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刘畅的新乳业:减持影响有限,其母已入董事会丨消费一线
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-03 00:09
21世纪经济报道记者贺泓源北京报道 | 姓名 | 性别 | 年齢 | 职务 | | | --- | --- | --- | --- | --- | | 席刚 | 場 | 53 | 重事长 | 现任 | | Liu Chang | 女 | 45 | 重事 | 现任 | | 李巍 | 女 | 72 | 重量 | 现任 | | 朱川 | 場 | રેરે | 董事、总裁 | 现任 | | 刘栩 | 場 | 45 | 畫事 | 现任 | | 戸市基 | 場 | 53 | 独立董事 | 现任 | | 景で | 場 | 53 | 独立董事 | 现任 | | 杨志清 | 場 | 63 | 独立董事 | 现任 | | 陈碧 | 女 | 48 | 独立董事 | 现任 | 新乳业的董事会。图片来源:该公司2024年年报 刘畅的新乳业 需要注意的是,此番减持,对于新乳业的股权结构影响非常有限。 此前披露的公告显示,截至2024年末,新乳业总股本为8.61亿元,自然人LiuChang(刘畅)通过UDL持有新乳业股权比例为65.07%;新希望集团董事长刘永 好通过新希望投资集团持有新乳业15.41%的股份。 刘永好之女刘畅正在减持她个 ...
新乳业首提“三鲜鼎立”:瞄准低温饮品赛道
Hua Er Jie Jian Wen· 2025-06-11 13:13
Core Viewpoint - New Hope Dairy is redefining its growth strategy amid a challenging dairy market, focusing on innovation and consumer demand for fresher and diverse products [1] Group 1: Company Strategy - The company's product strategy has evolved from "Fresh and Sour Dual Strong" to "Three Fresh Dominance," adding beverages to its core offerings of fresh milk and yogurt [1] - The company aims to leverage high-end products and local market penetration as key growth drivers, alongside exploring international markets [3] Group 2: Market Conditions - The dairy industry in China is undergoing a significant adjustment, with total dairy production expected to decline to 29.62 million tons in 2024, a 1.9% year-on-year decrease [1] - Liquid milk production is experiencing its first decline in five years, with per capita dairy consumption dropping by 5.6% [1] Group 3: Financial Performance - Revenue decreased by 2.9% year-on-year to 10.67 billion yuan, while net profit grew by 24.8% to 540 million yuan, maintaining a double-digit growth rate [2] Group 4: International Expansion - The company is focusing on low-temperature beverages as a potential entry point into overseas markets, with countries like Thailand, the Philippines, and Singapore showing growth opportunities in flavored milk [4] - New Hope Dairy has established a global R&D presence across four continents and six countries, targeting Southeast Asia for future growth [3][4] Group 5: Financial Health - As of the end of Q1, the company's debt-to-asset ratio has decreased to 64.61%, nearing the target set in its "New Five-Year Strategy" [5]
“以鲜为美”拓展新空间 新乳业逆势增长体现确定性
Jing Ji Wang· 2025-06-11 09:28
6月10日,新希望乳业2025年投资者大会在成都召开。面对乳品消费增长整体放缓的行业现状,新 希望乳业坚定以"鲜战略"作为企业核心价值,归母净利润连续五年双位数增长,逆势突围展现出难能可 贵的确定性。 新希望乳业董事长席刚表示,公司致力于跳出存量市场的内卷,转而依托消费者更鲜、更美、更多 样的新需求,在创新和增量中寻找发展解法。 "鲜战略"锻造增长韧性 行业数据显示,2024年我国乳制品总产量降至2962万吨,同比减少1.9%,液态奶产量五年来首度 下滑,人均奶类消费量同比下降5.6%,乳品企业发展出现波动分化。中信证券消费产业首席分析师姜 娅表示,中国消费市场总体扩容趋势不会改变,乳品从成长期迈向成熟期,结合行业发展格局,看好具 备成为龙头潜力的优质企业。 2024年是新希望乳业新五年战略规划深化之年,深耕"鲜立方战略",做大做强低温核心业务,高端 鲜奶同比实现双位数增长,24小时中高端系列同比增长超15%,低温特色酸奶持续增长,初心、活润均 实现双位数增长,2024年归母净利润同比增长24.80%,净利率提升至5.15%,今年一季度净利润同比提 升48.46%。更值得关注的是,新希望乳业经营活动现金流净额 ...
新乳业首提“三鲜鼎立”和加速出海,行业承压下拓展新增长空间|直击股东会
Tai Mei Ti A P P· 2025-06-11 07:12
Core Viewpoint - The dairy industry is facing pressure due to slowing demand growth and increased competition, yet New Hope Dairy (002946.SZ) has achieved double-digit profit growth and significant market attention, with revenue surpassing 10 billion yuan [2][3]. Industry Overview - The dairy product industry in China is expected to continue facing challenges in 2024, with total production projected to decline by 1.9% to 29.62 million tons, marking the first drop in liquid milk production in five years. Per capita dairy consumption is also expected to decrease by 5.6% [3]. - Despite these challenges, New Hope Dairy reported a revenue of 10.665 billion yuan and a net profit of 538 million yuan in 2023, reflecting a year-on-year growth of 24.8%, outperforming the industry average [3]. Company Strategy - New Hope Dairy aims to deepen its "Fresh Cube Strategy" in 2024, focusing on expanding its low-temperature core business. High-end fresh milk and mid-to-high-end series products have shown double-digit growth [3][4]. - The company has introduced the "Three Fresh Pillars" strategy, emphasizing the development of low-temperature cold chain beverage products as a new growth point [7]. Market Positioning - New Hope Dairy is capitalizing on the growing demand for high-quality dairy products, with the "24-hour" fresh milk series and local brands like "Liangshan Snow" achieving significant market penetration, particularly in lower-tier cities [8][9]. - The company is also exploring international markets, particularly in Southeast Asia, to find differentiated innovation opportunities and expand its global presence [10]. Innovation and Product Development - New Hope Dairy is committed to product innovation, with a focus on meeting diverse consumer needs through new product lines such as "Active Probiotic" yogurt and "Zero Sugar" fermented milk [6]. - The company has established a global research and development network and is collaborating with international organizations to enhance its product offerings and innovation capabilities [10].
直击新乳业股东大会 董事长席刚:跳出市场内卷 笃定“鲜”战略
Zheng Quan Shi Bao Wang· 2025-06-10 15:37
Core Viewpoint - New Hope Dairy is focusing on innovation and consumer demand for fresh and diverse dairy products to navigate the challenges of a slowing market and declining consumption [1][2] Industry Overview - The domestic dairy industry is characterized by intense competition with a trend towards increased concentration among leading companies [2] - In 2024, China's total dairy production is projected to decline to 29.62 million tons, a decrease of 1.9% year-on-year, with liquid milk production experiencing its first drop in five years [2] - Per capita dairy consumption is expected to decrease by 5.6% year-on-year, indicating a shift in consumer behavior towards value and quality [2] Company Strategy - New Hope Dairy is committed to a "fresh strategy" that emphasizes product innovation across various categories, including fresh milk and beverages [3] - The company aims to enhance its competitive edge through the integration of AI and synthetic biology in its production processes [3] - New Hope Dairy's revenue for 2024 is projected at 10.665 billion yuan, a slight decrease of 2.93% year-on-year, while net profit is expected to rise by 24.8% to 538 million yuan [3] Growth Drivers - The company identifies three key growth drivers: high-end product development, deepening market penetration, and international expansion [4][5] - The "24-hour" fresh milk series and local market strategies are expected to contribute significantly to revenue growth, with high-end products seeing over 15% year-on-year revenue increase [5] - New Hope Dairy is also focusing on innovative distribution channels, including partnerships with major retailers and the establishment of fresh milk stores [5] Strategic Partnerships - New Hope Dairy has formed a strategic partnership with the Norwegian Gene Cow Breeding Association to introduce and cultivate Norwegian Red Cattle, enhancing its product offerings [6] - The company has already launched its first Norwegian Red Milk product, which has received positive market feedback [6]
财报解读|一季报区域乳企业绩承压,重建差异化是突围关键
Di Yi Cai Jing· 2025-05-08 07:33
随着全国化乳企深耕低温鲜奶等赛道,中小区域乳企也面临着更大的业绩压力。2025年一季报显示,全 国化乳企和中小区域乳企的业绩差距逐步拉大,区域乳企间业绩也在分化。 在业内看来,面对全国化乳企的加速挤压,区域乳企亟待找到新的差异化竞争方向。 区域乳企业绩承压 受到市场需求和外部因素影响,2023年到2024年国内乳企普遍遭遇了一轮业绩下滑,但2025年第一季度 随着市场有回暖的迹象,乳企间的分化也在提速。 记者注意到,经过短期调整,头部乳企业绩已经开始逐步恢复。2025年第一季度,伊利股份 (600887.SH)实现收入329.4亿元 ,同比增长约1.5%,实现扣非归母净利润46.4亿元,同比增长了 24.2%,较2024年有明显改观。业绩会上伊利管理层也表示,经过2024年二、三季度的调整,到2025年 春节渠道健康度已大幅提升。 相比之下,区域乳企恢复情况则更慢一些,多家区域乳企业绩反而继续下滑。2025年一季度,天润乳业 (600419.SH)收入6.2亿元,同比减少2.5%,归母净利润由盈转为亏损7303万元;燕塘乳业 (002732.SZ)第一季度收入3.3亿元,同比减少11.8%,归母净利润869. ...
乳业下行周期,新乳业靠低温奶扛住压力
Hua Er Jie Jian Wen· 2025-04-27 11:23
Core Viewpoint - The company, New Dairy Industry (002946.SZ), has demonstrated a better market performance than the industry average despite the overall downturn in the dairy sector, particularly through its focus on low-temperature milk products. Group 1: Financial Performance - In 2024, the company's revenue is projected to be 10.665 billion yuan, reflecting a slight decline of 2.93%, while the dairy product segment still achieved a growth of 0.83% [2] - The overall sales of dairy products across all channels fell by 2.7% in the past year, with major competitors like Mengniu (2319.HK) and Yili (600887.SH) experiencing revenue declines exceeding 10% and 12% respectively in their liquid milk segments [4] - New Dairy Industry achieved a net profit of 538 million yuan, marking a year-on-year increase of 24.8%, attributed to a higher proportion of low-temperature milk and declining raw milk costs [4] Group 2: Market Dynamics - The low-temperature milk segment has seen its penetration rate increase from 23% in 2020 to 41% in 2024, with nearly 60% of households in first-tier cities purchasing fresh milk more than twice a week [8] - Over half of New Dairy Industry's revenue comes from low-temperature products, capitalizing on the growth opportunities in this niche market [9] - The company has experienced a rise in gross margin to 28.36%, an increase of 3.8 percentage points over the past four years, driven by a higher proportion of high-margin products [12] Group 3: Competitive Landscape - The low-temperature milk market remains competitive, with no clear leader, as major brands are rapidly expanding their market shares [13] - In the second half of 2024, Guangming (600594.SH) is expected to catch up to Yili in market share, while Mengniu's high-end low-temperature brand "Daily Fresh" is gaining traction through aggressive marketing [14] - Price wars are looming, putting pressure on New Dairy Industry's mid-to-high-end products, as promotional expenses increased by 100 million yuan, while revenue growth for the "24-hour" series slowed from 40% to 15% year-on-year [15] Group 4: Strategic Initiatives - New Dairy Industry has pursued a national expansion strategy through acquisitions, having spent over 3.3 billion yuan on acquisitions since its listing, which has allowed it to operate 15 sub-brands [24][25] - The company is now focusing on "internal growth" and aims for a compound annual growth rate of double digits and a 10% reduction in debt ratio over the next five years [30] - The company plans to enhance operational quality in existing businesses while remaining open to acquisition opportunities, particularly in the growing low-temperature milk markets in second and third-tier cities [31]
新乳业:公司事件点评报告:利润释放超预期,低温品类持续突破-20250427
Huaxin Securities· 2025-04-27 06:23
Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's main revenue remains stable, with a significant improvement in profitability. Total revenue and net profit for 2024 were 10.665 billion and 538 million yuan, respectively, showing a year-on-year decline of 3% and an increase of 25% [5] - The low-temperature product category continues to perform well, with expectations for new products to drive further growth. Revenue from liquid milk, milk powder, and other categories for 2024 were 9.836 billion, 71 million, and 758 million yuan, respectively, with liquid milk showing a stable performance [6] - Direct sales channels are growing rapidly, particularly in the East China region, with direct sales revenue reaching 6.225 billion yuan, a year-on-year increase of 11% [8] - The company aims to double its net profit margin over the next five years, focusing on expanding its core business and enhancing corporate value [9] Summary by Sections Financial Performance - In 2024, total revenue was 10.665 billion yuan, with a net profit of 538 million yuan, reflecting a 25% increase year-on-year. The Q1 2025 figures showed a revenue of 2.625 billion yuan and a net profit of 133 million yuan, with year-on-year growth of 0.4% and 48% respectively [5] - The gross margin for 2024 was 28.36%, increasing by 1.5 percentage points, while the net margin was 5.15%, up by 1.2 percentage points [5] Product Performance - The low-temperature milk segment, including fresh milk and yogurt, achieved mid-to-high single-digit growth, with the "24-hour" series seeing over 15% revenue growth [6] - New product launches contributed to maintaining a double-digit revenue share, with the "初心" series and "活润" brand both achieving significant growth [6][7] Sales Channels - Direct sales revenue reached 6.225 billion yuan, with a year-on-year increase of 11%, while online sales through platforms like Douyin and JD.com grew by 32% [8] - The company's self-developed "鲜活 go" platform has shown significant growth in user retention and repurchase rates [8] Profit Forecast - The company projects EPS of 0.78, 0.92, and 1.03 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22, 19, and 17 times [9]
新乳业(002946):公司事件点评报告:利润释放超预期,低温品类持续突破
Huaxin Securities· 2025-04-27 05:57
Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has demonstrated a significant profit release exceeding expectations, with a continuous breakthrough in the low-temperature product category [1] - The main business revenue remains stable, and profitability has improved significantly, with a notable increase in net profit margin [5] - The company aims to enhance its core business and achieve a doubling of net profit margin over the next five years [9] Summary by Sections Financial Performance - In 2024, total revenue and net profit attributable to the parent company were 10.665 billion and 538 million yuan, respectively, showing a year-on-year decline of 3% and an increase of 25% [5] - For Q1 2025, total revenue and net profit attributable to the parent company were 2.625 billion and 133 million yuan, respectively, reflecting a year-on-year growth of 0.4% and 48% [5] - The gross margin and net margin for 2024 were 28.36% and 5.15%, respectively, with improvements noted in Q1 2025 [5] Product Performance - The liquid milk segment generated revenue of 9.836 billion yuan in 2024, with a year-on-year growth of 1% [6] - Low-temperature products, including fresh milk and yogurt, achieved mid to high single-digit growth, with the "24-hour" series seeing over 15% revenue growth [6][7] Sales Channels - Direct sales revenue reached 6.225 billion yuan in 2024, up 11% year-on-year, while distribution revenue declined by 13% [8] - Online sales through platforms like Douyin and JD.com generated 1.161 billion yuan, marking a 32% increase [8] Earnings Forecast - The company projects EPS of 0.78, 0.92, and 1.03 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 22, 19, and 17 times [9][11]
新乳业:主业稳健增长,利润表现超预期-20250427
China Post Securities· 2025-04-27 00:23
Investment Rating - The investment rating for the company is "Buy" [15] Core Views - The company is expected to achieve total revenue of 10.665 billion yuan in 2024, with a year-on-year decrease of 2.93%, while the net profit attributable to shareholders is projected to be 538 million yuan, reflecting a growth of 24.8% [3][10] - The company's gross margin and net margin for 2024 are forecasted to be 28.36% and 5.04%, respectively, showing improvements compared to the previous year [3] - The company has optimized its management expenses and reduced financial costs, contributing to a decrease in the financial expense ratio [3][4] Financial Performance Summary - In Q4 2024, the company reported total revenue of 251.6 million yuan, a year-on-year decline of 9.94%, but the net profit attributable to shareholders increased by 28.08% [4] - The company's revenue from liquid milk is expected to grow against the trend, while the overall revenue decline is attributed to the divestment of the yogurt business and contraction in trade operations [4][5] - For Q1 2025, the company achieved a revenue of 262.5 million yuan, with a net profit increase of 48.46% year-on-year [7] Product and Market Insights - The high-end "24-hour" series is expected to continue to grow, with revenue increasing by over 15% year-on-year [5] - The company has expanded its delivery coverage to 141 cities and regions, and the number of image stores has surpassed 500 [5] - The direct sales model has seen an increase in revenue, with direct sales accounting for 62.83% of total sales, up by 6.02 percentage points [6] Earnings Forecast - The company is projected to achieve revenues of 11.197 billion yuan, 11.963 billion yuan, and 13.005 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 685 million yuan, 838 million yuan, and 1.001 billion yuan [10][12] - The earnings per share (EPS) is expected to grow from 0.80 yuan in 2025 to 1.16 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 22 to 15 [10][12]