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 ...

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： 证券代码：002946 证券简称：新乳业 公告编号：2025-030 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 2024年年度股东大会决议公告 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更前次股东大会已通过的决议。 一、召开会议和出席情况 （一）会议召开情况 1、股东大会届次：2024 年年度股东大会 新希望乳业股份有限公司（以下简称"本公司"、"公司"）2024 年年度股 东大会于 2025 年 6 月 10 日在成都市新津区中国天府农业博览园 G1 馆•立夏厅 召开。本次会议由公司董事会召集，相关会议通知已于 2025 年 5 月 21 日向全 体股东发出，详见于 2025 年 5 月 21 日通过巨潮资讯网（www.cninfo.com.cn） 及《中国证券报》《上海证券报》《证券日报》《证券时报》等公司指定的信息披 露媒体披露的《关于召开 2024 年年度股东大会的通知》（公告编号：2025-026）。 2、股东大会召集人：公司董事会 3、股东大 ...

北京金杜（成都）律师事务所 1 关于新希望乳业股份有限公司 2024 年年度股东大会之法律意见书 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： 1. 经公司 2024 年第一次临时股东大会审议通过的《新希望乳业股份有限公 司章程》（以下简称《公司章程》）； 2. 公司 2025 年 4 月 25 日刊登于巨潮资讯网及深圳证券交 ...

Group 1 - The article reviews the dairy market for Q1 2025, comparing it to Q1 2024 and Q4 2024, using data from the "马上赢" brand CT, which covers over 30,000 brands and more than 14 million product barcodes across major cities in China [1][2] - The dairy product categories include adult milk powder, pure milk, yogurt, cheese, and others, totaling ten third-level categories and 16 fourth-level categories [2][3] Group 2 - In Q1 2025, the market share of ambient pure milk remains dominant at approximately 51.61%, while low-temperature yogurt and ambient yogurt hold 14.27% and 12.47% respectively [5][6] - Low-temperature yogurt's market share increased by over 1% year-on-year, while ambient pure milk, ambient yogurt, and cheese experienced declines in both market share and sales [5][6] Group 3 - The analysis of key categories shows that ambient pure milk, low-temperature yogurt, and ambient yogurt account for over 91% of the dairy market share [6][7] - The sales performance of ambient pure milk and ambient yogurt has been particularly challenging, with sales down by over 13% year-on-year [7][8] Group 4 - The price index for dairy products indicates ongoing price pressure, with most categories remaining below the baseline of 100, suggesting a decline compared to the previous year [10][11] - The price index for ambient pure milk has been consistently lower than the overall dairy category, while low-temperature yogurt has shown more stability in its price index [10][11] Group 5 - The SKU analysis reveals that low-temperature yogurt has the highest number of SKUs, indicating active product innovation, while ambient pure milk has a high number of discontinued SKUs [13][15] - The average price trends for various categories show a mix of stability and decline, with many products experiencing price pressure [15][19] Group 6 - The CR5 market share for ambient pure milk is 88.28%, indicating a high concentration of market power among leading brands, although some brands have seen a decline in market share [22][24] - The adult milk powder category has a CR5 market share of 77.75%, with a notable presence of brands like Yili and Nestlé [45][46] Group 7 - The cheese category has a CR5 market share of 81.01%, with major players like Miaokelan and Yili showing growth in market share [52][54] - The average price and specifications for cheese products have shown a slight recovery in Q1 2025, although they remain lower than in Q1 2024 [53][54]

证券代码：002946 证券简称：新乳业 公告编号：2025-029 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 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"，发行规模人民币 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 新乳 EB"换股期自发行结束之日起满 6 ...

Investment Rating - The industry rating is "Positive" (maintained) [5] Core Views - The new consumption trend continues, focusing on low-priced/undervalued stocks with potential catalysts, particularly in the food and beverage sector. Key areas of focus include "category dividends in the food sector," "new channel drivers like membership supermarkets," and "new hotspots in health products" [2][16] - The traditional consumption represented by liquor may face pressure, with current recommendations for leading brands in the fragrance category [12][16] Summary by Sections Liquor Sector - The liquor sector is expected to face pressure in Q2, with current valuations remaining low. Recommended stocks include leading brands such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu for medium-term positioning [12][16] - Recent performance shows a decline of 0.84% in the liquor sector, with notable increases in stocks like Jinhui Liquor (+6.25%) and Huangtai Liquor (+5.03%) [3][22] - Guizhou Moutai has launched new products at the 2025 Osaka World Expo, indicating ongoing brand expansion efforts [4] Consumer Goods Sector - The consumer goods sector continues to show potential, with a focus on stocks like New Dairy, Jin Zai Food, and Aijia Food. The sector saw a rise in non-dairy beverages (+1.33%) and meat products (+1.30%) [2][22] - The overall market sentiment remains positive, with a recommendation for leading stocks in the retail transformation and cost cycle opportunities [16] Market Performance - From June 3 to June 6, the CSI 300 index rose by 0.88%, with the non-dairy beverage and meat product sectors leading the gains. In contrast, other liquor categories saw declines [22] - The valuation levels in the food and beverage industry have adjusted, with the industry trading at 21.64 times earnings, while specific segments like liquor are trading at varying multiples [28]

证券代码：002946 证券简称：新乳业 公告编号：2025-028 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于召开2024年年度股东大会的提示性公告 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"公司"）于 2025 年 5 月 21 日通过巨 潮资讯网（www.cninfo.com.cn）及《中国证券报》《上海证券报》《证券日报》 《证券时报》等公司指定的信息披露媒体披露了《关于召开 2024 年年度股东大 会的通知》（公告编号：2025-026），为进一步保护投资者的合法权益，方便 公司股东行使股东大会表决权，现将有关事项提示如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、股东大会召集人：新希望乳业股份有限公司（以下简称"公司"或"本 公司"）董事会 公司第三届董事会第十五次会议审议通过了《关于提请召开公司 2024 年年 度股东大会的议案》，同意召开本次股东大会。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文 ...

Summary of Conference Call Records Company Overview - The company discussed its overseas expansion strategy, primarily focusing on Southeast Asia, with Indonesia, Malaysia, and Thailand being the top three markets for store openings [1][5]. Key Points and Arguments Market Potential and Challenges - Indonesia is identified as having significant market potential, while Vietnam presents a complex business environment with low consumer brand loyalty, making it one of the most challenging markets in Southeast Asia [1][5]. - The company has adjusted its product offerings based on consumer preferences in different Southeast Asian countries, such as high sugar preferences in Indonesia and health-conscious choices in Vietnam [1][9]. Financial Metrics - The gross margin for overseas single-store models is approximately 45%, with raw material costs accounting for 55% and labor costs being relatively low, around 16% of revenue [1][19]. - The actual net profit margin for stores in Southeast Asia ranges from 25% to 30%, with minimal VAT or consumption tax obligations [1][20]. Expansion Strategy - The company plans to open 1,000 to 1,500 new stores overseas in 2025, with a focus on Malaysia and Thailand, each expected to add around 400 stores [18]. - The long-term goal is to establish 20,000 overseas stores by 2028, with a significant push starting in 2026 [43]. Consumer Behavior Insights - Consumer loyalty varies significantly across Southeast Asian countries, with Vietnamese consumers showing lower brand loyalty and a tendency to follow trends [6][7]. - Different countries require tailored marketing strategies, such as higher sugar content in Indonesia and health-focused products in Vietnam [9][10]. Competitive Landscape - The company holds the leading position in the tea beverage industry in Indonesia, Vietnam, Malaysia, and Thailand, with local brands like Toco Toco in Vietnam and various coffee chains posing competition at different price points [31][23]. - Local brands benefit from established consumer bases and often provide superior in-store experiences, making competition challenging for Chinese tea brands [24][25]. Operational Challenges - The company has faced issues with rapid expansion, particularly in customer and store location audits, leading to a closure rate of about 1.6% due to poor site selection [12][14]. - Adjustments have been made to the franchisee selection process, focusing on operators who can actively manage stores rather than just financially capable individuals [13]. Supply Chain and Production - The company emphasizes the importance of a strong supply chain for successful international expansion, utilizing domestic super factories and establishing local warehouses in Southeast Asia to reduce costs and improve efficiency [25][26]. - Plans are in place to establish raw material factories in Vietnam and the Philippines by 2028, which will enhance supply chain capabilities across the region [27]. Future Outlook - The company aims to penetrate new markets in Central Asia, South Asia, South America, and North America, with a gradual expansion strategy expected to take 2 to 3 years for each new market [36]. - The domestic market remains a priority, with approximately 40,000 stores currently and plans to expand into rural areas and unique flagship locations [38][42]. Additional Important Insights - The average daily sales per store vary by market, with Vietnam averaging around 2,300 RMB per day, while Malaysia performs better with higher sales volumes [10]. - The company has successfully relocated underperforming stores, significantly increasing their sales post-move [35]. - The labor cost advantage in Vietnam is notable, with the company paying significantly lower wages compared to local textile or shoe factory workers [32]. This comprehensive overview captures the essential insights from the conference call, highlighting the company's strategic focus, market dynamics, financial performance, and operational challenges in its overseas expansion efforts.

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, focusing on various proposals including financial reports, budget plans, and compensation schemes for executives and board members [1][4][5]. Group 1: Meeting Structure and Procedures - The meeting will be chaired by Chairman Xi Gang, and shareholders will have the right to speak, inquire, and vote on each proposal [1][2]. - Voting will be conducted through a combination of on-site and online methods, with results announced immediately [2][4]. - The meeting will include the election of vote counters and monitors from among the attending shareholders [2][4]. Group 2: Financial Performance - The company reported a revenue of 1,066,542.35 million yuan for 2024, a decrease of 2.93% compared to 2023 [6][13]. - The net profit attributable to shareholders was 53,769.09 million yuan, reflecting a growth of 24.80% year-on-year [6][13]. - The total assets as of December 31, 2024, amounted to 887,866.69 million yuan, a slight decrease of 0.66% from the previous year [6][7]. Group 3: Financial Indicators - The company’s operating profit was reported at 68,000.76 million yuan, an increase of 33.89% from 2023 [6]. - The basic earnings per share rose to 0.62 yuan, a 24.00% increase compared to the previous year [6][12]. - The asset-liability ratio improved from 70.47% to 64.61%, indicating a reduction of 5.86 percentage points [6][9]. Group 4: Budget and Financing Proposals - The company proposed a financing guarantee limit of 575 million yuan for 2025, which would not exceed 18.82% of the latest audited net assets [21][22]. - The company plans to apply for a comprehensive credit limit from financial institutions for 2025, with specific details to be discussed at the meeting [23].

证券代码：002946 证券简称：新乳业 公告编号：2025-028 债 券 新希望乳业股份有限公司 代 码 关于召开2024年年度股东大会的提示性公告 ： 1 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。 2 8 1 4 2 新希望乳业股份有限公司（以下简称"公司"）于 2025 年 5 月 21 日通过巨 潮资讯网（www.cninfo.com.cn）及《中国证券报》《上海证券报》《证券日报》 《证券时报》等公司指定的信息披露媒体披露了《关于召开 2024 年年度股东大 会的通知》（公告编号：2025-026），为进一步保护投资者的合法权益，方便公 司股东行使股东大会表决权，现将有关事项提示如下： 一、召开会议的基本情况 债券简称：新乳转债 1、股东大会届次：2024 年年度股东大会 2、股东大会召集人：新希望乳业股份有限公司（以下简称"公司"或"本 公司"）董事会 公司第三届董事会第十五次会议审议通过了《关于提请召开公司 2024 年年 度股东大会的议案》，同意召开本次股东大会。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规 ...