Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

Core Viewpoint - New Hope Dairy held an online investor communication meeting on August 28, 2025, with participation from 23 institutions, discussing the company's performance and strategic initiatives. Financial Performance - In the first half of 2025, the company achieved revenue of 5.526 billion yuan, a year-on-year increase of 3.01% [1] - The net profit attributable to shareholders was 397 million yuan, up 33.76% year-on-year [1] - The net profit after deducting non-recurring items was 411 million yuan, reflecting a growth of 31.17% year-on-year [1] - The net profit margin was 7.40%, an increase of over 1.72 percentage points compared to the previous year [1] - The asset-liability ratio stood at 62.53%, a decrease of 2.08 percentage points from the beginning of the period [1] Channel Development - The DTC (Direct-to-Consumer) channel showed good growth in the first half of 2025, with the company implementing breakthrough and adjustment measures for core channels [2] - Emerging channels such as membership stores and snack wholesale channels are prioritized for development, contributing to overall growth in direct sales channels [2] Gross Margin and Marketing Strategy - The company noted a significant improvement in overall gross margin, driven by revenue growth from its subsidiary, Sichuan Dairy [3] - The company is investing heavily in brand marketing as part of its strategic plan for 2023-2027, focusing on enhancing interaction with consumers both online and offline [3] Regional Expansion - The company reported good growth in the South China region, particularly in Shenzhen, and plans to continue expanding in Shenzhen, Beijing, and surrounding cities [3] Livestock Management - The company indicated that the disposal losses of biological assets are currently at a normal level, with a moderate increase in cattle inventory [3] - There is a focus on eliminating low-yield cattle and improving livestock management to enhance production efficiency in the second half of the year [3]

证券代码：002946 证券简称：新乳业 新希望乳业股份有限公司投资者关系活动记录表 编号：2025-004 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 ■其他：线上交流会 | | 参与单位 | 华西证券、国盛证券、银河证券、中金公司、光大证券、广发证券、 | | | 财通证券、华创证券、华泰证券、兴业证券、长江证券、申万宏源证 | | | 券、开源证券、中信证券、天风证券、太平洋证券、浙商证券、华安 | | | 证券、中邮证券、西南证券、信达证券、中银国际证券、万家基金、 | | | 招商基金、华夏基金等 | | 时间 | 2025 年 8 月 28 日 9:00-10:00； | | 地点 | 新希望乳业股份有限公司会议室，线上交流 | | 上市公司接待 | 董事会秘书、总裁助理：郑世锋 | | 人员姓名 | 财务总监：褚雅楠 | | | 董事会办公室：陈宇航 | | | 公司介绍基本情况：2025 年上半年，公司实现营业收入 55.26 亿元， 同比增长 3.0 ...

在经历去年营收下滑后，依靠压缩管理费用、深耕区域市场等举措，新乳业在今年上半年实现微增。8月27日晚 间，新乳业披露的2025年半年报显示，实现营收约为55.26亿元，同比增长3.01%；归母净利润达到3.97亿元，同 比增长33.76%。业内分析人士指出，新乳业是低温奶企业中，率先走数字化营销和供应链体系建设的企业之一， 一直享受着数字化的红利。近年来，在乳制品竞争加剧的情况下，一改"买买买"节奏的新乳业，业绩增速放缓， 但仍在低速爬坡。 低温品类增长超10% 2025年是新乳业新五年战略规划承上启下的一年，上半年财报显示出其发展的灵活性。 分产品来看，上半年，新乳业新品收入占比双位数，低温品类销售额同比增长超10%，超出整体营收增速。 其中，高端鲜奶、"今日鲜奶铺"均实现双位数增长，"活润"系列抓住质价比、0蔗糖的消费趋势，实现超40%的增 长。报告期内，新乳业加大品宣投入，如"今日鲜奶铺"的"今日正当浓"主题营销选取高热度"非遗"项目景泰蓝、 织锦、苏绣、广绣、绸伞，合作新锐传承人，打造主题TVC商业电视广告，叙事"非遗"项目与城市、产品的连 结。一系列推广，使得上半年的广告宣传费增加了25.17%。 ...

8月27日，新乳业发布2025年半年业绩财报。报告显示，公司上半年实现营业收入与净利润的双增 长，营业收入55.26亿元，同比增长3.01%；归母净利润3.97亿元，同比增长33.76%；归母扣非净利润 4.11亿，同比增长31.17%；销售净利润率7.40%，同比增加超过1.72个百分点；资产负债率62.53%，较 期初下降2.08个百分点；2025年实施的2024年中期分红和2024年年度分红总额较上年增加90%。 分析指出，新乳业的稳定增长，来源于对"鲜活"核心价值的坚守，结合市场发展趋势对"鲜"战略进 行迭代精进，坚持"鲜酸饮三鲜鼎立"品类发展策略，将"鲜"从企业战略落实构建包含鲜奶源、鲜订单、 鲜生产、鲜配送、鲜送达，以及鲜见、鲜享、鲜动的八项"鲜能力"，通过技术突破、供应链整合以及全 国化渠道拓展打破瓶颈，为消费者提供优质、营养、新鲜的产品。 目前，新乳业旗下"朝日唯品"、西昌三牧"凉山雪"、"今日鲜奶铺"、"活润"、"初心"等多个明星品 牌，依托各自的产品与品牌特色，深化营销创新，加强与用户的链接共鸣，协同推进"新鲜一代的选 择"品牌战略。 财报显示，新乳业夯实"科技营养食品企业"的战略定位，以 ...

Core Insights - The company reported a revenue of 5.526 billion yuan for H1 2025, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 397 million yuan, up 33.76% year-on-year [1] - The company achieved a significant increase in gross margin and net profit margin in Q2 2025, indicating strong operational efficiency and cost management [3] - The company is committed to its "Fresh Cube Strategy," focusing on product and channel development to drive growth in the competitive dairy industry [4] Financial Performance - For H1 2025, the company generated revenue of 5.526 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 411 million yuan, reflecting increases of 33.76% and 31.17% year-on-year respectively [1] - In Q2 2025, the company reported revenue of 2.901 billion yuan, a year-on-year increase of 5.46%, and a net profit of 263 million yuan, up 27.37% year-on-year [1] - The gross margin for H1 2025 was 30.02%, and for Q2 2025 it was 30.49%, showing year-on-year increases of 0.79 and 1.40 percentage points respectively [3] Business Model Analysis - In H1 2025, the company’s direct sales and distribution revenues were 3.387 billion yuan and 1.726 billion yuan, showing year-on-year growth of 22.96% and a decline of 18.75% respectively [1] - The company’s liquid milk, milk powder, and other products generated revenues of 5.067 billion yuan, 46 million yuan, and 413 million yuan in H1 2025, with year-on-year growth rates of 4.60%, 32.29%, and a decline of 14.99% respectively [2] Regional Performance - In H1 2025, the company’s revenue from different regions was as follows: Southwest 1.970 billion yuan, East China 1.605 billion yuan, North China 451 million yuan, Northwest 667 million yuan, and others 832 million yuan, with year-on-year growth rates of 5.09%, 6.79%, -15.81%, -1.86%, and 7.92% respectively [2] Strategic Initiatives - The company is focusing on the development of low-temperature products, which saw double-digit growth in H1 2025, particularly in high-end fresh milk and the "Today Fresh Milk" brand [4] - The company is enhancing its brand exposure through increased advertising spending, which rose by 25.17% year-on-year, while also achieving significant reductions in labor and management costs [3] Investor Returns - The company has prioritized investor returns, with a 90% increase in the total amount of mid-year and annual dividends for 2024 compared to the previous year [5]

公司点评 | 新乳业 鲜立方战略坚定落地，盈利能力显著提升 证券研究报告 2025 年 08 月 28 日 新乳业（002946.SZ）2025 年半年报点评 事件：公司发布 25 年半年报，25H1 实现营收/归母净利润/扣非归母净利润分 别为 55.26 亿元/3.97 亿元/4.11 亿元，对应分别+3.0%/+33.8%/+31.2%；25Q2 实现营收/归母净利润/扣非归母净利润分别为 29.0 亿元/2.6 亿元/2.7 亿元， 对应分别+5.5%/+27.4%/+26.9%。 低温战略成效显著，核心品类驱动增长。在行业需求分化的背景下，公司坚定 "鲜立方"战略，低温品类销售额同比增超 10%。其中，高端鲜奶与"今日鲜 奶铺"均实现双位数增长，"活润"系列凭借产品创新与场景拓展，实现超 40% 的高速增长。鲜立方驱动下，25H1 公司液奶收入+4.6%至 50.7 亿元，在营收占 比进一步提升至 91.7% 渠道端：DTC 模式继续引领公司增长，25H1 直销模式收入+23.0%至 33.9 亿元， 营收占比提升至 66.3%；顺应趋势推动线上线下深度融合，25H1 电商渠道收入 +15.4%至 ...

证券研究报告 | 公司点评报告 2025 年 08 月 28 日 新乳业（002946.SZ） 强烈推荐（维持） 目标估值：NA 当前股价：18.25 元 基础数据 | 总股本（百万股） | 861 | | --- | --- | | 已上市流通股（百万股） | 851 | | 总市值（十亿元） | 15.7 | | 流通市值（十亿元） | 15.5 | | 每股净资产（MRQ） | 3.8 | | ROE（TTM） | 19.5 | | 资产负债率 | 62.5% | | (%) 新乳业 主要股东 | 沪深300 Universal Dairy Limited | | 200 主要股东持股比例 | 65.07% | | 150 | | 股价表现 100 | 50 | | | | | --- | --- | --- | --- | | % 0 | 1m | 6m | 12m | | 绝对表现 -50 | 8 | 33 | 132 | | 相对表现 Aug/24 | Dec/24 2 | Apr/25 22 | Aug/25 99 | 资料来源：公司数据、招商证券 低温延续增长，盈利提升超预期 消费品/食品饮料 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21 yuan [2][8]. Core Views - The company reported a revenue of 5.526 billion yuan for the first half of 2025, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 397 million yuan, up 33.76% year-on-year [2][8]. - The second quarter of 2025 saw a revenue of 2.901 billion yuan, reflecting a year-on-year growth of 5.46%, and a net profit of 263 million yuan, which is a 27.37% increase year-on-year [2][8]. - The company plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling 60.2474 million yuan, corresponding to a dividend payout ratio of 15% [2][8]. Financial Performance Summary - The total revenue forecast for 2024 is 10.665 billion yuan, with expected growth rates of 5.0% in 2025, 5.6% in 2026, and 5.8% in 2027 [4]. - The net profit attributable to shareholders is projected to be 538 million yuan in 2024, with growth rates of 33.4% in 2025, 15.8% in 2026, and 14.4% in 2027 [4]. - Earnings per share (EPS) are expected to be 0.62 yuan in 2024, increasing to 0.83 yuan in 2025, 0.97 yuan in 2026, and 1.10 yuan in 2027 [4]. Sales and Profitability Insights - The company has shown a significant improvement in sales structure and cost optimization, leading to a gross margin of 30.49% in Q2 2025, an increase of 1.4 percentage points year-on-year [8]. - The sales, management, R&D, and financial expense ratios were 15.9%, 2.93%, 0.43%, and 0.77%, respectively, with an overall expense ratio decline of 0.38 percentage points year-on-year [8]. - The net profit margin reached 9.36%, up 1.67 percentage points year-on-year, indicating strong profitability [8]. Growth Drivers and Future Outlook - The company is expected to maintain revenue growth in the second half of 2025, driven by the stability of ambient milk and continued growth in low-temperature milk [8]. - The focus on low-temperature milk and product innovation is anticipated to enhance revenue resilience and profitability [8]. - The company has adjusted its EPS forecasts for 2025-2027 to 0.83, 0.97, and 1.10 yuan, respectively, reflecting a positive outlook on earnings growth [8].

2025年8月28日，新乳业(002946.SZ)发布2025年中报。 公司营业总收入为55.26亿元。归母净利润为3.97亿元。经营活动现金净流入为6.48亿元，较去年同报告期经营活动现金净流入减少3604.18万元，同比较去年 同期下降5.27%。 公司最新资产负债率为62.53%，在已披露的同业公司中排名第20，较上季度资产负债率增加0.29个百分点。 公司最新毛利率为30.02%。最新ROE为12.11%。 公司摊薄每股收益为0.46元。 公司最新总资产周转率为0.62次。最新存货周转率为6.09次。 公司股东户数为1.84万户，前十大股东持股数量为6.96亿股，占总股本比例为80.91%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | Universal Dairy Limited | 65.0 | | 2 | 新希望投资集团有限公司 | 11.4 | | 3 | 席刚 | 1.18 | | ব | 中国工商银行股份有限公司-中欧价值智选回报混合型证券投资基金 | 0.69 | | 5 | 香港中央结算有限公司 | 0.52 | | ...