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]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and strategic direction of a dairy company, focusing on its product categories, particularly low-temperature and long-temperature dairy products, and their market dynamics [1][2][3][4][5]. Key Points and Arguments Industry Performance and Strategy - The company aims for stable growth in major regions, particularly in the Southwest and Northwest, after facing pressures in the previous year [1]. - There is a strong emphasis on increasing the growth of low-temperature products, which are considered core to the company's offerings, particularly fresh milk and specialty yogurt [1][2]. - The company plans to enhance its long-temperature product line while gradually addressing its weaknesses in short-temperature products [2]. Product Development and Market Position - The company is focusing on expanding its low-temperature product offerings and improving their market share, with a target of increasing low-temperature products to 60% or more of total revenue [12]. - The company has observed positive performance in low-temperature categories, indicating a need to strengthen this segment further [4][5]. - New product introductions have been a significant contributor to revenue, with a double-digit percentage of sales coming from new products each year [7]. Financial Performance and Cost Management - The company maintains a healthy gross margin and aims to optimize its cost structure, including raw material costs and operational efficiencies [6][8]. - Financial metrics indicate a stable economic rate close to 10%, with plans to maintain this level while pursuing growth [5][10]. - The company is also focused on reducing financial and management costs, leveraging national policies to optimize its financial structure [25]. Market Dynamics and Consumer Behavior - The company acknowledges a mixed demand environment, with some product categories experiencing upgrades while others face downgrades in consumer preferences [17][18]. - The company is adapting to consumer behavior changes, including a shift towards more affordable options while maintaining quality [18]. - The company is optimistic about future economic recovery and consumer spending, which could support product structure upgrades [16]. Supply Chain and Logistics - The company is enhancing its supply chain efficiency, particularly in cold chain logistics, to improve product freshness and reduce costs [15][27]. - Collaboration among subsidiaries is expected to yield cost savings and operational synergies, particularly in logistics and distribution [13][14]. Competitive Landscape - The company is aware of competition from regional players and is strategizing to maintain its market position through product differentiation and operational efficiency [23][24]. - The company recognizes the need to adapt to competitive pressures and is focused on leveraging its established brand presence in local markets [27]. Other Important Insights - The company is committed to a five-year strategic plan aimed at improving economic efficiency and market competitiveness [10][11]. - There is a focus on enhancing the company's capabilities in low-temperature product innovation and market penetration [20][26]. - The company is exploring various distribution channels, including B2C, to expand its market reach and improve sales performance [21][22].

Summary of the Conference Call for New Dairy Industry Company Overview - The conference call pertains to New Dairy Industry, focusing on its performance and strategies in the dairy sector, particularly in the context of the 2025 market outlook. Key Points and Arguments Market Demand and Strategy - In 2025, the dairy market is expected to face demand pressures, but certain channels, especially in rural areas, are showing relative activity. The management team has been actively monitoring market conditions during the Spring Festival [3][5] - The five-year strategy remains unchanged, with 2025 being a critical year aimed at maintaining growth while improving net profit margins and optimizing financial performance. The focus will continue to be on low-temperature fresh milk and yogurt, with flexibility to adjust product strategies based on market changes [3][5] Revenue Growth Drivers - Low-temperature fresh milk and yogurt are the main revenue growth drivers, with high single-digit growth in the first three quarters of 2024, and close to triple-digit growth in Q3. However, ambient products have seen a decline, yet the overall main business remains positively growing [3][6] - Revenue from the brands "Huirun" and "Chuxin" is approximately 300 to 400 million, with both brands achieving double-digit growth in the first three quarters of 2024 [3][9][10] Raw Milk Price Outlook - The company anticipates stable raw milk prices in 2025, supported by a balanced supply-demand situation. The company has a self-sourced milk ratio of about 30%, which helps mitigate price fluctuations [3][7][8] Brand Investment and Product Strategy - Brand investments are expected to increase in 2025 and 2026, with both the amount and rate of expenses likely to rise to enhance future revenue and core competitiveness [3][12] - The strategy for ambient products focuses on developing unique offerings rather than merely following market trends, with expectations for improvement in the western regions in 2025 [3][13][14] High-End Product Performance - High-end products, particularly from the "Weipin" brand, are performing strongly, with ongoing brand investments to enhance market presence. The company aims for double-digit growth in its highest-end categories [3][18][24] Financial Performance and Future Projections - The company aims for positive growth in 2025, particularly in net profit, despite the overall dairy industry facing challenges in 2024. The goal is to exceed industry average performance if the market becomes more active [3][22][23] - The gross margin has improved by over two percentage points year-on-year, with structural improvements contributing significantly. This trend is expected to continue into 2025 [3][25] Competitive Landscape - The competition in the low-end market is intensifying, but low-temperature products are performing better than ambient products [3][26] Expansion Plans - The "24-hour" high-end product series accounts for about one-third of total revenue and has maintained double-digit growth. The company plans gradual expansion into other regions, focusing on supply chain management and consumer communication [3][27] Additional Important Insights - The company has a cautious approach to its growth targets for 2025, considering the potential impact of inflation and market conditions on its performance [3][22][24] - The company has recently conducted a mid-term dividend for 2024, aiming to enhance investor returns while ensuring sustainable development without significantly increasing the dividend ratio [3][20]

证券代码：002946 证券简称：新乳业 公告编号：2025-011 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于一只酸奶牛项目进展暨收到补偿款项的公告 董事会 2025 年 2 月 8 日 2 新希望乳业股份有限公司 1 特此公告。 二、 执行仲裁裁决暨收款进展情况及对公司影响 截至本公告披露日，公司已收到补偿义务人华昌明、伍元学、华自立通过各 自指定账户按重庆仲裁委员会（2023）渝仲字第 5056 号《裁决书》裁决的需向 本公司支付的全部估值补偿款合计 4,460.05 万元。公司在收到该等补偿款时扣 除原已确认的或有收益 2,200.00 万元后，增加投资收益 2,260.05 万元。 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、 背景情况概述 新希望乳业股份有限公司（以下简称"本公司"、"公司"）分别于 2024 年 11 月 7 日、2025 年 1 月 20 日召开了公司第三届董事会第十三次会议、公司 2025 年第一次临时股东大会，审议通过了《关于执行仲裁裁决暨变更"一只酸奶牛" 项目补偿条款的议案》，同意公 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-009 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于新乳转债转股价格调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 一、新乳转债转股价格调整的依据 新希望乳业股份有限公司（以下简称"公司"、"本公司"）于 2020 年 12 月 18 日向社会公开发行了 71,800 万元可转换公司债券（债券简称：新乳转债， 债券代码：128142），并于 2021 年 1 月 19 日在深圳证券交易所上市交易，转 股价格为 18.69 元/股。 根据《新希望乳业股份有限公司公开发行 A 股可转换公司债券募集说明书》 （以下简称"《募集说明书》"）发行条款及中国证监会关于可转换公司债券发 行的有关规定，可转换公司债券在本次发行之后，若公司发生派送红股、转增股 本、增发新股（不包括因本次发行的可转换公司债券转股而增加的股本）、配股 以及派发现金股利等情况，则转股价格相应调整（保留小数点后两位，最后一位 四舍五入）。具体的转股价格调整公式如下： 1 1、债券代码：12 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-010 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 股东可交换公司债券调整换股价格的提示性公告 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。 重要内容提示： 新希望乳业股份有限公司（以下简称"公司"或"本公司"）股东新希望 投资集团有限公司发行的"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）"（债券简称"23新乳EB"，债券代码： 117213）预备用于交换的股票为本公司A股股票。 2025 年 1 月 20 日，本公司召开 2025 年第一次临时股东大会，审议通过了 《关于 2024 年度中期利润分配预案的议案》，同意以实施权益分派股权登记日 登记的总股本为基数，向全体股东每 10 股派发现金股利 0.35 元（含税），不 送红股，不以资本公积转增股本。剩余未分配利润结转以后年度分配。权益分 派实施股权登记日之前，若本公司总股本发生变动，将按照每股分配比例不变 的原则对分配总额进行调整，每股分配现金股利金额不变。 本公司确定以 2 ...

新希望乳业股份有限公司 证券代码：002946 证券简称：新乳业 公告编号：2025-008 债券代码：128142 债券简称：新乳转债 2024年度中期利润分配实施公告 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"公司"或"本公司"）2024 年度中期 利润分配方案已获 2025 年 1 月 20 日召开的 2025 年第一次临时股东大会（以 下简称"股东大会"）审议通过，现将利润分配事宜公告如下： 一、 股东大会审议通过利润分配方案情况 1、股东大会审议通过的公司 2024 年度中期利润分配方案为：以实施权益 分派股权登记日登记的总股本为基数，向全体股东每 10 股派发现金股利 0.35 元 （含税），不送红股，不以资本公积转增股本。剩余未分配利润结转以后年度分 配。权益分派实施股权登记日之前，若公司总股本发生变动，将按照每股分配现 金股利金额不变的原则对分配总额进行调整。 2、自分配方案披露至本次权益分派实施申请日（2025 年 1 月 24 日）期间： 由于公司可转换公司债券（债券简称：新乳转债，债券代码：1281 ...

证券代码：002946 证券简称：新乳业 公告编号：2025-007 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 2025年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更前次股东大会决议。 一、召开会议和出席情况 （一）会议召开情况 1、股东大会届次：2025 年第一次临时股东大会 新希望乳业股份有限公司（以下简称"本公司"、"公司"）2025 年第一次 临时股东大会于 2025 年 1 月 20 日在成都市锦江区金石路 366 号公司 4 楼会议 室召开。本次会议由公司董事会召集，相关会议通知已于 2025 年 1 月 3 日向全 体股东发出，详见于 2025 年 1 月 3 日通过巨潮资讯网（www.cninfo.com.cn） 及《中国证券报》《上海证券报》《证券日报》《证券时报》等公司指定的信息 披露媒体披露了《关于召开 2025 年第一次临时股东大会的通知》（公告编号： 2025-006）。 2、股东大会召集人：公司董事 ...