11月25日，三元股份盘中上涨2.06%，截至10:29，报5.44元/股，成交1.12亿元，换手率1.38%，总市值 81.71亿元。 资金流向方面，主力资金净流出1303.08万元，特大单买入754.32万元，占比6.76%，卖出984.81万元， 占比8.82%；大单买入2026.57万元，占比18.15%，卖出3099.17万元，占比27.76%。 三元股份今年以来股价涨23.97%，近5个交易日跌6.04%，近20日涨11.70%，近60日涨13.57%。 今年以来三元股份已经3次登上龙虎榜，最近一次登上龙虎榜为11月14日，当日龙虎榜净买入-1276.29 万元；买入总计7901.53万元 ，占总成交额比6.95%；卖出总计9177.81万元 ，占总成交额比8.08%。 资料显示，北京三元食品股份有限公司位于北京市大兴区瀛海瀛昌街8号，成立日期1997年3月13日，上 市日期2003年9月15日，公司主营业务涉及乳及乳制品的生产与销售。主营业务收入构成为：液态奶 59.83%，冰淇淋及其他26.58%，固态奶13.58%。 三元股份所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：国产乳 ...

Core Viewpoint - The stock of Sanyuan Foods has experienced fluctuations, with a recent decline of 2.17% and a year-to-date increase of 23.06%, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Sanyuan Foods reported a revenue of 4.871 billion yuan, a year-on-year decrease of 9.74%, while the net profit attributable to shareholders increased by 128.16% to 236 million yuan [2]. - The company has distributed a total of 317 million yuan in dividends since its A-share listing, with 104 million yuan distributed in the last three years [3]. Stock Market Activity - As of November 21, Sanyuan Foods' stock price was 5.40 yuan per share, with a market capitalization of 8.111 billion yuan. The stock has seen a trading volume of 139 million yuan and a turnover rate of 1.69% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) three times this year, with the most recent appearance on November 14, where it recorded a net buy of -127.629 million yuan [1]. Shareholder Information - As of September 30, 2025, Sanyuan Foods had 31,300 shareholders, a decrease of 9.19% from the previous period, with an average of 47,776 circulating shares per shareholder, an increase of 10.12% [2]. - Notable institutional holdings include Hong Kong Central Clearing Limited as the sixth-largest shareholder, increasing its stake by 1.4604 million shares, and Guangfa Quantitative Multi-Factor Mixed A as a new ninth-largest shareholder with 4.2951 million shares [3].

11月17日，三元股份跌6.87%，截至发稿，报6.10元/股，成交2917.80万元，换手率0.32%，总市值91.63 亿元。 广发量化多因子混合A（005225）成立日期2018年3月21日，最新规模36.18亿。今年以来收益50.74%， 同类排名882/8213；近一年收益53.45%，同类排名525/8130；成立以来收益131.36%。 广发量化多因子混合A（005225）基金经理为易威、李育鑫。 从三元股份十大流通股东角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，广发基金旗下1只基金位居三元股份十大流通股东。广发量化多因子混合A（005225）三季 度新进十大流通股东，持有股数429.51万股，占流通股的比例为0.29%。根据测算，今日浮亏损失约 193.28万元。 责任编辑：小浪快报 截至发稿，易威累计任职时间2年136天，现任基金资产总规模38.72亿元，任职期间最佳基金回报 68.97%， 任职期间最差基金回报-1.49%。 李育鑫 ...

Core Viewpoint - Sanyuan Dairy's sales continue to decline, with a significant drop in revenue in its core Beijing market, reflecting broader challenges in the dairy industry and increased competition from alternative beverages [2][4][7]. Sales Performance - In the first three quarters of 2025, Sanyuan Dairy's dairy product segment reported sales of 4.718 billion yuan, down from 5.315 billion yuan in the same period last year, marking a year-on-year decline of 5.97 million yuan [2]. - Breakdown of sales includes liquid milk at 2.917 billion yuan, solid milk at 703 million yuan, and ice cream and others at 1.098 billion yuan, compared to 3.359 billion yuan, 675 million yuan, and 1.281 billion yuan respectively in the previous year [2]. Market Challenges - Sanyuan Dairy's sales in Beijing fell to 2.28 billion yuan from 2.67 billion yuan year-on-year, a decrease of 390 million yuan [4]. - The overall consumer market in Beijing is contracting, with retail sales down 5.1% to 980.31 billion yuan in the first three quarters [5]. - The rise of new tea beverages, which are competing with liquid milk products, has intensified the pressure on Sanyuan Dairy [6]. Competitive Landscape - The competition in the dairy sector, particularly in first-tier cities like Beijing and Shanghai, is intensifying, with major players like Yili and Mengniu aggressively expanding their market presence [6][7]. - Sanyuan Dairy faces increased competitive pressure in Beijing, which is critical for its sales performance [7].

股票代码：600429 股票简称：三元股份 公告编号：2025-042 北京三元食品股份有限公司 2025 年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露之第十四 号——食品制造》相关规定，现将北京三元食品股份有限公司（简称"公司"） 2025 年前三季度主要经营数据（未经审计）公告如下： 一、2025年前三季度主要经营数据 1、按照产品类别分类情况 2、按照销售渠道分类情况 3、按照地区分类情况 单位：万元 币种：人民币 | 区域 | 2025 年 1-9 | 月主营业务收入 | | --- | --- | --- | | 北京地区 | | 228,034.22 | | 北京地区以外 | | 243,758.97 | | 合计 | | 471,793.19 | 1 单位：万元 币种：人民币 产品类别 2025 年 1-9 月主营业务收入 液态奶 291,732.43 固态奶 70,287.74 冰淇淋及其他 109,773.02 合计 4 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 3.33 billion yuan for the first half of 2025, a year-on-year decrease of 13.8%, while the net profit attributable to the parent company was 180 million yuan, an increase of 43.3% year-on-year [2] - In Q2 2025, the company achieved a revenue of 1.68 billion yuan, down 7.4% year-on-year, but the net profit attributable to the parent company rose by 73.1% year-on-year to 95 million yuan [2] - The company is experiencing a weak recovery in dairy consumption, with improvements in revenue growth across various product lines in Q2 compared to Q1 [3] - The company has optimized its distribution channels, resulting in a net reduction of 1,125 distributors in the first half of 2025 [3] - Investment income has contributed positively to profit, with the company reporting investment income of 177 million yuan in the first half of 2025, up 14.9% year-on-year [5] - The company is actively pushing reforms, including organizational restructuring and product optimization, which are expected to yield results as dairy consumption recovers [6] Summary by Sections Revenue and Profitability - The company’s revenue for H1 2025 was 3.33 billion yuan, with a net profit of 180 million yuan, showing a significant increase in profitability despite a decline in revenue [2] - The gross margin for H1 2025 was 24.6%, slightly down from the previous year, primarily due to decreased sales volume [4] - The net profit margin for H1 2025 was 5.5%, an increase of 2.2 percentage points year-on-year, driven by investment income [5] Product and Channel Performance - In H1 2025, the revenue breakdown by product showed liquid milk at 1.993 billion yuan, solid milk at 453 million yuan, and ice cream and other businesses at 780 million yuan, with varying year-on-year changes [3] - The company’s revenue from direct sales and distributors in H1 2025 was 1.351 billion yuan and 1.463 billion yuan, respectively, with direct sales showing a positive growth trend [3] Future Outlook - The company has revised its revenue forecasts for 2025-2027 down to 6.36 billion yuan, 6.51 billion yuan, and 6.82 billion yuan, respectively, while raising EPS estimates for the same period [7] - The company is expected to benefit from ongoing reforms and a gradual recovery in dairy consumption, which may positively impact its performance in the coming quarters [6]

Company Overview - San Yuan Foods Co., Ltd. is located in Daxing District, Beijing, established on March 13, 1997, and listed on September 15, 2003. The company primarily engages in the production and sales of dairy and dairy products [1]. - The main business revenue composition includes liquid milk (59.83%), ice cream and others (26.58%), and solid milk (13.58%) [1]. Stock Performance - As of September 17, the stock price of San Yuan dropped by 2.02%, trading at 4.86 CNY per share, with a total market capitalization of 7.335 billion CNY [1]. - Year-to-date, the stock price has increased by 10.76%, with a decline of 3.57% over the last five trading days, a rise of 1.89% over the last 20 days, and an increase of 7.81% over the last 60 days [1]. Financial Performance - For the first half of 2025, San Yuan reported a revenue of 3.331 billion CNY, a year-on-year decrease of 13.52%. However, the net profit attributable to shareholders increased by 42.65% to 183 million CNY [2]. - The company has distributed a total of 317 million CNY in dividends since its A-share listing, with 104 million CNY distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 10.14% to 34,500, while the average circulating shares per person increased by 11.29% to 43,384 shares [2]. - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 7.4102 million shares, an increase of 624,900 shares compared to the previous period [3].

Company Overview - San Yuan Foods Co., Ltd. is located in Daxing District, Beijing, and was established on March 13, 1997. The company was listed on September 15, 2003. Its main business involves the production and sales of dairy and dairy products [1]. - The revenue composition of San Yuan includes liquid milk (59.83%), ice cream and others (26.58%), and solid milk (13.58%) [1]. Stock Performance - As of September 4, San Yuan's stock price increased by 2.07%, reaching 4.94 CNY per share, with a trading volume of 57.88 million CNY and a turnover rate of 0.79%. The total market capitalization is 7.455 billion CNY [1]. - Year-to-date, San Yuan's stock price has risen by 12.58%, with a 1.44% increase over the last five trading days, 6.24% over the last 20 days, and 6.74% over the last 60 days [1]. Financial Performance - For the first half of 2025, San Yuan reported a revenue of 3.331 billion CNY, a year-on-year decrease of 13.52%. The net profit attributable to shareholders was 183 million CNY, reflecting a year-on-year increase of 42.65% [2]. - Since its A-share listing, San Yuan has distributed a total of 317 million CNY in dividends, with 104 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for San Yuan is 34,500, a decrease of 10.14% from the previous period. The average number of circulating shares per person is 43,384, an increase of 11.29% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 7.4102 million shares, which is an increase of 624,900 shares compared to the previous period [3].

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company reported a total revenue of 3.331 billion in H1 2025, a year-on-year decrease of 13.77%, while the net profit attributable to the parent company was 183 million, showing a year-on-year increase of 43.33%. In Q2 2025, the revenue was 1.684 billion, down 7.38% year-on-year, but the net profit increased by 73.05% year-on-year [4][6] - The company is transitioning from a revenue-oriented strategy to a profit-oriented one, implementing various internal reforms to enhance efficiency and profitability [6] - The company has a solid brand recognition in the Beijing region and is focusing on optimizing its sales system and resource allocation [6] Financial Data and Profit Forecast - The company is projected to achieve net profits of 89 million, 129 million, and 156 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 63.1%, 44.3%, and 20.9% [5][6] - The revenue for 2025 is estimated at 7.127 billion, with a slight recovery expected in subsequent years [5] - The gross profit margin for H1 2025 was 24.55%, with a net profit margin of 5.49% [6] Revenue Breakdown - In H1 2025, the company's revenue from liquid milk, solid milk, and ice cream was 1.99 billion, 450 million, and 890 million respectively, with year-on-year declines of 13.3%, 1.52%, and 19.04% [6] - The revenue from the Beijing region and other markets was 1.49 billion and 1.84 billion respectively, with declines of 23.8% and 3.03% year-on-year [6]

Group 1 - The company reported a total revenue of 3.226 billion RMB for the first half of 2025, with liquid milk contributing 1.993 billion RMB, solid milk 452.5 million RMB, and ice cream and others 780.5 million RMB [1][1][1] - Revenue breakdown by channel shows direct sales at 1.351 billion RMB, distributor sales at 1.463 billion RMB, and other sales at 412.1 million RMB [1][1][1] - Revenue from the Beijing region was 1.406 billion RMB, while revenue from outside Beijing was 1.821 billion RMB [1][1][1] Group 2 - The company has made strategic adjustments by focusing on operational quality, consolidating resources, and eliminating inefficient businesses [1][1][1] - The total number of distributors at the end of the reporting period was 2,336, with an increase of 357 in Beijing and a decrease of 1,482 outside Beijing [1][1][1] - In the Beijing region, the number of distributors increased by 62, while outside Beijing, it decreased by 1,253 [1][1][1]