Market Overview - The dairy industry in China is experiencing a development phase, with average consumption levels still below international averages, indicating significant growth potential [3] - Recent years have seen rapid market growth, with increasing consumer demands for taste, safety, and quality, leading to a trend towards premium products such as pasteurized milk and yogurt [3] Competitive Landscape - The impact of the EU's abolition of milk quotas and Australia's zero-tariff imports has led to increased imports of milk powder and UHT milk, posing challenges to the domestic market [3] - Domestic products primarily include low-temperature and UHT milk, with low-temperature imports being minimal due to high cold chain logistics requirements [4] Company Advantages - Local dairy companies have advantages over imports, particularly in low-temperature products, due to superior cold chain logistics capabilities and fresher products [4] - Yantang Dairy has over 100 refrigerated transport vehicles and a professional delivery team of over 2,000, establishing a robust cold chain distribution system in Southern China [4] Brand and Quality Management - Yantang Dairy, established in 1956, has a strong brand presence in Guangdong and Southern China, supported by a comprehensive quality management system including ISO9001, ISO22000, HACCP, and GMP certifications [5][9] - The company emphasizes food safety, with quality standards exceeding national and European requirements, and proactive testing for various quality indicators [10] Production Capacity and Innovation - A new production base with a capacity of 600 tons per day is under construction, expected to be operational by the end of 2017, enhancing production efficiency and product diversity [6][7] - The new facility will utilize advanced technologies for smart and environmentally friendly production, aiming to set industry benchmarks [6] Research and Development - Yantang Dairy has achieved significant R&D milestones, including multiple patents and the establishment of a research center in 2003, focusing on continuous product innovation [8][9] - The company has launched 20 new products in the past year, including a series of probiotics and ice cream products, reflecting its commitment to innovation [8] E-commerce Strategy - The company is actively exploring e-commerce channels, partnering with platforms like JD.com and Tmall, and has launched its own sales company to enhance online sales capabilities [12] Future Plans - Yantang Dairy aims to leverage its new production base and e-commerce initiatives to solidify its market position and drive future growth [12]

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 | | | 民生证券：熊航 | | | | 天风证券：张东雪 | | | | 太平洋证券：郑汉镇 | | | | 中银国际证券：毕翘楚 | | | 参与单位名 | 国君资管：刘颜 | | | | 招商资管：黄涛 | | | 称及人员 | 格林基金：刘思敏 | | | | 信达澳银基金：刘维华 | | | | 华美国际投资：齐全 | | | | 上海汐泰投资：程浩然 | | | | 长金投资：何明瑾、马莉安 | | | 时间 | 2020 年 8 月 5 日 | | | 地点 | 公司五楼会议室 | | | 上市公司接 | 副总经理兼董事会秘书：李春锋 | | | --- | ...

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 | | | | 国泰君安方勇、兴业证券颜言、西南证券李光歌、国金证券于 | | | | 杰、金鹰基金张展华、广发基金陈樱子、光大保德信基金马鹏 | | 参与单位名称及 | | 飞、东方证券资产管理李政隆、太平洋证券郑汉镇、华创证券曹 | | 人员姓名 | | 岩、鹏华基金王治璇、中科沃土基金范慧华、招商证券杨宇熙、 | | | | 兴业证券陈嵩昆、长江证券董思远、兴业证券余枫、上海玖鹏资 | | | | 产王珺杰、浙商基金许文哲、广发证券张志遂、长城基金刘疆、 | | | | 华泰柏瑞基金陈晓光、交银施罗德沈犁 | | 时间 | 2017 ...

Company Overview - Yan Tang Dairy (002732) is a leading dairy company in Guangdong, China, with a strong focus on regional markets and product innovation [1][2] COVID-19 Impact and Response - During the pandemic, the company implemented shift work systems to ensure stable production and supply [3] - Adjusted business strategies by launching promotions on e-commerce platforms and increasing cooperation with community fresh food chains [3] - Introduced contactless delivery services through Yan Tang Youxian Da to meet consumer demand for fresh dairy products [3] - Sales channels recovered well as pandemic control measures took effect, with positive sales growth [3] Market Strategy and Expansion - Current production capacity is approximately 250,000 tons/year, with flagship factory capacity of 600 tons/day [4] - Actively promoting technical transformation of Zhanjiang Yan Tang production base, with partial production lines expected to be operational this year [4] - Future expansion plans will be based on production and operation status [4] - Market development strategy focuses on Guangdong, South China, and nationwide expansion, with emphasis on Greater Bay Area (population ~70 million) [5] - Products have already covered the Greater Bay Area, with entry into Macau market in 2019 [5] Product Development - Balanced product mix between room-temperature and low-temperature dairy products [6] - Recently launched New Guangzhou series fresh milk with advanced 75℃ processing technology to preserve bioactive substances [6] - Differentiated product strategy includes health food series, "Yangzhi Ganlu" with Hong Kong-style concept, and "Old Guangzhou" fermented milk series [8] Raw Material Supply - Self-produced raw milk accounts for about one-third of total consumption, with strategic cooperative farms accounting for two-thirds [7] - Plans to increase self-owned farm construction to better control raw milk quality [7] - Cooperates with over 10 large and medium-sized farms, with most having over 1,000 cattle [7] - Implements strict quality control measures from milking to packaging [7] Sales Channels - Comprehensive marketing network covering distributors, supermarkets, institutions, specialty stores, and home delivery services [7] - Fast-growing new channels include e-commerce, community fresh food chains, KA, and convenience stores [8] - Strong brand recognition and customer loyalty in Guangdong, with brand history dating back to 1956 [8]

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 | 长信基金：刘亮 | | | 称及人员 | 长金投资：马莉安 | | | | 幸福人寿资管：刘勇 | | | | 信达澳银基金：杨珂 | | | | 深圳前海进化论资管：侯文宽 | | | | 深圳前海行健资管：邓永琳 | | | | 深圳广汇缘资管：赵鹏 | | | | 上海聚劲投资：张超 | | | | 上海景林资管：吴玉强、蒋彤 | | | | 上海崇山投资：覃欣 | | | | 雷石资管：孙婷婷 | | | | 江苏兆信资管：白杨 | | | | 华夏基金：崔良旭 | | | | 海富通基金：刘海啸 | | | --- | --- | |----- ...

广东上市公司协会封志敏、陈懿，广东证券期货业协会罗江松， 全景网丘彬、李睿希，国信证券欧家航、刘士宇、陈茹、李王浩、麦楚 杰、何建业，世纪证券杨若、李汉丰、郝尤实、鞠伟、颜沛祥，第一创业 证券李耀权、李观生，太平洋证券雷敏、刘华强，广发证券简键能、张 参与单位名 睿，长城证券张代俊、钟思，方正证券王旭标、李忻，信达证券邬志 称及人员 文、彭东，东莞证券魏红梅、雷国轩，德邦证券廖妙屏、吴雨，联储证 券钟庆丰、伍超群，中信建投证券赵利悦，民生证券熊航，平安证券 张景东，安信证券肖德志，博时基金王诗瑶，广发期货吴静雯、赵端 标，华泰期货周健锐、陈凡，银河期货尹友，华联期货段福林，杉华 投资温素婷等一行 48 人 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 | 广东燕塘乳业股份有限公司投资者关系活动 ...

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 | | | | 中银国际证券：杨鹏、黄彪、何卓夫、凌依依、陈惠美、徐星 | | | 艳、张博雅、张好谊 | | | 参与单位名 | | 中国银行：刘慧娟、周文婧、雷霞、古丽、夏莹、王开婷、韦 | | 称及人员 | | 蓉晖、李疆疆、汤雯怡、薛宏明、谢海霞、郑妤、林学敏、岳静、 | | | 程晨、涂宇 | | | | 个人投资者：李常伟 | 广东西域投资管理有限公司：李苏霖 | | 时间 | 2019 年 9 月 6 日 | 15： 00—16：50 | | 地点 | 公司新工厂综合楼一楼多功能厅 | | | 上市 ...

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 | □ 媒体采访 | □业绩说明会 | | 系活动类 | □ 新闻发布会 | □路演活动 | | 别 | □ 现场参观 | □其他 | | | 长城证券股份有限公司 | 叶松霖 | | | 海通证券股份有限公司 | 闻宏伟 | | | 国泰君安证券股份有限公司 | 方勇 | | 参与单位 | 国信证券股份有限公司 | 章耀、肖彬 | | 名称及人 | 信达证券股份有限公司 | 毕翘楚、王见鹿 | | 员姓名 | 广州金控资产管理有限公司 | 张仕杰 | | | 深圳坤酉基金管理有限公司 | 王建林 | | | 中科沃土基金管理有限公司 | 游彤煦 | | | 广州市里思资产管理有限公司 | 周众 | | 时间 | 2019 年 8 月 28 | 日 10：15—11 ： 30 | | 地点 | 公司五楼会议室 | | | 上市公司 | 证 ...

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 | | | 国金证券股份有限公司 | 卢周伟、蒲向阳 | | | 德邦证券股份有限公司 | 张梦甜 | | 参与单位名 | 北京衍航投资管理有限公司 | 张家庆 | | 称及人员 | 西藏源乘投资管理有限公司 | 李婷婷 | | | 上海途灵资产管理有限公司 | 王鹏 | | | 上海睿信投资管理有限公司 | 徐琳 | | 时间 | 2019 年 8 月 29 | 日 10：00—11：15 | | 地点 | 公司五楼会议室 | | | 上市公司 | 副总经理兼董事会秘书：李春锋 | | | | 证券事务代表：王欢欢 | | | 接待人员 | 工作 ...

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 | □ 媒体采访 | □业绩说明会 | | 系活动类 | □ 新闻发布会 | □路演活动 | | 别 | ☑ 现场参观 | □其他 | | 参与单位 | 华泰证券股份有限公司 | 李晴 | | 名称及人 | 民生证券股份有限公司 | 熊航 | | 员姓名 | 平安证券股份有限公司 | 刘彪 | | | 华金证券股份有限公司 | 王颖洁 | | | 金鹰基金管理有限公司 | 张展华 | | | 太平洋证券股份有限公司 | 郑汉镇 | | | 中信建投证券股份有限公司 | 纪宗亚 | | | 博时基金管理有限公司 | 宋星琦 | | | 河南巨坤基金管理有限公司 | 王峰 | | | 广州钜洲投资有限责任公司 | 李伟驰 | | | 深圳市涌容资产管理有限公司 | 高千茜 | | | 广东礽江企业 ...