Core Viewpoint - The announcement details the progress of the exchange of convertible bonds issued by New Hope Investment Group, which has led to changes in shareholding percentages of the company, New Hope Dairy Co., Ltd. [1][2][3] Group 1: Convertible Bond Issuance - New Hope Investment Group issued a non-public offering of convertible bonds, with a total issuance size of 500 million RMB, and the bonds are set to be exchanged for A-shares of the company [1]. - The exchange period for the bonds is from May 14, 2024, to November 9, 2026 [1]. Group 2: Shareholding Changes - As of April 9, 2025, bondholders have exchanged 8,405,834 shares, reducing New Hope Investment Group's total shareholding from 80.68% to 79.70% [2]. - From April 10 to April 17, 2025, an additional 6,553,462 shares were exchanged, further decreasing the shareholding to 79.70% [2]. - From April 18 to May 20, 2025, bondholders exchanged 8,576,576 shares, resulting in a new total shareholding of 77.95% for New Hope Investment Group [3]. Group 3: Compliance and Governance - The changes in shareholding do not trigger a mandatory tender offer and comply with relevant regulations, including the Securities Law and the Management Measures for the Acquisition of Listed Companies [7]. - The rights associated with the exchanged shares remain intact, and there are no restrictions on voting rights or transferability [7]. - The company’s control structure and governance will not be affected by these changes [7].

证券代码：002946 证券简称：新乳业 公告编号：2025-027 债券代码：128142 债券简称：新乳转债 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 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 个月后 的第 1 个交易日起至债券到期日前 1 个交易日止，即 2024 年 5 月 14 日至 2026 年 11 月 9 日。 2025 年 4 月 10 日，本公司收到 ...

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、规范性文件、深圳证券交易所业务规则和《公司章程》的规定。 证券代码：002946 证券简称：新乳业 公告编号：2025-026 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年年度股东大会的通知 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、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 4、会议召开的时间 （1）现场会议召开时间：2025 年 6 月 10 日（星期二）13:00。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 6 月 10 日 9:15-9:25、9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 ...

Group 1 - The company, New Hope Dairy Co., Ltd., has convened its third board meeting to approve the proposal for the 2024 annual general meeting of shareholders [3][5] - The annual general meeting is scheduled for June 10, 2025, with specific times allocated for on-site and online voting [3][4] - Shareholders must choose between on-site voting and online voting, with provisions for proxy voting [4][5] Group 2 - The meeting will review several proposals, including the financial statements for 2024 and the remuneration plans for directors and senior management for 2025 [5][9] - Shareholders must register for the meeting, providing necessary identification and documentation [6][8] - The company has outlined the procedures for online voting through the Shenzhen Stock Exchange systems [8][9]

券 新希望乳业股份有限公司 证券代码：002946 证券简称：新乳业 公告编号：2025-026 债 关于召开2024年年度股东大会的通知 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、规范性文件、深圳证券交易所业务规则和《公司章程》的规定。 4、会议召开的时间 （1）现场会议召开时间：2025 年 6 月 10 日（星期二）13:00。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 6 月 10 日 9:15-9:25、9:30-11:30 和 13:00-15:00； ： 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 一、召开会议的基本情况 1 1、股东大会届次：2024 年年度股东大会 4 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 2 债券简称：新乳转债 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。 通过深圳证券交易所互联网投票系统投票的具体时间为： ...

发现了吗？今年奶茶在悄悄涨价！ 不少品牌推新价格较去年同期上涨1~3元，喜茶、奈雪等过半新品定价突破20元。 令人意外的是，多数20元以上的新品冲上门店销量TOP3，成为"爆款"。 从去年的"9.9轻乳茶"到如今的"20元真香"，新茶饮的定价逻辑变了？折射出哪些竞争新趋势？ 新品普涨1～3元，今年茶饮悄悄涨价？ "奶茶在悄咪咪涨价？"一些业内人士发现，今年以来奶茶价格有回升趋势。 以喜茶为例，推出的多款新品价格突破20元，像"南姜甘草芭乐瓶"等售价23元。而2024年同期推出的新品价位主要集中在17~19元。 奈雪也有此趋势。咖门最新监测数据显示，奈雪今年1-4月累计推出15款新品，其中20元以上的有10款，占比约66.7%，与去年同期相比提升了20.5%。 乐乐茶同样如此，今年1-4月累计上新22款产品，均价19.2元，较去年同期的18.3元上涨4.9%。其中20元以上的产品有8款，而去年同期是5款。 比如茶百道，今年1-4月推出29款新品，其中"三重莓果·晚安杯""羽衣甘蓝·轻畅杯"等奶昔和果蔬茶系列产品均超过20元，去年同期产品中没有20元以上 的。 此外，部分区域品牌的产品价格也有上浮。如放哈推出的" ...

Investment Rating - The report maintains a positive outlook on the food and beverage sector, indicating that leading companies in the sector have mid-term allocation value, with consumer staples showing stronger defensive characteristics and liquor exhibiting greater cyclical elasticity [5][9]. Core Insights - The report emphasizes the importance of monitoring new products and channel changes within the food and beverage industry, as overall demand remains subdued. It highlights the potential for recovery in the liquor sector if economic conditions improve in the second half of 2025, alongside necessary industry adjustments [5][9]. - Key recommendations include focusing on leading companies in the liquor sector such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as consumer staples like Yili and Qingdao Beer, which are expected to benefit from cost advantages and new retail trends [5][9][11]. Summary by Sections 1. Market Performance of Food and Beverage Sectors - The food and beverage sector underperformed the Shenwan A index by 0.16 percentage points during the period from May 12 to May 16, 2025. Sub-sectors such as food processing and beverage dairy outperformed the index, while liquor and other categories lagged behind [33]. 2. Liquor Sector Insights - The report notes that Kweichow Moutai's bottle price remains stable at 2080 RMB, with Wuliangye around 920-930 RMB. Despite a slight recovery in demand during the May holiday, overall consumption in the liquor sector is expected to remain flat, with pressures anticipated in the second quarter [10][11]. - Liquor companies reported positive revenue growth in Q1 2025, but the growth rate has slowed significantly compared to previous years, indicating a trend of increasing differentiation among brands [10]. 3. Consumer Staples Sector Insights - The report forecasts a flat demand outlook for consumer staples in the second quarter and second half of 2025, with a continued cost advantage expected to support profitability. The dairy sector is highlighted for its potential revenue and profit improvement due to supply-demand rebalancing and supportive policies [11]. - Specific companies such as Yili and Qingdao Beer are recommended for their strong performance and growth potential in the context of new product launches and channel innovations [11]. 4. Key Company Updates - Companies like Zhou Hei Ya are focusing on enhancing store quality and expanding distribution channels, while Huazhi Wine is targeting mid-to-high-end consumers through its retail strategies [14][15]. - Gu Yue Long Shan is concentrating on high-end and youthful product lines, with a focus on maintaining price stability and enhancing brand appeal [15].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage sector [2] Core Insights - The food and beverage industry is experiencing a period of adjustment, particularly in the liquor segment, while the snack sector shows high levels of prosperity [1] - The overall revenue and net profit growth rates for the food and beverage industry have slowed down in Q1 2025 compared to 2024, with a notable performance differentiation among sub-sectors [4][14] - The report highlights that the liquor industry is in a bottoming phase, while the snack industry continues to thrive [4][22] Summary by Relevant Sections 1. Industry Overview - In 2024, the food and beverage industry achieved a total revenue of CNY 10,877.93 billion, with a year-on-year growth of 3.91%, and a net profit of CNY 2,171.12 billion, growing by 5.51% [14] - For Q1 2025, the industry reported revenues of CNY 3,264.12 billion, a 2.52% increase year-on-year, and net profits of CNY 815.45 billion, growing by 0.27% [14] 2. Sub-sector Performance - **Liquor**: The liquor sector saw a revenue increase of 1.60% in Q1 2025, with net profits growing by 2.26%. High-end liquor brands like Guizhou Moutai and Shanxi Fenjiu showed strong resilience [15][22] - **Snacks**: The snack sector reported a remarkable revenue growth of 30.96% in Q1 2025, driven by the expansion of popular product categories and new sales channels [15][30] - **Soft Drinks**: The soft drink sector maintained a high level of prosperity, with leading companies showing significant revenue growth [4][30] - **Dairy Products**: The dairy sector showed signs of improvement in Q1 2025, with a notable reduction in profit decline compared to 2024 [4][30] - **Condiments**: The condiment sector is experiencing a recovery, with improved performance attributed to cost reductions in raw materials [4][30] 3. Investment Recommendations - The report suggests focusing on key companies within each sub-sector, including Guizhou Moutai, Shanxi Fenjiu, and Youyou Foods in the liquor and snack sectors, respectively [4][5][30] - The food and beverage sector is expected to benefit from macroeconomic policies aimed at boosting consumption, indicating potential for recovery [4][5]

Core Viewpoint - The dairy industry is experiencing a significant downturn in 2024, with a notable decline in revenue and profit across many companies, attributed to oversupply, weakened demand, and high inventory levels [1][2][3]. Industry Overview - In 2023, 19 dairy companies in A-shares reported a total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44%. 14 companies experienced revenue declines, compared to only 6 the previous year [1]. - The total net profit for these companies fell from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting profit declines [1]. - The dairy industry has faced a continuous decline in raw milk prices since 2021, with the dairy index dropping over 50% from its peak in January 2021 to its low in September 2024 [1]. Company Performance - Yili Group remains the dominant player in the industry, with a revenue of 115.78 billion yuan, followed by Bright Dairy, New Hope Dairy, and San Yuan Dairy, with revenues of 24.28 billion yuan, 10.67 billion yuan, and 7.01 billion yuan, respectively [1]. - The revenue of Yili Group decreased by 8.24%, while Bright Dairy and San Yuan Dairy saw declines of 8.33% and 10.73%, respectively [2][6]. - The number of companies with revenue declines increased from 6 to 14, indicating that nearly 74% of dairy companies faced revenue drops, with a median decline of 10.75% [3]. Notable Declines - The five companies with the most significant revenue declines include Huangshi Group, Pinwa Food, Panda Dairy, Jiahe Food, and Xibu Dairy, all of which have revenues below 2.5 billion yuan [3]. - Huangshi Group's revenue dropped significantly due to the transfer of its subsidiaries and ongoing diversification efforts that have not yielded expected returns [3]. - Pinwa Food, primarily an imported food company, reported a 24.9% decrease in revenue, while Panda Dairy faced overall product declines due to weak consumer demand [4]. Growth Opportunities - Five dairy companies reported revenue growth, including Huirong Technology, Beingmate, Yiming Food, Tianrun Dairy, and Knight Dairy, with Huirong Technology showing the highest growth due to its focus on plant-based and dairy fats [5]. - Beingmate, specializing in infant formula and nutritional products, achieved a revenue increase of 9.7%, although its gross margin declined due to increased sales discounts [5].

Group 1: Business Developments - Mixue Ice Cream and Tea signed a procurement memorandum with Brazil for coffee beans and other agricultural products worth 4 billion RMB, aiming to deepen economic cooperation [1] - The company plans to invest in Brazil over the next 3 to 5 years, creating approximately 25,000 jobs [1] - Luckin Coffee aims to enhance cultural exchange between China and Brazil, having signed a 5-year procurement memorandum for 240,000 tons of Brazilian coffee beans valued at over 10 billion RMB [3] Group 2: Market Expansion - Mixue Ice Cream and Tea has opened 4,895 stores outside mainland China, becoming the largest ready-to-drink tea brand in Southeast Asia [2] - Bawang Tea's first store in the U.S. has opened in Los Angeles, with plans for a second store underway [5] - Cha Baidao has opened its first store in Macau, experiencing high demand with long queues on opening day [6] Group 3: Product Offerings - Bawang Tea's U.S. store features 14 drink options and 9 baked goods, with prices ranging from $4.25 to $6.45 [4] - Cha Baidao continues to innovate its product offerings, launching localized menus based on local ingredients in international markets [6] Group 4: Strategic Initiatives - Lavazza is entering the Chinese university market with its first store at Fudan University, targeting the Gen Z demographic [7]