Core Viewpoint - The A-share market for dairy stocks continues to strengthen, with several companies experiencing significant gains following news of improved maternity insurance policies aimed at enhancing prenatal care and reducing out-of-pocket expenses for childbirth [1]. Group 1: Market Performance - Dairy stocks such as Huangshi Group, Nanjiao Food, and Yangguang Dairy have shown strong performance, with Huangshi Group achieving a 10.10% increase, Nanjiao Food rising by over 6%, and Yangguang Dairy increasing by over 5% [1]. - Other notable performers include Junyao Health and Panda Dairy, both rising over 4% [1]. Group 2: Policy Impact - The national medical insurance conference revealed plans to enhance maternity insurance, aiming for "no out-of-pocket" expenses for childbirth within policy limits by next year [1]. - Currently, seven provinces, including Jilin, Jiangsu, and Shandong, have fully covered hospitalization costs for childbirth within the policy framework [1]. Group 3: Company Data - Huangshi Group: Market cap of 3.812 billion, year-to-date increase of 26.17% [2]. - Nanjiao Food: Market cap of 9.542 billion, year-to-date increase of 33.49% [2]. - Yangguang Dairy: Market cap of 4.831 billion, year-to-date increase of 52.45% [2]. - Junyao Health: Market cap of 4.954 billion, year-to-date increase of 32.46% [2]. - Panda Dairy: Market cap of 3.520 billion, year-to-date increase of 12.63% [2].

Group 1 - The A-share market saw a strong performance in the dairy sector, with stocks like Huangshi Group and Nanjiao Foods experiencing significant gains [1] - Huangshi Group achieved a 10.10% increase, while Nanjiao Foods rose by over 6%, and Sunshine Dairy increased by over 5% [2] - The overall trend indicates a positive sentiment in the dairy industry, driven by recent policy announcements regarding maternity insurance [1][2] Group 2 - The national medical insurance conference revealed plans to enhance prenatal examination medical expense coverage, aiming for "no out-of-pocket" costs for childbirth within policy limits by next year [1] - Currently, seven provinces, including Jilin, Jiangsu, and Shandong, have implemented full coverage for hospitalization costs related to childbirth [1]

Group 1 - The A-share market saw a significant rise in the baby and child concept stocks, particularly in the dairy sector, with companies like Huangshi Group, Junyao Health, Nanjiao Food, and Sunshine Dairy hitting the daily limit up [1] - The catalyst for this market movement was the announcement from the National Medical Insurance Administration during the national medical security work conference on December 13, aiming for "no out-of-pocket" expenses for childbirth by 2026 [2][3] - The government is implementing a series of supportive policies for childbirth, including extended maternity leave, child-rearing subsidies, and educational support, indicating a strong commitment to creating a family-friendly environment [3][4] Group 2 - The birth rate in China is projected to see fluctuations, with an expected increase in 2024 to 9.54 million births, the first rise since 2017, although the overall population continues to decline [6] - The central economic work conference emphasized stabilizing the birth population scale, marking a shift in focus towards specific population targets, which may lead to more aggressive fertility policies [4][7] - Analysts suggest that the new policies will directly benefit sectors such as assisted reproduction and maternal healthcare, while also positively impacting the mother and baby consumption industry, including retail and food sectors [7]

Group 1 - The dairy sector is experiencing a strong upward trend, with multiple stocks reaching their daily limit, indicating positive market sentiment [1] - The upcoming national medical insurance conference on December 13 aims to promote maternity insurance and long-term care insurance, expanding coverage to flexible employment workers and migrant workers [1] - The number of people covered by maternity insurance in China has reached 255 million, with nearly 95% of regions directly providing maternity benefits to insured individuals [1] Group 2 - The recent favorable maternity policies are expected to alleviate economic burdens on families, potentially stabilizing the declining birth rate in the short term [1][2] - Comprehensive measures are necessary to effectively address the low birth rate issue, as various factors influence reproductive decisions beyond just policy changes [2] - The implementation of a childcare subsidy system starting January 1, 2025, aims to support families with children under three years old, reflecting the government's commitment to addressing low birth rates [2] Group 3 - The optimization of fertility policies is creating significant growth opportunities in the maternal and infant consumption market, which is projected to exceed 8 trillion yuan by 2025 and approach 9 trillion yuan by 2027 [3] - The dairy industry, as a core segment of maternal and infant consumption, is expected to directly benefit from this market expansion [3]

证券日报网讯 12月12日晚间，熊猫乳品发布公告称，公司拟使用不超过人民币1.1亿元（含本数）闲置 募集资金及不超过人民币4亿元（含本数）自有资金进行现金管理，投资期限最长不超过12个月，额度 自2025年第三次临时股东会审议通过之日起12个月内可循环滚动使用。 （文章来源：证券日报） ...

中信证券股份有限公司 关于熊猫乳品集团股份有限公司 使用部分闲置募集资金及自有资金进行现金管理 的核查意见 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为熊猫 乳品集团股份有限公司（以下简称"熊猫乳品"或"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务》等相关规定，对公司使用部分闲 置募集资金及自有资金进行现金管理的事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意熊猫乳品集团股份有限公司首次公开 发行股票注册的批复》（证监许可[2020]2130 号）同意注册，并经深圳证券交易 所《关于熊猫乳品集团股份有限公司人民币普通股股票在创业板上市的通知》（深 证上[2020]937 号）同意，公司于 2020 年 10 月向社会公开发行人民币普通股（A 股）3,100 万股，每股发行价为 10.78 元 ...

证券代码：300898 证券简称：熊猫乳品 公告编号：2025-067 熊猫乳品集团股份有限公司 关于公司 2026 年度日常关联交易预计的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 （一）基本情况 | 关联方名称 | 主营 业务 | 住所 | 注册资金 | 最近一期财务数据 | 法定代表人 /经营者 | | --- | --- | --- | --- | --- | --- | | 康兴副食 | 食品 经营 | 苍南县灵溪镇温 州浙闽副食品市 场 A 区 141 号 | - | 个体户，公司无法取得财务数据 | 陈可东 | | | 食品 | 浙江省温州市苍 南县灵溪镇温州 | | | 许小永 | | 财富来 | 经营 | 浙闽副食品商城 区 286 号 | - A | 个体户，公司无法取得财务数据 | | 熊猫乳品集团股份有限公司（以下简称"熊猫乳品"或"公司"）为了日常 经营的需要，依据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》 ...

证券代码：300898 证券简称：熊猫乳品 公告编号：2025-066 熊猫乳品集团股份有限公司 关于使用部分闲置募集资金及自有资金进行现金管理的公告 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。 重要内容提示： 1、投资种类：拟使用闲置募集资金购买由银行及其他金融机构发行的安全 性高、流动性好、风险低、投资期限最长不超过 12 个月的理财产品。拟使用闲 置自有资金购买理财产品或信托产品等，购买渠道包括但不限于商业银行、证券 公司、保险公司、信托公司等金融机构。 2、投资金额：拟使用闲置募集资金不超过人民币 11,000.00 万元（含本数）， 自有资金不超过人民币 40,000.00 万元（含本数）进行现金管理，上述额度自熊 猫乳品集团股份有限公司（以下简称"公司"或"熊猫乳品"）2025 年第三次 临时股东会审议通过之日起 12 个月内有效，在前述额度和期限范围内，可循环 滚动使用。 3、特别风险提示：公司拟使用部分暂时闲置募集资金及自有资金购买安全 性高、流动性好、风险等级较低的现金管理产品，但由于影响金融市场的因素众 多，本次投资不排除由于金融市场的 ...

证券代码：300898 证券简称：熊猫乳品 公告编号：2025-068 熊猫乳品集团股份有限公司 关于召开 2025 年第三次临时股东会的通知 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。 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、会议召开的合法、合规性：本次股东会会议的召集、召开符合《中华人民共和国 公司法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公 司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 31 日 15:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 31 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2025 年 12 月 31 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日 ...

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 事会第十九次会议于 2025 年 12 月 11 日（星期四）在公司会议室以通讯方式召 开。会议通知已于 2025 年 12 月 5 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 先生主持。会议召开符合《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》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： 证券代码：300898 证券简称：熊猫乳品 公告编号：2025-065 熊猫乳品集团股份有限公司 第四届董事会第十九次会议决议公告 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。 关联董事 LI DAVID XI AN、李学军、李学锡对本议案回避表决。 表决结果：同意 6 票，反对 0 票，弃权 0 票，回避 3 票。 （一）审议通过《关于使用部分闲置募集资金及自 ...