (1990s): Introduction of foreign parenting culture and products, with limited specialized maternal and infant stores [1] - Development Period (2000-2010): Increased acceptance of maternal and infant products, emergence of regional chain markets, and the rise of online maternal and infant communities [1] - Explosion Period (2011-2018): Rapid growth of online maternal and infant platforms and the establishment of offline stores as the primary consumption channel [1] - Integration Period (2019-present): Growth of private traffic through social media and the need for a "online + offline" shopping experience to maintain competitive advantage [2] Global Trends - The global maternal and infant industry began to flourish in the 1950s-60s, with significant growth in countries like Japan and the USA, leading to the emergence of chain brands [3] - By 1990, the maternal and infant market in developed countries matured, prompting international brands to enter markets like China, where domestic brands also began to rise [3] - The future of maternal and infant products will see increased diversification and innovation in sales channels and models to meet modern consumer demands [3] Market Share Insights - According to Grand View Research, baby cosmetics and toiletries account for 33.5% of the global baby products market, driven by the importance of hygiene and convenience for parents [7] - Baby food holds a 25.3% market share, with demand driven by urbanization, busy work schedules, and increasing parental focus on nutrition [7] Demographic Trends - The number of women of childbearing age in China is on a declining trend, decreasing from 380 million in 2011 to 310 million in 2022, with projections indicating a further decline by 2025 [9][10]

Core Viewpoint - The launch of the "Nurturing Consumption Service Trust Plan" aims to fundamentally address the declining birth rate issue in China by providing affordable parenting essentials to expectant mothers [1][2] Group 1: Trust Plan Overview - The "Nurturing Consumption Service Trust" model is a collaboration between Chang'an Trust and several well-known maternal and infant brands, including Beingmate, to alleviate the concerns of expectant mothers regarding childbirth and parenting [1] - The plan allows families and friends to collectively invest in a trust fund, enabling expectant mothers to purchase essential baby products at significantly discounted prices for up to three years after the baby's birth [1] Group 2: Support for Families - Participating brands like Beingmate will provide high-quality products and offer pregnancy subsidies and insurance support to families involved in the trust plan, aligning with national fertility subsidy policies [2] - The initiative is expected to reduce the financial burden of raising children for new mothers in China, thereby supporting the country's population quality development [1][2] Group 3: Industry Impact - Industry experts believe that this initiative could inject new vitality into the maternal and infant industry and potentially reverse the ongoing decline in birth intentions if successful [2]

Investment Rating - The report does not explicitly state an investment rating for the infant formula industry Core Insights - The infant formula market in China has undergone significant changes, with a market size of 1,957.92 billion RMB in 2019, which decreased to 1,768.75 billion RMB in 2023 due to declining birth rates [7] - The new national standards for infant formula, effective from February 22, 2023, emphasize safety and quality, requiring companies to submit formula registrations that comply with these standards [4][17] - The market is expected to stabilize, with a projected size of approximately 1,128.85 billion RMB by 2028, reflecting a compound annual growth rate of -8.85% [7] Market Background - Infant formula is designed to meet the specific nutritional needs of infants and young children, mimicking breast milk or adjusting formulas for special medical needs [4][5] - The evolution of the infant formula market in China can be divided into four key stages, from initial development to rapid growth and diversification [6] Market Status - The supply of infant formula is supported by a steady increase in the number of dairy cattle, with the number of cows rising from 91.38 million in 2019 to 105.09 million in 2023 [8] - The demand for infant formula is declining due to a decrease in the birth rate, with 9.02 million newborns in 2023, leading to a reduced consumer base [9][10] Market Competition - The competition in the infant formula market is intensifying, with domestic brands like Feihe and Yili gaining market share against international brands like Mead Johnson and Wyeth [16] - The report identifies ten leading brands in the market, including Wyeth, Nestlé, and Mead Johnson, evaluated based on product approval, financing progress, market penetration, innovation, and compliance [11][12][13][15] Development Trends - The industry is moving towards innovative formulations that enhance the nutritional profile of infant formula, focusing on multi-component synergy rather than single-component additions [32] - Technological advancements in production processes are ensuring the stability and bioactivity of nutrients in infant formula [33] - There is a growing emphasis on clinical evidence and research to validate the effectiveness of infant formula in real-world settings [34] - The industry is also focusing on providing comprehensive nutritional support for infants with special medical needs, reflecting a commitment to social responsibility [35]