Core Insights - New Dairy achieved a revenue of 10.665 billion yuan and a net profit of 538 million yuan in the 2024 annual report, marking five consecutive years of double-digit growth [1] - In Q1 2025, the company reported a revenue of 2.625 billion yuan, a year-on-year increase, with a net profit of 133 million yuan, up 48.46% year-on-year [1] - The company continues to implement its "Fresh Cube Strategy" to enhance core business and drive consumer demand amidst a slowing dairy market [2][3] Financial Performance - The operating cash flow for 2024 was 1.491 billion yuan, with a sales net profit margin increasing by 1.17 percentage points [1] - The asset-liability ratio decreased by 5.86 percentage points compared to the beginning of the period [1] - In Q1 2025, the net profit margin was 5.25%, an increase of 1.69 percentage points year-on-year, with a significant improvement in operating cash flow [1] Strategic Initiatives - The company remains committed to the "Fresh Cube Strategy," focusing on core product categories, with low-temperature fresh milk and yogurt showing mid-to-high single-digit growth [2] - New Dairy is actively pursuing product innovation and market expansion, with new product revenue maintaining double-digit growth for four consecutive years [2] - The company aims to enhance its core product growth capabilities and profitability through continuous innovation and market adaptation [2][3] Product Development - The high-end series of "24-hour" fresh milk saw a revenue increase of over 15% year-on-year [2] - The "Original" yogurt line has been successful in addressing health trends, contributing to double-digit growth across the series [2] - The "Active" yogurt brand has gained positive reviews and achieved double-digit growth by aligning with health-conscious consumer trends [2]

Core Viewpoint - The dairy industry is undergoing a deep adjustment period, benefiting downstream companies like New Dairy Industry, which reported significant profit growth in 2024 and Q1 2024 due to favorable raw milk prices, operational efficiency, and high-margin product offerings [1][2]. Financial Performance - In 2024, New Dairy Industry achieved operating revenue of 10.665 billion yuan, a year-on-year decline of 2.93%, while net profit attributable to shareholders was 538 million yuan, an increase of 24.80% [2]. - For Q1 2024, the company reported operating revenue of 2.625 billion yuan, a slight increase of 0.42%, and net profit of 133 million yuan, up 48.46% year-on-year [2]. - The gross profit margin for liquid milk and dairy products manufacturing in 2024 was 29.91%, an increase of 1.12% compared to the previous year, attributed to a decrease in operating costs due to lower raw milk procurement prices [2][4]. Raw Milk Price Trends - The price of raw milk in 2024 is on a downward trend, with some companies reporting a decline of over 6% year-on-year [4]. - New Dairy Industry's raw milk procurement cost decreased from 2.654 billion yuan in 2023 to 2.434 billion yuan in 2024, a reduction of approximately 220 million yuan [4]. Market Dynamics - The dairy industry is experiencing accelerated consolidation, with some small and medium-sized farms exiting the market [4]. - Despite current challenges, New Dairy Industry remains optimistic about the long-term potential of the dairy market in China, citing low penetration rates and increasing consumer health awareness as growth drivers [8]. Institutional Investment - Several institutions, including China Industrial Bank and Ping An Bank, have increased their holdings in New Dairy Industry, indicating positive market sentiment [6][7].

Group 1: Company Strategy and Performance - The company continues to deepen its "Fresh Cube Strategy," focusing on core product categories to enhance enterprise value and steadily implement its five-year strategic plan [1] - In 2024, the main business revenue is expected to remain stable, with a significant increase in net profit and a notable decrease in the asset-liability ratio [1] - Low-temperature fresh milk and low-temperature yogurt achieved mid-to-high single-digit growth in 2024, with low-temperature categories continuing to increase their market share [2] Group 2: Regional Growth and Market Opportunities - The East China region shows strong growth potential due to a higher proportion of low-temperature products and a favorable consumer mindset [3] - The company is actively expanding in the South and North China regions, focusing on product innovation and channel strategies to enhance market share [3] Group 3: Sales and Marketing Strategies - The company emphasizes the importance of new product development and promotion, particularly for core categories, to meet consumer demands for functionality and emotional value [4] - Direct-to-Consumer (DTC) channels are a core strategic focus, with efforts to enhance channel capabilities and user experience [4] Group 4: Financial Management and Future Plans - Sales expense rates are currently at a normal level, with plans for brand-building initiatives that balance profitability [4] - The company has a stable capital expenditure plan focused on technology improvements and equipment updates, with a strategy of "internal growth as primary, acquisitions as secondary" [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 20 yuan [4][8]. Core Views - The company has exceeded profit expectations, with significant improvement momentum still present. The focus on low-temperature fresh milk and yogurt has driven strong growth in these segments, despite challenges in the ambient milk market [8][4]. - The company’s revenue for 2024 is projected at 10.665 billion yuan, a year-on-year decrease of 2.9%, while the net profit attributable to shareholders is expected to reach 538 million yuan, reflecting a year-on-year increase of 24.8% [2][4]. - The first quarter of 2025 shows a revenue of 2.625 billion yuan, a slight increase of 0.42% year-on-year, with a net profit of 133 million yuan, marking a significant year-on-year increase of 48.5% [2][4]. Financial Summary - **2024 Financial Indicators**: - Total revenue: 10,665 million yuan - Year-on-year growth rate: -2.9% - Net profit attributable to shareholders: 538 million yuan - Year-on-year growth rate: 24.8% - Earnings per share (EPS): 0.62 yuan - Price-to-earnings ratio (PE): 28 times [4][8]. - **2025 Financial Projections**: - Total revenue: 10,987 million yuan - Year-on-year growth rate: 3.0% - Net profit attributable to shareholders: 675 million yuan - Year-on-year growth rate: 25.6% - EPS: 0.78 yuan - PE: 22 times [4][8]. - **2026 and 2027 Projections**: - 2026 total revenue: 11,605 million yuan, with a growth rate of 5.6% - 2027 total revenue: 12,281 million yuan, with a growth rate of 5.8% - Net profit for 2026: 794 million yuan, with a growth rate of 17.6% - Net profit for 2027: 910 million yuan, with a growth rate of 14.6% [4][8]. Market Performance - The company’s stock price as of April 24, 2025, is 17.24 yuan, with a total market capitalization of 148.38 billion yuan [4][8]. - The company has shown resilience in its core business, with a focus on improving revenue quality by reducing the scale of trade and other businesses [8][4].

Core Insights - New Dairy achieved a revenue of 10.665 billion yuan in 2024, a slight decline of 0.66% year-on-year, while net profit attributable to shareholders increased by 24.80% to 538 million yuan, marking five consecutive years of double-digit growth [1][2] - In Q1 2025, the company reported a revenue of 2.625 billion yuan, up 0.42% year-on-year, and a net profit of 133 million yuan, reflecting a significant growth of 48.46% [1] - The company is in the second year of its new five-year strategic plan, focusing on boosting dairy consumption amid a challenging market environment [1][3] Financial Performance - Total assets at the end of 2024 were approximately 8.879 billion yuan, down 0.66% from the previous year [2] - Net assets attributable to shareholders increased by 19.49% to approximately 3.055 billion yuan [2] - Basic and diluted earnings per share rose by 24% to 0.62 yuan [2] Strategic Focus - The company emphasizes the "Fresh Cube Strategy" to enhance core business and drive consumer demand, focusing on fresh dairy products [1][3] - New Dairy is committed to product innovation and channel transformation to adapt to changing consumer trends [3][4] - The company has made significant investments in supply chain excellence and has been recognized for its contributions to quality dairy production [4] Innovation and Technology - New Dairy has maintained a double-digit revenue contribution from new products for four consecutive years, with its "24-hour" fresh milk series seeing over 15% growth [5] - The company is advancing its digital transformation through self-developed platforms to enhance operational efficiency [5][6] - New Dairy is exploring innovative marketing strategies, including live-streaming, to engage with consumers [7] Market Positioning - The company is expanding its direct-to-consumer (DTC) channels, achieving nationwide delivery capabilities and enhancing customer service [6] - New Dairy's brand initiatives focus on health and nutrition, aiming to create immersive consumer experiences [7] - The dairy market in China is expected to continue its steady growth, with a shift towards low-temperature and functional products [7][8] Future Outlook - New Dairy plans to continue leveraging its "Fresh Cube Strategy" to drive revenue growth and improve profit margins [8] - The company aims to strengthen its core business through technology and regional development, contributing to the revitalization of the Chinese dairy industry [8]

新希望乳业股份有限公司 2024年度董事会审计委员会履职报告 新希望乳业股份有限公司（简称"公司"、"本公司"）董事会审计委员会 依照《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》、公司《董事会审计委员会工作制度》的有关规定，本着勤勉尽责的原则认 真履行职责。现对公司董事会审计委员会 2024 年度的履职情况汇报如下： 一、董事会审计委员会基本情况 报告期内，公司增选陈碧女士为第三届董事会审计委员会委员，第三届董事 会审计委员会由董事卢华基先生、Liu Chang 女士、杨志清先生、陈碧女士 4 名 成员组成，设主任委员一名，由具备会计和财务管理相关专业经验的独立董事卢 华基先生担任。 二、董事会审计委员会于 2024 年度审议事项 公司董事会审计委员会于 2024 年度召开了四次会议，具体情况如下： | 时间 | | 届次 | 主要议题 | | --- | --- | --- | --- | | 2024 | 年 | | 1、审议通过《2023 年度财务报告》 | | | | | 2、审议通过《2023 年度董事会审计委员会履职报告》 | | | | | 3、审议通过《2023 ...

新希望乳业股份有限公司 2024 年度董事会工作报告 2024 年，公司在乳制品行业增速放缓、市场竞争更加激烈的大环境下，秉 承"鲜活，让生活更美好"的企业使命，持续深化"鲜立方战略"，通过强化核 心业务、提升企业价值，实现了超过行业大盘的业绩表现。报告期内，公司按照 2023 年制定的五年战略规划稳步推进各项经营业务，收入规模总体稳定，净利 润显著提升，资产负债率显著下降，经营质量得到进一步提升。报告期内，公司 实现营业收入 106.65 亿元，归母净利润 5.38 亿元，经营活动现金流量净额 14.91 亿元，销售净利率 5.15%，同比增加 1.17 个百分点，资产负债率 64.61%，较期 初下降 5.86 个百分点。 一、 公司年度经营工作回顾 (一) 战略笃定稳行，提升企业价值 2023 年 5 月，基于对宏观消费形势、行业发展态势的判断，结合公司自身 的企业定位、资源禀赋，公司制定并发布了新的五年战略规划。将""做大做强核 心业务，提升企业价值，五年实现净利率倍增"确定为新的五年奋斗目标，并确 立了做强低温、科技创新、内生为主、并购为辅、分布经营、区域深耕的战略实 现路径。 2024 年是公司新 ...

新希望乳业 新 鲜 一 代 的 选 择 以"鲜"为美 "质"领未来 2024年度 可持续发展报告 2024 SUSTAINABILITY REPORT | 关于本报告 | 报告信息说明 本报告是新希望乳业股份有限公司(以下简称"新乳业"、"新希望乳业"、"公司"、"我们"）发布的 第5份可持续发展报告/企业社会责任报告。报告阐述了公司可持续发展理念和政策以及2024年 在环境保护、社会责任、公司治理等方面做出的努力，回应利益相关方的期望与关切。 时间范围 本报告时间跨度为2024年1月1日至2024年12月31日，为保持信息的连续性，对部分内容进行了 回溯和延展。所涉及信息来源于公司内部数据以及公开资料。 组织范围 本报告的组织范围涵盖新希望乳业股份有限公司及其下属成员企业的所有经营行为，并与公司 年报所披露的范围保持一致。 参考标准 联络方式 如对本报告有任何建议和意见，请通过以下方式与公司联系： 新希望乳业股份有限公司 邮编:610023 电话:028-86748930 传真:028-80741011 官网地址:http://newhopedairy.cn/ 目录 CONTENTS 报告开篇 01 关于本 ...

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证券代码：002946 证券简称：新乳业 公告编号：2025-023 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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。 重要内容提示： 1．现金理财受托方：商业银行、证券公司、信托公司等金融机构； 2．本次现金理财金额：任何时点的余额不超过 50,000 万元； 3．特别风险提示：公司选择现金理财产品属于低风险投资品种，但金融市 场受宏观经济的影响较大，不排除该项投资受到市场波动及其他不可抗力的影 响。敬请广大投资者注意投资风险。 新希望乳业股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 23 日召开了第三届董事会第十五次会议，审议通过了《关于使用部分闲置自有 资金进行现金管理的议案》，同意在确保不影响正常经营及风险可控的前提下， 对最高额度不超过人民币 50,000 万元闲置自有资金（包括公司及公司控股子公 司）进行现金管理，用于投资低风险的保本型理财产品，有效期限为自公司董事 会审议通过之日起 12 个月内，在上述额度和期限内 ...