Market Overview - The beverage and dairy sector increased by 0.14% on September 19, with Tianrun Dairy leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Tianrun Dairy (600419) closed at 10.28, up 1.78% with a trading volume of 87,600 shares and a transaction value of 89.67 million yuan [1] - Dongpeng Beverage (605499) closed at 299.34, up 1.25% with a trading volume of 22,700 shares and a transaction value of 678 million yuan [1] - Yangyuan Beverage (603156) closed at 21.24, up 0.81% with a trading volume of 21,700 shares and a transaction value of 45.78 million yuan [1] - Other notable stocks include Xibu Muye (300106) at 11.49 (+0.70%) and Liziyuan (605337) at 13.27 (+0.53%) [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 157 million yuan from institutional investors, while retail investors saw a net inflow of 138 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Dongpeng Beverage saw a net inflow of 72.40 million yuan from institutional investors, while it experienced a net outflow of 51.02 million yuan from speculative funds [3] - Xibu Muye had a net inflow of 20.37 million yuan from institutional investors, but a net outflow of 2.29 million yuan from retail investors [3] - Tianrun Dairy had a net inflow of 4.29 million yuan from institutional investors, with a net outflow of 5.49 million yuan from retail investors [3]

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].

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于新疆西部牧业股份有限公司 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由深圳证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 1 2025 年第三次临时股东会的 法律意见书 国枫律股字[2025]A0437 号 致：新疆西部牧业股份有限公司（贵公司） 北京国枫律师事务所（以下简称" ...

新疆西部牧业股份有限公司 2025 年第三次临时股东大会决议公告 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.本次股东大会无增加、变更、否决提案的情况。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 证券代码：300106 证券简称：西部牧业 公告编号：临2025-042 参加本次股东大会现场会议的股东及股东授权委托代表人共 1 名， 代表公司有表决权股份 88,378,171 股，占公司有表决权股份总数的 41.82%。 3.通过网络投票出席会议的情况 参加本次股东大会网络投票的股东共 130 名，均为中小股东，代表 公司有表决权股份 1,051,320 股，占公司有表决权股份总数的 0.50%。 3.本次股东大会以现场投票和网络投票相结合的表决方式召开。 一、会议召开和出席情况 新疆西部牧业股份有限公司（以下简称"公司"）2025 年第三次临 时股东大会于 2025 年 9 月 12 日 14:30 在新疆石河子市开发区北一东路 28 号公司办公楼二楼会议室召开。本次会议采取现场投票与网络投票结 合的表决方式，网络投票由公司委托 ...

Group 1 - The core viewpoint of the article highlights the growth of industrial enterprises in the Xinjiang Uygur Autonomous Region, with a total of 5,381 enterprises reported from January to July 2025, marking an increase of 465 enterprises compared to the same period last year, representing a year-on-year growth of 9.46% [1][1][1] - The report indicates that the number of industrial enterprises in Xinjiang accounts for 1.03% of the national total [1][1][1] - The data presented is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, a leading industry consulting firm in China [1][1][1] Group 2 - The article references various listed companies related to the industrial sector, including Guanghui Energy, New Natural Gas, and others, indicating potential investment opportunities [1][1][1] - Zhiyan Consulting has been engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1][1][1] - The report titled "2025-2031 China Industrial Cloud Industry Market Deep Assessment and Investment Opportunity Forecast" is mentioned, suggesting a focus on future market trends and investment potential [1][1][1]

Group 1 - The core point of the article is that Western Pastoral has announced that Debon Securities Co., Ltd. has been appointed as the financial advisor for Xinjiang Tiande Biological Co., Ltd. regarding its acquisition matters, currently in the continuous supervision phase [2] - The company received a letter from Debon Securities on September 10, 2025, regarding the change of the lead financial advisor [2] - The original financial advisors, Mr. Huang Xiaoluo and Mr. Li Jiayao, were appointed, but Mr. Li Jiayao has left due to personal work changes, and Mr. Huang Xiaoluo along with Ms. Liao Xiaojing will continue to fulfill the responsibilities of the lead financial advisors [2]

Group 1 - The company, Xibu Muye, reported that as of September 10, the total number of shareholders is 24,200 [2]

证券代码：300106 证券简称：西部牧业 公告编号：临 2025-041 新疆西部牧业股份有限公司 关于变更持续督导财务顾问主办人的公告 1 附件：廖晓靖女士简历 廖晓靖女士，经济学硕士，保荐代表人。曾主持或参与舜宇精工 （831906）北交所、华蓝集团（301027.SZ）、新光药业（300519.SZ）、 南大光电（300364.SZ）IPO，久联发展(002037.SZ)、梦舟股份 (600255.SH)非公开发行，新赛股份(600540.SH)配股，五洋科技 (300420.SZ)、金瑞矿业(600714.SH)、汇通能源 (600605.SH)重大资产 重组财务顾问，宏达新材（002211.SZ）收购方财务顾问等，具有丰 富的投资银行业务经验。 2 公司于 2025 年 9 月 10 日收到德邦证券发来的《德邦证券股份有 限公司关于变更财务顾问主办人的函》，德邦证券原委派黄晓洛先生、 李佳曜先生担任财务顾问主办人，其中李佳曜先生因个人工作变动原 因离职，不再担任财务顾问主办人，由黄晓洛先生和廖晓靖女士继续 履行财务顾问主办人的相关职责。廖晓靖女士简历详见附件。 本次财务顾问主办人的变更不会对持续督 ...

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 ...

（文章来源：北京商报） 9月9日，西部牧业在投资者互动平台表示，公司下属花园乳业、天山云牧乳业均拥有成人奶粉、婴幼儿 配方奶粉生产线，已推出全脂奶粉、有机全脂奶粉、有机A2全脂奶粉、益生菌多维奶粉、哈萨克奶茶 粉、5个系列婴幼儿配方奶粉等。截至目前，公司下属乳制品加工企业主要采用自产自销模式，仅有少 量全脂奶粉代加工业务，暂无扩大奶粉生产线的投资计划。 ...