专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股乳制品行业28家上市公司董秘薪酬均值为85.08万元，高于市场均值。 从薪酬来看，50万（含）-100万为主力，占比达到39%；其次是30万（含）-50万，占比达到29%。100 万（含）-200万年薪的董秘有5名，还有3名董秘年薪在10万（含）-30万。 光明乳业董秘沈小燕薪酬最高，达到135.59万元；其次是妙可蓝多董秘谢毅，薪酬124.99万元；此外， 燕塘乳业董秘李春锋薪酬122.99万元，海融科技董秘庄涛薪酬110.7万元，新乳业董秘郑世锋薪酬109.33 万元，均超过100万。 剔除2024年开始任职数据，薪酬最低的是维维股份（维权）董秘于航航，仅为14万元。此外，西部牧业 董秘梁雷薪酬15.93万元，仅次于维维股份。 去年有19家公司董秘薪酬在增加，其中伊利股份董秘邱向敏涨薪19.98万元至75.53 ...

证券日报网讯 新乳业（002946）8月6日在互动平台回答投资者提问时表示，截至2025年7月31日公司股 东总户数为20322户。 ...

Group 1 - Goldman Sachs raised the profit forecast for Gu Ming by 9% to 2.2 billion RMB for 2025, benefiting from the extended duration of delivery subsidies [1][10] - The profit forecast for Mi Xue Bing Cheng was increased by 1% to 5.4 billion RMB, translating to an additional 50 million RMB [1][10] - The competition among delivery platforms intensified after JD launched a 10 billion RMB subsidy plan, with total investments by the three major platforms reaching 25 billion RMB in Q2, leading to a 27% year-on-year increase in daily delivery orders [1][10] Group 2 - The new tea beverage sector is the biggest beneficiary of the current subsidy competition, with aggressive subsidy policies introduced in July [1][2] - The rapid expansion of new tea beverage stores has disrupted the industry consolidation trend, with brands like Gu Ming and Xing Yun Ka accelerating store openings [2][3] - Price competition has increased due to platform subsidies and new product launches, with Starbucks reducing non-coffee drink prices by 2-6 RMB [2] Group 3 - Goldman Sachs conducted a scenario analysis indicating that if delivery subsidies are completely withdrawn in 2026, Gu Ming's single-store GMV may decline by 5%, while Mi Xue's may drop by 1% [4][5] - Gu Ming's expansion into coffee and breakfast categories may mitigate some of the impacts from subsidy withdrawal, while Mi Xue is less affected due to its lower reliance on delivery [5][6] - Investor sentiment may be influenced by changes in delivery platform strategies, with Gu Ming's stock performance potentially limited by the end of the lock-up period and seasonal factors [6][7] Group 4 - The long-term outlook suggests that the normalization of subsidies could improve the competitive landscape, benefiting companies with core advantages [7] - Mi Xue's strong pricing power and supply chain capabilities support its long-term growth, while Gu Ming's investment in new product development and brand building will help it explore untapped markets [7] - The subsidy war presents an opportunity for leading new tea beverage brands to redistribute market share despite short-term volatility [7]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1][4]. Core Insights - The implementation of the national childcare subsidy is expected to stimulate overall consumption in the long term, particularly benefiting the infant food sector [8]. - Recent policy signals from the Political Bureau meeting indicate a commitment to proactive fiscal and monetary policies aimed at boosting domestic demand and consumption [5]. - The food and beverage sector has underperformed compared to the broader market, with a decline of 1.45% over the past two weeks, while the Shanghai Composite Index rose by 0.72% [3][17]. Summary by Sections Industry Performance - Over the past year, the food and beverage sector has shown a 5.7% increase, but it has lagged behind the Shanghai Composite Index in the short term [3][17]. - The health products segment experienced the smallest decline of 0.01%, while processed foods and meat products fell by 0.16% and 0.30%, respectively [17]. Key Companies and Recommendations - Recommended stocks in the liquor segment include Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [28]. - In the consumer goods segment, recommended stocks include BaiRun Co., WeiLong, Salted Fish, Nongfu Spring, and others [28]. Market Trends - The report highlights a significant drop in the number of banquet reservations for graduation ceremonies, indicating a shift in consumer behavior due to recent restrictions [5]. - New product launches by companies like Qiaqia are accelerating, with a focus on innovative and differentiated products to capture market share [9]. Financial Performance - Dongpeng Beverage reported a revenue of 10.737 billion yuan for H1 2025, a year-on-year increase of 36.4%, with a net profit of 2.375 billion yuan, up 37.2% [10]. - The report notes that the beverage market is facing pressure from price wars, particularly in the bottled water segment, impacting profitability [11]. Valuation Metrics - As of August 1, 2025, the dynamic price-to-earnings ratio for the food and beverage sector stands at 20.23x, indicating a relatively low valuation compared to historical averages [23].

证券之星消息，8月4日饮料乳品板块较上一交易日上涨0.95%，东鹏饮料领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。饮料乳品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 6655509 | 东鹏饮料 | 295.17 | 3.55% | 3.10万 | 9.11亿 | | 002946 | 新乳业 | 16.62 | 2.47% | 6.99万 | 1.15亿 | | 600419 | 天润乳业 | 10.77 | 1.41% | 4.73万 | 5083.80万 | | 600882 | 妙可蓝多 | 26.86 | 1.17% | - 3.84万 | 1.03亿 | | 002910 | 庄园牧场 | 10.06 | 0.60% | 8.35万 | 8328.28万 | | 603711 | 香飘飘 | 13.60 | 0.44% | 1.96万 | 2649.81万 | | 605300 | 佳木食品 | ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

Core Viewpoint - New Hope Dairy has been recognized for its commitment to ESG principles, winning the 2025 ESG Competitive Enterprise Award alongside other notable companies, highlighting its effective ESG management system and positive social impact [1] Group 1: ESG Commitment and Recognition - New Hope Dairy was awarded the 2025 ESG Competitive Enterprise Award, selected from over 300 independent applications from nearly 150 companies, based on strategic, practical, normative, competitive, and influential dimensions [1] - The company integrates ESG principles into its entire management process, establishing a sustainable development strategy centered around "NEW," focusing on responsible governance, green low-carbon initiatives, and social harmony [1] - New Hope Dairy achieved an A rating in the Wind ESG rating, ranking in the top ten of the food industry, showcasing its robust development and collaborative growth model [1] Group 2: Carbon Neutrality and Environmental Initiatives - In 2023, New Hope Dairy launched the "Zero Carbon Dairy Action Plan," aiming for peak carbon emissions by 2030 and carbon neutrality across its supply chain by 2050 [3] - The company implemented measures such as biogas recovery and solar power generation, resulting in a reduction of 27,736 tons of CO2 emissions in 2024 [3] - New Hope Dairy also focused on water resource recycling, achieving a water reuse volume of 452,600 tons in 2024, with a 2.62% reduction in water consumption per ton of production [3] Group 3: Community Engagement and Social Responsibility - New Hope Dairy's "Hope with You" public welfare platform aims to enhance nutrition and education for rural children, benefiting over 4 million children annually through its student milk program [8] - The company has donated 400,000 yuan to support football education in Guizhou Province, contributing to local children's sports education [8] - Since 2010, the platform has raised 11.1 million yuan and conducted 252 activities across various provinces, promoting community support and nutritional education [8] Group 4: Product Quality and Innovation - New Hope Dairy emphasizes the core value of "freshness," striving to produce high-quality dairy products and continuously upgrading its supply chain [6] - The company launched the first "fresh milk only bought on the same day" product, setting a benchmark for quality in the domestic dairy industry [6] - New Hope Dairy has developed a proprietary strain library with over 2,000 strains of lactic acid bacteria and made significant advancements in enzyme engineering and membrane separation technologies [6] Group 5: Alignment with National Strategies - The implementation of the "Management Measures for Information Disclosure of Listed Companies" on July 1, 2025, emphasizes the importance of ESG in measuring corporate balance between economic benefits and social responsibilities [10] - New Hope Dairy's ESG practices align with national strategies, viewing sustainability as a core driver for long-term development and contributing to a healthy and green China [10]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The dairy industry in China is experiencing a structural adjustment due to declining milk prices and rising production costs, leading to increased losses among dairy farms and a reduction in the number of dairy cows [1][22][27] - The dairy product market is dominated by a few major players, with a notable performance in flavored milk and online sales channels, indicating potential growth areas despite overall consumption decline [2][42][61] - Tianjin is emerging as a significant urban dairy industry cluster, leveraging advanced DHI measurement technology to enhance milk production efficiency [3][67][76] Summary by Sections 1. China's Dairy Industry and Production Adjustments - Inner Mongolia is the largest milk-producing region, accounting for over 19% of national milk production in 2024 [1] - The average price of fresh milk has decreased by 11.75% year-on-year in the first half of 2024, leading to a cost-price inversion for dairy farms [22][25] - The number of dairy cows in China is projected to decrease by over 500,000 heads in 2024 compared to 2023 [27][36] 2. Dairy Product Market Dynamics - The production of dairy products from large-scale enterprises is expected to decline by 1.90% in 2024, with a total output of 29.62 million tons [2][42] - The market share of flavored milk products is increasing, with online sales channels showing significant growth potential [2][61] - The average per capita consumption of dairy products in China is only 40.5 kg/year, significantly lower than the recommended dietary intake and below levels in developed countries [54] 3. Tianjin's Dairy Industry Development - Tianjin's dairy industry has achieved an annual output value exceeding 11.68 billion yuan, with a slight increase in dairy cow inventory in 2024 [3][70] - The DHI measurement technology in Tianjin is leading nationally, with a full coverage of DHI testing for all dairy cows in the region [3][76] - The average milk yield per cow in Tianjin is significantly higher than the national average, showcasing the effectiveness of local dairy management practices [3][70]

Investment Rating - Investment rating is maintained as "Recommended" [2] Core Viewpoints - The implementation of the "Childcare Subsidy System" is expected to alleviate family burdens and stimulate birth rates, with a subsidy of 3600 yuan per year for eligible families with children under three years old, totaling 10800 yuan for three years [3][5] - The subsidy is tax-exempt and will not be counted as income for social assistance evaluations, with local governments expected to develop specific implementation plans by late August 2025 [5][6] - The effectiveness of the subsidy may vary by region and living costs, and local governments may introduce differentiated subsidy policies based on their financial capabilities [5][6] - The report emphasizes the need for comprehensive policies covering maternity leave, childcare, education, and housing to enhance birth willingness alongside financial incentives [6] Summary by Sections Childcare Subsidy System - The subsidy is set at 3600 yuan per year for each child under three, effective from January 1, 2025, with a total potential subsidy of 10800 yuan for eligible children [5] - The program aims to create a supportive environment for families and is part of a broader strategy to enhance birth rates [5][6] Investment Opportunities - The report suggests focusing on investment opportunities in the maternal and infant product chain and dairy sectors, driven by the new childcare policies [6] - Companies like "Kids King," "Yili," "New Dairy," and "Miaokelando" are highlighted for their potential growth due to the expected increase in demand from the subsidy [6][8]

Market Overview - The beverage and dairy sector experienced a decline of 0.67% on July 29, with Tianrun Dairy leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Sunshine Dairy (001318) saw a significant increase of 9.98%, closing at 14.99 with a trading volume of 336,600 shares and a turnover of 498 million yuan [1] - Knight Dairy (832786) rose by 5.05%, closing at 11.64 with a trading volume of 568,400 shares and a turnover of 715 million yuan [1] - Other notable performers included BeiYinMei (002570) with a 3.54% increase, closing at 6.72, and Huangshi Group (002329) with a 2.07% increase, closing at 3.94 [1] Capital Flow - The beverage and dairy sector saw a net outflow of 736 million yuan from institutional investors, while retail investors contributed a net inflow of 653 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2] Individual Stock Capital Flow - Sunshine Dairy (001318) experienced a net inflow of 1.09 billion yuan from institutional investors, but a net outflow of 68.84 million yuan from speculative funds [3] - Dongpeng Beverage (605499) had a net inflow of 32.08 million yuan from institutional investors, while experiencing a net outflow of 40.64 million yuan from speculative funds [3] - Light Industry (600597) saw a net inflow of 17.12 million yuan from institutional investors, with a net outflow of 8.03 million yuan from speculative funds [3]