Core Viewpoint - Yantang Dairy is facing challenges as it reported a decline in both revenue and net profit in its annual report, raising concerns about its expansion plans amid an oversupplied dairy market and declining consumer demand [2][3][4]. Financial Performance - In 2024, Yantang Dairy achieved approximately 1.732 billion yuan in revenue, a year-on-year decrease of 11.18%, and a net profit of about 103 million yuan, down 43.03% year-on-year [3]. - This marks the second time since 2011 that Yantang Dairy has reported a year-on-year decline in revenue, with previous revenues from 2020 to 2024 being approximately 1.637 billion, 1.985 billion, 1.875 billion, 1.950 billion, and 1.732 billion yuan respectively [3]. Product Performance - Revenue from liquid milk, flavored milk, and yogurt drinks decreased by 13.94%, 14.15%, and 7% respectively [4]. - Sales volumes for flavored milk, yogurt drinks, and liquid milk also saw declines of 12.17%, 2.88%, and 9.98% respectively [4]. Market Strategy and Goals - Yantang Dairy aims to achieve a revenue target of 5 billion yuan by 2030, but recent performance suggests this goal is becoming increasingly difficult to reach [5]. - The company plans to develop a modern dairy industry group by focusing on five key areas: planting and breeding, food processing, marketing networks, logistics, and more [5]. Competitive Landscape - National dairy companies like Yili and Mengniu are aggressively competing in the market, particularly in Southern China, which has pressured Yantang Dairy's market share [6]. - Yantang Dairy's gross margin for its main business decreased by 0.6 percentage points to 25.18% in 2024, with offline channel sales also declining [6]. Expansion Plans - Yantang Dairy is pursuing expansion through the establishment of urban dairy industry clusters, including projects for a dairy research institute and modern processing facilities [8][9]. - Specific projects include a smart logistics center and a modern dairy processing plant with an expected annual production capacity of 91,800 tons [9]. Industry Challenges - The current oversupply in the dairy market poses significant challenges for Yantang Dairy's expansion strategy, as many companies are reducing production [10]. - Analysts suggest that Yantang Dairy should focus on enhancing its local market presence and product differentiation rather than blindly expanding capacity [10].

Core Viewpoint - Yantang Dairy aims to achieve a revenue target of 5 billion yuan by 2030, but recent financial reports indicate a decline in both revenue and net profit for 2024, moving further away from this goal [1][3][4]. Revenue and Profit Trends - In 2024, Yantang Dairy reported a revenue of 1.732 billion yuan, a year-on-year decrease of 11.18%, and a net profit of 103 million yuan, down 43.03% [3][4]. - The company's revenue growth in 2023 was 4.01%, reaching 1.95 billion yuan, with net profit increasing by 81.6% to 180 million yuan [3][4]. - The revenue from liquid dairy products, flavored milk, and yogurt drinks all saw declines, with decreases of 13.94%, 14.15%, and 15.76% respectively [3]. Market Expansion Efforts - Yantang Dairy's strategy includes focusing on Guangdong, the Greater Bay Area, and expanding into South China and nationwide markets [1][5]. - The company has begun operations in provinces surrounding Guangdong, including Hainan, Guangxi, Jiangxi, Hunan, and Fujian, primarily through online sales and traditional distribution channels [5][6]. - Despite these efforts, revenue from outside Guangdong remains low, with only 2.04% of total revenue coming from these markets in 2024 [6]. Capacity Utilization and Expansion Plans - Current production capacity utilization is below 70%, with the Guangzhou flagship factory operating at 68.69% and the Zhanjiang base at 55.65% [9]. - Yantang Dairy plans to invest in a new urban dairy industry cluster project, which includes a modern dairy processing plant and a smart logistics center, with a total investment of approximately 1.1 billion yuan [7][8]. - The new projects aim to increase production capacity and diversify product offerings, including ice cream and cheese, which were previously significant revenue sources [10]. Industry Challenges - The dairy industry is facing intense competition and product homogenization, making it difficult for Yantang Dairy to expand its market share [4][6][10]. - Experts suggest that mergers and acquisitions may be necessary for Yantang Dairy to achieve its revenue goals, as relying solely on the Guangdong market may not be sufficient [6].

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].

推进FRESH行动矩阵探索可持续发展 牧场到餐桌的产品优先。燕塘乳业始终坚持"安全为先，质量为本"的基本原则，通过全产业链一体化生 产模式保障产品质量，2024年产品出厂抽检合格率100%，2款产品获得"湾区认证"证书，5款产品获得 香港进口许可，6款产品取得"食在广州"认证，同时以"更营养更健康"和"差异化创新产品"两大核心战 略引领，满足消费者的多元化需求，成功推出18款新品，深受消费者喜爱。 昨日，燕塘乳业(002732)披露《2024年环境、社会及治理（ESG）报告》，向投资者和社会各界展示其 在环境、社会责任和企业治理方面的工作成果，分享可持续发展的战略理念。这是公司连续第三年披露 ESG报告，彰显了国企在社会责任与价值共创方面的担当。 2024年是燕塘乳业深化可持续发展战略的关键之年。面对新挑战，燕塘乳业始终以"致力成为中国优秀 乳制品上市企业集团"为愿景，秉持"构建优鲜生活圈，实现人们对品质生活的美好向往"的企业使命， 凝心聚力、不懈奋斗，全力构建从牧场到餐桌的全链条可持续发展生态，致力增强高质量发展的韧劲与 内力。 建设乳业产业集群形成新发展格局 2024年，以燕塘乳业为项目建设主体的 "广东 ...

Core Insights - Yantang Dairy achieved a revenue of 1.732 billion yuan and a net profit of 103 million yuan for the year 2024, alongside a cash dividend proposal of 1.5 yuan per 10 shares [1] Group 1: Industry Overview - The dairy industry is facing increasing competition in 2024, prompting Yantang Dairy to maintain strategic focus on marketing, production, dairy source management, technological innovation, and internal management [1] - Yantang Dairy is implementing a comprehensive service enhancement program to ensure product quality across the entire supply chain, addressing consumer demand for high-quality dairy products [1] Group 2: Development Projects - Yantang Dairy is spearheading the "Guangdong Urban Agricultural Dairy Industry Cluster" project, which is expected to receive 100 million yuan in central government funding, aimed at enhancing resource advantages and optimizing the dairy industry structure in Guangdong [2] - The company plans to invest in a smart logistics center and a modern dairy processing plant with a daily capacity of 600 tons, aimed at improving storage and production capabilities [3] Group 3: Market Expansion - Yantang Dairy is focusing on expanding its market presence in the Greater Bay Area by enhancing traditional channels and adopting diversified strategies [4] - The company has successfully entered the Macau market and is now the exclusive milk brand for the "Milk and Soy Milk Program" in local schools for the 2023/2024 and 2024/2025 academic years [4] - Yantang Dairy's products have also entered the Hong Kong market, achieving full coverage in the Greater Bay Area and enhancing brand influence [4] Group 4: Product Innovation and Branding - The company has launched several co-branded products with prestigious universities, enhancing its brand recognition among younger consumers [5] - Yantang Dairy has introduced 18 new products in 2024, including various flavored yogurts and milk, catering to diverse consumer preferences [6] Group 5: Future Strategy - Yantang Dairy aims to continue its focus on high quality, sales promotion, and execution efficiency, while advancing the construction of industry cluster projects to achieve new breakthroughs in high-quality development [7]

广东燕塘乳业股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | 审计报告 | 1-6 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-87 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第 440A004802 号 广东燕塘乳业股份有限公司全体股东： 一、审计意见 我们审计了广东燕塘乳业股份有限公司（以下简称燕塘乳业公司）财务 报表，包括 2024 年 12月 31 日的合并及公司资产负债表，2024 年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了燕塘乳业公司 2024 ...