一、监事会会议召开情况 第三届监事会第九次会议决议公告 本公司及监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"公司"或"本公司"）于 2024 年 12 月 26 日以邮件方式发出召开第三届监事会第九次会议的通知，并于 2024 年 12 月 31 日在成都市锦江区金石路 366 号公司四楼会议室以现场及通讯相结合的方 式召开了第三届监事会第九次会议。会议应出席监事 3 人，实际出席会议监事 3 人，会议由监事会主席张薇女士主持。本次会议的召开符合法律、行政法规和《公 司章程》的规定。 证券代码：002946 证券简称：新乳业 公告编号：2025-004 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 1、新希望乳业股份有限公司第三届监事会第九次会议决议。 1 特此公告。 新希望乳业股份有限公司 二、监事会会议审议情况 会议审议以下议案，并形成如下决议： 1、审议并通过《关于2025年度日常关联交易预计的议案》 表决结果：3票赞成，0票反对，0票弃权。本议案尚需提交股东大会审议。 具体内容详见公司同日刊登于《中国 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company is expected to continue its strategic direction through 2025, focusing on its core business of low-temperature fresh milk and specialty yogurt, which have significant growth potential compared to ambient products [1]. - The company aims to enhance its value and net profit margin through structural optimization, which has already contributed to a 2.4 percentage point increase in gross margin year-on-year as of Q3 2024 [1]. - The company has adjusted its net profit forecasts for 2024-2026 to 564 million, 671 million, and 768 million yuan, respectively, reflecting an increase of 2.47%, 1.25%, and 3.44% from previous estimates [1]. Summary by Sections Business Performance - The company’s low-temperature business is performing well, with strong growth expected in the eastern region, while the western region's ambient business is anticipated to recover due to improved end-demand and pricing competition [1]. - The company has a robust management capability in mergers and acquisitions, having developed a multi-dimensional management approach for acquired brands and supply chains [1]. Financial Projections - Revenue is projected to grow from 10,006 million yuan in 2022 to 12,305 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 5.46% [5]. - The net profit is expected to increase from 362 million yuan in 2022 to 768 million yuan in 2026, with a notable growth rate of 14.34% in 2026 [10]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 0.65, 0.78, and 0.89 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 22X, 19X, and 16X [1][10]. - The company's return on equity (ROE) is projected to be 16.14% by 2026, indicating strong profitability [10].

Investment Rating - The report gives a "Buy" rating for the company, with a target PE of 22.1X for 2024, 18.4X for 2025, and 15.3X for 2026 [110] Core Views - The company is focused on its "Fresh Cube" strategy, aiming for double-digit revenue growth and a doubling of net profit margin over the next five years [10][110] - The company's low-temperature fresh milk and yogurt products are its core competitive advantages, contributing over 50% to its main business revenue [106][151] - The company has a strong ability to innovate and launch new products, with new products accounting for double-digit percentages of revenue [25][106] - The company's DTC (Direct-to-Consumer) channel has shown significant growth, contributing to the rapid growth of its low-temperature product categories [26][106] Company Overview - The company is a regional dairy leader, focusing on low-temperature products and implementing the "Fresh Cube" strategy to enhance profitability [104][115] - The company has a stable ownership structure, with Liu Chang and Liu Yonghao as the actual controllers, holding 65.07% and 15.61% of the shares respectively [3] - The company has achieved steady growth in revenue and profitability, with a gross margin of 29.09% and a net margin of 5.97% in the first three quarters of 2024, up 1.67pct and 1.20pct year-on-year [8][104] - The company has a nationwide presence through three rounds of acquisitions, focusing on low-temperature milk markets [121][129] Industry Overview - The dairy industry is expected to recover in 2025, with supply and demand for raw milk improving [20][148] - The industry is highly concentrated, with the top two players, Yili and Mengniu, holding 24.2% and 21.3% of the market share respectively [143] - The industry is expected to grow steadily, driven by increasing health awareness and technological advancements in dairy products [16][143] Competitive Advantages - The company has a strong competitive advantage in low-temperature fresh milk and yogurt, with key products like "24 Hours" and "Weipin" achieving double-digit growth [30][151] - The company has a robust supply chain and cold chain logistics capabilities, supported by its parent company, New Hope Group [106][165] - The company's DTC channel, including home delivery, self-subscription, image stores, and e-commerce, has shown strong growth, with overall revenue increasing by over 15% in 2023 [169][170] Financial Performance - The company's revenue in 2024 is expected to reach 11.203 billion yuan, with a net profit of 553 million yuan, representing a year-on-year growth of 28.42% [110][184] - The company's gross margin and net margin have been steadily increasing, with a gross margin of 29.09% and a net margin of 5.97% in the first three quarters of 2024 [8][104] - The company's ROE is expected to increase from 16.58% in 2023 to 18.49% in 2026, reflecting improved profitability [50][196]

索 引 号 bm56000001/2024-00016176 分 类 发布机构 发文日期 1734910591000 名 称 关于对新希望乳业股份有限公司、席刚、朱川、褚雅楠采取出具警示函行政监管措施的决定 文 号 〔2024〕82号 主 题 词 关于对新希望乳业股份有限公司、席刚、朱川、褚雅楠采取出具警示 函行政监管措施的决定 新希望乳业股份有限公司、席刚、朱川、褚雅楠： 新希望乳业股份有限公司（以下简称新乳业或公司）在2023年年度报告披 露，对重庆新牛瀚虹实业有限公司（以下简称重庆瀚虹）计提商誉减值准备 1260万元。经查，公司在2023年半年报披露前已明确知悉重庆瀚虹无法实现承 诺的业绩，但未在2023年6月30日对重庆瀚虹的商誉进行减值测试，不符合 《企业会计准则第8号——资产减值》第四条的规定，导致《2023年半年度报 告》披露的信息不完整、不准确。 上述事项违反了《上市公司信息披露管理办法》（证监会令第182号）第 三条第一款规定。公司董事长席刚、总经理朱川和财务总监褚雅楠未能勤勉尽 责，违反了《上市公司信息披露管理办法》第四条、第五十一条第三款规定， 对上述事项负有责任。根据《上市公司信息披露 ...

证券代码：002946 证券简称：新乳业 公告编号：2024-074 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于公司及相关人员收到四川证监局《行政监管措施 决定书》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"公司"或"本公司"）于近日收到中 国证券监督管理委员会四川监管局（以下简称"四川证监局"）下发的《行政监 管措施决定书》（[2024]82 号）（以下简称"决定书"），现将相关情况公告如 下： 一、决定书主要内容 公司在 2023 年年度报告披露，对重庆新牛瀚虹实业有限公司(以下简称重 庆瀚虹)计提商誉减值准备 1260 万元。经查，公司在 2023 年半年报披露前已明 确知悉重庆瀚虹无法实现承诺的业绩，但未在 2023 年 6 月 30 日对重庆瀚虹的 商誉进行减值测试，不符合《企业会计准则第 8 号--资产减值》第四条的规定， 导致《2023 年半年度报告》披露的信息不完整、不准确。 上述事项违反了《上市公司信息披露管理办法》(证监会令第 182 号)第三条 第一款规定。公司董 ...

Group 1: Company Overview and Strategy - New Hope Dairy is focusing on core areas and markets to enhance market share and brand influence through regional expansion and product innovation [1] - The company is committed to optimizing product structure and cost management to improve net profit margins [1] Group 2: Low-Temperature Products - Low-temperature products contribute over 50% to the main business, with low-temperature fresh milk and yogurt showing high single-digit growth in the first three quarters [2] - The company anticipates continued growth in low-temperature categories due to increasing consumer demand and acceptance, particularly among younger generations [2] Group 3: Brand Management - The company employs a dual-brand strategy, combining a parent brand with local brands to leverage strong brand loyalty in low-temperature dairy products [2] - Nationally recognized products are being developed under unified brand management, exemplified by brands like "24 Hours," "Live Moisture," and "Original Intention" [2] Group 4: Raw Milk Price and Margin Improvement - Current raw milk prices are relatively low due to multiple factors, including supply-demand dynamics and strategic partnerships with suppliers [2] - The increase in gross margin is attributed to product structure adjustments and cost optimization, with plans to strengthen core business areas to sustain margin growth [2] Group 5: Milk Source Structure - The current milk source structure consists of approximately 30% from owned farms, 30% from strategically invested farms, and 40% from social farms and cooperatives [2] - The company aims to maintain this structure to support the execution of its "Fresh Cube Strategy" [2]

新希望乳业股份有限公司 证券代码：002946 证券简称：新乳业 公告编号：2024-073 债券代码：128142 债券简称：新乳转债 关于可转换公司债券2024年付息公告 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。 特别提示： 1、"新乳转债"将于 2024 年 12 月 18 日按面值支付第四年的利息，每 10 张 "新乳转债"（面值 1,000.00 元）利息为 15.00 元（含税）。 2、债权登记日：2024 年 12 月 17 日。 3、除息日：2024 年 12 月 18 日。 4、付息日：2024 年 12 月 18 日。 5、"新乳转债"票面利率：第一年为 0.30%、第二年为 0.50%、第三年为 1.00%、第四年为 1.50%、第五年为 1.80%、第六年为 2.00%。 6、"新乳转债"本次付息的债权登记日为 2024 年 12 月 17 日，凡在 2024 年 12 月 17 日（含）前买入并持有"新乳转债"的投资者享有本次派发的利息。 2024 年 12 月 17 日卖出"新乳转债"的投资者不享有本次派发的利息。在债权 登记 ...

Summary of the Conference Call for New Dairy Industry Company Overview - The conference call pertains to New Dairy Industry, focusing on its performance and outlook in the dairy sector. Key Points and Arguments Industry Performance - In October and November, terminal sales did not show significant recovery, with the annual goal still set for positive revenue growth and net profit margin improvement [2][3] - There is a divergence in opinions regarding the timing of raw milk price recovery, with expectations ranging from mid-next year to as late as 2026 [4] - The company maintains a stable milk sourcing policy, with over 60% of milk sourced from self-controlled sources, and only 10% from temporary demand adjustments [5] Financial Performance - The gross profit margin significantly improved in Q3, primarily due to product structure optimization and cost contributions. However, raw milk price recovery is expected to impact gross margins next year, while reduced sales expenses may enhance net profit margins [2][7] - If raw milk prices remain low in the first half of next year, it will positively contribute to gross margin improvement [8] - The company has experienced minimal impairment in bulk powder due to a flexible milk sourcing structure and efficient inventory management [10] Regional Performance - The East China region showed significant revenue growth, driven by new product launches and supply chain optimization, with low-temperature fresh milk growth nearing triple digits [11][15] Product Strategy - The liquid milk business structure includes approximately 50% low-temperature products, with a focus on low-temperature fresh milk and specialty yogurt, which have shown strong growth [12] - Product structure optimization contributed significantly to the gross margin increase, with low-temperature fresh milk and specialty yogurt being the main contributors [13] Future Outlook - The company aims to maintain continuous positive revenue growth and accelerate net profit margin improvement in line with its five-year plan, focusing on low-temperature products [14] - The company plans to continue its conservative capital expenditure strategy while maintaining high capacity utilization [19] Competitive Advantages - The company has established competitive advantages in the low-temperature dairy product sector through strategic focus, supply chain optimization, and new product development [20] Channel Strategy - The company has adapted to changes in channel structure, increasing collaboration with emerging channels and focusing on direct-to-consumer strategies to enhance profitability [21] Industry Challenges - The overall consumer goods and dairy industry faces significant pressure this year, but the company is committed to achieving its five-year plan and annual goals [25] Additional Important Information - The company is actively managing its financial expenses, aiming to reduce its debt ratio from 72% at the beginning of the year to 66% by Q3 [18] - The company is also addressing the issue of outstanding payments related to its "one yogurt cow" case, with plans to recover over 20 million yuan [16]

证券代码：002946 证券简称：新乳业 公告编号：2024-072 债券代码：128142 债券简称：新乳转债 1 新希望乳业股份有限公司 关于审计机构变更项目质量控制复核人的公告 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"公司"或"本公司"）于 2024 年 4 月 24 日召开了第三届董事会第七次会议、于 2024 年 5 月 21 日召开了公司 2023 年年度股东大会，审议通过了《关于聘请 2024 年度审计机构的议案》，同意公 司续聘毕马威华振会计师事务所（特殊普通合伙）（以下简称"毕马威华振"） 为公司 2024 年度审计机构。具体内容详见 2024 年 4 月 26 日公司刊登于《中 国证券报》《上海证券报》《证券日报》《证券时报》并披露于巨潮资讯网 （www.cninfo.com.cn）的《关于拟续聘会计师事务所的公告》（公告编号：2024- 020）。 公司于近日收到毕马威华振出具的《关于变更新希望乳业股份有限公司 2024 年度项目质量控制复核人的说明》，现将具体情况公告如下： 一、 项目质量控制复 ...

Core Insights - New Dairy reported a decrease in the number of shareholders to 17,580 as of November 10, representing a reduction of 1,697 shareholders or a decline of 8.80% compared to the previous period [1] - This marks the fourth consecutive decline in the number of shareholders, with a cumulative decrease of 19.62%, indicating a trend of increasing concentration of shares [1] - The latest stock price of New Dairy is 13.63 yuan, reflecting an increase of 2.87%, and since the concentration of shares began, the stock price has risen by a total of 10.45% [1] - Over the specific trading days, the stock experienced 15 increases and 11 decreases, including one instance of hitting the daily limit down [1]