北京市君合（广州）律师事务所 关于 广东燕塘乳业股份有限公司 2025 年第二次临时股东大会的 法律意见书 二零二五年九月 | 北京总部 | 电话: | (86-10) | 8519-1300 | 上海分所 | 电话: | (86-21) 5298-5488 | 广州分所 | 电话: | (86-20) 2805-9088 | 深圳分所 | 电话: | (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: | (86-10) | 8519-1350 | | 传真: | (86-21) 5298-5492 | | 传真: | (86-20) 2805-9099 | | 传真: | (86-755) 2939-5289 | | 杭州分所 | 电话: | (86-571) | 2689-8188 | 成都分所 | 电话: | (86-28) 6739-8000 | 西安分所 | 电话: | (86-29) 8550-9666 | 青岛分所 | 电话: | ...

Group 1 - The company Yantang Dairy has confirmed that its products are sold in Hema Fresh, a subsidiary of Alibaba [1]

人民财讯9月10日电，燕塘乳业（002732）9月10日在互动平台表示，公司产品有进入盒马鲜生销售。 ...

证券代码：002732 证券简称：燕塘乳业 公告编号：2025-038 广东燕塘乳业股份有限公司 关于召开 2025 年第二次临时股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东燕塘乳业股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日在巨 潮资讯网披露了《关于召开 2025 年第二次临时股东大会的通知》。本次股东大会 将采用现场表决与网络投票相结合的方式进行，为充分保障全体股东行使表决权， 切实保护广大投资者合法权益，公司董事会现将有关事项再次通知如下： 一、召开会议的基本情况 （一）股东大会届次：2025 年第二次临时股东大会。 广东燕塘乳业股份有限公司 （二）股东大会的召集人：公司董事会。公司于 2025 年 8 月 28 日上午召开 第五届董事会第二十四次会议，审议通过了《关于召开 2025 年第二次临时股东 大会的议案》。 （三）会议召开的合法、合规性：本次股东大会的召集程序符合有关法律、 行政法规、部门规章、规范性文件、深圳证券交易所业务规则和《广东燕塘乳业 股份有限公司章程》（以下简称"《章程》"）等相关 ...

Group 1 - The core viewpoint of the news highlights a decline in China's dairy product production, with a reported decrease of 3.6% year-on-year in July 2025, resulting in a total production of 221,000 tons [1] - From January to July 2025, the cumulative production of dairy products in China reached 16.592 million tons, reflecting a decrease of 1% compared to the previous year [1] Group 2 - The companies mentioned in the news include Yili Group (600887), Bright Dairy (600597), San Yuan (600429), New Dairy (002946), Huangshi Group (002329), Yantang Dairy (002732), Zhuangyuan Pasture (002910), and Pinwo Foods (300892) [1] - The report referenced is the "2025-2031 China Dairy Product Industry Market Operation Status and Investment Prospect Trend Report" published by Zhiyan Consulting [1]

Group 1: Company Achievements and Recognition - The company has become the exclusive supplier of dairy products for the 15th National Games, marking its third consecutive time in this role, which enhances brand value and recognition in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The event will cover 19 cities in the region, providing extensive exposure to the local consumer base [1] Group 2: Quality Assurance and Operational Plans - A detailed operational and technical assurance plan has been established, including dedicated milk sources, specialized production lines, and quality control measures to meet the highest standards for the event [3] - The company aims to provide safe, fresh, and nutritious dairy products to athletes, staff, and spectators during the games [3] Group 3: Market Strategy and Growth Plans - The company is focused on increasing market share and promoting the revitalization of the dairy industry, with a strategy centered on proactive market engagement and management enhancement [4] - Plans include expanding into new regions, channels, and product lines while implementing a service improvement program [5] Group 4: Financial Performance and Shareholder Returns - The company has maintained a market value of over 20 billion, with consistent cash dividends paid to shareholders since its listing [3] - Management emphasizes that executive compensation is linked to company performance, ensuring alignment with business outcomes [5] Group 5: Product Innovation and Development - The company has launched 12 new products in the first half of the year, focusing on health and nutrition, including A2β-casein milk and flavored milk options [8] - There is a commitment to diversify product offerings beyond dairy, exploring opportunities in the beverage sector [8] Group 6: Market Expansion and New Media Utilization - The company has successfully entered the Hong Kong and Macau markets, being the first dairy enterprise to receive "Bay Area Standard" certification [8] - New media channels are actively utilized for brand promotion, achieving over 7 million total exposures in the first half of 2025 [8]

Group 1 - The company, Yantang Dairy (002732), has stated that it has not had any contact or direct cooperation with Pang Donglai as of now [1]

Core Insights - Yantang Dairy (002732) reported a total revenue of 765 million yuan for the first half of 2025, a year-on-year decrease of 10.26% [1] - The net profit attributable to shareholders was 34.94 million yuan, down 37.91% year-on-year [1] - The company's accounts receivable accounted for 96.93% of the net profit, indicating a significant reliance on receivables [3] Financial Performance - Total revenue for 2024 was 853 million yuan, compared to 765 million yuan in 2025, reflecting a decline of 10.26% [1] - Net profit for 2024 was 56.28 million yuan, while it dropped to 34.94 million yuan in 2025, a decrease of 37.91% [1] - The gross margin improved slightly to 26.03%, up 0.32% year-on-year, while the net margin fell to 4.61%, down 30.55% [1] - Total expenses (selling, administrative, and financial) reached 143 million yuan, accounting for 18.67% of revenue, an increase of 13.71% [1] - Earnings per share decreased to 0.22 yuan, down 38.89% from 0.36 yuan in 2024 [1] Cash Flow and Assets - Operating cash flow per share increased significantly to 0.48 yuan, a rise of 171.42% year-on-year [1] - The company's net assets per share rose to 9.44 yuan, reflecting a 4.05% increase [1] - Cash and cash equivalents increased to 297.1 million yuan, a growth of 21.33% [1] Business Model and Strategy - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors behind this drive [2]

Core Insights - Yantang Dairy reported a revenue of approximately 765 million yuan for the first half of 2025, representing a year-on-year decline of 10.25% [1] - The company achieved a net profit of approximately 34.94 million yuan, which is a year-on-year decrease of 37.91% [1] Financial Performance - Revenue: 765 million yuan, down 10.25% year-on-year [1] - Net Profit: 34.94 million yuan, down 37.91% year-on-year [1]

Core Viewpoint - Yantang Dairy reported a revenue of 765 million yuan and a net profit of 34.94 million yuan for the first half of 2025, facing challenges in the dairy industry due to shrinking demand and expanding supply, particularly in South China where high raw milk costs and intense market competition pose significant transformation pressures [1] Group 1: Industry Challenges - The South China dairy market is experiencing dual challenges: local climate limits domestic farming, leading to reliance on higher-cost raw milk from the north, and increased competition from national dairy companies entering the region [2] - Traditional dairy product space is under continuous pressure due to market saturation and the impact of substitute products [2] Group 2: Company Strategies - Yantang Dairy is actively responding to industry challenges through channel deepening and product innovation, focusing on traditional channels while exploring new strategies and models [2] - The company has successfully developed markets in Hong Kong and Macau by introducing star products and expanding its product range, becoming the sole milk brand for the "Milk and Soy Milk Program" in Macau for the 2024/2025 academic year [2] - In Guangdong, Yantang Dairy is leveraging "Zhenpin" certification to penetrate the Shenzhen market and implementing tailored regional strategies in eight cities [2] - The company is also expanding its presence outside the province through e-commerce and snack chain systems, while trialing new direct sales formats to fill gaps in community and street consumption [2] Group 3: Product Innovation - Yantang Dairy is innovating products based on consumer demand and market trends, launching new items such as organic pure milk "Snow Mountain Pasture" and A2β-casein milk, along with revitalized classic flavors like avocado and green grape yogurt [3] Group 4: Event Impact - Yantang Dairy has been designated as the exclusive dairy supplier for the 15th National Games, marking its third time in this role, which underscores its quality and stability in product supply [4] - The company attributes its success to a comprehensive supply chain advantage, including stable high-quality milk sources, fresh product quality, brand influence, and robust cold chain logistics [4] - As a certified production base in the Guangdong-Hong Kong-Macao Greater Bay Area, Yantang Dairy's products meet the diverse quality requirements of the region, ensuring reliable supply for the event [4] Group 5: Future Outlook - Yantang Dairy aims to maintain confidence in development and implement multiple measures to address industry difficulties, using the National Games as a new starting point to enhance its brand image and consumer recognition [5]