北京商报讯（记者 孔文燮） 12月10日，天润乳业发布公告称，公司于2025年12月9日收到政府补助约 1249万元。其中，与收益相关的政府补助约为864万元，占公司2024年度经审计归母净利润的19.78%； 与资产相关的政府补助为386万元，占公司2024年度经审计归母净资产的0.16%。根据公告，公司预计 上述政府补助将增加2025年度归母净利润822万元。补助的具体会计处理及对公司损益的影响将以审计 机构年度审计确认后的结果为准。 ...

Core Viewpoint - Junlebao has increased its stake in the yogurt brand Mo Yogurt, indicating a strategic focus on expanding its presence in the yogurt market and enhancing collaboration in various operational areas [1][3]. Group 1: Investment Activities - In November 2023, Junlebao signed a strategic cooperation agreement with Mo Yogurt, committing to invest in 30% of the shares of the company behind Mo Yogurt, Shanghai Boyi Catering Management Co., Ltd. [3] - Junlebao's shareholding in Boyi Catering changed to 42.86% after a recent investment, making it the only external investor in Mo Yogurt [3]. - Junlebao has been actively investing in various dairy-related companies, including a cheese startup and acquiring stakes in other dairy firms throughout 2023 [4]. Group 2: Company Developments - The founder of Boyi Catering, Zhao Bohua, has resigned from all positions, and Gu Hao has taken over as the legal representative, indicating a significant management change [1]. - Junlebao aims to achieve a sales target of 50 billion yuan by 2025 and has initiated an IPO project, although the process is currently stalled [5]. - Junlebao is expanding its production capacity with the launch of 18 key projects, including a liquid milk production base with an annual capacity of 450,000 tons [5].

天润乳业12月10日公告，公司之子公司新疆天润沙河牧业有限公司、阿拉尔新农乳业有限责任公司、新 疆托峰冰川牧业有限公司于2025年12月9日共计收到政府补助1249.34万元，其中与收益相关的政府补助 863.57万元，占公司2024年度经审计归属于上市公司股东的净利润的19.78%；与资产相关的政府补助 385.77万元，占公司2024年度经审计归属于上市公司股东的净资产的0.16%。 ...

华泰证券研报指出，新乳业作为泛全国化布局的低温乳企先行者，在产品创新、渠道拓展、奶源布局、 冷链建设、区域品牌力打造等核心领域具有独到优势。看好公司持续聚焦低温乳制品，积极研发顺应市 场口味的新品，加快下沉市场的区域渗透，发力DTC 渠道的同时，积极拥抱山姆会员店等新兴渠道， 以"鲜"为本，持续深耕。考虑公司产品结构优势明显，产品创新能力处于行业领先水位，25-27年公司 净利润CAGR（21%）高于可比公司均值（16%），给予其26年24xPE，目标价23.52元，首予"买入"评 级。 ...

伊利股份公告称，2025年12月10日接到股东呼和浩特投资有限责任公司函告，其于11月4日质押1877万 股公司股份，占其所持股份比例3.49%，占公司总股本比例0.30%，质权人为上海电气内蒙古青城实业 有限公司，质押融资资金用于生产经营，到期日为2028年1月4日。截至12月10日，该股东持有公司股份 5.39亿股，占总股本8.51%，累计质押2.06亿股，占其持股总数38.17%。 ...

Core Viewpoint - The recent U.S. meeting highlighted India's vulnerability in trade relations, particularly regarding rice exports, as President Trump expressed concerns over India's alleged dumping practices that harm American farmers [1][3]. Group 1: U.S.-India Trade Relations - Trump questioned the fairness of India's rice exports and suggested that they should be subject to tariffs, indicating a shift in U.S. trade policy focus towards India [3]. - The U.S. administration's stance reflects a broader strategy to address perceived trade imbalances, with India being pressured for greater market access and concessions [5]. - India's previous attempts to foster a special relationship with the U.S. through tariff reductions and military procurement have not yielded the expected benefits, exposing its weaknesses in negotiations [5]. Group 2: India's Strategic Response - In response to U.S. pressure, India has sought to diversify its partnerships, notably with Russia, to signal its strategic autonomy and reduce reliance on the U.S. [7]. - Despite India's efforts to balance its relations with Russia, the U.S. has intensified its demands, indicating that India's strategy may not effectively counter U.S. pressure [7][9]. - The contrasting responses of China and India to U.S. trade actions highlight India's limitations in leveraging its position, as China has employed robust countermeasures while India remains cautious [9]. Group 3: International Trade Dynamics - The situation underscores the reality that having ambitions as a major power is insufficient without the corresponding capabilities to assert those ambitions effectively [9]. - The dynamics of power politics reveal that not all nations can adopt a confrontational stance against superpowers like the U.S. without facing significant repercussions [9].

Core Insights - The "2025 China Enterprise Competitiveness Conference" was held in Beijing on December 9-10, highlighting the performance of New Hope Dairy in a sluggish dairy market [1][3] - New Hope Dairy has focused on low-temperature milk and yogurt, achieving significant growth despite overall market challenges [1][3] Company Performance - New Hope Dairy's growth is attributed to its strategy of emphasizing low-temperature milk and high-quality yogurt [1][3] - The brand "Asahi Weipin" is mentioned as a premium product, selling 200ml of milk for several tens of yuan, targeting the organic market [1][3] Market Trends - The premium segment, particularly organic products, is gaining traction in urban areas like Shanghai, where Asahi Weipin has sold out due to its alignment with contemporary consumer preferences [1][3]

Core Viewpoint - Mengniu Group's flagship brand Youyi C has achieved a significant milestone by obtaining the "Health Food Registration Certificate" from the National Market Supervision Administration, marking its transition from a regular beverage to a health food [1][6]. Group 1: Product Development and Certification - The journey to obtaining the "Health Food Registration" for Youyi C has spanned twelve years, focusing on challenges such as probiotic stability, synergy between prebiotics and probiotics, and balancing taste with efficacy [3][4]. - The product has been rigorously tested through numerous formula adjustments and 15 batches of factory trials, adhering to high standards set by national health food regulations [3][4]. Group 2: Industry Impact and Recognition - Youyi C is not the first product from Mengniu to receive the "Health Food Registration"; the previous product, Guanyirun yogurt, was the first yogurt in China to achieve this certification, showcasing Mengniu's leadership in functional health foods [6]. - Mengniu has received multiple prestigious research awards, including the National Science and Technology Progress Award and the China Patent Silver Award, highlighting its commitment to innovation in the probiotic field [6]. Group 3: Consumer Trust and Future Direction - The certification of Youyi C breaks the traditional mold of health products, offering a more accessible beverage option for consumers, thereby enhancing trust in probiotic drinks [8]. - The company aims to continue focusing on probiotic technology innovation, leading the upgrade of functional dairy products and providing safer and more effective health support for Chinese families [8].

Core Viewpoint - Yili Group is actively fulfilling its commitment to implement a significant mid-term dividend, marking its first mid-term dividend since its listing, with a cash dividend of 0.48 yuan per share, totaling 30.36 billion yuan [1][3]. Financial Performance - For the first three quarters of 2025, Yili Group achieved total revenue of 905.64 billion yuan, a year-on-year increase of 1.71%, while net profit attributable to shareholders was 104.26 billion yuan, a decrease of 4.07% [1][9]. - The company completed over 76% of its annual revenue target in the first three quarters, indicating a strong likelihood of achieving its planned goals [10]. - The gross profit margin for the first three quarters reached 35.32%, up 0.51 percentage points from the previous year, marking a four-year high [10]. Dividend Policy - The mid-term dividend payout ratio is approximately 29%, reflecting the company's commitment to high dividend levels and stable operations [2][3]. - Yili Group plans to maintain a cash dividend total of no less than 75% of the net profit attributable to shareholders for the years 2025-2027, with a minimum cash dividend of 1.22 yuan per share for 2024 [4]. Market Position - Yili Group remains a leader in the industry, with significant market shares in various segments, including liquid dairy products and infant formula [8]. - The company aims to achieve a total revenue of 1,190 billion yuan and a total profit of 126 billion yuan in 2025 [8]. Research and Development - Yili Group has consistently increased its investment in research and development, with R&D expenses exceeding 8 billion yuan for three consecutive years [12]. - In the first three quarters of 2025, R&D expenses reached 6.28 billion yuan, a year-on-year increase of 12.83%, with expectations to exceed 9 billion yuan for the full year [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 本议案需提交公司股东大会审议，并经出席股东大会的股东所持有表决权的三分之二以上表决通过后方 可生效。股东大会审议通过后，董事会将授权公司管理层负责向工商登记机关及时办理《公司章程》的 备案等相关手续。上述变更最终以工商登记机关核准的内容为准。 修改后的《公司章程》全文详见同日披露于巨潮资讯网（www.cninfo.com.cn）的《公司章程》。 三、备查文件 1、新希望乳业股份有限公司第三届董事会第十八次会议决议。 2、新希望乳业股份有限公司第三届监事会第十三次会议决议。 新希望乳业股份有限公司 董事会 2025年12月10日 证券代码：002946 证券简称：新乳业 公告编号：2025-052 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于2026年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、日常关联交易基本情况 （一）日常关联交易概述 新希望乳业股份有限公司（以下简称"公司"或"本公司"）（含控股子公司，下同）2025年1-10月实际发 生日常 ...