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 | ...

熊猫乳品集团股份有限公司 2022 年第三季度报告 熊猫乳品集团股份有限公司 2022 年第三季度报告 2022 年 10 月 1 熊猫乳品集团股份有限公司 2022 年第三季度报告 证券代码：300898 证券简称：熊猫乳品 公告编号：2022-068 熊猫乳品集团股份有限公司 2022 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期增减 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | | | 年同期增减 | | 营业收入（元） | 266,299,357.80 ...

Financial Performance - Panda Dairy reported a significant increase in revenue, achieving RMB 1.2 billion in the first half of 2022, representing a 15% growth compared to the same period in 2021[18]. - The company's revenue for the first half of 2022 was ¥378,234,880.28, a decrease of 3.10% compared to the same period last year[23]. - Net profit attributable to shareholders was ¥22,784,422.06, down 37.28% year-on-year[23]. - The net cash flow from operating activities was -¥48,964,260.27, a decline of 179.61% compared to the previous year[23]. - The company's total sales revenue for the concentrated dairy products business reached ¥247,926,777.20, with a year-on-year increase of 6.64%[47]. - The company's total revenue for the first half of 2022 was 25,413,558.88 CNY, a decrease of 27.27% compared to the previous year[68]. - The total profit for the first half of 2022 was CNY 27,664,494.41, down from CNY 48,642,030.66 in the first half of 2021, a decrease of about 43.1%[186]. - The basic earnings per share for the first half of 2022 was CNY 0.1823, compared to CNY 0.2930 in the first half of 2021, a decline of approximately 37.9%[187]. Strategic Initiatives - The company plans to expand its product line, focusing on the development of new dairy products, including cheese and yogurt, to capture a larger market share[18]. - The company has identified potential acquisition targets in the regional market to enhance its distribution network and product offerings[18]. - Market expansion efforts include entering new provinces, with a goal to increase market penetration by 30% in the next fiscal year[18]. - The company plans to enhance its product quality and expand its market presence through strategic capital operations and product development[34]. - The company aims to diversify its product offerings, with a focus on cheese and plant-based foods, to mitigate risks associated with a single product line[39]. - The company is actively identifying and addressing counterfeit products in the market to protect its brand reputation[38]. - The company plans to accelerate the construction of marketing channels, focusing on expanding direct sales customers and refining the distributor network[37]. Operational Efficiency - Panda Dairy is investing in new technology for production efficiency, with an expected reduction in operational costs by 5% due to automation upgrades[18]. - The company has established three production bases in Cangnan, Shandong, and Hainan, implementing a production plan based on sales forecasts and inventory levels[40]. - The company employs a "make-to-order" production strategy, adjusting production plans based on sales forecasts and inventory levels[53]. - The company has established a sales management structure focusing on "product + channel + region," with four major sales departments[47]. Market Trends and Risks - User data indicates a 20% increase in customer engagement through online platforms, reflecting a growing trend towards e-commerce in the dairy sector[18]. - The company has faced risks related to raw material price fluctuations, which could impact profit margins if not managed effectively[4]. - The company faces risks from intensified market competition and fluctuations in raw material prices, particularly for milk powder and sugar[34][35]. - The company has faced delays in project timelines due to the COVID-19 pandemic and related logistics issues[86]. Financial Management - Panda Dairy will not distribute cash dividends or issue bonus shares for the current fiscal year, focusing instead on reinvestment for growth[5]. - The company has ongoing major non-equity investments, including a project for producing concentrated dairy products with an expected investment of 17.69 million CNY[77]. - The company has a significant reliance on a major direct sales customer, Xiangpiaopiao, which poses a risk if their purchasing behavior changes[38]. - The company has implemented a crisis response plan to minimize the negative impact of public health events on its operations[37]. Research and Development - The company holds 73 patents and has successfully addressed technical challenges in the production of whipped cream[33]. - The company has invested CNY 8,004,906.00 in R&D, reflecting a 3.25% increase from CNY 7,752,735.08 in the previous year[64]. - The company is actively developing new products, including cheese sticks and mozzarella cheese, to create new growth points[101]. Corporate Governance - The company’s management underwent changes with the election of a new chairman on June 14, 2022[107]. - The company’s independent directors provided independent opinions on the incentive plans[109]. - The company has a comprehensive emergency plan for environmental incidents, with no actual incidents occurring during the reporting period[116]. - The company emphasizes legal compliance and has no instances of tax evasion or violations during the reporting period[126]. Shareholder Information - A total of 98,000 shares of restricted stock were granted to 19 incentive targets as part of the 2021 restricted stock incentive plan[112]. - The company issued 980,000 new shares, resulting in a total share count of 124,980,000[154]. - The total number of ordinary shareholders at the end of the reporting period was 15,650[164].

Financial Performance - The company's revenue for Q1 2022 was ¥193,376,945.55, a decrease of 1.76% compared to ¥196,847,929.24 in the same period last year[5] - Net profit attributable to shareholders was ¥11,762,622.18, down 19.21% from ¥14,559,365.79 year-on-year[5] - Basic earnings per share decreased by 19.85% to ¥0.0941 from ¥0.1174 in the same period last year[5] - Total operating revenue for Q1 2022 was CNY 193,376,945.55, a decrease of 1.5% from CNY 196,847,929.24 in the same period last year[21] - Net profit for Q1 2022 was CNY 12,411,067.57, down 25.5% from CNY 16,619,715.28 in Q1 2021[22] - Earnings per share (EPS) for Q1 2022 was CNY 0.0941, compared to CNY 0.1174 in the previous year[23] Cash Flow - The net cash flow from operating activities was -¥56,813,337.41, representing a decline of 236.06% compared to -¥16,905,582.28 in the previous year[5] - Cash flow from operating activities decreased to CNY 207,706,015.06, down from CNY 249,669,693.95 in the same quarter last year[24] - The net cash flow from investment activities was 18,472,030.41 CNY, a decrease from 73,111,118.01 CNY in the same period last year[26] - The net cash flow from financing activities improved to 28,901,707.87 CNY, compared to -63,131,607.09 CNY in the previous year[26] - The total cash and cash equivalents at the end of the period were 128,422,360.48 CNY, down from 185,425,426.57 CNY year-over-year[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,071,146,358.27, an increase of 0.44% from ¥1,066,445,235.06 at the end of the previous year[5] - Total current assets increased slightly from 724,843,402.43 CNY to 732,189,278.85 CNY[17] - Total liabilities decreased to CNY 215,814,737.84 from CNY 223,524,682.20 year-over-year[19] Inventory and Receivables - The company reported a 40.26% decrease in accounts receivable, totaling ¥16,689,557.17, due to the collection of customer payments[9] - Inventory increased by 35.88% to ¥181,744,318.22, primarily due to an increase in raw material reserves[9] - Inventory increased significantly from 133,757,892.64 CNY to 181,744,318.22 CNY, indicating a rise of approximately 36%[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 15,181[11] - The largest shareholder, Hainan Xian Food Technology Co., Ltd., holds 30.24% of shares, totaling 37,800,000 shares[11] - The total number of shares held by the top ten shareholders represents a significant concentration of ownership, with the top shareholder alone holding over 30%[11] - The total number of restricted shares at the end of the period is 73,426,186, with 649,314 shares released during the period[14] - The company plans to unlock a significant portion of restricted shares on October 16, 2023[14] Expenses - Total operating costs increased to CNY 180,921,573.06, up 2.4% from CNY 176,783,836.27 year-over-year[21] - Research and development expenses for Q1 2022 were CNY 3,949,437.05, an increase from CNY 3,464,144.99 in Q1 2021[22] - Financial expenses surged by 515.09% to ¥803,536.52, attributed to increased bank loan interest[9] - The company reported a total payment of taxes and fees amounting to 18,785,266.13 CNY, compared to 14,526,202.43 CNY in the previous year[26] Future Outlook - The company plans to continue focusing on market expansion and product development in the upcoming quarters[22] - The company did not conduct an audit for the first quarter report[27]

Financial Performance - The company's operating revenue for 2021 was ¥856,896,753.74, representing a 25.21% increase compared to ¥684,345,561.91 in 2020[19]. - The net profit attributable to shareholders decreased by 5.11% to ¥77,349,006.27 in 2021 from ¥81,512,903.50 in 2020[19]. - The net profit after deducting non-recurring gains and losses increased by 15.43% to ¥67,561,948.04 in 2021 compared to ¥58,529,857.31 in 2020[19]. - The net cash flow from operating activities rose significantly by 61.38% to ¥111,196,280.71 in 2021 from ¥68,902,310.13 in 2020[19]. - The total assets at the end of 2021 were ¥1,066,445,235.06, an increase of 8.39% from ¥983,851,597.41 at the end of 2020[19]. - The company reported a basic earnings per share of ¥0.62 in 2021, down 25.30% from ¥0.83 in 2020[19]. - The total revenue for 2021 reached ¥856,896,753.74, representing a year-on-year increase of 25.21% compared to ¥684,345,561.91 in 2020[63]. - The main product, concentrated dairy products, generated revenue of ¥541,554,700.67, accounting for 63.20% of total revenue, with a year-on-year growth of 23.30%[63]. Dividend Policy - The company reported a profit distribution plan of cash dividends of 2.00 RMB per 10 shares (including tax) based on a total of 124,980,000 shares[4]. - The cash dividend distribution plan for 2021 is set at RMB 2.00 per 10 shares, totaling RMB 24,996,000.00, which represents 100% of the profit distribution amount[153][156]. - The company has a cash dividend policy that mandates a minimum of 40% cash dividend distribution during the mature stage of development with significant capital expenditure arrangements[152]. - The company has implemented a profit distribution policy that emphasizes a minimum cash dividend of 10% of the distributable profit for the year[150]. Market and Industry Insights - The dairy product industry in China reached a retail scale of ¥442.5 billion in 2021, with a year-on-year growth of 8.4%[28]. - The retail scale of cheese in China reached RMB 12.3 billion in 2021, with a year-on-year growth rate of 23.0%, and a compound annual growth rate of 23.9% from 2016 to 2021[29]. - The concentrated milk products market is experiencing rapid growth, with cheese being a significant component and a strategic growth area for the company[104]. - The company sees significant growth potential in the condensed milk sector, driven by its advantages over traditional additives and its applications in baking and tea beverages[28]. Operational Risks - The company faces several operational risks, including intensified market competition and fluctuations in raw material prices[4]. - The company has a concentrated operational area, which poses a risk to its business[4]. - The company has a relatively single product variety, which is also a risk factor[4]. - The fluctuation of raw material prices, particularly for milk powder and sugar, poses a significant risk to the company's gross margin and profitability[35]. - The company faces risks from intensified market competition, which could lead to price declines and challenges in maintaining market share[35]. Research and Development - The company has obtained 57 patents and successfully addressed the technical challenge of whipping cream at room temperature, enhancing its research and development capabilities[34]. - The company has invested in R&D, resulting in 57 patents and the introduction of new products like mozzarella cheese and low-sugar sweetened condensed milk[58]. - The company aims to enhance its product offerings by developing new technologies for food safety and quality improvement[77]. - The number of R&D personnel increased by 22.22% to 33 in 2021, with a notable rise in the proportion of staff under 30 years old[79]. Marketing and Sales Strategy - The company has expanded its customer base in the downstream market, focusing on high-quality products and customized services, leading to a competitive advantage in the chain catering, baking, and tea beverage sectors[29]. - The company aims to enhance its marketing channels, focusing on direct sales and e-commerce to expand its market presence beyond the East and South China regions[39]. - The company is actively planning new product marketing strategies and enhancing collaboration with professional teams to promote new products in emerging channels[109]. - The company is leveraging e-commerce advantages to accelerate online marketing efforts and product promotion[109]. Corporate Governance - The company maintains a governance structure that complies with relevant laws and regulations, ensuring independent operation from its controlling shareholder[113]. - The board of directors consists of 9 members, including 3 independent directors, adhering to legal and regulatory requirements[116]. - The company has established a monitoring system to ensure compliance and protect the rights of all shareholders, particularly minority shareholders[117]. - The company ensures timely and accurate information disclosure, maintaining transparency with investors through designated channels[118]. Social Responsibility - The company actively participates in public welfare activities and emphasizes corporate social responsibility[169]. - The company donated 500,000 RMB to support over 40 university students in need during the reporting period[179]. - The company provided 30,000 RMB in donations to the county-level Red Cross Society[179]. - The company is committed to creating job opportunities and enhancing employment quality in partnered villages[179]. Future Commitments and Plans - The company plans to strengthen its core business in condensed milk, cheese, and cream while diversifying into plant-based and nutritional health foods[41]. - The company plans to invest CNY 35 million from the fundraising into the expansion project of 60,000 tons of concentrated dairy products (condensed milk/cream/cheese) in Shandong, which is currently under construction[101]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for potential deals[126]. - The company plans to actively develop its main business and strengthen the management of raised funds to improve their usage efficiency[190].

Financial Performance - The company's revenue for Q3 2021 reached ¥227,718,996.32, representing a year-on-year increase of 13.47%[4] - The net profit attributable to shareholders for Q3 2021 was ¥23,996,210.83, a decrease of 10.74% compared to the same period last year[4] - The company's gross profit margin improved, with operating income for the year-to-date period increasing by 41.57% to ¥618,060,205.48 due to effective terminal development[10] - Total operating revenue for Q3 2021 reached CNY 618,060,205.48, a significant increase of 41.5% compared to CNY 436,564,955.93 in the same period last year[24] - Operating profit for the period was CNY 78,842,387.95, up 72.3% from CNY 45,757,678.64 in Q3 2020[25] - Net profit attributable to shareholders of the parent company was CNY 60,323,682.20, representing a 58.0% increase from CNY 38,152,164.35 in the previous year[25] - The company reported a total comprehensive income of CNY 64,535,104.59, compared to CNY 38,545,988.78 in Q3 2020, indicating strong overall performance[26] Cash Flow and Investments - The operating cash flow for the year-to-date period increased significantly by 323.89%, totaling ¥43,501,362.38[12] - The net cash flow from operating activities for the current period is ¥43,501,362.38, compared to a negative ¥19,429,551.68 in the previous period, indicating a significant improvement[29] - Total cash inflow from operating activities is ¥710,242,911.17, up from ¥492,493,793.98 in the previous period, reflecting a growth of approximately 44.3%[27] - Cash inflow from investment activities reached ¥510,372,561.01, compared to ¥267,878,029.30 in the previous period, marking an increase of approximately 90.5%[29] - The net cash flow from investment activities is negative at -¥19,687,113.48, worsening from -¥11,035,117.39 in the previous period[29] - Cash inflow from financing activities totaled ¥61,000,000.00, down from ¥135,474,000.00, a decrease of about 55.0%[29] - The net cash flow from financing activities is -¥111,603,611.97, compared to a positive ¥8,046,679.63 in the previous period, indicating a significant decline[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥962,850,904.04, reflecting a decrease of 2.13% from the previous year-end[4] - The company's total assets amounted to CNY 962,850,904.04, a decrease from CNY 983,851,597.41 at the end of the previous quarter[22] - Total liabilities decreased to CNY 136,659,576.75 from CNY 203,654,874.71 in the previous quarter, indicating improved financial stability[22] - The total current assets decreased to ¥651,208,673.19 from ¥708,747,821.09, a decline of approximately 8%[20] - The long-term equity investment decreased to ¥2,119,951.94 from ¥2,464,512.46, a reduction of about 14%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 14,843[14] - The largest shareholder, Hainan Xian Food Technology Co., Ltd., holds 30.48% of shares, totaling 37,800,000 shares[14] - The top ten shareholders hold a combined total of 56.01% of the company's shares[14] Expenses - The inventory increased by 68.33% to ¥174,345,179.09, driven by a rise in sales orders[9] - The company reported a significant increase in sales expenses, which rose by 61.23% to ¥53,484,343.03, attributed to higher freight and promotional costs[11] - The financial expenses surged by 184.84% to ¥1,478,056.43, primarily due to rising bank loan interest rates[11] - Research and development expenses for the quarter were CNY 12,837,934.93, an increase of 28.8% compared to CNY 9,957,506.75 in Q3 2020, reflecting the company's commitment to innovation[25] Inventory and Production - The inventory increased significantly to ¥174,345,179.09 from ¥103,575,058.84, representing a growth of about 68%[20] - The company plans to invest ¥35 million to increase the production capacity of its subsidiary, aiming for an annual output of 60,000 tons of concentrated dairy products[18] Other Information - The company has continued to invest in the Cangnan new factory project, leading to a cash outflow of ¥19,687,113.48 from investment activities[12] - The company adjusted its idle fundraising investment strategy to include safer and more liquid financial products[17] - The company has not made any adjustments to the initial balance sheet items due to the new leasing standards implemented from January 1, 2021[30] - The third-quarter report has not been audited, which may affect the reliability of the financial data presented[31]