德邦证券股份有限公司 关于 新疆西部牧业股份有限公司收购报告书 之 2025 年半年度持续督导意见 财务顾问 二〇二五年九月 1 声明 2024 年 6 月 20 日，八师国资委出具"师国资权〔2024〕17 号"《关于将国 资公司持有的西部牧业 41.82%股权无偿划转至天得生物的通知》，同意石河子国 资公司将其持有的西部牧业 41.82%股权无偿划转至天得生物。本次划转后，天 得生物成为上市公司控股股东，石河子国资公司将不再持有上市公司的股份。本 次变动方式为无偿划转。 本次权益变动前，石河子国资公司持有西部牧业 41.82%的股份，为上市公 司控股股东，上市公司实际控制人为八师国资委。 本次交易完成后，天得生物持有上市公司 41.82%股份，为上市公司控股股 东，实际控制人仍为八师国资委。 2024 年 9 月 9 日，上市公司收到中国证券登记结算有限责任公司出具的《证 券过户登记确认书》，确认石河子国资公司持有的公司 88,378,171 股无限售流通 股已过户至天得生物，同日，上市公司发布《关于控股股东国有股权无偿划转完 成过户登记暨控股股东发生变更的公告》。 本财务顾问接受天得生物委托，担任天得生 ...

Core Viewpoint - The company, Xibu Muye, has confirmed that its subsidiaries, Huayuan Dairy and Tianshan Yunmu Dairy, possess production lines for adult milk powder and infant formula milk powder, indicating a diversified product range in the dairy sector [2] Group 1: Product Offerings - The company has launched several products including whole milk powder, organic whole milk powder, organic A2 whole milk powder, probiotic multi-vitamin milk powder, and Kazakh milk tea powder [2] - The infant formula product line includes five series of infant formula milk powder [2] Group 2: Business Model and Future Plans - Currently, the company's dairy processing enterprises primarily operate on a self-produced and self-sold model, with only a small portion of whole milk powder being produced through contract manufacturing [2] - There are no plans to expand the milk powder production lines at this time [2]

Core Viewpoint - Western Dairy (西部牧业) has confirmed through its investor interaction platform that its subsidiaries, Huayuan Dairy and Tianshan Yunmu Dairy, possess production lines for adult milk powder and infant formula milk powder, indicating a diversified product range in the dairy sector [1] Group 1 - The company has launched several product lines, including whole milk powder, organic whole milk powder, organic A2 whole milk powder, probiotic multi-dimensional milk powder, and Kazakh milk tea powder, along with five series of infant formula milk powder [1] - Currently, the dairy processing enterprises under the company primarily adopt a self-production and self-marketing model, with only a small amount of whole milk powder being produced through contract manufacturing [1] - There are no current plans to expand the milk powder production lines, suggesting a focus on optimizing existing operations rather than increasing capacity [1]

Core Viewpoint - The company has a limited milk powder contract manufacturing business and does not plan to expand its milk powder production lines at this time [2]. Group 1: Company Operations - The company operates through its subsidiaries, Huayuan Dairy and Tianshan Yunmu Dairy, which have production lines for adult milk powder and infant formula [2]. - The company has launched several products, including whole milk powder, organic whole milk powder, organic A2 whole milk powder, probiotic multi-nutritional milk powder, and Kazakh milk tea powder, along with five series of infant formula [2]. - Currently, the main business model of the company's dairy processing enterprises is self-production and self-sale, with only a small amount of whole milk powder being produced through contract manufacturing [2].

西部牧业今年以来股价涨34.62%，近5个交易日跌0.34%，近20日跌2.72%，近60日涨8.34%。 今年以来西部牧业已经2次登上龙虎榜，最近一次登上龙虎榜为4月10日，当日龙虎榜净买入9963.49万 元；买入总计1.75亿元 ，占总成交额比22.08%；卖出总计7509.68万元 ，占总成交额比9.49%。 资料显示，新疆西部牧业股份有限公司位于新疆石河子市开发区北一东路28号，成立日期2003年6月18 日，上市日期2010年8月20日，公司主营业务涉及乳制品加工与销售、饲料生产与销售、分割肉加工与 销售、种畜养殖与销售等。主营业务收入构成为：乳制品86.28%，饲料8.25%，其他5.46%。 西部牧业所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：新疆建设兵团、微盘股、小 盘、喀什规划区、西部开发等。 9月8日，西部牧业盘中上涨2.25%，截至13:57，报11.82元/股，成交9402.54万元，换手率3.81%，总市 值24.98亿元。 截至8月29日，西部牧业股东户数2.43万，较上期减少12.27%；人均流通股8696股，较上期增加 13.99%。2025年1月-6月，西部 ...

Core Viewpoint - Western Dairy announced on September 5 that its subsidiaries, Huayuan Dairy and Tianshan Yunmu Dairy, have operational milk powder production lines and are producing normally [1] Group 1: Company Operations - The company’s dairy processing enterprises are committed to continuous product research and development [1] - The company is actively expanding sales channels to enhance product sales [1]

证券日报网讯西部牧业（300106）9月4日在互动平台回答投资者提问时表示，截至8月29日公司的股东 总数为2.43万户。 ...

证券日报网讯9月3日晚间，西部牧业（300106）发布公告称，2025年8月份，公司自产生鲜乳生产量为 2，540.33吨。 ...

Core Viewpoint - The dairy sector in the A-share market is experiencing a notable upward trend, with several stocks showing significant gains despite broader market conditions [1]. Group 1: Stock Performance - Pinwo Food (品渥食品) increased by approximately 8.88%, with a total market capitalization of 3.885 billion [2]. - Junyao Health (均瑶健康) rose by 7.28%, reaching a market value of 5.488 billion [2]. - Knight Dairy (骑士乳业) saw a gain of 6.65%, with a market cap of 2.348 billion [2]. - Panda Dairy (熊猫乳品) grew by 5.21%, valued at 3.607 billion [2]. - Beiyinmei (贝因美) increased by 4.64%, with a market capitalization of 7.550 billion [2]. - Maiqu'er (麦趣尔) rose by 4.19%, valued at 1.646 billion [2]. - Western Pastoral (西部牧业) increased by 3.89%, with a market cap of 2.481 billion [2]. - Zhuangyuan Pastoral (庄园牧场) saw a rise of 3.81%, valued at 1.916 billion [2]. - Huangshi Group (皇氏集团) increased by 3.55%, with a market capitalization of 3.155 billion [2]. - Sunshine Dairy (阳光乳业) rose by 3.00% [1]. Group 2: Year-to-Date Performance - Pinwo Food has a year-to-date increase of 21.72% [2]. - Junyao Health has risen by 46.75% year-to-date [2]. - Knight Dairy shows a year-to-date increase of 59.97% [2]. - Beiyinmei has a year-to-date increase of 66.03% [2]. - Maiqu'er has risen by 20.69% year-to-date [2]. - Western Pastoral has a year-to-date increase of 33.71% [2]. - Zhuangyuan Pastoral shows a year-to-date increase of 30.15% [2]. - Huangshi Group has a year-to-date increase of 4.41% [2].

Key Points - Tianpu Co., Ltd. announced a suspension of trading for stock verification due to multiple instances of abnormal trading fluctuations from August 22 to September 3, with a reminder for investors about market risks [1] - China Shipbuilding Industry Corporation announced a share exchange ratio of 1:0.1339 for the merger with China Shipbuilding, with the stock ceasing to be listed from September 5, 2025 [2] - Chengdu Huamei reported that its 40G high-precision RF ADC chip is still in the trial production stage and has not achieved mass sales, indicating market demand uncertainty [2] - Taihe Technology's sulfide solid electrolyte project is currently in the trial production phase and has not generated sales revenue [3] - Robotech signed a contract worth approximately €946.50 million for fully automated silicon photonic packaging equipment, expected to positively impact the company's future performance [4] - Wento Holdings reported that its cinema and gaming businesses are still in the recovery phase post-restructuring, with potential uncertainties in future operations [5] - Xibu Muye's fresh milk production increased by 4.8% month-on-month in August [6] - China Shipbuilding announced the implementation of a share exchange merger with China Heavy Industry [6] - Gansu Energy plans to invest CNY 40.89 billion in a wind-solar integrated project [6] - Xinhua Medical's endoscope cleaning workstation received a Class II medical device registration certificate [6]