中证报中证网讯（王珞）8月27日，李子园披露2025年半年度报告。报告显示，公司上半年实现营 业收入6.21亿元，归属于上市公司股东的净利润9612.24万元，同比增长1.05%，盈利能力保持稳定。 品牌建设方面，公司邀请演员成毅担任品牌代言人，推出"青春甜不甜，喝瓶李子园"新广告语，通 过多渠道投放提升品牌影响力，进一步贴近年轻消费群体。 此外，公司持续注重研发创新，拥有有效专利211项，注册商标474个，参与多项国家标准制定，技 术实力雄厚。 展望下半年，李子园表示将继续深化产品结构优化和市场渠道建设，推动含乳饮料主业稳健发展， 持续提升品牌价值和市场竞争力。 公司同时公布了半年度利润分配预案，拟向全体股东（除回购专户外）每10股派发现金红利2.40元 （含税），合计派发现金约9195.75万元，占半年度净利润的95.67%，体现了公司对股东回报的重视。 李子园作为含乳饮料行业的领军企业，持续巩固其市场地位。据报告中引用弗若斯特沙利文研究数 据显示，2024年以甜牛奶饮品销量计，李子园市场份额接近50%，稳居细分领域首位。公司产品线不断 丰富，在传统甜牛奶系列基础上，陆续推出粗粮饮品、六零系列维生素水等健 ...

证券代码：605337 证券简称：李子园 公告编号：2025-056 转债代码：111014 转债简称：李子转债 浙江李子园食品股份有限公司 第三届董事会第二十五次会议决议公告 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 浙江李子园食品股份有限公司（以下简称"公司"）第三届董事会第二十五 次会议于 2025 年 8 月 25 日在公司会议室以现场结合通讯表决的方式召开。会议 通知已于 2025 年 8 月 15 日通过邮件等方式送达各位董事。本次会议应出席董事 本次会议由公司董事长李国平先生主持，公司监事及高级管理人员列席本次 会议。会议的召集、召开符合《中华人民共和国公司法》和《公司章程》的有关 规定。 二、董事会会议审议情况 公司董事认真讨论和审议了本次会议的议案，并对议案进行了投票表决，会 议审议通过以下议案： （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 根据中国证监会《公开发行证券的公司信息披露内容与格式准则第 3 号—— 半年度报告的内容与格式》 《上市公司信息披露管理办 ...

Fundraising Overview - Zhejiang Liziyuan Food Co., Ltd. has been approved to publicly issue convertible bonds totaling RMB 600 million, with a maturity of 6 years and a face value of RMB 100 per bond, resulting in 6 million bonds issued [1] - The actual funds raised after deducting issuance costs of RMB 2,402,075.47 (excluding tax) amount to RMB 597,597,924.53, which were received on June 28, 2023 [1] Fund Allocation Changes - The company has decided to change the allocation of part of the raised funds, specifically RMB 235.57 million, from the original project of expanding the production line for dairy beverages to a new project for processing 1,000 tons of raw milk daily [1][2] - This decision was approved during the board and supervisory meetings held on April 26, 2025 [1] Fund Management and Supervision Agreement - A four-party supervision agreement was signed on June 27, 2025, involving the company, its wholly-owned subsidiary, the bank, and the sponsor, to regulate the management and use of the raised funds [2] - The agreement stipulates that the funds must be stored in a dedicated account and used solely for the specified project [4][5] Account Details - As of June 29, 2025, the company has opened several dedicated accounts at various banks for the management of the raised funds, including accounts at Agricultural Bank of China and Zhejiang Jinhua Chengtai Rural Commercial Bank [2][4] - The balance in the dedicated account for the new project was reported as zero as of June 20, 2025 [5] Regulatory Compliance - The agreement mandates compliance with relevant laws and regulations, including the supervision of fund usage by the sponsor, which has the right to conduct audits and inquiries [5][6] - Any withdrawal exceeding 20% of the net raised funds must be reported to the sponsor, ensuring transparency in fund management [6][7] Legal Framework - The agreement is governed by the laws of the People's Republic of China, with disputes to be resolved through arbitration in Shanghai [8]

Core Viewpoint - Zhejiang Liziyuan Food Co., Ltd. maintains a stable credit rating of AA for both the company and its convertible bonds, indicating a solid financial position and outlook for the future [1][6]. Company Overview - The company primarily engages in the research, production, and sales of "Liziyuan" brand sweet milk beverages and other dairy products, with a focus on enhancing its product matrix and maintaining strong competitiveness in niche markets [7][10]. - As of March 2025, the company has total assets of 30.12 billion yuan and equity of 17.98 billion yuan, with a debt ratio of 40.31% [14]. Financial Performance - The company reported a revenue of 14.15 billion yuan and a profit of 2.87 billion yuan for the year 2024, reflecting a stable financial performance [6][14]. - The gross profit margin has improved due to a decrease in the prices of key raw materials such as milk powder and sugar [7][18]. Market Position - The company's sales are primarily concentrated in East China, Southwest, and Central China, with ongoing efforts to enhance brand recognition and channel management [6][7]. - The company faces competition from both national and regional brands, with a stable market concentration in the dairy beverage industry [19][22]. Industry Analysis - The dairy beverage market in China is expected to grow from 1,432.1 billion yuan in 2023 to 1,696.6 billion yuan by 2027, with a compound annual growth rate of 4.3% [17]. - The industry benefits from rising consumer income and demand for diverse beverage options, indicating significant growth potential [16][17]. Risks and Challenges - The company remains highly dependent on dairy beverage products, making it vulnerable to changes in consumer preferences and market conditions [8]. - Increased sales and management expenses have impacted overall profitability, and there are concerns regarding production capacity utilization and competition in ongoing investment projects [8][9].

Core Viewpoint - Li Ziyuan's core product, dairy beverages, has faced stagnation in growth for three consecutive years, leading to a revenue plateau around 1.4 billion yuan [1][2][3] Group 1: Company Performance - Li Ziyuan's revenue from 2022 to 2024 remained stagnant at approximately 1.4 billion yuan, with figures of 1.404 billion, 1.412 billion, and 1.415 billion respectively [2][3] - The net profit has also failed to surpass the 2021 peak of 262 million yuan, with figures of 222 million, 237 million, and 224 million for the respective years [2][3] - The company's reliance on dairy beverages has been over 95% from 2017 to 2024, indicating a lack of diversification [3] Group 2: Market Challenges - The dairy beverage market is highly competitive, with Li Ziyuan's core product, sweet milk, facing declining sales due to changing consumer preferences towards healthier options [3][4] - Sales growth for dairy beverages from 2022 to 2024 showed a decline of 8.06%, 1.67%, and a slight increase of 0.41%, indicating a weak market performance [3] Group 3: Product Diversification Efforts - Li Ziyuan has attempted to diversify its product offerings, including fruit and vegetable beverages, protein drinks, and entering the vitamin water market in 2024 [1][5] - Despite launching numerous new products, the impact on overall sales has been minimal, with the second-largest category, flavored dairy beverages, only generating over 10 million yuan in sales despite a 61.95% increase in volume [6] Group 4: Strategic Focus - The company plans to focus on milk powder and dairy product production and sales by 2025, with a project to process 1,000 tons of raw milk daily [7] - The shift towards milk powder may provide strategic transformation opportunities, but success will depend on various factors, including supply chain management and brand image [7]

Core Viewpoint - Li Ziyuan celebrates its 30th anniversary, reflecting on its journey and outlining a vision for high-quality development in the future [1][3] Group 1: Company Achievements and Future Plans - Li Ziyuan has grown from three dairy cows in 1995 to five major production bases across China, establishing itself as a well-known brand in sweet milk [3] - By 2024, Li Ziyuan's core product, sweet milk, is expected to cover nearly 50% of the market share in the flavored dairy beverage sector [3] - The company aims to maintain market order and support its over 2,600 distributors to enhance market penetration and growth [3] Group 2: Brand Strategy and Product Development - In 2023, Li Ziyuan launched a brand renewal strategy, introducing a new slogan and updating its brand image to appeal to younger consumers [5] - The company has increased its investment in research and development, expanding its product range to over 60 varieties, including a zero-sugar sweet milk series and plant-based protein drinks [5][6] - Li Ziyuan's new product "VitaYoung" vitamin water features a unique formula with zero sugar, fat, calories, preservatives, flavoring, and color additives, aligning with health trends [6] Group 3: Marketing and Consumer Trends - The company is leveraging multi-channel marketing strategies to enhance brand visibility, including advertising in major urban areas and utilizing social media platforms [5] - Future consumer trends identified by the company include a focus on health, clean ingredients, and the preferences of Generation Z and the aging population [6] - Li Ziyuan plans to adopt a "young and diversified" brand strategy, aiming to create multiple growth curves through its main brand and a matrix of sub-brands [6]

Core Insights - Li Ziyuan reported strong operational resilience in its 2024 annual report, achieving a revenue of 1.415 billion yuan and a net profit of 224 million yuan, with a significant increase in e-commerce revenue by 90.46% [2][5] - The company plans to enhance its product sales on e-commerce platforms and has set new product sales ratio as a key focus [2] - For Q1 2025, Li Ziyuan's revenue reached 320 million yuan, with a net profit growth of 16.17% [2] Financial Performance - In 2024, Li Ziyuan's operating cash flow was 360 million yuan, indicating a healthy cash flow situation [2] - The company proposed a cash dividend of 5 yuan per 10 shares, totaling 194 million yuan, with a dividend payout ratio of 86.57% [2] - The dividend payout ratios from 2021 to 2024 were 37.15%, 41.18%, 81.76%, and 86.57%, showing a consistent increase [2] Market Position and Strategy - Li Ziyuan targets young consumers with its product offerings, including various types of dairy beverages, and has captured nearly 50% market share in the dairy beverage sector [5][6] - The company has implemented a brand rejuvenation strategy, launching new advertising campaigns and engaging celebrity endorsements [5][6] - New product lines, such as zero-sugar sweet milk and functional beverages, have been introduced to meet health-conscious consumer demands [6] Expansion and Innovation - Li Ziyuan is expanding its global footprint, with 30 tons of sweet milk shipped to Thailand and orders exceeding 1200 tons in Southeast Asia [7] - The company has established several production bases and is enhancing its production capabilities with new lines and smart upgrades [6][7] - Li Ziyuan collaborates with academic institutions for product innovation and has contributed to national standards in the industry [7] Future Outlook - The company anticipates a shift in consumer demographics, focusing on the younger generation's preferences and accelerating e-commerce sales channels [7]