Group 1 - The core viewpoint of the articles highlights the unexpected financial performance of Knight Dairy (832786.BJ) in 2024, with a revenue increase of only 3.22% to 1.297 billion yuan, while net profit turned into a loss of 7.6951 million yuan compared to a profit of 93.85 million yuan in 2023 [2] - The decline in fresh milk prices is identified as a critical factor impacting Knight Dairy's profitability, with domestic milk prices dropping nearly 40% over 40 months, leading to an average price of 3.32 yuan/kg in 2024, a year-on-year decrease of 13.42% [2] - Knight Dairy's heavy reliance on a single major customer, Mengniu, for over 90% of its fresh milk sales limits its bargaining power, resulting in a challenging situation where both raising cattle and selling cattle are unprofitable [2] Group 2 - The company faces challenges due to its single business structure, with over 40% of its sugar business sales dependent on a single customer, Zhejiang Hangshishan Industrial [3] - Although Knight Dairy has attempted to diversify by expanding into milk powder and long-life sterilized milk, these segments saw revenue growth of 40% and 85% respectively in 2024, but their gross margins remain below 10%, making them unlikely to become significant growth drivers in the short term [3] - Knight Dairy has been criticized by the Beijing Stock Exchange for not timely revising its earnings forecast, raising concerns about its financial transparency [3]
从盈利近亿元到亏损870万元 骑士乳业业绩“断崖式”跌落