证券代码：002946 证券简称：新乳业 公告编号：2026-001 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 2025年第四季度可转换公司债券转股情况公告 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、股票代码：002946，股票简称：新乳业； 2、债券代码：128142，债券简称：新乳转债； 3、转股价格：17.95 元/股； 4、转股时间：2021 年 6 月 24 日至 2026 年 12 月 17 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，新希望乳业股份有限公司（以 下简称"公司"）现将 2025 年第四季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动的情况公告如下： 2021 年 5 月 12 日，因公司实施 2020 年限制性股票激励计划，"新乳转债" 转股价格由 18.69 元/股调整为 18.54 元/股。 2021 年 6 月 23 日，因公司实施 2020 年度权益分派方案，"新乳转债"转 股价格由 18. ...

Group 1 - The core viewpoint of the article highlights that the company's low-temperature products in the Sam's channel are experiencing strong sales, which is expected to contribute to revenue growth [1][3][11] - The company has actively adjusted its strategies in response to favorable policies, which is anticipated to improve other product categories [2][3][13] - The price of raw milk is currently low, and the company is expected to benefit from cost advantages in Q1 2026 [3][4][14] Group 2 - The low-temperature product category is identified as a key growth driver, with successful new product launches and collaborations with various channels, including the recent success of the "Caramel Burnt Milk Pudding" in the Sam's channel [3][13] - The company is making adjustments to its ambient product lines to address challenges in growth due to industry conditions and consumer habits, which is expected to lead to improvements [2][3][13] - Policy support for childbirth is likely to boost milk powder consumption, as indicated by recent government initiatives aimed at reducing out-of-pocket expenses for childbirth [3][4][13] Group 3 - The company is positioned to achieve steady growth in its low-temperature business, supported by its strategic focus on product innovation and market positioning [5][15] - The company is expected to enhance its profitability through ongoing improvements in product structure and digital capabilities, even as raw milk prices fluctuate [4][14]

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly on the liquor sector, with a focus on high-quality companies for long-term investment [3][7]. Core Insights - The report emphasizes the importance of domestic demand, which has been highlighted by authoritative media and government officials since mid-December 2025. It notes that the high-end liquor prices have recently declined, indicating a market shift towards finding a balance between volume and price [3][7]. - For 2026, the report anticipates a double-digit decline in sales volume in Q1, with a potential stabilization in Q2 and a turning point in fundamentals by Q3. If the fundamentals recover as expected, a dual boost in valuation and performance is anticipated towards the end of 2026 and into 2027 [3][7]. - The report recommends several key liquor companies, including Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while also suggesting attention to other brands like Yingjia Gongjiu and Jinhuijiu [3][7]. - In the consumer goods sector, the report highlights opportunities in the supply chain related to condiments, frozen foods, and dairy products, recommending companies such as Anjijia, Yili, and Qianhe Flavoring [3][10]. Summary by Sections 1. Food and Beverage Weekly Insights - The food and beverage sector experienced a decline of 2.26% last week, with liquor down 2.79%, underperforming the broader market [6][33]. - The report notes that the liquor sector's performance is closely tied to the upcoming Spring Festival, with expectations of improved market conditions compared to the previous months [11]. 2. Market Performance of Food and Beverage Sectors - The report indicates that the food and beverage industry underperformed the Shenwan A index by 1.95 percentage points, with the liquor sector lagging behind by 2.48 percentage points [33][34]. 3. Key Company Updates - Guizhou Moutai announced a significant adjustment to its online sales strategy, which is expected to have a profound impact on both the company and the industry. The adjustment includes a new product matrix aimed at better consumer engagement and market pricing [8][11]. - The report also mentions that Moutai's product prices have seen a decline, with the retail price for its flagship product dropping to 1490 yuan per bottle, reflecting a broader trend in the high-end liquor market [8][19].

Investment Strategy and Key Stock Portfolio - The report emphasizes the importance of enhancing macro governance effectiveness and maintaining a positive policy tone, with a combination of more proactive fiscal policy and moderately loose monetary policy expected to continue [4][9] - The focus is on expanding domestic demand and stabilizing investment, with recent policy adjustments such as the relaxation of housing purchase restrictions in Beijing and a reduction in the value-added tax rate for second-hand home sales [4][9] - The report highlights the potential for a pause in interest rate cuts by the Federal Reserve in the first half of the coming year, as recent U.S. GDP data exceeded expectations, driven by a rebound in personal consumption [10] Key Stock Recommendations - **Jinfa Technology (金发科技, 600143.SH)**: Positioned to transition from a comprehensive plastic leader to a high-end chemical materials platform, benefiting from strong demand in emerging industries [11][14] - **Hengli Petrochemical (恒力石化, 600346.SH)**: As a leading private refining enterprise, it is expected to benefit from a new cycle of refining prosperity due to its extensive production capacity and diversified product offerings [11][14] - **Satellite Chemical (卫星化学, 002648.SZ)**: Anticipated to enter a new growth phase with improved profitability in aromatics and polyester chains, supported by its cost control and market position [11][14] - **Huidi Technology (汇得科技, 603192.SH)**: Expected to maintain high-quality growth due to strong demand for polyurethane materials and a favorable cost environment [11][14] - **Aikodi (爱柯迪, 600933.SH)**: Positioned to benefit from the recovery of its robotics segment and potential contracts with Tesla, enhancing its growth prospects [11][14] - **TeBao Bio (特宝生物, 688278.SH)**: Anticipated to see significant growth driven by its core product and expanding R&D pipeline [11][14] - **New Dairy (新乳业, 002946.SZ)**: Expected to improve profitability through product innovation and a focus on low-temperature products [11][14] - **Zhongke Lanyun (中科蓝讯, 688332.SH)**: Positioned to benefit from AI-driven growth in the electronics sector, with a comprehensive product line [11][14] - **Hengxuan Technology (恒玄科技, 688608.SH)**: Focused on high-end SOC chips and AIOT applications, with strong competitive positioning [11][14] - **Jereh Group (杰瑞股份, 002353.SZ)**: Expected to see robust growth supported by its diversified business and significant orders in the natural gas sector [11][14] ETF Recommendations - **Southern CSI 1000 ETF (南方中证 1000ETF, 512100.OF)**: Notable growth of 29.27% year-to-date, tracking the CSI 1000 Index [15] - **E Fund CSI Artificial Intelligence Theme ETF (易方达中证人工智能主题, 159819.OF)**: Strong performance with a 70.29% increase year-to-date [15] - **Chemical ETF (化工 ETF, 159870.OF)**: Gained 43.01% year-to-date, reflecting the performance of the chemical industry [15] - **Huatai-PB CSI Major Consumption ETF (汇添富中证主要消费 ETF, 159928.OF)**: Slight decline of 2.40% year-to-date [15] - **Southern CSI Shenwan Nonferrous Metals ETF (南方中证申万有色金属 ETF, 512400.OF)**: Significant growth of 98.26% year-to-date [15]

Core Viewpoint - The controversy surrounding Hua Yu Hua's design for the Mixue Ice City flagship store has sparked significant public debate, particularly regarding the aesthetic choices and branding strategies employed by the company [1][4][12]. Group 1: Controversy and Public Reaction - Hua Yu Hua's founder, Hua Shan, faced backlash after defending the design of the Mixue Ice City flagship store, attributing criticism to a misunderstanding of color usage [4][12]. - The flagship store in Hangzhou has drawn large crowds, shifting the focus from design criticism to the store's popularity and product offerings [4][5]. - Hua Shan's comments, which included references to Confucius and national pride, were perceived as dismissive of public opinion, leading to further criticism of both him and Hua Yu Hua [12][13]. Group 2: Marketing Impact and Brand Strategy - Hua Yu Hua played a significant role in elevating Mixue Ice City from a local brand to a national sensation through catchy advertising, such as the viral song "You Love Me, I Love You, Mixue Ice City Sweet" [5][21]. - Despite the controversy, the success of Mixue Ice City is attributed to its strategic management and product quality, rather than solely to advertising efforts [5][23]. - As Mixue Ice City expands internationally, there is a need for a rebranding strategy to avoid being associated with "low" aesthetics, especially in competitive markets like North America [6][28][34]. Group 3: International Expansion and Pricing Strategy - Mixue Ice City has opened approximately 4,700 stores in 13 countries, focusing on a low-cost pricing strategy to attract customers [28][30]. - The pricing of Mixue Ice City's products in the U.S. ranges from $1.19 to $4.99, significantly lower than competitors like Starbucks, which charges nearly $6 for a latte [30][31]. - However, concerns have been raised about the sustainability of this pricing model in the North American market, where consumer expectations and competition are evolving [32][34].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, specifically focusing on the dairy sector [1]. Core Insights - The dairy industry in China is experiencing a phase of market size adjustment, with the market growing from 388 billion CNY in 2012 to 686 billion CNY in 2022, reflecting a compound annual growth rate (CAGR) of 5.9%. However, a decline of 3.1% is expected in 2024, bringing the market size to 659 billion CNY [5][13]. - The competitive landscape is characterized by a "two super, many strong" structure, with leading companies like Yili and Mengniu holding approximately 45% market share, which creates brand barriers and enhances competitive advantages [5][31]. - The report emphasizes the importance of monitoring the supply-demand structure in the dairy market, as supply is expected to decrease marginally while demand shows signs of weak recovery [5][36]. Summary by Sections Market Size and Consumption - The dairy market in China is undergoing a phase of adjustment, with liquid milk being the primary consumption category, accounting for 44% of the market in 2024 [5][16]. - Per capita dairy consumption in China is significantly below global averages, with a projected consumption of 41.5 kg per year in 2024, which is about one-third of the global average [5][19]. Competitive Landscape - The dairy industry is structured into three tiers: national, regional, and local companies, with Yili and Mengniu as the leading national players [5][31]. - The competitive advantages of leading dairy companies are expected to improve due to enhanced brand influence and consumer recognition [5][33]. Supply and Demand Structure - The supply of dairy products is expected to decrease marginally, with a reported production of 26.85 million tons in the first eleven months of 2025, a decline of 1.2% year-on-year [5][36]. - The report highlights the need to focus on the supply-demand structure, as policy catalysts may improve dairy demand [5][27]. Low-Temperature Milk and Cheese Market - The low-temperature milk segment is growing faster than the overall industry, with a market size of 41.8 billion CNY in 2024, reflecting a year-on-year growth of 6.63% [5][44]. - The cheese market is also expanding, with production increasing from 127,000 tons in 2019 to 203,000 tons in 2023, although the self-sufficiency rate remains low at 12.3% [5][50]. Online and Retail Channels - The sales structure for dairy products is predominantly offline, with online and instant retail channels contributing to growth, showing year-on-year increases of 4.3% and 2.8% respectively [5][69]. - The report indicates that the dairy industry is increasingly leveraging online channels to enhance market competitiveness and reach consumers more effectively [5][71]. Investment Strategy - The report suggests maintaining an "Overweight" rating for the food and beverage sector, with a focus on companies like Yili (600887), New Dairy (002946), and Miaokelando (600882) as key investment targets [5][73].

Core Insights - New Hope Dairy successfully utilizes emotional resonance and innovative storytelling in its microfilm "Chinese Style Freshness" to engage consumers and enhance brand marketing [1][2] - The film has been recognized as an influential communication case in the 2025 New Consumption and New Economy Awards hosted by Caijing [1] Group 1: Marketing Strategy - New Hope Dairy employs a unique narrative structure that combines unexpected plot twists with relatable parenting themes, making the content engaging and humorous [2] - The four short films target common parenting issues such as overbearing parenting and blind comparisons, allowing viewers to connect emotionally while being entertained [2] - The campaign encourages user participation and discussion on social media, enhancing brand visibility and connection with the audience [2] Group 2: Product Strategy - New Hope Dairy focuses on the low-temperature dairy segment, offering products like "24-hour fresh milk" that promise superior nutritional benefits compared to regular milk [6] - The product lineup includes probiotic yogurt and natural, additive-free yogurt, catering to family health needs and emphasizing the concept of freshness [6] Group 3: Brand Positioning - The brand integrates its products into everyday family scenarios, reinforcing the message that New Hope Dairy products are essential for a fresh and healthy lifestyle [12][7] - Local dialects are incorporated into the film to enhance relatability and strengthen the brand's connection with regional consumers [13][17] - New Hope Dairy's strategy emphasizes localized marketing and product offerings, aligning with current trends towards personalized and community-focused business models [17][18]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603156 | 乔元饮品 | 26.60 | -2.28% | 5.66万 | 1.51亿 | | 300915 | 海融科技 | 24.42 | -2.16% | 1.17万 | 2875.51万 | | 600429 | 三元股份 | 5.42 | -1.81% | 40.57万 | 2.21亿 | | 600882 | 妙可蓝多 | 26.93 | -1.64% | 7.79万 | 2.11亿 | | 605300 | 佳木食品 | 12.00 | -1.64% | 4.08万 | 4921.46万 | | 605499 | 东鹏饮料 | 268.33 | -1.39% | 1.19万 | 3.20亿 | | 300892 | 品屋食品 | 31.75 | -1.34% | 2.89万 | 9226.72万 | | 605337 | 李子园 | 12.12 | -1.30% | 4.83万 | 5892.31万 | | 605388 | 均 ...

Summary of New Dairy Industry Conference Call Company Overview - **Company**: New Dairy Industry - **Period**: First three quarters of 2025 - **Performance**: Maintained double-digit growth, with significant contributions from subsidiaries in East China, though growth rates varied across regions [2][4] Key Insights Growth and Performance - **Overall Growth**: New Dairy Industry experienced double-digit growth in low-temperature products, while room temperature products faced pressure [4] - **Regional Performance**: East China subsidiaries, including Hangzhou Shuangfeng, Suzhou Shuangxi, and Anhui Baidi, achieved over double-digit revenue growth. Southwest region's Chengdu Huaxi maintained revenue and profit growth despite slower growth rates [5][19] - **Brand Contributions**: Hangzhou Shuangfeng's annual revenue exceeds 700 million, with a target of maintaining close to double-digit growth. Vipshop aims for 1 billion with double-digit growth [6][10] Product Insights - **Product Mix**: Low-temperature products account for over 55% of total sales, with low-temperature yogurt and fresh milk each contributing over 20%. Low-temperature fresh milk has a gross margin of approximately 40%, higher than the 30% for low-temperature yogurt, both crucial for overall margin improvement [9][22] - **Sales Price Stability**: Sales prices for low-temperature white milk and yogurt remained stable in 2025, with a decrease in promotional expenses indicating reduced competitive pressure [15][23] Strategic Adjustments - **Channel Strategy**: New Dairy Industry adjusted channel strategies and team structures to improve operations in Kunming Xuelan, showing early positive results [2][11] - **New Retail Channels**: Summer Jin optimized teams and expanded new retail channels, including partnerships with Sam's Club and Kudi Coffee, leading to improved performance in room temperature products [13][14] Future Outlook - **2026 Growth Targets**: Different subsidiaries have varying growth targets for 2026, with higher expectations for Vipshop and East China subsidiaries due to untapped market potential [8] - **Raw Milk Price Trends**: Expected stability or slight decline in raw milk prices in 2025, with potential impacts on terminal competition and expense allocation if prices rise [3][23] Financial Management - **Profitability Enhancement**: Strategies for enhancing net profit include structural optimization, new product promotion, channel expansion, and cost control measures [26] - **Debt Management**: The company has no pressure regarding the repayment of 700 million convertible bonds due in December 2026, supported by cash flow and performance [27] Additional Important Points - **Brand Performance Variability**: Brands in East China showed rapid growth due to reduced competition and successful new product promotions, while Southwest brands like Chengdu Huaxi showed slower growth but still positive trends [16][19] - **Experience Replication**: Successful strategies from Anhui Baidi are being replicated in the West China region, contributing to market stabilization and new customer acquisition [17] - **Long-term Strategy**: The company aims to maintain current growth momentum in consumer-potential markets, with a focus on revenue growth in the coming years [20]

（文章来源：证券日报） 证券日报网讯 12月25日，新乳业发布公告称，公司2025年12月25日召开2025年第二次临时股东大会， 审议通过《关于2025年半年度利润分配方案的议案》等多项议案。 ...