证券代码：002946 证券简称：新乳业 公告编号：2025-049 债券代码：128142 债券简称：新乳转债 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 第十八次会议于 2025 年 12 月 8 日以现场与通讯结合的方式召开，现场会议地 点为成都市锦江区金石路 366 号公司四楼会议室。会议通知于 2025 年 12 月 4 日以邮件方式向公司全体董事、监事、高级管理人员发出。本次会议由董事长席 刚先生召集并主持，会议应出席董事 9 人，实际出席董事 9 人，全体监事、高级 管理人员列席了会议。出席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 新希望乳业股份有限公司 第三届董事会第十八次会议决议公告 会议审议了以下议案，并形成如下决议： 1、审议通过《关于 2026 年度日常关联交易预计的议案》 本议案提交董事会审议前，已经公司第三届董事会审计 ...

Core Insights - On December 8, 2023, brokerage firms provided target prices for listed companies, with notable increases for Torch Electronics, New Dairy, and YK International, showing target price increases of 47.38%, 41.69%, and 38.08% respectively, across the military electronics, beverage dairy, and agricultural chemical sectors [1][2]. Group 1: Target Price Increases - Torch Electronics received a target price increase of 47.38% with a new target price of 47.00 yuan [2]. - New Dairy's target price increased by 41.69%, with a new target price of 23.52 yuan [2]. - YK International's target price rose by 38.08%, with a new target price of 66.00 yuan [2]. - Other companies with significant target price increases include Xiaoshangpin City (34.23%), Huayu New Energy (23.92%), and Shihua Technology (22.70%) [2]. Group 2: Brokerage Recommendations - A total of 23 listed companies received brokerage recommendations on December 8, with YK International receiving recommendations from 2 firms, while Weixinno and Weihai Guantai received recommendations from 1 firm each [3]. - The only company with an upgraded rating was Dechang Co., which was raised from "Hold" to "Buy" by Zheshang Securities [4]. Group 3: First-Time Coverage - On December 8, 9 companies received first-time coverage from brokerages, including Weixinno with a rating of "Increase" from Caixin Securities, and Xiaoshangpin City with a "Outperform Industry" rating from China International Capital [5]. - Other companies receiving first-time ratings include Kangnong Agriculture, Shihua Technology, Suzhou Planning, and others, with various ratings such as "Buy" and "Recommended" [5].

Group 1 - The core viewpoint of the article highlights that on December 8, brokerage firms set target prices for listed companies, with notable increases for Torch Electronics, New Dairy, and Yara International, showing target price increases of 47.38%, 41.69%, and 38.08% respectively [1] - The companies with the highest target price increases belong to the military electronics, beverage and dairy, and agricultural chemicals industries [1] - A total of 23 listed companies received brokerage recommendations on December 8, with Yara International receiving recommendations from 2 firms, while Visionox and Weihai Guangtai received recommendations from 1 firm each [1]

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of 23.52 RMB, corresponding to a 24x PE for 2026 [8]. Core Insights - The company is a pioneer in the low-temperature dairy sector with a nationwide layout, focusing on product innovation, channel expansion, milk source distribution, cold chain construction, and regional brand strength. The report is optimistic about the company's continuous focus on low-temperature dairy products and its proactive approach to developing new products that align with market tastes, penetrating lower-tier markets, and embracing emerging channels like Sam's Club [1][17]. Industry Overview - The low-temperature milk industry in China is accelerating its penetration, with a market size projected to reach 41.8 billion RMB in 2024, reflecting a CAGR of 1.4% from 2022 to 2024. The penetration rate of low-temperature milk in the liquid milk sector is expected to rise to 12.1% [2][18]. - The competitive landscape is relatively fragmented, with major players like Yili and Mengniu holding a combined market share of 28% and 36% in low-temperature fresh milk and yogurt, respectively, which is lower than their shares in the ambient milk sector [2][18]. Company Strategy - The company has upgraded its "Three Fresh" strategy, focusing on the dual strengths of fresh milk and yogurt, aiming to develop billion-level products. The DTC model is expected to contribute significantly to growth, with a target of over 30% revenue share from DTC channels by 2027 [3][20]. - The company plans to enhance its product portfolio by leveraging its proprietary strain library and expanding into new product categories like low-temperature yogurt drinks, while also exploring international markets in Southeast Asia [4][21]. Financial Projections - The company forecasts a compound annual growth rate (CAGR) of over 10% in scale and aims to double its net profit margin to over 7.8% by 2027. The projected net profits for 2025, 2026, and 2027 are 723.97 million RMB, 841.28 million RMB, and 953.46 million RMB, respectively, with corresponding EPS of 0.84 RMB, 0.98 RMB, and 1.11 RMB [6][12][21].

Group 1 - The collaboration between Zhengzhou Public Transport and Mixue Ice City to establish BRT station stores represents an innovative attempt to enhance the scenario-based layout in the new-style tea beverage industry, with the first store set to open before New Year's Day [1] - The initial plan includes launching 10 stores at BRT stations along major urban roads, positioning them as an extension and complement to public transport services rather than mere commercial outlets [1] - This initiative aims to leverage stable foot traffic from bus stations to broaden customer reach and strengthen the brand's inclusive positioning, providing new support for brand value release [1] Group 2 - LeEco plans to invest 180 million yuan in stock trading to generate additional revenue without affecting its main business operations, despite facing a significant imbalance with total liabilities of 23.763 billion yuan against assets of only 1.855 billion yuan [2] - The company's move to diversify income through stock investments is seen as a desperate attempt to enhance revenue amidst financial difficulties, raising concerns about the safety of funds and the prioritization of core business [2] Group 3 - Beijing Yonghui Supermarket was fined over 80,000 yuan for selling non-compliant products, specifically a brand of toy guns that failed to meet mechanical and physical performance standards, highlighting quality control issues [3] - The repeated penalties for product quality issues expose weaknesses in the supermarket's quality management, emphasizing the need for enhanced quality control and supplier audits across the retail sector [3] Group 4 - The proposal for financial assistance of 102 million yuan to the loss-making subsidiary, Guangming Agriculture, was rejected by 57.2% of shareholders, reflecting investor caution regarding continued support for unprofitable operations [4] - Guangming Agriculture has accumulated losses exceeding 2.4 billion yuan from 2021 to 2024, raising concerns about the sustainability of financial support for loss-making businesses within the pig farming and food processing sectors [4]

Core Viewpoint - The article discusses the evolution and current state of CVC (Corporate Venture Capital) in the context of traditional industries, particularly focusing on the investment platform "Caogen Zhiben" under New Hope Group, highlighting its role in addressing industry challenges and the changing perceptions of CVCs in the investment landscape [3][4][5]. Group 1: CVC's Role and Market Dynamics - The investment landscape has shifted, with CVCs being seen as potential solutions to challenges like "exit difficulties" and "poor liquidity" in the venture capital sector [3][4]. - The consumer sector, where Caogen Zhiben operates, has transformed from a "capital black hole" to a desirable investment area, with successful IPOs signaling a market recovery [4][5]. - The renewed activity in the IPO market has led to a decline in interest in CVCs, prompting discussions about their limitations and the need for caution when accepting industrial capital [5][6]. Group 2: Caogen Zhiben's Establishment and Strategy - Caogen Zhiben was established as an innovative investment platform to drive growth through external investments, with a focus on the food and consumer sectors [8][11]. - The decision to create Caogen Zhiben was influenced by the need for innovation and transformation within New Hope Group, with initial explorations leading to the establishment of multiple investment platforms [11][12]. - The platform's first project, "Fresh Life Cold Chain," was born out of a recognized market opportunity in cold chain logistics, which was previously a challenge for the dairy sector [22][24]. Group 3: Investment Philosophy and Approach - The leadership at Caogen Zhiben emphasizes the importance of having an "investment mindset" alongside traditional management skills, recognizing the need for adaptability in a changing market [7][8]. - The transition from a management-focused approach to an investment-oriented perspective was gradual, with significant learning from early projects and market experiences [31][32]. - The investment strategy involves identifying promising entrepreneurs and projects, with a focus on understanding market dynamics and consumer trends to make informed decisions [33][58]. Group 4: Long-term Outlook and Consumer Investment - Despite recent challenges in the consumer sector, there is a belief in the long-term viability of consumer investments, with a focus on structural opportunities that arise even in downturns [62][64]. - The approach to investment is characterized by a commitment to understanding evolving consumer behaviors and leveraging technological advancements to stay relevant in the market [54][58]. - The leadership maintains a positive outlook on consumer investment, emphasizing the importance of patience and strategic positioning during market fluctuations [63][64].

证券日报网讯12月2日，新乳业（002946）在互动平台回答投资者提问时表示，截至2025年11月28日公 司股东总户数为16236户。 ...

成绩的背后，是河南对民营经济的有力支持。近日举行的2025河南省民营经济高质量发展系列新闻发布 会，不仅亮出了河南民营经济的最新"家底"，更释放了一系列重要政策"加油包"，全力呵护民营经济主 体成长。 谈发展，河南助企有独特优势 开业近一年，郑州东站东广场旁蜜雪冰城全球总部旗舰店热度居高不下，是游客的热门打卡地。 蜜雪冰城在河南的深度布局，体现在真金白银的投入上。 据悉，蜜雪冰城总部项目用地面积33亩，建设面积12.7万平方米，总投资13.8亿元。在关乎企业命脉的 重要供应链上，蜜雪冰城在河南温县建设了最大生产基地。记者在公开招股书上了解到，该基地占地约 34.2万平方米，食材年产能约121万吨，生产全部七大类食材以及包材和设备，是企业主要的生产设 施，为旗下品牌提供糖、奶、茶等核心原料及配套物资供应。 蜜雪冰城为何如此看重河南？ 顶端新闻·河南商报记者 张丽 河南民营经济的体量有多大？最新数据给出了答案：今年以来，全省实有民营经济主体超过1100万户， 规模位于全国前列、中部省份第一。 产业升级方面，传统制造企业转型慢，与现代化产业体系融合深度不足。 河南如何借鉴江浙粤等民营经济发达地区的经验？ "这些地区 ...

证券日报网讯 12月1日，新乳业（002946）在互动平台回答投资者提问时表示，截至2025年11月28日公 司股东总户数为16236户。 ...

Summary of the Conference Call for New Hope Dairy Company Overview - New Hope Dairy has been expanding its national presence and supply chain through continuous acquisitions of regional dairy companies such as Nanshan, Shuangxi, and Xiajin, as well as stakes in Modern Farming and Eurasia Group, laying a foundation for long-term development [2][3][4] Key Points and Arguments - **Management Stability**: The company is controlled by Liu Chang and Liu Yonghao, who collectively hold 79% of the shares. The management team, including Chairman Xi Gang and General Manager Zhu Chuan, is experienced and closely aligned with the company's interests [2][4] - **Financial Performance**: Despite facing revenue pressure due to weak demand and oversupply in the industry in 2024-2025, New Hope Dairy's net profit continues to grow significantly, indicating improved profitability and operational efficiency [2][6] - **Product Innovation**: The company is actively innovating its product line, with a focus on high-end iterations of existing products (e.g., 24-hour fresh milk) and new product launches (e.g., Hongrun light meal cup/bottle), maintaining double-digit growth in new product revenue [2][7] - **Market Potential**: The low-temperature fresh milk sector has significant growth potential, with a penetration rate of only 39% compared to 83% for ambient milk. The decline in raw milk costs is narrowing the price gap with ambient milk, creating opportunities for growth [2][8] Additional Important Insights - **Channel Development**: New Hope Dairy is enhancing its Direct to Consumer (DDC) channels, including home delivery and e-commerce, which are expected to account for 30% of sales by 2027, supporting low-temperature product sales [4][11] - **Supply Chain Management**: The company has a balanced and consumer-near milk source structure, with 30% from self-owned farms, 30% from joint ventures, and 10% from social farms, ensuring a stable supply of raw materials [13] - **Future Growth Strategy**: The company emphasizes differentiated competition and localized strategies, leveraging the strengths of its subsidiaries to drive growth. For instance, the Anhui subsidiary focuses on home delivery, while the Shandong subsidiary targets high-end supermarkets [14] - **Profitability Forecast**: Revenue is projected to grow by 5%, 6%, and 7% from 2025 to 2027, with improvements in gross margin and net profit margin driven by high-margin low-temperature products [15][16] Conclusion - New Hope Dairy is positioned for steady growth through strategic acquisitions, product innovation, and effective supply chain management, with a favorable outlook for profitability and market expansion in the low-temperature dairy segment [2][16]