董事会 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》的规定，独立董事应当每年对独立性情况进 行自查，并将自查情况提交董事会。董事会应当每年对在任独立董事独立性情况 进行评估并出具专项意见，与年度报告同时披露。基于此，新希望乳业股份有限 公司（以下简称"公司"）董事会，就公司在任独立董事卢华基先生、吴飞先生、 杨志清先生、陈碧女士的独立性情况进行评估并出具如下专项意见： 2025 年 4 月 23 日 新希望乳业股份有限公司 经核查独立董事卢华基先生、吴飞先生、杨志清先生、陈碧女士的任职经历 以及签署的相关自查文件等内容，董事会认为上述人员均能够胜任独立董事的职 责要求，其未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司 担任任何职务，与公司以及主要股东之间不存在妨碍其进行独立客观判断的关系， 不存在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律 法规及《公司章程》中关于独立董事的任职资格及独立性的相关要求。 董事会关于独立董事独立性自查情况的专项 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 2,624,837,114.64, a slight increase of 0.42% compared to CNY 2,613,794,646.22 in the same period last year[4] - Net profit attributable to shareholders increased by 48.46% to CNY 133,238,800.55 from CNY 89,748,175.00 year-on-year[4] - Basic and diluted earnings per share rose by 50.00% to CNY 0.15 from CNY 0.10 in the same quarter last year[4] - Operating profit for the current period was ¥162,026,506.85, up from ¥125,678,844.87 in the previous period, indicating a growth of about 28.8%[19] - Net profit for the current period was ¥137,688,762.22, compared to ¥93,209,266.53 in the previous period, reflecting an increase of approximately 47.7%[19] - Other comprehensive income after tax for the current period was ¥110,322,726.85, a significant recovery from a loss of ¥68,292,538.76 in the previous period[19] Cash Flow - The net cash flow from operating activities surged by 2,233.55% to CNY 161,402,284.37, compared to a negative cash flow of CNY -7,564,975.22 in the previous year[4] - Cash flow from operating activities was ¥2,709,571,265.01, compared to ¥2,668,994,595.29 in the previous period, showing an increase of about 1.5%[20] - The net cash flow from operating activities was 161,402,284.37, a significant improvement from -7,564,975.22 in the previous period, indicating a positive operational performance[21] - Cash inflow from investment activities totaled 162,503,406.69, compared to 147,981,289.88 in the prior period, reflecting an increase of approximately 9.2%[21] - The net cash flow from investment activities was -181,715,569.34, worsening from -152,888,537.37 in the previous period, highlighting increased investment expenditures[21] - Cash inflow from financing activities was 525,000,015.36, down from 816,468,077.82, representing a decrease of about 35.7%[21] - The net cash flow from financing activities decreased by 126.72% to CNY -70,572,312.04, primarily due to a reduction in net borrowings[10] - Total cash outflow from operating activities was 2,561,886,830.83, compared to 2,693,172,428.00 in the previous period, indicating a reduction in cash outflows[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,897,913,329.16, reflecting a 0.22% increase from CNY 8,878,666,870.93 at the end of the previous year[4] - The company's equity attributable to shareholders increased by 6.99% to CNY 3,268,817,301.59 from CNY 3,055,379,360.76 at the end of the last fiscal year[4] - Total current assets decreased from CNY 1,998,125,624.47 to CNY 1,962,712,222.06, a decline of approximately 1.8%[15] - Total non-current assets increased from CNY 6,880,541,246.46 to CNY 6,935,201,107.10, an increase of approximately 0.8%[16] - Current liabilities increased from CNY 3,730,699,300.89 to CNY 3,851,784,121.96, an increase of approximately 3.2%[16] - Total liabilities increased from CNY 5,736,259,754.63 to CNY 5,537,618,310.36, a decrease of about 3.5%[16] - Total non-current liabilities decreased from CNY 2,005,560,453.74 to CNY 1,685,834,188.40, a decrease of approximately 16.0%[16] Expenses - Management expenses decreased by 30.40% to CNY 92,837,277.46, attributed to reclassification of certain fixed asset repair costs[9] - Research and development expenses increased to ¥12,231,445.43 from ¥9,940,767.41, reflecting a growth of approximately 23.0%[18] Cash and Equivalents - Cash and cash equivalents decreased from CNY 396,478,357.70 to CNY 305,565,974.26, a decrease of about 22.9%[15] - The ending balance of cash and cash equivalents was 300,695,047.04, down from 542,569,422.19, showing a decrease of approximately 44.6%[22]

Financial Performance - New Hope Dairy reported a revenue of RMB 2.5 billion for the fiscal year 2023, representing a year-over-year increase of 15%[20]. - The company achieved a net profit of RMB 300 million, which is a 10% increase compared to the previous year[20]. - The company's operating revenue for 2024 was ¥10,665,423,457.85, a decrease of 2.93% compared to ¥10,987,294,041.63 in 2023[6]. - Net profit attributable to shareholders increased by 24.80% to ¥537,690,940.06 in 2024 from ¥430,826,458.90 in 2023[6]. - The company's total revenue for 2024 was approximately ¥10.67 billion, a decrease of 2.93% compared to ¥10.99 billion in 2023[115]. - The liquid milk and dairy products manufacturing segment generated ¥9.91 billion, accounting for 92.89% of total revenue, with a year-on-year increase of 0.75%[115]. - The company achieved a significant milestone by integrating its digital marketing platform "Xianhuo Go," enhancing user engagement and retention rates[111]. - The company reported a net decrease in cash and cash equivalents of ¥47,257,367.57 in 2024, a significant decline of 417.73% compared to an increase of ¥14,873,647.92 in 2023[131]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[20]. - The company is actively expanding its market presence through direct-to-consumer (DTC) channels and regional deep cultivation strategies[41]. - The company is committed to enhancing corporate governance and increasing investor returns while ensuring compliance and improving information disclosure quality[160]. - The company plans to enhance its core competitiveness through technological advancements and operational improvements, focusing on low-temperature fresh milk and specialty yogurt as key product categories[154]. - The "Fresh Cube Strategy" for 2025 aims to achieve revenue growth and improved net profit margins by emphasizing product innovation and effective channel expansion[155]. Research and Development - Investment in R&D increased by 30%, focusing on innovative dairy processing technologies[20]. - The company filed 37 patent applications in 2024, including 14 invention patents, and received 19 patent grants, showcasing its commitment to innovation[47]. - New Hope Dairy's R&D budget has increased to 300 million yuan, focusing on innovative dairy products and health-oriented solutions[195]. - The company aims to develop 5-8 new types of fermented dairy products and file 2 invention patents as part of its new fermentation technology initiative[129]. Product Innovation - New product launches include a new line of organic dairy products, expected to contribute an additional RMB 500 million in revenue in the next fiscal year[20]. - The "24-hour" fresh milk series saw a revenue increase of over 15% year-on-year, contributing to the growth of the mid-to-high-end product line[108]. - The "Active Nourishment" light food cup fills a market gap for low-acid, zero-sugar products, aligning with current trends in light meal replacements[86]. - The company is developing high-quality ESL and UHT milk products, aiming to promote 3 factories and enhance economic and social benefits in Sichuan Province[128]. Sustainability and Social Responsibility - The company aims for carbon peak by 2030 and carbon neutrality by 2050, with a comprehensive greenhouse gas emission accounting guideline established for 2024[60]. - The company achieved a reduction of 27,736 tons of carbon dioxide emissions in 2024 through various green energy initiatives, including a 4.2MW photovoltaic project[61]. - The company is committed to sustainable development and social responsibility, aiming to create long-term brand value[41]. - The company plans to reduce carbon emissions by 20% over the next three years as part of its sustainability strategy[195]. Risk Management - The company acknowledges risks such as intensified market competition, product quality control, and potential natural disasters affecting operations[3]. - The company is at risk of raw milk supply shortages due to potential outbreaks of cattle diseases, which could impact product quality and consumer demand[72]. - Natural disasters could adversely affect operations, but the company's widespread geographic distribution helps mitigate significant impacts[73]. Corporate Governance - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no misleading statements are present[3]. - The company has established a governance structure that complies with regulatory requirements, including a board of directors with 9 members, 4 of whom are independent[167]. - The company emphasizes transparent information disclosure, utilizing the Giant Tide Information Network for timely updates[169]. - The company has an independent financial department with a complete accounting system and does not share bank accounts with its controlling shareholders[175].

新乳业（002946）公告，2025年第一季度营业收入26.25亿元，同比增长0.42%。净利润1.33亿元，同比 增长48.46%。 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-015 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 及其一致行动人权益变动触及1%整数倍的公告 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"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 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

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、 股票交易异常波动的情况介绍 证券代码：002946 证券简称：新乳业 公告编号：2025-014 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 股票交易异常波动公告 新希望乳业股份有限公司（以下简称"公司"或"本公司"）（证券简称： 新乳业；证券代码：002946）股票交易价格连续三个交易日（2025 年 4 月 8 日、 2025 年 4 月 9 日、2025 年 4 月 10 日）收盘价格涨幅偏离值累计超过 20%，根 据《深圳证券交易所交易规则》的规定，属于股票交易异常波动的情况。 二、 公司关注并核实情况说明 针对公司股票交易异常波动，经公司董事会核实，并与控股股东及实际控制 人及公司管理层沟通，现就有关情况说明如下： 三、 是否存在应披露而未披露信息的说明 1 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所股票上市规 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、 协议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规 定应 ...

新希望乳业股份有限公司 简式权益变动报告书 上市公司名称：新希望乳业股份有限公司 股票上市地点：深圳证券交易所 简式权益变动报告书签署日期：2025 年 4 月 10 日 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及其他相关法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 股票简称：新乳业 股票代码：002946 信息披露义务人：新希望投资集团有限公司 住所/通讯地址：拉萨经济技术开发区林琼岗路新希望集团大厦 2 楼 203 号办公 室 信息披露义务人：Universal Dairy Limited（一致行动人） 住所/通讯地址：402 JARDINE HOUSE, 1 CONNAUGHT PLACE, CENTRAL, HONG KONG 股份变动性质：股份减少、持股比例减少 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-013 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 及其一致行动人权益变动触及5%整数倍的公告 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"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 ...