证券代码：002946 证券简称：新乳业 公告编号：2025-032 债券代码：128142 债券简称：新乳转债 1、股东大会审议通过的公司 2024 年度利润分配方案为：以实施权益分派 股权登记日登记的总股本为基数，向全体股东每 10 股派发现金股利 2.50 元（含 税），不送红股，不以资本公积转增股本。剩余未分配利润结转以后年度分配。 权益分派实施股权登记日之前，若公司总股本发生变动，将按照每股分配现金股 利金额不变的原则对分配总额进行调整。 2、自分配方案披露至本次权益分派实施申请日（2025 年 6 月 17 日）期间： 由于公司可转换公司债券（债券简称：新乳转债，债券代码：128142）处于转股 期，共计转股 2,948 股。公司目前总股本为 860,676,864 股，现金分红总金额 215,169,216 元。最终参与本次权益分派的股份数量以股权登记日（2025 年 6 月 25 日）登记的股本数为准。在本次权益分派股权登记日前，公司总股本由于可 转债转股等原因而发生变化的，将按照每股分配比例不变的原则对分配总额进行 调整，每股分配现金股利金额不变。 3、本次实施的分配方案与股东大会审议通过的 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-031 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完成 暨摘牌并拟解除剩余标的股票质押的公告 公司股东新希望投资集团有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 二、可交换公司债券换股情况 2025 年 4 月 10 日，本公司收到新投集团出具的《关于 2023 年非公开发行 可交换公司债券换股进展暨公司及其一致行动人权益变动触及 5%整数倍的通 知》，截至 2025 年 4 月 9 日，新投集团"23 新乳 EB"可交换公司债券持有人 1 累计换股 8,405,834 股，占本公司总股本的 0.98%。债券持有人换股导致新投集 团及其一致行动人合计持有股份比例从 80.68%减少至 79.70%，新投集团及其 一致行动人合计持有股份比例占公司已发行股份的比例变动触及 5%整数倍的情 形。详见公司于 2025 年 4 月 11 日披露的《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》（公告编号： ...

Group 1 - The core point of the announcement is the completion of the exchange of convertible bonds issued by New Hope Investment Group, resulting in a change in shareholding structure [1][2][7] - New Hope Investment Group issued a total of 500 million RMB in convertible bonds with a maturity of 3 years and a coupon rate of 0.60% [2] - The exchange period for the bonds is from May 14, 2024, to November 9, 2026 [2] Group 2 - As of April 9, 2025, a total of 8,405,834 shares were exchanged, reducing New Hope Investment Group's shareholding from 80.68% to 79.70% [3] - From April 10 to April 17, 2025, an additional 6,553,462 shares were exchanged, further reducing the shareholding to 78.94% [4] - By June 13, 2025, the total number of shares exchanged reached 36,115,471, accounting for 4.20% of the company's total share capital [7] Group 3 - New Hope Investment Group plans to apply for the release of stock pledges related to the convertible bonds, involving 28,564,529 shares, which is 3.32% of the total share capital [8] - The changes in shareholding do not trigger a mandatory bid and comply with relevant regulations [9] - The exchange of shares does not affect the control of the company or its governance structure [9]

债券代码：128142 债券简称：新乳转债 一、股东非公开发行可交换公司债券的基本情况 证券代码：002946 证券简称：新乳业 公告编号：2025-031 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完成 暨摘牌并拟解除剩余标的股票质押的公告 公司股东新希望投资集团有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 及其一致行动人合计持有股份比例从 76.76%减少至 76.48%。至此，"23 新乳 EB"已全部完成换股，债券数量余额为 0 张，累计换股 36,115,471 股，占本公 司总股本的 4.20%，本期债券将于 2025 年 6 月 18 日在深圳证券交易所摘牌。 占本公司 | 权益变动 | | | | | | | 换股数量 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | | | | 换股期间 | | | | | 总股份 ...

Core Viewpoint - New Hope Dairy is focusing on high-quality growth through product innovation and a user-centered approach, showcasing its product matrix and strategies at the 2025 Investor Conference amidst a complex market environment in 2024 [1] Group 1: Product Strategy - New Hope Dairy has established a "fresh strategy" since 2010, recognizing the potential of low-temperature dairy products, and has successfully launched the 24-hour fresh milk series, which saw a sales revenue increase of over 15% year-on-year in 2024 [3] - The company is expanding its core categories to include fresh milk, yogurt, and specialty beverages, achieving double-digit growth in new product revenue for four consecutive years [5] - New Hope Dairy's yogurt brands, "Chuxin" and "Huirun," have also experienced double-digit growth, showcasing strong product innovation capabilities [3][5] Group 2: Market Engagement - The company is enhancing its market penetration through immersive product experiences, such as the 24-hour fresh milk experience at the investor conference, and operates over 500 fresh milk stores nationwide [6] - New Hope Dairy is tapping into health-conscious consumer trends with products like "Chuxin" yogurt and "Huirun" yogurt, which cater to sugar reduction and weight management needs [8] Group 3: Cultural Integration - The company is leveraging cultural elements to appeal to the Z generation, integrating traditional crafts into its branding, exemplified by the "Today Fresh Milk" exhibit that combines heritage culture with modern branding [10] Group 4: Market Positioning - New Hope Dairy is addressing the dual demand for high-end and cost-effective products in the Chinese market by creating a comprehensive product portfolio that spans all consumer segments [12] - The company’s subsidiary, Asahi VIP, is targeting the high-end market with organic A2 milk, emphasizing sustainable farming practices and emotional branding [14] Group 5: Overall Strategy - New Hope Dairy is committed to building brand strength through quality products, innovative marketing, and a focus on fresh values, aiming to enhance consumer experiences and meet market opportunities [16]

Core Insights - New Hope Dairy is leveraging its brand "Liangshan Snow" to penetrate lower-tier markets, achieving significant local market share [1][2] - The overall dairy industry is facing challenges such as low milk prices and declining consumer demand, with a notable drop in sales for milk and yogurt products projected for 2024 [3][6] - The company is exploring both high-end and value-oriented products to cater to diverse consumer segments, with successful launches in both categories [6][9] Market Strategy - Liangshan Snow has achieved a 75% market share in Xichang, a city with a population of 770,000 but attracting 20 million tourists annually, showcasing effective local marketing strategies [2] - New Hope Dairy's high-end brand "Zhaori Weipin" is also expanding, with a new guava-flavored yogurt selling out at Sam's Club, indicating strong demand for premium products [7][9] Financial Performance - In 2024, New Hope Dairy reported total revenue of 10.665 billion yuan, a decrease of 2.93% year-on-year, while net profit increased by 24.80% to 538 million yuan [9][10] - The company’s revenue from direct sales and distribution channels showed mixed results, with direct sales growing by 11.4% while distribution revenue declined by 13.3% [9] Innovation and R&D - New Hope Dairy's R&D expenses reached 49.1 million yuan in 2024, continuing a trend of annual growth, with new product revenue consistently accounting for over 10% of total revenue for five consecutive years [10] - The company is considering launching low-temperature beverages, following trends in the dairy industry where companies are diversifying their product lines [10] International Expansion - New Hope Dairy is also exploring international markets, with its banana milk already available in North American Chinese supermarkets, and is eyeing Southeast Asia for growth opportunities due to low per capita liquid milk consumption [11] - The potential market sizes in Indonesia, the Philippines, Thailand, and Vietnam are significant, with respective dairy market sizes of approximately 8.336 billion, 4.185 billion, 4.169 billion, and 5.94 billion USD [11]

Core Viewpoint - The recent adjustments in the franchise policy of Mixue Ice City aim to optimize store layout, slow down the overall expansion pace, and focus on special channel store development in response to increasing market competition and declining store performance [1][3][11]. Summary by Relevant Sections Franchise Policy Adjustments - Starting from June 11, 2025, Mixue Ice City will implement changes to its franchise policy, including optimizing store layout, adjusting protection ranges, and encouraging franchisees to return to frontline operations [1]. - Existing franchisees with strong performance will receive more opportunities for new store applications, while new franchisees will be restricted from opening stores in blank towns unless they have local residency [1][11]. Market Conditions and Performance Metrics - The industry is entering a phase of stock competition, with a significant slowdown in store growth. In 2024, the total number of brand stores decreased by 16,000, with a growth rate dropping from 32.5% to 11.12% [3]. - As of December 2024, Mixue Ice City had over 41,000 stores, with daily average GMV per store declining from 4,144 yuan in 2021 to 4,127 yuan in 2023, and gross margin for franchise stores decreasing from 32.03% to 30.10% during the same period [3][11]. Strategic Focus Areas - Mixue Ice City is focusing on three main areas to enhance store revenue: encouraging franchisees to return to frontline operations, promoting the establishment of special channel stores, and imposing stricter requirements for new store franchises in blank towns [4][7][11]. - The company has previously implemented a policy requiring franchisees to complete a minimum of 90 hours of in-store presence each month to ensure better service quality [4][5]. Special Channel Development - The emphasis on special channel stores is a response to the competitive landscape, with other brands also focusing on high-traffic areas such as hospitals and schools [7][11]. - The operational challenges of these special channel locations are acknowledged, but they offer higher customer flow stability and profitability once established [11]. Local Market Strategy - The requirement for franchisees to have local residency and manage stores personally in blank towns is aimed at ensuring that operators understand local consumer habits and are committed to long-term operations [11]. - This strategy is designed to improve the survival rate of new stores in low-traffic, high-difficulty markets [11].

Core Viewpoint - New Hope Dairy is redefining its growth strategy amid a challenging dairy market, focusing on innovation and consumer demand for fresher and diverse products [1] Group 1: Company Strategy - The company's product strategy has evolved from "Fresh and Sour Dual Strong" to "Three Fresh Dominance," adding beverages to its core offerings of fresh milk and yogurt [1] - The company aims to leverage high-end products and local market penetration as key growth drivers, alongside exploring international markets [3] Group 2: Market Conditions - The dairy industry in China is undergoing a significant adjustment, with total dairy production expected to decline to 29.62 million tons in 2024, a 1.9% year-on-year decrease [1] - Liquid milk production is experiencing its first decline in five years, with per capita dairy consumption dropping by 5.6% [1] Group 3: Financial Performance - Revenue decreased by 2.9% year-on-year to 10.67 billion yuan, while net profit grew by 24.8% to 540 million yuan, maintaining a double-digit growth rate [2] Group 4: International Expansion - The company is focusing on low-temperature beverages as a potential entry point into overseas markets, with countries like Thailand, the Philippines, and Singapore showing growth opportunities in flavored milk [4] - New Hope Dairy has established a global R&D presence across four continents and six countries, targeting Southeast Asia for future growth [3][4] Group 5: Financial Health - As of the end of Q1, the company's debt-to-asset ratio has decreased to 64.61%, nearing the target set in its "New Five-Year Strategy" [5]

Core Insights - New Hope Dairy is facing a critical turning point as it experiences its first revenue decline since 2015, with a 2.93% drop in 2024, totaling 10.665 billion yuan, despite a 24.8% increase in net profit to 538 million yuan [1][2] Revenue Performance - The company's revenue decline is attributed to changes in the consolidation scope compared to 2023, but it still outperformed the industry average [2] - In Q1 2024, New Hope Dairy achieved a revenue of 2.62 billion yuan, a slight increase of 0.4% year-on-year, and a net profit of 130 million yuan, up 48.5% [2] Subsidiary Performance - There is a notable performance disparity among subsidiaries, with Qingdao Qinpai achieving a net profit of 73.56 million yuan in 2024, while Huanmei Dairy, the largest subsidiary by revenue, saw a 5.56% revenue decline and a 31% profit drop [2][4] - Huanmei Dairy's revenue fell to 1.8 billion yuan in 2024, down from 1.906 billion yuan in 2023, and its net profit dropped to 114 million yuan, marking a new low since its acquisition [4] Market Challenges - The dairy industry is undergoing a significant adjustment period, with intensified competition in the ambient milk market and rising costs affecting profit margins [5] - The high-end segment, particularly low-temperature milk and yogurt, is showing signs of recovery, with companies focusing on cost control to improve net profits [6] Strategic Initiatives - New Hope Dairy's chairman emphasized the need to break out of the current market competition by innovating and meeting diverse consumer demands [7] - The company is focusing on its "Today Fresh Milk Shop" brand, which has seen significant growth in sales through various marketing channels, including social media [7][8] Future Growth Plans - New Hope Dairy plans to implement a "three fresh pillars" strategy over the next five years, focusing on high-end products, local market penetration, and international expansion [8][9] - The company aims to double its net profit margin from 3.98% in 2023 to 5.15% in 2024, with a long-term goal of achieving this by 2027 [10] Family Business Resilience - The involvement of family members in decision-making may provide New Hope Dairy with a competitive edge, as family businesses often exhibit strong execution and long-term vision [10]

Core Viewpoint - New Hope Dairy is focusing on a "fresh strategy" to drive growth and innovation in the dairy industry, emphasizing high-end products, market penetration, and user engagement [2][3]. Group 1: Company Strategy - The company aims to innovate through a dual-engine approach involving product and channel development, targeting high-end and deep market segments [2][4]. - New Hope Dairy's "fresh strategy" includes a comprehensive framework of "eight fresh" dimensions, covering fresh sourcing, production, orders, delivery, and consumer engagement [4]. - The company has established a strategic partnership with the Norwegian Gene Cow Breeding Association to enhance its product offerings with Norwegian Red Cow milk [4]. Group 2: Financial Performance - In 2024, New Hope Dairy's net profit attributable to shareholders is projected to grow by 24.8%, with a net profit margin of 5.15% [3]. - The company's high-end fresh milk business has seen double-digit growth, with the "24-hour" mid-to-high-end product series revenue increasing by over 15% [3]. Group 3: Market Expansion - New Hope Dairy is pursuing a three-pronged growth strategy, which includes high-end national development, localized market penetration through the "Cool Mountain Snow" brand, and international expansion [6][7]. - The "Cool Mountain Snow" brand has achieved a 75% market share in its local area, demonstrating effective market penetration strategies [6]. Group 4: Innovation and Sustainability - The company is committed to technological and channel innovation to ensure freshness and break through homogenized competition [4][7]. - New Hope Dairy emphasizes the importance of environmental friendliness and health in its product offerings, aiming to create a sustainable and enjoyable lifestyle for consumers [7].