Core Viewpoint - The "Fresh Strategy" has been a fundamental approach for the company, leading to significant growth and new product development in response to market demands [1][4][10]. Group 1: Market Trends and Consumer Behavior - The dairy product market in China is experiencing a decline, with total production expected to drop to 29.62 million tons in 2024, a 1.9% decrease year-on-year, and liquid milk production seeing its first decline in five years [4]. - Consumer preferences are shifting, with high-end and low-end products both seeing increased demand, indicating a need for companies to develop products that resonate with diverse consumer needs [4][5]. - The company emphasizes that its pricing strategy is not influenced by short-term events like e-commerce promotions but focuses on providing stable quality products for consumers [4]. Group 2: Company Performance and Strategy - Under the "Fresh Strategy," the company achieved a 24.80% year-on-year increase in net profit for 2024, with a net profit margin of 5.15%, and a 48.46% increase in net profit in Q1 2025 [5]. - The company attributes its success to several factors, including a focus on high-end products, expansion into lower-tier markets, continuous innovation, and the promotion of products through new retail channels [5][9]. - The company plans to continue its focus on lower-tier markets, capitalizing on the growth in county-level consumption [9]. Group 3: Product Strategy - The company has evolved its product strategy from a focus on fresh products to a "Three Fresh" strategy, which includes low-temperature fresh milk, low-temperature yogurt, and beverages [10][13]. - The introduction of the "Three Fresh" strategy aims to enhance the company's core business and achieve a doubling of net profit margin within five years [10][14]. - The company believes that the beverage sector presents a significant growth opportunity, particularly in low-temperature cold chain products [14].

Core Insights - The event held on June 9, 2025, in Nanjing aimed to promote the Alashan camel milk industry in the East China market, enhancing the regional public brand "Alashan Gift" [1] - The event featured a comprehensive promotion of the entire camel milk industry chain, including ecological breeding, deep processing, and market sales [1][2] - Alashan camel milk has seen rapid growth in the East China market, with sales exceeding 120 million yuan and a target to reach 500 million yuan in the next 3 to 5 years [2] Group 1 - The event included the global launch of organic fresh milk from the "Every Camel in the Desert" brand and the signing of cooperation agreements for Alashan specialty agricultural and livestock products [1] - Approximately 100 camel milk products were showcased, including camel milk powder and unique local products like Gobi stones and jade ornaments [1] - The Alashan League plans to deepen its market presence in the southeastern coastal regions, leveraging its status as "China's Hometown of Camels" and "China's Camel Milk Hometown" [2] Group 2 - The total investment in the camel milk industry has reached 280 million yuan, with a production capacity exceeding 10,000 tons in 2024 [2] - The collaboration between Jiangsu and Inner Mongolia is expected to create a new platform for regional coordinated development through the camel milk industry [2] - The Alashan camel milk industry has achieved a total industrial chain output value of 2.5 billion yuan, indicating significant growth and market potential [2]

Core Viewpoint - In 2024, the milk raw material prices continue to decline, and the oversupply situation remains unresolved, leading to pressure on the performance of listed dairy companies, including Western Pastoral (300106), which reported a revenue drop of 16.46% to 938 million yuan and a net loss of 119 million yuan, marking the second consecutive year of losses for the company [1] Group 1: Company Performance - Western Pastoral's dairy product sales increased significantly by 13.72% year-on-year, despite weak consumer demand [1][3] - The company's dairy product gross margin fell by 5.89 percentage points to 7.22%, which is lower than the 20.05% gross margin of its competitor Tianrun Dairy [1] - In Q1 2024, the company continued to struggle, with revenue of 187 million yuan, down 20.87% year-on-year, and a net loss of 9.81 million yuan, a significant decline of 129.95% [1] Group 2: Market Conditions - Since September 2021, dairy product demand has weakened, and raw milk prices have been declining for over three years, leading to severe losses for farms and increased competition among companies [2] - Western Pastoral's brand premium and market share are weaker than leading companies, prompting the use of promotional strategies to maintain market share, which resulted in a decline in both sales revenue and gross margin [2] Group 3: Financial Data - In 2024, Western Pastoral's dairy product revenue decreased by 2.5% to 809 million yuan, despite a recovery in sales volume [5] - The company's subsidiary, Tianshan Yunmu Dairy, reported revenue of 196 million yuan with a net loss of 13.57 million yuan [6] - The feed business contributed only 77.43 million yuan in revenue, with a drastic decline of 71.79% year-on-year [6] Group 4: Future Outlook - Western Pastoral's production target for 2025 is set at 147,300 tons, requiring a year-on-year growth of approximately 39.1% from the 105,900 tons produced in 2024 [9] - The company has shifted focus to the higher-margin infant formula market, partnering with Beiyinmei to establish Xinjiang Tianshan Xiaobei Company for infant formula sales [9] - However, the company faces challenges due to past regulatory issues regarding expired food additives in its infant formula, which may affect brand trust and require significant investment in marketing and R&D [10]

Core Viewpoint - New Hope Dairy is focusing on innovation and consumer demand for fresh and diverse dairy products to navigate the challenges of a slowing market and declining consumption [1][2] Industry Overview - The domestic dairy industry is characterized by intense competition with a trend towards increased concentration among leading companies [2] - In 2024, China's total dairy production is projected to decline to 29.62 million tons, a decrease of 1.9% year-on-year, with liquid milk production experiencing its first drop in five years [2] - Per capita dairy consumption is expected to decrease by 5.6% year-on-year, indicating a shift in consumer behavior towards value and quality [2] Company Strategy - New Hope Dairy is committed to a "fresh strategy" that emphasizes product innovation across various categories, including fresh milk and beverages [3] - The company aims to enhance its competitive edge through the integration of AI and synthetic biology in its production processes [3] - New Hope Dairy's revenue for 2024 is projected at 10.665 billion yuan, a slight decrease of 2.93% year-on-year, while net profit is expected to rise by 24.8% to 538 million yuan [3] Growth Drivers - The company identifies three key growth drivers: high-end product development, deepening market penetration, and international expansion [4][5] - The "24-hour" fresh milk series and local market strategies are expected to contribute significantly to revenue growth, with high-end products seeing over 15% year-on-year revenue increase [5] - New Hope Dairy is also focusing on innovative distribution channels, including partnerships with major retailers and the establishment of fresh milk stores [5] Strategic Partnerships - New Hope Dairy has formed a strategic partnership with the Norwegian Gene Cow Breeding Association to introduce and cultivate Norwegian Red Cattle, enhancing its product offerings [6] - The company has already launched its first Norwegian Red Milk product, which has received positive market feedback [6]

Core Viewpoint - New Dairy Industry (002946) is addressing challenges in the dairy market, including sluggish consumption and growth slowdown, by focusing on innovation and new consumer demands for fresher, more diverse products [1] Group 1: Company Strategy - The chairman of New Dairy Industry, Xi Gang, emphasized the need to move beyond the "involution" of the existing market and seek solutions through innovation and growth [1] - The company will adhere to a "fresh strategy" as its core focus, aiming to build competitive barriers in the food and beverage sector through the integration of industry, AI, and synthetic biology [1] - New Dairy Industry plans to enhance emerging channels and user operations to drive fresh growth [1]

金十数据6月10日讯，6月10日，在新希望乳业投资者大会上，新希望乳业与挪威基诺奶牛育种协会 （geno）完成战略签约，挪威红牛（NRF）是一种高产奶牛品种，源自挪威，以其鲜艳的红色毛皮和卓 越的产奶性能而著称，挪威红牛牛奶的脂肪含量为4.2%，蛋白质含量为3.4%，适合制作高质量乳制 品。根据新希望介绍，今年4月，新希望乳业在昆明上市了红牛限定乳产品，未来还将推出更多具有差 异化的红牛乳新品。双方签约后，基诺奶牛育种协会未来将为新乳业提供牛种养殖、育种方面的技术支 持。 （界面） 新希望乳业与挪威基诺奶牛育种协会达成战略合作 ...

Core Points - Jiangxi Sunshine Dairy Co., Ltd. has announced the profit distribution plan for the year 2024, which was approved at the shareholders' meeting on May 8, 2025 [1] - The cash dividend is set at 1.8 RMB per 10 shares, totaling a cash distribution of 50,878,800 RMB [1][2] - The company will not issue bonus shares or increase capital from the capital reserve [1] Profit Distribution Plan - The profit distribution plan is based on a total share capital of 282,660,000 shares, with a cash dividend of 1.8 RMB per 10 shares (before tax) [1] - After tax, foreign institutions and certain individual shareholders will receive 1.62 RMB per 10 shares [1] - The tax treatment varies for different types of shareholders, with specific rates for Hong Kong and mainland investors [1][2] Key Dates - The record date for the distribution is June 18, 2025, and the ex-dividend date is June 19, 2025 [2] - Shareholders must hold shares until the record date to be eligible for the dividend [2] Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their custodial securities companies [2] - The company assumes all legal responsibilities for any discrepancies in the cash dividend distribution due to changes in shareholders' accounts [2] Shareholder Commitment - The controlling shareholder, Jiangxi Sunshine Dairy Group Co., Ltd., has committed to limit share reductions to no more than 20% of their holdings annually for two years after the lock-up period [2][3] - The minimum reduction price will be adjusted based on the dividend distribution, changing from 9.46 RMB to 8.97 RMB per share after the distribution [3]

Meeting Overview - The annual general meeting of New Hope Dairy Co., Ltd. was held on June 10, 2025, in Chengdu, Sichuan Province [1] - The meeting was convened by the board of directors, with notifications sent to all shareholders on May 21, 2025 [1] Attendance - A total of 697,414,751 shares, representing 81.0310% of the voting shares, were present at the meeting [1] - Among the attendees, 18,358,948 shares were held by small investors, accounting for 2.1331% of the total voting shares [1] Voting Results - The voting process combined on-site and online voting methods [1] - The proposal regarding the 2024 annual report received 99.9776% approval from all voting shareholders [2] - The proposal for the 2025 financing guarantee limit was approved with 79.5274% support from small investors [2] - The proposal for the 2024 profit distribution plan was approved with 99.9944% support from all voting shareholders [3] Legal Compliance - The meeting's convening and procedures were confirmed to comply with the Company Law, Securities Law, and relevant regulations [3] - A legal opinion was provided by Beijing King & Wood Mallesons (Chengdu) regarding the legality of the meeting [3]

北京金杜（成都）律师事务所 关于新希望乳业股份有限公司 致：新希望乳业股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受新希望乳业股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》 （以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中 国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政 法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公司 于 2025 年 6 月 10 日召开的 2024 年年度股东大会（以下简称本次股东大会）， 并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 司章程》（以下简称《公司章程》）； （一） 本次股东大会的召集 开公司 2024 年年度股东大会的议案》，决定召开公司 2024 年年度股东大会， 具体时间以董事会发出的会议通知为准。 中国证监会指定信息披露媒体刊登了《股东 ...

Core Insights - The Superior Taste Award 2025 results were announced, with Shengjian Goat Milk's "Organic Pure Goat Milk Powder" and "Chlege Jian Nutrition Immunoglobulin High Calcium Goat Milk Powder" both winning, indicating a significant breakthrough in the flavor and quality of domestic goat milk [1] Group 1: Award Significance - The International Taste Award is established by the International Taste Institute in Brussels, featuring a judging panel of top chefs, sommeliers, and food experts from around the world, ensuring a fair blind tasting process [2] - The award's rigorous evaluation process follows international Hedonic sensory analysis standards, assessing products on visual, olfactory, taste, aftertaste, and texture dimensions [2] Group 2: Production and Quality Control - Shengjian Goat Milk has developed a comprehensive de-goat flavor system from farm management to production processing, addressing the natural goat milk flavor challenge [3] - The company employs advanced production techniques, including high-pressure low-temperature spray drying, to retain the nutritional value of goat milk while enhancing its flavor [3] Group 3: Industry Recognition and Market Position - Shengjian Goat Milk's commitment to "full industry chain quality control" has led to various accolades, including "China's First Brand in Goat Milk Full Industry Chain" and "Top Sales of Organic Goat Milk Powder for Two Consecutive Years" [6] - The international award serves as a quality label for consumers, allowing them to easily identify high-quality products in a mixed market [8] Group 4: Future Outlook - Shengjian Goat Milk aims to continue refining its operations along the goat milk industry chain, emphasizing its dedication to quality as a key competitive advantage in the global market [11]