Panda Dairy (SZ:300898) Shang Hai Zheng Quan Bao·2025-04-18 09:36Core Viewpoint - The company Panda Dairy focuses on the research, production, and sales of concentrated dairy products, with a strong emphasis on product quality and brand reputation, aiming to expand its market presence and product offerings in response to consumer trends and competition [5][7][24]. Company Overview - Panda Dairy has been engaged in the research, production, and sales of condensed milk since its establishment in 1996, with a diverse product range including various types of sweetened condensed milk, cream, cheese, and plant-based products [5][6][24]. - The company operates three production bases located in Cangnan, Shandong, and Hainan, and follows a production plan based on sales forecasts and market demand [17][24]. Business Segments - The main business segments include: - Condensed Milk: The primary product line with a strong market presence and brand recognition [5]. - Cream: Focused on high-quality cream products, leveraging local dairy sources [5]. - Cheese: Targeting B-end customers with a variety of cheese products, while also innovating for C-end markets [6]. - Plant-Based Products: Responding to health trends with products like coconut milk and rice milk [6]. Competitive Advantages - Brand Strength: The "Panda" brand has received multiple accolades, enhancing its market influence, particularly in East and South China [7]. - Product Quality: The company adheres to strict quality management systems, ensuring product safety and consistency [7]. - R&D Capability: With 76 patents, the company invests in product innovation and customization for clients [8]. - Distribution Network: The company has established a robust distribution network with 398 signed distributors, expanding its reach across over 30 provinces [8]. - Supply Chain Stability: Strong relationships with suppliers ensure a stable supply of raw materials, crucial for maintaining production efficiency [9]. Financial Highlights - The company has undergone a change in its auditing firm to Rongcheng Accounting Firm, which provided a standard unqualified opinion on the financial report [3]. - A profit distribution plan was approved, proposing a cash dividend of 6.00 yuan per 10 shares, based on a total of 124 million shares [4]. Recent Developments - The company is actively developing new products, including innovative cheese offerings and leveraging new media channels for brand promotion [24]. - The company has adjusted its accounting policies in accordance with regulatory updates, impacting the reporting of non-recurring gains and losses [24].