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、 股票交易异常波动的情况介绍 证券代码：002946 证券简称：新乳业 公告编号：2025-014 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 股票交易异常波动公告 新希望乳业股份有限公司（以下简称"公司"或"本公司"）（证券简称： 新乳业；证券代码：002946）股票交易价格连续三个交易日（2025 年 4 月 8 日、 2025 年 4 月 9 日、2025 年 4 月 10 日）收盘价格涨幅偏离值累计超过 20%，根 据《深圳证券交易所交易规则》的规定，属于股票交易异常波动的情况。 二、 公司关注并核实情况说明 针对公司股票交易异常波动，经公司董事会核实，并与控股股东及实际控制 人及公司管理层沟通，现就有关情况说明如下： 三、 是否存在应披露而未披露信息的说明 1 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所股票上市规 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、 协议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规 定应 ...

新希望乳业股份有限公司 简式权益变动报告书 上市公司名称：新希望乳业股份有限公司 股票上市地点：深圳证券交易所 简式权益变动报告书签署日期：2025 年 4 月 10 日 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及其他相关法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 股票简称：新乳业 股票代码：002946 信息披露义务人：新希望投资集团有限公司 住所/通讯地址：拉萨经济技术开发区林琼岗路新希望集团大厦 2 楼 203 号办公 室 信息披露义务人：Universal Dairy Limited（一致行动人） 住所/通讯地址：402 JARDINE HOUSE, 1 CONNAUGHT PLACE, CENTRAL, HONG KONG 股份变动性质：股份减少、持股比例减少 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-013 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于股东非公开发行可交换公司债券换股进展暨股东 及其一致行动人权益变动触及5%整数倍的公告 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。 新希望乳业股份有限公司（以下简称"本公司"或"公司"）股东新希望投 资集团有限公司（以下简称"新投集团"）发行的"新希望投资集团有限公司 2023 年面向专业投资者非公开发行可交换公司债券（第一期）"预备用于交换 的股票为本公司 A 股股票。 2023 年 11 月 14 日，新投集团完成"新希望投资集团有限公司 2023 年面 向专业投资者非公开发行可交换公司债券（第一期）"的发行，债券简称为"23 新乳 EB"，债券代码为"117213.SZ"，发行规模人民 5.00 亿元，债券期限为 3 年，票面利率为 0.60%，到期赎回价格为 106 元/张。根据有关规定，结合《新 希望投资集团有限公司 2023 年面向专业投资者非公开发行可交换公司债券（第 一期）募集说明书》约定，"23 新 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-012 债券代码：128142 债券简称：新乳转债 3、转股价格：18.20 元/股； 4、转股时间：2021 年 6 月 24 日至 2026 年 12 月 17 日 根据《深圳证券交易所股票上市规则（2024 年修订）》《深圳证券交易所 上市公司自律监管指引第 15 号——可转换公司债券（2025 年修订）》的有关规 定，新希望乳业股份有限公司（以下简称"公司"）现将 2025 年第一季度可转 换公司债券（以下简称"可转债"）转股及公司股份变动的情况公告如下： 新希望乳业股份有限公司 2025年第一季度可转换公司债券转股情况公告 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。 特别提示： 1、股票代码：002946，股票简称：新乳业； 2、债券代码：128142，债券简称：新乳转债； 一、可转债发行上市基本概况 经中国证券监督管理委员会"证监许可[2020]2614 号"核准，公司于 2020 年 12 月 18 日公开发行了 718 万张可转换公司债券，每张面值 100 元，发行总 额 71, ...

Group 1: Sales Channels and Strategy - The company primarily relies on direct sales, accounting for over 50% of its sales channels. The DTC (Direct-to-Consumer) channel is a core focus in the five-year strategy, which includes home delivery, self-ordering, image stores, and some e-commerce channels [2][3]. - The company is actively exploring emerging channel opportunities such as customization, membership stores, dining, snack wholesale, and discount stores [2][3]. Group 2: Management and Coordination - The company headquarters sets unified strategies and goals, which are then broken down for each subsidiary through budget management and performance assessment mechanisms [3]. - The company emphasizes collaboration and empowerment across various functional lines to manage and control risks effectively [3]. Group 3: Future Growth and Innovation - The company aims to strengthen its core business through the "Fresh Cube" strategy, focusing on key product categories and continuous product innovation to enhance profitability [3]. - The company plans to improve supply chain efficiency and reduce costs through enhanced professional capabilities, technological improvements, organizational collaboration, and digital technology [3]. Group 4: Milk Source Structure - The company's milk source structure is approximately 30% from self-owned farms, 30% from equity farms, 30% from long-term contracts, and 10% from temporary sources, providing resilience against milk price fluctuations [3]. Group 5: Channel Development and Management - The company has a "key customer" management department that covers major national supermarkets, chains, and membership stores, leveraging regional advantages for cross-regional alliances [4]. - The company is committed to optimizing and enhancing the home delivery channel through new models and digital tools, with successful cases being promoted across subsidiaries [4]. Group 6: Mergers and Acquisitions - The company has undergone three rounds of mergers and acquisitions in the past and possesses the capability and experience for integration. The new five-year strategy emphasizes "internal growth as primary, acquisitions as supplementary" [4].

Summary of New Dairy Industry Conference Call Company Overview - The conference call focused on New Dairy Industry, discussing its strategic direction, market performance, and future outlook. Key Points Industry and Market Outlook - The consumption data for food and beverages during the 2025 Spring Festival is expected to be more positive than market expectations, influenced by sample statistical bias and channel differentiation [3] - The liquor sector is anticipated to undergo valuation recovery in the first half of 2025, which may signal a positive trend for food companies in the second half [3] Strategic Planning and Financial Performance - New Dairy Industry's performance in Q1 and the entire year of 2025 is expected to be strong, benefiting from a five-year plan initiated in 2023 aimed at doubling net profit margins [3][5] - The company has shifted its strategic focus from acquisitions to internal growth, aiming to increase net profit margin from 3.6% to 7.2% by the end of 2027 [3][6] - Revenue growth is projected at approximately 5% for 2025, with profits expected to reach 670 million, a year-on-year increase of 23% [3][12] Core Competencies - New Dairy Industry's competitive advantages are identified in four dimensions: product quality, milk source, distribution channels, and brand strength [7][15] - The company focuses on the low-temperature segment, with significant growth in products like 24-hour fresh milk and premium yogurt, achieving a market share increase from about 5% in 2020 to 8.5%-9% [8] Channel Strategy - The company employs a Direct to Consumer (DTC) model, with over 50% of sales coming from direct sales channels, ensuring high profitability and sales stability [10] - New Dairy Industry has established a robust backend system to enhance operational efficiency, adjusting sales strategies based on real-time data [10] Market Position and Expansion - The company has successfully integrated regional milk sources through acquisitions, achieving a market share of approximately 70% in low-temperature products in Chengdu, Sichuan [11] - New Dairy Industry's penetration in lower-tier markets shows significant potential, with a current penetration rate of only 25%-30% [12][14] Future Growth Potential - The company anticipates a compound annual growth rate exceeding 20% over the next 2-3 years, driven by the execution of its "Fresh Cube" strategy [5][12] - The overall valuation is currently around 18-19 times earnings, providing a supportive valuation framework compared to competitors like Yili [12][15] Conclusion - New Dairy Industry demonstrates strong competitive positioning and growth potential in the low-temperature dairy market, with a solid strategic plan in place to enhance profitability and market share [15]

Investment Rating - The report maintains a "Buy" rating for the company [4][6][10] Core Views - The company is expected to enhance shareholder returns with the implementation of its first interim dividend plan, distributing a cash dividend of 0.35 yuan per 10 shares [9] - The product structure is rapidly improving, leading to better profitability, with significant growth expected in high-end products [9] - The company is committed to executing its five-year plan, aiming to double its net profit margin by 2027, supported by product upgrades and cost control measures [9] Financial Forecast and Investment Recommendations - Earnings per share are projected to be 0.66, 0.78, and 0.97 yuan for 2024, 2025, and 2026 respectively, with a target price of 17.16 yuan based on a 22x P/E ratio for 2025 [4][10] - Revenue is forecasted to grow from 10,006 million yuan in 2022 to 12,507 million yuan in 2026, with a compound annual growth rate of approximately 5.6% [7][15] - Operating profit is expected to increase significantly, from 403 million yuan in 2022 to 1,029 million yuan in 2026, reflecting a strong growth trajectory [7][15] Key Financial Metrics - The company’s gross margin is projected to improve from 24.0% in 2022 to 29.5% in 2026, indicating enhanced operational efficiency [7][15] - The net profit margin is expected to rise from 3.6% in 2022 to 6.7% in 2026, showcasing improved profitability [7][15] - The return on equity (ROE) is anticipated to increase from 14.0% in 2022 to 18.6% in 2026, reflecting better capital utilization [7][15]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4][6][10] Core Views - The company is expected to enhance shareholder returns with the implementation of its first interim dividend plan, distributing a cash dividend of 0.35 yuan per 10 shares [9] - The product structure is rapidly improving, leading to better profitability, with significant growth expected in high-end products [9] - The company is committed to executing its five-year plan, aiming to double its net profit margin by 2027, supported by product upgrades and cost control [9] Financial Forecast and Investment Recommendations - Earnings per share are projected to be 0.66, 0.78, and 0.97 yuan for 2024, 2025, and 2026 respectively, with a target price of 17.16 yuan based on a 22x P/E ratio for 2025 [4][10] - Revenue is forecasted to grow from 10,006 million yuan in 2022 to 12,507 million yuan in 2026, with a compound annual growth rate of approximately 5.6% [7][15] - The gross profit margin is expected to increase from 24.0% in 2022 to 29.5% in 2026, indicating improved operational efficiency [7][15] Shareholder Returns and Dividend Policy - The company plans to increase both the frequency and rate of dividends in 2024, reflecting a commitment to enhancing shareholder returns [9] - The five-year plan emphasizes reducing debt and financial costs, which will positively impact cash flow and dividend capacity in the long term [9] Product Development and Market Position - The company is experiencing double-digit revenue growth in its low-temperature fresh milk and yogurt segments, indicating strong market demand [9] - The introduction of high-end products is expected to continue driving revenue growth, with a focus on direct-to-consumer channels [9] Financial Ratios and Performance Metrics - The net profit margin is projected to improve from 3.6% in 2022 to 6.7% in 2026, reflecting enhanced profitability [7][15] - The return on equity (ROE) is expected to rise from 14.0% in 2022 to 18.6% in 2026, indicating effective management of shareholder equity [7][15]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and strategic direction of a dairy company, focusing on its product categories, particularly low-temperature and long-temperature dairy products, and their market dynamics [1][2][3][4][5]. Key Points and Arguments Industry Performance and Strategy - The company aims for stable growth in major regions, particularly in the Southwest and Northwest, after facing pressures in the previous year [1]. - There is a strong emphasis on increasing the growth of low-temperature products, which are considered core to the company's offerings, particularly fresh milk and specialty yogurt [1][2]. - The company plans to enhance its long-temperature product line while gradually addressing its weaknesses in short-temperature products [2]. Product Development and Market Position - The company is focusing on expanding its low-temperature product offerings and improving their market share, with a target of increasing low-temperature products to 60% or more of total revenue [12]. - The company has observed positive performance in low-temperature categories, indicating a need to strengthen this segment further [4][5]. - New product introductions have been a significant contributor to revenue, with a double-digit percentage of sales coming from new products each year [7]. Financial Performance and Cost Management - The company maintains a healthy gross margin and aims to optimize its cost structure, including raw material costs and operational efficiencies [6][8]. - Financial metrics indicate a stable economic rate close to 10%, with plans to maintain this level while pursuing growth [5][10]. - The company is also focused on reducing financial and management costs, leveraging national policies to optimize its financial structure [25]. Market Dynamics and Consumer Behavior - The company acknowledges a mixed demand environment, with some product categories experiencing upgrades while others face downgrades in consumer preferences [17][18]. - The company is adapting to consumer behavior changes, including a shift towards more affordable options while maintaining quality [18]. - The company is optimistic about future economic recovery and consumer spending, which could support product structure upgrades [16]. Supply Chain and Logistics - The company is enhancing its supply chain efficiency, particularly in cold chain logistics, to improve product freshness and reduce costs [15][27]. - Collaboration among subsidiaries is expected to yield cost savings and operational synergies, particularly in logistics and distribution [13][14]. Competitive Landscape - The company is aware of competition from regional players and is strategizing to maintain its market position through product differentiation and operational efficiency [23][24]. - The company recognizes the need to adapt to competitive pressures and is focused on leveraging its established brand presence in local markets [27]. Other Important Insights - The company is committed to a five-year strategic plan aimed at improving economic efficiency and market competitiveness [10][11]. - There is a focus on enhancing the company's capabilities in low-temperature product innovation and market penetration [20][26]. - The company is exploring various distribution channels, including B2C, to expand its market reach and improve sales performance [21][22].

Summary of the Conference Call for New Dairy Industry Company Overview - The conference call pertains to New Dairy Industry, focusing on its performance and strategies in the dairy sector, particularly in the context of the 2025 market outlook. Key Points and Arguments Market Demand and Strategy - In 2025, the dairy market is expected to face demand pressures, but certain channels, especially in rural areas, are showing relative activity. The management team has been actively monitoring market conditions during the Spring Festival [3][5] - The five-year strategy remains unchanged, with 2025 being a critical year aimed at maintaining growth while improving net profit margins and optimizing financial performance. The focus will continue to be on low-temperature fresh milk and yogurt, with flexibility to adjust product strategies based on market changes [3][5] Revenue Growth Drivers - Low-temperature fresh milk and yogurt are the main revenue growth drivers, with high single-digit growth in the first three quarters of 2024, and close to triple-digit growth in Q3. However, ambient products have seen a decline, yet the overall main business remains positively growing [3][6] - Revenue from the brands "Huirun" and "Chuxin" is approximately 300 to 400 million, with both brands achieving double-digit growth in the first three quarters of 2024 [3][9][10] Raw Milk Price Outlook - The company anticipates stable raw milk prices in 2025, supported by a balanced supply-demand situation. The company has a self-sourced milk ratio of about 30%, which helps mitigate price fluctuations [3][7][8] Brand Investment and Product Strategy - Brand investments are expected to increase in 2025 and 2026, with both the amount and rate of expenses likely to rise to enhance future revenue and core competitiveness [3][12] - The strategy for ambient products focuses on developing unique offerings rather than merely following market trends, with expectations for improvement in the western regions in 2025 [3][13][14] High-End Product Performance - High-end products, particularly from the "Weipin" brand, are performing strongly, with ongoing brand investments to enhance market presence. The company aims for double-digit growth in its highest-end categories [3][18][24] Financial Performance and Future Projections - The company aims for positive growth in 2025, particularly in net profit, despite the overall dairy industry facing challenges in 2024. The goal is to exceed industry average performance if the market becomes more active [3][22][23] - The gross margin has improved by over two percentage points year-on-year, with structural improvements contributing significantly. This trend is expected to continue into 2025 [3][25] Competitive Landscape - The competition in the low-end market is intensifying, but low-temperature products are performing better than ambient products [3][26] Expansion Plans - The "24-hour" high-end product series accounts for about one-third of total revenue and has maintained double-digit growth. The company plans gradual expansion into other regions, focusing on supply chain management and consumer communication [3][27] Additional Important Insights - The company has a cautious approach to its growth targets for 2025, considering the potential impact of inflation and market conditions on its performance [3][22][24] - The company has recently conducted a mid-term dividend for 2024, aiming to enhance investor returns while ensuring sustainable development without significantly increasing the dividend ratio [3][20]