Investment Rating - The investment rating for the company is maintained as "Accumulate" [5] Core Views - In H1 2024, the company achieved operating revenue of 5.36 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 300 million yuan, a year-on-year increase of 25.3% [2][3] - The company demonstrated resilience in liquid milk revenue, surpassing industry growth rates, with liquid milk, milk powder, and other products generating revenues of 4.83 billion, 30 million, and 490 million yuan respectively in H1 2024 [3] - The company is expected to continue outperforming the industry, with projected revenues of 11.85 billion, 12.91 billion, and 13.89 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 530 million, 660 million, and 800 million yuan [4] Summary by Sections Financial Performance - In H1 2024, the gross margin was 29.2%, an increase of 1.26 percentage points year-on-year, and the net margin was 5.7%, an increase of 1.03 percentage points year-on-year [3] - For Q2 2024, the gross margin was 29.1%, with a net margin of 7.7%, reflecting significant cost efficiency improvements [3] Product and Regional Performance - The company maintained a double-digit contribution from new products, with high-end fresh milk and mid-to-high-end white milk segments growing over 30% year-on-year [3] - Revenue by region in H1 2024 showed varied performance, with Southwest region down 6.9% and North China up 20.2% [3] Future Outlook - The company is expected to benefit from product structure optimization and cost reduction strategies, leading to improved profitability [4] - The projected earnings per share for 2024, 2025, and 2026 are 0.50, 0.61, and 0.76 yuan respectively, with a decreasing P/E ratio forecasted from 18.06 to 9.69 over the same period [4][7]

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Invest]买入|维持 新乳业(002946)公司点评报告 2024 年 08 月 30 日 [Table_Title] 擅长创新，H1 业绩+25% ——新乳业 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。2024H1，公司实现总收入 53.64 亿元（+1.25%），归 母净利润 2.96 亿元（+25.26%），扣非归母净利润 3.13 亿元（+36.39%）。 2024Q2 单季，公司实现总收入 27.51 亿元（-0.94%），归母净利润 2.07 亿元 （+17.72%），扣非归母净利润 2.13 亿元（+37.66%）。 华东增长稳健，华北、其他地区增长较快 1）液体乳增长稳健。2024H1，公司液体乳、奶粉、其他收入分别为 48.44、 0.35、4.86 亿元，同比+0.54%、-15.20%、+10.64%。 2）直销渠道稳健，经销商 H1 有所优化。2024H1，公司直销、经销收入分别 为 27.55、21.24 亿元，同比+1.29%、-0.72%， ...

证券代码：002946 证券简称：新乳业 新希望乳业股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------|----------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系活 | □ 媒体采访 | □ 业绩说明会 | | 动类别 | □ 新闻发布会 ...

新希望乳业股份有限公司（以下简称"公司"或"本公司"）定于 2024 年 9 月 6 日（星期五）15:00-17:00 在全景网举办 2024 年半年度业绩说明会，本 次半年度业绩说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者 关系互动平台"（http://ir.p5w.net）参与本次半年度业绩说明会。 出席本次说明会的人员有：公司董事长席刚先生、总裁朱川先生、独立董事 吴飞先生、董事会秘书郑世锋先生、财务总监褚雅楠女士。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年半年度业绩说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 9 月 5 日（星期四）15:00 前将关注的问题通过电子邮件发送至公司邮箱 002946@newhope.cn。公司将在 2024 年半年度业绩说明会上对投资者普遍关 注的问题进行回答。欢迎广大投资者积极参与本次业绩说明会。 证券代码：002946 证券简称：新乳业 公告编号：2024-055 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于举办2024年半年度业绩说明会的公告 | 本公司及董事 ...

新希望乳业股份有限公司 我们同意该议案，并同意将该议案提交公司第三届董事会第十次会议审议。 第三届董事会独立董事专门会议第二次会议决议 新希望乳业股份有限公司（以下简称"公司"）第三届董事会独立董事专门 会议第二次会议于 2024 年 8 月 27 日在成都市锦江区金石路 366 号四楼会议室 以现场及通讯表决相结合的方式召开。公司独立董事共 4 人，出席本次会议的独 立董事共 4 人，会议由独立董事卢华基先生主持。本次会议的召开符合《上市公 司独立董事管理办法》《深圳证券交易所股票上市规则》《独立董事专门会议工 作制度》及《公司章程》等有关规定，会议形成的决议合法、有效。 独立董事认真讨论了第三届董事会独立董事专门会议第二次会议审议的相 关事项，会议通过决议如下： 一、 审议通过《关于增加 2024 年度日常关联交易额度的议案》。 表决结果为：同意 4 票，反对 0 票，弃权 0 票。 经核查，该关联交易为公司正常生产经营需要；交易价格符合定价公允性原 则，不存在损害公司和股东利益的情形，同时上述关联交易不会影响公司的业务 独立性；不存在损害公司及全体股东利益，特别是中小股东利益的情形，符合公 司和全体股东 ...

| 其他关联资金往来 | 资金往来方名称 | 往来方与上市公司的关 联关系 | 上市公司核算 | 2024年期初占用资金余 | 2024年1-6月占用累计 | 2024年1-6月占用资 | 2024年1-6月偿还累计 | 2024年6月末占用资金余 额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 的会计科目 | 额 | （不含利息） | 金的利息（如有） | 发生金额 | | | | | | 成都家满新鲜贸易有限公司 | 子公司 | 长期应收款 | 6,174,307.53 | 8,385,973.88 | 173,117.64 | 5,086.88 | 14,728,312.17统借统贷 | | 非经营性往来 | | | 成都分子力量生物科技有限公司 | 子公司 | 长期应收款 | 7,170,000.00 | 4,166.67 | | 4,166.67 | 7,170,000.00统借统贷 | | 非经营性往来 | | | 新希望戴瑞贸易（成都）有限公司 | 子公 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the first half of 2024, representing a year-on-year growth of 12%[1]. - New Hope Dairy reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[8]. - The company's operating revenue for the reporting period was ¥5,364,417,401.08, representing a 1.25% increase compared to the same period last year[13]. - The company achieved a net profit of RMB 200 million, up 10% compared to the same period last year[8]. - The net profit attributable to shareholders was ¥296,442,778.09, reflecting a significant increase of 25.26% year-on-year[13]. - The company's cash flow from operating activities decreased by 23.34% to ¥683,792,518.40[13]. - Basic earnings per share rose to ¥0.34, up 21.43% from ¥0.28 in the same period last year[13]. - The company aims to double its net profit margin over the next five years as part of its new strategic plan[21]. - The company reported a total comprehensive income of CNY 264,868,445.82 for the first half of 2024, compared to CNY 32,897,874.94 in the same period of 2023, showing a significant increase[159]. Market Expansion and Product Development - The company has set a future outlook with a revenue target of 3 billion CNY for the full year 2024, indicating a growth expectation of 10%[1]. - User data indicates a rise in active customers, with a 15% increase compared to the previous year, reaching 2 million active users[1]. - The company is expanding its market presence, planning to enter three new provinces by the end of the year, which is expected to increase market share by 5%[1]. - New product launches include a premium milk line, which is projected to contribute an additional 200 million CNY in revenue by the end of 2024[1]. - New product launches include a new line of organic dairy products, expected to contribute an additional RMB 300 million in revenue by the end of 2024[8]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[8]. - The company has established a differentiated product strategy focusing on low-temperature fresh milk and specialty yogurt, enhancing its market share and brand influence in key regions[30]. Research and Development - Research and development efforts are focused on enhancing product quality, with an investment of 50 million CNY allocated for new technology in dairy processing[1]. - Research and development investments increased by 30%, focusing on innovative dairy processing technologies[8]. - The company received 15 patent applications in the first half of 2024, with 6 being invention patents[24]. - The company has invested in biotechnology research, focusing on probiotics and enzyme engineering, resulting in the development of new products like the "FZLL" series industrial fermentation agents[48]. Environmental Sustainability - Environmental sustainability initiatives are being prioritized, with a commitment to reduce carbon emissions by 20% over the next three years[1]. - The company aims for carbon peak by 2030 and carbon neutrality by 2050, with a reduction of 12,627.52 tons of CO2 emissions in the first half of 2024 through various green initiatives[29]. - The company has three dairy factories certified as national green factories, contributing to its sustainability goals and commitment to environmental responsibility[29]. - The company has implemented a real-time monitoring system for environmental data, connected to local environmental protection departments[91]. - The company has established a comprehensive environmental management system to oversee pollution control measures across all subsidiaries[87]. Risk Management - The management highlighted risks including intensified market competition and potential impacts from public health events, which are being actively monitored[2]. - The company has established a three-level risk prevention system, focusing on key risk areas such as food safety and brand security[22]. - The company has developed a robust risk management strategy to address potential outbreaks of cattle diseases and natural disasters, ensuring stable raw milk supply[73]. Financial Management and Investments - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[2]. - The company is exploring strategic acquisitions to enhance its supply chain efficiency, with a budget of 300 million CNY earmarked for potential targets[1]. - The company has engaged legal counsel to provide opinions on the repurchase and cancellation of restricted stock related matters[83]. - The company has not reported any high-risk financial management products during the reporting period[120]. Shareholder and Equity Management - The company’s major shareholder, Universal Dairy, holds 65.07% of the shares, while New Investment Group holds 15.61%[131]. - The company’s management has locked shares that are subject to phased release based on their tenure, with significant reductions in restricted shares due to the stock incentive plan[129]. - The company reported a significant profit distribution of CNY 129,100,920.15 to shareholders, reflecting its commitment to returning value[176]. Compliance and Governance - The company adheres to the accounting standards set by the Ministry of Finance of the People's Republic of China, ensuring compliance and transparency[185]. - The financial report was approved by the board on August 28, 2024, ensuring timely disclosure of financial performance[181]. - The company has not engaged in any violations regarding external guarantees during the reporting period[97].

一、日常关联交易基本情况 证券代码：002946 证券简称：新乳业 公告编号：2024-056 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于增加2024年度日常关联交易额度的公告 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 8 月 28 日召开第三届董事会第十次会议，审议通过了《关于增加 2024 年度日常 关联交易额度的议案》，现将有关情况公告如下： （一）日常关联交易概述 2023 年 11 月 28 日，公司第三届董事会第五次会议审议通过了《关于 2024 年度日常关联交易预计的议案》，并经 2023 年第一次临时股东大会审议通过， 预计 2024 年度日常关联交易金额为人民币 141,570.00 万元，交易关联人为四 川新希望贸易有限公司、新希望六和股份有限公司、牧堡（上海）食品科技有限 公司、鲜生活冷链物流有限公司、北京未来星宇电子商务有限公司等，均属于《深 圳证券交易所股票上市规则》第 6.3.3 条所规定的关联方。 公司于 2024 年 8 ...

证券代码：002946 证券简称：新乳业 公告编号：2024-054 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2024年半年度获得政府补助的公告 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。 一、 2024 年半年度获得政府补助的基本情况 新希望乳业股份有限公司（以下简称"公司"或"本公司"）及附属子公司自 2024 年 1 月 1 日至 2024 年 6 月 30 日累计收到各类现金形式的政府补助 21,705,045.37 元，具体明细如 下： 1 单位：人民币元 序号 获得补助的单位名称 补助项目 收到的政府补助 金额 其中：计入递 延收益的金额 其中：计入当期 损益的金额 1 公司 科技项目、技术改造扶持资金 900,000.00 850,509.53 49,490.47 2 公司 见习、就业、稳岗、培训补贴 147,199.33 - 147,199.33 3 公司 其他财政补贴 89,910.41 - 89,910.41 4 青岛新希望琴牌乳业 有限公司 见习、就业、稳岗、培训补贴 1,500.00 - 1,500. ...

证券代码：002946 证券简称：新乳业 公告编号：2024-053 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 第三届监事会第六次会议决议公告 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。 一、监事会会议召开情况 新希望乳业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 16 日以邮件方式发出召开第三届监事会第六次会议的通知，并于 2024 年 8 月 28 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六次会议。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。 二、监事会会议审议情况 会议审议并通过以下议案，并形成如下决议： 1、审议并通过《关于2024年半年度报告全文及摘要的议案》 表决结果：3票赞成，0票反对，0票弃权。经审核，监事会认为董事会编制 和审核的本公司2024年半年度报告的程序符合法律、行政法规和中国证监会的 规定，报告内容真实、准确、完整地反映了上市公司的实 ...