南方乳业恢复上市审核 奶源周期波动待解

Core Viewpoint - Southern Dairy has announced the resumption of its listing review on the Beijing Stock Exchange after a temporary suspension due to expired financial reports. The company faces scrutiny regarding its market position and R&D expenses, with analysts highlighting the importance of sustained profitability amid declining milk prices [1][4]. Group 1: Market Position - Southern Dairy is a subsidiary of the Guizhou Agricultural Investment Development Group, focusing on the R&D, production, and sales of dairy products, primarily low-temperature and room-temperature dairy products. The company claims a market share of approximately 67.84% in Guizhou and 1.03% nationally [2]. - The Beijing Stock Exchange has raised concerns about the accuracy of Southern Dairy's market position disclosures and the reliability of the data sources used to calculate market size and share [2][5]. - Southern Dairy is recognized as one of the top 20 dairy enterprises in China for 2024, indicating a leading position among local dairy companies [2]. Group 2: R&D Expenses - The company reported R&D expenses of 9 million CNY, 11.67 million CNY, 12.17 million CNY, and 5.76 million CNY over the past four years, with an average of 10.94 million CNY in the last three years. The majority of R&D costs are attributed to employee salaries and materials [3]. - The inquiry from the Beijing Stock Exchange questions the rationale behind the full inclusion of the chief engineer's salary in R&D expenses and the distribution of salaries among part-time R&D personnel [3]. Group 3: Profitability Concerns - In the first half of this year, Southern Dairy reported revenues of 850 million CNY, a year-on-year increase of 3.7%, and a net profit of 120 million CNY, reflecting a significant growth of 78.2% [4]. - The increase in net profit is attributed to a rise in gross margin and a reduction in asset disposal losses. The gross margin for low-temperature dairy products increased by 3.88% compared to the previous year [4]. - Analysts express skepticism about the sustainability of profitability, particularly with anticipated increases in milk prices, which could raise costs and challenge the company's ability to maintain stable product pricing [4][6]. Group 4: Market Expansion Strategy - Southern Dairy has been actively expanding its market presence outside Guizhou, with some growth in revenue from e-commerce channels. However, the company faces challenges in penetrating markets beyond its home province [5][6]. - The company is advised to focus on deepening its market presence within Guizhou rather than aggressively pursuing external markets, suggesting a strategy of leveraging new retail models to enhance profitability [6].