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]

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].

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]