证券代码：002946 证券简称：新乳业 公告编号：2024-070 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 第三届监事会第八次会议决议公告 本公司及监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、监事会会议召开情况 新希望乳业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 4 日以邮件方式发出召开第三届监事会第八次会议的通知，并于 2024 年 11 月 7 日在成都市锦江区金石路 366 号公司四楼会议室以现场及通讯相结合的方 式召开了第三届监事会第八次会议。会议应出席监事 3 人，实际出席会议监事 3 人，会议由监事会主席张薇女士主持。本次会议的召开符合法律、行政法规和《公 司章程》的规定。 二、监事会会议审议情况 会议审议了以下议案，并形成如下决议： 1、审议通过《关于执行仲裁裁决暨变更"一只酸奶牛"项目补偿条款的议 案》 表决结果：3票赞成，0票反对，0票弃权。本议案尚需提交公司股东大会审 议。监事会对本议案出具了认可的专项意见。 具体内容详见公司同日刊登于《中国证券报》《上海证券报》《证券日报》《证 ...

新希望乳业股份有限公司 监事会对第三届监事会第八次会议相关事项的意见 我们作为新希望乳业股份有限公司（以下简称"公司"）的监事，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司监管指引第 4 号— —上市公司及其相关方承诺》等相关法律法规及《公司章程》的有关规定，现对 公司第三届监事会第八次会议审议的相关事项发表如下意见： 监事签名： 张 薇 王化银 蔡青青 2024 年 11 月 7 日 一、关于执行仲裁裁决暨变更"一只酸奶牛"项目补偿条款的意见 根据生效的仲裁裁决，综合考虑客观事实，同意公司执行5056号裁决书暨变 更关于"一只酸奶牛"项目补偿条款。上述条款的变更合法合规、有利于保护公 司或其他投资者的利益，符合公司整体利益，不存在损害公司及全体股东利益的 情形。 （以下无正文） 1 （本页无正文，为新希望乳业股份有限公司监事会对第三届监事会第八次会议相 关事项的意见之签署页） 2 ...

证券代码：002946 证券简称：新乳业 公告编号：2024-069 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 第三届董事会第十三次会议决议公告 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、 董事会会议召开情况 新希望乳业股份有限公司（以下简称"公司"或"本公司"）第三届董事会 第十三次会议以通讯表决方式召开。会议通知于 2024 年 11 月 4 日以邮件方式 发出，会议表决截止时间为 2024 年 11 月 7 日。本次会议由董事长席刚先生召 集并主持，会议应参加董事 9 人，实际参加董事 9 人。参加会议董事对本次会议 的召集、召开方式无异议。本次会议的参加人数、召集、召开和表决程序符合《公 司法》等相关法律法规以及《公司章程》的规定。 二、 董事会会议审议情况 会议审议了以下议案，并形成如下决议： 1、审议通过《关于执行仲裁裁决暨变更"一只酸奶牛"项目补偿条款的议 案》。 表决结果为：同意 9 票，反对 0 票，弃权 0 票。 本议案提交董事会审议前，已经公司第三届董事会独立董事专门会议第三次 会议审议通过，全体独立董 ...

新希望乳业股份有限公司 表决结果为：同意 4 票，反对 0 票，弃权 0 票。 全体独立董事一致认为：根据生效的仲裁裁决，综合考虑客观事实，同意公 司执行 5056 号裁决书暨变更关于"一只酸奶牛"项目补偿条款。上述条款的变 更合法合规、有利于保护公司或其他投资者的利益，符合公司整体利益，不存在 损害公司及全体股东利益的情形，并同意将该议案提交公司第三届董事会第十三 次会议审议。 （以下无正文） 1 （本页无正文，为新希望乳业股份有限公司第三届董事会独立董事专门会议第 三次会议决议签署页） 卢华基 吴飞 第三届董事会独立董事专门会议第三次会议决议 新希望乳业股份有限公司（以下简称"公司"）第三届董事会独立董事专门 会议第三次会议通知于 2024 年 11 月 4 日以电子邮件的形式通知公司全体独立 董事。会议于 2024 年 11 月 7 日以通讯表决方式召开。公司独立董事共 4 人， 出席本次会议的独立董事共 4 人，经推举，会议由独立董事杨志清先生主持。本 次会议的召开符合《上市公司独立董事管理办法》《深圳证券交易所股票上市规 则》及《公司章程》等有关规定，会议形成的决议合法、有效。 独立董事审议了以下议 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business continues to grow, with improved profitability. The third quarter of 2024 saw a revenue of 2.785 billion yuan, a year-on-year decrease of 4%, but the net profit attributable to shareholders increased by 23% to 177 million yuan [1] - The gross margin for Q3 2024 increased by 2 percentage points to 28.83%, attributed to a higher proportion of premium products and new products, alongside a decrease in raw milk prices [1] - The company is focused on its five-year plan to double its net profit margin, emphasizing the "Fresh Cube Strategy" to enhance market penetration [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 8.150 billion yuan, a year-on-year decrease of 1%, while the net profit attributable to shareholders was 474 million yuan, an increase of 24% [1] - The company’s Q3 2024 revenue was 2.785 billion yuan, with a net profit of 177 million yuan, reflecting a 23% increase year-on-year [1] Product and Market Strategy - The company’s low-temperature products showed stable growth, with low-temperature fresh milk and yogurt revenues increasing by approximately 10% year-on-year [1] - The company is enhancing its product structure by increasing the proportion of new products and optimizing its sales channels, particularly through direct-to-consumer (DTC) channels [1] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.63, 0.76, and 0.87 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 17, and 15 times [1][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company has shown resilience with a slight decline in revenue but a significant increase in net profit, indicating improved profitability [1][2]. - The low-temperature product category has experienced double-digit growth, while the overall revenue has been temporarily impacted by adjustments in the consolidation scope [2]. - The company is committed to its new five-year strategic plan aimed at strengthening core business and enhancing corporate value, with a target to double net profit margin within five years [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 8.15 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders reached 470 million yuan, a year-on-year increase of 24.4% [1]. - The gross margin for the first three quarters was 29.1%, up 1.7 percentage points year-on-year, driven by lower raw milk prices and product mix optimization [2]. - The net profit margin for the first three quarters was 6%, reflecting a year-on-year increase of 1.2 percentage points, indicating a continuous improvement in profitability [2]. Strategic Initiatives - The company is focused on its "Fresh Cube Strategy" and aims to enhance its position in the low-temperature dairy market through innovation and regional development [3]. - The company has secured 60% of its raw milk supply through self-owned and equity-held sources, aligning with its strategic goals [3]. Earnings Forecast - The company forecasts net profits of 540 million yuan, 640 million yuan, and 760 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.63 yuan, 0.75 yuan, and 0.88 yuan [3][4]. - The dynamic PE ratios are projected to be 20 times, 17 times, and 14 times for the respective years [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 8.15 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.54%, while the net profit attributable to shareholders increased by 24.37% to 474 million yuan [6] - The low-temperature product segment is experiencing accelerated growth, particularly in the East China region, with double-digit revenue growth in low-temperature fresh milk and yogurt [7] - Profitability is improving due to product structure optimization and cost reductions, with a net profit margin of 6.54% and a gross margin of 28.83% in Q3 2024 [8] - The company is focused on its "Fresh Cube Strategy," emphasizing low-temperature products and modern media marketing to achieve nationwide expansion [9] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.785 billion yuan, down 3.82% year-on-year, but net profit rose by 22.92% to 177 million yuan [6][7] - The company expects net profits for 2024-2026 to be 563 million, 645 million, and 811 million yuan respectively, with corresponding EPS of 0.65, 0.75, and 0.94 yuan [9][10] Product and Market Analysis - The low-temperature product category is a strategic focus, with significant growth driven by new product development and direct-to-consumer (DTC) channel expansion [7] - The East China region showed strong performance with double-digit revenue growth in Q3 2024, while the western region faced challenges due to the overall consumption environment [7] Profitability and Cost Management - The company’s net profit margin improved by 1.52 percentage points year-on-year, attributed to lower raw milk prices and product mix adjustments [8] - The report highlights a slight increase in sales expense ratio to 15.27% due to heightened market competition, while management and financial expense ratios showed improvements [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 8.15 billion yuan for the first three quarters of 2024, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders increased by 24.37% to 474 million yuan [1][4] - In Q3 2024, the company achieved a total revenue of 2.785 billion yuan, down 3.82% year-on-year, but the net profit attributable to shareholders rose by 22.92% to 177 million yuan [1][4] - The company plans to distribute a mid-term dividend of 0.035 yuan per share, which represents 10.16% of the net profit for the first half of the year [1] Revenue Performance - The low-temperature product category achieved double-digit growth in Q3 2024, driven by new product development and expansion of direct-to-consumer channels [2] - The East China subsidiary reported double-digit growth in Q3, while the Western region faced revenue pressure due to the overall consumption environment [2] - The company’s subsidiary, Weipin, continued to see double-digit growth in revenue, with accelerated performance in Q3 compared to the first half of the year [2] Profitability Analysis - The gross profit margin for the first three quarters of 2024 was 29.09%, an increase of 1.67 percentage points year-on-year, attributed to lower milk prices and product structure optimization [3] - The net profit margin for the same period was 5.81%, up 1.16 percentage points year-on-year [3] - In Q3 2024, the gross profit margin was 28.83%, reflecting a year-on-year increase of 2.40 percentage points [3] Financial Forecast - The company is expected to achieve net profits of 541 million yuan, 654 million yuan, and 770 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 25.59%, 20.94%, and 17.66% [4] - The corresponding price-to-earnings ratios (P/E) for these years are projected to be 20, 16, and 14 times, respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][7]. Core Insights - The company reported a steady growth in performance, with a first-time interim dividend announced, reflecting an increased focus on shareholder returns [2][6]. - Despite industry demand pressures, the company has maintained relatively better sales performance through low-temperature and new product strategies, with significant profit growth expected as it continues to improve profit margins according to its five-year plan [2][7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 8.15 billion yuan, a year-on-year decrease of 0.54%, and a net profit attributable to shareholders of 474 million yuan, an increase of 24.37% [2][6]. - In Q3 2024, revenue was 2.785 billion yuan, down 3.82% year-on-year, while net profit attributable to shareholders was 177 million yuan, up 22.92% [2][6]. - The gross margin for the first three quarters of 2024 was 29.09%, an increase of 1.66 percentage points year-on-year, while the net margin was 5.97%, up 1.19 percentage points [6][7]. Dividend Announcement - The company announced an interim dividend plan, proposing a cash dividend of 0.35 yuan per 10 shares (before tax), totaling approximately 30 million yuan, with a dividend payout ratio of 6.36% [6][7]. Future Projections - Revenue projections for 2024-2026 are 11.493 billion yuan, 12.310 billion yuan, and 13.410 billion yuan, with year-on-year growth rates of 4.60%, 7.11%, and 8.94% respectively [7]. - Net profit attributable to shareholders is expected to be 558 million yuan, 682 million yuan, and 803 million yuan for the same period, with growth rates of 29.53%, 22.28%, and 17.65% respectively [7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's main business shows steady growth, with product structure optimization leading to an increase in gross margin [4] - The company is focusing on high-end products under the "fresh" strategy, enhancing profitability through regional deepening and increased penetration [3][6] - The company's Q3 2024 performance met expectations, with a slight decline in revenue but a significant increase in net profit [3] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 8.15 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to the parent company was 474 million yuan, an increase of 24.4% [3] - In Q3 2024, the company achieved revenue of 2.785 billion yuan, down 3.8% year-on-year, but net profit rose by 22.9% to 177 million yuan [3] - The company maintains profit forecasts for 2024-2026, expecting net profits of 550 million, 650 million, and 770 million yuan, with corresponding EPS of 0.64, 0.75, and 0.89 yuan [3] Business Segment Performance - Q3 revenue decline was primarily due to the sale of "One Yogurt Cow" at the end of 2023, but the main business continues to grow steadily [4] - Low-temperature fresh milk and yogurt categories showed double-digit growth, while ambient products experienced slight declines [4] - The East China region performed well with double-digit growth, while the Western region faced challenges due to the consumption environment and product structure [4] Profitability Analysis - The net profit margin increased by 1.38 percentage points to 6.36% in Q3 2024, mainly due to a 2.40 percentage point increase in gross margin [5] - The improvement in gross margin is attributed to structural optimization and declining raw milk prices [5] - The company expects continued support for gross margin improvement in Q4 due to ongoing declines in raw milk prices and structural enhancements [5] Strategic Outlook - The company aims to cultivate strategic categories centered on low-temperature fresh milk and specialty yogurt, focusing on internal growth potential [6] - Emphasis on new product development and promotion, with a target for new product revenue to exceed double digits [6] - The DTC channel is seen as a key growth engine, with plans to expand into emerging channels like snack retail [6]