证券代码：002732 证券简称：燕塘乳业 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名 | | | 称及人员姓 | 投资者网上提问 | | 名 | | | 时间 | 2025 年 4 月 7 日 15:00-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | | 董事长兼总经理冯立科先生 董事兼财务总监邵侠先生 | | 上市公司 | | | | 副总经理吴乘云先生 | | 接待人员 | 副总经理兼董事会秘书李春锋先生 | | | 独立董事郭葆春女士 | | | 1、按地区销售贵公司乳业全部内销，国家对进口乳业增加关税 | | | 是不是对公司有利？ | | | 答：您好，感谢您对公司的关注，公司将积极关注相关影响，谢 | | | 谢。 | | | 2、你们行业本期整体业绩怎么样？你们跟其他公司比如何？ | | 投资者关系 活动主要内 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure, but there are expectations for new product launches to drive growth [1] - The company reported total revenue and net profit of 1.732 billion and 103 million yuan for 2024, representing year-on-year declines of 11% and 43% respectively [6] - The company is focusing on expanding its product matrix with new product developments, including unique offerings that align with regional culture and health trends [7] - The company is deepening its market presence in the Greater Bay Area and steadily expanding new distribution channels [8] - The company is expected to see a recovery in performance in the second half of the year as consumer spending policies take effect [10] Summary by Sections Financial Performance - In 2024, total revenue and net profit were 1.732 billion and 103 million yuan, with declines of 11% and 43% year-on-year [6] - The fourth quarter saw total revenue and net profit of 429 million and 22 million yuan, with year-on-year changes of -9% and -42% respectively [6] - The gross margin for 2024 was 25.31%, a decrease of 0.7 percentage points year-on-year [6] Product Development - Revenue from liquid milk, flavored milk, and yogurt drinks in 2024 was 6.46 billion, 3.32 billion, and 7.37 billion yuan, with year-on-year declines of 14%, 14%, and 7% respectively [7] - The company launched several new products, including Chenpi yogurt and fresh milk pudding, which have shown promising performance [7] Market Strategy - The company achieved offline and online revenues of 1.426 billion and 306 million yuan in 2024, with year-on-year declines of 13% and 3% respectively [8] - The company has increased its number of distributors to 648, primarily in the Pearl River Delta region, and is actively expanding into new channels [8] Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.84, 0.97, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 15 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure due to the consumption environment, but new product launches are expected to drive growth [6][10] - The company reported total revenue and net profit of 1.732 billion and 103 million yuan for 2024, representing year-on-year declines of 11% and 43% respectively [6] - The company is focusing on expanding its product matrix with new offerings that align with regional culture and health trends [7] - The company is deepening its market presence in the Greater Bay Area and steadily expanding new distribution channels [8] Summary by Sections Financial Performance - In 2024, total revenue and net profit were 1.732 billion and 103 million yuan, down 11% and 43% year-on-year respectively [6] - The fourth quarter saw total revenue and net profit of 429 million and 22 million yuan, with declines of 9% and 42% year-on-year [6] - The gross margin for 2024 was 25.31%, a decrease of 0.7 percentage points year-on-year, while the net margin was 5.95%, down 3.2 percentage points [6] Product Development - The company has significantly increased its efforts in new product development, launching differentiated products such as Chenpi yogurt and fresh milk pudding [7] - Revenue from liquid milk, flavored milk, and yogurt drinks in 2024 was 6.46 billion, 3.32 billion, and 7.37 billion yuan, with respective year-on-year declines of 14%, 14%, and 7% [7] Market Strategy - The company reported offline and online revenues of 1.426 billion and 306 million yuan in 2024, with declines of 13% and 3% respectively [8] - The company has increased its number of distributors to 648, primarily in the Pearl River Delta region, and is actively expanding into new channels [8] - Revenue from the Guangdong province was 1.292 billion yuan, down 12% year-on-year, while revenue from outside Guangdong was 38 million yuan, down 6% [8] Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.84, 0.97, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 15 [10] - The report anticipates a recovery in performance in the second half of the year as consumer spending policies take effect [10]

Core Viewpoint - Yantang Dairy reported a significant decline in both revenue and net profit for 2024, highlighting challenges from national competitors and market shifts towards new beverage alternatives [1][2]. Revenue and Profit Performance - The company achieved a total revenue of 1.732 billion yuan, a year-on-year decrease of 11.18% [1]. - The net profit attributable to shareholders fell to 103 million yuan, a sharp decline of 43.03% compared to the previous year [1]. Market Challenges - Yantang Dairy's revenue from the Pearl River Delta region, which contributes 74.61% of its total revenue, decreased to 1.292 billion yuan, significantly impacting overall performance [2]. - The company faces intense competition from national dairy giants like Yili and Mengniu, which are aggressively promoting their products [2]. - The rise of ready-to-drink tea beverages in Guangdong is diverting consumer demand away from traditional dairy products [2]. Cost and Efficiency Issues - The gross profit margin for Yantang Dairy was 25.31%, down 0.72 percentage points year-on-year [2]. - Despite increasing advertising and promotional expenses to 126 million yuan (up 5.5%), the sales expense ratio rose to 11.6%, indicating declining efficiency [2]. - Operating cash flow decreased by 52.64% to 150 million yuan, and accounts receivable turnover days increased from 35 to 42 days, reflecting weakened collection capabilities [2]. Expansion Limitations - The company's revenue from outside Guangdong remains below 2%, with the number of distributors decreasing from 55 to 45 [3]. - Yantang Dairy's growth target of 5 billion yuan by 2030 requires an annual growth rate of over 20%, while the past five years saw only a 1.3% compound annual growth rate [3]. - The concentration of production facilities in Guangdong limits the company's ability to expand nationally, unlike competitors with broader distribution networks [3]. Product and Innovation Challenges - Revenue from liquid milk, yogurt drinks, and flavored milk declined by 11.27%, 8.34%, and 18.57% respectively, comprising 85% of total revenue [3]. - New product launches have not translated into significant growth due to low brand recognition outside Guangdong [3]. - Research and development expenses decreased by 13.74%, and the R&D team size shrank by 6.63%, indicating reduced innovation capacity [3]. Governance and Management Concerns - Executive compensation increased despite poor financial performance, with the chairman's salary rising by 78.7% to 1.388 million yuan [4]. - The company reported an investment loss of 3.2869 million yuan and a slight increase in the debt-to-asset ratio to 23.06% [4]. - Management expenses grew faster than revenue decline, with the management expense ratio increasing from 4.3% to 5.1% [4]. Conclusion - Yantang Dairy is facing multiple challenges, including regional market contraction, difficulties in national expansion, and governance issues, which may hinder its ability to compete effectively in the evolving dairy industry [4][5].

Core Viewpoint - Yantang Dairy experienced a significant decline in revenue and net profit in 2024 after a strong performance in 2023, primarily due to intensified market competition and reliance on the Guangdong market [1][2][4]. Financial Performance - In 2024, Yantang Dairy reported revenue of 1.732 billion yuan, a decrease of 11.18% year-on-year, and a net profit of 103 million yuan, down 43.03% year-on-year [1][3]. - The company's gross profit margin fell to 25.18%, a decrease of 0.6 percentage points compared to the previous year [3]. Market Competition - Yantang Dairy's revenue is heavily dependent on the Guangdong market, with 98% of its income coming from this region, where competition from major players like Yili and Mengniu is fierce [1][4]. - The company faced challenges from aggressive promotional pricing strategies employed by larger competitors, which impacted its market position [3][4]. Strategic Initiatives - Yantang Dairy has been focusing on expanding into the Guangdong-Hong Kong-Macao Greater Bay Area, although the results of this strategy have yet to materialize in terms of revenue growth [4][5]. - The company aims to enhance its market presence in Macau and Hong Kong, becoming the sole milk brand for educational programs in Macau [5]. Future Outlook - For 2025, Yantang Dairy plans to adopt a strategy focused on quality, sales promotion, and execution, with an emphasis on expanding its market reach in the Greater Bay Area and surrounding regions [5].

Core Insights - Yantang Dairy achieved a revenue of 1.732 billion yuan and a net profit of 103 million yuan for the year 2024, alongside a cash dividend proposal of 1.5 yuan per 10 shares [1] Group 1: Industry Overview - The dairy industry is facing increasing competition in 2024, prompting Yantang Dairy to maintain strategic focus on marketing, production, dairy source management, technological innovation, and internal management [1] - Yantang Dairy is implementing a comprehensive service enhancement program to ensure product quality across the entire supply chain, addressing consumer demand for high-quality dairy products [1] Group 2: Development Projects - Yantang Dairy is spearheading the "Guangdong Urban Agricultural Dairy Industry Cluster" project, which is expected to receive 100 million yuan in central government funding, aimed at enhancing resource advantages and optimizing the dairy industry structure in Guangdong [2] - The company plans to invest in a smart logistics center and a modern dairy processing plant with a daily capacity of 600 tons, aimed at improving storage and production capabilities [3] Group 3: Market Expansion - Yantang Dairy is focusing on expanding its market presence in the Greater Bay Area by enhancing traditional channels and adopting diversified strategies [4] - The company has successfully entered the Macau market and is now the exclusive milk brand for the "Milk and Soy Milk Program" in local schools for the 2023/2024 and 2024/2025 academic years [4] - Yantang Dairy's products have also entered the Hong Kong market, achieving full coverage in the Greater Bay Area and enhancing brand influence [4] Group 4: Product Innovation and Branding - The company has launched several co-branded products with prestigious universities, enhancing its brand recognition among younger consumers [5] - Yantang Dairy has introduced 18 new products in 2024, including various flavored yogurts and milk, catering to diverse consumer preferences [6] Group 5: Future Strategy - Yantang Dairy aims to continue its focus on high quality, sales promotion, and execution efficiency, while advancing the construction of industry cluster projects to achieve new breakthroughs in high-quality development [7]

广东燕塘乳业股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了广东燕塘乳业股份有限公司（以下简称燕塘乳业）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效 性是燕塘乳业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 发表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外， 由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的 程度降低，根据内部控 ...

关于广东燕塘乳业股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所（特殊普通合伙） 目 录 关于广东燕塘乳业股份有限公司非经营性资金占用及其他关联资 金往来的专项说明 广东燕塘乳业股份有限公司 2024年度非经营性资金占用及其他关 联资金往来情况汇总表 1-2 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于广东燕塘乳业股份有限公司 非经营性资金占用及其他关联资金往来的专项说明 致同专字（2025）第 440A003379 号 广东燕塘乳业股份有限公司全体股东： 中国注册会计师 中国·北京 二〇二五年三月二十八日 我们接受广东燕塘乳业股份有限公司（以下简称"燕塘乳业公司"）委 托，根据中国注册会计师执业准则审计了燕塘乳业公司 2024 年 12 月 31 日的合 并及公司资产负债表，2024 年度合并及公司利润表、合并及公司现金流量表、 合并及公司股东权益变动表和财务报表附注，并出具了致同审字（ ...

广东燕塘乳业股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | 审计报告 | 1-6 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-87 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第 440A004802 号 广东燕塘乳业股份有限公司全体股东： 一、审计意见 我们审计了广东燕塘乳业股份有限公司（以下简称燕塘乳业公司）财务 报表，包括 2024 年 12月 31 日的合并及公司资产负债表，2024 年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了燕塘乳业公司 2024 ...

《独立董事工作制度》等相关规定，本人作为广东燕塘乳业股份有限公司（以下 简称"公司"）第五届董事会独立董事，任职期间独立、勤勉、尽责、忠实地履 行职责，促进公司规范运作，切实维护公司整体利益及全体股东特别是中小投资 者的合法权益。本人现将 2024 年任职期间履行独立董事职责的情况汇报如下： 一、本人的基本情况 本人郭葆春，中国国籍，无境外永久居留权，1977 年出生，博士学位，国际 财务管理师。2006 年 7 月进入暨南大学管理学院会计系工作，历任讲师。现任 暨南大学管理学院会计系副教授、硕士生导师，兼任公司独立董事、广东东箭汽 车科技股份有限公司独立董事、深圳市澳华集团股份有限公司（非上市公司）独 立董事、广州尚航信息科技股份有限公司（非上市公司）独立董事和广州中科咨 询有限公司（非上市公司）监事。 广东燕塘乳业股份有限公司独立董事 2024 年年度述职报告 (郭葆春) 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下 简称"证监会"）《上市公司独立董事管理办法》、深圳证券交易所（以下简称 "深交所"）《深圳证券交 ...