熊猫乳品集团股份有限公司 简式权益变动报告书 上市公司：熊猫乳品集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：熊猫乳品 股票代码：300898 信息披露义务人：泰安宝升投资合伙企业（有限合伙）（曾用名"宁波梅山保 税港区宝升投资管理合伙企业（有限合伙）"） 住所及通讯地址：山东省泰安市宁阳县文庙街道金阳商贸城物业楼 2 楼 214 号 股份变动性质：股份减少（持股比例降至 5%以下） 签署日期：2025 年 11 月 7 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称《证券法》） 《上市公司收购管理办法》（以下简称《收购办法》）《公开发行证券的公司信息 披露内容与格式准则第 15 号——权益变动报告书》及相关的法律法规编制本报告 书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》《收购办法》规定，本报告书已全面披露了信息披露义务 人在熊猫乳品集团股份有限公司（以下简称"熊猫乳品"或"本公司"）拥有权益 的股份变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息披露义 务人没有通过任何其他方式增加或减少其在熊猫乳品拥有权益的 ...

Core Viewpoint - Panda Dairy's stock has shown a positive trend with a year-to-date increase of 14.30%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Panda Dairy reported a revenue of 586 million yuan, representing a year-on-year growth of 3.00% [2]. - The net profit attributable to the parent company for the same period was 71.71 million yuan, which reflects a decrease of 8.17% compared to the previous year [2]. Stock Market Activity - As of November 11, Panda Dairy's stock price was 28.70 yuan per share, with a trading volume of 2.18 billion yuan and a turnover rate of 6.77% [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) three times this year, with the most recent appearance on April 8 [1]. Shareholder Information - As of September 30, the number of shareholders for Panda Dairy was 17,000, which is a decrease of 14.02% from the previous period [2]. - The average number of circulating shares per shareholder increased by 16.30% to 6,748 shares [2]. Dividend Distribution - Since its A-share listing, Panda Dairy has distributed a total of 205 million yuan in dividends, with 161 million yuan distributed over the past three years [3]. Business Overview - Panda Dairy, established on January 3, 1996, specializes in the research, production, and sales of concentrated dairy products, as well as dairy trading [1]. - The revenue composition of the company includes 76.14% from concentrated dairy products, 11.57% from dairy trading, 10.44% from coconut products, and 1.85% from other sources [1].

Market Overview - The Shanghai Composite Index closed at 4018.60 points, above the annual line, with a change of 0.53% [1] - The total trading volume of A-shares reached 2,194.371 billion yuan [1] Stocks Breaking Annual Line - A total of 112 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Shede Liquor: 9.90% - Binhai Energy: 8.36% - Pinwo Food: 6.38% [1] Detailed Stock Performance - The following table summarizes the performance of stocks that broke the annual line: - Shede Liquor (600702): Today's change of 10.01%, turnover rate of 7.58%, latest price 65.63 yuan [1] - Binhai Energy (000695): Today's change of 9.96%, turnover rate of 5.02%, latest price 12.47 yuan [1] - Pinwo Food (300892): Today's change of 8.84%, turnover rate of 16.98%, latest price 36.70 yuan [1] - Other notable stocks include: - Haida Co. (300320): 8.77% change, 9.19% turnover, latest price 10.91 yuan [1] - Huachao City A (000069): 9.92% change, 3.74% turnover, latest price 2.66 yuan [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the annual line include: - Wanxin Media: Minor deviation rate [1] - Chengdu Bank: Minor deviation rate [1] - China Publishing: Minor deviation rate [1]

Group 1 - Panda Dairy's stock increased by 5.31%, reaching 27.98 CNY per share, with a trading volume of 140 million CNY and a turnover rate of 4.48%, resulting in a total market capitalization of 3.47 billion CNY [1] - Panda Dairy Group Co., Ltd. is located in Cangnan County, Zhejiang Province, and was established on January 3, 1996, with its listing date on October 16, 2020. The company's main business involves the research, production, and sales of concentrated dairy products, as well as dairy trading [1] - The revenue composition of Panda Dairy includes concentrated dairy products at 76.14%, dairy trading at 11.57%, coconut products at 10.44%, and other sources at 1.85% [1] Group 2 - Qianhai Kaiyuan Fund has one fund heavily invested in Panda Dairy, specifically the Qianhai Kaiyuan Event-Driven Mixed A Fund (000423), which held 79,800 shares in the third quarter, accounting for 3.06% of the fund's net value, ranking as the ninth largest holding [2] - The Qianhai Kaiyuan Event-Driven Mixed A Fund was established on December 19, 2013, with a latest scale of 57.2175 million CNY. Year-to-date returns are 16.93%, ranking 4933 out of 8219 in its category, while the one-year return is 10.34%, ranking 5235 out of 8125 [2] - The fund manager, Wang Da, has been in position for 2 years and 247 days, with total fund assets of 66.8397 million CNY. The best return during his tenure is 14.84%, and the worst is 14.58% [2]

Core Viewpoint - The report highlights the trends in China's dairy product imports, indicating a decrease in quantity but an increase in import value, suggesting a shift towards higher-value products in the market [1]. Group 1: Company Insights - Listed companies in the dairy sector include Yangguang Dairy (001318), Huangshi Group (002329), Beingmate (002570), and others, indicating a diverse market landscape [1]. - The report emphasizes the importance of these companies in the context of the evolving dairy industry in China [1]. Group 2: Market Data - As of September 2025, China's dairy product imports totaled 180,000 tons, representing a year-on-year decrease of 3.2% [1]. - The import value for the same period reached $95.7 million, reflecting a year-on-year increase of 10.8% [1]. - This data suggests a potential trend towards premium dairy products, as the value of imports rises despite a decline in volume [1].

Core Insights - Panda Dairy reported a total revenue of 586 million yuan for Q1-Q3 2025, a 3% increase year-on-year, while net profit decreased by 8% to 72 million yuan [1] - In Q3 2025, total revenue reached 233 million yuan, marking a 12% increase year-on-year, with net profit slightly decreasing by 1% to 30 million yuan [1] Financial Performance - Q3 2025 gross margin decreased by 3 percentage points to 26.16%, primarily due to fluctuations in milk powder and fresh milk prices [2] - The sales and management expense ratios decreased by 0.4 percentage points and 1 percentage point to 3.75% and 4.50%, respectively, while net profit margin decreased by 2 percentage points to 12.70% [2] Business Segments - The condensed milk business remained stable, with the company pre-stocking milk powder and benefiting from a decline in sugar prices, ensuring stable product gross margins [3] - The cream cheese business showed slight growth, with collaborations to develop cheese snack products enhancing the consumer end layout [3] - The coconut product business experienced a significant increase in customer orders, with raw material prices entering a downward trend, and the expected production capacity from the Hainan plant alleviating capacity pressure [3] Profit Forecast - The company is expected to consolidate its condensed milk base and continue developing a second growth curve, optimizing retail channel construction [4] - EPS forecasts for 2025-2027 have been adjusted to 0.79, 0.92, and 1.06 yuan, with corresponding PE ratios of 33, 29, and 25 times [4]

Core Viewpoint - Panda Dairy is a leading company in the condensed milk sector in China, focusing on the research, production, and sales of concentrated dairy products, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Panda Dairy reported revenue of 586 million yuan, ranking 18th among 19 companies in the industry, significantly lower than the top company, Yili, with 90.34 billion yuan, and the industry average of 7.469 billion yuan [2] - The net profit for the same period was 69.78 million yuan, ranking 7th in the industry, with the leading company, Yili, achieving a net profit of 10.42 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Panda Dairy's debt-to-asset ratio was 9.87%, lower than the previous year's 10.38% and significantly below the industry average of 41.11%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 26.25%, down from 28.06% year-on-year but still above the industry average of 24.79% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 14.02% to 17,000, while the average number of circulating A-shares held per shareholder increased by 16.30% to 6,748.83 [5] Group 4: Management Compensation - The chairman, Li Xian, received a salary of 807,300 yuan in 2024, an increase of 21,400 yuan from 2023 [4] Group 5: Business Highlights - In H1 2025, total revenue was 353 million yuan, a decrease of 2% year-on-year, with a net profit of 41 million yuan, down 13% [5] - The gross profit margin improved by 1 percentage point to 27.46% in Q2 2025, benefiting from product structure optimization [5] - Revenue from concentrated dairy products in H1 2025 was 268 million yuan, an increase of 4% year-on-year, while coconut product revenue surged by 97% to 37 million yuan [5]

Core Viewpoint - The company is currently in the process of constructing a new production line with an annual capacity of 5,000 tons, which is expected to commence operations by mid-next year [2]. Group 1 - The company is engaged in the construction of the second phase of its factory [2]. - The new production line is anticipated to be operational by mid-2024 based on the current progress [2].

Core Viewpoint - The report highlights the growth in the export value of China's beverage industry, indicating a positive trend in the market from 2019 to 2025, with significant year-on-year increases in export figures [1]. Industry Summary - In September 2025, the export value of the national wine, beverage, and refined tea manufacturing industry reached 2.49 billion, marking a year-on-year growth of 21.6% [1]. - From January to September 2025, the cumulative export value for the same industry was 17.92 billion, reflecting a cumulative year-on-year growth of 2% [1]. - The report includes statistical data on the export value of the beverage industry from 2019 to September 2025, showcasing the industry's performance over the years [1]. Company Summary - The companies mentioned in the report include: Chengde Lulule (000848), Sunshine Dairy (001318), Huangshi Group (002329), Beingmate (002570), Western Pastoral (300106), Pinwo Foods (300892), Panda Dairy (300898), Sanyuan Foods (600429), Bright Dairy (600597), Miaokelando (600882), Yili Group (600887), and Liziyuan (605337) [1].

Core Viewpoint - Panda Dairy's stock price has shown a decline recently, with a year-to-date increase of only 3.23%, indicating potential volatility in the market [1][2]. Financial Performance - As of September 30, Panda Dairy reported a revenue of 586 million yuan for the first nine months of 2025, reflecting a year-on-year growth of 3.00% [2]. - The company's net profit attributable to shareholders was 71.71 million yuan, which represents a year-on-year decrease of 8.17% [2]. Stock Market Activity - On October 29, Panda Dairy's stock price fell by 2.00%, trading at 25.92 yuan per share, with a total market capitalization of 3.214 billion yuan [1]. - The stock has experienced a decline of 10.31% over the past 60 days, with a recent trading volume of 27.34 million yuan [1]. Shareholder Information - The number of shareholders for Panda Dairy decreased by 14.02% to 17,000 as of September 30, while the average number of circulating shares per person increased by 16.30% to 6,748 shares [2]. Dividend Distribution - Since its A-share listing, Panda Dairy has distributed a total of 205 million yuan in dividends, with 161 million yuan distributed over the past three years [3].