证券代码：002946 证券简称：新乳业 公告编号：2025-049 债券代码：128142 债券简称：新乳转债 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、董事会会议召开情况 新希望乳业股份有限公司（以下简称"公司"或"本公司"）第三届董事会 第十八次会议于 2025 年 12 月 8 日以现场与通讯结合的方式召开，现场会议地 点为成都市锦江区金石路 366 号公司四楼会议室。会议通知于 2025 年 12 月 4 日以邮件方式向公司全体董事、监事、高级管理人员发出。本次会议由董事长席 刚先生召集并主持，会议应出席董事 9 人，实际出席董事 9 人，全体监事、高级 管理人员列席了会议。出席会议董事对本次会议的召集、召开方式无异议。本次 会议的参加人数、召集、召开和表决程序符合《公司法》等相关法律法规以及《公 司章程》的规定。 二、董事会会议审议情况 新希望乳业股份有限公司 第三届董事会第十八次会议决议公告 会议审议了以下议案，并形成如下决议： 1、审议通过《关于 2026 年度日常关联交易预计的议案》 本议案提交董事会审议前，已经公司第三届董事会审计 ...

南财投研通数据显示，12月8日，券商给予上市公司目标价共11次，按最新收盘价计算，目标价涨幅排名居前的 公司有火炬电子、新乳业、亚钾国际，目标价涨幅分别为47.38%、41.69%、38.08%，分别属于军工电子、饮料 乳品、农化制品行业。 | | 12月08日券商推荐家数排名 | | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 收盘价 (元) | 评级券商数量 | 行业 | | 000893 | 亚伊国际 | 47.80 | 2 | 农化制品 | | | 日期：12月08日，南财投研通×南财快讯制图 | | | | 评级调高方面，12月8日，券商调高上市公司评级达到1家次，浙商证券对德昌股份的评级从"增持"调高至"买 入"。 | | 1家最新被调高评级的公司 | | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | ୧୦୧୮୧୧୧ | 德昌股份 | 浙商证券 | 增持 | 求人 | 小家电 | | | | | 12月08日目标价 ...

南方财经12月9日电，南财投研通数据显示，12月8日，券商给予上市公司目标价共11次，按最新收盘价 计算，目标价涨幅排名居前的公司有火炬电子、新乳业、亚钾国际，目标价涨幅分别为47.38%、 41.69%、38.08%，分别属于军工电子、饮料乳品、农化制品行业。从券商推荐家数来看，12月8日有23 家上市公司得到券商推荐，其中亚钾国际获得2家推荐，维信诺、威海广泰获得1家推荐。查看原文：23 股获推荐，火炬电子、新乳业目标价涨幅超40%丨券商评级观察刚刚 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of 23.52 RMB, corresponding to a 24x PE for 2026 [8]. Core Insights - The company is a pioneer in the low-temperature dairy sector with a nationwide layout, focusing on product innovation, channel expansion, milk source distribution, cold chain construction, and regional brand strength. The report is optimistic about the company's continuous focus on low-temperature dairy products and its proactive approach to developing new products that align with market tastes, penetrating lower-tier markets, and embracing emerging channels like Sam's Club [1][17]. Industry Overview - The low-temperature milk industry in China is accelerating its penetration, with a market size projected to reach 41.8 billion RMB in 2024, reflecting a CAGR of 1.4% from 2022 to 2024. The penetration rate of low-temperature milk in the liquid milk sector is expected to rise to 12.1% [2][18]. - The competitive landscape is relatively fragmented, with major players like Yili and Mengniu holding a combined market share of 28% and 36% in low-temperature fresh milk and yogurt, respectively, which is lower than their shares in the ambient milk sector [2][18]. Company Strategy - The company has upgraded its "Three Fresh" strategy, focusing on the dual strengths of fresh milk and yogurt, aiming to develop billion-level products. The DTC model is expected to contribute significantly to growth, with a target of over 30% revenue share from DTC channels by 2027 [3][20]. - The company plans to enhance its product portfolio by leveraging its proprietary strain library and expanding into new product categories like low-temperature yogurt drinks, while also exploring international markets in Southeast Asia [4][21]. Financial Projections - The company forecasts a compound annual growth rate (CAGR) of over 10% in scale and aims to double its net profit margin to over 7.8% by 2027. The projected net profits for 2025, 2026, and 2027 are 723.97 million RMB, 841.28 million RMB, and 953.46 million RMB, respectively, with corresponding EPS of 0.84 RMB, 0.98 RMB, and 1.11 RMB [6][12][21].

NO.1蜜雪冰城开进公交站 NO.3因销售不合格产品，永辉超市被罚没8万余元 天眼查App显示，近日，北京永辉超市有限公司因产品不合格，被北京市市场监督管理局罚没8万余 元。处罚事由显示，当事人销售的商标为某品牌弹射玩具枪产品，经抽样检验，所检项目机械与物理性 能不符合标准，判定被抽查产品不合格。 点评：永辉超市因销售不符合机械与物理性能标准的弹射玩具枪，被罚没8万余元，叠加其过往多次因 产品质量问题被罚的记录，暴露品控管理短板。对零售板块，凸显连锁超市在多元品类采购验收环节的 风险，倒逼行业强化全品类质量管控与供应商审核。 NO.4 光明肉业资助亏损子公司1.02亿元议案遭股东大会否决 据报道，郑州公交与蜜雪冰城合作打造BRT（快速公交系统）站台门店，首店将于元旦前开业。据悉， 郑州公交携手蜜雪冰城一期计划推出10个门店，这些门店的核心定位是"公交服务的延伸与补充"，而非 单纯的商业网点，一期选址都在城市主干道的BRT站台。 点评：蜜雪冰城与郑州公交合作打造BRT站台门店，是新式茶饮行业场景化布局的创新尝试。对蜜雪冰 城而言，借助公交站台稳定客流拓宽触达渠道，强化普惠定位与场景适配性，为品牌价值释放提供新支 ...

将投中网设为"星标⭐"，第一时间收获最新推送 一场关于CVC偏见的对话。 作者丨 蒲凡 来源丨 投中网 今天的这场对话，要从年初的一篇稿子聊起。今年年初的时候，我写了一篇稿子，标题叫 《"亏个一二十亿，这个平台说不定 就干成了"》 。这篇内容从成立到发展再到现状，好好地聊了聊新希望集团旗下的产投平台——草根知本的故事。标题里的这 句话，就是新希望创始人刘永好在某次总结会上说的，可以说很好地表达了他对产业投资的坚定支持。 那么为什么我们忽然要关注新希望的创投平台呢？或者说，为什么我们忽然开始关注一家身处传统行业的CVC呢？其实就是四 个字：解决焦虑。 当时我们编辑部有个集体洞察是，虽然风险投资行业已经持续低迷了两三年，到2025年年初也很难说出现了很明显的回暖， 但人们已经对丧气、吐槽、传递负面信息的内容也产生了疲态。 不少读者向我们反复提到，更希望看到一些务实、有建设性的 方法论，踏踏实实地来解决问题，而不是一味地沉浸在情绪里。 刚好在2024年下半年颁布了并购国九条等一系列的新规，很 多人开始讨论， 有业务拓展需求又有相对资本积累的产业投资CVC，或许是一个解决"退出难""流动性差"的好办法。 于是本着急行 ...

证券日报网讯12月2日，新乳业（002946）在互动平台回答投资者提问时表示，截至2025年11月28日公 司股东总户数为16236户。 ...

成绩的背后，是河南对民营经济的有力支持。近日举行的2025河南省民营经济高质量发展系列新闻发布 会，不仅亮出了河南民营经济的最新"家底"，更释放了一系列重要政策"加油包"，全力呵护民营经济主 体成长。 谈发展，河南助企有独特优势 开业近一年，郑州东站东广场旁蜜雪冰城全球总部旗舰店热度居高不下，是游客的热门打卡地。 蜜雪冰城在河南的深度布局，体现在真金白银的投入上。 据悉，蜜雪冰城总部项目用地面积33亩，建设面积12.7万平方米，总投资13.8亿元。在关乎企业命脉的 重要供应链上，蜜雪冰城在河南温县建设了最大生产基地。记者在公开招股书上了解到，该基地占地约 34.2万平方米，食材年产能约121万吨，生产全部七大类食材以及包材和设备，是企业主要的生产设 施，为旗下品牌提供糖、奶、茶等核心原料及配套物资供应。 蜜雪冰城为何如此看重河南？ 顶端新闻·河南商报记者 张丽 河南民营经济的体量有多大？最新数据给出了答案：今年以来，全省实有民营经济主体超过1100万户， 规模位于全国前列、中部省份第一。 产业升级方面，传统制造企业转型慢，与现代化产业体系融合深度不足。 河南如何借鉴江浙粤等民营经济发达地区的经验？ "这些地区 ...

证券日报网讯 12月1日，新乳业（002946）在互动平台回答投资者提问时表示，截至2025年11月28日公 司股东总户数为16236户。 ...

Summary of the Conference Call for New Hope Dairy Company Overview - New Hope Dairy has been expanding its national presence and supply chain through continuous acquisitions of regional dairy companies such as Nanshan, Shuangxi, and Xiajin, as well as stakes in Modern Farming and Eurasia Group, laying a foundation for long-term development [2][3][4] Key Points and Arguments - **Management Stability**: The company is controlled by Liu Chang and Liu Yonghao, who collectively hold 79% of the shares. The management team, including Chairman Xi Gang and General Manager Zhu Chuan, is experienced and closely aligned with the company's interests [2][4] - **Financial Performance**: Despite facing revenue pressure due to weak demand and oversupply in the industry in 2024-2025, New Hope Dairy's net profit continues to grow significantly, indicating improved profitability and operational efficiency [2][6] - **Product Innovation**: The company is actively innovating its product line, with a focus on high-end iterations of existing products (e.g., 24-hour fresh milk) and new product launches (e.g., Hongrun light meal cup/bottle), maintaining double-digit growth in new product revenue [2][7] - **Market Potential**: The low-temperature fresh milk sector has significant growth potential, with a penetration rate of only 39% compared to 83% for ambient milk. The decline in raw milk costs is narrowing the price gap with ambient milk, creating opportunities for growth [2][8] Additional Important Insights - **Channel Development**: New Hope Dairy is enhancing its Direct to Consumer (DDC) channels, including home delivery and e-commerce, which are expected to account for 30% of sales by 2027, supporting low-temperature product sales [4][11] - **Supply Chain Management**: The company has a balanced and consumer-near milk source structure, with 30% from self-owned farms, 30% from joint ventures, and 10% from social farms, ensuring a stable supply of raw materials [13] - **Future Growth Strategy**: The company emphasizes differentiated competition and localized strategies, leveraging the strengths of its subsidiaries to drive growth. For instance, the Anhui subsidiary focuses on home delivery, while the Shandong subsidiary targets high-end supermarkets [14] - **Profitability Forecast**: Revenue is projected to grow by 5%, 6%, and 7% from 2025 to 2027, with improvements in gross margin and net profit margin driven by high-margin low-temperature products [15][16] Conclusion - New Hope Dairy is positioned for steady growth through strategic acquisitions, product innovation, and effective supply chain management, with a favorable outlook for profitability and market expansion in the low-temperature dairy segment [2][16]