广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2025-020 广东燕塘乳业股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无变更、取消、否决议案的情况； 2、本次股东大会以现场投票与网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召集人：广东燕塘乳业股份有限公司（以下简称"公司"）董事会。 公司于 2025 年 3 月 28 日召开的第五届董事会第二十次会议决议召开 2024 年年 度股东大会。 2、现场会议召开时间：2025 年 4 月 29 日 14:45 起，会期半天 3、现场会议召开地点：广州市天河区燕园路 85 号（广垦天河 1 号 B 塔）22 层 3 号会议室 4、现场会议主持人：公司董事长兼总经理冯立科先生 5、会议表决方式：现场投票与网络投票相结合。其中，通过深圳证券交易 所互联网投票系统投票的时间为 2025 年 4 月 29 日 9:15-15:00；通过深圳证券 交易所交易系统进行网络投票的时间 ...

广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2025-022 广东燕塘乳业股份有限公司 第五届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广东燕塘乳业股份有限公司（以下简称"公司"）第五届监事会第十六次会 议通知于 2025 年 4 月 22 日以专人送达和短信送达相结合的方式发出，会议于 2025 年 4 月 29 日下午在公司会议室现场召开。公司监事共 3 人，全部出席本次 会议。公司董事会秘书李春锋先生列席了会议。本次会议由公司监事会主席严文 海先生召集并主持，会议的召集、召开、审议、表决等程序均符合有关法律、行 政法规、部门规章等规范性文件和《广东燕塘乳业股份有限公司章程》的规定， 会议形成的决议合法、有效。 二、监事会会议审议情况 与会监事经认真讨论，形成如下决议： 1、审议通过《关于审议<2025 年第一季度报告>的议案》。 公司根据 2025 年第一季度生产经营和管理运作的实际情况，编制了《2025 年第一季度报告》。董事会已召开会议审议并通过该报告。 全 ...

证券代码：002732 证券简称：燕塘乳业 公告编号：2025-021 广东燕塘乳业股份有限公司 第五届董事会第二十一次会议决议公告 广东燕塘乳业股份有限公司 本议案已经公司第五届董事会审计委员会第二十一次会议审议通过。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广东燕塘乳业股份有限公司（以下简称"公司"）第五届董事会第二十一次 会议通知于 2025 年 4 月 22 日以专人送达和短信送达相结合的方式发出，会议于 2025 年 4 月 29 日下午在公司会议室现场结合通讯方式召开。公司董事共 9 人， 出席本次会议的董事共 9 人。其中，非独立董事张江先生、李鸿先生以及独立董 事郭葆春女士、李汴生先生以通讯方式出席会议。公司监事、董事会秘书和纪委 书记列席了本次会议。本次会议由公司董事长兼总经理冯立科先生主持，会议的 通知、召集、召开、审议、表决等程序均符合有关法律、行政法规、部门规章、 规范性文件和《广东燕塘乳业股份有限公司章程》的规定，会议形成的决议合法、 有效。 二、董事会会议审议情况 与会董事经认真讨论，形成如下决议： ...

北京市君合（广州）律师事务所 关于 广东燕塘乳业股份有限公司 2024 年年度股东大会的 法律意见书 二零二五年四月 | 广州分所 | 电话: (86-20) 2805-9088 | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | | | 传真: (86-20) 2805-9099 | | 传真: (86-755) 2939-5289 | | 西安分所 | 电话: (86-29) 8550-9666 | 青岛分所 | 电话: (86-532) 6869-5000 | | | | | 传真: (86-532) 6869-5010 | | 香港分所 | 电话: (852) 2167-0000 | 纽约分所 | 电话: (1-737) 215-8491 | | | 传真: (852) 2167-0050 | | 传真: (1-737) 215-8491 | | | | | www.junhe.com | | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | | --- | - ...

Financial Performance - The company's revenue for Q1 2025 was ¥334,267,939.87, a decrease of 11.81% compared to ¥379,049,415.17 in the same period last year[5] - Net profit attributable to shareholders was ¥8,698,362.68, down 46.17% from ¥16,158,906.60 year-on-year[5] - Basic and diluted earnings per share decreased by 40.00%, from ¥0.10 to ¥0.06[5] - Net profit for the current period is 8,567,146.42, a decrease of 47.1% compared to 16,218,414.10 in the previous period[29] - Operating profit decreased to 13,001,771.32, down 38.7% from 21,189,141.77 in the previous period[28] - Total revenue from operating activities was 365,441,400.50, a decline of 15.5% compared to 432,888,096.62 in the previous period[30] - Total comprehensive income for the current period is 8,567,146.42, a decrease of 47.1% compared to 16,218,414.10 in the previous period[29] Cash Flow and Assets - The cash flow from operating activities improved by 47.71%, with a net cash flow of -¥10,166,520.29 compared to -¥19,440,772.45 in the previous year[5] - The company’s cash and cash equivalents decreased from CNY 348,139,847.64 to CNY 272,514,010.34, a decline of 21.7%[23] - Cash and cash equivalents at the end of the period were 272,226,010.34, down from 303,872,953.80 in the previous period[31] - The company’s total assets as of March 31, 2025, are CNY 1,915,390,999.48, a slight decrease from CNY 1,943,504,399.06 at the beginning of the period[24] - The company’s non-current assets total CNY 1,380,675,522.38, an increase from CNY 1,353,645,220.73 at the beginning of the period[24] - Total assets at the end of the reporting period were ¥1,915,390,999.48, a decrease of 1.45% from ¥1,943,504,399.06 at the end of the previous year[5] Liabilities and Shareholder Information - The company experienced a 68.07% increase in current liabilities due within one year, rising from ¥10,684,103.00 to ¥17,956,996.82[9] - The company’s total liabilities decreased from CNY 448,091,726.79 to CNY 411,411,180.79, indicating a reduction of approximately 8.2%[25] - The total number of common stock shareholders at the end of the reporting period is 17,737[13] - Guangdong Yantang Investment Co., Ltd. holds 40.97% of shares, totaling 64,465,743 shares[13] - Guangdong Yueken Investment Co., Ltd. holds 11.69% of shares, totaling 18,401,011 shares[13] Expenses and Investments - Research and development expenses decreased by 32.79%, from ¥4,564,734.79 to ¥3,067,888.94[10] - The total operating costs for the current period amount to CNY 325,066,985.86, down 10% from CNY 360,880,831.94 in the previous period[27] - The operating cost specifically decreased from CNY 286,898,216.92 to CNY 253,412,976.26, reflecting a reduction of 11.7%[27] - Total operating expenses increased, with selling expenses at 44,841,671.55, up from 47,949,138.09 in the previous period[28] - Investment activities resulted in a net cash outflow of -63,881,563.86, worsening from -18,078,800.05 in the previous period[31] Future Plans and Agreements - The company plans to purchase office properties from Guangzhou Guangken Real Estate Co., Ltd. for no more than 9,464 million RMB[16] - The company signed a new financial service agreement with Guangdong Agricultural Reclamation Group Financial Co., Ltd. for three years[15] - The company has engaged in daily related transactions with associated parties, including procurement of raw materials and leasing activities[14] - The company has not yet signed a formal sales contract for parking spaces related to the office property purchase[16] - The company has completed the land acquisition for the new dairy processing facility as of November 5, 2024[19] - The company has initiated the construction of a modern dairy processing plant in Guangdong, with a planned daily capacity of 600 tons[19] Other Income - Other income increased by 41.12%, from ¥6,417,095.69 to ¥9,055,698.16, mainly due to VAT reductions and increased subsidies[10] - The cash paid for purchasing fixed assets and other long-term assets increased by 191.54%, amounting to ¥70,650,589.89 compared to ¥24,233,916.05 in the previous year[11]

广东燕塘乳业股份有限公司 证券代码：002732 证券简称：燕塘乳业 公告编号：2025-019 广东燕塘乳业股份有限公司 （三）会议召开的合法、合规性：本次股东大会的召集程序符合有关法律、 行政法规、部门规章、规范性文件和《广东燕塘乳业股份有限公司章程》等相关 规定。 （四）会议召开的日期、时间： 1．现场会议：2025 年 4 月 29 日 14:45 起，预计会期半天； 2．网络投票：通过深圳证券交易所互联网投票系统投票的时间为 2025 年 4月29日9:15-15:00；通过深圳证券交易所交易系统进行网络投票的时间为2025 年 4 月 29 日 9:15-9:25，9:30-11:30 和 13:00-15:00。 （五）会议的召开方式：本次股东大会采取现场表决与网络投票相结合的方 式召开。 关于召开 2024 年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东燕塘乳业股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日在巨 潮资讯网披露了《关于召开 2024 年年度股东大会的通知》。本次股东大会将采用 ...

Core Viewpoint - Yantang Dairy experienced a trading surge today, reaching the daily limit with a turnover rate of 18.16% and a transaction volume of 540 million yuan, indicating strong market interest and activity [2] Trading Activity - The stock's price fluctuated by 15.35% during the day, leading to its listing on the Shenzhen Stock Exchange's watchlist for significant price movement [2] - Institutional investors net bought 807,500 yuan, while total net buying from brokerage seats amounted to 47.98 million yuan [2] - The top five brokerage seats accounted for a total transaction volume of 131 million yuan, with a buying volume of 89.71 million yuan and a selling volume of 40.92 million yuan, resulting in a net buying of 48.79 million yuan [2] Institutional Participation - Among the brokerage seats, two institutional specialized seats were involved, with a combined buying amount of 17.97 million yuan and a selling amount of 17.16 million yuan, leading to a net buying of 807,500 yuan [2] - The main capital flow into Yantang Dairy today was 90.01 million yuan, with large orders contributing 49.63 million yuan and significant orders adding 40.37 million yuan [2] - Over the past five days, the net inflow of main capital reached 175 million yuan [2] Detailed Brokerage Activity - The top five buying brokerage seats included: - Dongfang Securities, Fuzhou branch: 16.70 million yuan - Haitong Securities, Changsha branch: 15.82 million yuan - Dongya Qianhai Securities, Zhejiang branch: 10.62 million yuan - Guotou Securities, Shenzhen branch: 9.79 million yuan - China Galaxy Securities, Guangzhou branch: 9.26 million yuan [2] - The selling activity was led by: - Huatai Securities, Zhengzhou branch: 3.69 million yuan - Institutional specialized seat: 9.12 million yuan - Institutional specialized seat: 8.85 million yuan [2]

Group 1 - The dairy sector experienced a significant surge, with Yantang Dairy (002732) hitting the daily limit, while other companies such as Zhuangyuan Pasture (002910), Huanlejia (300997), Pinwo Food (300892), Yiming Food (605179), and Sunshine Dairy (001318) also saw increases [1]

Core Viewpoint - Yantang Dairy is facing challenges as it reported a decline in both revenue and net profit in its annual report, raising concerns about its expansion plans amid an oversupplied dairy market and declining consumer demand [2][3][4]. Financial Performance - In 2024, Yantang Dairy achieved approximately 1.732 billion yuan in revenue, a year-on-year decrease of 11.18%, and a net profit of about 103 million yuan, down 43.03% year-on-year [3]. - This marks the second time since 2011 that Yantang Dairy has reported a year-on-year decline in revenue, with previous revenues from 2020 to 2024 being approximately 1.637 billion, 1.985 billion, 1.875 billion, 1.950 billion, and 1.732 billion yuan respectively [3]. Product Performance - Revenue from liquid milk, flavored milk, and yogurt drinks decreased by 13.94%, 14.15%, and 7% respectively [4]. - Sales volumes for flavored milk, yogurt drinks, and liquid milk also saw declines of 12.17%, 2.88%, and 9.98% respectively [4]. Market Strategy and Goals - Yantang Dairy aims to achieve a revenue target of 5 billion yuan by 2030, but recent performance suggests this goal is becoming increasingly difficult to reach [5]. - The company plans to develop a modern dairy industry group by focusing on five key areas: planting and breeding, food processing, marketing networks, logistics, and more [5]. Competitive Landscape - National dairy companies like Yili and Mengniu are aggressively competing in the market, particularly in Southern China, which has pressured Yantang Dairy's market share [6]. - Yantang Dairy's gross margin for its main business decreased by 0.6 percentage points to 25.18% in 2024, with offline channel sales also declining [6]. Expansion Plans - Yantang Dairy is pursuing expansion through the establishment of urban dairy industry clusters, including projects for a dairy research institute and modern processing facilities [8][9]. - Specific projects include a smart logistics center and a modern dairy processing plant with an expected annual production capacity of 91,800 tons [9]. Industry Challenges - The current oversupply in the dairy market poses significant challenges for Yantang Dairy's expansion strategy, as many companies are reducing production [10]. - Analysts suggest that Yantang Dairy should focus on enhancing its local market presence and product differentiation rather than blindly expanding capacity [10].

Core Viewpoint - Yantang Dairy aims to achieve a revenue target of 5 billion yuan by 2030, but recent financial reports indicate a decline in both revenue and net profit for 2024, moving further away from this goal [1][3][4]. Revenue and Profit Trends - In 2024, Yantang Dairy reported a revenue of 1.732 billion yuan, a year-on-year decrease of 11.18%, and a net profit of 103 million yuan, down 43.03% [3][4]. - The company's revenue growth in 2023 was 4.01%, reaching 1.95 billion yuan, with net profit increasing by 81.6% to 180 million yuan [3][4]. - The revenue from liquid dairy products, flavored milk, and yogurt drinks all saw declines, with decreases of 13.94%, 14.15%, and 15.76% respectively [3]. Market Expansion Efforts - Yantang Dairy's strategy includes focusing on Guangdong, the Greater Bay Area, and expanding into South China and nationwide markets [1][5]. - The company has begun operations in provinces surrounding Guangdong, including Hainan, Guangxi, Jiangxi, Hunan, and Fujian, primarily through online sales and traditional distribution channels [5][6]. - Despite these efforts, revenue from outside Guangdong remains low, with only 2.04% of total revenue coming from these markets in 2024 [6]. Capacity Utilization and Expansion Plans - Current production capacity utilization is below 70%, with the Guangzhou flagship factory operating at 68.69% and the Zhanjiang base at 55.65% [9]. - Yantang Dairy plans to invest in a new urban dairy industry cluster project, which includes a modern dairy processing plant and a smart logistics center, with a total investment of approximately 1.1 billion yuan [7][8]. - The new projects aim to increase production capacity and diversify product offerings, including ice cream and cheese, which were previously significant revenue sources [10]. Industry Challenges - The dairy industry is facing intense competition and product homogenization, making it difficult for Yantang Dairy to expand its market share [4][6][10]. - Experts suggest that mergers and acquisitions may be necessary for Yantang Dairy to achieve its revenue goals, as relying solely on the Guangdong market may not be sufficient [6].