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]

Core Insights - Lanzhou Zhuangyuan Pasture celebrated its 25th anniversary, reflecting on its journey and future strategies in the dairy industry [1][2][3] Company Overview - Lanzhou Zhuangyuan Pasture started in 2000 and has developed a full industry chain encompassing dairy farming, product R&D, production, and sales [1] - The company operates 11 modern farms with over 30,000 dairy cows and has established three processing bases in Gansu, Qinghai, and Shaanxi, with an annual raw milk processing capacity of 300,000 tons [1] Quality and Safety - The company prioritizes quality and safety, having established a comprehensive quality control traceability system from farm to table, and has received multiple international certifications [1] - It has been recognized as a key leading enterprise in agricultural industrialization and has won several awards, including the National Science and Technology Progress Award [1] Innovation and Product Development - The company has launched a series of regionally inspired products, such as "Old Lanzhou" yogurt, and is exploring cultural integration with products like creative yogurt and local tea drinks [2] - In 2025, the company plans to operate a new sightseeing farm and introduce a pet food brand, expanding its business boundaries [2] Market Expansion - Following the acquisition by Gansu Agricultural Reclamation Group in 2021, the company accelerated its national market layout, establishing sales centers in East and South China [2] - The company has achieved continuous year-on-year growth in online sales and has expanded its product distribution through vending machines in transportation hubs [2] - In 2024, the company plans to enter the Hong Kong and Southeast Asian markets, marking a breakthrough in dairy exports from Gansu [2] Future Strategy - The company aims to leverage national policies and support from the Agricultural Reclamation Group to enhance its competitiveness in the national market [3] - It is committed to driving innovation and quality improvement to increase the national influence of its products, aiming for high-quality development and contributing to the revitalization of China's dairy industry [3]

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is expanding its business into the pet food sector while maintaining its stronghold in the dairy industry, despite facing challenges from rising costs and intense market competition [3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming. Its product range includes pasteurized milk, sterilized milk, fermented milk, and various liquid dairy products under the brands "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2]. - The company has established itself as a leading dairy producer in Gansu and Qinghai, holding a market share of 20% [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 629 million yuan, a year-on-year decrease of 3.10%. However, the net profit attributable to the parent company was -48.44 million yuan, showing a significant year-on-year increase of 59.08% [9]. Market Position and Strategy - The company has adopted a balanced development strategy that aligns market development with supply capacity, focusing on quality management to meet the demands for safe and fresh products [2]. - As a state-owned enterprise, it is committed to supporting national rural revitalization policies and has implemented various initiatives to increase farmers' income through logistics agreements and agricultural product procurement [4]. Recent Developments - At the 27th Asia Pet Expo, the company launched its pet food brand "Safiyy," which features a unique "milk beef" ingredient, marking its entry into the pet food market [3]. Shareholder Information - As of September 30, 2025, the company had 18,100 shareholders, a decrease of 12.97% from the previous period, with an average of 9,466 circulating shares per shareholder, an increase of 14.91% [9]. - The top ten circulating shareholders include notable funds, indicating a diversified ownership structure [10].

Core Viewpoint - The stock of Zhuangyuan Pasture has shown a significant increase of 41.57% year-to-date, despite a recent slight decline in the last five trading days, indicating volatility in its performance [1][2]. Company Overview - Zhuangyuan Pasture, established on April 25, 2000, and listed on October 31, 2017, is located in Lanzhou, Gansu Province, and specializes in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle breeding [2]. - The company's main revenue sources include sterilized milk (37.04%), fermented milk (24.37%), formulated milk (22.21%), pasteurized milk (8.20%), fresh milk (4.60%), and other products (2.77%) [2]. Financial Performance - For the period from January to September 2025, Zhuangyuan Pasture reported a revenue of 629 million yuan, reflecting a year-on-year decrease of 3.10%, while the net profit attributable to the parent company was -48.44 million yuan, showing a year-on-year increase of 59.08% [2]. - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with 12.19 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhuangyuan Pasture was 18,100, a decrease of 12.97% from the previous period, with an average of 9,466 circulating shares per shareholder, an increase of 14.91% [2]. - Notable institutional holdings include the Noan Multi-Strategy Mixed A fund, which is the sixth largest shareholder with 1.4498 million shares, and the CITIC Prudential Multi-Strategy Mixed A fund, which is the eighth largest shareholder with 952,400 shares, marking a new entry [3].

Core Insights - The company, Lanzhou Zhuangyuan Pastoral Co., Ltd., reported a significant reduction in net loss for the first three quarters of 2025, with a net profit attributable to shareholders of -48.44 million yuan, marking a 59.08% improvement compared to the same period last year [1] - The company's operating cash flow reached 111 million yuan, a substantial increase of 618.29% year-on-year, indicating a significant improvement in cash flow management [1] Group 1: Financial Performance - The company achieved an operating revenue of 629 million yuan despite facing market challenges [1] - The net profit loss was reduced significantly, showcasing an improving profitability trend [1] Group 2: Operational Efficiency - The company enhanced efficiency in the upstream milk source sector through "structural optimization and fine management," leading to improved calf survival rates and milk production per cow [2] - Strict standards in feed management and energy-saving measures contributed to a decrease in feed costs while ensuring milk quality [2] Group 3: Innovation and Market Strategy - The company invested 7.57 million yuan in R&D, a 54.52% increase year-on-year, focusing on capturing market preferences through a "flavor database" and collaborating with universities for technology transfer [2] - The company is building an integrated online and offline marketing network, utilizing live streaming and differentiated marketing strategies to enhance brand recognition and expand into new markets, including Hong Kong and Southeast Asia [2]

Group 1 - The Gansu Youth Entrepreneurs' inspection and exchange activity in the Guangdong-Hong Kong-Macao Greater Bay Area was successfully held in Shenzhen, aiming to deepen practical cooperation in various fields such as industrial collaboration, cultural exchange, enterprise development, and ethnic unity [1][3] - Over 30 outstanding young entrepreneurs from Gansu, including representatives from companies like Lanzhou Zhuangyuan Pastoral Co., Gansu Agricultural Reclamation Group, and Gansu Linhe Group, participated in the inspection tour, which included a series of effective exchange activities [3] - The "Gansu Flavor Going Abroad" economic and trade negotiation and signing ceremony was a highlight, where key representatives from major enterprises and institutions in the Greater Bay Area discussed critical topics such as product certification, channel expansion, and market access [3][4] Group 2 - Gansu enterprises signed multiple cooperation agreements with relevant institutions in the Guangdong-Hong Kong-Macao region, paving the way for "Gansu Flavor" products to enter international markets [3][4] - The inspection team conducted on-site research in Shenzhen communities, ethnic cultural villages, and research institutions to learn about advanced experiences in ethnic unity, community governance, and technological innovation [3] - The event established a dialogue platform for entrepreneurs from Gansu and Guangdong, facilitating project connections and cooperation agreements that inject new momentum into the transformation and upgrading of Gansu enterprises [4]

Company Overview - Zhuangyuan Pasture (SZ 002910) announced its fifth board meeting on October 27, 2025, to discuss the proposal for the management system for the departure of directors and senior management [1] - As of the report, Zhuangyuan Pasture has a market capitalization of 2.1 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Zhuangyuan Pasture is as follows: liquid milk and dairy products manufacturing accounted for 92.63%, livestock breeding accounted for 4.6%, and other businesses accounted for 2.77% [1]

Core Insights - The company reported a revenue of approximately 629 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 3.10% [1] - The company experienced a net loss attributable to shareholders of approximately 48.44 million yuan during the same period [1]

Core Insights - The company reported a revenue of 629 million yuan for the first three quarters of 2025, representing a year-on-year decline of 3.10% [1] - The net profit attributable to shareholders was -48.44 million yuan, an increase of 59.08% year-on-year, while the net profit excluding non-recurring items was -68.24 million yuan, up 46.64% year-on-year [1][2] - The basic earnings per share stood at -0.25 yuan [1][2] Financial Performance - The gross profit margin for the first three quarters of 2025 was 20.33%, an increase of 9.40 percentage points year-on-year, while the net profit margin was -7.71%, up 10.62 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 18.96%, showing a year-on-year increase of 1.14 percentage points but a quarter-on-quarter decrease of 3.14 percentage points; the net profit margin was -9.97%, up 3.83 percentage points year-on-year but down 9.15 percentage points from the previous quarter [2] - The company’s total expenses for the period were 157 million yuan, a decrease of 22.24 million yuan year-on-year, with an expense ratio of 24.99%, down 2.65 percentage points year-on-year [2] Business Overview - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is located in Gansu Province and was established on April 25, 2000, with its listing date on October 31, 2017 [3] - The main business involves the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle breeding [3] - The revenue composition includes sterilized milk (37.04%), fermented milk (24.37%), formulated milk (22.21%), pasteurized milk (8.20%), fresh milk (4.60%), and other products (2.77%) [3]

兰州庄园牧场股份有限公司 董事和高级管理人员所持本公司股份及变动管理制度 兰州庄园牧场股份有限公司 董事和高级管理人员所持本公司 股份及变动管理制度 第一章 总 则 第一条 为加强对兰州庄园牧场股份有限公司（以下简 称"公司"）董事和高级管理人员所持本公司股份及其变动 的管理，根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司董事和高级管理人员所持本公司股份及 其变动管理规则》《深圳证券交易所上市公司自律监管指引 第 10 号——股份变动管理》等相关法律、行政法规、规范 性文件及《兰州庄园牧场股份有限公司章程》（以下简称《公 司章程》）的规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司董事和高级管理人员所持 本公司股份及其变动的管理。 第三条 公司董事和高级管理人员应严格遵守《公司法》 《证券法》以及相关法律、行政法规，中国证监会规章、规 范性文件和深圳证券交易所规则中关于股份变动的限制性 规定。公司董事和高级管理人员对持有股份比例、持有期限、 变动方式、变动数量、变动价格等作出承诺的，应当严格遵 守所作出的承诺。 第四条 公司董事和高级管理人员所持公司股份，是指 - 1 - （ ...