证券代码：002570 证券简称：贝因美 公告编号：2026-015 贝因美股份有限公司 关于回购公司股份超过2%的进展公告 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。 贝因美股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开的第九 届董事会第九次会议审议通过了《关于回购公司股份方案的议案》，公司拟以集 中竞价交易方式回购公司 A 股股票，用于公司未来实施的股权激励或员工持股 计划。本次回购金额不超过人民币 3 亿元（含），不低于人民币 1.5 亿元（含）， 回购价格不超过 9.06 元/股（含），实施期限为自董事会审议通过回购方案之日 起 12 个月内。具体内容详见公司于 2025 年 4 月 30 日披露于指定信息披露媒体 及巨潮资讯网（http://www.cninfo.com.cn）上的《关于回购公司股份方案暨取得 股票回购专项贷款承诺函的公告》（公告编号：2025-035）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，上市公司在回购期间，回购股份占上市公司总股本的比例每增加百分之一 的，应当 ...

Core Viewpoint - The company Beiyinmei is leveraging the Spring Festival travel season by promoting its three major brands through high-speed train naming, aiming to connect with families and promote health for children during this significant travel period [1][3]. Group 1: Brand Promotion and Marketing - Beiyinmei's three brands, Keruixin, Aijia, and Hongai, are featured on high-speed trains across China's extensive rail network, showcasing their range of infant and child nutrition products [1][3]. - The high-speed train campaign is designed to deliver health messages to millions of travelers, emphasizing the importance of child nutrition as families reunite for the New Year [3][4]. Group 2: Product Features and Benefits - Hongai is recognized as a leading brand in the child nutrition sector, focusing on essential nutrients for children over three years old, promoting growth and development [7]. - Aijia milk powder has been awarded for its quality and is noted for being the first in China to incorporate lactoferrin in infant formula, providing triple protection for children during critical growth periods [10]. - Keruixin emphasizes a gentle, easily digestible formula with probiotics and patented ingredients to enhance nutrient absorption, supporting healthy growth for infants [13]. Group 3: Consumer Engagement and Experience - The collaboration with Alipay for a promotional event on the high-speed trains allows passengers to receive discounts, enhancing customer engagement and brand interaction [4]. - The high-speed train initiative is positioned as a way to not only facilitate travel but also to create memorable experiences for families, reinforcing the brand's commitment to child health and well-being [11][15].

Core Insights - iiMedia Research released the "Top 500 Chinese Consumer Brands" list for 2025, with Beingmate (002570) ranking 223rd, highlighting its market influence and consumer recognition in the mother and baby products sector [1] - Beingmate's strategy of "full category + high efficiency" has demonstrated resilience in a shrinking competitive landscape, serving as a model for domestic brands transitioning from scale to value [1] Business Strategy - Beingmate's growth is driven by a dual approach of deepening core categories and expanding into new markets, maintaining a top-four market share in domestic milk powder through differentiated product lines [2] - The company reported a 111.09% year-on-year increase in revenue from rice cereal, with over 50% of its product revenue coming from diapers, and new products like medical-grade wipes achieving significant sales on platforms like Douyin and Pinduoduo [2] - Beingmate's "only earn 5%" profit strategy addresses long-standing pricing issues in the industry, optimizing supply chains and enhancing channel efficiency to control costs while passing savings to consumers [2] Market Trends - The shift in domestic consumption from "emotion-driven" to "quality-driven" is exemplified by Beingmate's inclusion in the list, emphasizing the need for domestic brands to compete based on strength [3] - With plans to further develop specialized medical foods and adult nutrition, Beingmate aims to enhance its full-category matrix, contributing to the high-quality development of the mother and baby industry and the broader domestic market [3]

Core Insights - Chnbrand's 2026 China Customer Recommendation Index (C-NPS) report highlights domestic brand Beingmate (002570.SZ) as the "Most Recommended Brand" in the competitive infant formula category, reflecting strong consumer endorsement and the successful implementation of its "value for money" strategy over 34 years [1][2] Group 1: Brand Performance - Beingmate's recognition in the C-NPS report is attributed to its robust user recommendation willingness, indicating a direct acknowledgment of its product quality by consumers [1] - The C-NPS survey covered over 100 cities in China, with a sample size exceeding 2.562 million, assessing 170 sub-industries and over 10,000 mainstream brands, providing a comprehensive view of brand reputation [1] Group 2: Industry Trends - The overall C-NPS score for 2026 increased by 1.6 points compared to 2025, yet a significant "satisfaction and recommendation gap" in the fast-moving consumer goods sector was noted, with over 60% of consumers entering a "passive observation period" [1] - The infant formula market is shifting from "scale competition" to "value competition," with consumers increasingly focusing on "scientific formulation and traceability," aligning with Beingmate's strategic practices [2] Group 3: Safety and Quality Assurance - Beingmate's commitment to food safety is underscored by its clean record during the 2008 melamine scandal and its proactive response to the recent Nestlé ARA ingredient safety incident, showcasing its comprehensive quality control capabilities [2] - The company has established a traceable supply chain across global premium milk source regions, ensuring product purity from pasture planting to end sales [2] Group 4: Future Outlook - As consumer rationality increases, "user recommendation" is expected to become a core competitive barrier for brands, with Beingmate's ongoing "value for money" strategy likely to strengthen its market position in the infant formula sector [2] - Beingmate's success serves as a reference for domestic maternal and infant brands, promoting a shift in the industry from "product competition" to "value cultivation" [2]

Investment Rating - The report does not explicitly state an investment rating for the industry [3] Core Insights - The consumer sector saw mixed performance, with retail experiencing a decline while food and beverage, beauty care, textiles, home appliances, and social services showed positive growth [5] - The implementation of the "zero tariff" policy in Hainan is expected to benefit leading duty-free companies, as it allows residents to purchase duty-free goods up to 10,000 yuan annually, enhancing stable consumption outside of tourism [5][17] - The "2026 'Happy New Year' Spring Festival Special Activity Plan" aims to stimulate consumption during the Spring Festival, with various promotional activities planned to enhance consumer engagement across multiple sectors [5][19] Market Weekly Review - The consumer sector's weekly performance from February 2 to February 6 showed the following changes: food and beverage (+4.31%), beauty care (+3.69%), textiles (+1.32%), home appliances (+1.28%), social services (+0.02%), and retail (-0.34%) [5] - Notable stock performances included Huangtai Liquor (+13.50%), Minbao Optoelectronics (+115.92%), and Hangzhou Jiebai (+33.75%) among the gainers, while ST Yedao (-15.69%) and Deep Kangjia B (-37.23%) were among the losers [5][15][16] Industry News and Key Company Announcements - The "zero tariff" policy for Hainan residents allows for unlimited purchases of specified duty-free goods, which is expected to stabilize and grow the duty-free market [17][18] - The Ministry of Commerce and other departments have launched a plan to enhance Spring Festival consumption, focusing on various sectors including retail, dining, and tourism [19] - Companies like Muyuan Foods reported a 2.73% increase in pig sales in January 2026, while Chongqing Beer showed a slight revenue increase of 0.53% year-on-year [20]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On February 6, the overall capital situation was loose, with major repurchase rates declining; the bond market continued its positive trend; the main indices of the convertible bond market closed higher, and most convertible bond issues rose; yields on U.S. Treasuries of various maturities generally increased, and the yields on 10-year government bonds of major European economies showed divergent trends [2] Summary by Directory I. Bond Market News (1) Domestic News - Premier Li Qiang chaired the tenth plenary meeting of the State Council, emphasizing promoting effective investment, using various funds and tools, and promoting major projects in key areas [4] - As of the end of January 2026, China's foreign exchange reserves increased for the 6th consecutive month to $3399.1 billion, and gold reserves increased for 15 consecutive months to 74.19 million ounces. The increase in foreign exchange reserves was due to factors such as exchange rate conversion and asset price changes [5] - Eight departments jointly re - emphasized the ban on virtual currency in China and put forward policy requirements for related businesses [5] - The China Securities Regulatory Commission issued a regulatory guideline for the overseas issuance of asset - backed security tokens of domestic assets to prevent speculation risks [6][7] - The first meeting of the China - UK Financial Working Group was held in Beijing, reaching many practical cooperation results [7] (2) International News - In February 2026, the preliminary reading of the U.S. consumer confidence index was 57.3, higher than the January final value. The short - term inflation expectation dropped to 3.5%, while the long - term inflation expectation rose slightly to 3.4% [8] - The U.S. and India reached a temporary trade framework. The U.S. will impose a 18% tariff on Indian goods, and India will purchase $500 billion of U.S. products in five years [9] - On February 6, international crude oil futures prices rose, with WTI March crude oil futures up 0.41% and Brent April crude oil futures up 0.74%. COMEX gold futures rose 1.96%. The NYMEX natural gas price fell 3.16% [10] II. Capital Situation (1) Open Market Operations - On February 6, the central bank conducted 7 - day reverse repurchase operations of 31.5 billion yuan at an interest rate of 1.40% and 14 - day reverse repurchase operations of 300 billion yuan. With 477.5 billion yuan of reverse repurchases maturing, the net capital withdrawal was 146 billion yuan [12] (2) Capital Interest Rates - On February 6, the capital situation was loose, and major repurchase rates declined. DR001 dropped 4.41bp to 1.275%, and DR007 dropped 2.08bp to 1.461% [13] III. Bond Market Dynamics (1) Interest - rate Bonds - Spot Bond Yield Trends: On February 6, the bond market continued its positive trend. As of 20:00, the yield of the 10 - year Treasury bond active issue 250016 dropped 0.60bp to 1.8020%, and the yield of the 10 - year CDB bond active issue 250220 dropped 1.55bp to 1.9625% [15] - Bond Tendering Situation: The 3 - year 25Jinchujin13 (Increment 10), 1 - year 26Fuxiguozhai01 (Re - issue), and 30 - year 26Fuxiguozhai02 (Re - issue) were issued, with their respective issuance scales, winning bid yields, full - field multiples, and marginal multiples provided [16] (2) Credit Bonds - Secondary Market Transaction Anomalies: On February 6, the trading price of one industrial bond, "23Chanrong11", deviated by more than 10%, falling more than 17% [16] - Credit Bond Events: Multiple companies announced events such as debt repayment issues, mergers and reorganizations, and bond issuance cancellations [19] (3) Convertible Bonds - Equity and Convertible Bond Indices: On February 6, the three major A - share indices fell, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down 0.25%, 0.33%, and 0.73% respectively. The convertible bond market rose, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index up 0.75%, 0.56%, and 1.02% respectively [18][20] - Convertible Bond Tracking: On February 7, Shenergy Co., Ltd.'s convertible bond issuance was approved by the exchange. On February 6, some convertible bonds announced adjustments to conversion prices, early redemptions, or approaching redemption conditions [24] (4) Overseas Bond Markets - U.S. Bond Market: On February 6, yields on U.S. Treasuries of various maturities generally increased. The 2 - year yield rose 3bp to 3.50%, and the 10 - year yield rose 1bp to 4.22%. The 2/10 - year and 5/30 - year yield spreads narrowed by 2bp. The 10 - year inflation - protected Treasury (TIPS) break - even inflation rate rose 2bp to 2.34% [23][25][26] - European Bond Market: On February 6, the yields on 10 - year government bonds of major European economies showed divergent trends. The German, French, and Italian yields rose 1bp, the Spanish yield remained unchanged, and the British yield dropped 5bp [27] - Daily Price Changes of Chinese - funded U.S. Dollar Bonds: As of the close on February 6, the prices of some Chinese - funded U.S. dollar bonds rose or fell, with details on the daily and monthly changes, credit subjects, bond balances, and yields provided [29]

Group 1: Domestic News - The State Council, led by Premier Li Qiang, emphasized the importance of promoting effective investment to stabilize economic growth and enhance development momentum during the 10th plenary meeting on February 6 [2] - The meeting discussed innovative policy measures to optimize the use of central budget investments, ultra-long special bonds, and local government special bonds, focusing on key areas such as infrastructure and emerging industries [2] Group 2: Foreign Exchange and Monetary Policy - As of January 2026, China's foreign exchange reserves increased to $339.91 billion, up by $41.2 billion from December 2025, while gold reserves rose to 74.19 million ounces, an increase of 40,000 ounces [3] - The People's Bank of China conducted a 7-day reverse repo operation of 31.5 billion yuan at a rate of 1.40% and a 14-day reverse repo operation of 300 billion yuan, resulting in a net withdrawal of 146 billion yuan on February 6 [8][9] Group 3: Bond Market Dynamics - The bond market showed positive sentiment with a decline in yields; the 10-year government bond yield fell by 0.60 basis points to 1.8020% and the 10-year policy bank bond yield decreased by 1.55 basis points to 1.9625% [10][11] - The secondary market for credit bonds experienced significant price deviations, with one industrial bond, "23产融11," dropping over 17% [12] Group 4: Equity and Convertible Bond Market - The convertible bond market saw major indices rise, with the China Convertible Bond Index increasing by 0.75% and trading volume reaching 88.755 billion yuan, up by 14.689 billion yuan from the previous trading day [20][21] - Notable individual convertible bonds included 泰瑞转债, which rose over 10%, while 新致转债 fell over 9% [21] Group 5: International Trade Developments - The U.S. and India reached a temporary trade framework, reducing tariffs on Indian goods to 18% and committing to a $500 billion purchase of U.S. products over five years [6] - The U.S. consumer confidence index slightly increased to 57.3 in February 2026, while long-term inflation expectations rose marginally to 3.4% [5]

证券代码：002570 证券简称：贝因美 公告编号：2026-014 贝因美股份有限公司 关于控股股东预重整公开招募投资人的公告 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。 重要提示： 1、截至本公告披露日，公司控股股东浙江小贝大美控股有限公司（以下简 称"小贝大美控股"）共持有公司股份 132,629,471 股，占公司总股本的 12.28%。 其中，被质押或冻结的股份数量为 131,105,171 股，占其所持股份比例为 98.85%。 浙江省金华市中级人民法院（以下简称"金华中院"）已裁定受理小贝大美控股 前期提出的预重整申请，其第一次债权人会议已表决通过《浙江小贝大美控股有 限公司预重整方案》，小贝大美控股后续实施重整，可能导致其在公司的股东权 益发生变动。 2、公司具有独立完整的业务及自主经营能力，在业务、人员、资产、机构、 财务等方面与控股股东相互独立。小贝大美控股的上述事项不会对公司日常生产 经营产生重大影响。公司的生产经营情况正常。 贝因美股份有限公司（以下简称"公司"或"贝因美"）今日通过全国企业 破产重整案件信息网查询获悉：小贝大美控股 ...

Group 1 - The core viewpoint of the news is that Beiyinmei's stock performance and financial metrics indicate a mixed outlook, with a slight increase in stock price but a decrease in revenue year-over-year [1][2] - On February 3, Beiyinmei's stock rose by 0.66%, with a trading volume of 115 million yuan, and a net financing buy of -1.50 million yuan, indicating a low financing balance compared to historical levels [1] - As of September 30, Beiyinmei reported a revenue of 2.033 billion yuan, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders increased by 48.07% to 106 million yuan [2] Group 2 - The company has a total of 147,900 shareholders as of September 30, which is an increase of 3.24% from the previous period [2] - The main business revenue composition of Beiyinmei includes 89.20% from milk powder, 4.69% from other supplements, 3.54% from rice cereal, and 1.71% from other products [1] - The company has cumulatively distributed 9.61 billion yuan in dividends since its A-share listing, but has not distributed any dividends in the last three years [2]

Core Viewpoint - The announcement from Beiyinmei reveals that its controlling shareholder, Zhejiang Xiaobei Damei Holdings, has passed a pre-restructuring plan, indicating potential changes in control and future uncertainties for the company [1][2]. Group 1: Restructuring and Control Changes - The pre-restructuring plan was approved by specific creditor groups, allowing for the continuation of restructuring efforts, although the success of the restructuring remains uncertain [2][8]. - The restructuring aims to help the company recover by introducing strategic investors and debt swaps, with the approval signaling initial support from creditors for the proposed restructuring path [2][8]. - The potential change in control may lead to new development strategies and personnel arrangements, but the management's primary responsibility will be to maintain operational stability [3][7]. Group 2: Financial Challenges and Historical Context - Xiaobei Damei Holdings holds 12.28% of Beiyinmei's total shares, with 98.85% of these shares pledged or frozen, highlighting a precarious equity situation [3][4]. - Beiyinmei, once a leader in the domestic milk powder industry, has seen a significant decline in revenue from 61.17 billion in 2013 to 24.91 billion in 2018, with substantial losses totaling over 1.8 billion during 2016-2017 [4][5]. - The company's financial imbalance has been a long-term issue, exacerbated by aggressive credit policies that increased accounts receivable from 425 million in 2014 to 1.363 billion in 2015, leading to severe cash flow issues [4][5]. Group 3: Market Concerns and Future Outlook - Concerns are rising regarding the impact of the controlling shareholder's restructuring on the stability of the management and the strategic coherence of Beiyinmei, especially during its transformation phase [6][7]. - Despite the ongoing challenges, Beiyinmei has emphasized that its production and operational status remain normal, and the restructuring will not significantly affect daily operations [7][8]. - The approval of the pre-restructuring plan opens a new chapter in the debt crisis narrative, but the outcome of the formal restructuring process and its implications for control and strategy remain uncertain [8].