| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-02-03 | 002910 | 庄园牧场 | 11.13 | 61.00 | | 678.93 中信证券(山东) | 华龙证券股份有限 | | | | | | | | 有限责任公司日照 | 公司兰州静宁路证 | | | | | | | | 泰安路证券营业部 | 券营业部 | | 2026-02-03 | 002910 | 庄园牧场 | 11.13 | 40.00 | 445.20 机构专用 | | 华龙证券股份有限 | | | | | | | | | 公司兰州静宁路证 | | | | | | | | | 券营业部 | 2月3日，庄园牧场大宗交易成交101万股，成交额1124.13万元，占当日总成交额的7.85%，成交价11.13元，较市场收盘价 12.2元折价8.77%。 ...

Summary of Key Points Core Viewpoint - On February 2, 2026, Zhuangyuan Pasture executed a block trade of 457,500 shares at a transaction value of 5 million yuan, representing 3.26% of the total trading volume for the day, with a transaction price of 10.93 yuan, which is a discount of 9.67% compared to the market closing price of 12.1 yuan [1]. Group 1 - The block trade involved a total of 457,500 shares of Zhuangyuan Pasture [1]. - The total transaction amount for the block trade was 5 million yuan [1]. - The transaction price of 10.93 yuan reflects a significant discount of 9.67% from the market closing price of 12.1 yuan [1]. Group 2 - The trading volume for the block trade was 45.75 million shares [1]. - The transaction accounted for 3.26% of the total trading volume on that day [1]. - The buyer's brokerage firms included Donghai Securities and Huatai Securities, while the seller's brokerage was Huolong Securities [2].

Core Viewpoint - The Chinese dairy product industry is experiencing a decline in production, with a projected decrease in output for 2025 compared to previous years [1][2]. Group 1: Industry Overview - According to the National Bureau of Statistics, the production of dairy products in China is expected to be 2.67 million tons in December 2025, representing a year-on-year decrease of 1.8% [1]. - The cumulative production of dairy products in China for the year 2025 is projected to be 29.503 million tons, which indicates a cumulative decline of 1.1% [1]. Group 2: Companies Involved - Listed companies in the dairy sector include Yili Co., Ltd. (600887), Bright Dairy (600597), San Yuan (600429), New Dairy (002946), Huangshi Group (002329), Yantang Dairy (002732), Zhuangyuan Pasture (002910), and Pinwo Foods (300892) [1].

Core Viewpoint - The main task for dairy companies in the new year is to overcome declining performance, with many companies announcing profit warnings due to intensified market competition and weak consumer recovery. Companies are shifting towards scenario marketing and functional products to rebuild differentiated competition and seek new market growth [2]. Market Competition - The competition in the dairy market is intensifying, with traditional subscription models facing challenges from supermarkets, e-commerce, and instant retail offering lower-priced fresh milk. For instance, the price of mainstream low-temperature fresh milk is around 9 to 11 yuan for 900ml, while supermarket private labels can go as low as 7 to 8 yuan [4][5]. - Data from Nielsen IQ indicates that from January to November 2025, the growth rate of the domestic dairy market declined by 8.8%. Major dairy companies like Yili, Mengniu, and Guangming reported varying degrees of performance decline in their Q3 reports, with net profits remaining negative despite some recovery efforts [5]. Shift Towards Scenario and Functional Products - Since 2023, growth in the domestic dairy sector has primarily been driven by product structure upgrades, including increased protein content and a shift from ambient to low-temperature products. However, product homogenization continues to pose challenges, particularly in the low-temperature fresh milk segment, leading to price wars [7]. - Companies are focusing on rebuilding differentiation through high-value products and innovations in scenario-based and functional offerings. For example, Guangming Dairy has launched products targeting fitness enthusiasts and specific health needs, such as high-protein yogurt and functional probiotics [8][10]. - Yili's management emphasizes a transition from volume-driven growth to quality-driven growth, with structural growth being influenced by rising health awareness and demand for diversified dairy products in high-tier cities. The adult nutrition market is projected to exceed 300 billion yuan by 2030, indicating significant potential for differentiated product categories [9]. Innovations and Market Strategies - Scenario-based products are a key focus for dairy companies, aiming to attract consumers by leveraging emotional value. For instance, Guangming Dairy introduced a product inspired by local cultural symbols, while San Yuan rebranded its fresh milk to emphasize local identity and freshness [10]. - Despite ongoing fierce competition in traditional liquid milk products, the shift towards functional and scenario-based innovations is seen as a way for companies to escape price competition and align with the growing trend of family nutrition [10].

Core Insights - The beverage and dairy sector experienced a rise of 0.51% on January 28, with Liziyuan leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Sector Performance - Liziyuan (605337) closed at 13.56, up 5.85% with a trading volume of 388,600 shares [1] - Sanyuan (600429) closed at 5.45, up 4.21% with a trading volume of 482,000 shares [1] - Dongpeng Beverage (605499) closed at 254.51, up 3.54% with a trading volume of 47,700 shares [1] - Other notable performers include Weiwe (600300) up 1.65% and Qishi Dairy (920786) up 1.18% [1] Capital Flow - The beverage and dairy sector saw a net inflow of 1.51 million yuan from institutional investors, while retail investors contributed a net inflow of 12.8 million yuan [2] - However, there was a net outflow of 129 million yuan from speculative funds [2] Individual Stock Capital Flow - Liziyuan had a net inflow of 62.55 million yuan from institutional investors, but a net outflow of 17.26 million yuan from speculative funds [3] - Yili (600887) saw a net inflow of 33.78 million yuan from institutional investors, but a significant net outflow of 71.72 million yuan from speculative funds [3] - Sanyuan (600429) had a net inflow of 22.36 million yuan from institutional investors, while retail investors experienced a net outflow of 27.12 million yuan [3]

证券代码：002910 证券简称：庄园牧场 公告编号：2026-009 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。 兰州庄园牧场股份有限公司 关于担保事项的进展公告 一、担保情况概述 兰州庄园牧场股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日召 开第五届董事会第八次临时会议，审议通过了《关于对全资子公司和全资孙公 司提供担保的议案》。同意公司为全资子公司兰州庄园乳业有限公司（以下简 称"庄园乳业"）的贷款事项提供不超过人民币 6,500 万元的连带责任保证。 具体内容详见公司于 2025 年 6 月 21 日在《证券时报》《证券日报》《中国证 券报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）披露的《兰州庄园 牧场股份有限公司关于对全资子公司和全资孙公司提供担保的公告》（公告编 号：2025-033）。 二、担保进展情况 近日，公司与兴业银行股份有限公司兰州分行签订了《最高额保证合同》 （合同编号：兴银兰（额保）2026第0010号）,约定公司为庄园乳业与兴业银行 股份有限公司兰州分行发生的债务提供最高本金限额4,4 ...

Group 1 - The company expects a negative net profit for the fiscal year 2025, indicating a challenging financial outlook despite efforts to reduce losses [2][3] - The company has communicated with its accounting firm regarding the earnings forecast, and there are no discrepancies between the two parties [2] - The significant reduction in losses is attributed to cost control measures, market expansion efforts, and approximately 24 million yuan in non-recurring gains from government subsidies [3] Group 2 - Cost optimization strategies include full supply chain cost management, lean operations, and standardized team management to reduce costs [3] - The company has implemented strict budget monitoring and reduced marketing expenses to enhance operational efficiency and cost control [3] - Market development efforts focus on niche markets, high-end product lines such as organic milk and low-temperature fresh milk, and the promotion of a "shared factory" model to diversify revenue streams [3]

Group 1 - The company expects a significant reduction in losses for the fiscal year 2025, but net profit is still projected to be negative due to intensified industry competition and market demand fluctuations [2] - The reduction in losses is attributed to effective cost control, market expansion efforts, and approximately 24 million yuan in non-recurring gains, primarily from government subsidies [2] - The company has implemented comprehensive cost management across the entire supply chain, optimizing costs through lean operations and standardized team management in the breeding segment [2] Group 2 - The company has adopted a principle of "precise investment and strict control" to manage expenses, establishing a dynamic budget monitoring mechanism to streamline marketing expenditures and optimize organizational structure [2] - The company is focusing on niche markets by developing high-end product lines such as organic milk and low-temperature fresh milk, while also promoting a "shared factory" model to broaden revenue channels and enhance market resilience [2]

Core Viewpoint - The company, Zhuangyuan Pasture, announced an expected net loss attributable to shareholders ranging from 53 million to 75 million yuan for the year 2025, compared to a loss of 166.21 million yuan in the same period last year [1]. Financial Summary - The projected net loss for 2025 is between 53 million and 75 million yuan [1]. - The previous year's loss was reported at 166.21 million yuan [1].

2025年以来，庄园牧场在创新与战略布局上持续发力。公司成立甘肃农垦乳业研究有限公司，在特色乳 酸菌株开发等方面取得突破进展，并荣获省级多项科技创新荣誉。市场拓展方面，公司成立杭州甘来啦 电商科技有限公司，设立西安营销分公司和华东、华南营销中心，成功实现乳制品出口东南亚，香港订 单稳定发货。产品端，公司对"老兰州"系列酸奶进行口味升级，推出多款地域联名产品，深化文化IP。 同时积极布局宠物食品新赛道，推出高端宠物食品品牌"萨费"，并探索"农牧+文旅+研学"产业新模式， 培育多元增长点。 与此同时，庄园牧场持续夯实产业链根基。上游推进A2奶、有机奶、富硒奶等特色奶源基地建设，引 进弗莱维赫、娟姗、牦牛等特色品种，多家牧场入选2024年度中国规模牧场12吨/11吨俱乐部榜单；下 游通过机场自助售卖机投放、电商直播等方式增强品牌曝光与市场渗透。 公告显示，庄园牧场2025年业绩预计减亏主要得益于全方位的成本费用管控与积极的市场拓展。 在成本方面，庄园牧场实施全产业链成本管控，养殖端依托业务精益化及团队标准化管理摊薄成本，生 产端通过智能化改造、产能优化，压缩单位成本，双向推动整体成本下行。在费用方面，公司秉持"精 ...