Workflow
骑士乳业隐瞒期货交易亏损被证监会立案,加码上游产业投资埋隐患

Core Viewpoint - Knight Dairy has faced significant penalties due to substantial losses in futures trading and failure to disclose this information in a timely manner, leading to warnings and fines from regulatory authorities [1][3][4]. Group 1: Financial Losses and Penalties - In 2024, Knight Dairy engaged in futures trading for commodities such as soybean meal, sugar, and urea, resulting in cumulative losses of up to 41.12% of its 2023 audited net profit by the end of the year [2][3]. - The total penalties imposed by the Inner Mongolia Securities Regulatory Bureau amount to 3.4 million yuan, with specific fines for the chairman and other executives totaling 340,000 yuan [1][3]. - As of January 17, 2024, the cumulative losses from futures trading reached 902.46 million yuan, representing 12.60% of the 2022 audited net profit [2]. Group 2: Company Operations and Strategy - Knight Dairy, established in 1992, operates across the entire dairy supply chain, including feed crop planting, dairy farming, dairy processing, and sugar production, and was listed on the Beijing Stock Exchange in October 2023 [5][6]. - The company has been increasing investments in upstream industries, aiming to expand its sugar project and optimize its agricultural and dairy supply chain over the next 3-5 years [5][6]. - Despite a decline in milk prices, Knight Dairy has continued to invest in its livestock business, with recent capital injections into its wholly-owned subsidiary [6]. Group 3: Market Environment and Risks - The dairy industry has been facing challenges, with milk prices in major producing provinces averaging 3.32 yuan per kilogram in 2024, a decrease of 13.5% year-on-year [7]. - The sugar market is also volatile, influenced by futures market fluctuations, natural disasters, and policies from major importing and exporting countries, which can lead to revenue instability [7].