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 ...

Core Viewpoint - New Dairy aims to maintain expansion amidst market fluctuations, focusing on revenue and profit growth, with a strategic plan to double net profit margin over five years [2][25]. Revenue and Profit Performance - In 2024, New Dairy reported revenue of 10.665 billion yuan, a year-on-year decline of 2.93%, primarily due to the exclusion of Chongqing New Niu Han Hong Industrial from consolidated revenue [4]. - Liquid milk revenue for New Dairy in 2024 was 9.836 billion yuan, showing a slight increase of 0.83% year-on-year [4]. - In Q1 2025, New Dairy's revenue grew by 0.42% to 2.625 billion yuan, with net profit increasing by 48.46% to 133 million yuan [5]. Market Trends and Competition - The overall dairy market is facing challenges, with Nielsen IQ reporting a 2.7% decline in dairy sales for 2024 [2]. - Major competitors like Yili and Mengniu are experiencing significant declines in liquid milk revenue, with Yili's liquid milk revenue dropping by 12.32% to 75.003 billion yuan in 2024 [2]. - The low-temperature fresh milk market remains relatively stable, with a 0.4% year-on-year growth in 2024, contrasting with a 7.5% decline in overall liquid milk sales [8][9]. Strategic Initiatives - New Dairy's growth is attributed to its focus on the low-temperature fresh milk segment, which has shown resilience and growth potential [8]. - The company has introduced a variety of products, including high-end fresh milk and low-temperature yogurt, with high-end fresh milk achieving double-digit growth in 2024 [16]. - New Dairy is expanding its distribution channels, including over 500 "24-hour fresh milk" stores and partnerships with major retailers like Sam's Club and Hema [17]. Future Directions - New Dairy is exploring new growth avenues, including expanding into the beverage market and enhancing its product offerings [22]. - The company is also considering international expansion, particularly in Southeast Asia, leveraging resources from New Hope Group [24].

证券代码：002946 证券简称：新乳业 公告编号：2025-034 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 特此公告。 新希望乳业股份有限公司 董事会 关于可转换公司债券2025年度跟踪评级结果的公告 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。 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》《公司债券 发行与交易管理办法》和《深圳证券交易所公司债券上市规则》等相关规定，新 希望乳业股份有限公司（以下简称"公司"）委托信用评级机构中诚信国际信用 评级有限责任公司（以下简称"中诚信"）对公司于 2020 年 12 月公开发行的 A 股可转换公司债券（以下简称"新乳转债"）进行了跟踪评级。 中诚信在对公司经营状况、行业发展情况等进行综合分析与评估的基础上， 出具了《新希望乳业股份有限公司 2025 年度跟踪评级报告》（信评委函字[2025] 跟踪【0817】号），跟踪评级结果：维持公司主体信用等级为 AA，评级展望为 "稳定"；维持"新乳转债"的信用等级为 AA。 中诚信出具的《新希望乳业股份有限公司 2025 年度跟踪 ...