Core Viewpoint - The dairy sector has shown a positive performance with a 1.67% increase, ranking fifth among concept sectors, driven by significant gains in stocks like Knight Dairy, Pinwo Food, and Keta Bio [1][2]. Group 1: Market Performance - As of May 15, the dairy concept sector rose by 1.67%, with 27 stocks increasing in value [1]. - Leading gainers included Knight Dairy (+7.03%), Pinwo Food (+6.61%), and Keta Bio (+6.25%) [1]. - The sector experienced a net inflow of 199 million yuan, with 18 stocks receiving net inflows, and 8 stocks exceeding 10 million yuan in net inflow [2]. Group 2: Key Stocks and Fund Flow - Yili Group led the net inflow with 97.81 million yuan, followed by Panda Dairy (45.28 million yuan), Pinwo Food (34.40 million yuan), and Miaokelando (33.50 million yuan) [2]. - The top three stocks by net inflow ratio were Panda Dairy (11.31%), New Agricultural Development (10.95%), and Yili Group (8.64%) [3]. - The trading turnover rates for key stocks included Panda Dairy (11.57%), Pinwo Food (20.55%), and Miaokelando (3.82%) [3][4].

乳业板块午后拉升，品渥食品（300892）、骑士乳业涨超9%，熊猫乳品（300898）涨超5%，西部牧业 （300106）、贝因美（002570）跟涨。 ...

Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]

证券代码：300898 证券简称：熊猫乳品 公告编号：2025-024 熊猫乳品集团股份有限公司 2024 年年度股东大会决议公告 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、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 2、召开地点：浙江省温州市苍南县灵溪镇建兴东路 650 号兴业楼一楼会议 室 3、召开方式：现场结合网络 4、召集人：熊猫乳品集团股份有限公司（以下简称"公司"）董事会 5、主持人：董事长 LI DAVID XI AN（李锡安）先生 6、本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股东会 规则》《深圳证券交易所创业板股票上市规则》等有关法律、行政法规、部门规 章、规范性文件和《熊猫乳品集团股份有限公司章程》的有关规定。 二、会议出席情况 （一）股东出席的总体情况 一、会议召开情况 1、召开时间：2025 年 5 月 9 日（星期五）15:00 参加本次股东大会现场会议和网络投票表决的股东及股东代理人共 97 人， 代表有表决权的公司股份数合计为 41,808,330 ...

熊猫乳品集团股份有限公司 浙江金道律师事务所 关 于 2024 年年度股东大会之 法律意见书 浙江省杭州市文二路 391 号西湖国际科技大厦 A 座 9-12 楼 邮政编码：310012 总机：0571-87006666 传真：0571-87006661 网址：www.zjblf.com 二〇二五年五月 浙江金道律师事务所 法律意见书 致：熊猫乳品集团股份有限公司 浙江金道律师事务所（以下简称"本所"）接受熊猫乳品集团股份有限公司 （以下简称"公司"）的委托，指派本所朱嵘律师、余方晟律师（以下简称"本 所律师"）出席公司于 2025 年 5 月 9 日召开的 2024 年年度股东大会（以下简称 "本次股东大会"），对公司本次股东大会召开的合法性进行见证，并依法出具 本法律意见书。 本法律意见书系依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会 规则》（以下简称"《股东大会规则》"）、《深圳证券交易所创业板股票上市 规则》（以下简称"《上市规则》"）和《熊猫乳品集团股份有限公司章程》（以 下简称"《公司章程》"）出具。 本法律意见书 ...

中国经济网北京5月8日讯熊猫乳品（300898）(300898.SZ)昨日晚间发布关于实际控制人的一致行动 人、高级管理人员、持股5%以上股东及其一致行动人减持股份的预披露公告。公司于近日收到股东陈 秀芝、林文珍、宁波梅山保税港区宝升投资管理合伙企业(有限合伙)、郭红及其一致行动人周炜出具的 《关于股份减持计划的告知函》。 持有公司股份4,200,000股(占公司总股本比例3.3871%)的实际控制人的一致行动人陈秀芝计划在公告披 露之日起15个交易日后的3个月内以集中竞价方式和大宗交易方式合计减持公司股份1,200,000股(占本公 司总股本比例0.9677%)。 持有公司股份47,250股(占公司总股本比例0.0381%)的副总经理林文珍计划在公告披露之日起15个交易日 后的3个月内以集中竞价方式减持公司股份11,813股(占本公司总股本比例0.0095%)。 持有公司股份7,000,000股(占公司总股本比例5.6452%)的大股东宁波梅山保税港区宝升投资管理合伙企 业(有限合伙)计划在公告披露之日起15个交易日后的3个月内以集中竞价方式和大宗交易方式合计减持 公司股份500,000股(占本公司总股本比 ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 证券代码：300898 证券简称：熊猫乳品 公告编号：2025-023 熊猫乳品集团股份有限公司 关于实际控制人的一致行动人、高级管理人员、持股 5%以上 股东及其一致行动人减持股份的预披露公告 公司实际控制人的一致行动人陈秀芝、高级管理人员林文珍、持股 5%以上股东宁 波梅山保税港区宝升投资管理合伙企业（有限合伙）、持股 5%以上股东郭红及其一致 行动人周炜保证向本公司提供的信息内容真实、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、持有熊猫乳品集团股份有限公司（以下简称"本公司"或"公司"）股份 4,200,000 股（占本公司总股本比例 3.3871%）的实际控制人的一致行动人陈秀芝 计划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式和大宗交易方 式合计减持本公司股份 1,200,000 股（占本公司总股本比例 0.9677%）。 2、持有公司股份 47,250 股（占本公司总股本比例 0.0381%）的高级管理人员 林文珍计划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式减持本 ...

Group 1: Business Performance - The company's revenue for Q1 was 170 million RMB, a year-on-year decrease of 8.27%, with net profit down 48.76% to 13.61 million RMB [17] - The total revenue and net profit for 2024 are projected to be 764 million RMB and 102 million RMB, respectively, reflecting year-on-year declines of 19.29% and 5.98% [22] - The gross margin for Q1 was 25.05%, down 3.81 percentage points, primarily due to decreased margins from the coconut product line [18] Group 2: Dividend Policy - The proposed profit distribution plan for 2024 is to distribute 6.00 RMB per 10 shares, totaling 74.4 million RMB, subject to shareholder approval on May 9, 2025 [4] - The company aims to maintain a sustainable dividend policy, considering industry conditions and funding needs [4] Group 3: Product Development and Market Strategy - The growth in the condensed milk business is driven by new distributors and optimized regional layouts, focusing on R&D and meeting diverse market needs [3] - The company plans to enhance its ToC business through partnerships and new product launches, targeting double-digit growth in 2024 [5] - New product lines, including cream and cheese, have started contributing to sales, although scaling up will take time [6] Group 4: Risk Management and Market Conditions - The company has established a mature raw material procurement strategy to mitigate risks from price fluctuations [13] - The cautious trading strategy in the dairy trade business is a response to commodity trading risks and currency fluctuations [15] Group 5: Brand and Market Presence - The company has strengthened its brand influence in East and South China, recognized as a "Chinese Time-honored Brand" in 2024 [8] - The company has opened flagship stores on major e-commerce platforms like Pinduoduo, Tmall, and Douyin to enhance online sales [9][28] Group 6: Customer and Channel Management - Major direct customers include large food manufacturers such as Mengniu Dairy and Yili Group [16] - The company continues to develop customized products for different channels and clients, enhancing customer service [23]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Views - The company's performance is under short-term pressure due to rising costs, with revenue and net profit showing declines in Q1 2025 [6] - The company is expected to benefit from new product launches, particularly in the coconut product segment, which has shown significant growth [7] - The earnings forecast for 2025-2027 indicates a gradual recovery in profitability, with projected EPS of 0.89, 0.99, and 1.13 yuan respectively [8] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit were 1.70 million yuan and 0.14 million yuan, reflecting year-on-year declines of 8.3% and 48.8% respectively [6] - The gross margin and net margin were 25% and 8%, down 3.8 and 6.9 percentage points year-on-year [6] - Operating cash flow remained stable, but sales collections decreased by 16.8% year-on-year [6] Product Performance - Excluding trading business, overall revenue remained flat year-on-year, with strong performance in the core business [7] - The coconut product segment saw a near doubling in growth, driven by the recovery of major clients and the acquisition of new customers [7] Earnings Forecast - The company is expected to consolidate its core business while developing a second growth curve through improved retail channel construction [8] - The projected main revenue for 2025 is 783 million yuan, with a growth rate of 2.4% [11] - The forecasted net profit for 2025 is 110 million yuan, with a growth rate of 7.1% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Views - The company's performance is under short-term pressure due to rising costs, with revenue and profit impacted significantly. Q1 2025 total revenue and net profit were CNY 1.70 billion and CNY 0.14 billion, respectively, reflecting year-on-year declines of 8.3% and 48.8% [6] - The company is focusing on new product development, particularly in the coconut product segment, which has shown strong growth. Q1 2025 coconut product revenue nearly doubled year-on-year, driven by the recovery of major clients and the acquisition of new customers [7] - The company is expected to consolidate its core business while developing a second growth curve through improved retail channel construction. EPS forecasts for 2025-2027 are CNY 0.89, CNY 0.99, and CNY 1.13, with corresponding PE ratios of 35, 32, and 28 times [8] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin and net margin were 25% and 8%, respectively, down by 3.8 and 6.9 percentage points year-on-year. Operating cash flow remained stable, but sales collections decreased by 16.8% year-on-year [6] - The company reported a total of CNY 0.10 billion in contract liabilities as of the end of Q1 2025, a decrease of CNY 0.04 billion from the previous quarter [6] Product Development - The company is actively developing new products such as coconut cream and premium cheese, targeting the high-end market. The baking industry is also seen as a potential area for future growth [7] Earnings Forecast - The company is projected to achieve main revenue of CNY 783 million in 2025, with a growth rate of 2.4%. Net profit is expected to reach CNY 110 million, reflecting a growth rate of 7.1% [11]