北交所九问南方乳业，去年3家控股子公司牧场亏损仍要扩张

Core Viewpoint - Southern Dairy is facing scrutiny from the Beijing Stock Exchange regarding its IPO due to concerns over supply chain management, market expansion challenges, and the rationale behind capacity expansion amid slowing revenue and profit growth [1][3][4]. Group 1: Financial Performance - Southern Dairy's revenue for 2024 is projected at 1.817 billion yuan, with a net profit of 209 million yuan, where over 90% of revenue comes from within Guizhou province [3]. - Revenue growth has significantly slowed from 14.6% in 2022 to 1.4% in 2024, while net profit growth decreased from 15.6% to 4.5% during the same period [3]. - The company reported a loss of 45.2614 million yuan from the disposal of biological assets in 2024, indicating financial strain [3]. Group 2: Supply Chain Management - The supply of fresh milk is heavily reliant on both controlled subsidiaries and third-party farms, with the supply proportions ranging from 43%-49% and 31%-44% respectively [3]. - Three controlled subsidiaries reported losses in 2024, raising concerns about the sustainability of the supply chain [3]. - The Beijing Stock Exchange has requested detailed explanations regarding the operational status and management of owned and controlled farms, as well as potential risks related to rapid capacity expansion and management capabilities [3][4]. Group 3: Market Expansion and Dependency - Southern Dairy's revenue from outside Guizhou remains low, with over 90% of its business concentrated in the province, where it holds a market share of approximately 67.84% [5]. - Despite efforts to expand into e-commerce and other markets, the company has faced challenges, including a significant investment in Guangda Dairy, which has been unprofitable [5]. - The company is required to clarify its strategies for expanding online and offline sales channels outside Guizhou and assess the potential for market saturation within the province [5][6]. Group 4: Research and Development - Southern Dairy's average R&D expenditure was 10.9447 million yuan, with an R&D intensity of approximately 0.63%, which is below the industry average [6]. - The company has not established a separate R&D time tracking system, and its supply chain system does not differentiate the purposes of material usage [6].