熊猫乳品集团股份有限公司 浙江金道律师事务所 关 于 2024 年年度股东大会之 法律意见书 浙江省杭州市文二路 391 号西湖国际科技大厦 A 座 9-12 楼 邮政编码：310012 总机：0571-87006666 传真：0571-87006661 网址：www.zjblf.com 二〇二五年五月 浙江金道律师事务所 法律意见书 致：熊猫乳品集团股份有限公司 浙江金道律师事务所（以下简称"本所"）接受熊猫乳品集团股份有限公司 （以下简称"公司"）的委托，指派本所朱嵘律师、余方晟律师（以下简称"本 所律师"）出席公司于 2025 年 5 月 9 日召开的 2024 年年度股东大会（以下简称 "本次股东大会"），对公司本次股东大会召开的合法性进行见证，并依法出具 本法律意见书。 本法律意见书系依据《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》"）、《上市公司股东大会 规则》（以下简称"《股东大会规则》"）、《深圳证券交易所创业板股票上市 规则》（以下简称"《上市规则》"）和《熊猫乳品集团股份有限公司章程》（以 下简称"《公司章程》"）出具。 本法律意见书 ...

中国经济网北京5月8日讯熊猫乳品（300898）(300898.SZ)昨日晚间发布关于实际控制人的一致行动 人、高级管理人员、持股5%以上股东及其一致行动人减持股份的预披露公告。公司于近日收到股东陈 秀芝、林文珍、宁波梅山保税港区宝升投资管理合伙企业(有限合伙)、郭红及其一致行动人周炜出具的 《关于股份减持计划的告知函》。 持有公司股份4,200,000股(占公司总股本比例3.3871%)的实际控制人的一致行动人陈秀芝计划在公告披 露之日起15个交易日后的3个月内以集中竞价方式和大宗交易方式合计减持公司股份1,200,000股(占本公 司总股本比例0.9677%)。 持有公司股份47,250股(占公司总股本比例0.0381%)的副总经理林文珍计划在公告披露之日起15个交易日 后的3个月内以集中竞价方式减持公司股份11,813股(占本公司总股本比例0.0095%)。 持有公司股份7,000,000股(占公司总股本比例5.6452%)的大股东宁波梅山保税港区宝升投资管理合伙企 业(有限合伙)计划在公告披露之日起15个交易日后的3个月内以集中竞价方式和大宗交易方式合计减持 公司股份500,000股(占本公司总股本比 ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 证券代码：300898 证券简称：熊猫乳品 公告编号：2025-023 熊猫乳品集团股份有限公司 关于实际控制人的一致行动人、高级管理人员、持股 5%以上 股东及其一致行动人减持股份的预披露公告 公司实际控制人的一致行动人陈秀芝、高级管理人员林文珍、持股 5%以上股东宁 波梅山保税港区宝升投资管理合伙企业（有限合伙）、持股 5%以上股东郭红及其一致 行动人周炜保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 特别提示： 1、持有熊猫乳品集团股份有限公司（以下简称"本公司"或"公司"）股份 4,200,000 股（占本公司总股本比例 3.3871%）的实际控制人的一致行动人陈秀芝 计划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式和大宗交易方 式合计减持本公司股份 1,200,000 股（占本公司总股本比例 0.9677%）。 2、持有公司股份 47,250 股（占本公司总股本比例 0.0381%）的高级管理人员 林文珍计划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式减持本 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.33 CNY based on a reasonable valuation level of 21 times the earnings for 2025 [4][9]. Core Insights - The company faced profit pressure in 2024 due to goodwill impairment, with a reported revenue of 115.39 billion CNY, down 8.2% year-on-year, and a net profit of 8.45 billion CNY, down 18.9% year-on-year. However, the performance in Q1 2025 exceeded expectations, with a revenue of 32.94 billion CNY, up 1.5% year-on-year, and a net profit of 4.87 billion CNY, down 17.7% year-on-year, but showing a 31% increase when excluding prior year investment gains [2][8]. Financial Performance Summary - **Revenue Forecast**: The company is projected to generate revenues of 121.41 billion CNY in 2025, 128.33 billion CNY in 2026, and 137.19 billion CNY in 2027, reflecting a growth rate of 5.2%, 5.7%, and 6.9% respectively [3]. - **Profitability Metrics**: The net profit attributable to the parent company is expected to recover to 11.02 billion CNY in 2025, with a growth of 30.3%, followed by 12.52 billion CNY in 2026 and 13.83 billion CNY in 2027 [3]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.73 CNY in 2025, 1.97 CNY in 2026, and 2.17 CNY in 2027 [2][9]. - **Margins**: The gross margin is expected to improve to 34.3% in 2025, while the net margin is projected to be 9.1% [3][8]. Market Performance - The company's stock price as of April 30, 2025, was 29.76 CNY, with a 52-week high of 31.96 CNY and a low of 21.13 CNY. The current dividend yield stands at 4.2% based on a proposed cash dividend of 1.22 CNY per share [4][8].

商誉减值致 24 年利润承压，25Q1 表现超 预期 盈利预测与投资建议 ⚫ 根据 24 年年报、25 年一季报，对 25-26 年下调收入、上调毛利率。我们预测公司 25-27年每股收益分别为 1.73、1.97、2.17元（原预测 25-26年为 1.79、1.88元）。 结合可比公司，我们认为目前公司的合理估值水平为 2025 年的 21 倍市盈率，对应 目标价为 36.33 元，维持买入评级。 风险提示：经济恢复不及预期、原奶价格持续回落导致竞争加剧、减值损失缩窄幅度不 及预期、食品安全事件风险。 （此处简单列示风险，正文需单独对风险提示详细展开描述） 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 125,758 | 115,393 | 121,413 | 128,328 | 137,195 | | 同比增长 (%) | 2.5% | -8.2% | 5.2% | 5.7% | 6.9% | | 营业利润(百万元) | 11,873 | 1 ...

Group 1: Business Performance - The company's revenue for Q1 was 170 million RMB, a year-on-year decrease of 8.27%, with net profit down 48.76% to 13.61 million RMB [17] - The total revenue and net profit for 2024 are projected to be 764 million RMB and 102 million RMB, respectively, reflecting year-on-year declines of 19.29% and 5.98% [22] - The gross margin for Q1 was 25.05%, down 3.81 percentage points, primarily due to decreased margins from the coconut product line [18] Group 2: Dividend Policy - The proposed profit distribution plan for 2024 is to distribute 6.00 RMB per 10 shares, totaling 74.4 million RMB, subject to shareholder approval on May 9, 2025 [4] - The company aims to maintain a sustainable dividend policy, considering industry conditions and funding needs [4] Group 3: Product Development and Market Strategy - The growth in the condensed milk business is driven by new distributors and optimized regional layouts, focusing on R&D and meeting diverse market needs [3] - The company plans to enhance its ToC business through partnerships and new product launches, targeting double-digit growth in 2024 [5] - New product lines, including cream and cheese, have started contributing to sales, although scaling up will take time [6] Group 4: Risk Management and Market Conditions - The company has established a mature raw material procurement strategy to mitigate risks from price fluctuations [13] - The cautious trading strategy in the dairy trade business is a response to commodity trading risks and currency fluctuations [15] Group 5: Brand and Market Presence - The company has strengthened its brand influence in East and South China, recognized as a "Chinese Time-honored Brand" in 2024 [8] - The company has opened flagship stores on major e-commerce platforms like Pinduoduo, Tmall, and Douyin to enhance online sales [9][28] Group 6: Customer and Channel Management - Major direct customers include large food manufacturers such as Mengniu Dairy and Yili Group [16] - The company continues to develop customized products for different channels and clients, enhancing customer service [23]

A股乳业板块异动拉升，皇氏集团涨超6%，贝因美、伊利股份、西部牧业、一鸣食品、麦趣尔、熊猫 乳品纷纷上涨。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Views - The company's performance is under short-term pressure due to rising costs, with revenue and net profit showing declines in Q1 2025 [6] - The company is expected to benefit from new product launches, particularly in the coconut product segment, which has shown significant growth [7] - The earnings forecast for 2025-2027 indicates a gradual recovery in profitability, with projected EPS of 0.89, 0.99, and 1.13 yuan respectively [8] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit were 1.70 million yuan and 0.14 million yuan, reflecting year-on-year declines of 8.3% and 48.8% respectively [6] - The gross margin and net margin were 25% and 8%, down 3.8 and 6.9 percentage points year-on-year [6] - Operating cash flow remained stable, but sales collections decreased by 16.8% year-on-year [6] Product Performance - Excluding trading business, overall revenue remained flat year-on-year, with strong performance in the core business [7] - The coconut product segment saw a near doubling in growth, driven by the recovery of major clients and the acquisition of new customers [7] Earnings Forecast - The company is expected to consolidate its core business while developing a second growth curve through improved retail channel construction [8] - The projected main revenue for 2025 is 783 million yuan, with a growth rate of 2.4% [11] - The forecasted net profit for 2025 is 110 million yuan, with a growth rate of 7.1% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Views - The company's performance is under short-term pressure due to rising costs, with revenue and profit impacted significantly. Q1 2025 total revenue and net profit were CNY 1.70 billion and CNY 0.14 billion, respectively, reflecting year-on-year declines of 8.3% and 48.8% [6] - The company is focusing on new product development, particularly in the coconut product segment, which has shown strong growth. Q1 2025 coconut product revenue nearly doubled year-on-year, driven by the recovery of major clients and the acquisition of new customers [7] - The company is expected to consolidate its core business while developing a second growth curve through improved retail channel construction. EPS forecasts for 2025-2027 are CNY 0.89, CNY 0.99, and CNY 1.13, with corresponding PE ratios of 35, 32, and 28 times [8] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin and net margin were 25% and 8%, respectively, down by 3.8 and 6.9 percentage points year-on-year. Operating cash flow remained stable, but sales collections decreased by 16.8% year-on-year [6] - The company reported a total of CNY 0.10 billion in contract liabilities as of the end of Q1 2025, a decrease of CNY 0.04 billion from the previous quarter [6] Product Development - The company is actively developing new products such as coconut cream and premium cheese, targeting the high-end market. The baking industry is also seen as a potential area for future growth [7] Earnings Forecast - The company is projected to achieve main revenue of CNY 783 million in 2025, with a growth rate of 2.4%. Net profit is expected to reach CNY 110 million, reflecting a growth rate of 7.1% [11]

证券之星消息，2025年4月24日熊猫乳品（300898）发布公告称公司于2025年4月24日召开分析师会议，方 正证券王泽华 谌保罗 梁甜、同泰基金唐之超、上银基金管理有限公司林竹、中信证券赵康、建信基金管 理有限责任公司杨荔媛、深圳茂源财富管理有限公司钟华、上海混沌投资(集团)有限公司黎晓楠、上海望 道中观私募基金管理有限公司王钱维、招商证券资产管理有限公司孙妤、青骊投资管理(上海)有限公司李 署、方正-高净机构-荷荷北京(对内)唐巍、华鑫证券肖燕南、太平基金管理有限公司陈豪、工银瑞信基金 管理有限公司谷衡、诺安基金管理有限公司(北京)邓心怡 李迪、东方证券自营杨春燕、正圆投资亓辰、建 信基金蒋严泽、景顺长城曾理、格林基金刘冬、中信建投黄鹏、万家基金李公民、涌贝资产管理有限公司 骆峰、上海浩瑜恒投资管理有限公司张鹏飞、恒生前海基金鲁娜、广发基金曾质彬、长信基金安昀、中海 基金刘俊、天治基金管理有限公司王策源、东方基金管理有限责任公司吕燕晨、进门财经刘常青、九泰基 金管理有限公司袁多武、上海仙人掌私募基金管理合伙企业(有限合伙)卢崇春、中银理财有限责任公司郭 艳超参与。 具体内容如下： 问：公司2024年度 ...