证券代码：002946 证券简称：新乳业 公告编号：2025-047 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 第三届监事会第十二次会议决议公告 本公司及监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、监事会会议召开情况 1、审议通过《关于公司2025年第三季度报告的议案》 新希望乳业股份有限公司（以下简称"公司"或"本公司"）于 2025 年 10 月 17 日以邮件方式发出召开第三届监事会第十二次会议的通知，并于 2025 年 10 月 28 日在成都市锦江区金石路 366 号公司四楼会议室以现场及通讯相结合 的方式召开了第三届监事会第十二次会议。会议应出席监事 3 人，实际出席会议 监事 3 人，会议由监事会主席张薇女士主持。本次会议的召开符合法律、行政法 规和《公司章程》的规定。 表决结果：3票赞成，0票反对，0票弃权。经审核，监事会认为董事会编制 和审核的本公司2025年第三季度报告的程序符合法律、行政法规和中国证监会 的规定，报告内容真实、准确、完整地反映了上市公司的实际情况，不存在任何 虚假记载、误导性陈述或者重大遗漏。 二 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-046 债券代码：128142 债券简称：新乳转债 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 第十七次会议于 2025 年 10 月 28 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 10 月 17 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 第三届董事会第十七次会议决议公告 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。 会议审议了以下议案，并形成如下决议： 1. 审议通过《关于公司 2025 年第三季度报告的议案》 表决结果：同意票 9 票，反对票 0 票，弃 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥2,908,202,668.14, representing a year-on-year increase of 4.42%[4] - Net profit attributable to shareholders for Q3 2025 was ¥226,334,210.54, up 27.67% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses for Q3 2025 was ¥235,804,974.09, an increase of 21.88% year-on-year[4] - The company's basic earnings per share for Q3 2025 was ¥0.26, a rise of 23.81% compared to the same period last year[4] - Total operating revenue for the period reached ¥8,433,836,692.12, an increase of 3.5% compared to ¥8,149,642,828.00 in the previous period[21] - Net profit for the period was ¥641,360,015.66, representing a 31.7% increase from ¥486,702,897.60 in the prior period[22] - Earnings per share (EPS) increased to ¥0.72, compared to ¥0.55 in the previous period, marking a growth of 30.9%[23] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥9,376,705,262.75, reflecting a 5.61% increase from the end of the previous year[4] - The total current assets at the end of the reporting period amount to ¥2,347,504,767.07, an increase from ¥1,998,125,624.47 at the beginning of the period[18] - The total assets of the company are ¥9,376,705,262.75, up from ¥8,878,666,870.93 at the beginning of the period[19] - The total liabilities at the end of the reporting period are ¥4,702,733,338.07, compared to ¥4,596,969,763.29 at the beginning of the period[19] - The total liabilities decreased to ¥5,623,983,727.25 from ¥5,736,259,754.63, a reduction of 2.0%[20] - The company's equity attributable to shareholders increased by 20.43% to ¥3,679,543,113.63 compared to the end of the previous year[4] - Total equity attributable to shareholders increased to ¥3,679,543,113.63, up from ¥3,055,379,360.76, showing a growth of 20.4%[20] Cash Flow - The company reported a net cash flow from operating activities of ¥1,070,834,953.23, which is a 7.02% increase year-to-date[4] - Cash flow from operating activities generated a net amount of ¥1,070,834,953.23, up from ¥1,000,593,940.52, indicating a growth of 7.0%[23] - Net cash flow from investment activities was -368,691,837.46, an improvement from -459,136,645.75 in the previous period, indicating a reduction in cash outflow[24] - Total cash inflow from financing activities was 920,000,015.36, down from 1,418,773,666.77 in the previous period, reflecting a decrease of approximately 35%[24] - The net cash flow from financing activities was -526,473,585.10, slightly improved from -570,369,838.42 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,331[15] - The largest shareholder, UNIVERSAL DAIRY LIMITED, holds 65.07% of the shares, totaling 560,000,000 shares[15] - New Hope Investment Group Co., Ltd. is the second-largest shareholder with an 11.42% stake, amounting to 98,278,475 shares[15] Research and Development - Research and development expenses rose to ¥36,252,526.04, compared to ¥33,109,578.40, reflecting an increase of 6.5%[22] Other Financial Metrics - Cash and cash equivalents increased by ¥175,507,998.91, a significant rise of 703.93% year-on-year[14] - Other comprehensive income after tax for the period was ¥250,953,033.38, compared to ¥125,653,242.43, indicating a significant increase of 99.8%[22] - The company's goodwill remains stable at ¥1,002,795,602.59[19] - Cash inflow from investment activities amounted to 523,837,635.68, up from 416,840,179.17 in the previous period, indicating a growth of about 25%[24] - Cash paid for the acquisition of fixed assets and other long-term assets was 437,085,306.47, down from 505,976,824.92, reflecting a decrease of approximately 13%[24] - The cash flow impact from foreign exchange fluctuations was -161,531.76, slightly worse than -148,520.89 in the previous period[24] Audit Status - The company’s third-quarter financial report was not audited, which may affect the reliability of the reported figures[25]

Investment Rating - The investment rating for the industry is "Positive" and maintained [11] Core Insights - The clean label concept aims to simplify ingredient lists, reduce artificial additives, and enhance production transparency, allowing consumers to understand the natural attributes of food products, thereby building consumer trust [5][8] - The market for clean label products in China is expected to grow significantly, with a projected market size of approximately 96.5 billion yuan in 2024, accounting for about 3.31% of total food expenditure [5][9] - The clean label market is driven by short-term factors such as income levels and aging population, while long-term growth is influenced by education levels and policy advocacy [9][41] Summary by Sections Clean Label Market Overview - The clean label market is divided into raw materials and consumer products, with the raw materials market expected to reach approximately 406.9 billion yuan in 2024, and the consumer products market projected to be around 1.79 trillion yuan [28][35] - In 2024, the global clean label food consumption is expected to reach approximately 1.79 trillion yuan, with China's clean label food consumption at about 96.5 billion yuan, indicating significant growth potential [36][58] Factors Driving Clean Label Market Growth - Short-term growth is supported by rising income levels and an aging population, while long-term growth is driven by increased education levels and improved consumer awareness regarding food safety and health [41][52] - The clean label food expenditure ratio in China is projected to reach approximately 4.57% by 2028, with the overall food expenditure expected to reach 3.26 trillion yuan [63] Policy and Regulatory Developments - Recent policy changes in the seasoning and dairy sectors have introduced new clean label requirements, including stricter definitions of "zero additives" and regulations on the use of certain ingredients [70] - The regulatory landscape is shifting towards ensuring transparency and verifiability in food labeling, moving from a focus on safety to a focus on real, quantifiable standards [72]

Group 1 - The food and beverage sector experienced a decline on October 24, with the Food ETF (515710) closing down 1.13% after fluctuating near the surface at the opening [1] - Key stocks in the sector, particularly in the liquor category, saw significant drops, with Zhujiang Beer down 5.23%, and both Luzhou Laojiao and Shede Distillery falling over 4% [1] - The overall performance of the sector was negatively impacted by declines in several stocks, including Miaokelando and New Dairy, which dropped over 3% and 2% respectively [1] Group 2 - Guosen Securities noted that as the impact of second-quarter consumption policies weakens, the restaurant supply chain is gradually recovering, with positive signals from the supply side, such as frequent mergers among leading companies [2] - The food and beverage sector is currently at a low valuation, with the food ETF's price-to-earnings ratio at 20.49, which is at the 7.06% percentile of the past decade, indicating a favorable configuration opportunity [2] - Historical trends suggest that any changes in supply and demand could catalyze stock price increases, especially in the fourth quarter when macro policies are expected to be active [2] Group 3 - Future outlook indicates that the food and beverage industry will focus on growth, with beverage leaders maintaining structural prosperity driven by major products, while companies in food raw materials and health products are expected to see accelerated performance [3] - The white liquor industry is currently in a "low expectation, weak reality" state, with the third-quarter reports being a crucial observation window as external factors diminish and liquor companies adjust strategies [3] - There is a mixed performance in consumer goods, with snacks, beverages, and health products showing good demand, while traditional products like dairy and beer are experiencing flat demand [3] Group 4 - Major liquor brands such as Luzhou Laojiao and Yanghe have launched new products recently, indicating ongoing innovation in the sector [4] - Luzhou Laojiao's new product was launched on Douyin, while Yanghe's new offering was showcased during the Nanjing Autumn Sugar event [4] Group 5 - The Food ETF (515710) focuses on core assets in the food and beverage sector, with approximately 60% of its portfolio allocated to high-end and mid-range liquor leaders, and nearly 40% to leading stocks in beverages, dairy, and condiments [5] - The top ten weighted stocks in the ETF include well-known brands such as Moutai, Wuliangye, and Yili [5] - Investors can also access the core assets of the food and beverage sector through the Food ETF linked funds [5]

Core Insights - A new company named Fulu Brothers (Hainan) Enterprise Management Co., Ltd. has been established, with a registered capital of 20 million yuan [1] - The legal representative of the company is Chen Yixin, and its business scope includes enterprise management, investment activities with self-owned funds, and information technology consulting services [1] - Fulu Brothers is wholly owned by Mixue Ice City Co., Ltd. according to the equity penetration data [1]

Group 1 - The food and beverage sector is experiencing a downturn, with the Food ETF (515710) down by 0.81% as of the latest report [1][2] - Key stocks in the sector, including Zhujiang Beer and Shede Liquor, have seen significant declines, with Zhujiang Beer dropping over 5% and several others falling more than 3% [1][3] - The overall market sentiment indicates a cautious outlook, with a focus on improving domestic consumption and investment as part of a broader economic strategy [1][3] Group 2 - Recent data shows a strong performance in the liquor industry, with Douyin's liquor sales up 58% month-on-month and JD's sales during the holiday period increasing by 109% year-on-year [3] - The white liquor sector is currently at a low valuation, with the Shennan White Liquor Index PE-TTM at a near 10-year low, suggesting potential for recovery [3][4] - The food and beverage sector is viewed as a good investment opportunity due to its low valuation, with the Food ETF's underlying index PE at 20.4 times, placing it in the lower 6.85% percentile over the past decade [3][4] Group 3 - Future outlook suggests that the white liquor sector is at a valuation bottom, with a recommendation to monitor Q3 earnings reports [4][5] - The food and beverage industry is expected to gradually improve, supported by macroeconomic policies and a recovering supply chain [5] - The Food ETF (515710) is highlighted as a core asset for investment, with a significant portion of its holdings in leading high-end liquor stocks and other beverage segments [5][6]

Core Insights - The beverage and dairy sector experienced a slight increase of 0.15% on October 22, with Yangyuan Beverage leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Yangyuan Beverage (603156) closed at 31.15, up 4.92% with a trading volume of 265,400 shares [1] - Zhuangyuan Pasture (002910) closed at 10.75, up 2.38% with a trading volume of 226,800 shares [1] - Huangshi Group (002329) closed at 3.69, up 1.37% with a trading volume of 174,000 shares [1] - Sanyuan Foods (600429) closed at 4.88, up 1.04% with a trading volume of 91,900 shares [1] - Bright Dairy (600597) closed at 8.61, up 0.94% with a trading volume of 98,600 shares [1] - Other notable stocks include Xiangpiaopiao (603711) and Tianrun Dairy (600419), which saw minor increases [1] Capital Flow - The beverage and dairy sector saw a net outflow of 174 million yuan from institutional investors, while retail investors contributed a net inflow of 218 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Yangyuan Beverage had a net inflow of 4.55 million yuan from institutional investors but saw a net outflow of 12.96 million yuan from retail investors [3] - Sanyuan Foods experienced a net inflow of 3.76 million yuan from institutional investors, while retail investors contributed a net inflow of 2.49 million yuan [3] - New Dairy (002946) faced a net outflow of 1.85 million yuan from institutional investors but had a net inflow of 6.03 million yuan from retail investors [3]

Core Viewpoint - New Hope Dairy's stock price has shown a year-to-date increase of 20.63%, but has recently experienced a decline of 5.19% over the past five trading days, indicating potential volatility in the market [2]. Financial Performance - For the first half of 2025, New Hope Dairy reported a revenue of 5.526 billion yuan, reflecting a year-on-year growth of 3.01%. The net profit attributable to shareholders was 397 million yuan, marking a significant increase of 33.76% [2]. - Since its A-share listing, New Hope Dairy has distributed a total of 676 million yuan in dividends, with 448 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 22, New Hope Dairy's stock was trading at 17.16 yuan per share, with a market capitalization of 14.769 billion yuan. The stock experienced a trading volume of approximately 49.98 million yuan and a turnover rate of 0.34% [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on April 10, where it recorded a net purchase of 67.0816 million yuan [2]. Shareholder Information - As of October 20, the number of shareholders for New Hope Dairy was 16,500, a decrease of 4.61% from the previous period. The average number of circulating shares per shareholder increased by 4.83% to 51,458 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by China Europe Value Select Mixed A and new entries from Hong Kong Central Clearing Limited and Xin'ao Quality Return Mixed [3].

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].