为提升对外贸外资外经企业服务水平，6月30日，省委港澳办在西安人民大厦举办"陕品好物进香港 外贸拓展打硬仗"专题座谈会。省工信厅、省商务厅、省工商联、省贸促会等部门相关负责人，香港商 业协会、外贸企业代表参加会议。 近年来，我省企业积极开拓市场，成功进入香港市场。现场，4位陕西企业家分享了开拓香港市场 的经验和体会。陕西圣唐乳业有限公司全国市场运营总监黄晴说："凭借高品质、差异化配方和精准定 位及香港合作伙伴的鼎力支持，公司有3款羊乳产品在香港市场成功上市。下一步，公司将在本地化营 销精准度、供应链响应速度等方面持续优化，为消费者提供更好的购物体验。" 省委港澳办副主任姬文魁表示，此次会议是一次提振信心、凝聚力量的动员会。各方为陕企提供的 服务支持和政策保障，将坚定企业走进香港、走向全球的信心和决心。企业要重视路径、平台、合作伙 伴的选择，让陕西好物更好适应当地市场，打开一方天地。省委港澳办将会同省商务厅、省贸促会等相 关部门进一步做好服务，让企业家心无旁骛开拓市场，打通从"产品出海"向"品牌出海"路径。（记者： 肖倩） 此次座谈会旨在搭建一个更高质量更高效率的陕港交流合作平台，共同探讨如何借助香港这一国际 ...

证券时报·数据宝统计，蒙牛乳业在港交所公告显示，6月30日以每股16.100港元至16.140港元的价格回 购25.00万股，回购金额达403.08万港元。该股当日收盘价16.100港元，下跌0.98%，全天成交额3.84亿 港元。 自6月19日以来公司已连续8日进行回购，合计回购285.00万股，累计回购金额4632.09万港元。 其间该 股累计下跌4.17%。 今年以来该股累计进行51次回购，合计回购1130.20万股，累计回购金额1.97亿港元。（数据宝） 蒙牛乳业回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.06.30 | 25.00 | 16.140 | 16.100 | 403.08 | | 2025.06.27 | 30.00 | 16.300 | 16.260 | 488.72 | | 2025.06.26 | 25.00 | 16.500 | 16.460 | 411.94 | | 2025.06.25 | 35.00 | 16.460 | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to benefit from the ongoing advantages of raw milk and structural upgrades that enhance profitability [1][2] - New product iterations and management empowerment are anticipated to drive long-term growth, with new products contributing over 10% to overall revenue [1] - The company’s flexible milk source structure, with 30% from self-owned farms, 30% from joint ventures, and 40% from social farms, allows for profit enhancement under cost advantages [2] Summary by Sections Revenue and Profitability - Projected revenue for 2023 is 10,987 million yuan, with a growth rate of 9.80%. By 2027, revenue is expected to reach 12,416 million yuan, with a growth rate of 5.09% [3][9] - The company’s net profit for 2023 is estimated at 431 million yuan, growing to 931 million yuan by 2027, reflecting a growth rate of 14.30% [3][9] - The gross margin is projected to improve from 26.9% in 2023 to 29.3% in 2027, indicating a positive trend in profitability [11] Cost Structure and Product Mix - The company’s cost structure is expected to benefit from a reduction in raw milk prices, which have decreased to 3.04 yuan per kilogram as of June 2025 [2] - The product mix is shifting towards low-temperature fresh milk and specialty yogurt, which have higher gross margins compared to room-temperature products (40%+ for low-temperature fresh milk vs. 20%+ for room-temperature) [2] Earnings Forecast and Valuation - The earnings per share (EPS) is projected to increase from 0.50 yuan in 2023 to 1.08 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 38 to 17 over the same period [3][12] - The report forecasts a return on equity (ROE) improvement from 16.85% in 2023 to 20.23% in 2027, indicating enhanced shareholder value [3][11]

证券研究报告 | 2025年06月30日 食品饮料周报（25 年第 26 周） 优于大市 飞天茅台价格已有企稳迹象，大众品关注新渠道、新产品 本周（2025 年 6 月23 日至 2025 年6 月27 日）本周食品饮料板块上涨 0.02%， 跑输上证指数 1.89pct。本周食品饮料板块涨幅前五分别为甘化科工 (21.22%)、金达威(17.54%)、欢乐家(13.91%)、桂发祥(11.33%)和*ST 莫高 (10.82%)。 白酒：飞天茅台价格已有企稳迹象，白酒基本面或将加速探底。据国家统计 局数据，1-5 月全国规模以上工业企业实现利润总额 27204.3 亿元，同比下 降 1.1%；酒、饮料和精制茶制造业营业收入 6647.3 亿元，同比增长 2.7%， 利润总额 1164.9 亿元，增长 4.3%。本周白酒指数下跌 1.7%，需求平淡，预 计第二季度表观业绩承压。本周（6/23-6/27）白酒 SW 下跌 1.66%，伊力特、 天佑德酒、顺鑫农业、洋河股份涨幅领先。基本面看，需求压力仍然较大， 第二季度业绩表现预计平淡，酒企更注重市场健康度，短期仍将以去库存、 促动销为主要工作，中长期更加重视消 ...

Core Viewpoint - Liu Yonghao, the founder of New Hope Group, is actively making moves in the capital market, including share reductions in New Dairy and potential control transfers in Feima International [1][2][3] Group 1: New Dairy - Universal Dairy Limited (UDL), the controlling shareholder of New Dairy, plans to reduce its stake by up to 25.82 million shares, representing 3% of the total share capital, within three months [1] - New Dairy reported a revenue of 2.625 billion yuan for Q1 2025, a year-on-year increase of 0.42%, and a net profit of 133 million yuan, up 48.46% [1] - The stock price of New Dairy is currently at 17.58 yuan, down nearly 7%, with a market capitalization of 15.131 billion yuan [2] Group 2: Feima International - Feima International announced plans for a potential transfer of control, with New Hope Investment Group considering selling part or all of its stake [2] - The investment party may acquire 532 million shares (20% of total shares) or all shares of a subsidiary, New Zengding, which currently holds 29.9% of Feima International [2] - Feima International's revenue for Q1 2025 was 54.66 million yuan, with a net loss of 768,200 yuan [3]

Group 1 - The increasing health awareness among parents has led to a growing preference for organic baby food, particularly organic milk powder, which is seen as a safer and more nutritious option [1][2] - Organic farms require a three-year soil purification process to ensure the absence of harmful substances such as herbicides, pesticides, and hormones, adhering to natural growth methods [1] - Organic milk powder must contain at least 95% organic ingredients and avoid synthetic additives, with production processes designed to prevent chemical contamination [1] Group 2 - Ming Yi International, a leading Chinese dairy company with nearly 30 years in the national nutrition health sector, offers the high-end organic milk powder brand "Mu Lan Chun," which boasts a 97% organic purity and comprehensive nutrition [2] - The Mu Lan Chun A2 organic milk powder features eight organic systems, including organic pastures and cows, and is certified by national authorities, exceeding EU standards [2] - The formula includes 100% organic A2 protein, beneficial probiotics, and a combination of nutrients designed to support the overall growth and development of babies [2]

Core Viewpoint - Universal Dairy Limited (UDL), the controlling shareholder of New Dairy (002946.SZ), plans to reduce its stake by up to 25,820,305 shares, representing 3% of the total share capital, due to funding needs [1] Financial Performance - In 2024, New Dairy reported operating revenue of 10.665 billion yuan, a decrease of 2.93% year-on-year [4][5] - The net profit attributable to shareholders was 538 million yuan, an increase of 24.80% year-on-year [4][5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 579 million yuan, up 24.47% year-on-year [4][5] - The net cash flow from operating activities was 1.491 billion yuan, down 4.23% year-on-year [4][5] Recent Quarterly Performance - In Q1 2025, New Dairy's operating revenue was 2.625 billion yuan, a year-on-year increase of 0.42% [6] - The net profit attributable to shareholders for Q1 2025 was 133 million yuan, a year-on-year increase of 48.46% [6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 141 million yuan, up 40.35% year-on-year [6] - The net cash flow from operating activities for Q1 2025 was 161 million yuan, compared to a negative cash flow of 8 million yuan in the same period last year [6] Shareholder Information - UDL holds 560 million shares, accounting for 65.07% of the total share capital, and is planning to reduce its holdings [1] - Liu Chang and Liu Yonghao are the actual controllers of New Dairy, with Liu Chang holding 100% of UDL [1][2]

Summary of the Conference Call for New Dairy Industry Company Overview - **Company**: New Dairy Industry - **Focus**: Low-temperature products, particularly fresh milk and specialty yogurt Key Points and Arguments Industry and Product Focus - **Optimistic Outlook**: New Dairy Industry holds an optimistic view on low-temperature products for 2025, focusing on key categories and core channels to drive annual performance growth [2][4] - **Product Composition**: Low-temperature products account for approximately 50% of total sales, with ambient products at about 40%. Within low-temperature products, fresh milk and specialty yogurt each represent around 20% of the market [2][5] Financial Performance and Goals - **Net Profit Margin Target**: The company aims to double its net profit margin by 2025, with a plan to increase it by 0.5 to 1 percentage points this year through product structure optimization and new product launches [2][9] - **Gross Margin Improvement**: In Q1 2025, the gross margin increased by approximately three percentage points, driven by a product structure upgrade and a double-digit growth in low-temperature products, while ambient products saw a decline of about 10% [4][25] Direct-to-Consumer (DTC) Strategy - **DTC Channel Growth**: Currently, the DTC channel accounts for about 16% to 17% of total sales, with a higher profit margin of around 40%. The company plans to increase this to 30% by 2027 [2][10] New Product Development - **Focus on Innovation**: New Dairy Industry emphasizes new product development, with new products accounting for at least double-digit revenue each year. Recent launches include various yogurt products and organic fresh milk [2][8] Market Challenges and Adjustments - **Performance of Summer Brand**: The Summer brand underperformed in 2024 due to a high proportion of ambient products. Adjustments in personnel, product structure, and channel expansion are expected to improve performance in 2025 [2][16] - **Pressure on Ambient Products**: Ambient yogurt and milk products face pressure, with slight improvements noted in April and May 2025, but overall growth remains a concern [4][7] Competitive Landscape - **Industry Competition**: The dairy industry is experiencing intense competition, particularly in the ambient milk market, with no significant growth in volume but stable pricing. Local brands are leveraging differentiation strategies to compete [24] Cost Management and Supply Chain - **Cost Control**: The company has a flexible sourcing structure, with only 30% of raw milk sourced from its own farms. This flexibility helps maintain stable revenue and profit growth despite fluctuations in raw milk prices [4][18] Future Outlook - **Long-term Growth**: The company does not provide specific quantitative forecasts but expects overall revenue growth driven by low-temperature categories, which present structural opportunities despite a slowing beverage industry [6] Additional Insights - **Student Milk Market**: The domestic student milk market is contracting, but the company is promoting self-ordering channels, which currently account for about 4% to 5% of main business revenue [28] - **Potential M&A Activity**: While focusing on organic growth, the company remains open to M&A opportunities, particularly in economically developed regions [30] Product Development Directions - **Innovation in Dairy Products**: The company is exploring new directions in product development, including unique milk sources and innovative flavors in low-temperature yogurt [31] Dividend and Share Buyback Plans - **Dividend Policy**: The company plans to maintain a dividend level at least equal to that of 2024, with specific plans to be announced after the semi-annual report [32]

Group 1 - Degute plans to acquire control of Haowei Technology through a combination of share issuance and cash payment, with stock suspension starting from June 30, 2025, and a transaction plan to be disclosed within 10 trading days [3] - Chengdu XianDao has terminated the acquisition of approximately 65% equity in Nanjing Haina Pharmaceutical Technology due to failure to reach consensus on core terms after due diligence [4] - China Rare Earth clarifies that recent changes in non-independent directors and senior management are normal personnel arrangements aimed at optimizing governance structure and enhancing management efficiency [5] Group 2 - Qixiang Tengda will conduct routine maintenance on its 60,000-ton acetone and methanol plant starting June 30, 2025, for an estimated 60 days, which will reduce product output but not significantly impact annual operational performance [6] - Universal Dairy Limited, the controlling shareholder of New Dairy, plans to reduce its stake by up to 3% within three months following a 15 trading day period after the announcement [8] - Nanjing Baolifeng plans to reduce its stake in Magu Technology by up to 3% through trading methods within three months after a 15 trading day period following the announcement [9] Group 3 - Qin Port Holdings' major shareholder, Qinhuangdao State-owned Assets Supervision and Administration Commission, intends to reduce its stake by up to 2% through block trading within three months after a 15 trading day period following the announcement [11] - Ever Union (H.K.) Limited, a significant shareholder of Mindray Medical, plans to reduce its holdings by up to 5 million shares, approximately 0.41% of the total share capital, within a specified period [12] - Hongdou International Investment plans to reduce its stake in General Shares by up to 0.31% through trading methods within three months after a 15 trading day period following the announcement [13] Group 4 - Unigroup Guowei repurchased 775,460 shares for approximately 49.62 million yuan on June 27, 2025, representing about 0.09% of the total share capital [15] - *ST King Kong's subsidiary signed a significant computing power sales contract worth approximately 399.36 million yuan, which is expected to positively impact the company's operational performance in 2025 [17]

减持计划详情 新希望乳业控股股东Universal Dairy Limited（UDL）近日披露减持计划，拟在特定时间内减持不超过总 股本3%的股份，引发市场关注。 公告显示，截至公告披露日，UDL持有新希望乳业股份5.6亿股，占公司目前总股本的65.07%。此次计 划在自本公告披露之日（2025年6月30日）起15个交易日后的3个月内，即2025年7月21日至2025年10月 20日，以集中竞价或大宗交易的方式减持公司股份合计不超过2582.0305万股，即不超过公司总股本的 3%。 其中，拟以集中竞价方式减持公司股份不超过860.6768万股（占公司目前总股本比例1%），以大宗交 易方式减持公司股份不超过1721.3537万股（占公司目前总股本比例2%）。若此期间公司有送股、资本 公积转增股本、可转债转股等股本变动事项，减持股份数量将进行相应调整。减持价格将根据减持时的 二级市场价格及交易方式确定。 UDL表示，此次减持原因是企业资金需求，股份来源为公司首次公开发行股票并上市前已持有的公司 股份。 承诺履行情况良好 登录新浪财经APP 搜索【信披】查看更多考评等级 减持影响几何 虽然本次减持计划实施存在不 ...