中商官网
研究报告
新乳业（002946）
主要经济指标
| 类别\年份 | 营业收入 （元) |
营业收入同比 （%) |
营业利润 （元) |
营业利润同比 （%) |
利润总额 （元) |
利润总额同比 （%) |
净利润 （元) |
净利润同比 （%) |
| 2025-03-31 | 2625000000.0000 | 0.42 | 162000000.0000 | 28.57 | 161000000.0000 | 37.61 | 138000000.0000 | 48.05 |
| 2024-09-30 | 8150000000.0000 | -0.54 | 572000000.0000 | 27.11 | 559000000.0000 | 23.67 | 487000000.0000 | 24.55 |
| 2024-12-31 | 10665000000.0000 | -2.93 | 680000000.0000 | 33.86 | 643000000.0000 | 26.33 | 549000000.0000 | 25.34 |
| 2024-06-30 | 5364000000.0000 | 1.25 | 360000000.0000 | 26.32 | 352000000.0000 | 23.08 | 305000000.0000 | 23.98 |
| 2024-03-31 | 2614000000.0000 | 3.69 | 126000000.0000 | 59.76 | 117000000.0000 | 47.83 | 93209300.0000 | 49.18 |
| 2023-09-30 | 8194000000.0000 | 9.55 | 450000000.0000 | 29.68 | 452000000.0000 | 29.51 | 391000000.0000 | 23.73 |
| 2023-12-31 | 10987000000.0000 | 9.80 | 508000000.0000 | 26.05 | 509000000.0000 | 25.37 | 438000000.0000 | 20.99 |
| 2023-03-31 | 2521000000.0000 | 8.80 | 78866200.0000 | 52.63 | 79145100.0000 | 49.52 | 62481100.0000 | 37.00 |
| 2023-06-30 | 5298000000.0000 | 10.84 | 285000000.0000 | 35.07 | 286000000.0000 | 34.91 | 246000000.0000 | 27.46 |
| 2022-09-30 | 7480000000.0000 | 12.48 | 347000000.0000 | 12.30 | 349000000.0000 | 11.50 | 316000000.0000 | 12.46 |
| 2022-12-31 | 10006000000.0000 | 11.59 | 403000000.0000 | 9.51 | 406000000.0000 | 7.69 | 362000000.0000 | 6.16 |
| 2022-03-31 | 2317000000.0000 | 15.04 | 51670000.0000 | 17.94 | 52933800.0000 | 19.75 | 45606300.0000 | 31.52 |
| 2022-06-30 | 4780000000.0000 | 10.75 | 211000000.0000 | 14.67 | 212000000.0000 | 13.98 | 193000000.0000 | 17.68 |
| 2021-09-30 | 6650000000.0000 | 42.80 | 309000000.0000 | 50.73 | 313000000.0000 | 47.64 | 281000000.0000 | 43.37 |
| 2021-12-31 | 8967000000.0000 | 32.86 | 368000000.0000 | 23.91 | 377000000.0000 | 22.40 | 341000000.0000 | 17.99 |
| 2021-06-30 | 4316000000.0000 | 68.86 | 184000000.0000 | 132.19 | 186000000.0000 | 116.93 | 164000000.0000 | 104.26 |
| 2021-03-31 | 2014000000.0000 | 90.90 | 43809800.0000 | -271.65 | 44202400.0000 | -291.56 | 34677100.0000 | -229.96 |
| 2020-12-31 | 6749000000.0000 | 18.93 | 297000000.0000 | 15.12 | 308000000.0000 | 14.93 | 289000000.0000 | 15.14 |
| 2020-09-30 | 4657000000.0000 | 10.30 | 205000000.0000 | 5.13 | 212000000.0000 | 5.47 | 196000000.0000 | 5.38 |
| 2020-03-31 | 1055000000.0000 | -13.67 | -25523100.0000 | -198.05 | -23074400.0000 | -185.24 | -26682400.0000 | -213.32 |
| 2020-06-30 | 2556000000.0000 | -5.68 | 79246400.0000 | -31.68 | 85741500.0000 | -27.34 | 80291500.0000 | -25.66 |
| 2019-09-30 | 4222000000.0000 | 13.34 | 195000000.0000 | 2.63 | 201000000.0000 | 2.55 | 186000000.0000 | 3.91 |
| 2019-12-31 | 5675000000.0000 | 14.14 | 258000000.0000 | 0.00 | 268000000.0000 | -0.74 | 251000000.0000 | 1.62 |
| 2019-06-30 | 2710000000.0000 | 13.48 | 116000000.0000 | 4.50 | 118000000.0000 | 3.51 | 108000000.0000 | 4.85 |
| 2019-03-31 | 1222000000.0000 | 13.46 | 26030100.0000 | 10.22 | 27068700.0000 | 5.19 | 23546400.0000 | 8.79 |
| 2018-12-31 | 4972000000.0000 | 12.44 | 258000000.0000 | 14.67 | 270000000.0000 | 12.03 | 247000000.0000 | 14.35 |
| 2018-09-30 | 3725000000.0000 | 12.91 | 190000000.0000 | 7.34 | 196000000.0000 | 7.69 | 179000000.0000 | 12.58 |
| 2018-03-31 | 1077000000.0000 | -- | 23616000.0000 | -- | 25732000.0000 | -- | 21643500.0000 | -- |
| 2018-06-30 | 2388000000.0000 | 14.53 | 111000000.0000 | -6.72 | 114000000.0000 | 0.00 | 103000000.0000 | 7.37 |
| 2017-12-31 | 4422000000.0000 | 9.10 | 225000000.0000 | 87.50 | 241000000.0000 | 35.39 | 216000000.0000 | 47.95 |
| 2017-09-30 | 3299000000.0000 | -- | 177000000.0000 | -- | 182000000.0000 | -- | 159000000.0000 | -- |
| 2017-06-30 | 2085000000.0000 | -- | 119000000.0000 | -- | 114000000.0000 | -- | 95927000.0000 | -- |
| 2016-12-31 | 4053000000.0000 | 3.52 | 120000000.0000 | -59.60 | 178000000.0000 | -47.65 | 146000000.0000 | -50.84 |
| 2014-12-31 | 3532000000.0000 | -- | 42038700.0000 | -- | 64100700.0000 | -- | 55966000.0000 | -- |
| 2015-12-31 | 3915000000.0000 | 10.84 | 297000000.0000 | 606.49 | 340000000.0000 | 430.42 | 297000000.0000 | 430.68 |
| 2025-06-30 | 5526000000.0000 | 3.02 | 459000000.0000 | 27.50 | 460000000.0000 | 30.68 | 409000000.0000 | 34.10 |
| 2025-09-30 | 8434000000.0000 | 3.48 | 716000000.0000 | 25.17 | 717000000.0000 | 28.26 | 641000000.0000 | 31.62 |
| 2025-12-31 | 11233000000.0000 | 5.33 | 853000000.0000 | 25.44 | 850000000.0000 | 32.19 | 754000000.0000 | 37.34 |
| 2026-03-31 | 2843000000.0000 | 8.30 | 217000000.0000 | 33.95 | 218000000.0000 | 35.40 | 191000000.0000 | 38.41 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
营业利润率 （%) |
总资产利润率 （%) |
净资产收益率 | 存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 2025-03 | 6.78 | 6.13 | 1.81 | 4.2100 | 2.7400 | 15.95 | 0.30 |
| 2024-09 | 7.29 | 6.86 | 6.06 | 16.9200 | 8.3400 | 15.96 | 0.88 |
| 2024-12 | 6.49 | 6.03 | 7.24 | 19.0900 | 10.5200 | 17.60 | 1.20 |
| 2024-06 | 6.95 | 6.56 | 3.87 | 11.1300 | 6.0400 | 16.64 | 0.59 |
| 2024-03 | 5.13 | 4.48 | 1.30 | 3.5000 | 2.7200 | 16.59 | 0.29 |
| 2023-09 | 5.54 | 5.52 | 4.86 | 14.8600 | 7.7800 | 17.30 | 0.88 |
| 2023-12 | 4.71 | 4.63 | 5.69 | 16.7600 | 10.6300 | 18.62 | 1.23 |
| 2023-03 | 3.77 | 3.14 | 0.84 | 2.4300 | 2.5200 | 16.35 | 0.27 |
| 2023-06 | 5.21 | 5.40 | 3.12 | 9.3300 | 5.5600 | 17.52 | 0.58 |
| 2022-09 | 3.38 | 4.67 | 3.63 | 11.8400 | 8.3500 | 15.87 | 0.78 |
| 2022-12 | 3.01 | 4.06 | 4.28 | 14.0500 | 10.2300 | 16.78 | 1.05 |
| 2022-03 | 1.77 | 2.28 | 0.57 | 1.6400 | 2.7200 | 14.96 | 0.25 |
| 2022-06 | 3.18 | 4.44 | 2.22 | 7.0600 | 5.9400 | 15.16 | 0.50 |
| 2021-09 | 3.65 | 4.71 | 3.47 | 9.6900 | 9.9000 | 15.16 | 0.74 |
| 2021-12 | 2.99 | 4.20 | 3.97 | 11.8000 | 11.7500 | 15.58 | 0.94 |
| 2021-06 | 3.29 | 4.31 | 2.09 | 5.4900 | 7.0600 | 14.82 | 0.49 |
| 2021-03 | 1.64 | 2.19 | 0.50 | 1.1000 | 3.1600 | 14.57 | 0.23 |
| 2020-12 | 3.02 | 4.56 | 3.59 | 11.9700 | 12.8300 | 13.99 | 0.79 |
| 2020-09 | 3.26 | 4.55 | 2.62 | 9.1900 | 8.1600 | 12.33 | 0.58 |
| 2020-03 | -0.76 | -2.19 | -0.43 | -1.4700 | 1.8600 | 9.87 | 0.20 |
| 2020-06 | 2.46 | 3.35 | 1.48 | 4.0700 | 5.0600 | 10.69 | 0.44 |
| 2019-09 | 3.39 | 4.76 | 3.81 | 9.4700 | 9.4900 | 13.35 | 0.80 |
| 2019-12 | 3.14 | 4.72 | 5.00 | 12.8200 | 12.3600 | 14.36 | 1.06 |
| 2019-06 | 3.62 | 4.35 | 2.62 | 6.0000 | 6.4200 | 12.91 | 0.60 |
| 2019-03 | 1.72 | 2.22 | 0.62 | 1.3000 | 2.7500 | 12.74 | 0.28 |
| 2018-12 | 3.80 | 5.43 | 6.37 | 18.0000 | 11.7800 | 15.04 | 1.17 |
| 2018-09 | 4.19 | 5.26 | 4.60 | 13.0000 | 8.8000 | -- | 0.87 |
| 2018-03 | 2.41 | 2.39 | -- | 1.7600 | -- | -- | -- |
| 2018-06 | 4.19 | 4.77 | 2.49 | 8.0000 | 5.9900 | -- | 0.52 |
| 2017-12 | 4.07 | 5.45 | 5.50 | 20.0000 | 11.0700 | 16.05 | 1.01 |
| 2017-09 | 4.70 | 5.52 | -- | 16.0000 | -- | -- | -- |
| 2017-06 | 5.08 | 5.47 | 2.63 | 10.0000 | 5.9900 | 14.53 | 0.48 |
| 2016-12 | 2.76 | 4.39 | 3.99 | 14.0000 | 11.2400 | 16.26 | 0.91 |
| 2014-12 | 1.16 | 1.81 | 2.20 | 15.0000 | 7.6600 | 18.01 | 1.21 |
| 2015-12 | 1.69 | 8.68 | 8.34 | 52.0000 | 9.5600 | -- | 0.96 |
| 2025-06 | 8.41 | 8.32 | 5.14 | 12.1300 | 6.0900 | 16.01 | 0.62 |
| 2025-09 | 8.49 | 8.50 | 7.65 | 18.3400 | 8.4600 | 16.19 | 0.90 |
| 2025-12 | 7.68 | 7.57 | 9.30 | -- | -- | -- | 1.23 |
| 2026-03 | 7.81 | 7.67 | 2.44 | -- | -- | -- | 0.32 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 2025-03 | 62.24 | 37.76 | 0.5100 | 0.3300 |
| 2024-09 | 66.24 | 33.76 | 0.5600 | 0.3600 |
| 2024-12 | 64.60 | 35.39 | 0.5400 | 0.3200 |
| 2024-06 | 69.59 | 30.41 | 0.5400 | 0.3800 |
| 2024-03 | 70.38 | 29.62 | 0.5100 | 0.3200 |
| 2023-09 | 70.48 | 29.52 | 0.5600 | 0.3400 |
| 2023-12 | 70.47 | 29.53 | 0.5000 | 0.3000 |
| 2023-03 | 71.91 | 28.09 | 0.5100 | 0.3300 |
| 2023-06 | 71.01 | 28.99 | 0.4700 | 0.3100 |
| 2022-09 | 71.12 | 28.87 | 0.4800 | 0.2800 |
| 2022-12 | 71.92 | 28.08 | 0.5000 | 0.2700 |
| 2022-03 | 68.70 | 31.30 | 0.4900 | 0.2900 |
| 2022-06 | 70.77 | 29.23 | 0.5400 | 0.3600 |
| 2021-09 | 68.13 | 31.87 | 0.5400 | 0.3300 |
| 2021-12 | 69.81 | 30.19 | 0.4800 | 0.2800 |
| 2021-06 | 67.71 | 32.29 | 0.5300 | 0.3600 |
| 2021-03 | 67.82 | 32.18 | 0.5600 | 0.3700 |
| 2020-12 | 66.65 | 33.35 | 0.5400 | 0.3600 |
| 2020-09 | 72.30 | 27.70 | 0.4500 | 0.3000 |
| 2020-03 | 66.20 | 33.80 | 0.4900 | 0.3300 |
| 2020-06 | 66.53 | 33.47 | 0.5200 | 0.4100 |
| 2019-09 | 62.43 | 37.57 | 0.4700 | 0.3400 |
| 2019-12 | 61.67 | 38.33 | 0.4800 | 0.3400 |
| 2019-06 | 55.54 | 44.46 | 0.5800 | 0.4300 |
| 2019-03 | 55.23 | 44.77 | 0.6300 | 0.4100 |
| 2018-12 | 63.64 | 36.36 | 0.4600 | 0.3100 |
| 2018-09 | 65.38 | 34.64 | 0.5000 | 0.3100 |
| 2018-03 | -- | -- | -- | -- |
| 2018-06 | 69.38 | 30.62 | 0.5500 | 0.3700 |
| 2017-12 | 70.10 | 29.90 | 0.4700 | 0.2800 |
| 2017-09 | -- | -- | -- | -- |
| 2017-06 | 72.43 | 27.57 | 0.5400 | 0.3400 |
| 2016-12 | 75.99 | 23.98 | 0.4800 | 0.3700 |
| 2014-12 | 83.87 | 16.17 | 0.4900 | 0.3200 |
| 2015-12 | 66.09 | 33.91 | 0.6100 | 0.5000 |
| 2025-06 | 62.52 | 37.47 | 0.5300 | 0.3700 |
| 2025-09 | 59.98 | 40.02 | 0.5900 | 0.4100 |
| 2025-12 | 56.52 | 43.48 | -- | -- |
| 2026-03 | 55.30 | 44.71 | -- | -- |
成本费用分析
| 类别\年份 | 营业成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 2025-03 | 2447000000.0000 | 446000000.0000 | 92837300.0000 | 17610800.0000 |
| 2024-09 | 7556000000.0000 | 1290000000.0000 | 350000000.0000 | 78312300.0000 |
| 2024-12 | 9973000000.0000 | 1659000000.0000 | 381000000.0000 | 109000000.0000 |
| 2024-06 | 4991000000.0000 | 865000000.0000 | 240000000.0000 | 56142900.0000 |
| 2024-03 | 2480000000.0000 | 446000000.0000 | 133000000.0000 | 27288100.0000 |
| 2023-09 | 7740000000.0000 | 1234000000.0000 | 351000000.0000 | 109000000.0000 |
| 2023-12 | 10470000000.0000 | 1678000000.0000 | 470000000.0000 | 173000000.0000 |
| 2023-03 | 2426000000.0000 | 391000000.0000 | 112000000.0000 | 39933100.0000 |
| 2023-06 | 5022000000.0000 | 830000000.0000 | 230000000.0000 | 80160100.0000 |
| 2022-09 | 7227000000.0000 | 1051000000.0000 | 358000000.0000 | 111000000.0000 |
| 2022-12 | 9705000000.0000 | 1357000000.0000 | 470000000.0000 | 148000000.0000 |
| 2022-03 | 2276000000.0000 | 338000000.0000 | 122000000.0000 | 32594200.0000 |
| 2022-06 | 4628000000.0000 | 685000000.0000 | 249000000.0000 | 71502700.0000 |
| 2021-09 | 6407000000.0000 | 929000000.0000 | 359000000.0000 | 89139300.0000 |
| 2021-12 | 8699000000.0000 | 1248000000.0000 | 492000000.0000 | 127000000.0000 |
| 2021-06 | 4174000000.0000 | 617000000.0000 | 255000000.0000 | 64539100.0000 |
| 2021-03 | 1981000000.0000 | 307000000.0000 | 126000000.0000 | 29006800.0000 |
| 2020-12 | 6545000000.0000 | 921000000.0000 | 369000000.0000 | 84070500.0000 |
| 2020-09 | 4505000000.0000 | 988000000.0000 | 259000000.0000 | 56302800.0000 |
| 2020-03 | 1063000000.0000 | 236000000.0000 | 74585400.0000 | 16834300.0000 |
| 2020-06 | 2493000000.0000 | 570000000.0000 | 149000000.0000 | 34893800.0000 |
| 2019-09 | 4079000000.0000 | 943000000.0000 | 237000000.0000 | 46833300.0000 |
| 2019-12 | 5497000000.0000 | 1250000000.0000 | 320000000.0000 | 68530200.0000 |
| 2019-06 | 2612000000.0000 | 621000000.0000 | 152000000.0000 | 31328800.0000 |
| 2019-03 | 1201000000.0000 | 271000000.0000 | 78850600.0000 | 15267600.0000 |
| 2018-12 | 4783000000.0000 | 1069000000.0000 | 284000000.0000 | 75632500.0000 |
| 2018-09 | 3569000000.0000 | 803000000.0000 | 212000000.0000 | 51263700.0000 |
| 2018-03 | 1051000000.0000 | 232000000.0000 | 68016200.0000 | 17187800.0000 |
| 2018-06 | 2288000000.0000 | 514000000.0000 | 142000000.0000 | 37581000.0000 |
| 2017-12 | 4242000000.0000 | 939000000.0000 | 269000000.0000 | 82098800.0000 |
| 2017-09 | 3144000000.0000 | 710000000.0000 | 196000000.0000 | 65207800.0000 |
| 2017-06 | 1979000000.0000 | 433000000.0000 | 135000000.0000 | 35766400.0000 |
| 2016-12 | 3941000000.0000 | 857000000.0000 | 260000000.0000 | 39919600.0000 |
| 2014-12 | 3491000000.0000 | 724000000.0000 | 221000000.0000 | 33395000.0000 |
| 2015-12 | 3849000000.0000 | 783000000.0000 | 269000000.0000 | 60018600.0000 |
| 2025-06 | 5061000000.0000 | 908000000.0000 | 178000000.0000 | 45791200.0000 |
| 2025-09 | 7718000000.0000 | 1346000000.0000 | 262000000.0000 | 61390300.0000 |
| 2025-12 | 10370000000.0000 | 1810000000.0000 | 357000000.0000 | 89477400.0000 |
| 2026-03 | 2621000000.0000 | 487000000.0000 | 98208100.0000 | 19358400.0000 |