Core Insights - The total revenue of 19 dairy companies in A-shares reached 96.559 billion yuan in the first half of 2025, with a year-on-year growth of 2.06%, while the net profit attributable to shareholders was 8.326 billion yuan, down 3.11% year-on-year [1][8]. Revenue Performance - Leading companies by revenue include Yili Group with 61.933 billion yuan, Bright Dairy with 12.472 billion yuan, and New Dairy with 5.526 billion yuan [4][8]. - Knight Dairy and Jiahe Food reported revenue growth exceeding 10% [1][4]. Profitability Analysis - Yili Group achieved a net profit of 7.2 billion yuan, significantly higher than other companies, while four companies, including Western Pastoral, reported losses [6][8]. - The average gross margin for the 19 dairy companies was approximately 25.34%, with a median of 26.17%, both showing a slight decline year-on-year [1][8]. Gross Margin Insights - The highest gross margin was recorded by Beingmate at 45.27%, followed by Sunshine Dairy, Yili Group, and Junyao Health, all exceeding 32% [1][8]. - Companies like Knight Dairy, Jiahe Food, and Western Pastoral had gross margins below 15% [8][12].

Group 1 - The food and beverage sector experienced a pullback on September 12, with the Food ETF (515710) declining by 1.23% by the end of the trading day [1] - Key stocks in the sector, such as liquor and dairy products, saw significant declines, with Guizhou Moutai dropping 5.28% and Shede Liquor down 3.09% [1] - The overall market sentiment is influenced by recent consumption stimulus policies introduced in various regions, which are expected to boost domestic consumption during the Mid-Autumn Festival and National Day [3][5] Group 2 - Analysts from Dongxing Securities are optimistic about the recovery of the consumer sector in the second half of the year, particularly in the restaurant industry, driven by tourism and sports economies [3] - The Food ETF manager noted that the current low valuation of the food and beverage sector presents a good investment opportunity, with a price-to-earnings ratio of 21.52, which is at the 11.76% percentile of the past decade [4] - The white liquor sector is expected to see a recovery as multiple policies are anticipated to improve demand, especially during the upcoming holidays [5][6] Group 3 - The white liquor sector faced significant challenges in the second quarter due to policy impacts, but there are signs of recovery as consumer scenarios improve [6] - The Food ETF (515710) is strategically positioned with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other beverage and dairy segments [6]

Group 1 - New Dairy Industry's stock price fell by 2.24% to 17.91 CNY per share, with a total market capitalization of 15.415 billion CNY, and has experienced a cumulative decline of 5.34% over the past four days [1] - The company, New Hope Dairy Co., Ltd., was established on July 5, 2006, and went public on January 25, 2019, focusing on the research, production, and sales of dairy products and dairy-containing beverages [1] - The main revenue composition of New Dairy Industry includes liquid milk at 91.70%, other products at 7.47%, and milk powder at 0.83% [1] Group 2 - Huabao Fund has a significant holding in New Dairy Industry, with its Huabao Consumption Upgrade Mixed Fund (007308) holding 74,500 shares, representing 3.1% of the fund's net value, making it the ninth largest holding [2] - The fund has experienced a floating loss of approximately 30,500 CNY today and a total floating loss of 75,200 CNY during the four-day decline [2] - The Huabao Consumption Upgrade Mixed Fund was established on June 19, 2019, with a current scale of 45.1802 million CNY and has achieved a year-to-date return of 12.58% [2]

Core Viewpoint - The company has integrated a comprehensive 4Q quality management system into its business processes to enhance quality awareness and management across the entire industry chain, setting a benchmark for quality management in the food industry [1][2]. Group 1: Quality Planning (QP) - The company emphasizes "advancement, comprehensiveness, appropriateness, and effectiveness" as guiding principles for its quality planning, ensuring the effective operation and continuous improvement of the 4Q quality management system [1]. - Quality activity plans are developed, and management personnel undergo training on laws and regulations, fostering a quality culture within the company [1]. Group 2: Quality Control (QC) - The company has established a "Pasture Quality Safety Management System" based on the ISO 9000 framework, covering all aspects of pasture management, including planting, dairy cow feeding, milk production, and storage [1]. - IoT technology is utilized to create a product information traceability system from suppliers to distributors, linking material usage orders and batches throughout the process to form a complete traceability chain [1]. Group 3: Quality Assurance (QA) - The company adopts the highest international standards, integrating consumer demands into a triadic excellence quality standard from product design, ensuring consistent delivery of high-quality products [2]. - A "full-process visual monitoring system" is established for real-time monitoring of key control points in production, ensuring precise inspection results through laboratory quality control [2]. Group 4: Quality Support (QS) - The company leverages a robust talent pool from Mengniu Group to support excellent quality management, providing development pathways for quality technical professionals [2]. - Quality technical personnel can advance through professional rank assessments, fostering a positive cycle of talent development and capability enhancement [2].

责任编辑：小浪快报 资金流向方面，主力资金净流出225.89万元，特大单买入0.00元，占比0.00%，卖出322.54万元，占比 3.87%；大单买入955.97万元，占比11.48%，卖出859.32万元，占比10.32%。 新乳业所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：融资融券、基金重仓、中盘、 社区团购、多胎概念等。 截至8月29日，新乳业股东户数1.74万，较上期增加3.58%；人均流通股48818股，较上期减少3.46%。 2025年1月-6月，新乳业实现营业收入55.26亿元，同比增长3.01%；归母净利润3.97亿元，同比增长 33.76%。 分红方面，新乳业A股上市后累计派现6.76亿元。近三年，累计派现4.48亿元。 机构持仓方面，截止2025年6月30日，新乳业十大流通股东中，中欧价值智选混合A（166019）位居第 三大流通股东，持股590.28万股，相比上期减少158.97万股。香港中央结算有限公司位居第四大流通股 东，持股449.83万股，为新进股东。华安安信消费混合A（519002）位居第五大流通股东，持股399.34 万股，相比上期增加47.76万股。信澳品 ...

Market Overview - The beverage and dairy sector experienced a slight decline of 0.04% on September 10, with New Dairy leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Happy Family (300997) with a closing price of 21.92, up 8.19% and a trading volume of 322,500 shares, totaling 661 million yuan [1] - Yiming Food (605179) closed at 23.02, up 3.69% with a trading volume of 153,400 shares, totaling 350 million yuan [1] - Western Pastoral (300106) closed at 11.95, up 3.02% with a trading volume of 157,700 shares, totaling 186 million yuan [1] - Conversely, New Dairy (002946) saw a decline of 1.85%, closing at 18.55 with a trading volume of 53,600 shares, totaling 99.44 million yuan [2] Capital Flow - The beverage and dairy sector experienced a net outflow of 1.5413 million yuan from institutional investors, while retail investors saw a net outflow of 6.40847 million yuan [2] - Conversely, speculative funds recorded a net inflow of 65.626 million yuan [2] Individual Stock Capital Flow - Western Pastoral (300106) had a net inflow of 29.1616 million yuan from institutional investors, while retail investors experienced a net outflow of 19.8580 million yuan [3] - Yiming Food (605179) saw a net inflow of 28.1769 million yuan from institutional investors, with retail investors facing a net outflow of 15.6304 million yuan [3] - New Dairy (002946) had a net outflow of 9.3036 million yuan from speculative funds [3]

2025年09月09日，新乳业2025年半年度业绩说明会在全景网顺利举行。出席本次业绩说明会的人员有董 事长席刚、总裁朱川、独立董事吴飞、董事会秘书郑世锋、财务总监褚雅楠。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问10 个，公司嘉宾共回答问题10个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：请问大股东减持对企业目前有没有影响？ 回答：您好！公司于2025年6月30日披露了《关于控股股东减持计划的预披露公告》，公司控股股东是 基于自身资金需要拟进行减持股份，其减持计划不会对公司治理结构、股权结构及持续经营产生重大影 响，公司将严格按照深交所相关规则及时履行信息披露义务。感谢您的关注。 2、问：请问什么时候分红呢？ 回答：您好，公司坚持聚焦主业、做强核心竞争力，以扎实的经营业绩为投资者创造长期价值——2024 年中期分红和2024年年度分红总额较上年增加90%，2025年半年度拟现金分红总额同比增长一倍。《关 于2025年半年度利润分配方案》已经董事会审议通过，尚需提交股东大会审议，若审议通过，公司将按 相关法 ...

Group 1: Business Strategy and Growth - The company is actively expanding its emerging channel opportunities, focusing on supply chain, R&D, and consumer insights to enhance brand influence and achieve stable growth [1] - The company aims to maintain and expand its sales growth in the low-temperature product category, which achieved over 10% sales growth in the first half of 2025 [2] - The "Fresh Cube Strategy" will continue to be the core focus, emphasizing low-temperature fresh milk and specialty yogurt as key product categories [2] Group 2: Financial Performance and Dividends - The total cash dividend for the first half of 2025 is expected to double compared to the previous year, with a 90% increase in total dividends for the mid-year and annual distributions in 2024 [1] - The company has maintained a net cash inflow from operating activities of over 1 billion CNY for the past four years, ensuring a stable financial position [3] - The company plans to continue reducing interest-bearing debt and improve cash flow management to enhance profitability and debt ratio management [3] Group 3: Market Recognition and Consumer Trends - The company has been recognized as "China's Excellent Management Company" for six consecutive years, which positively impacts brand building and market expansion [2] - The overall consumption trend in the dairy industry shows a potential for growth, particularly in low-temperature dairy products, as consumer health awareness increases [2] - The low-temperature yogurt segment saw double-digit revenue growth, with the "Active Moist" series achieving over 40% growth due to its alignment with consumer trends [2]

all T 新希望 1112 th 42 43 this . 480 8 0 325 is 36 / 16 05-DD-NIP-NCGLED-002 "一瓶满足一天膳食纤维。"9月8日，北京商报记者注意到，地铁东单站内出现大幅新希望乳业"活润"轻食瓶广告，该产品定位可以代餐的"液体沙拉"，内含 9种果蔬，瞄向追求健康的健身人群。上半年，新乳业实现营业收入55.26亿元，同比增长3.01%；归母净利润3.97亿元，同比增长33.76%。其中"活润"增速 超过40%，远高于整体增速。不过，随着低温奶赛道越来越卷，打功能牌的新乳业还能持续多久？ "液断神器" 抢滩低温 在常温奶增速放缓下，低温奶逆势增长。 马上赢品牌CT数据显示，2025年第一季度，常温纯牛奶、常温酸奶市场份额同比下滑，销售额同比下降13.44%、18.45%，而低温鲜奶、低温酸奶不仅市场 份额同比提升，销售额也保持正向增长2.51%、2.58%，成为行业内更具增长活力的板块。 乳企"抢鲜"已经不是新鲜事儿。一方面，随着消费者健康意识不断增强，对品质的追求持续升温，低温鲜奶开始抢占常温奶的市场。另一方面，近年来常温 奶打价格战，侵蚀了企业利润，布局 ...

证券之星消息，9月8日饮料乳品板块较上一交易日上涨0.92%，新乳业领涨。当日上证指数报收于 3826.84，上涨0.38%。深证成指报收于12666.84，上涨0.61%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 002946 | 新乳业 | 18.92 | 4.07% | 10.51万 | | 1.96(Z | | 300997 | 欢乐家 | 20.37 | 3.35% | 27.21万 | | - 5.51亿 | | 002732 | 草博到不 | 17.38 | 2.42% | + 3.03万 | | 5237.12万 | | 002910 | 庄园牧场 | 9.91 | 2.16% | 5.56万 | | 5486.34万 | | 832786 | 骑士乳业 | 11.40 | 1.88% | 18.41万 | | 2.09亿 | | 603156 | 养元饮品 | 22.30 | 1.83% | 5.32万 | | 1.18亿 | ...