证券之星消息，2025年4月24日熊猫乳品（300898）发布公告称公司于2025年4月24日召开分析师会议，方 正证券王泽华 谌保罗 梁甜、同泰基金唐之超、上银基金管理有限公司林竹、中信证券赵康、建信基金管 理有限责任公司杨荔媛、深圳茂源财富管理有限公司钟华、上海混沌投资(集团)有限公司黎晓楠、上海望 道中观私募基金管理有限公司王钱维、招商证券资产管理有限公司孙妤、青骊投资管理(上海)有限公司李 署、方正-高净机构-荷荷北京(对内)唐巍、华鑫证券肖燕南、太平基金管理有限公司陈豪、工银瑞信基金 管理有限公司谷衡、诺安基金管理有限公司(北京)邓心怡 李迪、东方证券自营杨春燕、正圆投资亓辰、建 信基金蒋严泽、景顺长城曾理、格林基金刘冬、中信建投黄鹏、万家基金李公民、涌贝资产管理有限公司 骆峰、上海浩瑜恒投资管理有限公司张鹏飞、恒生前海基金鲁娜、广发基金曾质彬、长信基金安昀、中海 基金刘俊、天治基金管理有限公司王策源、东方基金管理有限责任公司吕燕晨、进门财经刘常青、九泰基 金管理有限公司袁多武、上海仙人掌私募基金管理合伙企业(有限合伙)卢崇春、中银理财有限责任公司郭 艳超参与。 具体内容如下： 问：公司2024年度 ...

Group 1: Financial Performance - In 2024, the company's revenue was 764 million, a year-on-year decrease of 19.29% [3] - The net profit attributable to the parent company in 2024 was 102 million, down 5.98% year-on-year [3] - In Q1 2025, revenue was 170 million, a year-on-year decrease of 8.27%, with net profit at 13.61 million, down 48.76% [4] Group 2: Cost and Margin Analysis - The gross margin for 2024 was 28.4%, an increase of 5.27 percentage points year-on-year [3] - In Q1 2025, the gross margin was 25.05%, a decrease of 3.81 percentage points year-on-year, primarily due to the decline in gross margin from coconut products [4] - The increase in management expenses in Q1 was mainly due to costs associated with the acquisition of Nanhang Pharmaceutical and the operation of Kebo Technology [5] Group 3: Research and Development - R&D expenses increased by 12.88% in 2024 as the company expanded its R&D team to enhance innovation capabilities [3] - New product launches in 2024 and Q1 2025 included various dairy base, cream, and cheese products [3] Group 4: Market and Product Strategy - The company is focusing on product innovation and has increased resource allocation to meet the demands of major clients [3] - The coconut raw material prices are expected to face short-term pressure due to supply and demand factors, with strategies in place to restore gross margins through price adjustments and new customer development [7][8] - Youshan Workshop achieved a 30% year-on-year revenue growth in Q1, with new products expected to launch mid-year [9]

Core Viewpoint - Panda Dairy reported a significant decline in performance for Q1 2025, with a revenue of 170 million yuan, down 8.27% year-on-year, and a net profit of 14 million yuan, down 48.76% year-on-year, raising market concerns [1][2] Financial Performance - The company's operating costs decreased by 3.35% year-on-year, primarily due to optimization of raw material costs [1] - However, the increase in expense ratios, particularly a 9.79% rise in management expenses due to higher labor costs, has pressured profits [1] - The net cash flow from operating activities turned negative, attributed to reduced sales collections and increased prepaid goods [1] - Investment income plummeted by 138.99%, resulting from decreased returns on financial products and expanded losses from joint ventures, significantly impacting net profit [1] Product and Market Performance - Main business revenue stood at 170 million yuan, a decline from 185 million yuan in the same period last year, reflecting an 8.27% decrease [1] - Despite stable revenue contribution from core dairy products, sales of condensed milk and cheese products fell due to market demand fluctuations [1] - Traditional stronghold regions in East and South China continue to contribute major revenue, while the company is attempting to penetrate lower-tier markets through e-commerce channels [1] - The overseas business primarily focuses on Southeast Asia, with market expansion results yet to be verified [1] Stock Market Reaction - Despite the poor performance, Panda Dairy's stock price experienced unusual movements, with a cumulative increase of over 30% in three consecutive trading days [2] - The company confirmed that there were no significant changes in its operational status or external environment, and no undisclosed major matters exist [2] - Analysts express concerns regarding the company's valuation, suggesting that without effective product competitiveness and cost structure optimization, relying solely on raw material cost reductions may not reverse the performance decline [2] - Future developments in new market expansion, product research and development, and adjustments in investment strategies will be critical factors influencing the company's performance [2]

Core Insights - Panda Dairy's 2024 annual report shows a significant decline in revenue and a smaller decrease in net profit, indicating a divergence in performance amid a deep adjustment cycle in the dairy industry [2] - The company's traditional condensed milk business is contracting, raising questions about the ability of emerging product categories to support the company through this cycle [2] Financial Performance - The company achieved an operating income of 764 million yuan, down 19.29% year-on-year, and a net profit attributable to shareholders of 102 million yuan, down 5.98% [2] - A decline in raw material costs has provided a buffer for profits, with the gross margin increasing by 5.27 percentage points to 28.40% despite pressure from the tea beverage sector [2] - The fourth quarter saw a year-on-year net profit decline of 10.45%, reflecting intensified market competition [2] Market Trends - The growth rate of the new tea beverage industry is expected to slow from 18.7% in 2023 to 12.4% by 2025, posing long-term pressure on Panda Dairy's core condensed milk products [2] Business Segments - The coconut product line has emerged as a highlight, generating 76.7 million yuan in revenue, marking it as one of the few growth areas in the performance report [2] Channel Challenges - The company faces challenges from channel transformation, with over 40% of sales coming from the top five customers, increasing structural risk amid slowing industry growth [3] - To adapt to channel changes, Panda Dairy is accelerating its expansion into e-commerce and community retail, although online business has a gross margin 5-8 percentage points lower than traditional channels [3] - The company must navigate the dual challenges of brand recognition and high logistics costs while balancing channel expansion and profit margins [3] Strategic Outlook - The transition from scale expansion to value competition in the dairy industry will test Panda Dairy's strategic resilience as it seeks to balance traditional business contraction with the cultivation of new growth areas [3]

证券代码：300898 证券简称：熊猫乳品 公告编号：2025-022 熊猫乳品集团股份有限公司 关于举办 2024 年度及 2025 年第一季度业绩说明会的公告 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。 熊猫乳品集团股份有限公司（以下简称"熊猫乳品"或"公司"）于 2025 年 4 月 18 日在巨潮资讯网上披露了《2024 年年度报告》、《2024 年年度报告摘要》， 于 2025 年 4 月 24 日在巨潮资讯网上披露了《2025 年第一季度报告》。为便于 广大投资者更加全面地了解公司经营业绩、发展战略等情况，公司定于 2025 年 4 月 30 日（星期三）15:00-16:00 在同花顺路演平台举办公司 2024 年度及 2025 年第一季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建 议。 一、说明会召开的时间、地点和方式 四、联系人及咨询办法 会议召开时间：2025 年 4 月 30 日（星期三）15:00-16:00 会议召开地点：同花顺路演平台 会议召开方式：网络互动方式 二、参与人员 董事长、总经理 LI DAVID ...

熊猫乳品集团股份有限公司 第四届监事会第十一次会议决议公告 本公司及监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、监事会会议召开情况 熊猫乳品集团股份有限公司（以下简称"熊猫乳品"或"公司"）第四届监 事会第十一次会议于 2025 年 4 月 22 日（星期二）在公司会议室以通讯方式召 开。会议通知已于 2025 年 4 月 15 日通过邮件的方式送达各位监事。本次会议应 出席监事 3 人，实际出席监事 3 人。 会议由监事会主席徐同礼先生主持。会议召开符合《中华人民共和国公司法》、 《中华人民共和国证券法》等有关法律、法规、规章和《熊猫乳品集团股份有限 公司章程》的规定。 证券代码：300898 证券简称：熊猫乳品 公告编号：2025-020 三、备查文件 1、第四届监事会第十一次会议决议。 特此公告。 熊猫乳品集团股份有限公司 经与会监事认真审议，充分讨论，审慎表决，会议审议通过了以下议案： （一）审议通过《关于<2025 年第一季度报告>的议案》 经审核，监事会认为：董事会编制的《2025 年第一季度报告》，其审议、表 决程序符合法律法规、规范性文件的规定 ...

证券代码：300898 证券简称：熊猫乳品 公告编号：2025-019 一、董事会会议召开情况 熊猫乳品集团股份有限公司（以下简称"熊猫乳品"或"公司"）第四届董 事会第十二次会议于 2025 年 4 月 22 日（星期二）在公司会议室以通讯方式召 开。会议通知已于 2025 年 4 月 15 日通过邮件的方式送达各位董事。本次会议应 出席董事 9 人，实际出席董事 9 人。 会议由董事长 LI DAVID XI AN（李锡安）先生主持。会议召开符合《中华人 民共和国公司法》、《中华人民共和国证券法》等有关法律、法规、规章和《熊 猫乳品集团股份有限公司章程》的规定。 二、董事会会议审议情况 经与会董事认真审议，充分讨论，审慎表决，会议审议通过了以下议案： （一）审议通过《关于<2025 年第一季度报告>的议案》 公司董事会在全面审核公司《2025 年第一季度报告》后，一致认为：公司 《2025 年第一季度报告》编制和审核的程序符合相关法律法规，报告内容真实、 准确、完整地反映了公司 2025 年第一季度经营的实际情况，不存在虚假记载、 误导性陈述或重大遗漏。 熊猫乳品集团股份有限公司 第四届董事会第十二次会议 ...

Financial Performance - The company's revenue for Q1 2025 was ¥169,696,090.58, representing a decrease of 8.27% compared to ¥184,985,427.86 in the same period last year[5] - Net profit attributable to shareholders was ¥13,613,433.56, down 48.76% from ¥26,566,060.66 year-on-year[5] - Basic and diluted earnings per share decreased by 48.74% to ¥0.1098 from ¥0.2142 in the same period last year[5] - Total operating revenue decreased to ¥169,696,090.58 from ¥184,985,427.86, a decline of approximately 8.0% year-over-year[20] - Net profit fell to ¥13,041,692.95 compared to ¥26,897,196.82 in the previous period, representing a decline of approximately 51.5%[21] - Basic and diluted earnings per share decreased to ¥0.1098 from ¥0.2142, a drop of about 48.7%[22] Cash Flow - The net cash flow from operating activities was negative at -¥4,958,818.32, a decline of 149.94% compared to ¥9,929,471.42 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥4,958,818.32, compared to a net inflow of ¥9,929,471.42 in the previous period[22] - Investment activities generated a net cash outflow of -¥14,792,256.84, a 71.30% improvement compared to -¥51,532,728.51 in the previous year[12] - Investment activities resulted in a net cash outflow of ¥14,792,256.84, compared to a larger outflow of ¥51,532,728.51 in the previous period[23] - Financing activities generated a net cash outflow of ¥460,649.08, a significant decrease from the outflow of ¥56,052,915.82 in the previous period[23] Assets and Liabilities - Total assets increased by 1.04% to ¥1,103,140,631.91 from ¥1,091,825,944.97 at the end of the previous year[5] - Current assets totaled CNY 739,389,864.47, slightly up from CNY 730,533,397.67 at the start of the period[18] - Inventory increased to CNY 115,122,430.82 from CNY 98,917,432.27, reflecting a growth of approximately 16.4%[18] - The company's total liabilities decreased to CNY 97,748,197.45 from CNY 98,247,615.27, indicating a reduction of about 0.5%[19] - The equity capital remained stable at CNY 124,000,000.00, with capital reserves slightly decreasing to CNY 413,633,957.38 from CNY 414,861,545.58[19] - Accounts payable rose significantly to CNY 36,134,030.53 from CNY 23,949,551.62, marking an increase of approximately 51.0%[19] - The company reported a decrease in cash and cash equivalents to CNY 161,433,387.36 from CNY 182,298,822.88, a decline of about 11.4%[18] - Long-term equity investments decreased to CNY 8,278,654.31 from CNY 9,122,651.48, reflecting a decline of approximately 9.3%[18] - The company’s non-current assets totaled CNY 363,750,767.44, up from CNY 361,292,547.30, indicating a growth of about 0.7%[19] - The company’s total liabilities to equity ratio improved slightly, reflecting a more favorable financial position[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,127[13] - The total equity attributable to shareholders increased to ¥996,663,737.42 from ¥984,277,892.05, reflecting a growth of approximately 1.4%[20] - The total liabilities and equity reached ¥1,103,140,631.91, up from ¥1,091,825,944.97, indicating a growth of about 1.0%[20] Other Information - The first quarter report of the company is unaudited[24] - The new accounting standards will be implemented starting from 2025[25]

Core Viewpoint - The company experienced a significant decline in overall revenue and net profit in 2024, while achieving a notable improvement in gross margin and profitability [2][3]. Financial Performance - Total revenue and net profit for 2024 were 764 million and 102 million yuan, respectively, reflecting a year-on-year decrease of 19% and 6% [2]. - In Q4 2024, revenue and net profit were 196 million and 24 million yuan, showing a year-on-year decline of 18% and 10% [2]. - Gross margin and net margin for 2024 were 28% and 13%, respectively, with year-on-year increases of 5.3 and 2.2 percentage points [2]. - Q4 2024 gross margin and net margin were 29% and 12%, with year-on-year increases of 7.0 and 1.3 percentage points [2]. - Operating net cash flow and sales collection for 2024 were 176 million and 929 million yuan, reflecting year-on-year declines of 4% and 17% [2]. - Q4 2024 operating net cash flow and sales collection were 35 million and 265 million yuan, with year-on-year declines of 59% and 16% [2]. Product Performance - Revenue from concentrated dairy products, coconut products, and dairy trade in 2024 was 585 million, 44 million, and 126 million yuan, respectively, with year-on-year declines of 10.06%, 42.60%, and 38.37% [3]. - Concentrated dairy products showed a sales volume decrease of 12.85% but an average price increase of 3.21%, with a gross margin increase of 4.28 percentage points [3]. - Coconut products experienced a significant sales volume decline of 49.43%, while the average price increased by 13.51%, leading to a gross margin decrease of 16.91% [3]. Channel and Regional Performance - Revenue from direct sales, distribution, and trade in 2024 was 169 million, 468 million, and 126 million yuan, with year-on-year declines of 22.55%, 10.32%, and 38.37% [4]. - The company maintained a stable distribution network with 146 distributors by the end of 2024, an increase of 12 distributors [4]. - Regional revenue for 2024 was 384 million, 128 million, 78 million, and 175 million yuan for East China, South China, North China, and other regions, with varying year-on-year changes [4]. Profitability Outlook - The company is expected to consolidate its core business in condensed milk and continue to develop a second growth curve, optimizing retail channel construction [5]. - Projected EPS for 2025-2027 are 0.89, 0.99, and 1.13 yuan, with corresponding PE ratios of 36, 32, and 28 times at the current stock price [5].

2025 年 04 月 19 日 业绩短期承压，期待下游改善 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-04-18 | | --- | --- | | 当前股价（元） | 31.4 | | 总市值（亿元） | 39 | | 总股本（百万股） | 124 | | 流通股本（百万股） | 115 | | 52 周价格范围（元） | 14.97-37 | | 日均成交额（百万元） | 173.67 | 市场表现 -40 -20 0 20 40 60 80 100 120 (%) 熊猫乳品 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《熊猫乳品（300898）：盈利能 力改善，炼乳增长势能延续》2024- 08-19 2、《熊猫乳品（300898）：利润端 增速亮眼，多极增长逻辑清晰》 2024-04-25 3、《熊猫乳品（300898）：新品渠 道布局顺利 ...