Market Overview - The beverage and dairy sector increased by 1.88% on November 28, with Yantang Dairy leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Notable stock performances include: - Caobo Dao V (002732) rose by 9.99% to a closing price of 20.03, with a trading volume of 163,400 shares and a turnover of 322 million yuan [1] - Sunshine Dairy (001318) also increased by 9.99% to 15.97, with a trading volume of 126,000 shares and a turnover of 198 million yuan [1] - Panda Dairy (300898) saw a 5.90% increase, closing at 29.42 with a trading volume of 151,100 shares and a turnover of 441 million yuan [1] Capital Flow - The beverage and dairy sector experienced a net inflow of 433 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - Key stocks in terms of capital flow include: - Yili Group (600887) had a net inflow of 117 million yuan from institutional investors, but a net outflow of 130 million yuan from retail investors [3] - Sunshine Dairy (001318) had a net inflow of 91 million yuan from institutional investors, with significant outflows from both retail and speculative investors [3]

熊猫乳品集团股份有限公司 董事会薪酬与考核委员会关于 2025 年限制性股票激励计划 激励对象名单的公示情况说明及核查意见 熊猫乳品集团股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日召开 第四届董事会第十七次会议，审议通过了 2025 年限制性股票激励计划（以下简 称"本激励计划"）。根据《上市公司股权激励管理办法》（以下简称《管理办法》）、 《深圳证券交易所创业板股票上市规则》（以下简称《上市规则》）、《深圳证券交 易所创业板上市公司自律监管指南第 1 号——业务办理》等相关规定，公司对本 激励计划拟授予激励对象名单进行内部公示，公司董事会薪酬与考核委员会结合 公示情况对激励对象的有关信息进行核查并发表核查意见，相关内容如下： 一、公示情况 （一）公示内容：激励对象名单。 （二）公示时间：2025 年 11 月 17 日至 2025 年 11 月 27 日。 （三）公示方式：公司 OA 办公系统公示。 （四）反馈方式：在公示期限内，公司（含子公司）员工可通过电子邮件等 方式向董事会薪酬与考核委员会反馈有关异议。 （五）公示结果：公示期满，董事会薪酬与考核委员会未收到任何异议。 二、核查 ...

Core Viewpoint - Panda Dairy's stock price increased by 5% to 29.17 CNY per share, with a total market capitalization of 3.617 billion CNY as of the report date [1] Group 1: Company Overview - Panda Dairy Group Co., Ltd. is located in Lingxi Town, Cangnan County, Zhejiang Province, and was established on January 3, 1996 [1] - The company was listed on October 16, 2020, and its main business involves the research, production, and sales of concentrated dairy products, as well as dairy product trading [1] - The revenue composition of the main business includes concentrated dairy products at 76.14%, dairy product trading at 11.57%, coconut products at 10.44%, and others at 1.85% [1] Group 2: Fund Holdings - Qianhai Kaiyuan Fund has a fund that heavily invests in Panda Dairy, specifically the Qianhai Kaiyuan Event-Driven Mixed A Fund (000423), which held 79,800 shares, accounting for 3.06% of the fund's net value, ranking as the ninth largest holding [2] - The fund has a total scale of 57.2175 million CNY and has achieved a year-to-date return of 17.27%, ranking 4,331 out of 8,127 in its category [2] - The fund manager, Wang Da, has been in position for 2 years and 265 days, with the best fund return during his tenure being 15.6% and the worst being 15.3% [2]

Core Viewpoint - Panda Dairy has repeatedly adjusted its fundraising projects, reflecting a decline in traditional business growth and low capacity utilization [1][3][4] Group 1: Fundraising Project Adjustments - On November 17, Panda Dairy announced a change in its fundraising project, increasing the capacity of the "Ding'an 10,000 tons food raw material project" and reallocating 20 million yuan from the "Cangnan 30,000 tons concentrated dairy product project" to this new project [1] - Since its IPO in October 2020, Panda Dairy has made multiple adjustments to its fundraising projects, including reducing the investment in the Cangnan project and introducing new projects due to lower-than-expected fundraising amounts [2][3] - The Cangnan project, originally scheduled to be operational by June 2022, has faced delays, with the completion date now pushed to June 2026, indicating ongoing challenges in project execution [3] Group 2: Capacity Utilization and Sales Performance - As of 2024, Panda Dairy's total designed production capacity across its three bases is 63,000 tons, but actual production is only 41,300 tons, resulting in a capacity utilization rate of 66%, down 13 percentage points from 2023 [3] - The sales growth of concentrated dairy products has been sluggish, with only a 3.6% increase in the first half of the year, while other product lines like coconut products saw a significant increase of 113.73%, albeit from a smaller base [3][6] - The concentrated dairy product segment, which contributed 77% of revenue in 2024, has faced declining growth rates, with a 10.06% drop in 2024 and only a 3.8% increase in the first half of the current year [5][6] Group 3: Management and Shareholder Actions - The management has set modest growth targets in its 2025 stock incentive plan, aiming for a revenue growth rate of at least 7% in 2026 and 14% in 2027, without setting a net profit growth target, which may indicate a lack of optimism about short-term growth [1][7] - Shareholder sentiment appears to be declining, with significant reductions in holdings by major shareholders since late 2024, suggesting a lack of confidence in the company's future performance [8]

Core Points - Panda Dairy announced that Guo Hong and Zhou Wei reduced their shareholding in the company due to personal financial needs [1] - After the reduction, Guo Hong and Zhou Wei hold a total of 6,199,998 shares, representing 5.00% of the company's total equity [1] - Prior to the reduction, their combined shareholding was 11,659,000 shares, accounting for 9.4024% of the total equity [1] - Guo Hong and Zhou Wei are spouses and act in concert [1] - This change in equity will not lead to a change in control of the company, nor will it significantly impact the company's governance structure or ongoing operations [1] - As of the report date, the shares held by Guo Hong and Zhou Wei are not subject to any pledges, seizures, or freezes [1]

证券代码：300898 证券简称：熊猫乳品 公告编号：2025-058 3、本次权益变动后，郭红、周炜合计持有公司股份数量从 11,659,000 股减少 至 6,199,998 股，占公司总股本的比例从 9.4024%减少至 5.0000%，不再是公司合 计持股 5%以上股东。 熊猫乳品集团股份有限公司（以下简称"本公司"或"公司"）于近日收到股 东郭红、周炜出具的《简式权益变动报告书》，获悉郭红、周炜合计持有公司股份 比例下降至 5.0000%，权益变动后持股比例触及 5%整数倍。现将有关情况公告如下： 一、本次权益变动情况 （一）本次权益变动的基本情况 熊猫乳品集团股份有限公司 关于合计持股 5%以上股东 减持至 5%暨权益变动的提示性公告 公司股东郭红、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。 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。 特别提示： 1、本次权益变动属于合计持股 5%以上股东减持股份，不触及要约收购。 2、本次权益变动不涉及公司控股股东及实际控制人，不会导致公司控股股东 及实际控制人发生变动，不会影响公司的治理结构和 ...

熊猫乳品集团股份有限公司 简式权益变动报告书 上市公司：熊猫乳品集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：熊猫乳品 股票代码：300898 信息披露义务人 1：郭红 住所及通讯地址：浙江省杭州市下城区******** 信息披露义务人 2：周炜 住所及通讯地址：浙江省杭州市下城区******** 股份变动性质：股份减少（合计持股比例降至 5%以下） 签署日期：2025 年 11 月 20 日 1 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》《收购办法》规定，本报告书已全面披露了信息披露义务 人在熊猫乳品集团股份有限公司（以下简称"熊猫乳品"或"本公司"）拥有权益 的股份变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息披露义 务人没有通过任何其他方式增加或减少其在熊猫乳品拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除本信息披露义务人 外，没有委托或者授权任何其他人提供未在本报告中列载的信息和对本报告做出任 何解释或者说明。 五、信息披露义务人保证权益变动报告书内容的真实性、准确性、完整性，承 诺不存在虚假记载、误导性陈述或重大遗漏。 ...

熊猫乳品集团股份有限公司 关于股东减持计划期限届满的公告 公司股东泰安宝升投资合伙企业（有限合伙）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。 证券代码：300898 证券简称：熊猫乳品 公告编号：2025-059 熊猫乳品集团股份有限公司（以下简称"本公司"或"公司"）于 2025 年 7 月 30 日披露了《关于持股 5%以上股东减持股份的预披露公告》，持有公司股份 6,500,000 股（占本公司总股本比例 5.2419%）的大股东泰安宝升投资合伙企业（有 限合伙）（曾用名"宁波梅山保税港区宝升投资管理合伙企业（有限合伙）"，以 下简称"泰安宝升"）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本公司股份 350,000 股（占本公司总股本比例 0.2823%）。 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。 近日，公司收到泰安宝升出具的《减持情况告知函》，泰安宝升减持股份实施 期限已届满，根据相关规定，现将具体情况公告如下： 一、股东减持情况 1、股份来源：公司首次公开发行前已发行的股份。 | 2、 ...

Core Insights - The dairy sector in the A-share market experienced a collective decline, with several companies seeing significant drops in their stock prices [1] Company Performance - Sanyuan Foods (三元股份) saw a decline of 7.99%, with a total market capitalization of 83.07 billion [2] - Nanchao Foods (南侨食品) dropped by 7.80%, with a market cap of 82.23 billion [2] - Pinwo Foods (品渥食品) fell by 4.67%, with a market value of 34.07 billion [2] - Miaokelando (妙可蓝多) decreased by 3.93%, with a market capitalization of 13 billion [2] - Huangshi Group (皇氏集团) declined by 3.61%, with a market cap of 31.13 billion [2] - Maijuer (麦趣尔) fell by 3.18%, with a market value of 16.42 billion [2] - Yiming Foods (一鸣食品) decreased by 3.08%, with a market capitalization of 85.77 billion [2] - Zhuangyuan Pasture (庄园牧场) dropped by 3.08%, with a market cap of 21.55 billion [2] - Junyao Health (均瑶健康) fell by 2.93%, with a market value of 45.82 billion [2] - Western Pastoral (西部牧业) decreased by 2.92%, with a market capitalization of 23.88 billion [2] - New Dairy (新乳业) dropped by 2.80%, with a market cap of 149 billion [2] - Knight Dairy (骑士乳业) fell by 2.66%, with a market value of 20.68 billion [2] - Panda Dairy (熊猫乳品) decreased by 2.56%, with a market capitalization of 34.45 billion [2] - Wewei Co. (维维股份) dropped by 2.50%, with a market cap of 56.76 billion [2]

Core Insights - The company, Panda Dairy, has announced a restricted stock incentive plan aimed at binding key talents and optimizing governance structure for long-term strategic growth [1][2] - The plan involves granting 1.681 million shares, representing 1.36% of the total share capital, to 26 core employees including executives [1] - The incentive plan is closely linked to performance assessments, ensuring that rewards align with contributions [1] Group 1 - The incentive plan is a critical measure to implement the talent strategy, enhancing team cohesion and corporate competitiveness [2] - The plan is designed to support the company's focus on core business and expansion into new areas, potentially driving steady growth in the condensed milk sector [2] - The company has established a product system centered on condensed milk, with diversified businesses including cream, cheese, and coconut products [1] Group 2 - The company is actively expanding retail channels while solidifying its B-end catering supply chain advantages [1] - The construction of the Hainan production base and the steady advancement of the overseas raw material supply chain are crucial for the company's next phase of scalable development [1]