Company Overview - Panda Dairy is a national high-tech enterprise specializing in dairy product production, R&D, sales, and technical services, established in 1996 and listed on the Shenzhen Stock Exchange in 2020 [3] - The company has received numerous accolades, including being recognized as an excellent enterprise in the dairy industry and a provincial hidden champion [3] - Panda Dairy holds 73 patents and has launched various products, including mozzarella cheese and reduced-sugar condensed milk [3] Financial Performance - The core dairy product business has shown good performance in recent years, with expectations for positive growth due to recovering consumer demand and new channel development [3] - The company has experienced a decline in profits this year primarily due to rising raw material costs [10] Business Segments 1. **Condensed Milk** - The main product, holding the second position in the industry and first among Chinese brands [3] - Strong growth potential in the beverage and baking sectors, with a focus on small B-end applications [4] - The company has successfully expanded its distribution channels, increasing the number of secondary and specialized distributors [5] 2. **Cream** - The cream product market has low concentration, with domestic brands holding minimal market share [5] - Future opportunities include domestic substitution, growing health demands, and technological advantages [5] 3. **Coconut-flavored Products** - Produced in Hainan, including coconut milk and coconut cream, with recent capacity expansion to meet demand [5] 4. **Cheese** - The cheese market has seen significant growth, with successful consumer education and increased acceptance [5] - The company offers both B2B and B2C products, including cheese slices and snacks, targeting both home and restaurant applications [5] Investment and Strategic Initiatives - The company has invested in Youxian Workshop, focusing on cheese-based snacks [6] - Future plans include increasing the distribution of ambient cheese sticks and snacks, with a focus on e-commerce channels [9] Q&A Highlights - The company anticipates improved profit margins for mozzarella cheese due to decreasing raw material costs [7] - Strategic reserves of raw materials have been established to mitigate price fluctuations [8] - The company has previously engaged in co-branding activities, such as collaborations with KFC, and plans to explore more partnerships [10]

投资者关系活动记录表格式 证券代码：300898 证券简称：熊猫乳品 熊猫乳品集团股份有限公司投资者关系活动记录表 编号：2021-002 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|-------|---- ...

证券代码：300898 证券简称：熊猫乳品 熊猫乳品集团股份有限公司投资者关系活动记录表 编号：2021-003 | --- | --- | --- | |----------------------------|--------------------------------------|----------------------------| | | | | | | √特定对象调研 | □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | 西藏合众易晟：何芳 | | | | 博道基金：陈磊 | | | | 中国人寿养老保险：徐昊 | | | | 绿地金融控股：郑琢璞 | | | | 中信证券：鲍明明 | | | 参与单位名称及人员姓名 | 安信证券：李珊珊 | | | | 沣沛投资：李爽 | | | | 一鸣基金：曾平安 | | | | 中融汇信：刘帅 | | | | 上海煜德投资：孙佳丽 | | | 时间 | 2021 年 6 月 3 日 | 9: ...

证券代码：300898 证券简称：熊猫乳品 熊猫乳品集团股份有限公司投资者关系活动记录表 编号：2021-004 | --- | --- | |----------------------------|----------------------------| | | | | | √分析师会议 | | | □媒体采访 √业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | | | （请文字说明其他活动内容） | | | 东证融汇证券：张超凡 | | | 东方资管：周 云 | | | 雪石投资：郝鹏哲 | | | 前海圣耀资本：段紫薇 | | | 睿扬：郑捷捷 | | | 神农投资：赵晚嘉 | | 参与单位名称及人员姓名 | 点钢投资：王春立 | | | 九霄投资：陈帅 | | | 同茂富民：罗月庭 | | | 辰悦资产：朱淏源 | | | 六禾投资：石嘉婧 | | | 和基投资：赵伟 | | | | | 时间 | 14:00—15:00 | | 地点 | | | 上市公司接待人员姓名 | | | 投资者关系活动主要内容介绍 | | | 附件清单（如有） | | | 日期 | | ...

Company Overview - The "Panda" brand has over 60 years of history, focusing on the R&D, production, and sales of concentrated dairy products and dairy trade [2] - The company operates three factories in Zhejiang, Shandong, and Hainan, with main products including condensed milk, cheese, cream, and coconut milk [2] - The company has established both distribution and direct sales channels, covering most provinces in China [2] Financial Performance - For the first half of the year, the company reported revenue of CNY 390 million, a year-on-year increase of 65.48% [2] - Net profit reached CNY 36.32 million, up 222.37% year-on-year, primarily due to the recovery of the catering market and strong development of end customers [2][3] Product Insights - Condensed milk is the core product, holding the second-largest market share in China and the largest among domestic brands [2] - The company is actively expanding into the cheese sector, launching products like mozzarella cheese and children's cheese sticks [2] - Frozen coconut milk has gained popularity this summer, with partnerships established with major tea beverage clients [2][5] Strategic Focus - The company aims to prioritize cheese as a second growth curve, with a focus on both B2B and B2C markets [4] - The cheese product line is being developed with a focus on differentiation, targeting second and third-tier cities to avoid intense competition [6] Competitive Landscape - In the condensed milk market, the company has surpassed competitors in the catering sector, while facing challenges in retail due to competitors' advantages [9] - The company emphasizes flexibility in new product development and application compared to competitors [10] Marketing and Distribution - The company is adjusting its marketing strategies based on market conditions, considering collaborations for elevator advertising and leveraging the Panda brand as a strong IP [11] - Changes in the distributor network have occurred due to the pandemic, with a focus on developing end channels in baking and beverage sectors [10]

证券代码：300898 证券简称：熊猫乳品 熊猫乳品集团股份有限公司投资者关系活动记录表 编号：2021-006 | --- | --- | --- | --- | |----------------------------|--------------------------------------|----------------------------|-------| | | | | | | | □特定对象调研 | √分析师会议 | | | | □媒体采访 √业绩说明会 | | | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 | （请文字说明其他活动内容） | | | | 东方基金：吕燕晨 | | | | | 淳厚基金：祁洁萍 | | | | | 华安证券：陆金鑫 | | | | | 递归资产：陈曦 | | | | 参与单位名称及人员姓名 | 金元顺安基金：侯斌 | | | | | 国网英大集团：王理廷 | | | | | 和聚：宋月婷 | | | | 时间 | 2021 年 11 月 4 日 | 15:00—16:00 | | | ...

证券代码：300898 证券简称：熊猫乳品 熊猫乳品集团股份有限公司投资者关系活动记录表 编号：2022-003 | --- | --- | --- | |-------------------------------------|-------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Group 1: Company Performance Overview - In 2021, the company achieved a revenue of 857 million yuan, a year-on-year increase of 25%, marking the highest revenue growth in a decade [2] - The net profit attributable to shareholders was 77.35 million yuan, showing a decline due to reduced government subsidies and rising raw material costs [2] - In Q1 2022, revenue was 193 million yuan, a year-on-year decrease of 1.76%, with net profit dropping by approximately 2 million yuan, primarily due to increased raw material costs [2] Group 2: Pricing and Inventory Management - The company has raised prices for nearly all condensed milk products, with significant price adjustments communicated to distributors [3] - Overall inventory levels among distributors remain healthy, with slight sales increases in regions less affected by the pandemic [4] Group 3: Growth Strategies and Market Outlook - The revenue target for 2022 is set at 880 million yuan, with traditional condensed milk expected to drive growth alongside cheese and thick coconut milk products [4] - The company aims to surpass international brands in the food industry within three to five years, leveraging local advantages and flexible product specifications [5] Group 4: Product Development and Market Expansion - The company is actively upgrading its cream products and expanding its customer base in the food industry [5] - Cheese is identified as a core growth area, with ongoing efforts to enhance product offerings and optimize sales channels [6] Group 5: Regional Focus and Marketing Investments - Marketing investments for the cheese business are primarily directed towards the consumer market, with a shift in focus to rapidly growing regions in central and western China [6] - The number of cheese distributors is expected to increase significantly, with a focus on maintaining sales expense ratios similar to previous years [6]

证券代码：300898 证券简称：熊猫乳品 熊猫乳品集团股份有限公司投资者关系活动记录表 编号：2022-005 | --- | --- | --- | |-----------------------------------------------------------|-----------------------------------------|----------------------------| | | | | | | □特定对象调研 √分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | | | | | □其他 | （请文字说明其他活动内容） | | 形式 ☐ | 现场 ☐ 网上 | 电话会议 | | | 方正证券：张东雪、孙思茹 | | | | 国泰基金：陆静 | | | | 恒越基金：刘高 | | | | 鸿运私募基金：朱伟华 | | | | 永柏联投投资：张强 | | | | | | | 参与单位名称及人员姓名 | 上海甄盛资产：章沛 | | | | 深圳前海汇杰达理资本：解睿 ...

证券代码：300898 证券简称：熊猫乳品 熊猫乳品集团股份有限公司投资者关系活动记录表 编号：2022-006 | --- | --- | --- | --- | --- | |-----------------------------------------------------------|---------------------------------|----------------------------|-------|-------| | | | | | | | | □特定对象调研 √分析师会议 | | | | | | □媒体采访 □业绩说明会 | | | | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | □其他 | （请文字说明其他活动内容） | | | | 形式 ☐ | 现场 ☐ 网上 | 电话会议 | | | | | 天风证券：吴文德、陈丹、任金星 | | | | | | 国海证券：樊志鹏 | | | | | | 建信理财：万婕妤 | | | | | 参与单位名称及人员姓名 | 华鑫基金：苏香 混沌投资：黎晓楠 | ...