值得注意的是，现制茶饮终端价格战正盛，作为浓缩乳制品供应商，熊猫乳品68.7%的收入依赖该领域，订单量 受到明显压缩。对于B端价格战以及竞争格局，熊猫乳品称，竞争可能继续加剧，头部乳企在加大ToB投入，目前 主要依靠大客户起量。公司优势在于流通渠道，大客户、工业客户方面也在持续寻找机会。 但自2024年以来，熊猫乳品的业绩便持续承压。2024年实现营收约为7.64亿元，同比下降19.29%；实现归母净利 润约为1.02亿元，同比下降5.98%。 此外，熊猫乳品面临一定现金流压力。报告期内，熊猫乳品的经营活动产生的现金流量净额为-0.27亿元，与2024 年同期的0.65亿元相比由正转负，显示出公司在经营活动中的现金回笼能力有所减弱。应收账款中，熊猫乳品前 五大客户的应收账款占应收账款总额的68.32%。 中国食品产业分析师朱丹蓬表示，"熊猫乳品作为上游的供应商，受到原料波动的影响是最大的，无论下游终端市 场、品牌的变化，还是成本的上升，对其影响都是非常巨大的。这种模式单一、产品单一、客户单一、渠道单 一，缺乏核心竞争力，护城河也不够深、不够宽"。 近日，在分析师会议上，"炼乳第一股"熊猫乳品就半年度业绩回答了 ...

不过，二季度公司业绩有所好转，营收1.83亿元，同比增长4.27%，环比增长7.76%；净利润2773万元， 同比增长33.18%，环比增长108%。净利润增长主要受益于浓缩乳制品销售增长，同时海南公司和可宝 业务的亏损在二季度有所收窄。 分业务来看： -浓缩乳制品业务：营收2.68亿元，同比增长3.8%，毛利率34.63%。尽管大包粉价格有所 上涨，但公司通过提前完成全年大部分原辅料战略性采购，保持了较好的利润率。细分品类中，炼乳类 增长为主，奶油实现两位数增长，奶酪受市场竞争加剧影响下降较多。 -椰品业务：营收3681万元，同 比增长97%，主要因对大客户的供货重回正轨。但由于椰子类原材料价格上涨，毛利率承压。7月起椰 子原材料价格进入下行通道，7月已实现盈亏平衡，预计下半年利润将有所改善，期望全年利润能够回 正。目前海南熊猫产能较满，海南新厂房计划明年投产，届时产能将进一步释放。 -乳品贸易业务：营 收4080.05万元，受进口奶粉价格高于国产奶粉的影响，大包粉现货大宗交易业务量下滑明显。公司已 披露套期保值业务制度，后续将尝试通过套期保值缓解价格波动对贸易业务的冲击。 8月22日，熊猫乳品集团股份有限 ...

||||||||||||||||||||||||||证券代码：300898 证券简称：熊猫乳品 熊猫乳品集团股份有限公司投资者关系活动记录表 编号：2025-003 | | □特定对象调研 | | 分析师会议 ☑ | | --- | --- | --- | --- | | | □媒体采访 | | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | | □路演活动 | | | □现场参观 | | | | | □其他 （请文字说明其他活动内容） | | | | 形式 | 现场 网上 ☐ ☐ | | 电话会议 | | 参与单位名称及人员姓名 | 华鑫证券 孙山山、华鑫证券 基金 史彦刚、宝盈基金 | 张倩、中信证券 赵康、太平 | | | | | 于良涛 | 郑熊婧、递归资产 | | 时间 | 2025年8月22日 14:30 | | | | 地点 | 电话会议 | | | | 上市公司接待人员姓名 | 董事、副总经理、财务总监、董事会秘书 | 徐笑宇 | | | 投资者关系活动主要内容介绍 | 见附件会议纪要 | | | | 附件清单（如有） | 会议纪要 | | | | 日期 | 2025年8月2 ...

炼乳作为熊猫乳品的传统优势产品，凭借积淀品牌，以及稳定可靠的供应链体系，持续在餐饮、食品工 业、茶饮等领域满足客户需求。熊猫乳品采用"经销为主、直销为辅"的销售模式，在华东、华南地区， 熊猫炼乳拥有极高的知名度，报告期末华东地区经销商数量达146家，华南地区89家，两大区域共同构 建了稳固的核心市场，为产品的推广与销售奠定基础。 在直销模式上，熊猫乳品直接触达古茗、香飘飘（603711）、李子园（605337）、蒙牛乳业等大型食品 制造企业，报告期内直销收入增幅较大。从产品配方到包装设计，熊猫乳品致力于为大客户提供全方位 的定制解决方案，在满足了客户多样化需求的同时，也进一步提升了公司在行业内的口碑与影响力。 另外，熊猫乳品在奶酪、奶油等浓缩乳制品细分赛道也积极开展布局。其中在C端，熊猫乳品发力儿童 奶酪、奶酪零食等产品，开拓家庭消费市场。 近年来消费者健康意识显著提升，熊猫乳品紧跟市场趋势，将植物基产品作为重要的增长探索方向。依 托海南熊猫生产基地得天独厚的原料优势，公司推出椰浆、椰汁、椰乳、米乳等植物基产品，迅速在茶 饮、咖啡调配等场景中崭露头角。 报告期内，椰品业务实现营业收入3681万元，同比大幅增长 ...

截至2025年7月31日收盘，熊猫乳品股价报28.09元，较前一交易日下跌1.55元，跌幅5.23%。当日成交 量为106989手，成交金额达3.04亿元。 熊猫乳品主要从事浓缩乳制品的研发、生产和销售，产品包括炼乳、奶酪等乳制品。公司属于食品饮料 行业，注册地位于浙江省。 7月31日数据显示，熊猫乳品主力资金净流出3677.29万元，占流通市值的1.14%。 风险提示：以上内容仅供参考，不构成投资建议。股市有风险，投资需谨慎。 根据最新公告，公司持股5%以上股东宁波梅山保税港区宝升投资管理合伙企业计划在未来3个月内减持 不超过35万股，占公司总股本的0.2823%。 ...

Core Points - The company is planning to import dairy products due to business expansion needs, which includes various types of dairy such as raw milk, pasteurized milk, and infant formula [1] - The import of dairy products is regulated by multiple laws and regulations in China, including the Food Safety Law and the Import and Export Food Safety Management Measures [1] Group 1: National Access - China implements access management for imported dairy products, with the General Administration of Customs evaluating the food safety management systems of exporting countries before granting access [2] Group 2: Company Qualifications - Foreign dairy producers must be registered through their local authorities and approved by the General Administration of Customs before exporting to China [3] - Exporters and agents must register with the General Administration of Customs to handle food import business [3] Group 3: Import Declaration - Importers must declare the import of dairy products truthfully to customs, providing necessary documents such as health certificates and proof of compliance with Chinese food safety standards [4] - For infant formula, a specific registration certificate is required, and organic products must have relevant certification [5] Group 4: Goods Release and Non-compliance Handling - Customs will release imported dairy products that pass inspection and issue a quarantine certificate, while non-compliant products will be handled according to regulations [6] Group 5: Other Requirements - Packaging must include the registration number of the producer in China or the approval number from the local authority [8] - Infant formula must have a shelf life of at least three months from the date of customs declaration, and large packages cannot be repackaged in China [8] - Labels for special dietary foods must be printed directly on the smallest retail packaging without additional stickers [8]

Core Insights - The dairy industry is experiencing a significant downturn in 2024, with 19 listed dairy companies in A-shares reporting a total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44% [1] - The net profit attributable to shareholders dropped from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting a decline in net profit [1] - Key factors suppressing the dairy industry include oversupply, weakened demand, and high inventory levels, leading to a continuous decline in fresh milk prices and intensified competition [1] Revenue and Profitability - 14 out of 19 dairy companies reported a decline in revenue, compared to only 6 the previous year [1] - The median net profit margin for listed dairy companies was only 1.98%, down 2.01 percentage points from the previous year [4] - The highest net profit margins were recorded by Sunshine Dairy (21.84%), Panda Dairy (13.32%), and Huirong Technology (10.18%) [4] Gross Margin Analysis - 12 companies experienced a decline in gross margin, with the most significant drops seen in Western Pastoral, Beingmate, and Zhuangyuan Pastoral [3] - The median gross margin for the 19 listed dairy companies was 25.31%, an increase of 2.18 percentage points from the previous year [2] - Seven companies saw an increase in gross margin, with the most notable improvements from Junyao Health, Huangshi Group, Panda Dairy, and Pinwa Food [2] Market Trends - The dairy industry index has seen a decline of over 50% from its peak in January 2021 to the low in September 2024, but there has been a noticeable increase since September 2024 [1] - The market anticipates that upstream destocking will lead to a bottoming out of raw milk prices, alongside policies promoting fertility to boost demand [1] Company-Specific Performance - Panda Dairy, a leader in the condensed milk segment, reported a revenue decline of 19.29% last year, with a further 8.27% drop in the first quarter of 2024, despite an increase in gross margin due to lower raw material costs [2] - Bright Dairy, a typical regional dairy company, has seen a decline in revenue since 2022, with a low gross margin of around 19%, significantly below that of Yili [5]

Group 1: Business Performance - The company's revenue for Q1 was 170 million RMB, a year-on-year decrease of 8.27%, with net profit down 48.76% to 13.61 million RMB [17] - The total revenue and net profit for 2024 are projected to be 764 million RMB and 102 million RMB, respectively, reflecting year-on-year declines of 19.29% and 5.98% [22] - The gross margin for Q1 was 25.05%, down 3.81 percentage points, primarily due to decreased margins from the coconut product line [18] Group 2: Dividend Policy - The proposed profit distribution plan for 2024 is to distribute 6.00 RMB per 10 shares, totaling 74.4 million RMB, subject to shareholder approval on May 9, 2025 [4] - The company aims to maintain a sustainable dividend policy, considering industry conditions and funding needs [4] Group 3: Product Development and Market Strategy - The growth in the condensed milk business is driven by new distributors and optimized regional layouts, focusing on R&D and meeting diverse market needs [3] - The company plans to enhance its ToC business through partnerships and new product launches, targeting double-digit growth in 2024 [5] - New product lines, including cream and cheese, have started contributing to sales, although scaling up will take time [6] Group 4: Risk Management and Market Conditions - The company has established a mature raw material procurement strategy to mitigate risks from price fluctuations [13] - The cautious trading strategy in the dairy trade business is a response to commodity trading risks and currency fluctuations [15] Group 5: Brand and Market Presence - The company has strengthened its brand influence in East and South China, recognized as a "Chinese Time-honored Brand" in 2024 [8] - The company has opened flagship stores on major e-commerce platforms like Pinduoduo, Tmall, and Douyin to enhance online sales [9][28] Group 6: Customer and Channel Management - Major direct customers include large food manufacturers such as Mengniu Dairy and Yili Group [16] - The company continues to develop customized products for different channels and clients, enhancing customer service [23]