贝因美股份有限公司第六期员工持股计划 贝因美股份有限公司 第六期员工持股计划 2025 年 9 月 1 贝因美股份有限公司第六期员工持股计划 声明 本公司及董事会全体成员保证本员工持股计划内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏。 本方案主要条款与公司 2025 年 9 月 5 日披露的《贝因美股份有限公司第六 期员工持股计划（草案）》及其摘要内容一致。 2 贝因美股份有限公司第六期员工持股计划 风险提示 1、贝因美股份有限公司（以下简称"公司"）第六期员工持股计划设立后将 由公司自行管理，但能否达到计划规模、目标存在不确定性。 2、有关本员工持股计划具体的资金来源、出资金额、实施方案等属初步结 果，能否完成实施，存在不确定性。 3、若员工认购资金较低时，本员工持股计划存在无法成立的风险。 4、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及投 资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资 者对此应有充分准备。 5、敬请广大投资者谨慎决策，注意投资风险。 3 贝因美股份有限公司第六期员工持股计划 特别提示 本部分内容中的词语简称与"释义"部分保持一致 ...

证券代码：002570 证券简称：贝因美 公告编号：2025-064 贝因美股份有限公司 2025年第二次临时股东大会决议公告 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。 特别提示： 1、贝因美股份有限公司（以下简称"公司"）于2025年8月29日、2025年9 月5日在《证券时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上分 别披露了《关于召开2025年第二次临时股东大会的通知》（公告编号：2025-055） 和《关于2025年第二次临时股东大会增加临时提案暨股东大会补充通知的公告》 （公告编号：2025-062）； 2、本次股东大会无变更、否决提案的情况； 一、会议召开和出席情况 （一）会议召开情况 1、公司 2025 年第二次临时股东大会会议通知及补充通知分别于 2025 年 8 月 29 日、2025 年 9 月 5 日以公告形式发出，本次会议采用现场投票和网络投票 相结合的方式召开。 2、会议召开的日期和时间 （1）现场会议时间：2025 年 9 月 15 日（周一）14:30。 （2）网络投票时间：2025 年 9 月 ...

证券代码：002570 证券简称：贝因美 公告编号：2025-066 贝因美股份有限公司 第九届董事会第十二次会议决议公告 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、董事会会议召开情况 1、本次董事会由贝因美股份有限公司（以下简称"公司"）董事长谢宏先 生召集和主持，会议通知于 2025 年 9 月 11 日以通讯方式发出。 2、本次董事会于 2025 年 9 月 15 日召开，采用现场、通讯相结合的方式召 开、表决。 3、本次董事会应出席董事 8 人，实际参与表决董事 8 人。公司部分高级管 理人员列席了会议。 4、本次董事会会议的召集、召开和表决程序符合《公司法》等法律、法规 和《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 2、审议通过了《关于选举审计委员会成员及推选召集人的议案》。 根据《公司法》和《公司章程》的有关规定，公司董事会下设审计委员会， 董事会同意选举俞春萍、胡军辉、李晓京（简历附后）为公司第九届董事会审计 委员会成员，其中俞春萍为审计委员会召集人且为会计专业人士。公司第九届董 事会审计委员会中独立董事占多数，并由作为 ...

Company Updates - The former board secretary of Beiyinmei, Mr. Jin Zhiqiang, has resigned from his position due to work requirements, while still holding roles as a director, deputy general manager, and financial director [1] - Mr. Fang Luyao, the deputy general manager, has been appointed as the new board secretary following the nomination by the chairman and approval by the board's nomination committee [1] Financial Performance - Beiyinmei's revenue composition for the year 2024 is entirely from the infant and child industry, accounting for 100.0% [1] - The current market capitalization of Beiyinmei is 7.2 billion yuan [2]

上海东方华银律师事务所 关于贝因美股份有限公司 2025年第二次临时股东大会的法律意见书 致：贝因美股份有限公司 上海东方华银律师事务所（以下简称"本所"）接受贝因美股份有限公司（以 下简称"贵司"或"公司"、"上市公司"）委托，就贵司召开2025年第二次临时 股东大会的有关事宜，根据《中华人民共和国公司法》《上市公司股东会规则》等 法律、法规和其他规范性文件以及《贝因美股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的本次股东大会的相关资料， 包括但不限于公司召开2025年第二次临时股东大会的通知、公司2025年第二次临时 股东大会的议程、议案及决议等文件资料。公司已向本所作出保证和承诺，保证公 司向本所提供的资料和文件均为真实、准确、完整，无重大遗漏。 本所律师仅就本法律意见书出具日以前所发生的事实以及本所律师对有关法律 法规的理解发表法律意见。 本法律意见书仅供公司为本次股东大会之目的使用，不得用于其他任何目的。 本所同意本法律意见书作为公司本次股东大会公告材料，随其他资料一起向社会公 众披露，并依法承担相关的法律责任。 本所律师 ...

Market Overview - The beverage and dairy sector experienced a decline of 1.06% on September 15, with Huanlejia leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the beverage and dairy sector showed varied performance, with the following notable movements: - Huangshi Group (002329) rose by 1.55% to close at 3.93, with a trading volume of 298,800 shares and a turnover of 116 million yuan [1] - Huanlejia (300997) fell by 4.83% to close at 19.51, with a trading volume of 151,700 shares and a turnover of 300 million yuan [2] - Yili Group (600887) saw a slight decrease of 0.07%, closing at 28.23, with a trading volume of 591,300 shares and a turnover of 1.673 billion yuan [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 405 million yuan from institutional investors, while retail investors saw a net inflow of 375 million yuan [2] - The following stocks had significant capital flow: - Huangshi Group had a net inflow of 15.88 million yuan from institutional investors, but a net outflow from retail investors [3] - Xibu Muye (300106) had a net inflow of 11.18 million yuan from institutional investors, with a net outflow from retail investors [3]

Core Insights - The total revenue of 19 dairy companies in A-shares reached 96.559 billion yuan in the first half of 2025, with a year-on-year growth of 2.06%, while the net profit attributable to shareholders was 8.326 billion yuan, down 3.11% year-on-year [1][8]. Revenue Performance - Leading companies by revenue include Yili Group with 61.933 billion yuan, Bright Dairy with 12.472 billion yuan, and New Dairy with 5.526 billion yuan [4][8]. - Knight Dairy and Jiahe Food reported revenue growth exceeding 10% [1][4]. Profitability Analysis - Yili Group achieved a net profit of 7.2 billion yuan, significantly higher than other companies, while four companies, including Western Pastoral, reported losses [6][8]. - The average gross margin for the 19 dairy companies was approximately 25.34%, with a median of 26.17%, both showing a slight decline year-on-year [1][8]. Gross Margin Insights - The highest gross margin was recorded by Beingmate at 45.27%, followed by Sunshine Dairy, Yili Group, and Junyao Health, all exceeding 32% [1][8]. - Companies like Knight Dairy, Jiahe Food, and Western Pastoral had gross margins below 15% [8][12].

Group 1 - The dairy sector experienced a decline of 1.12%, ranking among the top losers in the concept sector, with companies like Pinwa Food, Junyao Health, and Happy Home seeing significant drops [1][2] - Among the dairy stocks, five companies saw price increases, with Yiatong leading at a rise of 3.74%, followed by *ST Tianshan at 1.10% and Dabeinong at 0.47% [1][2] - The dairy sector faced a net outflow of 631 million yuan from main funds, with 23 stocks experiencing outflows, and nine stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The top net outflow was from Yili Group, with a net outflow of 449 million yuan, followed by Beiyinmei with 56 million yuan and Dabeinong with 33 million yuan [2][3] - Conversely, the stocks with the highest net inflow included Yiatong, Wanchen Group, and Tianrun Dairy, with net inflows of 37 million yuan, 17 million yuan, and 4.5 million yuan respectively [2][3] - The trading volume for Yili Group was 1.25%, while Beiyinmei had a turnover rate of 5.90%, indicating varying levels of investor interest [3]

智通财经记者 | 袁颖琪 在半年报披露前，贝因美（002570.SZ）一纸诉状将昔日合作伙伴浙江科露宝食品有限公司（下称"科露宝"）推上被告席，以"商标侵权及不正当竞争"为由索赔7201万元。这一索赔金额与公司 注册会计师李亚飞在接受智通财经记者采访时表示，"规则上，只要案件在资产负债表日（6月30日）之后、半年报披露之前立案，公司就可在附注里'补充披露或有资产'，无需重述中报。" 上述市场质疑并非毫无根据。贝因美上半年归母净利润同比增长43%，但经营现金流骤降六成，应收账款是利润的四倍，短债10.28亿逼近红线。由此，贝因美的弱点可以窥见。 诉讼案的影响 贝因美和科露宝的恩怨始于2021年"小贝太"商标授权。彼时，贝因美将"小贝太"系列特殊医学用途婴儿配方食品的运营权授予科露宝，约定以"销售额分成"模式合作，共同开拓细分市场。 初期双方合作曾一度顺畅，但第三年裂痕逐渐显现：贝因美指责科露宝"私自扩大产品品类，且抢注与'小贝太'近似的商标"，涉嫌越界经营；科露宝则反戈一击，称贝因美"单方面切断供应链 矛盾激化后，贝因美直接中断了科露宝的货源供应，这一举措直接导致科露宝旗下"小贝太"产品被迫下架，渠道库存大量积 ...

Core Viewpoint - The lawsuit filed by Beiningmei against its former partner, Keluobao, for trademark infringement and unfair competition raises concerns about the company's financial health and potential manipulation of performance metrics through legal actions [1][4]. Group 1: Lawsuit Background - The conflict between Beiningmei and Keluobao began in 2021 when Beiningmei authorized Keluobao to operate the "Xiao Bei Tai" brand of specialized medical infant formula, with a revenue-sharing model [2]. - Initial cooperation was smooth, but tensions arose as Beiningmei accused Keluobao of unauthorized product expansion and trademark registration, while Keluobao claimed Beiningmei cut off supply and owed partnership fees [2][3]. Group 2: Financial Performance - Beiningmei reported a 43% year-on-year increase in net profit, but revenue declined by 4.37%, indicating a disparity between profit growth and sales performance [4][5]. - The increase in net profit was primarily due to a rise in gross margin to 45.3%, attributed to lower raw material costs rather than sales growth [8]. - Sales expenses increased significantly, leading to concerns about the sustainability of profit margins, as the company relies heavily on promotional spending to maintain market share [9]. Group 3: Strategic Challenges - Beiningmei's strategic shift towards a "family health" platform has yet to yield significant revenue, with the infant formula business still accounting for 89.2% of total revenue [10]. - The company faces challenges in entering the adult nutrition market, which is already dominated by competitors [10]. Group 4: Cash Flow and Debt Issues - The company's operating cash flow dropped by 59.9%, raising alarms about its cash generation capabilities amid rising inventory levels [11]. - Beiningmei's accounts receivable are high, with a significant portion being overdue, indicating weak bargaining power in its distribution channels [18]. - The company maintains a high level of short-term debt relative to its cash reserves, leading to concerns about liquidity and financial stability [19].