Core Viewpoint - Liu Yonghao, the founder of New Hope Group, is actively making moves in the capital market, including share reductions in New Dairy and potential control transfers in Feima International [1][2][3] Group 1: New Dairy - Universal Dairy Limited (UDL), the controlling shareholder of New Dairy, plans to reduce its stake by up to 25.82 million shares, representing 3% of the total share capital, within three months [1] - New Dairy reported a revenue of 2.625 billion yuan for Q1 2025, a year-on-year increase of 0.42%, and a net profit of 133 million yuan, up 48.46% [1] - The stock price of New Dairy is currently at 17.58 yuan, down nearly 7%, with a market capitalization of 15.131 billion yuan [2] Group 2: Feima International - Feima International announced plans for a potential transfer of control, with New Hope Investment Group considering selling part or all of its stake [2] - The investment party may acquire 532 million shares (20% of total shares) or all shares of a subsidiary, New Zengding, which currently holds 29.9% of Feima International [2] - Feima International's revenue for Q1 2025 was 54.66 million yuan, with a net loss of 768,200 yuan [3]

Group 1 - Fengcai Technology is conducting an H-share issuance with a maximum price of 120.50 HKD per share, aiming to raise funds for its specialized chip business [1] - The global offering consists of 16.3 million shares, with 1.63 million shares available for public offering in Hong Kong [1] - Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for 1.2 billion USD, enhancing its resource portfolio [1][2] Group 2 - Mindray Medical's shareholder plans to reduce holdings by up to 5 million shares, approximately 0.41% of the total share capital, due to personal funding needs [3] - Degute is planning to acquire control of Haowei Technology through a combination of cash and share issuance, leading to a temporary suspension of its stock [4] - New Dairy's controlling shareholder intends to reduce its stake by up to 3% of the total share capital, also for funding purposes [5] Group 3 - Yueyang Xinchang has resumed production after completing maintenance on its main production facilities, positively impacting its operations [6] - Chengdu Xian Dao has terminated its major asset restructuring plan due to failure to reach agreement on key terms [7] - Maglev Technology's shareholder plans to reduce its stake by up to 3% of the total share capital for personal financial arrangements [9] Group 4 - Zhongyan Dadi announced a cash dividend of 2.82 CNY per 10 shares and a capital increase of 3.99 shares per 10 shares [10] - Yunda Co. plans to distribute a cash dividend of 0.6 CNY per 10 shares, totaling approximately 47.22 million CNY [12] - Victory Co. intends to distribute a cash dividend of 0.42 CNY per 10 shares, amounting to around 36.06 million CNY [13] Group 5 - Shagang Group has invested 2.67 billion CNY in financial products while planning to use up to 8 billion CNY of idle funds for further investments [14] - Jiuyuan Yinhai's subsidiary won an 8.43 million CNY project contract, constituting a related party transaction [15] - China Railway Signal & Communication has announced the resignation of a board member due to personal reasons [16] Group 6 - China Rare Earth clarified that recent management changes have not affected its operations, ensuring stability in production [17] - Qixiang Tengda plans to conduct routine maintenance on its 60,000-ton acetone plant for 60 days to enhance operational safety [19] - ST King Kong's subsidiary signed a 399 million CNY contract for computing power services, indicating growth in its service offerings [20] Group 7 - Ziguang Guowei repurchased 775,500 shares for approximately 49.62 million CNY, reflecting confidence in its market position [22] - Qin Port's major shareholder plans to reduce its stake by up to 2% of the total share capital for development needs [22] - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, expanding its market presence [24]

Core Viewpoint - Universal Dairy Limited (UDL), the controlling shareholder of New Dairy (002946.SZ), plans to reduce its stake by up to 25,820,305 shares, representing 3% of the total share capital, due to funding needs [1] Financial Performance - In 2024, New Dairy reported operating revenue of 10.665 billion yuan, a decrease of 2.93% year-on-year [4][5] - The net profit attributable to shareholders was 538 million yuan, an increase of 24.80% year-on-year [4][5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 579 million yuan, up 24.47% year-on-year [4][5] - The net cash flow from operating activities was 1.491 billion yuan, down 4.23% year-on-year [4][5] Recent Quarterly Performance - In Q1 2025, New Dairy's operating revenue was 2.625 billion yuan, a year-on-year increase of 0.42% [6] - The net profit attributable to shareholders for Q1 2025 was 133 million yuan, a year-on-year increase of 48.46% [6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 141 million yuan, up 40.35% year-on-year [6] - The net cash flow from operating activities for Q1 2025 was 161 million yuan, compared to a negative cash flow of 8 million yuan in the same period last year [6] Shareholder Information - UDL holds 560 million shares, accounting for 65.07% of the total share capital, and is planning to reduce its holdings [1] - Liu Chang and Liu Yonghao are the actual controllers of New Dairy, with Liu Chang holding 100% of UDL [1][2]

Summary of the Conference Call for New Dairy Industry Company Overview - **Company**: New Dairy Industry - **Focus**: Low-temperature products, particularly fresh milk and specialty yogurt Key Points and Arguments Industry and Product Focus - **Optimistic Outlook**: New Dairy Industry holds an optimistic view on low-temperature products for 2025, focusing on key categories and core channels to drive annual performance growth [2][4] - **Product Composition**: Low-temperature products account for approximately 50% of total sales, with ambient products at about 40%. Within low-temperature products, fresh milk and specialty yogurt each represent around 20% of the market [2][5] Financial Performance and Goals - **Net Profit Margin Target**: The company aims to double its net profit margin by 2025, with a plan to increase it by 0.5 to 1 percentage points this year through product structure optimization and new product launches [2][9] - **Gross Margin Improvement**: In Q1 2025, the gross margin increased by approximately three percentage points, driven by a product structure upgrade and a double-digit growth in low-temperature products, while ambient products saw a decline of about 10% [4][25] Direct-to-Consumer (DTC) Strategy - **DTC Channel Growth**: Currently, the DTC channel accounts for about 16% to 17% of total sales, with a higher profit margin of around 40%. The company plans to increase this to 30% by 2027 [2][10] New Product Development - **Focus on Innovation**: New Dairy Industry emphasizes new product development, with new products accounting for at least double-digit revenue each year. Recent launches include various yogurt products and organic fresh milk [2][8] Market Challenges and Adjustments - **Performance of Summer Brand**: The Summer brand underperformed in 2024 due to a high proportion of ambient products. Adjustments in personnel, product structure, and channel expansion are expected to improve performance in 2025 [2][16] - **Pressure on Ambient Products**: Ambient yogurt and milk products face pressure, with slight improvements noted in April and May 2025, but overall growth remains a concern [4][7] Competitive Landscape - **Industry Competition**: The dairy industry is experiencing intense competition, particularly in the ambient milk market, with no significant growth in volume but stable pricing. Local brands are leveraging differentiation strategies to compete [24] Cost Management and Supply Chain - **Cost Control**: The company has a flexible sourcing structure, with only 30% of raw milk sourced from its own farms. This flexibility helps maintain stable revenue and profit growth despite fluctuations in raw milk prices [4][18] Future Outlook - **Long-term Growth**: The company does not provide specific quantitative forecasts but expects overall revenue growth driven by low-temperature categories, which present structural opportunities despite a slowing beverage industry [6] Additional Insights - **Student Milk Market**: The domestic student milk market is contracting, but the company is promoting self-ordering channels, which currently account for about 4% to 5% of main business revenue [28] - **Potential M&A Activity**: While focusing on organic growth, the company remains open to M&A opportunities, particularly in economically developed regions [30] Product Development Directions - **Innovation in Dairy Products**: The company is exploring new directions in product development, including unique milk sources and innovative flavors in low-temperature yogurt [31] Dividend and Share Buyback Plans - **Dividend Policy**: The company plans to maintain a dividend level at least equal to that of 2024, with specific plans to be announced after the semi-annual report [32]

Core Viewpoint - The controlling shareholder of New Hope Dairy Co., Ltd. (UDL) plans to reduce its stake in the company by up to 25,820,305 shares, representing a maximum of 3% of the total share capital, within three months after the announcement [1] Group 1: Shareholder Reduction Plan - UDL currently holds 560,000,000 shares, accounting for 65.07% of the company's total share capital [1] - The reduction will be executed through centralized bidding or block trading, with a maximum of 17,213,537 shares (2% of total share capital) to be sold via centralized bidding [1] - The plan is in compliance with relevant regulations and commitments made during the initial public offering [2][3] Group 2: Compliance and Commitments - UDL has adhered to its commitments made during the IPO, including conditions for share reduction and compliance with regulatory requirements [2][3] - The company will announce the reduction plan three trading days in advance and will adjust the number of shares to be reduced in case of capital changes [2] - UDL has not violated any commitments and the reduction plan does not conflict with previous promises [3]

Mergers and Acquisitions - Chengdu Xian Dao has terminated the acquisition of approximately 65% equity in Nanjing Haina Pharmaceutical Technology due to failure to reach consensus on core terms after multiple discussions [1] - Deguote plans to acquire control of Haowei Cloud Computing Technology through a combination of issuing shares and cash payments, while also raising matching funds [2] Shareholding Changes - Qin Port Holdings announced that its major shareholder, Qinhuangdao State-owned Assets Supervision and Administration Commission, intends to reduce its stake by no more than 2% through block trading [3] - Mag Valley Technology's shareholder, Nanjing Baolifeng Venture Capital Partnership, plans to reduce its holdings by up to 3%, equating to no more than 2.1496 million shares, due to personal financial arrangements [4] - New Dairy's controlling shareholder, Universal Dairy Limited, which holds 65.07%, plans to reduce its stake by up to 3% through centralized bidding or block trading for funding needs [5] Operational Updates - Zhongguang Optical reported that there have been no significant changes in its internal and external operating environment, and its production and operation remain normal [6] - Hongye Futures confirmed that its operational status is normal and there are no undisclosed significant matters, despite recent stock price fluctuations [7]

Group 1 - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [1] - Chengdu XianDao has terminated the acquisition of approximately 65% equity in Nanjing Haina Pharmaceutical Technology Co., Ltd. due to failure to reach consensus on core terms [4] - Unigroup Guowei repurchased 775,500 shares for a total amount of 49.6173 million yuan on June 27 [5] Group 2 - Qinhuangdao State-owned Assets Supervision and Administration Commission plans to reduce its stake in Qin Port Co., Ltd. by up to 2% [2] - Magu Technology's shareholder Baolifeng intends to reduce its stake by up to 3% [3] - New Dairy's controlling shareholder plans to reduce its stake by up to 3% due to funding needs [6] Group 3 - Mindray Medical's shareholder EverUnion (H.K.) Limited plans to reduce its stake by up to 500,000 shares, representing approximately 0.41% of the total share capital [7] - Degute plans to acquire control of Haowei Technology, with trading suspended from June 30 [8]

证券代码：002946 证券简称：新乳业 公告编号：2025-036 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于控股股东减持计划的预披露公告 本公司控股股东保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 一、 本次拟减持股东的基本情况 截至本公告披露日，拟减持主体控股股东 UDL 持有公司股份 560,000,000 股（占公司总股本比例 65.07%）。 1 二、本次减持计划的主要内容 持有新希望乳业股份有限公司（以下简称"公司"、"本公司"）股份 560,000,000 股（占公司目前总股本的 65.07%）的控股股东 Universal Dairy Limited（以下简称"UDL"）计划在自本公告披露之日起 15 个交易日后的 3 个 月以内以集中竞价或大宗交易的方式减持公司股份合计不超过 25,820,305 股， 即不超过公司总股本的 3%，其中，拟以集中竞价方式减持公司股份不超过 8,606,768 股（占公司目前总股本比例 1%），以大宗交易方式减 ...

Core Viewpoint - The controlling shareholder of Universal Dairy Limited plans to reduce its stake in New Dairy (002946.SZ) by up to 3% of the company's total share capital within three months through centralized bidding or block trading [1] Summary by Relevant Categories Shareholder Actions - Universal Dairy Limited intends to sell a total of up to 25,820,305 shares, which represents no more than 3% of the company's total share capital [1]

证券代码：002946 证券简称：新乳业 公告编号：2025-035 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 质押股份解除质押的公告 公司股东新希望投资集团有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 本次解除质押完成后，截至本公告披露日，新投集团及其一致行动人剩余 持股及质押股份情况如下： 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）"于2025年6月13日 全部完成换股，可交换公司债券于2025年6月18日在深圳证券交易所摘牌。详见公 司于2025年6月18日披露的《关于股东非公开发行可交换公司债券换股完成暨摘牌 并拟解除剩余标的股票质押的公告》（公告编号：2025-031）。 近日，公司收到新投集团《关于2023年非公开发行可交换公司债券质押股份 解除 ...