Core Viewpoint - The article discusses the recent strategic shift of dairy companies, particularly New Dairy (002946.SZ), entering the beverage market to address short-term performance anxieties and connect with younger consumers [1][3]. Group 1: Company Strategy - New Dairy announced its entry into the beverage sector during its investor conference on June 10, 2025, aiming to make beverages its third core business alongside low-temperature fresh milk and yogurt [1]. - The company reported a revenue of 10.67 billion yuan in 2024, a slight decrease of 2.9% year-on-year, while its net profit reached 540 million yuan, marking a 24.8% increase [1]. - The company plans to leverage its expertise in low-temperature products to enter the beverage market, focusing on low-sugar and no-sugar tea drinks, as well as products targeting weight management [1][2]. Group 2: Industry Trends - The new tea beverage market in China is experiencing significant growth, with a market size exceeding 350 billion yuan in 2024, reflecting a year-on-year increase of 6.4% [2]. - Major dairy companies are increasingly moving beyond their roles as suppliers, launching their own new tea and innovative beverage products [2][4]. - The dairy industry is facing a decline in traditional dairy product sales, with a 6.9% drop in overall dairy sales and a 7.1% decrease in liquid milk sales in the first quarter of 2025 [3]. Group 3: Consumer Insights - The shift towards new tea and innovative beverages is partly driven by the need to alleviate performance growth anxieties amid a declining dairy market [3][4]. - The changing consumer landscape, particularly among younger generations, emphasizes the importance of product quality, emotional value, and personalized expression, prompting dairy companies to adapt to these evolving demands [5].

Core Viewpoint - New Hope Dairy is committed to its "Fresh Strategy" to navigate the slowing growth in the dairy consumption market, achieving double-digit growth in net profit for five consecutive years, showcasing resilience in a challenging industry environment [1][2]. Group 1: Financial Performance - New Hope Dairy's net profit for 2024 is projected to grow by 24.80%, with a net profit margin increasing to 5.15% [2]. - The company reported a 48.46% year-on-year increase in net profit for the first quarter of the year [2]. - Operating cash flow reached 1.491 billion yuan, and the debt-to-asset ratio decreased to 64.61% [2]. Group 2: Strategic Initiatives - The company aims to enhance its "Fresh Strategy" by focusing on fresh milk sources, production, orders, delivery, and consumer engagement through an "Eight Fresh" development framework [3]. - New Hope Dairy has established a strategic partnership with the Norwegian Gene Association to innovate in dairy cattle breeding, launching the first Norwegian Red milk in China [4]. - The company is prioritizing digital economy and biotechnology innovations to strengthen its product offerings and operational efficiency [4]. Group 3: Market Expansion - New Hope Dairy is expanding its market presence through a three-pronged growth strategy: high-end product development, local market penetration, and international expansion [6][7]. - The "24-hour" fresh milk series and the Asahi Weipin brand are key components of the company's high-end national development strategy, with significant revenue growth expected [6]. - The "Liangshan Snow" brand has achieved a 75% market share in the local market by targeting specific consumer demographics and seasonal events [7]. Group 4: Channel Innovation - The company is innovating its distribution channels by creating fresh consumption scenarios, including the establishment of over 500 "24-hour fresh milk" stores [5]. - Collaborations with major retailers like Sam's Club and Hema are being strengthened to enhance product visibility and accessibility [5].

Core Viewpoint - The dairy industry is facing pressure due to slowing demand growth and increased competition, yet New Hope Dairy (002946.SZ) has achieved double-digit profit growth and significant market attention, with revenue surpassing 10 billion yuan [2][3]. Industry Overview - The dairy product industry in China is expected to continue facing challenges in 2024, with total production projected to decline by 1.9% to 29.62 million tons, marking the first drop in liquid milk production in five years. Per capita dairy consumption is also expected to decrease by 5.6% [3]. - Despite these challenges, New Hope Dairy reported a revenue of 10.665 billion yuan and a net profit of 538 million yuan in 2023, reflecting a year-on-year growth of 24.8%, outperforming the industry average [3]. Company Strategy - New Hope Dairy aims to deepen its "Fresh Cube Strategy" in 2024, focusing on expanding its low-temperature core business. High-end fresh milk and mid-to-high-end series products have shown double-digit growth [3][4]. - The company has introduced the "Three Fresh Pillars" strategy, emphasizing the development of low-temperature cold chain beverage products as a new growth point [7]. Market Positioning - New Hope Dairy is capitalizing on the growing demand for high-quality dairy products, with the "24-hour" fresh milk series and local brands like "Liangshan Snow" achieving significant market penetration, particularly in lower-tier cities [8][9]. - The company is also exploring international markets, particularly in Southeast Asia, to find differentiated innovation opportunities and expand its global presence [10]. Innovation and Product Development - New Hope Dairy is committed to product innovation, with a focus on meeting diverse consumer needs through new product lines such as "Active Probiotic" yogurt and "Zero Sugar" fermented milk [6]. - The company has established a global research and development network and is collaborating with international organizations to enhance its product offerings and innovation capabilities [10].

Group 1 - The core viewpoint is that dairy companies are increasingly entering the innovative beverage market to connect with the challenging young consumer demographic [1][2] - New Dairy (002946.SZ) announced its official entry into the beverage sector during its investor conference, aiming to make beverages its third core business alongside low-temperature fresh milk and yogurt [2][4] - The company achieved a revenue of 10.67 billion yuan in 2024, a slight decrease of 2.9% year-on-year, while its net profit reached 540 million yuan, marking a growth of 24.8% [2][4] Group 2 - The new beverage market is experiencing rapid growth, with the new-style tea beverage market in China expected to exceed 350 billion yuan in 2024, reflecting a year-on-year growth of 6.4% [3] - Many dairy companies, including New Dairy, are no longer satisfied with being mere suppliers and are launching their own innovative beverage products [4][6] - The first quarter of 2025 saw a decline in the domestic dairy product market, with overall sales down by 6.9%, indicating a need for dairy companies to seek new growth avenues [4][6] Group 3 - Dairy companies are leveraging their regional brand influence, distribution networks, and cold chain logistics to enter the beverage market, which has relatively controllable entry costs [6] - The shift in consumer demographics is prompting dairy companies to adapt to the changing market, focusing on quality, emotional value, and personalized expression to meet the needs of younger consumers [6]

Core Viewpoint - New Hope Dairy is responding positively to the regulatory encouragement for increased cash dividends, implementing a mid-term dividend for the first time in 2024, with a significant increase in the overall dividend rate [1] Group 1: Financial Performance - In 2024, New Hope Dairy achieved operating revenue of 10.665 billion yuan and a net profit attributable to shareholders of 538 million yuan, representing a year-on-year growth of 24.8% [1] - In the first quarter of 2025, the company continued to perform well, with operating revenue and net profit growth rates of 0.42% and 48.46% respectively [1] Group 2: Business Strategy - The company is advancing its "Fresh Cube Strategy" amidst a slowing growth environment in the domestic dairy industry, focusing on core business enhancement and value improvement to outperform the industry average [1] - New Hope Dairy is implementing a "Fresh Acid Dual Strong" product development strategy, leading to over 15% revenue growth in its mid-to-high-end product series [2] Group 3: Innovation and Market Potential - Innovation is a key driver for New Hope Dairy's business growth, with the company investing in talent, performance, and research projects to support new product development [2] - The low-temperature fresh milk market in China still has significant growth potential, with low overall penetration and regional imbalances, indicating a positive long-term industry trend [3] Group 4: Future Outlook - For 2025, New Hope Dairy aims to enhance revenue growth and net profit margins while focusing on product innovation, effective channel expansion, and cost management [3] - The company plans to strengthen its technological capabilities through advancements in biotechnology and digital technology to create new production capacities [3]

Core Viewpoint - The "Fresh Strategy" has been a fundamental approach for the company, leading to significant growth and new product development in response to market demands [1][4][10]. Group 1: Market Trends and Consumer Behavior - The dairy product market in China is experiencing a decline, with total production expected to drop to 29.62 million tons in 2024, a 1.9% decrease year-on-year, and liquid milk production seeing its first decline in five years [4]. - Consumer preferences are shifting, with high-end and low-end products both seeing increased demand, indicating a need for companies to develop products that resonate with diverse consumer needs [4][5]. - The company emphasizes that its pricing strategy is not influenced by short-term events like e-commerce promotions but focuses on providing stable quality products for consumers [4]. Group 2: Company Performance and Strategy - Under the "Fresh Strategy," the company achieved a 24.80% year-on-year increase in net profit for 2024, with a net profit margin of 5.15%, and a 48.46% increase in net profit in Q1 2025 [5]. - The company attributes its success to several factors, including a focus on high-end products, expansion into lower-tier markets, continuous innovation, and the promotion of products through new retail channels [5][9]. - The company plans to continue its focus on lower-tier markets, capitalizing on the growth in county-level consumption [9]. Group 3: Product Strategy - The company has evolved its product strategy from a focus on fresh products to a "Three Fresh" strategy, which includes low-temperature fresh milk, low-temperature yogurt, and beverages [10][13]. - The introduction of the "Three Fresh" strategy aims to enhance the company's core business and achieve a doubling of net profit margin within five years [10][14]. - The company believes that the beverage sector presents a significant growth opportunity, particularly in low-temperature cold chain products [14].

Core Viewpoint - New Hope Dairy is focusing on innovation and consumer demand for fresh and diverse dairy products to navigate the challenges of a slowing market and declining consumption [1][2] Industry Overview - The domestic dairy industry is characterized by intense competition with a trend towards increased concentration among leading companies [2] - In 2024, China's total dairy production is projected to decline to 29.62 million tons, a decrease of 1.9% year-on-year, with liquid milk production experiencing its first drop in five years [2] - Per capita dairy consumption is expected to decrease by 5.6% year-on-year, indicating a shift in consumer behavior towards value and quality [2] Company Strategy - New Hope Dairy is committed to a "fresh strategy" that emphasizes product innovation across various categories, including fresh milk and beverages [3] - The company aims to enhance its competitive edge through the integration of AI and synthetic biology in its production processes [3] - New Hope Dairy's revenue for 2024 is projected at 10.665 billion yuan, a slight decrease of 2.93% year-on-year, while net profit is expected to rise by 24.8% to 538 million yuan [3] Growth Drivers - The company identifies three key growth drivers: high-end product development, deepening market penetration, and international expansion [4][5] - The "24-hour" fresh milk series and local market strategies are expected to contribute significantly to revenue growth, with high-end products seeing over 15% year-on-year revenue increase [5] - New Hope Dairy is also focusing on innovative distribution channels, including partnerships with major retailers and the establishment of fresh milk stores [5] Strategic Partnerships - New Hope Dairy has formed a strategic partnership with the Norwegian Gene Cow Breeding Association to introduce and cultivate Norwegian Red Cattle, enhancing its product offerings [6] - The company has already launched its first Norwegian Red Milk product, which has received positive market feedback [6]

Core Viewpoint - New Dairy Industry (002946) is addressing challenges in the dairy market, including sluggish consumption and growth slowdown, by focusing on innovation and new consumer demands for fresher, more diverse products [1] Group 1: Company Strategy - The chairman of New Dairy Industry, Xi Gang, emphasized the need to move beyond the "involution" of the existing market and seek solutions through innovation and growth [1] - The company will adhere to a "fresh strategy" as its core focus, aiming to build competitive barriers in the food and beverage sector through the integration of industry, AI, and synthetic biology [1] - New Dairy Industry plans to enhance emerging channels and user operations to drive fresh growth [1]

Meeting Overview - The annual general meeting of New Hope Dairy Co., Ltd. was held on June 10, 2025, in Chengdu, Sichuan Province [1] - The meeting was convened by the board of directors, with notifications sent to all shareholders on May 21, 2025 [1] Attendance - A total of 697,414,751 shares, representing 81.0310% of the voting shares, were present at the meeting [1] - Among the attendees, 18,358,948 shares were held by small investors, accounting for 2.1331% of the total voting shares [1] Voting Results - The voting process combined on-site and online voting methods [1] - The proposal regarding the 2024 annual report received 99.9776% approval from all voting shareholders [2] - The proposal for the 2025 financing guarantee limit was approved with 79.5274% support from small investors [2] - The proposal for the 2024 profit distribution plan was approved with 99.9944% support from all voting shareholders [3] Legal Compliance - The meeting's convening and procedures were confirmed to comply with the Company Law, Securities Law, and relevant regulations [3] - A legal opinion was provided by Beijing King & Wood Mallesons (Chengdu) regarding the legality of the meeting [3]

北京金杜（成都）律师事务所 关于新希望乳业股份有限公司 致：新希望乳业股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受新希望乳业股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》 （以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中 国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政 法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公司 于 2025 年 6 月 10 日召开的 2024 年年度股东大会（以下简称本次股东大会）， 并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 司章程》（以下简称《公司章程》）； （一） 本次股东大会的召集 开公司 2024 年年度股东大会的议案》，决定召开公司 2024 年年度股东大会， 具体时间以董事会发出的会议通知为准。 中国证监会指定信息披露媒体刊登了《股东 ...