广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2025-019 广东燕塘乳业股份有限公司 （三）会议召开的合法、合规性：本次股东大会的召集程序符合有关法律、 行政法规、部门规章、规范性文件和《广东燕塘乳业股份有限公司章程》等相关 规定。 （四）会议召开的日期、时间： 1．现场会议：2025 年 4 月 29 日 14:45 起，预计会期半天； 2．网络投票：通过深圳证券交易所互联网投票系统投票的时间为 2025 年 4月29日9:15-15:00；通过深圳证券交易所交易系统进行网络投票的时间为2025 年 4 月 29 日 9:15-9:25，9:30-11:30 和 13:00-15:00。 （五）会议的召开方式：本次股东大会采取现场表决与网络投票相结合的方 式召开。 关于召开 2024 年年度股东大会的提示性公告 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。 广东燕塘乳业股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日在巨 潮资讯网披露了《关于召开 2024 年年度股东大会的通知》。本次股东大会将采用 ...

资金流向方面，今日该股主力资金净流入9000.74万元，其中，特大单净流入4963.50万元，大单资金净 流入4037.24万元。近5日主力资金净流入1.75亿元。（数据宝） 燕塘乳业4月14日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 东方证券股份有限公司福州五四路证券营业部 | 1669.81 | 0.00 | | 买二 | 海通证券股份有限公司长沙五一大道证券营业部 | 1581.62 | 2.98 | | 买三 | 东亚前海证券有限责任公司浙江分公司 | 1061.91 | 720.26 | | 买四 | 国投证券股份有限公司深圳科发路证券营业部 | 979.28 | 0.00 | | 买五 | 中国银河证券股份有限公司广州华夏路证券营业部 | 925.87 | 17.03 | | 卖一 | 华泰证券股份有限公司郑州经三路证券营业部 | 368.75 | 986.24 | | 卖二 | 机构专用 | 912.19 | 902.04 | | 卖三 | 机构专用 | 884.83 | 814 ...

暗盘资金一眼洞悉庄家意图>> 乳业板块异动拉升，燕塘乳业（002732）涨停，庄园牧场（002910）、欢乐家（300997）、品渥食品 （300892）、一鸣食品（605179）、阳光乳业（001318）等跟涨。 ...

近日，燕塘乳业披露的2024年年报显示，公司全年实现营业收入约为17.32亿元，同比下滑11.18%；实 现归母净利润约为1.03亿元，同比骤降43.03%。 作为广东第一家液体乳上市企业，"燕塘"品牌源于1956年。燕塘乳业主要从事乳制品和含乳饮料的研 发、生产与销售，属于食品制造业。公司产品包括巴氏杀菌奶、超高温灭菌奶、酸奶、花式奶、乳酸菌 乳饮料等乳制品，均属日常消费食品。 拉长时间线来看，这是燕塘乳业自2011年以来第二次在年报中出现营收同比下滑，上一次是2022年。聚 焦到近几年，2020—2024年，燕塘乳业的营收分别约为16.37亿元、19.85亿元、18.75亿元、19.50亿元和 17.32亿元，实现归母净利润分别约为1.05亿元、1.58亿元、9936万元、1.8亿元、1.03亿元，总体呈现显 著的波动。 分产品来看，去年燕塘乳业液体乳类、花式奶、乳酸菌乳饮料类、其他产品营收分别下降13.94%、 14.15%、7%、15.76%。去年年报还显示，燕塘乳业主要产品的销售量、生产量和期末库存量均同比下 降。分品类来看，花式奶的销售量同比减少12.17%至37988.34吨，乳酸菌乳饮料类的销 ...

近日，广东老牌上市乳企燕塘乳业举行网络业绩说明会，公司如何实现50亿元营收目标、如何拓展广东 省外市场等问题，成为投资者关注焦点。 2023年，燕塘乳业发布"2023—2030年发展规划"，提出2030年实现50亿元营收、"精耕广东、聚焦湾 区、覆盖华南、迈向全国"等目标。然而最新财报显示，燕塘乳业2024年营收、净利润呈双位数下降， 距50亿元营收目标渐行渐远。报告期内，燕塘乳业广东省外市场营收占比虽突破2%，但实质却是以"牺 牲"本土市场营收为代价。 在现有产能利用率不足70%的情况下，燕塘乳业正筹划建设都市型乳业优势特色产业集群项目，以此推 进规划目标实现。在业内看来，当前乳品市场竞争激烈，产品同质化严重，燕塘乳业现有品牌知名度不 足以支撑其拓展省外市场，此时扩产能也并非明智之举。 50亿元目标受投资者关注 "你们有什么规划能做到50亿？"在燕塘乳业4月7日举行的网络业绩说明会上，有投资者提出疑问。燕塘 乳业对此回应称，"公司坚持发展种植养殖、食品加工、营销网络、物流运输等五大板块，建成现代化 乳品产业集团，打造中国乳业全产业链协调发展的典范、引领华南乳业高质量发展的标杆。" "精耕广东、聚焦湾区、覆盖 ...

证券代码：002732 证券简称：燕塘乳业 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名 | | | 称及人员姓 | 投资者网上提问 | | 名 | | | 时间 | 2025 年 4 月 7 日 15:00-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | | 董事长兼总经理冯立科先生 董事兼财务总监邵侠先生 | | 上市公司 | | | | 副总经理吴乘云先生 | | 接待人员 | 副总经理兼董事会秘书李春锋先生 | | | 独立董事郭葆春女士 | | | 1、按地区销售贵公司乳业全部内销，国家对进口乳业增加关税 | | | 是不是对公司有利？ | | | 答：您好，感谢您对公司的关注，公司将积极关注相关影响，谢 | | | 谢。 | | | 2、你们行业本期整体业绩怎么样？你们跟其他公司比如何？ | | 投资者关系 活动主要内 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure, but there are expectations for new product launches to drive growth [1] - The company reported total revenue and net profit of 1.732 billion and 103 million yuan for 2024, representing year-on-year declines of 11% and 43% respectively [6] - The company is focusing on expanding its product matrix with new product developments, including unique offerings that align with regional culture and health trends [7] - The company is deepening its market presence in the Greater Bay Area and steadily expanding new distribution channels [8] - The company is expected to see a recovery in performance in the second half of the year as consumer spending policies take effect [10] Summary by Sections Financial Performance - In 2024, total revenue and net profit were 1.732 billion and 103 million yuan, with declines of 11% and 43% year-on-year [6] - The fourth quarter saw total revenue and net profit of 429 million and 22 million yuan, with year-on-year changes of -9% and -42% respectively [6] - The gross margin for 2024 was 25.31%, a decrease of 0.7 percentage points year-on-year [6] Product Development - Revenue from liquid milk, flavored milk, and yogurt drinks in 2024 was 6.46 billion, 3.32 billion, and 7.37 billion yuan, with year-on-year declines of 14%, 14%, and 7% respectively [7] - The company launched several new products, including Chenpi yogurt and fresh milk pudding, which have shown promising performance [7] Market Strategy - The company achieved offline and online revenues of 1.426 billion and 306 million yuan in 2024, with year-on-year declines of 13% and 3% respectively [8] - The company has increased its number of distributors to 648, primarily in the Pearl River Delta region, and is actively expanding into new channels [8] Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.84, 0.97, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 15 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure due to the consumption environment, but new product launches are expected to drive growth [6][10] - The company reported total revenue and net profit of 1.732 billion and 103 million yuan for 2024, representing year-on-year declines of 11% and 43% respectively [6] - The company is focusing on expanding its product matrix with new offerings that align with regional culture and health trends [7] - The company is deepening its market presence in the Greater Bay Area and steadily expanding new distribution channels [8] Summary by Sections Financial Performance - In 2024, total revenue and net profit were 1.732 billion and 103 million yuan, down 11% and 43% year-on-year respectively [6] - The fourth quarter saw total revenue and net profit of 429 million and 22 million yuan, with declines of 9% and 42% year-on-year [6] - The gross margin for 2024 was 25.31%, a decrease of 0.7 percentage points year-on-year, while the net margin was 5.95%, down 3.2 percentage points [6] Product Development - The company has significantly increased its efforts in new product development, launching differentiated products such as Chenpi yogurt and fresh milk pudding [7] - Revenue from liquid milk, flavored milk, and yogurt drinks in 2024 was 6.46 billion, 3.32 billion, and 7.37 billion yuan, with respective year-on-year declines of 14%, 14%, and 7% [7] Market Strategy - The company reported offline and online revenues of 1.426 billion and 306 million yuan in 2024, with declines of 13% and 3% respectively [8] - The company has increased its number of distributors to 648, primarily in the Pearl River Delta region, and is actively expanding into new channels [8] - Revenue from the Guangdong province was 1.292 billion yuan, down 12% year-on-year, while revenue from outside Guangdong was 38 million yuan, down 6% [8] Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.84, 0.97, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 15 [10] - The report anticipates a recovery in performance in the second half of the year as consumer spending policies take effect [10]

Core Viewpoint - Yantang Dairy reported a significant decline in both revenue and net profit for 2024, highlighting challenges from national competitors and market shifts towards new beverage alternatives [1][2]. Revenue and Profit Performance - The company achieved a total revenue of 1.732 billion yuan, a year-on-year decrease of 11.18% [1]. - The net profit attributable to shareholders fell to 103 million yuan, a sharp decline of 43.03% compared to the previous year [1]. Market Challenges - Yantang Dairy's revenue from the Pearl River Delta region, which contributes 74.61% of its total revenue, decreased to 1.292 billion yuan, significantly impacting overall performance [2]. - The company faces intense competition from national dairy giants like Yili and Mengniu, which are aggressively promoting their products [2]. - The rise of ready-to-drink tea beverages in Guangdong is diverting consumer demand away from traditional dairy products [2]. Cost and Efficiency Issues - The gross profit margin for Yantang Dairy was 25.31%, down 0.72 percentage points year-on-year [2]. - Despite increasing advertising and promotional expenses to 126 million yuan (up 5.5%), the sales expense ratio rose to 11.6%, indicating declining efficiency [2]. - Operating cash flow decreased by 52.64% to 150 million yuan, and accounts receivable turnover days increased from 35 to 42 days, reflecting weakened collection capabilities [2]. Expansion Limitations - The company's revenue from outside Guangdong remains below 2%, with the number of distributors decreasing from 55 to 45 [3]. - Yantang Dairy's growth target of 5 billion yuan by 2030 requires an annual growth rate of over 20%, while the past five years saw only a 1.3% compound annual growth rate [3]. - The concentration of production facilities in Guangdong limits the company's ability to expand nationally, unlike competitors with broader distribution networks [3]. Product and Innovation Challenges - Revenue from liquid milk, yogurt drinks, and flavored milk declined by 11.27%, 8.34%, and 18.57% respectively, comprising 85% of total revenue [3]. - New product launches have not translated into significant growth due to low brand recognition outside Guangdong [3]. - Research and development expenses decreased by 13.74%, and the R&D team size shrank by 6.63%, indicating reduced innovation capacity [3]. Governance and Management Concerns - Executive compensation increased despite poor financial performance, with the chairman's salary rising by 78.7% to 1.388 million yuan [4]. - The company reported an investment loss of 3.2869 million yuan and a slight increase in the debt-to-asset ratio to 23.06% [4]. - Management expenses grew faster than revenue decline, with the management expense ratio increasing from 4.3% to 5.1% [4]. Conclusion - Yantang Dairy is facing multiple challenges, including regional market contraction, difficulties in national expansion, and governance issues, which may hinder its ability to compete effectively in the evolving dairy industry [4][5].

Core Viewpoint - Yantang Dairy experienced a significant decline in revenue and net profit in 2024 after a strong performance in 2023, primarily due to intensified market competition and reliance on the Guangdong market [1][2][4]. Financial Performance - In 2024, Yantang Dairy reported revenue of 1.732 billion yuan, a decrease of 11.18% year-on-year, and a net profit of 103 million yuan, down 43.03% year-on-year [1][3]. - The company's gross profit margin fell to 25.18%, a decrease of 0.6 percentage points compared to the previous year [3]. Market Competition - Yantang Dairy's revenue is heavily dependent on the Guangdong market, with 98% of its income coming from this region, where competition from major players like Yili and Mengniu is fierce [1][4]. - The company faced challenges from aggressive promotional pricing strategies employed by larger competitors, which impacted its market position [3][4]. Strategic Initiatives - Yantang Dairy has been focusing on expanding into the Guangdong-Hong Kong-Macao Greater Bay Area, although the results of this strategy have yet to materialize in terms of revenue growth [4][5]. - The company aims to enhance its market presence in Macau and Hong Kong, becoming the sole milk brand for educational programs in Macau [5]. Future Outlook - For 2025, Yantang Dairy plans to adopt a strategy focused on quality, sales promotion, and execution, with an emphasis on expanding its market reach in the Greater Bay Area and surrounding regions [5].