新希望乳业股份有限公司 2024 年年度报告全文 新希望乳业股份有限公司 2024 年年度报告 2025-016 2025 年 4 月 1 新希望乳业股份有限公司 2024 年年度报告全文 2024 年年度报告 第一节 重要提示、目录和释义 | | œ | | --- | --- | | | 4 | | ี 1 | | | | | | 第一节重要提示、目录和释义 | 2 | | --- | --- | | 第二节公司简介和主要财务指标 | 9 | | 第三节管理层讨论与分析 | 13 | | 第四节公司治理 | 47 | | 第五节环境和社会责任 | 70 | | 第六节重要事项 | 82 | | 第七节股份变动及股东情况 | 107 | | 第八节优先股相关情况 | 115 | | 第九节债券相关情况 | 115 | | 第十节财务报告 | 118 | 新希望乳业股份有限公司 2024 年年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人席刚、主管会计工作负责人朱川及会计机构负责人（ ...

证券代码：002946 证券简称：新乳业 公告编号：2025-015 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于股东非公开发行可交换公司债券换股进展暨股东 及其一致行动人权益变动触及1%整数倍的公告 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。 新希望乳业股份有限公司（以下简称"本公司"或"公司"）股东新希望投 资集团有限公司（以下简称"新投集团"）发行的"新希望投资集团有限公司 2023 年面向专业投资者非公开发行可交换公司债券（第一期）"预备用于交换 的股票为本公司 A 股股票。 2023 年 11 月 14 日，新投集团完成"新希望投资集团有限公司 2023 年面 向专业投资者非公开发行可交换公司债券（第一期）"的发行，债券简称为"23 新乳 EB"，债券代码为"117213.SZ"，发行规模人民 5.00 亿元，债券期限为 3 年，票面利率为 0.60%，到期赎回价格为 106 元/张。根据有关规定，结合《新 希望投资集团有限公司 2023 年面向专业投资者非公开发行可交换公司债券（第 一期）募集说明书》约定，"23 新 ...

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。 一、 股票交易异常波动的情况介绍 证券代码：002946 证券简称：新乳业 公告编号：2025-014 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 股票交易异常波动公告 新希望乳业股份有限公司（以下简称"公司"或"本公司"）（证券简称： 新乳业；证券代码：002946）股票交易价格连续三个交易日（2025 年 4 月 8 日、 2025 年 4 月 9 日、2025 年 4 月 10 日）收盘价格涨幅偏离值累计超过 20%，根 据《深圳证券交易所交易规则》的规定，属于股票交易异常波动的情况。 二、 公司关注并核实情况说明 针对公司股票交易异常波动，经公司董事会核实，并与控股股东及实际控制 人及公司管理层沟通，现就有关情况说明如下： 三、 是否存在应披露而未披露信息的说明 1 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所股票上市规 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、 协议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规 定应 ...

新希望乳业股份有限公司 简式权益变动报告书 上市公司名称：新希望乳业股份有限公司 股票上市地点：深圳证券交易所 简式权益变动报告书签署日期：2025 年 4 月 10 日 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及其他相关法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 股票简称：新乳业 股票代码：002946 信息披露义务人：新希望投资集团有限公司 住所/通讯地址：拉萨经济技术开发区林琼岗路新希望集团大厦 2 楼 203 号办公 室 信息披露义务人：Universal Dairy Limited（一致行动人） 住所/通讯地址：402 JARDINE HOUSE, 1 CONNAUGHT PLACE, CENTRAL, HONG KONG 股份变动性质：股份减少、持股比例减少 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-013 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于股东非公开发行可交换公司债券换股进展暨股东 及其一致行动人权益变动触及5%整数倍的公告 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。 新希望乳业股份有限公司（以下简称"本公司"或"公司"）股东新希望投 资集团有限公司（以下简称"新投集团"）发行的"新希望投资集团有限公司 2023 年面向专业投资者非公开发行可交换公司债券（第一期）"预备用于交换 的股票为本公司 A 股股票。 2023 年 11 月 14 日，新投集团完成"新希望投资集团有限公司 2023 年面 向专业投资者非公开发行可交换公司债券（第一期）"的发行，债券简称为"23 新乳 EB"，债券代码为"117213.SZ"，发行规模人民 5.00 亿元，债券期限为 3 年，票面利率为 0.60%，到期赎回价格为 106 元/张。根据有关规定，结合《新 希望投资集团有限公司 2023 年面向专业投资者非公开发行可交换公司债券（第 一期）募集说明书》约定，"23 新 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-012 债券代码：128142 债券简称：新乳转债 3、转股价格：18.20 元/股； 4、转股时间：2021 年 6 月 24 日至 2026 年 12 月 17 日 根据《深圳证券交易所股票上市规则（2024 年修订）》《深圳证券交易所 上市公司自律监管指引第 15 号——可转换公司债券（2025 年修订）》的有关规 定，新希望乳业股份有限公司（以下简称"公司"）现将 2025 年第一季度可转 换公司债券（以下简称"可转债"）转股及公司股份变动的情况公告如下： 新希望乳业股份有限公司 2025年第一季度可转换公司债券转股情况公告 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。 特别提示： 1、股票代码：002946，股票简称：新乳业； 2、债券代码：128142，债券简称：新乳转债； 一、可转债发行上市基本概况 经中国证券监督管理委员会"证监许可[2020]2614 号"核准，公司于 2020 年 12 月 18 日公开发行了 718 万张可转换公司债券，每张面值 100 元，发行总 额 71, ...

Group 1: Sales Channels and Strategy - The company primarily relies on direct sales, accounting for over 50% of its sales channels. The DTC (Direct-to-Consumer) channel is a core focus in the five-year strategy, which includes home delivery, self-ordering, image stores, and some e-commerce channels [2][3]. - The company is actively exploring emerging channel opportunities such as customization, membership stores, dining, snack wholesale, and discount stores [2][3]. Group 2: Management and Coordination - The company headquarters sets unified strategies and goals, which are then broken down for each subsidiary through budget management and performance assessment mechanisms [3]. - The company emphasizes collaboration and empowerment across various functional lines to manage and control risks effectively [3]. Group 3: Future Growth and Innovation - The company aims to strengthen its core business through the "Fresh Cube" strategy, focusing on key product categories and continuous product innovation to enhance profitability [3]. - The company plans to improve supply chain efficiency and reduce costs through enhanced professional capabilities, technological improvements, organizational collaboration, and digital technology [3]. Group 4: Milk Source Structure - The company's milk source structure is approximately 30% from self-owned farms, 30% from equity farms, 30% from long-term contracts, and 10% from temporary sources, providing resilience against milk price fluctuations [3]. Group 5: Channel Development and Management - The company has a "key customer" management department that covers major national supermarkets, chains, and membership stores, leveraging regional advantages for cross-regional alliances [4]. - The company is committed to optimizing and enhancing the home delivery channel through new models and digital tools, with successful cases being promoted across subsidiaries [4]. Group 6: Mergers and Acquisitions - The company has undergone three rounds of mergers and acquisitions in the past and possesses the capability and experience for integration. The new five-year strategy emphasizes "internal growth as primary, acquisitions as supplementary" [4].

Summary of New Dairy Industry Conference Call Company Overview - The conference call focused on New Dairy Industry, discussing its strategic direction, market performance, and future outlook. Key Points Industry and Market Outlook - The consumption data for food and beverages during the 2025 Spring Festival is expected to be more positive than market expectations, influenced by sample statistical bias and channel differentiation [3] - The liquor sector is anticipated to undergo valuation recovery in the first half of 2025, which may signal a positive trend for food companies in the second half [3] Strategic Planning and Financial Performance - New Dairy Industry's performance in Q1 and the entire year of 2025 is expected to be strong, benefiting from a five-year plan initiated in 2023 aimed at doubling net profit margins [3][5] - The company has shifted its strategic focus from acquisitions to internal growth, aiming to increase net profit margin from 3.6% to 7.2% by the end of 2027 [3][6] - Revenue growth is projected at approximately 5% for 2025, with profits expected to reach 670 million, a year-on-year increase of 23% [3][12] Core Competencies - New Dairy Industry's competitive advantages are identified in four dimensions: product quality, milk source, distribution channels, and brand strength [7][15] - The company focuses on the low-temperature segment, with significant growth in products like 24-hour fresh milk and premium yogurt, achieving a market share increase from about 5% in 2020 to 8.5%-9% [8] Channel Strategy - The company employs a Direct to Consumer (DTC) model, with over 50% of sales coming from direct sales channels, ensuring high profitability and sales stability [10] - New Dairy Industry has established a robust backend system to enhance operational efficiency, adjusting sales strategies based on real-time data [10] Market Position and Expansion - The company has successfully integrated regional milk sources through acquisitions, achieving a market share of approximately 70% in low-temperature products in Chengdu, Sichuan [11] - New Dairy Industry's penetration in lower-tier markets shows significant potential, with a current penetration rate of only 25%-30% [12][14] Future Growth Potential - The company anticipates a compound annual growth rate exceeding 20% over the next 2-3 years, driven by the execution of its "Fresh Cube" strategy [5][12] - The overall valuation is currently around 18-19 times earnings, providing a supportive valuation framework compared to competitors like Yili [12][15] Conclusion - New Dairy Industry demonstrates strong competitive positioning and growth potential in the low-temperature dairy market, with a solid strategic plan in place to enhance profitability and market share [15]

Investment Rating - The report maintains a "Buy" rating for the company [4][6][10] Core Views - The company is expected to enhance shareholder returns with the implementation of its first interim dividend plan, distributing a cash dividend of 0.35 yuan per 10 shares [9] - The product structure is rapidly improving, leading to better profitability, with significant growth expected in high-end products [9] - The company is committed to executing its five-year plan, aiming to double its net profit margin by 2027, supported by product upgrades and cost control measures [9] Financial Forecast and Investment Recommendations - Earnings per share are projected to be 0.66, 0.78, and 0.97 yuan for 2024, 2025, and 2026 respectively, with a target price of 17.16 yuan based on a 22x P/E ratio for 2025 [4][10] - Revenue is forecasted to grow from 10,006 million yuan in 2022 to 12,507 million yuan in 2026, with a compound annual growth rate of approximately 5.6% [7][15] - Operating profit is expected to increase significantly, from 403 million yuan in 2022 to 1,029 million yuan in 2026, reflecting a strong growth trajectory [7][15] Key Financial Metrics - The company’s gross margin is projected to improve from 24.0% in 2022 to 29.5% in 2026, indicating enhanced operational efficiency [7][15] - The net profit margin is expected to rise from 3.6% in 2022 to 6.7% in 2026, showcasing improved profitability [7][15] - The return on equity (ROE) is anticipated to increase from 14.0% in 2022 to 18.6% in 2026, reflecting better capital utilization [7][15]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4][6][10] Core Views - The company is expected to enhance shareholder returns with the implementation of its first interim dividend plan, distributing a cash dividend of 0.35 yuan per 10 shares [9] - The product structure is rapidly improving, leading to better profitability, with significant growth expected in high-end products [9] - The company is committed to executing its five-year plan, aiming to double its net profit margin by 2027, supported by product upgrades and cost control [9] Financial Forecast and Investment Recommendations - Earnings per share are projected to be 0.66, 0.78, and 0.97 yuan for 2024, 2025, and 2026 respectively, with a target price of 17.16 yuan based on a 22x P/E ratio for 2025 [4][10] - Revenue is forecasted to grow from 10,006 million yuan in 2022 to 12,507 million yuan in 2026, with a compound annual growth rate of approximately 5.6% [7][15] - The gross profit margin is expected to increase from 24.0% in 2022 to 29.5% in 2026, indicating improved operational efficiency [7][15] Shareholder Returns and Dividend Policy - The company plans to increase both the frequency and rate of dividends in 2024, reflecting a commitment to enhancing shareholder returns [9] - The five-year plan emphasizes reducing debt and financial costs, which will positively impact cash flow and dividend capacity in the long term [9] Product Development and Market Position - The company is experiencing double-digit revenue growth in its low-temperature fresh milk and yogurt segments, indicating strong market demand [9] - The introduction of high-end products is expected to continue driving revenue growth, with a focus on direct-to-consumer channels [9] Financial Ratios and Performance Metrics - The net profit margin is projected to improve from 3.6% in 2022 to 6.7% in 2026, reflecting enhanced profitability [7][15] - The return on equity (ROE) is expected to rise from 14.0% in 2022 to 18.6% in 2026, indicating effective management of shareholder equity [7][15]