Core Insights - The company reported a revenue of 5.526 billion yuan for H1 2025, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 397 million yuan, up 33.76% year-on-year [1] - The company achieved a significant increase in gross margin and net profit margin in Q2 2025, indicating strong operational efficiency and cost management [3] - The company is committed to its "Fresh Cube Strategy," focusing on product and channel development to drive growth in the competitive dairy industry [4] Financial Performance - For H1 2025, the company generated revenue of 5.526 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 411 million yuan, reflecting increases of 33.76% and 31.17% year-on-year respectively [1] - In Q2 2025, the company reported revenue of 2.901 billion yuan, a year-on-year increase of 5.46%, and a net profit of 263 million yuan, up 27.37% year-on-year [1] - The gross margin for H1 2025 was 30.02%, and for Q2 2025 it was 30.49%, showing year-on-year increases of 0.79 and 1.40 percentage points respectively [3] Business Model Analysis - In H1 2025, the company’s direct sales and distribution revenues were 3.387 billion yuan and 1.726 billion yuan, showing year-on-year growth of 22.96% and a decline of 18.75% respectively [1] - The company’s liquid milk, milk powder, and other products generated revenues of 5.067 billion yuan, 46 million yuan, and 413 million yuan in H1 2025, with year-on-year growth rates of 4.60%, 32.29%, and a decline of 14.99% respectively [2] Regional Performance - In H1 2025, the company’s revenue from different regions was as follows: Southwest 1.970 billion yuan, East China 1.605 billion yuan, North China 451 million yuan, Northwest 667 million yuan, and others 832 million yuan, with year-on-year growth rates of 5.09%, 6.79%, -15.81%, -1.86%, and 7.92% respectively [2] Strategic Initiatives - The company is focusing on the development of low-temperature products, which saw double-digit growth in H1 2025, particularly in high-end fresh milk and the "Today Fresh Milk" brand [4] - The company is enhancing its brand exposure through increased advertising spending, which rose by 25.17% year-on-year, while also achieving significant reductions in labor and management costs [3] Investor Returns - The company has prioritized investor returns, with a 90% increase in the total amount of mid-year and annual dividends for 2024 compared to the previous year [5]

公司点评 | 新乳业 鲜立方战略坚定落地，盈利能力显著提升 证券研究报告 2025 年 08 月 28 日 新乳业（002946.SZ）2025 年半年报点评 事件：公司发布 25 年半年报，25H1 实现营收/归母净利润/扣非归母净利润分 别为 55.26 亿元/3.97 亿元/4.11 亿元，对应分别+3.0%/+33.8%/+31.2%；25Q2 实现营收/归母净利润/扣非归母净利润分别为 29.0 亿元/2.6 亿元/2.7 亿元， 对应分别+5.5%/+27.4%/+26.9%。 低温战略成效显著，核心品类驱动增长。在行业需求分化的背景下，公司坚定 "鲜立方"战略，低温品类销售额同比增超 10%。其中，高端鲜奶与"今日鲜 奶铺"均实现双位数增长，"活润"系列凭借产品创新与场景拓展，实现超 40% 的高速增长。鲜立方驱动下，25H1 公司液奶收入+4.6%至 50.7 亿元，在营收占 比进一步提升至 91.7% 渠道端：DTC 模式继续引领公司增长，25H1 直销模式收入+23.0%至 33.9 亿元， 营收占比提升至 66.3%；顺应趋势推动线上线下深度融合，25H1 电商渠道收入 +15.4%至 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5] Core Views - The company has shown robust revenue growth of 5.46% year-on-year and a significant profit increase of 27.37% in Q2 2025, driven by its low-temperature product strategy [4][5] - The company is expected to achieve its annual profit margin improvement target, with a net profit margin increase of 1.65 percentage points in the first half of the year [4][5] - The company is focusing on enhancing profitability through sub-brand penetration and direct-to-consumer (DTC) channels, indicating a clear long-term growth path [5] Financial Performance - In H1 2025, the company achieved revenue of 5.526 billion yuan, a 3.01% increase year-on-year, and a net profit of 397 million yuan, up 33.76% year-on-year [4] - The gross margin for Q2 2025 was 30.49%, an increase of 1.4 percentage points year-on-year, attributed to the improved product mix with a higher proportion of low-temperature products [4] - The company expects continued revenue growth in H2 2025, supported by strong performance in its low-temperature segment and effective brand strategies [4][5] Market Position and Strategy - The company is building differentiated competitive barriers in a challenging consumption environment, focusing on low-temperature products where it is gaining market share [5] - The company’s core markets in Southwest and East China have shown steady growth, with low-temperature products experiencing double-digit growth [4][5] - The company plans to leverage its headquarters to drive synergy among sub-brands for platform development [5] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.83 yuan, 0.95 yuan, and 1.10 yuan respectively, with a corresponding valuation of 22 times for 2025 [5][6]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21 yuan [2][8]. Core Views - The company reported a revenue of 5.526 billion yuan for the first half of 2025, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 397 million yuan, up 33.76% year-on-year [2][8]. - The second quarter of 2025 saw a revenue of 2.901 billion yuan, reflecting a year-on-year growth of 5.46%, and a net profit of 263 million yuan, which is a 27.37% increase year-on-year [2][8]. - The company plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling 60.2474 million yuan, corresponding to a dividend payout ratio of 15% [2][8]. Financial Performance Summary - The total revenue forecast for 2024 is 10.665 billion yuan, with expected growth rates of 5.0% in 2025, 5.6% in 2026, and 5.8% in 2027 [4]. - The net profit attributable to shareholders is projected to be 538 million yuan in 2024, with growth rates of 33.4% in 2025, 15.8% in 2026, and 14.4% in 2027 [4]. - Earnings per share (EPS) are expected to be 0.62 yuan in 2024, increasing to 0.83 yuan in 2025, 0.97 yuan in 2026, and 1.10 yuan in 2027 [4]. Sales and Profitability Insights - The company has shown a significant improvement in sales structure and cost optimization, leading to a gross margin of 30.49% in Q2 2025, an increase of 1.4 percentage points year-on-year [8]. - The sales, management, R&D, and financial expense ratios were 15.9%, 2.93%, 0.43%, and 0.77%, respectively, with an overall expense ratio decline of 0.38 percentage points year-on-year [8]. - The net profit margin reached 9.36%, up 1.67 percentage points year-on-year, indicating strong profitability [8]. Growth Drivers and Future Outlook - The company is expected to maintain revenue growth in the second half of 2025, driven by the stability of ambient milk and continued growth in low-temperature milk [8]. - The focus on low-temperature milk and product innovation is anticipated to enhance revenue resilience and profitability [8]. - The company has adjusted its EPS forecasts for 2025-2027 to 0.83, 0.97, and 1.10 yuan, respectively, reflecting a positive outlook on earnings growth [8].

2025年8月28日，新乳业(002946.SZ)发布2025年中报。 公司营业总收入为55.26亿元。归母净利润为3.97亿元。经营活动现金净流入为6.48亿元，较去年同报告期经营活动现金净流入减少3604.18万元，同比较去年 同期下降5.27%。 公司最新资产负债率为62.53%，在已披露的同业公司中排名第20，较上季度资产负债率增加0.29个百分点。 公司最新毛利率为30.02%。最新ROE为12.11%。 公司摊薄每股收益为0.46元。 公司最新总资产周转率为0.62次。最新存货周转率为6.09次。 公司股东户数为1.84万户，前十大股东持股数量为6.96亿股，占总股本比例为80.91%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | Universal Dairy Limited | 65.0 | | 2 | 新希望投资集团有限公司 | 11.4 | | 3 | 席刚 | 1.18 | | ব | 中国工商银行股份有限公司-中欧价值智选回报混合型证券投资基金 | 0.69 | | 5 | 香港中央结算有限公司 | 0.52 | | ...

2025年8月28日，新乳业(002946.SZ)发布2025年中报。 公司营业总收入为55.26亿元，在已披露的同业公司中排名第2，较去年同报告期营业总收入增加1.61亿 元，实现5年连续上涨，同比较去年同期上涨3.01%。归母净利润为3.97亿元，在已披露的同业公司中排 名第3，较去年同报告期归母净利润增加1.00亿元，实现5年连续上涨，同比较去年同期上涨33.76%。经 营活动现金净流入为6.48亿元，在已披露的同业公司中排名第2。 公司最新资产负债率为62.53%，较去年同期资产负债率减少7.06个百分点。 公司摊薄每股收益为0.46元，在已披露的同业公司中排名第3，较去年同报告期摊薄每股收益增加0.12 元，实现5年连续上涨，同比较去年同期上涨35.29%。 公司最新总资产周转率为0.62次，在已披露的同业公司中排名第1，较去年同期总资产周转率增加0.03 次，实现5年连续上涨，同比较去年同期上涨4.29%。最新存货周转率为6.09次，在已披露的同业公司中 排名第3，较去年同期存货周转率增加0.04次，实现2年连续上涨，同比较去年同期上涨0.68%。 公司股东户数为1.84万户，前十大股东持股数量为 ...

Core Insights - The company reported a revenue increase of 3.01% to 5.526 billion yuan for the first half of 2025, with a net profit rise of 33.76% to 397 million yuan [1] Revenue Breakdown - Direct sales model contributed 3.387 billion yuan, accounting for 66.25% of total revenue, with a gross margin of 33.11%, showing a year-on-year increase of 22.96% [2] - Distribution model generated 1.726 billion yuan, representing 33.75% of total revenue, with a gross margin of 30.45%, reflecting a year-on-year decrease of 18.75% [2] - Overall, the total revenue from main business activities was 5.113 billion yuan, with a gross margin of 32.21%, indicating a year-on-year increase of 4.80% [2] Product Performance - Liquid milk revenue grew by 4.60% to 5.067 billion yuan, while milk powder revenue increased by 32.29% to 46.014 million yuan [3] - The total number of distributors decreased by 472, from 3,461 at the beginning of the period to 2,989 at the end [3]

债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 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、审议程序 证券代码：002946 证券简称：新乳业 公告编号：2025-043 计共计派发现金股利 60,247,380.48 元（含税），不送红股，不以资本公积转增 股本。 （二）股本总额发生变动时分配方案的调整原则 在本方案披露之日至利润分配实施股权登记日期间，若公司总股本由于可转 债转股、股份回购等原因发生变化，将按照每股分配比例不变的原则，每股分配 现金股利金额不变、对分配总额进行调整。该利润分配方案与公司在招股说明书 和其他公开披露文件中做出的承诺、公司章程规定的分配政策以及股东回报计划 等一致。 三、现金分红方案合理性说明 公司 2025 年半年度利润分配方案符合《上市公司监管指引第 3 号——上市 公司现金分红》《上市公司自律监管指引第 1 号——主板上市公司规范运作》及 《公司章程》等关于利润分配的相关规定。该利润分配方案综合考虑公司经营业 绩、经营净现金流情况、经营发展与股东回报，符合公司确定的利润分配政策， 具备合法性、合 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a total revenue of 5.526 billion yuan for H1 2025, representing a year-on-year growth of 3.01%, while the net profit attributable to shareholders was 397 million yuan, up 33.76% year-on-year [7] - The growth in revenue is primarily driven by the low-temperature product segment, which saw sales increase by over 10%, with high-end fresh milk and the "Today's Fresh Milk Shop" achieving double-digit growth [7] - The company is focusing on a "fresh strategy" to enhance its fresh milk business and has set a target for profit margin improvement as part of its five-year strategy launched in 2023 [7] Financial Data and Profit Forecast - The company forecasts net profits of 687 million, 839 million, and 974 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28%, 22%, and 16% [6] - The gross margin for H1 2025 improved to 30.02%, with the liquid milk and dairy products segment achieving a gross margin of 32.21% [7] - The report indicates that the company's net profit margin for H1 2025 was 7.18%, an increase of 1.65 percentage points year-on-year [7]

证券日报网讯 8月27日晚间，新乳业（002946）发布公告称，2025年半年度公司实现营业收入5，525， 634，023.98元，同比增长3.01%；归属于上市公司股东的净利润为396，513，914.27元，同比增长 33.76%。 ...