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]

上海东方华银律师事务所 关于贝因美股份有限公司 2024 年度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"或"上市公司"）委托，就贵司召开 2024 年度股东 大会的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《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 2024 年度股东大会的通知、公司 2024 年度股东大会的议 程、议案及决议等文件资料，同时听取了公司董事会秘书就有关事实的陈述和说 明。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 ...

证券代码：002570 证券简称：贝因美 公告编号：2025-042 贝因美股份有限公司 2024年度股东大会决议公告 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、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会不涉及变更以往股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 1、贝因美股份有限公司（以下简称"公司"）2024 年度股东大会会议通知 于 2025 年 4 月 29 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 5 月 21 日（周三）14:30。 （2）网络投票时间：2025 年 5 月 21 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 21 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票系统进行网络投票 的具体时间为 2025 年 5 月 21 日 9:15 至 15:00 期间的任意时间。 4、会议召集人：公司董事会。 5、会议主持人：公司 ...

Market Overview - On May 20, the Shanghai Composite Index rose by 0.38%, the Shenzhen Component Index increased by 0.77%, and the ChiNext Index also gained 0.77%. The total market turnover reached 1.2112 trillion yuan, an increase of 92.3 billion yuan compared to the previous day, with over 3,800 stocks rising [1]. Sector Performance - The leading sectors included beauty care, pet economy, innovative pharmaceuticals, and IP economy, which showed strong performance throughout the day [1]. Notable Stocks - **Xue Rong Biological (300511)**: Closed at 6.88 yuan, up 20.07%, with a turnover of 681 million yuan [2]. - **Da Yuan Pet (301335)**: Closed at 44.50 yuan, up 20.01%, with a turnover of 1.043 billion yuan [2]. - **Hui Bo Yun Tong (301316)**: Closed at 34.80 yuan, up 20.00%, with a turnover of 53.77 million yuan [2]. - **Man Ka Long (300945)**: Closed at 20.16 yuan, up 20.00%, with a turnover of 55.6 million yuan [2]. - **Jin Li Hua Shen (300068)**: Closed at 23.40 yuan, up 20.00%, with a turnover of 1.4 million yuan [2]. Trading Dynamics - A total of 77 stocks hit the daily limit, with 28 stocks achieving consecutive limit-ups. The limit-up rate was 72% (excluding ST and delisted stocks) [3]. - Focus stocks included Suzhou Longjie and Yingfeng Co., which experienced significant rebounds in the afternoon [3]. Institutional Activity - The top three net purchases on the day were by O-film Tech (002456) with 311 million yuan, Li Yang Chip (688135) with 233 million yuan, and Zhongzhou Special Materials (300963) with 199 million yuan [5]. - The top three net sales were by Li Jun Co. (002651) with 169 million yuan, Ningbo Ocean Shipping (600798) with 109 million yuan, and Yong'an Pharmaceutical (002365) with 7.5 million yuan [6]. Company Highlights - **O-film Tech (002456)**: Announced a restructuring plan to acquire 28.2461% of O-film Microelectronics, aiming for full control of the company. The stock rose by 9.97% with a turnover of 4.738 billion yuan [12]. - **Beingmate (002570)**: Focuses on infant formula and has expanded into cross-border e-commerce and probiotics. The stock rose by 10.07% with a turnover of 1.632 billion yuan [16]. - **Ming Wang Technology (002123)**: Proposed acquisition of control over Bicheng Digital, a significant move in the e-commerce sector. The stock rose by 10.04% with a turnover of 2.6 billion yuan [20]. Summary of Key Stocks - **Zhongzhou Special Materials (300963)**: Increased by 6.46% with a turnover of 2.985 billion yuan, attracting significant institutional interest [21]. - **Yifang Bio (688382)**: Rose by 15.62% with a turnover of 4.76 billion yuan, indicating strong market confidence [23]. - **Red Treasure (002165)**: Experienced a decline of 4.36% with a turnover of 2.991 billion yuan, reflecting selling pressure from institutions [27].

截至5月20日收盘，宠物经济概念上涨4.08%，位居概念板块涨幅第2，板块内，83股上涨，天元宠物、 创源股份等20%涨停，贝因美、依依股份、实丰文化等涨停，路斯股份、驱动力、美农生物等涨幅居 前，分别上涨18.10%、14.10%、13.81%。跌幅居前的有哈三联、新华制药、狮头股份等，分别下跌 3.49%、3.23%、3.01%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 培育钻石 | 4.10 | 航运概念 | -1.44 | | 宠物经济 | 4.08 | 中韩自贸区 | -1.24 | | 动物疫苗 | 4.00 | 成飞概念 | -1.16 | | 重组蛋白 | 3.90 | PEEK材料 | -0.75 | | IP经济(谷子经济) | 3.45 | 自由贸易港 | -0.68 | | 人造肉 | 3.14 | 钛白粉概念 | -0.58 | | 托育服务 | 2.95 | 碳纤维 | -0.34 | | 兵装重组概念 | 2.75 | 太赫兹 | -0.23 | | NFT概念 | 2. ...

资金面上，今日主力资金全天净流出10.37亿元。其中，创业板主力资金净流出11.19亿元；科创板主力 资金净流出6.46亿元；沪深300成份股主力资金净流入24.02亿元。 5月20日，沪指上涨0.38%，深成指上涨0.77%，创业板指上涨0.77%，沪深300指数上涨0.54%。可交易 A股中，上涨的有3837只，占比71.13%，下跌的1380只。 （文章来源：证券时报网） 行业资金流向方面，今日有18个行业主力资金净流入，电子行业主力资金净流入规模居首，该行业今日 上涨0.71%，全天净流入资金26.73亿元，其次是医药生物行业，日涨幅为1.64%，净流入资金为15.55亿 元。 主力资金净流出的行业有13个，国防军工行业主力资金净流出规模居首，今日下跌0.50%，全天净流出 资金30.14亿元，其次是基础化工行业，今日涨幅为0.14%，净流出资金为26.24亿元，净流出资金较多 的还有计算机、交通运输、有色金属等行业。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | -- ...

Group 1 - The NFT concept index rose by 2.74%, ranking 9th among concept sectors, with 61 stocks increasing in value, including Mankalon which hit a 20% limit up [1] - Notable gainers in the NFT sector included Beinmei, Zhejiang Wenhu, and Chaohongji, all reaching the limit up, while major decliners were Hailian Jinhui, Advanced Data, and ST Kaiven [1] - The NFT sector saw a net inflow of 1.971 billion yuan, with 37 stocks receiving net inflows, and 9 stocks exceeding 50 million yuan in net inflow, led by Beinmei with 653 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Beinmei at 39.98%, Aofei Entertainment at 32.50%, and Shifeng Culture at 28.62% [3] - The NFT concept's top performers included Beinmei, Aofei Entertainment, Zhejiang Wenhu, and Tom Cat, all showing significant price increases and trading volumes [3][4] - The overall market performance showed a mixed trend, with various sectors experiencing both gains and losses, highlighting the volatility in the current market environment [2][6]

Group 1 - Beiyinmei (002570) reached the daily limit increase, with a trading volume of 1.632 billion yuan [1] - The turnover rate was 23.41%, indicating significant trading activity [1] - Three institutional special seats net bought 154 million yuan in the after-market [1]

Market Overview - The Shanghai Composite Index closed at 3380.45 points, above the five-day moving average, with a gain of 0.38% [1] - The total trading volume of A-shares reached 752.206 billion yuan [1] Stocks Performance - A total of 730 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Fulejia (Code: 301371) with a deviation rate of 8.24% and a daily increase of 12.17% [1] - Huahai Pharmaceutical (Code: 600521) with a deviation rate of 7.56% and a daily increase of 10.00% [1] - Aofei Entertainment (Code: 002292) with a deviation rate of 7.46% and a daily increase of 10.02% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the five-day moving average include: - Fulejia: Latest price 36.05 yuan, five-day moving average 33.31 yuan [1] - Huahai Pharmaceutical: Latest price 15.62 yuan, five-day moving average 14.52 yuan [1] - Aofei Entertainment: Latest price 9.77 yuan, five-day moving average 9.09 yuan [1] - Other notable stocks with high daily turnover rates include: - Huifeng Diamond (Code: 839725) with a daily increase of 9.56% and a turnover rate of 14.77% [1] - Beiningmei (Code: 002570) with a daily increase of 10.07% and a turnover rate of 22.33% [1]