十八次会议（以下简称"本次会议"）于 2025 年 5 月 30 日以通讯方式召开。本 次会议通知和会议材料于 2025 年 5 月 23 日以电子邮件方式发出。本次会议应参 加表决董事七人，实际参加表决董事七人，符合相关法律、法规以及公司《章程》 的规定。 二、董事会会议审议情况 (一)审议通过《关于换届选举公司普通董事的议案》。 同意 7 票、反对 0 票、弃权 0 票。 证券代码：600597 证券简称：光明乳业 公告编号：临 2025-010 号 光明乳业股份有限公司 第七届董事会第二十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 光明乳业股份有限公司（以下简称"公司"、 "本公司"）第七届董事会第二 本议案已经公司第七届董事会提名委员会第九次会议审议通过。普通董事候 选人均符合相关法律、行政法规、规范性文件对董事任职资格的要求，不存在《公 司法》、公司《章程》规定的不得担任本公司董事的情形，未受到中国证券监督 管理委员会的行政处罚或证券交易所惩戒，不存在上海证券交易所认定不 ...

Core Viewpoint - Wangwang, a well-known national brand, is struggling to keep up with the evolving market and consumer preferences, facing challenges from emerging food brands and a decline in its traditional product appeal [1][9]. Group 1: Marketing Issues - Wangwang has been penalized for false advertising, with a recent fine of 15,300 yuan for misleading claims about its high-calcium milk product [3][5]. - The company has a history of marketing failures, including past violations of advertising laws and misleading claims about product ingredients [6][7]. - Marketing strategies have not resonated with modern consumers, leading to ineffective campaigns that fail to attract new customer interest [10][12]. Group 2: Product and Innovation Challenges - Wangwang's flagship products, such as Wangzai milk, have not seen innovation in years, resulting in declining sales as consumer preferences shift towards healthier options [9][14]. - Despite attempts to launch new brands and products targeting different demographics, the reception has been lukewarm, indicating a lack of genuine innovation [10][12]. - The company has struggled to adapt to the online sales environment, missing out on significant e-commerce opportunities [11][12]. Group 3: Financial Performance - Recent financial results show a decline in revenue and profit, with a 4.83% drop in revenue to 10.833 billion yuan and a 23.6% decrease in net profit to 1.596 billion yuan for the first half of the 2022 fiscal year [13][14]. - The gross profit margin has been on a downward trend, falling from 48.05% in 2019 to 42.82% in the first half of 2022 [14]. - Analysts have expressed concerns about Wangwang's future performance, with several institutions lowering their target prices and profit forecasts due to challenging sales prospects [15].

Group 1 - The event "Healthy Shandong, Quality Milk Together" aims to promote dairy product knowledge and healthy drinking habits, contributing to national nutrition improvement and high-quality dairy development in Shandong Province [1][3] - Shandong is a significant dairy production base in China, with 660,000 dairy cows and a fresh milk output of 3.14 million tons in 2024, ranking fifth nationally; however, the per capita milk consumption is only one-third of the global average [3] - The initiative aligns with the "Healthy China 2030" plan and the Shandong National Nutrition Plan, focusing on training professional speakers to promote the slogan "a cup of milk every day" into action [3] Group 2 - A training and recruitment plan for dairy product publicists has been established, along with a dairy knowledge handbook; the first batch of 30 trained publicists will conduct outreach in communities, schools, and enterprises [4] - De Yi Dairy, as a key player in the low-temperature milk industry, commits to investing 1 million yuan in public welfare actions, including producing 3 million free trial packages annually and training 3,000 publicists by the end of 2025 [4] - The company has developed a comprehensive quality management system covering 131 core testing indicators, ensuring a 100% product inspection pass rate, and emphasizes a full supply chain model from farm to table [5]

Core Insights - Zhang Zhanhong, the new president of FrieslandCampina's professional nutrition division in China, emphasizes the company's successful strategy evidenced by four consecutive years of double-digit growth in the Chinese market [1] - The company is focusing on three core strategies: focus, agility, and cohesion to strengthen its core business and enhance operational efficiency [1] Company Performance - FrieslandCampina's revenue in 2024 decreased by 1.1% to €12.9 billion, while operating profit increased to €527 million and net profit rose to €321 million [3] - The professional nutrition business, including the brand "Friso," saw a revenue increase of 6% to €1.218 billion, with operating profit up by 16.4% to €227 million, driven by strong growth in the Chinese market [3] Market Trends - The overall sales of infant formula are projected to decline by 5.9% in 2024, with a smaller decline of 0.8% in the first quarter of 2025, indicating a potential market recovery [2] - There is a direct correlation between marriage rates and the infant formula market, with a 20% decrease in marriage registrations in 2024, which may impact future birth rates [2] - New consumer trends show that younger parents prioritize milk source, quality, and functionality, seeking natural, organic, and high-quality products [2]

随着上市公司2024年年报与2025年一季报披露工作正式收官，5月以来，A股机构评级次数愈发频繁。 据证券时报·数据宝统计，5月内71家机构合计进行了5151次评级，共计1859只个股被券商研报给予"买入型"评级（包括买入、增持、强烈推荐、推荐）。 医药、食饮、电力设备行业 机构关注度较高 根据机构数量划分，上述个股中，共计316股获得5家及以上机构参与评级。从行业上看，这316股广泛分布于医药生物、食品饮料、电力设备等申万行 业，上榜个股数量均在30只以上；汽车和电子也有多股获评，数量均超过25只。 申万医药生物指数5月累计上涨6.42%，位于一级行业指数涨幅第二位。细分赛道中，化学制药、生物制品、医疗服务等涨幅靠前，均超过5%。 个股中，舒泰神以145.37%的月涨幅居首。公司属创新药领域，其控股子公司江苏贝捷泰的"注射用STSP-0601"进入国家药品监督管理局药品审评中心 （NMPA）"拟优先审评品种公示"，市场关注度较高。此外，龙头企业包括恒瑞医药、迈瑞医疗、药明康德等均录得不错的涨幅。 中信建投证券指出，"三医联动"顶层制度设计的改革措施已经逐步落地。医药领域的改革政策已进入常态化阶段；医保领域是 ...

Core Insights - FrieslandCampina's Chinese professional nutrition business has achieved double-digit growth for four consecutive years and expects to continue this trend in 2024, with a focus on stable growth rather than aggressive expansion strategies [1][3][4] - The company has successfully launched high-end products, such as the organic Royal FrieslandCampina series, which has exceeded sales expectations, indicating strong consumer demand for premium offerings [3][9] - The adult nutrition segment is approached cautiously, with the company prioritizing market penetration and consumer elasticity before entering this category [1][6] Group 1: Business Performance - FrieslandCampina's first-quarter performance significantly exceeded expectations, reinforcing confidence in achieving double-digit growth for the full year [3][4] - The Royal FrieslandCampina Stage 3 product sold over 10 million cans last year, making it the top-selling SKU in the domestic infant formula market [3][4] - The company is increasing its investment in understanding Chinese consumer needs and accelerating new product launches [3][4] Group 2: Market Trends - The infant formula market saw a decline of 5.9% last year, but the first quarter of this year showed a reduced decline of only 0.8%, indicating signs of recovery [7] - High-end products are driving growth in both infant and adult nutrition segments, with increased competition in the premium category [4][6] - Other brands, such as Danone and Nestlé, are also reporting growth in their infant nutrition segments, reflecting a broader market recovery [5][6] Group 3: Strategic Focus - FrieslandCampina aims to avoid aggressive pricing strategies and instead focus on channel management and maintaining product freshness [7][8] - The company is building a robust distribution network covering 30 provinces and over 30,000 small and medium-sized stores [7] - There is a strategic emphasis on adult nutrition products, particularly targeting mothers, with plans to leverage existing retail relationships to expand this segment [9][10]

Group 1 - The dairy industry is undergoing a significant adjustment period, with a reported 1.9% year-on-year decrease in total dairy product output in 2024, amounting to 29.62 million tons [2] - Despite the overall decline, yogurt, particularly dry yogurt and milk skin yogurt, is experiencing a surge in popularity, with significant social media engagement and sales growth [2][21] - The price range for yogurt products varies widely, with the most expensive yogurt priced at 12.36 times that of the cheapest option, indicating a diverse market catering to different consumer segments [3][27] Group 2 - The analysis of 67 yogurt products reveals a strong trend towards low-temperature storage, with the majority requiring refrigeration and a shelf life of 21 to 28 days [8] - Low-temperature yogurt is becoming the primary focus of innovation in the market, with a compound annual growth rate of 78.4% over the past three years in e-commerce platforms [10] - The concept of "sugar-free" yogurt is often misleading, with only 19.4% of the analyzed products genuinely containing no sugar, highlighting a gap between consumer perception and product reality [14][16] Group 3 - High protein content is a key selling point for yogurt, with the highest protein products averaging 8.2g per 100g, significantly more than lower protein options [17][19] - The market is seeing a rise in functional yogurt products, with brands emphasizing unique ingredients like blue algae protein and medicinal mushrooms to attract health-conscious consumers [25] - The yogurt market is characterized by a trend towards clean labeling, with 40.3% of products highlighting simple and clean ingredient lists, reflecting consumer demand for transparency [20][28] Group 4 - The yogurt segment is witnessing a variety of innovative products, including Greek yogurt and dry yogurt, which are gaining traction due to their unique textures and nutritional profiles [21][24] - Brands are increasingly targeting specific consumption scenarios, such as breakfast or post-workout, to enhance product appeal and market reach [26] - The overall trend indicates that yogurt prices and nutritional values are rising in tandem, with low-temperature yogurt and clean ingredients becoming standard expectations in the market [28][29]

Z世代的消费者正在改变中国奶粉市场竞争逻辑。 5月30日晚，履新7个月的荷兰皇家菲仕兰专业营养品中国总裁张展红首次接受媒体专访时表示，目前国内奶粉市场阶段性回暖趋势明显，但持续性尚难判 断，而且随着市场消费需求的快速转变和竞争的持续加剧，奶粉市场逻辑也正在重构，菲仕兰计划下一阶段将继续加大在华投资，以便于更贴近本地市场。 "中国奶粉市场的下滑趋势正在明显减缓。"张展红表示，在龙年生育回暖的带动下，中国奶粉行业的数据正在呈现一些积极的改变。国内婴幼儿配方奶粉 （婴配粉）品类销售额增速跌幅已经从2024年的-5.9%收窄至2025年一季度的-0.8%。而且，一段、二段奶粉（适合0-12个月婴幼儿产品）都呈现正增长态 势。此外，跨境渠道中，婴配粉的增长也从2024年的22%增长至今年一季度的34.5%。 值得注意的是，高端化、功能化的新趋势也在国内奶粉市场引发了新一轮配方竞赛。2024年以来，包括进口主要品牌雀巢、达能，以及国内头部企业飞鹤、 君乐宝等都在加速新技术和新配方产品上市。 在独立乳业分析师宋亮看来，在婴配粉供给饱和的局面下，市场竞争已经从品牌、价格和渠道等基础层面，转向精细化营养、专业科研层面，来实现差 ...

5月27日，四川省凉山彝族自治州美姑县瓦候乡树窝小学内洋溢着温暖与希望，"伊利营养2030・长高吧！少年"公益行动在此落地。 活动现场，伊利集团、中国红十字基金会、四川省索玛慈善基金会等各方代表齐聚一堂，共同见证这场意义非凡的公益行动。伊利QQ星榛高奶粉为学校 捐赠榛高系列奶粉2300听，联合中国红十字基金会成立树窝小学"榛高博爱篮球校队"，并联动合作伙伴携手四川省索玛基金会冠名"榛高班"。这不仅是一 场充满爱意的公益活动，更是伊利在社会责任、乡村振兴与乳制品行业发展道路上的重要实践。 爱心汇聚 公益行动温暖启程 QQ星榛高奶粉不仅为树窝小学捐赠了奶粉，为孩子们的成长提供充足营养，还在树窝小学成立"榛高博爱篮球校队"，带来新球场、新篮球、新队服以及 训练器材。前男篮国手、伊利QQ星榛高奶粉梦想大使马健老师亲临现场，为校队带来第一堂"篮球大师课"。在课上，马健老师耐心地指导孩子们篮球技 巧，鼓励他们在篮球运动中锻炼意志、增强体质。 活动现场，伊利领婴汇及电商代表与孩子们在球场上尽情互动，一起打篮球、做游戏，欢声笑语回荡在校园上空。午餐时分，代表们亲自为孩子们冲泡 QQ星榛高奶粉，让营养关怀融入每一个细节。 践行 ...

Group 1 - The core business of the company includes the production, processing, sales of dairy products and dairy cattle breeding, with main products being pasteurized milk, sterilized milk, and various liquid dairy products [1] - As of May 30, the company's stock closed at 9.17 yuan, down 3.07%, with a latest price-to-book ratio of 1.68 and a total market capitalization of 1.793 billion yuan [1] - The latest financial report for Q1 2025 shows the company achieved operating revenue of 210 million yuan, a year-on-year decrease of 6.61%, and a net profit loss of approximately 25.95 million yuan, a year-on-year increase of 41.85%, with a sales gross margin of 19.93% [1] Group 2 - The company's price-to-earnings ratio (TTM) is -12.15, while the industry average is 42.28, indicating a significant underperformance compared to peers [2] - The company's market capitalization stands at 1.793 billion yuan, which is lower than the industry median of 5.589 billion yuan [2] - The company is classified as a key leading enterprise in agricultural industrialization [1]