证券代码：300898 证券简称：熊猫乳品 公告编号：2025-052 熊猫乳品集团股份有限公司 第四届董事会第十六次会议决议公告 公司第四届董事会审计委员会第十三次会议对本议案发表了同意的意见。 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、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 事会第十六次会议于 2025 年 10 月 24 日（星期五）在公司会议室以通讯方式召 开。会议通知已于 2025 年 10 月 17 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》（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： （一）审议通过《关于<2025 年第三季度报告>的议案》 公司董事会在全面审核公司《2025 年第三季度报告》 ...

Revenue and Profitability - Revenue for Q3 2025 reached ¥233,147,048.20, an increase of 11.92% compared to the same period last year[5] - Net profit attributable to shareholders was ¥30,364,061.39, a decrease of 1.08% year-on-year[5] - Total operating revenue for the third quarter reached ¥585,704,478.80, an increase of 3.7% compared to ¥568,664,765.21 in the previous year[21] - Operating profit decreased to ¥83,843,352.16 from ¥92,817,189.20, indicating a decline of 9.5% year-over-year[21] - The total profit for the current period is ¥84,065,808.62, a decrease from ¥92,764,434.50 in the previous period, representing a decline of approximately 9.2%[22] - The net profit for the current period is ¥69,783,140.55, down from ¥77,729,367.02, indicating a decrease of about 10.2%[22] - The net profit attributable to the parent company's shareholders is ¥71,706,529.19, compared to ¥78,084,024.19 in the previous period, reflecting a decline of approximately 8.1%[22] - The basic and diluted earnings per share for the current period are both ¥0.5783, down from ¥0.6297 in the previous period, a decrease of about 8.5%[22] Cash Flow - Cash flow from operating activities showed a significant decline, totaling ¥30,811,675.97, down 78.15% from the previous year[5] - Cash flow from operating activities for the current period is ¥30,811,675.97, significantly lower than ¥140,992,751.52 in the previous period, a decline of approximately 78.1%[24] - Cash flow from investing activities shows a net outflow of ¥8,777,177.90, an improvement from a net outflow of ¥15,138,358.11 in the previous period[24] - Cash flow from financing activities improved by 46.30%, totaling -¥75,066,464.88, due to reduced bank loan repayments[12] - Cash flow from financing activities results in a net outflow of ¥75,066,464.88, compared to a larger outflow of ¥139,791,637.73 in the previous period, indicating a reduction of about 46.3%[24] - The ending cash and cash equivalents balance is ¥125,071,604.07, down from ¥239,612,447.49, a decrease of approximately 47.8%[24] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥1,095,931,955.82, reflecting a 0.38% increase from the end of the previous year[5] - Non-current assets totaled ¥350,527,802.23, a slight decrease from ¥361,292,547.30[19] - Total liabilities increased to ¥108,198,073.76 from ¥98,247,615.27, marking a rise of 10.0%[20] - The company's total assets reached ¥1,095,931,955.82, up from ¥1,091,825,944.97, reflecting a growth of 0.4%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,000[13] - The largest shareholder, Lishui Zion Food Technology Co., Ltd., holds 30.48% of shares, totaling 37,800,000 shares[13] - The second-largest shareholder, Li Xuejun, holds 5.66% of shares, totaling 7,020,000 shares, with 5,265,000 shares under lock-up[13] - The company has a total of 9,269,874 shares under lock-up at the end of the period, with 4,563 shares newly added during the period[15] - The company has no preferred shareholders or related information regarding preferred shares[14] - There are no changes in the number of shares lent or returned through margin trading among the top 10 shareholders[13] - The company has not disclosed any other important matters related to shareholder information[16] Operational Metrics - The company reported a 93.60% increase in accounts receivable, reaching ¥42,704,509.86, primarily due to increased customer payments[10] - Accounts receivable increased significantly to ¥42,704,509.86, up 93.5% from ¥22,058,615.24[18] - Inventory levels rose by 42.52% to ¥140,979,828.08, attributed to higher raw material reserves[10] - Inventory rose to ¥140,979,828.08, a substantial increase of 42.5% compared to ¥98,917,432.27 at the start of the period[18] - The weighted average return on equity was 3.15%, a slight decrease of 0.10% compared to the previous year[5] Other Information - The company experienced a 250.33% decline in fair value changes, resulting in a loss of ¥1,174,334.09, primarily from financial product valuations[11] - Other income increased by 35.79% to ¥4,031,221.08, mainly due to higher government subsidies received during the reporting period[11] - The report does not indicate any mergers, acquisitions, or new product developments during the period[16] - The company has not provided future performance guidance or market expansion strategies in the available documents[16] - The report does not include any financial data or performance metrics for the quarter ending September 30, 2025[17] - The company has not undergone an audit for the third quarter financial report[26] - The company will implement new accounting standards starting from 2025[25]

Core Insights - The beverage and dairy sector experienced a slight increase of 0.32% on October 16, with Dongpeng Beverage leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Sector Performance - Dongpeng Beverage (605499) closed at 297.90, with a rise of 2.07% and a trading volume of 16,700 shares, amounting to a transaction value of 496 million yuan [1] - Yili Group (600887) saw a closing price of 27.81, up 0.58%, with a trading volume of 368,500 shares and a transaction value of 1.025 billion yuan [1] - Other notable performances include Sanyuan Foods (600429) at 4.80 (+0.21%), and Bright Dairy (600597) at 8.57 (-0.12%) [1] Individual Stock Movements - The beverage and dairy sector saw significant declines in some stocks, such as Pinuo Food (300892) which fell by 4.52% to 34.87, with a trading volume of 55,100 shares and a transaction value of 195 million yuan [2] - Knight Dairy (920786) decreased by 4.40% to 10.00, with a trading volume of 106,800 shares and a transaction value of 109 million yuan [2] - Other stocks like Zhuangyuan Pasture (002910) and Yiming Food (605179) also experienced declines of 3.86% and 3.20%, respectively [2] Capital Flow Analysis - The beverage and dairy sector saw a net outflow of 179 million yuan from major funds, while retail investors contributed a net inflow of 193 million yuan [2] - The overall capital flow indicates a mixed sentiment within the sector, with institutional investors pulling back while retail investors showed interest [2]

Core Insights - The beverage and dairy sector experienced a slight increase of 0.19% on October 15, with Chengde Lulu leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Chengde Lulu (000848) closed at 9.05, up 4.50%, with a trading volume of 568,100 shares and a transaction value of 509 million [1] - Miaokelan Duo (600882) closed at 27.01, up 3.73%, with a trading volume of 181,600 shares and a transaction value of 486 million [1] - Panda Dairy (300898) closed at 27.46, up 3.62%, with a trading volume of 98,300 shares and a transaction value of 274 million [1] - Other notable stocks include Yiming Food (605179) at 21.25 (+3.21%) and New Dairy (002946) at 18.10 (+2.55%) [1] Capital Flow - The beverage and dairy sector saw a net inflow of 250 million from main funds, while retail investors experienced a net outflow of 188 million [2] - Major stocks like Yili (600887) had a net inflow of 94.93 million from main funds, but a net outflow of 61.86 million from retail investors [3] - Chengde Lulu (000848) also saw a net inflow of 68.09 million from main funds, with retail investors withdrawing 31.43 million [3]

Core Insights - The beverage and dairy sector experienced a rise of 0.66% on October 9, with Zhuangyuan Pastoral leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Zhuangyuan Pastoral (002910) closed at 10.86, with a significant increase of 10.03%, trading volume of 239,000 shares, and a transaction value of 254 million [1] - Qiaoyuan Beverage (603156) saw a rise of 6.18%, closing at 31.29, with a trading volume of 328,100 shares and a transaction value of 1.042 billion [1] - Panda Dairy (300898) increased by 1.79%, closing at 26.09, with a trading volume of 30,800 shares and a transaction value of 79.09 million [1] - Yili Group (600887) rose by 1.28%, closing at 27.63, with a trading volume of 711,500 shares and a transaction value of 1.94 billion [1] - Tianrun Dairy (600419) and Beingmate (002570) also showed modest increases of 1.18% and 1.13%, respectively [1] Capital Flow - The beverage and dairy sector saw a net inflow of 47.31 million from institutional investors, while retail investors experienced a net outflow of 1.09 billion [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, despite the outflow from retail investors [2]

Market Overview - The beverage and dairy sector increased by 0.9% on September 29, with Yangyuan Beverage leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Key stocks in the beverage and dairy sector showed varied performance, with notable gainers including: - Chi Yuan Beverage (603156) at 30.30, up 7.68% with a trading volume of 446,200 shares and a turnover of 1.337 billion [1] - Dongpeng Beverage (605499) at 290.55, up 1.75% with a trading volume of 16,700 shares and a turnover of 480 million [1] - Other stocks like Zhuangyuan Pasture (002910) and Huangshi Group (002329) also saw modest increases of 1.47% and 1.13% respectively [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 224 million from institutional investors, while retail investors saw a net inflow of 135 million [2] - Notable capital flows included: - Institutional net inflow for Dongpeng Beverage at 56.24 million, while retail saw a net outflow of 55.29 million [3] - Bright Dairy (600597) had a net inflow of 9.92 million from institutional investors, with retail outflows totaling 8.16 million [3]

Group 1 - Panda Dairy's stock price fell by 5.29% to 25.6 yuan, marking a new low since June 24, over three months [1] - The actual controller's concerted actor, Chen Xiuzhi, holds 3 million shares, accounting for 2.4194%, and plans to reduce holdings by 800,000 shares, representing 0.6452% within three months after the announcement [1] - Major shareholder Guo Hong and concerted actor Zhou Wei hold 6.6249 million shares, accounting for 5.3427%, and intend to reduce holdings by 1.24 million shares, which is 1% of the total [1]

Summary of Key Points Core Viewpoint - Multiple shareholders of various companies are planning to reduce their holdings, indicating potential shifts in investor sentiment and market dynamics [1]. Group 1: Shareholder Reductions - Changxin Bochuang: Multiple shareholders plan to collectively reduce their holdings by no more than 2.99% [1]. - Fengyuzhu: Shareholder Xin Haoying intends to reduce holdings by no more than 3% [1]. - Panda Dairy: The concerted action of the actual controller's associates plans to reduce holdings by 0.6452% [1]. - Dongfang Communication: Plans to sell no more than 291,100 shares of Changxin Bochuang stock [1]. - Jiaseng Technology: Controlling shareholder Guo Mao intends to reduce holdings by no more than 3% [1]. - Kuai Ke Electronics: Shareholder Chengdu Fuen De Xingyu plans to reduce holdings by a total of 2.0016% [1]. - Suihengyun A: Plans to sell no more than 1% of the total capital stock of Yuexiu Capital [1]. - Shapuaisi: Shareholder Shanghai Jingxing intends to reduce holdings by no more than 3% [1]. - Zhejiang University Network: Plans to sell 48.6 million shares of Wanliyang stock [1]. - Sanmei Co.: Controlling shareholder and actual controller Hu Rongda has cumulatively reduced holdings by 0.9312% [1]. - Compton: Plans to reduce no more than 1% of repurchased shares [1]. - Beifang Co.: Te Wo Shanghai has cumulatively completed a reduction of 3% of the company's shares [1]. - Ha Han Hu Tong: Hengtong Investment has cumulatively reduced holdings by 1.09% [1]. Group 2: Regulatory and Risk Alerts - Fuhuang Steel Structure: The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [1]. - Meichen Technology: The company's stock has been subjected to other risk warnings and is currently suspended from trading [1].

Group 1 - The actual controller's concerted actor, Chen Xiuzhi, plans to reduce holdings by 800,000 shares, accounting for 0.6452% of the company's total share capital within three months after the announcement date [1] - Major shareholder Guo Hong and his concerted actor, Zhou Wei, plan to reduce holdings by 1,240,000 shares, representing 1.0000% of the company's total share capital within three months after the announcement date [1]

Group 1 - The actual controller's concerted action party, Chen Xiuzhi, plans to reduce holdings by 800,000 shares, accounting for 0.6452% of the total share capital within three months after 15 trading days from the announcement date [1] - Shareholder Guo Hong and his concerted action party, Zhou Wei, plan to reduce holdings by 1,240,000 shares, representing 1.0000% of the total share capital within the same timeframe [1]