熊猫乳品成立于1996年1月3日，于2020年10月16日在深圳证券交易所上市，注册及办公地址均为浙江省苍 南县。它是国内炼乳领域的领先企业，专注浓缩乳制品研发、生产与销售，拥有全产业链优势。 经营业绩：营收行业第18，净利润第7 2025年三季度，熊猫乳品营业收入为5.86亿元，在行业19家公司中排名第18，远低于行业第一名伊利股份 的903.41亿元和第二名光明乳业的182.31亿元，也低于行业平均数74.69亿元和中位数13.14亿元。当期净利 润为6978.31万元，行业排名第7，行业第一名伊利股份净利润达104.2亿元，第二名新乳业为6.41亿元，行 业平均数为6.2亿元，中位数为4640.77万元。 公司主营业务为浓缩乳制品的研发、生产和销售以及乳品贸易，所属申万行业为食品饮料 - 饮料乳品 - 乳 品，概念板块涵盖休闲食品、国产乳业、多胎概念、核聚变、超导概念、核电。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度熊猫乳品资产负债率为9.87%，低于去年同期的10.38%，远低于行业平均的 41.11%，显示出良好的偿债能力。从盈利能力看，2025年三季度毛利率为26 ...

10月29日，熊猫乳品盘中下跌2.00%，截至09:53，报25.92元/股，成交2733.53万元，换手率0.91%，总 市值32.14亿元。 熊猫乳品所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：休闲食品、国产乳业、多胎 概念、小盘、融资融券等。 截至9月30日，熊猫乳品股东户数1.70万，较上期减少14.02%；人均流通股6748股，较上期增加 16.30%。2025年1月-9月，熊猫乳品实现营业收入5.86亿元，同比增长3.00%；归母净利润7170.65万元， 同比减少8.17%。 分红方面，熊猫乳品A股上市后累计派现2.05亿元。近三年，累计派现1.61亿元。 责任编辑：小浪快报 资金流向方面，主力资金净流入95.90万元，特大单买入155.69万元，占比5.70%，卖出0.00元，占比 0.00%；大单买入478.81万元，占比17.52%，卖出538.59万元，占比19.70%。 熊猫乳品今年以来股价涨3.23%，近5个交易日跌0.61%，近20日跌3.50%，近60日跌10.31%。 今年以来熊猫乳品已经3次登上龙虎榜，最近一次登上龙虎榜为4月8日。 资料显示，熊猫乳品集团股份 ...

证券日报网讯熊猫乳品（300898）10月28日在互动平台回答投资者提问时表示，熊猫乳品炼乳是国内市 场第一的国产炼乳品牌，公司2025年上半年浓缩乳制品销售约1.6万吨，同比增长3.6%；椰品销售4176 吨，同比增长113.7%。具体的市占率情况请参考相关行研分析数据。公司将继续聚焦主业，促进已有 研究成果转化应用、形成内生增长力。同时积极寻求第二增长曲线，适时通过外延并购、投资入股等方 式拓展新的业务。 ...

Group 1 - The core viewpoint of the article highlights that Panda Dairy reported a net profit margin of 14.84% in the second quarter, showing improvements both year-on-year and quarter-on-quarter [1] - The increase in net profit margin is attributed to the growth in revenue from core concentrated dairy products, which now account for a higher proportion of total revenue and have a gross margin that exceeds the overall gross margin [1] - The company has effectively controlled its period expenses during this period, contributing to the improved profitability [1]

Group 1 - The core viewpoint of the news is that Panda Dairy's financial performance in the first half of the year has declined, with revenue and net profit both showing negative growth due to various factors including trade business impact and rising raw material costs [1][3][4] - Panda Dairy reported a revenue of approximately 353 million yuan, a year-on-year decrease of 2.16%, and a net profit attributable to shareholders of approximately 41.34 million yuan, down 12.76% year-on-year [1][4] - The company indicated that excluding trade business, revenue actually grew by 11% year-on-year, highlighting the impact of trade on overall performance [1][3] Group 2 - The company faces significant competition in the concentrated dairy product sector from leading brands like Yili, Mengniu, and Feihe, which leverage their upstream milk source advantages and scale effects [3][5] - Panda Dairy's coconut product business saw a revenue increase of 97% year-on-year, reaching 36.81 million yuan, primarily due to the resumption of supply to major clients [3][4] - Despite the revenue growth in the coconut segment, the gross margin was negative at -4.93%, a year-on-year decline of 29.72%, indicating ongoing pressure from rising raw material prices [3][4] Group 3 - The company has been attempting to diversify its product lines since 2021, including cheese, cream, and plant-based products, but these new lines remain small compared to leading brands [4] - Panda Dairy's reliance on concentrated dairy products accounts for 68.7% of its revenue, and the ongoing price war in the ready-to-drink tea market has led to a noticeable reduction in order volume [4][5] - The company reported a net cash flow from operating activities of -27 million yuan, a significant decline from 65 million yuan in the same period last year, indicating weakened cash recovery ability [4][5]

Core Viewpoint - Panda Dairy's half-year performance shows a decline in revenue and net profit, primarily due to trade business impacts and increased competition in the concentrated dairy product sector [2][4]. Financial Performance - For the first half of the year, Panda Dairy reported revenue of approximately 353 million yuan, a year-on-year decrease of 2.16% [2]. - The net profit attributable to shareholders was about 41.34 million yuan, down 12.76% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was approximately 33.12 million yuan, a decline of 16.06% year-on-year [2]. Business Segments - Revenue from the concentrated dairy product segment is under pressure due to competition from leading companies like Yili, Mengniu, and Feihe, which benefit from upstream milk source advantages [2][4]. - The coconut product segment saw revenue of 36.81 million yuan, a significant year-on-year increase of 97%, attributed to the resumption of supply to major clients [2][4]. - Despite revenue growth in the coconut segment, the gross margin was negative at -4.93%, a year-on-year decline of 29.72% due to rising raw material prices [3]. Market Challenges - The company faces significant cash flow pressure, with net cash flow from operating activities reported at -27 million yuan, a decline from 65 million yuan in the same period last year [5]. - The concentrated dairy product sector, which accounts for 68.7% of Panda Dairy's revenue, is experiencing a price war, leading to reduced order volumes [4]. - The company has been attempting to diversify its product offerings since 2021, but the scale of its "second growth curve" remains small compared to leading brands [4]. Future Outlook - Panda Dairy expects improvements in profitability in the second half of the year as coconut raw material prices enter a downward trend [3][4]. - The company plans to increase production capacity with a new facility in Hainan expected to be operational next year [4].

长江商报消息●长江商报记者 黄聪 2022年7月，熊猫乳品发布限制性股票激励计划显示，公司层面考核中的目标为：2024年营业收入（不 含乳品贸易业务）目标值为17.68亿元，营业收入目标值为19.18亿元。 然而，这一激励计划于2023年4月终止。 2024年，熊猫乳品实现营业收入7.64亿元，同比下降19.29%。如果按照此前的股票激励计划计算，上市 公司2024年营收仅完成原目标约40%。 实控人关联人减持套现 熊猫乳品主要从事浓缩乳制品创新研发和加工制造，在炼乳细分领域居行业龙头。公司上游为奶粉、鲜 牛乳、白砂糖等原材料，下游为餐饮、饮品、烘焙、食品工业和零售。 目前，熊猫乳品股东正在频繁减持公司股票。 熊猫乳品（300898.SZ）股东正导演一场"接力式"减持套现。 8月6日晚间，熊猫乳品公告显示，公司实际控制人的一致行动人金欢欢计划减持公司股份28万股。截至 公告日收盘，上市公司股价达27.26元/股，按此计算，金欢欢可减持套现约763万元。 长江商报记者发现，2025年以来，熊猫乳品核心股东中，陈秀琴、陈秀芝、林文珍、宁波梅山保税港区 宝升投资管理合伙企业（有限合伙）、郭红、周炜等7位股东轮番减持 ...

Core Viewpoint - Panda Dairy (300898) announced a change in shareholding structure, with the combined shareholding of its controlling shareholders decreasing from 47.4516% to 46.7383%, marking a change that touches the 1% integer threshold [1] Shareholding Changes - The actual controller's concerted actors, Chen Xiuqin and Chen Xiuzhi, have reduced their holdings, with Chen Xiuqin selling 499,970 shares from December 24, 2024, to February 25, 2025, and Chen Xiuzhi selling 381,500 shares from May 29, 2025, to June 3, 2025 [1] - The total number of shares reduced in this transaction amounts to 884,470 shares, representing a decrease of 0.7133% of the total share capital [2] Previous Disclosure and Plans - On May 7, 2025, Panda Dairy disclosed a pre-announcement regarding the planned reduction of shares by its actual controller's concerted actors, indicating a total planned reduction of 1,200,000 shares (0.9677% of total share capital) within three months following the announcement [2] - The reduction plan is consistent with previously disclosed intentions and commitments, and it has not yet been fully executed [2] Company Background - Panda Dairy was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 16, 2020, with an initial issuance of 31 million shares at a price of 10.78 yuan per share [3] - The total amount raised during the IPO was 334.18 million yuan, with a net amount of 277.80 million yuan after deducting issuance costs, which were 56.38 million yuan [3] - The funds raised were intended for various production projects and marketing initiatives [3]