Core Viewpoint - The company has issued convertible bonds, which have entered the conversion period, with limited conversion activity observed so far [2][5]. Group 1: Convertible Bond Issuance Overview - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, with a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [3]. - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on November 15, 2024, under the name "Tianrun Convertible Bonds" [3]. Group 2: Conversion Status - As of June 30, 2025, a total of 115,000 yuan worth of "Tianrun Convertible Bonds" has been converted into 13,839 shares, representing 0.00432% of the company's total shares before conversion [2][5]. - The remaining unconverted amount of "Tianrun Convertible Bonds" is 989,885,000 yuan, accounting for 99.98838% of the total issuance [2][5]. Group 3: Conversion Price Adjustment - The initial conversion price was set at 8.30 yuan per share, which was adjusted to 8.28 yuan per share effective June 27, 2025, due to the company's annual equity distribution [4].

Market Overview - A-shares have resumed an upward trend after a period of consolidation, with the Shanghai Composite Index breaking through March highs and reaching new recent closing highs [1] - The market sentiment regarding trade conflicts has eased, and the geopolitical situation in the Middle East is viewed as a short-term emotional impact [1] - The low interest rate environment and rising risk appetite are supporting the A-share market's return to a slow upward trajectory [1] Sector Analysis - The innovation drug and banking sectors, which were previously popular, have resumed their upward trends after short-term adjustments [2] - The TMT and advanced manufacturing sectors are experiencing rebounds, indicating a high-low switch among sectors as the market remains event-driven [2] - Consumer expansion and domestic demand are key tasks for 2025, with expectations for policy support in sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend of robot localization and integration into daily life is expected to continue, with opportunities arising in sensors, controllers, and dexterous hands [2] - The semiconductor industry is moving towards localization, with a focus on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is anticipated to see a rebound in orders by 2025, with signs of recovery in various sub-sectors [2] - The innovation drug sector is expected to reach a turning point in fundamentals by 2025, following a period of adjustment [2] Trading Activity - A-shares experienced some intraday fluctuations but maintained an upward trend, with trading volume remaining stable and no signs of panic selling [3] - Leading sectors included pharmaceuticals, banking, non-ferrous metals, public utilities, and building materials, while sectors like computers, retail, communications, and power equipment saw declines [3]

Group 1 - The Indian delegation has extended its visit to Washington to resolve trade agreement issues with the U.S., focusing on tariffs and market access [1][3] - The Indian Finance Minister has identified agriculture and dairy products as critical "red lines" in the negotiations, emphasizing the need for careful handling of these sectors [3][5] - The U.S. is pushing for greater market access for agricultural products, ethanol, and other sectors, including pharmaceuticals and automobiles, while India seeks to maintain protective measures for its domestic industries [3][4] Group 2 - Indian automotive, pharmaceutical, and small enterprises are concerned about competition from U.S. companies and are advocating for a gradual approach to market opening [4] - India is requesting the U.S. to eliminate reciprocal tariffs and additional duties on steel, aluminum, and auto parts, while also seeking assurances against future tariff increases [4] - The Indian nationalist economic organization has expressed skepticism about reaching a trade agreement with the U.S., citing the inability to meet American demands regarding genetically modified and other agricultural products [5]

Core Insights - The global dairy product trade price index in New Zealand decreased by 4.1% as of July 1, compared to a previous value of -1% [1] Group 1 - The decline in the dairy price index indicates a significant drop in global dairy trade prices [1] - The previous value of -1% suggests a worsening trend in dairy prices over the observed period [1]

Group 1 - The company continues to innovate and expand channels, leading the domestic cheese industry with both C-end and B-end products, aiming for a revenue target of 10 billion [1] - The core cheese business is driven by both C-end and B-end, with three main product series: ready-to-eat nutritional cheese, family table cheese, and catering industrial cheese [1] - In the ready-to-eat nutritional cheese series, the company launched several new products in the first half of 2025, focusing on expanding the adult cheese market [1] Group 2 - The company emphasizes the layout and deep cultivation of e-commerce platforms, achieving significant results during the 618 shopping festival, ranking first in the cheese/dairy category across all platforms [2] - New products such as cheese cups and cheese triangles performed exceptionally well, with strong sales for the dual-brand cheese sticks and other cheese products [2] - The company is collaborating with high-potential offline channels like Sam's Club and Hema, showcasing its product and brand strength in the cheese sector [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are projected at 5.636 billion, 6.549 billion, and 7.608 billion, with year-on-year growth rates of 16.35%, 16.21%, and 16.17% respectively [3] - The expected net profit attributable to the parent company for the same period is 235 million, 342 million, and 436 million, with significant year-on-year growth rates of 107.15%, 45.47%, and 27.41% [3] - The company maintains a "recommended" rating with corresponding PE ratios of 68X, 47X, and 37X for the years 2025, 2026, and 2027 [3]

点击注册小程序 查看完整报告 新品迭代持续供能，管理赋能中长期增长 今年以来，各食品饮料公司在新品/新渠道上的突破持续受到较高关注度。横向对比看，新乳业推新能力突 出，有望拉动业绩增长提速，带来新增量。1）激励考核层面，新品贡献率为公司考核的核心指标之一，当年 推出的新品收入占公司整体10%以上的目标可驱动公司整体持续推新，并通过新品迭代获取收入增量，如重点 单品活润即通过升级迭代（1.0大果粒/2.0轻食杯/3.0轻食瓶），保持较高收入增速。2）创新机制层面，自上而 下和自下而上相结合的方式为公司提供充分的创新环境，公司总部每年年底会确定后续新品方向，在部分子公 司进行试点，根据成效逐步推往全国。子公司可结合当地情况，自行申报新品。新品也为新渠道的切入提供抓 手，如近期朝日唯品在山姆导入的新品芭乐酸奶终端动销表现良好，已成为又一款爆品单品。 产品结构优化+成本红利提升盈利水平 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权 ...

四川"省饮"菊乐你喝过没？菊乐股份通过辅导验收，拟赴北交所上市。 6月24日，四川菊乐食品股份有限公司发布《申请公开发行股票并在北交所上市辅导验收完成的提示性 公告》，宣布北交所上市辅导验收通过，获IPO申报资格。菊乐股份自去年9月启动上市辅导至通过验 收，终于拿到了"冲刺北交所"的入场券，即将正式递交IPO申请。 菊乐酸奶，这个名字在四川的每一个角落都响当当。走进任意一家超市，无论规模大小，货架上总能看 到它的身影。作为成都本土酸奶，菊乐酸奶以其浓郁的奶香和醇厚的口感著称。不少成都人都是喝着菊 乐酸奶长大的，每天早餐一盒菊乐酸奶，是成都人童年的习惯。在外求学的朋友忽然有一天想来口菊 乐，发现外地居然没有卖的，她在#外地求学有什么奇妙体验#下留下一条高赞回答："万万没想到，我 的乡愁是从一盒奶开始的。" 图据成都发布 1993年，菊乐作为西部第一家引进瑞典"利乐包"生产灌装线的公司，用于生产菊乐牌系列饮料产品。历 经20多年稳健发展，菊乐食品已经是西南地区规模乳制品生产及销售企业之一，现有5座现代化乳品 厂，年产值突破14亿元。 2024年，四川省商务厅发布关于新一批四川老字号拟认定名单的公示，菊乐成为青羊新 ...

Core Viewpoint - The company is enhancing its C-end channel diversification and B-end channel synergy after integrating Mengniu Cheese, aiming to enrich its product matrix and strengthen ambient products, which, along with optimized management and improved cost efficiency, is expected to drive a performance turnaround [1]. Investment Highlights - The company is initiating coverage with a "cautious buy" rating, focusing on product innovation and matrix enrichment, accelerating C-end channel diversification, and increasing B-end expansion post-Mengniu integration. Improved management precision is anticipated to significantly enhance net profit margins. EPS is projected to be 0.43, 0.63, and 0.84 yuan for 2025-2027, reflecting year-on-year growth of 94.4%, 45.4%, and 34.6% respectively. Given the expected improvement in net profit margins and substantial growth potential compared to peers, a valuation of 3.1X P/S for 2025 is suggested, corresponding to a fair value of 31.92 yuan per share [2]. Product and Channel Innovation - The company is focusing on its core cheese business, continuously enriching and optimizing its product matrix. C-end cheese sticks are expanding from low-temperature to ambient products, with new product forms being introduced. The B-end operates dual brands with complementary products, leveraging Mengniu's strengths in cream and butter, while the main brand excels in mozzarella, cheese slices, and original cheese. The C-end is diversifying from key accounts to include growth channels like snack wholesale, membership stores, and convenience stores, while the B-end is expanding collaborations with food service and industrial companies. Following Mengniu's acquisition in 2021, the number of retail terminal outlets increased from 600,000 in 2021 to approximately 800,000 in 2022, with further expansion expected [3]. Synergy and Efficiency Enhancement - After integrating Mengniu Cheese, the company is strengthening synergy and mutual empowerment across the entire value chain, from upstream procurement to downstream sales and management. The company is actively promoting refined and precise management operations, with expectations of a noticeable improvement in net profit margins through enhanced sales and management efficiency [3].

在特朗普"关税大限"逼近之际，美印两国贸易谈判进入冲刺阶段。 据媒体7月1日报道，印度正寻求与美国在本周内达成一项临时贸易协定，以避免特朗普政府征收的高达 26%的对等关税。这将是特朗普宣布关税政策以来，美国与主要贸易伙伴达成的首批协议之一。而这一 临时协定将为全面双边贸易协定奠定基础，两国计划在秋季前完成全面协议的第一阶段内容。 "农业市场存在很大敏感性。"一位印度政府高级官员说道。印度乳制品行业雇佣超过8000万人，其中多 数为小农户，该行业在此前与欧盟的贸易谈判中也成功获得保护。 印度对外国乳制品进口的谨慎态度还涉及宗教因素。由于担心外国乳制品可能来自食用含牛肉饲料的奶 牛，这使得虔诚的印度教徒无法接受此类产品。 增加美天然气进口 双边贸易额翻倍至5000亿美元 为解决双边贸易不平衡问题，印度已同意增加从美国进口天然气，以降低贸易顺差。消息人士透露，印 度对美贸易顺差在2024-2025财年达到412亿美元。 这一谈判成果或将赶在"关税大限"之前。央视新闻指出，7月9日是美国政府暂停征收所谓"对等关税"90 天的截止期限。 印度代表团负责人Rajesh Agarwal周一已经抵达华盛顿，加速进行贸易谈判 ...

Group 1 - The core viewpoint of the article is the publication of food safety inspection results for the first quarter of 2025 in Qingjiangpu District, highlighting the compliance and non-compliance of various food products [3][4]. - A total of 299 food samples were inspected, with only 1 batch found to be non-compliant, indicating a high compliance rate of approximately 99.67% [3][4]. - The local market supervision administration has mandated the recall of the non-compliant product and required the responsible businesses to investigate the product's distribution and implement corrective actions [3][4]. Group 2 - The inspection covered various categories of food products, including pastries, snacks, and alcoholic beverages, with detailed records of the sampled items and their compliance status [4][5][6]. - Specific non-compliance issues included the presence of prohibited substances such as dehydroacetic acid and excessive total bacterial counts in certain products [4][5]. - The inspection results are part of ongoing efforts to ensure food safety and protect consumer health in the region [3][4].