上海东方华银律师事务 所 关于贝因美股份有限 公司 2026年第一次临时股东会的法律意见书 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2026年第 一次临时股东会的有关事宜，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会的相关资料， 包括但不限于公司召开2026年第一次临时股东会的通知、公司2026年第一次临 时股东会的议程、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。 本所律师根据法律法 ...

Market Overview - The beverage and dairy sector experienced a decline of 0.18% on January 23, with Miaokelan leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Quanyangquan (code: 681009) with a closing price of 8.37, up 2.45% and a trading volume of 419,500 shares, totaling 351 million yuan [1] - Huanlejia (code: 300997) closed at 24.80, up 2.31% with a trading volume of 98,400 shares, totaling 242 million yuan [1] - Qiaoyuan Beverage (code: 603156) closed at 33.86, up 1.93% with a trading volume of 108,900 shares, totaling 364 million yuan [1] - Conversely, the following stocks saw declines: - Miaokelan (code: 600882) closed at 23.75, down 3.34% with a trading volume of 153,200 shares, totaling 368 million yuan [2] - Weiweijia (code: 600300) closed at 3.71, down 2.11% with a trading volume of 665,200 shares, totaling 248 million yuan [2] - New Dairy (code: 002946) closed at 19.19, down 1.34% with a trading volume of 45,200 shares, totaling 86.94 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 141 million yuan from institutional investors, while retail investors contributed a net inflow of 229 million yuan [2] - Detailed capital flow for selected stocks includes: - Yili Group (code: 600887) with a net inflow of 1.10 billion yuan from institutional investors, but a net outflow of 162.69 million yuan from retail investors [3] - Huangshi Group (code: 002329) had a net inflow of 13.98 million yuan from institutional investors, with a net outflow of 5.66 million yuan from retail investors [3] - Liziyuan (code: 605337) saw a net inflow of 8.75 million yuan from institutional investors, with a net outflow of 1.70 million yuan from retail investors [3]

Market Overview - The Shanghai Composite Index rose by 0.08% on January 21, with 18 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and electronics, with increases of 2.79% and 2.62% respectively [1] - The banking and coal sectors saw the largest declines, with drops of 1.58% and 1.57% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 11.983 billion yuan, with 14 sectors receiving net inflows. The electronics sector led with a net inflow of 16.369 billion yuan, while the non-ferrous metals sector followed with a net inflow of 7.289 billion yuan [1] - Conversely, 17 sectors experienced net outflows, with the power equipment sector seeing the largest outflow of 6.688 billion yuan, followed by the defense and military sector with an outflow of 2.906 billion yuan [1] Food and Beverage Sector Performance - The food and beverage sector declined by 1.53%, with a net outflow of 2.416 billion yuan. Out of 124 stocks in this sector, 23 rose while 97 fell, including one stock that hit the daily limit down [2] - The top three stocks with the highest net inflows in the food and beverage sector were "Hao Xiang Ni" with 61.106 million yuan, "*ST Chun Tian" with 12.8997 million yuan, and "Wei Zhi Xiang" with 12.7381 million yuan [2] - Major stocks with significant net outflows included Kweichow Moutai with 9.52 billion yuan, Wuliangye with 3.66 billion yuan, and Shanxi Fenjiu with 1.33 billion yuan [2][4] Food and Beverage Sector Capital Inflow and Outflow - The capital inflow leaderboard in the food and beverage sector included "Hao Xiang Ni" (+8.11%), "*ST Chun Tian" (+4.85%), and "Wei Zhi Xiang" (+1.43%) [2] - The capital outflow leaderboard featured Kweichow Moutai (-1.64%), Wuliangye (-1.77%), and Shanxi Fenjiu (-2.34%) [4]

Group 1 - The dairy sector experienced a decline of 0.95%, ranking among the top declines in concept sectors, with companies like Huanlejia, Nanjiao Foods, and Fucheng Co. leading the losses [1][2] - Among the dairy stocks, 7 companies saw price increases, with Ketaobiotech, Yiyaton, and Sunshine Dairy rising by 3.26%, 2.41%, and 2.02% respectively [1][2] Group 2 - The dairy sector faced a net outflow of 233 million yuan from major funds, with 20 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 10 million yuan [2] - The stock with the highest net outflow was Beiyinmei, with a net outflow of 94.1 million yuan, followed by Wancheng Group and Huanlejia with outflows of 72.1 million yuan and 66.7 million yuan respectively [2][3] - On the other hand, the stocks with the highest net inflows included Yiyaton, Jinjian Rice Industry, and Qiaqia Foods, with inflows of 40.2 million yuan, 11.2 million yuan, and 10.3 million yuan respectively [2][3]

Market Overview - The beverage and dairy sector experienced a decline of 1.55% on January 21, with Huanlejia leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Stock Performance - Key stocks in the beverage and dairy sector showed varied performance, with Sunshine Dairy rising by 2.02% to a closing price of 16.14, while Huanlejia fell by 11.25% to 23.90 [2][1] - Other notable performers included Yangyuan Beverage, which increased by 0.23% to 34.53, and several stocks like Xibumuyou and Qianyuan Group remained flat [1][2] Trading Volume and Capital Flow - The beverage and dairy sector saw a net outflow of 340 million yuan from institutional investors, while retail investors contributed a net inflow of 336 million yuan [2] - The trading volume for Huanlejia was significant, with 210,400 shares traded, resulting in a transaction value of 517 million yuan [2] Individual Stock Capital Flow - Yili Group had a net inflow of 25.78 million yuan from institutional investors, while it faced a net outflow of 15.84 million yuan from speculative funds [3] - Sunshine Dairy also saw a minor net inflow from speculative funds amounting to 4.32 million yuan, despite a net outflow from retail investors [3]

Group 1 - The core viewpoint of the news is that Beiyinmei's stock has experienced a decline, with a drop of 2.05% on January 21, 2025, and a market capitalization of 6.21 yuan per share, totaling 67.07 billion yuan [1] - As of January 21, 2025, the net outflow of main funds was 51.66 million yuan, with significant selling pressure observed [1] - Beiyinmei's stock price has increased by 1.47% year-to-date, but has seen declines of 1.58% over the last five trading days and 2.51% over the last 20 days [2] Group 2 - Beiyinmei's main business involves the research, production, and sales of infant food and milk-based nutritional products, with 89.20% of revenue coming from milk powder [2] - As of September 30, 2025, Beiyinmei reported a revenue of 2.033 billion yuan, a year-on-year decrease of 2.59%, while net profit attributable to shareholders increased by 48.07% to 106 million yuan [2] - The company has distributed a total of 961 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

证券代码：002570 证券简称：贝因美 公告编号：2026-009 贝因美股份有限公司 第六期员工持股计划持有人会议决议公告 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。 贝因美股份有限公司（以下简称"公司"）第六期员工持股计划（以下简称 "本期持股计划"）持有人会议于 2026 年 1 月 19 日以通讯方式召开、表决，会 议由公司董事会秘书方路遥先生主持。本次会议实际参与表决的持有人 1124 人， 代表 13,446,838 份本期持股计划份额，占本次员工持股计划总份额的 98.7053%。 会议的召集、召开和表决程序符合有关法律、法规及公司《第六期员工持股计划》 的规定。会议审议通过如下议案： 1、审议并通过《关于成立公司第六期员工持股计划管理委员会的议案》 根据公司《第六期员工持股计划》和《第六期员工持股计划管理办法》等有 关规定，本期持股计划设立管理委员会，代表持有人行使股东权利等职权。管理 委员会由 3 名委员组成，设管理委员会主任 1 名。管理委员会委员的任期为本期 持股计划的存续期。 表决结果：同意 13,398,887 份，占出席持有人 ...

第五期员工持股计划持有人会议决议公告 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。 贝因美股份有限公司（以下简称"公司"）第五期员工持股计划（以下简称 "本期持股计划"）持有人会议于 2026 年 1 月 19 日以通讯方式召开、表决，会 议由公司董事会秘书方路遥先生主持。本次会议实际参与表决的持有人 546 人， 代表 9,736,446 份本期持股计划份额，占本次员工持股计划总份额的 97.9529%。 会议的召集、召开和表决程序符合有关法律、法规及公司《第五期员工持股计划》 的规定。会议审议通过如下议案： 1、审议并通过《关于成立公司第五期员工持股计划管理委员会的议案》 根据公司《第五期员工持股计划》和《第五期员工持股计划管理办法》等有 关规定，本期持股计划设立管理委员会，代表持有人行使股东权利等职权。管理 委员会由 3 名委员组成，设管理委员会主任 1 名。管理委员会委员的任期为本期 持股计划的存续期。 表决结果：同意 9,714,776 份，占出席持有人会议的持有人所持份额总数的 99.7775％；反对 2,000 份，占出席持有人会议的持有人所持 ...

Core Insights - The article discusses the complex history and current challenges faced by the Chinese domestic milk powder brand, Beingmate, particularly in the context of declining birth rates and increased competition in the industry [1][2][5]. Group 1: Industry Context - The Chinese milk powder market has shifted from growth to a competitive environment due to a decline in newborn registrations, with the market size shrinking from nearly 2000 billion yuan in 2019 to 1635 billion yuan in 2024 [5]. - Regulatory changes, including the implementation of stricter national standards for milk powder in 2023, have raised industry entry barriers and prompted supply-side reforms [4]. - The market has seen a consolidation trend, with leading brands like Feihe, Yili, and Junlebao expanding their market shares, while Beingmate's market share has dropped to approximately 1.7%, falling out of the top ten in the industry [5]. Group 2: Beingmate's Strategy - Beingmate has adopted a "genuine and affordable" strategy, emphasizing product quality and a commitment to only earning a 5% profit margin, aiming to build consumer trust and long-term relationships [10][12]. - The company is focusing on supply chain management and product safety, as highlighted by its response to a recent recall incident involving ARA ingredients, ensuring that its products use different, safe sources [7][8]. - Beingmate is diversifying its product offerings beyond infant formula to include organic A2 milk powder, baby food, and family health products, aiming to create a comprehensive ecosystem for family nutrition [9][10]. Group 3: Financial Performance - In 2024, Beingmate reported a revenue increase of 9.7% to 2.773 billion yuan, with a significant net profit growth of 116.92%, indicating a positive trend in operational efficiency [14]. - The company has reduced sales expenses by 7.51% while strategically increasing advertising on platforms like Xiaohongshu and Douyin, reflecting a shift towards more effective marketing [12][14]. - Despite facing debt issues from its controlling shareholder, Beingmate has maintained stable operations, with cash reserves of 1.543 billion yuan and manageable short-term debt [14]. Group 4: Market Position and Future Outlook - Beingmate ranks among the top four domestic milk powder brands, indicating a solid brand foundation and market recognition despite recent challenges [14]. - The company's focus on product safety, scientific formulation, and consumer trust is crucial in a market where consumers are increasingly discerning about quality and brand values [15][18]. - The commitment to a "genuine and affordable" approach may resonate with price-sensitive consumers, especially in light of new childcare subsidy policies that enhance consumer focus on value [16][18].

证券日报网讯1月9日，贝因美（002570）发布公告称，公司将于2026年1月26日召开2026年第一次临时 股东会。 ...