证券代码：002732 证券简称：燕塘乳业 | --- | --- | --- | |------------|-----------------|-------------| | | ☑特定对象调研 | □分析师会议 | | 投资者关系 | □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 | | 华安基金 章昕乔 申万宏源 严泽楠 中金公司 方云朋 德邦证券 韦香怡 参与单位名 称及人员 华安证券 陈姝 珞珈云图 赖欣 中泰证券 熊欣慰 国海证券 秦一方 国泰君安 陈力宇、李美仪 时间 2023 年 5 月 30 日 10:00—12：00 地点 公司五楼会议室 副总经理兼董事会秘书：李春锋 上市公司接 证券事务代表：李嘉旋 待人员 董事会办公室：郭海嫩 10:00 李春锋先生介绍公司基本情况。 10:30 进入问答环节。 1、公司的明星产品"乐比儿童成长牛奶"是专门为儿童量身定 投资者关系 活动主要内 容介绍 做的吗？请问这款产品相比其他奶制品有什么不一样吗？ 答：公司乐比儿童系列产品，系公司研究儿童的营养需求与口味 爱好，为儿童量身定制的 ...

证券代码：002732 证券简称：燕塘乳业 | --- | --- | --- | |------------|---------------|-------------| | | ☑特定对象调研 | □分析师会议 | | 投资者关系 | □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 | 鹏华基金：赵璐、陈璇淼、戴钢、张华恩 参与单位名 称及人员 工银瑞信：袁辰昱、杨珂、林梦、齐欢 时间 2023 年 5 月 19 日 14:15—16：00 地点 公司新工厂五楼（电话会议） 上市公司接 副总经理兼董事会秘书：李春锋 待人员 董事会办公室：郭海嫩 1、广东省内牧场资源是否相对北方少？公司如何应对？ 答：广东省内可供牧场建设的土地面积较少，同时，广东气候以 亚热带气候为主，湿润多雨，温度较高，牧草资源相对不足。但同时 广东又具有强大的消费市场和坚实的经济基础。 一方面，作为广东省农垦集团公司下属上市公司，公司依托广东 省农垦集团公司所控制的土地资源，可以较好地满足公司未来建设新 投资者关系 活动主要内 容介绍 牧场的用地需求。另一方面，公司 ...

证券代码：002732 证券简称：燕塘乳业 | --- | --- | --- | |------------|---------------|-------------| | | ☑特定对象调研 | □分析师会议 | | 投资者关系 | □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 | 现场交流： 德邦证券：韦香怡 华鑫证券：孙山山 睿扬投资：陈青青 电话会议： 参与单位名 称及人员 华安基金：吴政，章昕乔，王旭冉，王春 大成基金：李燕宁，岳苗，齐炜中 农银汇理：蒲天瑞 融通基金：吴书，王迪，关山 太平资产：孙宛 时间 2023 年 5 月 12 日、15 日 地点 公司新工厂五楼 副总经理兼董事会秘书：李春锋 上市公司接 证券法务部部长助理：包洋 待人员 董事会办公室：郭海嫩 1、请问公司选择在甘肃张掖投资建设牧场的原因是什么？目前 燕塘传祁牧场的建设进展如何？ 投资者关系 活动主要内 容介绍 答：您好！甘肃拥有广阔的牧区和优质的草原资源，相比于南方 地区，甘肃的牧草生长期更长，牛羊饲养成本更低，这为公司提供了 有利的养殖条件和成本优 ...

证券代码：002732 证券简称：燕塘乳业 | --- | --- | --- | |------------|---------------|-------------| | | ☑特定对象调研 | □分析师会议 | | 投资者关系 | □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 | 现场交流： 安信证券：王玲瑶 招商基金：汪彦初 泰昇私募基金：李伟驰 参与单位名 称及人员 万孚控股：傅浩 羊角基金：凌超、解睿 电话会议： 中银基金：李建、杨庆运、杨亦然、王伟、苗婷、黄珺、池文丽 时间 2023 年 5 月 10-11 日 地点 公司五楼会议室 副总经理兼董事会秘书：李春锋 上市公司接 证券法务部部长助理：包洋 待人员 董事会办公室专员：郭海嫩 1、请问公司在 2023 年有哪些重点发展规划和目标？ 答：2023 年是公司中长期发展规划的起步之年，也是奋力开创公 司高质量发展新局面的关键之年。公司将坚持"聚焦主业、稳中求进、 投资者关系 活动主要内 容介绍 防控风险"的总基调，全面贯彻新发展理念，锐意进取、攻坚克难， 聚焦高质量发展， ...

证券代码：002732 证券简称：燕塘乳业 □特定对象调研 □分析师会议 投资者关系 活动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他 | --- | --- | --- | |------------|--------|------------------------------------| | | 刘景瑜 | 广发发展研究中心 | | | 高鸿 | 广发发展研究中心 | | | 李泽昱 | 汇添富基金管理股份有限公司 | | | 丰一凯 | 长江证券（上海）资产管理有限公司 | | | 李柄桦 | 华夏基金管理有限公司 | | | 费馨涵 | 汇丰晋信基金管理有限公司 | | | 苏香 | 摩根士丹利华鑫基金管理有限公司 | | | 许科 | 鑫巢資本管理(香港)有限公司 | | | 朱骏 | 华泰证券（上海）资产管理有限公司 | | | 马雪薇 | 天弘基金管理有限公司 | | | 陈方园 | 中融基金管理有限公司 | | | 胡卫兵 | 华夏基金管理有限公司 | | | 方华士 | 博时基金管理有限公司 | | | 王旭冉 | 华安基金管理有限公司 | | | 唐朝 ...

Financial Performance - The company's revenue for Q1 2023 was ¥428,553,089.26, representing a 10.89% increase compared to ¥386,455,461.92 in the same period last year[5]. - Net profit attributable to shareholders for Q1 2023 was ¥28,305,797.23, a 41.81% increase from ¥19,960,044.87 year-on-year[5]. - Basic earnings per share increased by 38.46% to ¥0.18, up from ¥0.13 in the previous year[5]. - Net profit for Q1 2023 was ¥27,775,242.53, compared to ¥20,280,112.71 in the same period last year, reflecting a growth of approximately 37.5%[27]. - The net profit attributable to the parent company for Q1 2023 was ¥28,305,797.23, an increase from ¥19,960,044.87 in Q1 2022, representing a growth of approximately 42.5%[28]. - The total comprehensive income attributable to the parent company for Q1 2023 was ¥28,305,797.23, compared to ¥19,960,044.87 in the same period last year, indicating a year-over-year increase of about 42.5%[28]. - The basic and diluted earnings per share for Q1 2023 were both ¥0.18, up from ¥0.13 in Q1 2022, reflecting a growth of approximately 38.5%[28]. Cash Flow - The net cash flow from operating activities surged by 206.52% to ¥53,247,492.13, compared to ¥17,371,701.25 in Q1 2022[5]. - Cash inflows from operating activities totaled ¥480,266,900.91 in Q1 2023, compared to ¥439,434,124.89 in Q1 2022, marking an increase of about 9.3%[31]. - Cash outflows from investing activities amounted to ¥52,525,324.60 in Q1 2023, compared to ¥46,668,738.48 in Q1 2022, indicating an increase of about 12.2%[32]. - The net cash flow from investing activities was -¥46,364,171.40 in Q1 2023, worsening from -¥41,398,303.47 in Q1 2022[32]. - Cash inflows from financing activities were ¥19,900,000.00 in Q1 2023, down from ¥30,000,000.00 in Q1 2022, a decrease of approximately 33.3%[32]. - The net cash flow from financing activities was -¥13,828,296.43 in Q1 2023, compared to a positive net flow of ¥2,512,402.57 in Q1 2022[32]. - The ending cash and cash equivalents balance for Q1 2023 was ¥258,734,458.30, compared to ¥225,348,201.47 at the end of Q1 2022, reflecting an increase of about 14.8%[32]. Assets and Liabilities - Total assets at the end of Q1 2023 were ¥1,862,818,330.29, a decrease of 1.67% from ¥1,894,444,641.87 at the end of the previous year[5]. - Current assets decreased to ¥524,283,938.25 from ¥570,371,429.31 at the beginning of the year, a decline of about 8.1%[23]. - The company's total assets as of March 31, 2023, were ¥1,862,818,330.29, down from ¥1,894,444,641.87 at the start of the year[24]. - The total liabilities decreased to ¥561,825,641.53 from ¥621,227,195.64, a reduction of approximately 9.6%[25]. - The company's equity attributable to shareholders rose by 2.27% to ¥1,277,666,873.65 from ¥1,249,361,076.42 at the end of the previous year[5]. Expenses - Total operating costs amounted to ¥392,260,171.04, up from ¥359,270,274.86 year-on-year[27]. - Research and development expenses for the quarter were ¥3,875,077.44, down from ¥4,542,012.06, indicating a decrease of about 14.6%[27]. - The company reported a significant increase in financial expenses, which rose by 3019.07% to ¥1,324,947.87 due to increased interest costs[10]. - The company experienced a 102.05% increase in taxes and surcharges, amounting to ¥2,550,965.82, primarily due to higher VAT payments[10]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,235, with the largest shareholder holding 40.97% of the shares[12]. - The company has a total of 64,465,743 shares held by Guangdong Yantang Investment Co., Ltd., which is the largest shareholder[14]. Investments and Transactions - The company invested ¥10,000,000.00 in its associate, Yantang Chuanqi, during the reporting period, which was not present in the same period last year[11]. - The company has engaged in daily related transactions primarily involving procurement of raw materials and leasing of warehouses[17]. - The company has a financial service agreement with Guangdong Agricultural Reclamation Group Financial Co., Ltd. for a period of three years[18]. - The company plans to develop affordable rental housing in collaboration with its controlling shareholder and other units[20]. - The company plans to use no more than RMB 94.64 million to purchase office properties from a related party[19]. - The company has completed the leasing of properties including the original food building and milk industrial warehouse as per the management agreement[16]. - The company reported a total deposit balance of RMB 94.23 million as of March 31, 2023, with a net inflow of RMB 76.51 million during the period[18]. - The company has a total loan balance of RMB 15 million as of March 31, 2023, with no new loans issued during the period[18]. - The company reported a total of RMB 9.61 million withdrawn from its accounts during the reporting period[18]. - The company has estimated its daily related transactions for 2023, including property leasing service fees[16]. - Long-term equity investments increased to ¥77,192,381.95 from ¥69,406,927.48, showing a growth of about 11.5%[23].

Financial Performance - The company's operating revenue for 2022 was CNY 1,875,194,458.16, a decrease of 5.52% compared to CNY 1,984,746,938.46 in 2021[19]. - The net profit attributable to shareholders for 2022 was CNY 99,361,516.67, down 37.01% from CNY 157,737,707.74 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 83,718,403.16, a decline of 42.23% from CNY 144,904,323.52 in 2021[19]. - The net cash flow from operating activities was CNY 189,938,874.98, which is a 31.13% decrease compared to CNY 275,780,443.74 in 2021[19]. - The basic earnings per share for 2022 was CNY 0.63, down 37.00% from CNY 1.00 in the previous year[19]. - The company reported total revenue of CNY 1,231,298,810.15 for 2022, with a gross margin of 24.34%, down from 28.25% in 2021[43]. - The revenue from the food manufacturing sector was ¥1,845,825,203.64, accounting for 98.43% of total revenue, down 5.99% from ¥1,963,519,294.11 in 2021[83]. - The sales of liquid milk products amounted to ¥723,570,181.92, representing 38.59% of total revenue, a decline of 2.62% from the previous year[83]. - The gross profit margin for the food manufacturing sector was 23.42%, down 4.31% from the previous year[84]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the fiscal year, representing a 20% year-over-year growth[151]. Assets and Liabilities - The total assets at the end of 2022 were CNY 1,894,444,641.87, an increase of 15.32% from CNY 1,642,820,235.63 at the end of 2021[19]. - The net assets attributable to shareholders at the end of 2022 were CNY 1,249,361,076.42, reflecting a growth of 5.75% from CNY 1,181,469,559.75 in 2021[19]. - The company's long-term equity investments rose to ¥69,406,927.48, up from ¥15,198,808.87, reflecting a 2.73% increase in total asset composition[104]. - The company's short-term borrowings increased significantly to ¥177,439,296.11, up from ¥63,000,000.00, marking a 5.54% rise in liabilities[104]. Market and Sales Performance - The company is positioned as a leading dairy product manufacturer in South China, with significant growth in sales outside Guangdong province[30]. - The dairy industry in China is expected to maintain stable growth due to rising disposable income and urbanization[30]. - The company reported a total sales volume of 206,642.41 tons, a decrease of 4.42% from 216,192.69 tons in 2021[86]. - The sales volume of flavored milk decreased by 14.43% to 42,554.43 tons compared to 2021[54]. - The sales volume of liquid milk decreased by 1.35% to 71,744.87 tons in 2022 compared to 2021[54]. - Online direct sales revenue reached CNY 262,464,693.13 in 2022, with a gross margin of 22.33% for flavored milk products[46]. - The company expanded its retail points in Macau to 75, enhancing market presence in the region[72]. Product Development and Innovation - The company launched 8 new products during the reporting period, including A2β casein pure milk and zero sugar fresh milk pudding, to meet consumer demands for personalized and high-quality products[38]. - The company is actively involved in research and innovation to meet evolving consumer demands for quality and convenience in dairy products[30]. - The company is developing a series of new health food products, currently in the pilot testing stage, to meet consumer demand for light health products[95]. - New product development includes the launch of a premium dairy line, expected to contribute an additional 200 million RMB in revenue[151]. - The company has successfully applied skimmed milk cream in existing products, increasing the utilization rate of raw milk[95]. Operational Efficiency and Cost Management - The gross margin for liquid milk products decreased to 11.15% in 2022 from 16.67% in 2021, reflecting increased production costs[43]. - The company’s direct material costs accounted for 72.66% of total operating costs in 2022, slightly up from 72.42% in 2021[53]. - The company aims to enhance operational efficiency by accelerating channel penetration and regional expansion while focusing on the development and promotion of diversified, high-value-added products[119]. - The company has implemented new technology in production processes, resulting in a 5% reduction in operational costs[172]. Corporate Governance and Management - The board of directors consists of 9 members, including 3 independent directors, ensuring effective governance and decision-making processes[131]. - The supervisory board, comprising 3 members, effectively oversees the company's operations and protects shareholder interests[132]. - The company has a clear organizational structure, with no overlapping operations or leadership relationships with its controlling shareholder[137]. - The company has established a comprehensive internal control management system covering procurement, warehousing, safety production, and financial management, enhancing compliance awareness among employees[186]. - The company received an A rating in the Shenzhen Stock Exchange's 2021 information disclosure evaluation, indicating high-quality information disclosure practices[134]. Risk Management - The company faces major risks and has outlined corresponding countermeasures in the future development outlook section of the report[5]. - The company is exposed to risks from the dairy farming industry, including potential disease outbreaks that could affect raw milk supply and consumer confidence, and will enhance its farm management and disease prevention capabilities[120]. - The competitive landscape in the Guangdong dairy market is intensifying, with potential mergers and acquisitions by leading brands, prompting the company to strengthen its brand advantages and optimize market strategies[121]. - The company recognizes the risk of negative public sentiment towards the dairy industry and will implement higher quality standards and strengthen brand building to enhance consumer recognition[120]. Environmental Responsibility - The company has complied with environmental protection laws and standards, ensuring stable and compliant pollutant discharge from its facilities[194]. - The company has implemented an environmental self-monitoring plan and regularly engages third-party monitoring agencies to ensure compliance[195]. - The flagship factory has been recognized as a "National Green Factory" and has passed the ISO 14001 environmental management system certification[200]. - The company is committed to the ecological civilization concept of "lucid waters and lush mountains are invaluable assets" and promotes green management actions to achieve carbon peak and carbon neutrality goals[199]. Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares to all shareholders, based on a total of 157,350,000 shares[5]. - The company distributed cash dividends of 31.47 million yuan (approximately $4.8 million) to shareholders, with a payout of 2.0 yuan per 10 shares[182]. - The company is committed to maximizing shareholder value through strategic capital operations and seeking external growth opportunities[116].

Group 1: Product Sales and Market Strategy - The sales ratio of pasteurized milk to ambient milk is approximately 1:1, with future production and sales strategies aligned with consumer market needs [3] - The company plans to increase the growth rate of pasteurized milk and yogurt products, which are expected to outpace traditional milk sales [4] Group 2: Sales Channels and Market Presence - The company's sales network includes five channels: specialty stores, home delivery services, group purchases, supermarkets, and distributors [3] - The depth of market penetration varies by region, generally reaching down to county and town levels [4] Group 3: Pricing and Market Behavior - Product pricing is determined by market behavior without government intervention [3] - Except for home delivery services, which may have slightly higher prices due to service fees, other channels maintain stable pricing [4] Group 4: Future Development and Corporate Governance - The company will evaluate market opportunities for potential new ranches in northern regions based on industry development [4] - Future plans regarding employee stock ownership will depend on the company's development trajectory [5] Group 5: Internet Integration - The company is exploring "Internet+" strategies cautiously, considering the unique factors associated with fast-moving consumer goods [5]

证券代码：002732 证券简称：燕塘乳业 广东燕塘乳业股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|------------------|-------------| | | ☑ 特定对象调研 | □分析师会议 | | 投资者关系 | □ 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 | 申万宏源：吕昌 | | | 人员姓名 | 国金证券：申晟 | | | | 兴业证券：颜言 | | | | 国泰君安：赵瑞 | | | | 广发基金：陈樱子 | | | | 广发证券：卢文琳 | | | | 长宏投资：陈嘉琪 | | | | 长江证券：董思远 | | | | 华创证券：杨兆媛 | | | | 招商基金：成雨轩 | | | --- | --- | |----------------|-------------------------------------------------------------------------------------| ...