证券代码：300898 证券简称：熊猫乳品 公告编号：2025-041 熊猫乳品集团股份有限公司 关于开展期货套期保值交易业务的公告 重要内容提示： 1、套期保值品种：熊猫乳品集团股份有限公司（以下简称"熊猫乳品"或 "公司"）拟开展与公司的生产经营有直接关系的期货套期保值业务，主要为生 产经营所需原材料白糖、奶粉等。 2、已履行的审议程序：2025 年 8 月 21 日，公司召开第四届董事会第十四 次会议、第四届监事会第十三次会议，审议通过了《关于开展期货套期保值交易 业务的议案》，同意公司使用自有资金开展在任一交易日持有的最高合约价值不 超过 6,000.00 万元人民币或者等值外币、预计动用的交易保证金和权利金上限 （包括为交易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施 所预留的保证金等，下同）不超过 1,000.00 万元人民币或者等值外币的套期保 值交易业务。上述交易额度自董事会审议通过之日起十二个月内有效，额度在审 批期限内可以循环滚动使用。期限内任一时点的金额（含前述交易的收益进行再 交易的相关金额）不应超过已审议额度。 3、风险提示：公司开展期货套期保值业务可以规避部分价格风险 ...

熊猫乳品集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 熊猫乳品集团股份有限公司（以下简称"本公司"或"公司"）第四届董事 会第十四次会议决定于 2025 年 9 月 8 日（星期一）召开公司 2025 年第一次临时 股东大会，现将本次会议有关事项通知如下： 一、召开会议的基本情况 1、会议届次：2025 年第一次临时股东大会。 2、召集人：公司董事会。公司第四届董事会第十四次会议同意召开本次股 东大会。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 证券代码：300898 证券简称：熊猫乳品 公告编号：2025-042 4、会议召开日期和时间： （1）会议召开的时间：2025 年 9 月 8 日（星期一）下午 15:00 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间 2025 年 9 月 8 日上午 9:15-9:25,9:30-11:30，下午 13:00-15:00。 通过深圳证券交易所互联网系统 ...

一、董事会会议召开情况 熊猫乳品集团股份有限公司（以下简称"熊猫乳品"或"公司"）第四届董 事会第十四次会议于 2025 年 8 月 21 日（星期四）在公司会议室以通讯方式召开。 会议通知已于 2025 年 8 月 8 日通过邮件的方式送达各位董事。本次会议应出席 董事 9 人，实际出席董事 9 人。 会议由董事长 LI DAVID XI AN（李锡安）先生主持。会议召开符合《中华 人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以 下简称《证券法》）等有关法律、法规、规章和《熊猫乳品集团股份有限公司章 程》的规定。 二、董事会会议审议情况 经与会董事认真审议，充分讨论，审慎表决，会议审议通过了以下议案： 证券代码：300898 证券简称：熊猫乳品 公告编号：2025-035 熊猫乳品集团股份有限公司 第四届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 公司第四届董事会审计委员会第十二次会议审议通过本议案。 （二）审议通过《关于<2025 年半年度募集资金存放、管理与使用情况的专 项报告>的议案》 董事会认为 ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥352,557,430.60, a decrease of 2.16% compared to ¥360,352,376.50 in the same period last year[22]. - Net profit attributable to shareholders was ¥41,342,467.80, down 12.76% from ¥47,387,178.16 year-on-year[22]. - The net profit after deducting non-recurring gains and losses was ¥33,115,955.47, reflecting a decline of 16.06% compared to ¥39,451,950.68 in the previous year[22]. - The net cash flow from operating activities was -¥26,829,347.55, a significant drop of 141.01% from ¥65,425,368.74 in the same period last year[22]. - Basic earnings per share decreased to ¥0.3334, down 12.77% from ¥0.3822 in the previous year[22]. - The company's total revenue for the reporting period was CNY 352,557,430.60, representing a year-on-year decrease of 2.16%[54]. - The gross profit margin for the overall business was 26.30%, down by 1.16% compared to the previous year[54]. - The total profit for the first half of 2025 was CNY 48,195,982.04, down from CNY 56,149,239.77 in the first half of 2024, reflecting a decrease of 14.4%[174]. - The company's financial expenses showed a net income of CNY -791,782.55 in the first half of 2025, compared to CNY -1,043,294.74 in the first half of 2024, indicating improved financial management[173]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,051,338,346.28, a decrease of 3.71% from ¥1,091,825,944.97 at the end of the previous year[22]. - Net assets attributable to shareholders decreased by 3.48% to ¥949,992,771.65 from ¥984,277,892.05 at the end of the previous year[22]. - Cash and cash equivalents decreased to ¥132,802,798.46, accounting for 12.63% of total assets, down from 16.70% last year, a decrease of 4.07%[75]. - Total liabilities decreased from ¥98,247,615.27 to ¥93,211,317.82, a decline of about 5.1%[169]. - Total owner's equity decreased from ¥993,578,329.70 to ¥958,127,028.46, a decline of approximately 3.6%[169]. Market and Industry Insights - The company is a leader in the condensed milk sector, focusing on innovation and manufacturing, with a market potential driven by the low per capita dairy consumption in China, which is only 41.30 kg, representing 22.60%-37.70% of the recommended amount[29]. - The Chinese condensed milk market has evolved into a multifunctional food ingredient, with a projected stable growth of 5.30% in the restaurant market for 2024, enhancing the strategic value of condensed milk in supply chains[31]. - The cheese market in China reached a scale of 12.8 billion yuan in 2023, with demand increasing from 153,900 tons in 2016 to 350,600 tons, driven by product innovation in the restaurant sector[32]. - The company is currently assessing the impact of ongoing litigation on project timelines and market conditions[87]. Research and Development - The company has obtained 77 patents and continues to invest in R&D, launching new products such as flavored cheese slices and coconut whipped cream, demonstrating its commitment to innovation[38]. - Research and development expenses rose by 1.64% to CNY 8,965,923.60, reflecting the company's commitment to innovation and product development[68]. - The company is committed to increasing R&D investment in new products and technologies to meet diverse market demands and capitalize on growth opportunities in the food industry[35]. Supply Chain and Procurement - The company has established a stable supply chain with long-term partnerships with suppliers, enhancing the sustainability of its raw materials[39]. - The procurement model for raw materials is based on a "sales-driven production" approach, ensuring that procurement aligns with production needs and market demand[48]. - The company primarily sources domestic milk powder and participates in the GDT platform for purchasing, which is a significant indicator of global dairy prices[49]. Marketing and Sales - The number of signed distributors increased to 400, with a total of 165 distributors nationwide, reflecting a growth of 19 distributors compared to the previous year[38]. - The company has established a sales network covering over 30 provinces, with 146 and 89 distributors in East and South China respectively, marking an increase of 19 distributors compared to the previous year[102]. - The sales model combines distribution and direct sales, with direct contracts established with major food manufacturers such as Mengniu and Yili[51]. Risks and Challenges - The company faces risks including intensified market competition and fluctuations in raw material prices[4]. - Fluctuations in raw material prices, particularly for milk powder and sugar, significantly impact the company's gross margin and profitability[41]. - The company has developed crisis response plans to mitigate the impact of public health emergencies on its operations[43]. Corporate Governance and Compliance - The company adheres to quality management standards such as FSSC22000 and ISO9001, ensuring product safety and quality throughout the production process[39]. - The company actively participates in social responsibility initiatives, contributing to various public welfare activities[112]. - The company strictly adheres to environmental protection laws and regularly evaluates compliance with applicable regulations[114]. Investment and Expansion Plans - The company has committed to an investment project for a production capacity of 30,000 tons of concentrated milk products, with a total investment of CNY 27,780 million, of which CNY 20,660.38 million has been utilized, representing 62.74% completion as of June 30[85]. - The company is focusing on marketing and operational management projects, with no changes reported in the investment status[85]. - The company plans to enhance its core business in condensed milk and diversify into plant-based and nutritional health foods[99].

从资金流向上来看，当日饮料乳品板块主力资金净流入7803.11万元，游资资金净流出2.2亿元，散户资 金净流入1.42亿元。饮料乳品板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300106 | 西部牧业 | 12.31 | 2.50% | 24.57万 | 2.99亿 | | 300892 | 铝酒食品 | 33.72 | 2.40% | 4.23万 | 1.42 Z | | 300898 | 熊猫乳品 | 28.06 | 2.33% | 7.02万 | 1.95亿 | | 832786 | 骑士乳业 | 10.89 | 2.25% | 17.14万 | 1.85亿 | | 300915 | 海融科技 | 26.83 | 1.98% | 2.01万 | 5352.85万 | | 300997 | 欢乐家 | 16.13 | 1.96% | 4. ...

Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 700,000 yuan [1] - In the dairy industry, the average salary of secretaries from 28 listed companies is 850,800 yuan, which is higher than the market average [1] - The age distribution shows that 54% of secretaries are aged between 40 and 50, 29% are over 50, and approximately 18% are between 30 and 40 [1] Group 2 - The majority of secretaries hold a bachelor's degree (46%), followed by master's degrees (39%), with a few having associate degrees (3) and one holding a doctorate [2] - The salary range of 500,000 to 1 million yuan is the most common, accounting for 39%, followed by the range of 300,000 to 500,000 yuan at 29% [2] - The highest-paid secretary is Shen Xiaoyan from Bright Dairy, earning 1.3559 million yuan, followed by Xie Yi from Miaokelando at 1.2499 million yuan [2] Group 3 - In the past year, 19 companies saw an increase in secretary salaries, with notable increases including Qiu Xiangmin from Yili Group, whose salary rose by 199,800 yuan to 755,300 yuan [2] - Four companies reported salary reductions for their secretaries, with Fan Chonglan from Huanlejia experiencing a decrease of 37,100 yuan to 842,900 yuan [2]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for CFOs in A-share companies reaching 4.27 billion yuan in 2024 [1] - The average salary for CFOs in the food industry is 951,100 yuan, which is above the market average [1] - The age distribution shows that the majority of CFOs are between 40 and 50 years old, making up 49% of the total [1] Salary Overview - The highest salary recorded is for Jiang Leifeng, CFO of Shuijingfang, at 4.65 million yuan, followed by Zhao Chengxia from Yili with 3.90 million yuan [2] - A total of 67 CFOs received salary increases, with the largest increases exceeding 1 million yuan [2] - Conversely, 28 CFOs experienced salary reductions, with the largest decrease being 589,100 yuan for Jin Zhiqiang from Beingmate [2] Industry Performance - In the dairy sector, 61% of companies reported a decline in revenue, yet 61% of CFOs in this sector received salary increases [3] - Notable examples include Yantang Dairy, which saw an 11.2% revenue drop, while CFO Shao Xia's salary increased by 525,900 yuan [3] - Seven CFOs in the dairy industry earned over 1 million yuan, with some companies having revenues below 2 billion yuan [3]

Summary of Key Points Core Viewpoint - The report highlights the compensation trends of CFOs in A-share listed companies, indicating a total salary scale of 4.27 billion yuan for CFOs in 2024, with an average annual salary of 814,800 yuan [1]. Group 1: Compensation Overview - The total salary for CFOs in the food and beverage industry amounts to 94.16 million yuan, with an average salary of 951,100 yuan [5]. - The highest-paid CFO is Jiang Leifeng from Shuijingfang, earning 4.65 million yuan, with a salary increase of 1.58 million yuan from the previous year [6]. - 67% of CFOs received salary increases last year, with the largest increases seen in Shuijingfang, Zhongju Gaoxin, and Nanjiao Food, each exceeding 1 million yuan [6]. Group 2: Age and Educational Background - The majority of CFOs are aged between 40 and 50 years, accounting for 49% of the total, while those aged 50 and above make up 42% [1]. - The educational background shows that 58% of CFOs hold a bachelor's degree, 28% have a master's degree, and there is one PhD among them [3]. Group 3: Salary Changes and Trends - 28 companies reported salary reductions for their CFOs, with the largest decrease being 589,100 yuan for Jin Zhiqiang from Beingmei [7]. - Despite revenue declines in the dairy industry, 61% of CFOs in this sector received salary increases, indicating a disconnect between company performance and executive compensation [7]. - Notably, Yiyuan Health reported a loss of 29 million yuan, yet its CFO, Cui Peng, earned 807,900 yuan [9].

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，A股市场99家食品行业公司财务总监薪酬均值为95.11万元（数据来源于choice，截止2024 年末任期不满1年的不参与统计，CFO包括部分公司总会计师等），高于市场均值。 从年龄分布来看，40（含）-50岁是主力人群，人数达到49位，占比达到49%；其次是50（含）岁以 上，占比达到42%；30（含）-40的CFO占比仅为8%，年龄中位数为49岁。 承德露露CFO丁兴贤年纪最大，达到62岁。丁兴贤目前身兼数职，是承德露露总经理、财务负责人， 2019年4月开始任职。元祖股份CFO刘政年纪最小，仅32岁，从2023年10月开始任职。 从学历来看，以本科为主，占比达到58%；其次是硕士，达到28%。专科有16名，占比达到12.4%。此 外博士有1名，为立高食品财务总监王世佳；中职也有一名，为春 ...

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The dairy industry has the highest average salary for secretaries at 850,800 yuan, surpassing the market average [1] - The majority of secretaries are aged between 40 and 50 years, accounting for 54% of the total [1] Salary Distribution - The salary range of 500,000 to 1 million yuan is the most common, representing 39% of secretaries [5] - There are five secretaries earning between 1 million and 2 million yuan, while three earn between 100,000 and 300,000 yuan [5] - The highest-paid secretary is from Bright Dairy, earning 1.3559 million yuan, followed by the secretaries from Miaokelando and Yantang Dairy with salaries of 1.2499 million yuan and 1.2299 million yuan respectively [5] Changes in Salary - Nineteen companies reported salary increases for their secretaries, with notable increases including 199,800 yuan for Yili's secretary [6] - Four companies experienced salary reductions, with the largest decrease being 37,100 yuan for Huanlejia's secretary [6] - The lowest salary recorded was 140,000 yuan for the secretary of Weiweisheng, while the second lowest was 159,300 yuan for Xibu Muye's secretary [6] Educational Background - The majority of secretaries hold a bachelor's degree, accounting for 46%, followed by master's degree holders at 39% [3]