Company Overview - Zhuangyuan Pastoral is located in Lanzhou, Gansu Province, and was established on April 25, 2000, with its listing date on October 31, 2017 [2] - The company specializes in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle breeding [2] - Main business revenue composition includes: sterilized milk 37.04%, fermented milk 24.37%, formulated milk 22.21%, pasteurized milk 8.20%, fresh milk 4.60%, others 2.77%, and dairy beverages 0.81% [2] Stock Performance - As of September 26, the stock price of Zhuangyuan Pastoral increased by 2.24%, reaching 9.58 CNY per share, with a total market value of 1.873 billion CNY [1] - Year-to-date, the stock price has risen by 27.22%, with a 0.42% increase over the last five trading days, a 1.34% decrease over the last 20 days, and a 0.74% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Zhuangyuan Pastoral reported operating revenue of 420 million CNY, a year-on-year decrease of 1.31%, and a net profit attributable to shareholders of -27.67 million CNY, a year-on-year increase of 68.50% [2] - Cumulative cash dividends since the A-share listing amount to 64.69 million CNY, with 12.20 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders is 20,800, a decrease of 17.22% from the previous period, with an average of 8,237 circulating shares per person, an increase of 20.81% [2] - Among the top ten circulating shareholders, Nuoan Multi-Strategy Mixed A (320016) is the fifth largest, holding 1.0996 million shares as a new shareholder [3] Market Activity - Zhuangyuan Pastoral has appeared on the stock market's "Dragon and Tiger List" seven times this year, with the most recent appearance on April 25 [2]

Group 1 - The company, Zhuangyuan Pasture (002910), announced on the evening of September 23 that it has no overdue guarantees [1] - The company confirmed that there are no illegal guarantees in place [1] - There are no guarantees related to lawsuits or obligations arising from judgments against the company [1]

证券代码：002910 证券简称：庄园牧场 公告编号：2025-051 兰州庄园牧场股份有限公司 关于担保事项的进展公告 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。 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 兰州庄园乳业有限公司 1.类型：有限责任公司 2.住所：甘肃省兰州市榆中县城关镇三角城村三角城社 398-1 号 3.法定代表人：马刚 4.注册资本：1,000 万元 5.成立日期：2024 年 7 ...

Group 1 - The company approved a resolution to provide a joint liability guarantee for its wholly-owned subsidiary, Lanzhou Manor Dairy Co., Ltd., with a loan limit not exceeding 65 million yuan [1] - The company signed a maximum guarantee contract with Bank of China, Lanzhou Yellow River Central Branch, to provide a guarantee for the subsidiary's debt with a maximum principal limit of 20 million yuan [1] - As of June 30, 2025, the total assets of Lanzhou Manor Dairy amounted to 588.544 million yuan, with total liabilities of 274.8899 million yuan, resulting in a debt-to-asset ratio of 46.71% [1] Group 2 - As of the announcement date, the company had no external guarantees (excluding subsidiaries), and the total guarantee for subsidiaries, including this one, is expected to be less than 400 million yuan, which is within 40% of net assets [1] - There are no overdue or bad guarantee situations reported [1]

Core Viewpoint - The stock price of Zhuangyuan Pastoral has been declining for four consecutive days, with a total drop of 7.76% during this period, indicating potential concerns regarding the company's performance and market sentiment [1]. Company Overview - Zhuangyuan Pastoral, established on April 25, 2000, and listed on October 31, 2017, is located in Lanzhou, Gansu Province. The company specializes in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle breeding [1]. - The revenue composition of Zhuangyuan Pastoral includes: sterilized milk (37.04%), fermented milk (24.37%), formulated milk (22.21%), pasteurized milk (8.20%), fresh milk (4.60%), other products (2.77%), and dairy beverages (0.81%) [1]. Shareholder Analysis - Noan Fund's Noan Multi-Strategy Mixed A (320016) has entered the top ten circulating shareholders of Zhuangyuan Pastoral, holding 1.0996 million shares, which accounts for 0.64% of the circulating shares. The fund has incurred a floating loss of approximately 296,900 yuan today and a total floating loss of 857,700 yuan over the four-day decline [2]. - Noan Multi-Strategy Mixed A was established on August 9, 2011, with a current scale of 1.399 billion yuan. Year-to-date returns are 58.29%, ranking 568 out of 8,244 in its category, while the one-year return is 115.6%, ranking 325 out of 8,066 [2]. - The fund managers, Kong Xianzheng and Wang Haichang, have tenures of 4 years and 3 years respectively, with varying performance metrics during their management periods [2].

Market Overview - The beverage and dairy sector experienced a decline of 1.94% on September 22, with Huanlejia leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Huanlejia (300997) closed at 18.20, down 5.99% with a trading volume of 151,400 shares and a turnover of 283 million yuan [1] - Dongpeng Beverage (605499) closed at 287.85, down 3.84% with a trading volume of 26,500 shares and a turnover of 769 million yuan [1] - Panda Dairy (300898) closed at 27.63, down 3.09% with a trading volume of 44,300 shares and a turnover of 123 million yuan [1] - Junuan Health (605388) closed at 7.71, down 3.02% with a trading volume of 144,800 shares and a turnover of 112 million yuan [1] - Liziyuan (605337) closed at 12.89, down 2.86% with a trading volume of 66,300 shares and a turnover of 85.84 million yuan [1] - Zhuangyuan Pasture (002910) closed at 9.27, down 2.83% with a trading volume of 50,600 shares and a turnover of 47.11 million yuan [1] - Knight Dairy (832786) closed at 10.26, down 2.56% with a trading volume of 76,100 shares and a turnover of 78.86 million yuan [1] - Pinwu Food (300892) closed at 35.86, down 2.40% with a trading volume of 35,500 shares and a turnover of 127 million yuan [1] - Western Pasture (300106) closed at 11.22, down 2.35% with a trading volume of 80,300 shares and a turnover of 90.43 million yuan [1] - New Dairy (002946) closed at 16.91, down 1.97% with a trading volume of 84,100 shares and a turnover of 142 million yuan [1] Capital Flow Analysis - The beverage and dairy sector saw a net outflow of 255 million yuan from institutional investors, while retail investors had a net inflow of 216 million yuan [1] - The sector experienced a net inflow of 39.29 million yuan from speculative funds [1] Individual Stock Capital Flow - Yili Group (600887) had a net inflow of 17.86 million yuan from institutional investors, while retail investors saw a net outflow of 78.97 million yuan [2] - Yangyuan Beverage (603156) had a net inflow of 2.57 million yuan from institutional investors, with retail investors experiencing a net outflow of 5.63 million yuan [2] - Tianrun Dairy (600419) had a net outflow of 0.76 million yuan from institutional investors, while retail investors had a net outflow of 2.20 million yuan [2] - Sanyuan Foods (600429) had a net outflow of 2.32 million yuan from institutional investors, with retail investors experiencing a net outflow of 1.70 million yuan [2] - Xiangpiaopiao (603711) had a significant net outflow of 5.23 million yuan from institutional investors, while retail investors had a net inflow of 4.24 million yuan [2]

Market Overview - On September 18, the beverage and dairy sector declined by 0.98%, with Jiahua Food leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Key stocks in the beverage and dairy sector showed the following closing prices and percentage changes: - Jiahua Food: 13.02, -5.58% - New Dairy: 17.21, -3.10% - Meibu Technology: 25.97, -3.06% - Huangshi Group: 3.82, -2.80% - Junyao Health: 7.98, -2.56% - Western Pastoral: 11.41, -2.48% - Zhuangyuan Pasture: 9.69, -2.42% - Tianrun Dairy: 10.10, -2.32% - Pinwu Food: 36.86, -2.12% - Sanyuan Co.: 4.76, -2.06% [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 1.57 billion yuan from institutional investors, while retail investors saw a net inflow of 2.35 billion yuan [1] - Detailed capital flow for selected stocks includes: - Yili Co.: 36.15 million net inflow from institutions, -51.29 million from retail - Huanlejia: 16.11 million net inflow from institutions, -8.34 million from retail - Yangyuan Beverage: 6.44 million net inflow from institutions, -7.84 million from retail - Tianrun Dairy: 5.37 million net inflow from institutions, -0.28 million from retail - Bright Dairy: 3.31 million net inflow from institutions, 2.98 million from retail [2]

Group 1 - Recent personnel changes occurred at Zhuangyuan Pasture (002910.SZ), with non-independent director Wei Hongbing resigning from the fifth board of directors due to work adjustments, effective immediately upon delivery of the resignation report to the board [2] - Wei Hongbing will continue to serve as the company's deputy general manager and chief financial officer after his resignation and does not hold any shares in Zhuangyuan Pasture [2] - The resignation will not affect the normal operations of the company [2] Group 2 - To ensure the standardized operation of the board, the second largest shareholder, Ma Hongfu, recommended Ma Gang as a candidate for the non-independent director of the fifth board [4] - Ma Gang has a history with Zhuangyuan Pasture, having served as procurement manager and production director, and currently is the general manager of Lanzhou Zhuangyuan Dairy Co., Ltd [4] - Ma Gang is related to the second largest shareholder, Ma Hongfu, as they are uncle and nephew, but has no other connections with the controlling shareholder or other shareholders holding more than 5% [4] Group 3 - Zhuangyuan Pasture appointed Mo Yanqing as the new general manager, recommended by the controlling shareholder Gansu Provincial Agricultural Reclamation Group Co., Ltd, who has extensive administrative management experience and a background in state-owned enterprises [4] - Mo Yanqing has held various positions, including roles in the government and Gansu Agricultural Reclamation Group [4] - This personnel adjustment may reflect the deep involvement of Gansu Agricultural Reclamation Group in the future development direction of the company [4] Group 4 - Zhuangyuan Pasture was established in April 2000 and is a specialized dairy product manufacturer that integrates dairy cattle breeding, technology research and development, dairy processing, and sales [4] - The company has formed a complete industrial chain layout for liquid milk product processing and sales, primarily using self-owned pasture milk sources as raw materials [4]

Market Overview - The beverage and dairy sector increased by 0.61% on September 11, with Zhuangyuan Pastoral leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Zhuangyuan Pastoral (002910) closed at 10.26, up 2.29% with a trading volume of 69,000 shares and a transaction value of 69.63 million yuan [1] - Yangyuan Beverage (603156) closed at 22.40, up 1.82% with a trading volume of 41,300 shares and a transaction value of 91.57 million yuan [1] - Yili Group (600887) closed at 28.72, up 1.02% with a trading volume of 607,900 shares and a transaction value of 1.738 billion yuan [1] - Other notable stocks include: - Pinhao Food (300892) at 39.91, up 1.24% [1] - Dongpeng Beverage (605499) at 299.78, up 0.92% [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 132 million yuan from institutional investors, while retail investors saw a net inflow of 177 million yuan [2] - Notable capital flows include: - Yili Group saw a net inflow of 58.13 million yuan from retail investors but a net outflow of 5.81 million yuan from institutional investors [3] - Zhuangyuan Pastoral had a net inflow of 1.34 million yuan from retail investors [3]

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is actively expanding its market presence through innovative marketing strategies and product diversification, particularly in the dairy and pet food sectors, despite facing challenges in the traditional dairy industry [2][3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, with a product range that includes pasteurized milk, sterilized milk, and fermented milk [2][8]. - The company is a state-owned enterprise controlled by the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission [4]. Financial Performance - For the first half of 2025, the company reported a revenue of 420 million yuan, a year-on-year decrease of 1.31%, while the net profit attributable to shareholders was a loss of 27.67 million yuan, an increase of 68.50% compared to the previous year [9]. - The company's market share in Gansu and Qinghai has reached 20%, establishing it as a leading player in the dairy product sector in these regions [3]. Marketing Strategies - The company has implemented a series of integrated marketing strategies, including leveraging tourism routes and online platforms to promote new products and enhance brand visibility [2]. - The launch of the pet food brand "Safiyy," featuring unique "milk beef" as a core ingredient, marks the company's entry into the pet food market, capitalizing on emerging opportunities [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 17.22% to 20,800, while the average circulating shares per person increased by 20.81% to 8,237 shares [9]. - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with 12.20 million yuan distributed over the past three years [10].