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：2025-043 广东燕塘乳业股份有限公司 关于向关联方广州广垦置业有限公司购买写字楼暨关联交 易的进展公告（四） 公司于 2022 年 8 月 9 日、2022 年 8 月 10 日与广州置业签署了上述 21-22 层共 66 套办公物业的《广州市商品房买卖合同（预售）》（66 份《广州市商品房 买卖合同（预售）》及其附件）。具体内容详见公司于 2022 年 8 月 12 日发布在巨 潮资讯网的《关于向关联方广州广垦置业有限公司购买写字楼暨关联交易的进展 公告》（公告编号：2022-036）。 公司于 2023 年 7 月 18 日与广州置业签署了《<商品房买卖合同>补充协议二》， 具体内容详见公司于 2023 年 7 月 19 日发布在巨潮资讯网的《关于向关联方广州 广垦置业有限公司购买写字楼暨关联交易的进展公告（二）》（公告编号： 2023-029）。 2024 年 2 月 21 日，公司取得了广州市规划和自然资源局颁发的上述 21-22 层共 66 套办公物业的《中华人民共和国不动产权证书》（66 个《中华人民共和 国不动 ...

Core Viewpoint - Yantang Dairy (002732.SZ) currently does not have any milk skin products available [1] Company Summary - The company has confirmed through an interactive platform that it does not offer milk skin products at this time [1]

Core Viewpoint - Yantang Dairy (002732) is actively cooperating with the organizing committee of the 15th National Games, supplying dairy products to various competition zones as per contractual agreements [1] Group 1 - The 15th National Games is jointly hosted by Guangdong, Hong Kong, and Macau [1] - The organizing committee has developed plans based on the needs of each competition zone [1] - The first batch of dairy product supplies will cover 15 competition zones, including Guangzhou, Foshan, Yangjiang, Zhanjiang, Zhaoqing, Qingyuan, and Yunfu [1]

Core Insights - Yantang Dairy experienced a block trade on November 10, with a transaction volume of 250,000 shares and a transaction value of 4.825 million yuan, at a price of 19.30 yuan, representing a premium of 7.64% over the closing price of the day [2] Trading Details - The block trade involved a buy-side brokerage from Guohai Securities Co., Ltd. and a sell-side brokerage from Everbright Securities Co., Ltd. [2] - The closing price of Yantang Dairy on the same day was 17.93 yuan, reflecting an increase of 1.88% [2] - The stock had a turnover rate of 2.60% and a total trading volume of 72.4248 million yuan, with a net outflow of main funds amounting to 4.5505 million yuan for the day [2] - Over the past five days, the stock has accumulated a rise of 2.46%, with a total net outflow of funds reaching 10.1976 million yuan [2] Company Background - Guangdong Yantang Dairy Co., Ltd. was established on December 30, 2002, with a registered capital of 157.35 million yuan [2]

Core Viewpoint - Yantang Dairy experienced a stock price increase of 1.87%, closing at 17.93 yuan, with a significant block trade occurring on November 10, 2023 [1] Group 1: Stock Performance - The stock rose by 2.46% over the last five trading days [1] - The total transaction volume for the block trade was 250,000 shares, amounting to 4.825 million yuan [1] Group 2: Block Trade Details - The first transaction price was 19.30 yuan, with a premium rate of 7.64% [1] - The buyer was Guohai Securities Co., Ltd., and the seller was Everbright Securities Co., Ltd. [1] Group 3: Recent Trading Activity - In the last three months, there has been one block trade for the stock, totaling 4.825 million yuan [1] - The net outflow of main funds in the stock amounted to 7.3169 million yuan [1]

Core Insights - The dairy industry is facing challenges due to intensified market competition and changing consumer demands, leading to a focus on online growth strategies by major dairy brands [1][5][8] - JD Supermarket has partnered with Guangdong Yantang Dairy to capture the ambient yogurt market through a customized sales model, launching a special edition yogurt for the National Games [1][8] Industry Overview - The online market for dairy products has shown an upward trend, but the overall growth rate is slowing, with an average year-on-year growth of 7.78% from 2021 to 2024, and a decline to 4.8% in early 2025 [4][8] - The overall liquid milk sales in China saw a year-on-year decline of 7.5% from January to May 2025, with offline sales dropping by 9.7% [5][8] Company Performance - Yantang Dairy has expanded its collaboration with JD Supermarket to include various dairy categories, becoming JD's largest online sales channel, with a compound annual growth rate exceeding 100% since 2016 [4][9] - In 2024, Yantang Dairy's sales surpassed 70 million yuan, with a year-on-year growth rate exceeding 30%, significantly outpacing the industry average [4][9] Product Development - Yantang Dairy focuses on high-quality, health-oriented products, including a low-fat yogurt designed to meet the nutritional needs of athletes and students, which aligns with the growing consumer demand for healthy options [1][7][8] - The company employs a product development strategy of "developing one generation, reserving one generation, and launching one generation," leading to innovative offerings in the low-temperature yogurt segment [5][8] Marketing and Sales Strategy - The partnership with JD Supermarket includes promotional activities such as the "1 yuan drink milk" campaign during the 11.11 shopping festival, aimed at enhancing consumer engagement and sales [11] - JD Supermarket's competitive pricing and quality assurance have positioned it as a leading choice for consumers in both online and offline grocery shopping [11]

Core Viewpoint - The company has released its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information disclosed, with no significant omissions or misleading statements [1][2][17]. Financial Data Summary - The third-quarter financial report has not been audited [3][14]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. Shareholder and Related Party Transactions - The company has engaged in daily transactions with related parties, primarily involving the procurement of raw materials and services, which fall within the expected range approved by the board [5][6]. - A financial service agreement has been signed with a related party, Guangdong Provincial Agricultural Reclamation Group Financial Co., Ltd., for a three-year term, with specific financial transactions reported [6][9]. - The company has also approved the purchase of office properties from Guangzhou Guangken Real Estate Co., Ltd., with ongoing agreements and transactions related to this acquisition [7][8]. Board Meeting Resolutions - The board has approved the third-quarter report and revisions to the general manager's work guidelines [17][20]. - A resolution was passed to allow the wholly-owned subsidiary, Zhanjiang Yantang Dairy Co., Ltd., to apply for a comprehensive credit facility of up to RMB 60 million from a commercial bank to support its operational development [21].

Core Viewpoint - Yantang Dairy, established in 2002 and listed in 2014, is one of the largest dairy producers in South China, focusing on the low-temperature milk market with a "fresh strategy" as its competitive advantage [1] Group 1: Business Performance - In Q3 2025, Yantang Dairy achieved a revenue of 1.179 billion yuan, ranking 11th among 19 companies in the industry, with the industry leader, Yili, generating 90.341 billion yuan [2] - The company's net profit for the same period was 53.7292 million yuan, placing it 9th in the industry, while Yili's net profit was 10.42 billion yuan [2] - The main business composition includes lactic acid bacteria beverages at 324 million yuan (42.34%), liquid milk at 281 million yuan (36.71%), flavored milk at 152 million yuan (19.86%), and others at 8.352 million yuan (1.09%) [2] Group 2: Financial Ratios - As of Q3 2025, Yantang Dairy's debt-to-asset ratio was 23.55%, lower than the industry average of 41.11% [3] - The gross profit margin for the same period was 25.32%, higher than the industry average of 24.79% [3] Group 3: Executive Compensation - The chairman and general manager, Feng Like, received a salary of 1.3879 million yuan in 2024, an increase of 611,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.79% to 17,000, while the average number of circulating A-shares held per shareholder increased by 6.15% to 9,196.62 [5]

Core Insights - Yantang Dairy reported a revenue of approximately 1.179 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 9.55% [1] - The company achieved a net profit attributable to shareholders of approximately 53.31 million yuan, which is a year-on-year decrease of 34.32% [1] Financial Performance - Revenue for the first three quarters: 1.179 billion yuan, down 9.55% year-on-year [1] - Net profit attributable to shareholders: 53.31 million yuan, down 34.32% year-on-year [1]

Market Overview - The beverage and dairy sector experienced a decline of 0.54% on the trading day, with Junyao Health leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Weiweijia (600300) with a closing price of 3.47, up 2.97% [1] - New Dairy (002946) at 17.01, up 2.47% [1] - Yili (600887) at 27.36, up 0.66% with a transaction volume of 621,200 shares and a transaction value of 1.702 billion [1] - Major decliners included: - Junyao Health (605388) at 7.13, down 3.52% [2] - Happy Home (300997) at 16.62, down 3.26% [2] - Beiyinmei (002570) at 6.28, down 2.64% with a transaction value of 305 million [2] Capital Flow - The beverage and dairy sector saw a net inflow of 193 million from institutional investors, while retail investors experienced a net outflow of 39.39 million [2] - The capital flow for key stocks showed: - Yili (600887) had a net inflow of 285 million from institutional investors, but a net outflow of 172 million from retail investors [3] - Chengde Lululemon (000848) had a net inflow of 42.62 million from institutional investors, with a net outflow of 5.37 million from retail investors [3] - Miao Ke Lan Duo (600882) had a net inflow of 20.36 million from institutional investors, but a significant net outflow of 29.61 million from retail investors [3]