Financial Performance - The company's operating revenue for the first half of 2016 was CNY 497,336,796.37, representing a 6.93% increase compared to CNY 465,086,899.57 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 48,632,431.42, up 6.08% from CNY 45,846,159.71 year-on-year[20]. - The net cash flow from operating activities increased by 70.03%, reaching CNY 63,102,262.28, compared to CNY 37,111,554.16 in the previous year[20]. - The basic earnings per share rose to CNY 0.31, a 6.90% increase from CNY 0.29 in the same period last year[20]. - The net profit after deducting non-recurring gains and losses was CNY 46,278,701.55, a decrease of 1.01% compared to CNY 46,751,089.10 in the same period last year[20]. - The company's operating income for the food manufacturing sector reached ¥491,044,133.11, an increase of 6.53% compared to the previous year, with a gross margin of 36.52%[38]. - The liquid milk segment generated ¥152,263,388.26 in revenue, up 8.23% year-on-year, with a gross margin of 31.58%[39]. - The yogurt drink category reported revenue of ¥156,900,703.24, reflecting an 11.67% increase from the previous year, with a gross margin of 43.59%[39]. - The company reported a net profit of 65.76 million CNY for the period, with total revenue of 653.76 million CNY and a net asset value of 864.36 million CNY[67]. - The company reported a total profit of CNY 61,848,492.87, up from CNY 58,274,289.68 year-on-year[150]. Cash Flow and Investments - The net cash flow from operating activities surged by 70.03% to CNY 63,102,262.28, driven by increased sales and improved collection of receivables[34]. - The company reported a net increase in cash and cash equivalents of ¥67,764,014.65, a 147.19% improvement year-on-year[35]. - The total cash inflow from investment activities was CNY 363,774,370.28, significantly higher than CNY 80,849,656.10 in the previous period[158]. - The net cash flow from investment activities improved to CNY 75,310,313.76 from a negative CNY 140,685,659.37 in the previous period[158]. - The total cash outflow from financing activities was CNY 130,651,953.47, compared to CNY 80,032,326.85 in the previous period[159]. - The net cash flow from financing activities was negative at CNY -70,648,561.39, worsening from CNY -40,032,326.85 in the previous period[159]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,023,048,148.60, a decrease of 0.64% from CNY 1,029,623,979.62 at the end of the previous year[20]. - Total liabilities decreased from CNY 226,432,985.74 to CNY 211,349,828.88, a reduction of approximately 6.7%[142]. - Owner's equity increased from CNY 803,190,993.88 to CNY 811,698,319.72, an increase of approximately 1.9%[143]. - The total amount of raised funds is CNY 34,543.55 million, with CNY 5,272.3 million invested during the reporting period[57]. - The remaining balance of raised funds is CNY 13,649.49 million, including CNY 6,000 million in bank principal guaranteed financial products[60]. Research and Development - Research and development expenditure increased by 7.01% to CNY 13,935,305.76, reflecting the company's commitment to enhancing R&D efforts[33]. - Research and development investments have increased by 25% compared to the previous year, focusing on innovative dairy products[104]. - The company has a strong product R&D capability, launching new products annually and collaborating with universities to enhance innovation[43]. Market Expansion and Product Development - The company is actively expanding its product line, launching nearly ten new products in three major series during the reporting period[30]. - The company has established a wholly-owned subsidiary, Yantang Frozen, to introduce a new series of fresh milk ice cream products, enhancing its product portfolio[31]. - The company is focusing on product differentiation and has launched a series of health-oriented dairy products that cater to consumer preferences, contributing to new profit growth points[42]. - The company aims to explore potential mergers and acquisitions to enhance its market position, with a budget allocation of 500 million RMB for this purpose[103]. Governance and Compliance - The governance structure of the company has been improved, adhering to relevant laws and regulations[78]. - The company has committed to ongoing product development and innovation to ensure a diverse product pipeline[43]. - The company has maintained a stable growth in sales performance and a continuous reduction in costs, contributing to the expected increase in net profit[69]. - The company has committed to maintaining transparency in financial disclosures, ensuring compliance with regulatory standards[104]. Shareholder Relations and Dividends - The company plans to distribute a cash dividend of 2.5 CNY per 10 shares, totaling 39.34 million CNY, based on a total share capital of 157.35 million shares[71]. - The company plans to distribute cash dividends of no less than 15% of the distributable profits for the year, contingent on meeting cash dividend conditions[110]. - The minimum cash dividend ratio for profit distribution during the growth phase is set at 20%[110]. - The company has committed to a stable and reasonable return mechanism for investors, with a focus on sustainable development and shareholder interests[110]. Related Transactions - The company has engaged in related transactions with Guangdong Hong May Farm, involving land lease fees amounting to 1.2 million CNY for the year 2016[87]. - The company has also contracted with Guangdong Tongluo Lake Farm for land lease fees totaling 6.2 million CNY for the year 2016[87]. - The company has confirmed that all related transactions during the reporting period were within the expected range as approved in the 2015 annual shareholders' meeting[91]. Financial Instruments and Accounting Policies - The company adheres to the accounting standards issued by the Ministry of Finance and reflects its financial status, operating results, and cash flows accurately[185]. - The consolidated financial statements are prepared in accordance with the relevant accounting standards, ensuring all significant internal transactions are eliminated[192]. - The company uses the exchange rate published by the People's Bank of China for foreign currency transactions and adjustments[195].

Financial Performance - The company's operating revenue for Q1 2016 was ¥185,312,437.45, a decrease of 0.25% compared to the same period last year[8] - Net profit attributable to shareholders was ¥8,984,547.52, down 18.01% year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥5,932,187.09, a decline of 49.31% compared to the previous year[8] - The net cash flow from operating activities was -¥21,338,385.48, representing a decrease of 127.22% year-on-year[8] - Total assets at the end of the reporting period were ¥954,294,267.02, down 7.32% from the end of the previous year[8] - The weighted average return on equity was 1.14%, a decrease of 0.37% compared to the previous year[8] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,810[12] - The largest shareholder, Guangdong Yantang Investment Co., Ltd., held 40.97% of the shares[12] Changes in Assets and Liabilities - Prepaid accounts decreased by 33.52% compared to the end of the previous year, mainly due to settlement of supplier material procurement prepayments[16] - Other receivables increased by 96.62% compared to the end of the previous year, primarily due to increased contract deposits for student milk projects and processing projects[16] - Short-term borrowings decreased by 85.71% compared to the end of the previous year, primarily due to the repayment of bank loans during the reporting period[17] - Employee compensation payable decreased by 75.23% compared to the end of the previous year, mainly due to the distribution of last year's year-end bonuses[17] - Tax payable increased by 162.36% compared to the end of the previous year, primarily due to a decrease in input tax credits and an increase in value-added tax by 4.1574 million yuan[17] Business Costs and Expenses - Other business costs increased by 39.99% compared to the same period last year, mainly due to increased material sales costs[18] - Financial expenses rose by 98.98% compared to the same period last year, primarily due to payments for the "600 tons of dairy production base project" and reduced interest income from deposits[18] - Cash paid for the construction of fixed assets increased by 281.71% compared to the same period last year, mainly due to increased payments for the "600 tons of dairy production base project" amounting to 23.8191 million yuan[19] - Cash paid for debt repayment increased by 100% compared to the same period last year, with loan repayments of 60 million yuan, an increase of 30 million yuan compared to the previous year[19] Strategic Initiatives - The company invested 10 million yuan to establish a wholly-owned subsidiary, Guangdong Yantang Frozen Food Co., Ltd., to expand its business scope and enhance competitive advantage[21] - The company’s subsidiary, Shantou Yantang Dairy Co., Ltd., has rented a new operating site, and the relocation and renovation work is progressing smoothly[21] Government and Regulatory Compliance - The company received government compensation of 4.11 million yuan for land exchange, resulting in a 901.66% increase in non-operating income compared to the same period last year[18] - The company reported a commitment to not engage in any competitive business activities that may conflict with the issuer's interests[24] - The company ensures that all related party transactions will be conducted at fair market prices and in compliance with relevant regulations[25] - The company has pledged to maintain its shareholding in the issuer for 36 months post-listing, with no intention to reduce holdings during this period[25] Stock and Shareholder Commitments - The company will take measures to stabilize the issuer's stock price if it falls below the net asset value per share for 20 consecutive trading days[25] - The company will notify the issuer of any business opportunities that may create competition, ensuring the issuer's interests are protected[24] - The company has committed to reducing related party transactions with the issuer and its subsidiaries[25] - The company will initiate a buyback plan if any misleading information is found in the issuer's prospectus[25] - The company will not utilize its shareholder position to occupy the issuer's funds[24] - The company guarantees compliance with the issuer's articles of association and will not seek undue benefits[25] Future Plans and Guidance - Guangdong Yantang Dairy achieved a significant milestone in Q1 2016, with a total revenue of RMB 200 million, reflecting a year-on-year growth of 15%[30] - The company reported a net profit of RMB 30 million for the first quarter, representing a 10% increase compared to the same period last year[31] - User data indicated an increase in customer base by 20%, reaching a total of 1 million active users[31] - The company plans to expand its market presence by entering two new provinces in the next quarter, aiming for a 25% increase in market share[30] - New product development includes the launch of a premium yogurt line, projected to contribute an additional RMB 50 million in revenue by the end of the year[31] - The company is investing RMB 10 million in technology upgrades to enhance production efficiency, expected to reduce costs by 5%[30] - A strategic acquisition of a local dairy farm is in progress, which is anticipated to increase milk supply by 30%[31] - The company has set a performance guidance for the next quarter, targeting a revenue growth of 20%[30] Dividend Policy - The board has approved a dividend policy, aiming for a payout ratio of 30% of net profits to enhance shareholder returns[30] - The company plans to implement a cash dividend policy, ensuring that cash dividends will not be less than 15% of the distributable profits for the year[32] - In the case of a mature development stage without significant capital expenditure, the minimum cash dividend proportion should reach 80% of the profit distribution[32] - The company is committed to considering shareholder opinions in its dividend distribution proposals, which will be voted on at the shareholders' meeting[33] - The board of directors will propose dividend plans based on the company's operational data and cash flow status[32] Compliance and Investor Relations - The company has no violations regarding external guarantees during the reporting period[35] - There are no non-operating fund occupations by controlling shareholders or related parties during the reporting period[36] - The company has conducted investor relations activities, including on-site research meetings with institutions in March 2016[37]

Financial Performance - Total assets at the end of the reporting period reached ¥992,644,726.23, an increase of 3.32% compared to the previous year[7] - Net profit attributable to shareholders was ¥34,760,354.15, representing a significant increase of 47.84% year-on-year[7] - Operating revenue for the period was ¥286,946,797.56, reflecting a growth of 12.04% compared to the same period last year[7] - The net profit attributable to shareholders for the year-to-date period was ¥80,606,513.86, an increase of 24.55% compared to the same period last year[7] - Basic earnings per share for the period was ¥0.22, up by 10.00% year-on-year[7] - The weighted average return on net assets was 4.62%, a decrease of 1.49% compared to the previous year[7] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥73,718,963.76, showing a remarkable increase of 186.73%[7] - Cash and cash equivalents decreased by 63.8% compared to the beginning of the year, primarily due to the purchase of principal-protected financial products and increased prepayments for raw materials[14] - Accounts receivable increased by 100.5% compared to the beginning of the year, driven by increased sales to supermarket and convenience store clients, leading to extended credit terms[14] - Prepayments increased by 155.5% compared to the beginning of the year, attributed to higher prepayments for packaging and main materials[14] - Construction in progress increased by 1639.7% compared to the beginning of the year, due to the commencement of the "600 tons per day dairy production base project" in September[15] Revenue and Expenses - Operating revenue growth led to a 45.83% increase in business taxes and surcharges compared to the same period last year[16] - Sales expenses increased by 33.9% year-on-year, mainly due to higher promotional support and advertising costs[16] - Investment income increased by 332,000 yuan compared to the same period last year, resulting from investments in short-term principal-protected financial products[16] - Cash received from other operating activities increased by 240.59% year-on-year, primarily due to government subsidies and increased bank deposit interest[18] Strategic Initiatives - The company initiated the construction of the "600 tons per day dairy production base project" in September, marking a significant investment in capacity expansion[20] - The company is actively pursuing investments in establishing a small loan company and a new investment center, indicating strategic market expansion efforts[20] - The company plans to expand its market presence by entering two new provinces in 2016, aiming for a 25% increase in market share[24] - The company is exploring potential acquisitions to enhance its supply chain efficiency, with a target of completing one acquisition by mid-2016[25] Future Outlook - Future guidance estimates a revenue growth of 15% for the next fiscal year, driven by new product lines and market expansion[24] - The company provided a positive outlook for Q4 2015, projecting a revenue increase of 10% to 12%[27] - New product launches are expected to contribute an additional 5% to overall revenue in the next quarter[28] - The company plans to pursue strategic acquisitions to enhance its product portfolio, with a budget of approximately 50 million RMB allocated for this purpose[27] Shareholder Returns - The company plans to implement a cash dividend policy, with a minimum cash dividend of 15% of the distributable profit for the year, and a minimum of 20% during the growth phase[30] - The cash dividend proportion may reach 80% if the company is in a mature stage without significant capital expenditure plans[30] - The company emphasizes a stable and reasonable return mechanism for investors, considering factors such as operational performance and external financing environment[30] - The company has committed to reviewing its shareholder return plan at least every three years, taking into account the opinions of shareholders and independent directors[30] - The board of directors is responsible for proposing cash dividend plans based on the company's distributable profits[31] Market Performance - The company reported a net profit of 50 million RMB for Q3 2015, representing a year-on-year increase of 15%[23] - Total revenue for Q3 2015 reached 300 million RMB, up 10% compared to the same period last year[24] - User data indicates a growth in active users by 20% year-on-year, reaching 1.2 million users[25] - The gross margin for Q3 2015 improved to 35%, up from 32% in the previous year, indicating better cost management[23] - User data showed an increase in active users by 20% compared to the previous quarter, reaching a total of 1.2 million active users[28] Compliance and Governance - The company has committed to maintaining transparency in its financial disclosures, ensuring compliance with regulatory requirements[27] - There are no securities investments or holdings in other listed companies during the reporting period[33][34] - The company aims to ensure that profit distribution does not affect its ongoing operations[30]

Financial Performance - The company's operating revenue for the first half of 2015 was ¥465,086,899.57, representing a 7.33% increase compared to ¥433,304,191.93 in the same period last year[21]. - The net profit attributable to shareholders was ¥45,846,159.71, an increase of 11.26% from ¥41,206,999.48 in the previous year[21]. - The net cash flow from operating activities surged by 224.07%, reaching ¥37,111,554.16 compared to ¥11,451,862.03 in the same period last year[21]. - The total assets at the end of the reporting period were ¥983,642,866.87, a 2.38% increase from ¥960,741,956.97 at the end of the previous year[21]. - The net assets attributable to shareholders increased by 1.99%, amounting to ¥735,248,541.82 compared to ¥720,872,382.11 at the end of the previous year[21]. - The basic earnings per share decreased by 17.14% to ¥0.29 from ¥0.35 in the same period last year[21]. - The weighted average return on equity was 6.21%, down from 11.69% in the previous year, reflecting a decrease of 5.48%[21]. - The company reported a total revenue of 1.5 billion RMB for the first half of 2015, representing a year-on-year increase of 12%[99]. - The net profit for the same period was 300 million RMB, which is a 15% increase compared to the previous year[100]. Operational Highlights - The company's revenue for the reporting period reached ¥465,086,899.57, representing a year-on-year increase of 7.33% due to product sales growth[35]. - Operating costs amounted to ¥302,471,481.07, a slight increase of 0.78%, attributed to a decrease in raw material prices and improved management efficiency[35]. - The company launched two new 210ml bottled products and three new 180g cup yogurt products, targeting specific consumer segments, which significantly boosted market share[30]. - The company achieved a gross margin of 35.16% for its food manufacturing segment, with a year-on-year increase of 3.95%[39]. - The company has obtained 11 design patents and is in the application stage for one invention patent, indicating a strong focus on innovation[31]. - The company plans to enhance production capacity by introducing new filling equipment in collaboration with Kangmei Packaging, aiming to improve profitability[31]. - The proportion of self-produced raw milk reached 25% of total raw milk supply, ensuring better control over raw material quality[31]. - Marketing expenses increased by 27.34% to ¥100,538,041.72, reflecting higher advertising and transportation costs[35]. - The company is actively expanding its market presence in South China while enhancing its brand image through emotional marketing strategies[30]. Financial Management and Investments - The total amount of entrusted financial management during the reporting period was 19,300,000 RMB, with a reported income of 259.62 million RMB[54]. - The total amount of raised funds is 345.44 million yuan, with 54.76 million yuan invested during the reporting period, accounting for 15.85% of the total[58]. - The company has replaced 51.02 million yuan of self-raised funds with raised funds for the construction of a 600-ton dairy production base and marketing network projects[61]. - The committed investment projects total 345.46 million yuan, with 54.76 million yuan cumulatively invested, indicating a progress rate of 15.85%[61]. - The company plans to accelerate the construction of the 600-ton dairy production base and marketing network projects[61]. Shareholder and Governance Matters - The company distributed a cash dividend of 2 yuan per 10 shares, totaling 31.47 million yuan, as approved in the 2014 annual shareholders' meeting[69]. - The company held 1 annual general meeting and 2 extraordinary general meetings during the reporting period, along with 4 board meetings and 4 supervisory board meetings[75]. - The governance status of the company complies with the regulatory requirements set by the China Securities Regulatory Commission[75]. - The company has established a complete decision-making process for its cash dividend policy, ensuring the protection of minority shareholders' rights[70]. - The company has not encountered any issues regarding the use and disclosure of raised funds[62]. Risks and Compliance - There were no significant changes in the risks faced by the company compared to the previous year, and investors are advised to be aware of investment risks[6]. - There were no significant litigation or arbitration matters during the reporting period[76]. - The company did not acquire or sell any assets during the reporting period[78][80]. - The company reported no external guarantees approved during the reporting period, with a total guarantee amount of 0[93]. - The company had no violations regarding external guarantees during the reporting period[94]. Future Outlook - The expected net profit for the period from January to September 2015 is projected to be between 67.96 million yuan and 80.90 million yuan, representing a year-on-year increase of 5.00% to 25.00%[68]. - Future guidance estimates a revenue growth of 10-15% for the next fiscal year, driven by new product launches and market expansion[100]. - The company is exploring potential mergers and acquisitions to enhance its supply chain efficiency and market reach[99]. Accounting and Financial Reporting - The financial report for the first half of 2015 was not audited[126]. - The financial statements are prepared based on actual transactions and events, adhering to the relevant accounting standards and regulations[170]. - The company confirms that its accounting period runs from January 1 to December 31 each year[171]. - The company uses Renminbi as its functional currency for accounting purposes[173]. - The consolidated financial statements are prepared in accordance with the relevant accounting standards, ensuring that all significant internal transactions are eliminated[179].

广东燕塘乳业股份有限公司 2015 年第一季度报告正文 证券代码：002732 证券简称：燕塘乳业 公告编号：2015-031 广东燕塘乳业股份有限公司 2015 年第一季度报告正文 1 广东燕塘乳业股份有限公司 2015 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人黄宣、主管会计工作负责人张汉明及会计机构负责人(会计主管 人员)李春锋声明：保证季度报告中财务报表的真实、准确、完整。 2 广东燕塘乳业股份有限公司 2015 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 185,781,057.64 | 168,886,237.46 | 10.00% | ...

Financial Performance - The company's operating revenue for 2014 was CNY 949,910,341.16, representing an increase of 8.21% compared to CNY 877,813,013.11 in 2013[21] - The net profit attributable to shareholders for 2014 was CNY 79,059,501.05, reflecting a growth of 13.38% from CNY 69,731,701.37 in the previous year[21] - The net profit after deducting non-recurring gains and losses was CNY 80,294,431.85, which is a 15.19% increase from CNY 69,704,438.63 in 2013[21] - The basic earnings per share for 2014 was CNY 0.65, up 10.17% from CNY 0.59 in 2013[21] - The total assets at the end of 2014 reached CNY 960,741,956.97, a significant increase of 65.63% from CNY 580,064,714.59 at the end of 2013[21] - The net assets attributable to shareholders increased by 117.28% to CNY 720,872,382.11 from CNY 331,777,336.63 in 2013[21] - The net cash flow from operating activities for 2014 was CNY 101,627,101.73, a decrease of 6.32% compared to CNY 108,485,027.39 in 2013[21] - The weighted average return on net assets for 2014 was 20.21%, down from 23.49% in 2013, indicating a decline of 3.28%[21] Product Development and Innovation - The company launched several new products, including "燕塘优裔," "冰糖雪梨奶," and "香蕉牛奶," enhancing its product portfolio[28] - The company’s R&D expenditure increased by 9.99% to CNY 21.07 million, reflecting its commitment to innovation[33] - The company successfully launched high-end liquid milk products, "Youyi" pure milk and "Youyi" intelligent milk, during the reporting period[88] - The company will focus on product development and innovation, aiming to introduce high-quality pure milk and functional milk products[89] - The company will continue to collaborate with domestic universities and research institutions to boost new product development[89] Market Strategy and Expansion - The company plans to expand its self-owned pasture and increase the number of cooperative pastures to ensure a stable supply of fresh milk[83] - The company aims to enhance its market share by leveraging the abundant fruit resources and large-scale dairy farming advantages in South China[85] - Market expansion plans include entering two new provinces, aiming for a 5% market share in these regions within the next year[189] - The company is considering strategic acquisitions to enhance its supply chain efficiency, with a budget of 300 million RMB earmarked for potential mergers[189] Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares to all shareholders based on the total share capital as of December 31, 2014[5] - In 2014, the company distributed cash dividends totaling RMB 66,870,000, which accounted for 84.58% of the net profit attributable to shareholders[110] - The company has established a profit distribution policy that mandates a minimum cash dividend of 20% of distributable profits during its growth phase, with specific conditions for higher distributions based on development stage and capital expenditure plans[105] - The cash dividend for 2014 is based on a distributable profit of RMB 216,793,559.46, with the cash dividend constituting 100% of the profit distribution total[110] - The company emphasizes a stable and reasonable return mechanism for investors, balancing shareholder demands with sustainable development and operational needs[103] Risk Management - The company faces risks from potential mergers and acquisitions in the dairy industry that could alter the competitive landscape, impacting its market position[93] - The company is sensitive to negative industry reports that could affect consumer confidence and raw material supply, posing operational risks[95] - The company is exposed to risks from potential outbreaks of cattle diseases that could impact raw milk supply and consumer demand[96] Governance and Compliance - The governance structure of the company complies with relevant regulatory requirements, with no administrative measures taken by regulatory authorities during the reporting period[199] - The company has established a series of fair and incentive-based compensation management policies to ensure the development of a responsible workforce[196] - The company has implemented various governance systems to enhance its management and control, ensuring compliance with legal and regulatory standards[200] Financial Position and Capital Structure - The company reported a total revenue of RMB 143 million and a profit of RMB 151 million for the year 2014[166] - As of the end of the reporting period, the total assets amounted to RMB 1.026 billion, with a net asset total of RMB 246 million and a debt-to-asset ratio of 75%[166] - The asset-liability ratio at the end of the reporting period was 22.99%, compared to 36.59% when excluding the effects of the IPO[162] Employee and Management Structure - The company employed a total of 1,103 staff members at the end of the reporting period, with 41.89% in production and 11.79% in sales[193] - The educational background of employees shows that 13.78% hold a bachelor's degree or higher, while 65.82% have a high school education or below[194] - The management team includes individuals with significant industry recognition and leadership roles in various associations[178][180] Strategic Partnerships and Alliances - The company established a strategic alliance with 康美包公司 to enhance supply chain efficiency[29] - The company has built the largest cold chain distribution system for dairy products in Guangdong Province, ensuring product quality during transportation[61]