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，在已披露的同业公司中排名第2，较去年同报告期营业总收入增加1.61亿 元，实现5年连续上涨，同比较去年同期上涨3.01%。归母净利润为3.97亿元，在已披露的同业公司中排 名第3，较去年同报告期归母净利润增加1.00亿元，实现5年连续上涨，同比较去年同期上涨33.76%。经 营活动现金净流入为6.48亿元，在已披露的同业公司中排名第2。 公司最新资产负债率为62.53%，较去年同期资产负债率减少7.06个百分点。 公司摊薄每股收益为0.46元，在已披露的同业公司中排名第3，较去年同报告期摊薄每股收益增加0.12 元，实现5年连续上涨，同比较去年同期上涨35.29%。 公司最新总资产周转率为0.62次，在已披露的同业公司中排名第1，较去年同期总资产周转率增加0.03 次，实现5年连续上涨，同比较去年同期上涨4.29%。最新存货周转率为6.09次，在已披露的同业公司中 排名第3，较去年同期存货周转率增加0.04次，实现2年连续上涨，同比较去年同期上涨0.68%。 公司股东户数为1.84万户，前十大股东持股数量为 ...

8月27日，新乳业发布2025年半年报。披露公司上半年营收增长3.01%至55.26亿元，归属净利提高33.76%至3.97亿元。 | | 主营业务收入 | | 主营业务成本 | | | 主营业务 收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | (元) | 占比 | (元) | 早 | 毛利率 | 变动 | | 直销 模式 | 3,387,085,448.28 | 66.25% | 2,265,550,943.84 | 65.37% | 33.11% | 22.96% | | 经销 模式 | 1,725,839,357.19 | 33.75% | 1,200,374,900.09 | 34.63% | 30.45% | -18.75% | | 合计 | 5,112,924,805.47 | 100.00% | 3.465.925.843.93 | 100.00% | 32.21% | 4.80% | 图片来源：企业公告截图 分产品看，液体乳收入增长 4.60%至50.67亿元，奶粉收入提高 32.29%至4601.41万元。 （企业公告） | | ...

债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 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、审议程序 证券代码：002946 证券简称：新乳业 公告编号：2025-043 计共计派发现金股利 60,247,380.48 元（含税），不送红股，不以资本公积转增 股本。 （二）股本总额发生变动时分配方案的调整原则 在本方案披露之日至利润分配实施股权登记日期间，若公司总股本由于可转 债转股、股份回购等原因发生变化，将按照每股分配比例不变的原则，每股分配 现金股利金额不变、对分配总额进行调整。该利润分配方案与公司在招股说明书 和其他公开披露文件中做出的承诺、公司章程规定的分配政策以及股东回报计划 等一致。 三、现金分红方案合理性说明 公司 2025 年半年度利润分配方案符合《上市公司监管指引第 3 号——上市 公司现金分红》《上市公司自律监管指引第 1 号——主板上市公司规范运作》及 《公司章程》等关于利润分配的相关规定。该利润分配方案综合考虑公司经营业 绩、经营净现金流情况、经营发展与股东回报，符合公司确定的利润分配政策， 具备合法性、合 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a total revenue of 5.526 billion yuan for H1 2025, representing a year-on-year growth of 3.01%, while the net profit attributable to shareholders was 397 million yuan, up 33.76% year-on-year [7] - The growth in revenue is primarily driven by the low-temperature product segment, which saw sales increase by over 10%, with high-end fresh milk and the "Today's Fresh Milk Shop" achieving double-digit growth [7] - The company is focusing on a "fresh strategy" to enhance its fresh milk business and has set a target for profit margin improvement as part of its five-year strategy launched in 2023 [7] Financial Data and Profit Forecast - The company forecasts net profits of 687 million, 839 million, and 974 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28%, 22%, and 16% [6] - The gross margin for H1 2025 improved to 30.02%, with the liquid milk and dairy products segment achieving a gross margin of 32.21% [7] - The report indicates that the company's net profit margin for H1 2025 was 7.18%, an increase of 1.65 percentage points year-on-year [7]

证券日报网讯 8月27日晚间，新乳业（002946）发布公告称，2025年半年度公司实现营业收入5，525， 634，023.98元，同比增长3.01%；归属于上市公司股东的净利润为396，513，914.27元，同比增长 33.76%。 ...

（文章来源：证券日报） 证券日报网讯 8月27日晚间，新乳业发布公告称，公司第三届董事会第十六次会议审议通过了《关于 2025年半年度报告全文及摘要的议案》等多项议案。 ...

（文章来源：证券日报） 证券日报网讯 8月27日晚间，新乳业发布公告称，公司第三届监事会第十一次会议审议通过了《关于 2025年半年度报告全文及摘要的议案》等多项议案。 ...

智通财经APP讯，新乳业(002946.SZ)发布2025年半年度报告，报告期内，公司实现营业收入55.26亿 元，同比增长3.01%。实现归属于上市公司股东的净利润3.97亿元，同比增长33.76%。实现归属于上市 公司股东的扣除非经常性损益的净利润4.11亿元，同比增长31.17%。基本每股收益0.46元。 ...

Group 1: Asset-Backed Securities (ABS) Market - In July 2025, the Asset-Backed Securities (ABS) market saw 153 new registrations with a total scale of 1440.49 billion yuan [1] - The top three ABS underlying assets by registration scale were financing lease receivables (313.66 billion yuan), accounts receivable (309.34 billion yuan), and small loan receivables (247.95 billion yuan) [1] - Six ABS registrations were related to infrastructure public REITs, amounting to 147.33 billion yuan [1] Group 2: Digital Printing Market - In the first half of 2025, China's digital industrial printer market generated revenue of 39.4 billion yuan, marking a year-on-year growth of 10.7% [2] - The large-format digital printing machine market experienced a decline of 2.8%, while the industrial digital textile printing machine market surged by 76.6% [2] - The digital packaging and labeling printing machine market saw a year-on-year increase of 9.3% [2] Group 3: Digital Publishing Industry - The digital publishing industry in China reached a record high revenue of 17,485.36 billion yuan in 2024, reflecting an 8.07% increase from the previous year [2] - The digitalization of books and periodicals showed steady growth, with significant revenue increases in online gaming, online education, and online animation sectors [2] Group 4: Insurance Sector - China Life Insurance reported a net profit of 40.931 billion yuan for the first half of 2025, representing a year-on-year growth of 6.9% [3] - The company's total revenue for the same period was 239.235 billion yuan, up by 2.1% year-on-year [3] - A cash dividend of 0.238 yuan per share (including tax) is proposed for all shareholders [3] Group 5: E-commerce and Food Delivery - Meituan's second-quarter revenue reached 91.84 billion yuan, showing an 11.7% year-on-year increase [4] - The adjusted net profit for the quarter was 1.49 billion yuan, down 89% year-on-year [4] - The core local business segment's revenue grew by 7.7% to 65.3 billion yuan, but operating profit fell significantly due to irrational competition [4] Group 6: Real Estate Investment Trusts (REITs) - JD Group plans to establish a REIT in Singapore with an asset value exceeding 1 billion USD, expected to be listed on the Singapore Exchange by next year [4] Group 7: Food Industry - Youyou Foods reported a net profit of 108 million yuan for the first half of 2025, a year-on-year increase of 42.47% [5] - The company's revenue for the same period was 771 million yuan, up by 45.59% [5] - A cash dividend of 2.3 yuan per 10 shares (including tax) is proposed for shareholders [5] Group 8: Technology Sector - Huasen Technology achieved a net profit of 1.889 billion yuan in the first half of 2025, reflecting a 46.3% year-on-year increase [6] - The company's revenue surged by 113.06% to 83.939 billion yuan [6] - Puxin Technology reported a net profit of 1.055 billion yuan, up 23.03% year-on-year [7] Group 9: Market Overview - The Shanghai Composite Index fell by 1.76% amid a market downturn, with over 4,700 stocks declining [8] - The total trading volume for the day reached 3.17 trillion yuan, an increase of 486.5 billion yuan from the previous trading day [8] - Key sectors showing strength included computing power and chip stocks, while real estate and consumer goods sectors faced declines [8]

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]