Core Viewpoint - The sale of Yoplait China by Tiantu Investment to Kunshan Nuoyuan Ruiyuan Management Consulting represents a significant transaction in the dairy industry, valued at approximately 1.8 billion RMB, despite the expected loss of 847,000 RMB from the sale [1][2]. Group 1: Transaction Details - Tiantu Investment announced the sale of its stake in Yoplait China to Kunshan Nuoyuan Ruiyuan for about 1.8 billion RMB, marking one of the few large transactions in the dairy sector in recent years [1]. - The sale is part of Tiantu Investment's strategy to realize investment returns and fulfill exit obligations for its managed funds [1]. - The expected loss of 847,000 RMB from the sale is based on the audited profit and loss of the project, not the actual investment cost [2]. Group 2: Market Context - Yoplait China, the business entity for the global second-largest yogurt brand in mainland China, has faced challenges since its acquisition by Tiantu Investment in 2019, including impacts from the pandemic and industry adjustments [2]. - The domestic low-temperature yogurt segment has experienced a continuous decline from 2020 to 2024, affecting Yoplait China's performance [2]. - Despite recent improvements in performance, with revenues of 450 million RMB in 2023 and 810 million RMB in 2024, the overall market for high-end yogurt remains under pressure due to increased competition from domestic dairy companies and various trendy yogurt brands [3]. Group 3: Future Outlook - The acquisition by Kunshan Nuoyuan Ruiyuan, backed by IDG Capital, indicates a shift in ownership to a Chinese investment firm, which may bring different strategic perspectives to Yoplait China's operations [3]. - The rapid rise of domestic consumer brands poses significant challenges to traditional international brands like Yoplait, and the future management of Yoplait China under IDG Capital will be closely observed [3].

出品：新浪财经上市公司研究院 作者：木予 入华10年，法国酸奶品牌Yoplait再次易主。 12月1日，天图投资发布公告宣布，拟出售所持优诺乳业有限公司（简称：优诺乳业，Yoplait国内经营主体）的所有股权，并购方为昆山诺源睿源管理咨询 有限公司（简称：诺源睿源）。 公告显示，此次交易的卖方将主要分为两个部分，其一是天图投资及关联方，其二是优诺乳业的管理层。天图投资及关联方计划出售优诺乳业86.96%的股 权，现金对价为15.65亿元。管理层计划出售剩余的13.04%股权，现金对价不得超过2.35亿元。换言之，该笔并购交易的总金额最高为18亿元。 更进一步来看，天图投资通过全资子公司深圳兴启投资企业（有限合伙）（简称：天图兴启）以及管理的基金深圳天图兴鹏大消费产业股权投资基金合伙企 业（有限合伙）（简称：天图兴鹏）合计持有优诺乳业45.22%股份，预计对应交易对价为8.14亿元。 与此同时，天图投资管理的基金深圳天图兴南投资合伙企业（有限合伙）（简称：天图兴南）和出资平台平潭兴旭投资合伙企业（有限合伙）（简称：平潭 兴旭），分别持有优诺乳业33.04%、8.70%的股权；优诺乳业现任及前任雇员的持股平台天津 ...

FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01973 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 173,258,000 | RMB | | 1 RMB | | 173,258,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 173,258,000 | RMB | | 1 RMB | | 173,258,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 833979 | 說明 | | 未上市股份 ...

Core Insights - Yoplait China, a representative brand of high-end yogurt, is changing ownership again, with TianTu Investment selling its stake to Kunshan Noyuan Ruiyuan Management Consulting Co., Ltd for approximately 1.8 billion RMB [1] - The sale is notable as it represents one of the few significant transactions in the dairy industry in recent years, despite TianTu Investment expecting a loss of 847,000 RMB from the sale [1] - Yoplait China operates as the business entity for Yoplait, the world's second-largest yogurt brand, which was founded in France in 1965 and entered the Chinese market in 2013 [1] Company Overview - Yoplait China was once synonymous with high-end yogurt in the Chinese market [1] - TianTu Investment acquired Yoplait China in 2019, although the specific transaction price was not disclosed at that time [1]

Core Viewpoint - The article discusses the sale of Yuno China, a high-end yogurt brand, by Tiantu Investment to Kunshan Noyuan Ruiyuan Management Consulting Co., with a transaction value of approximately 1.8 billion RMB, highlighting the challenges faced by the yogurt industry in China and the strategic reasons behind the sale [3][5]. Group 1: Transaction Details - Tiantu Investment announced the sale of its stake in Yuno China for about 1.8 billion RMB, marking it as one of the significant transactions in the dairy industry in recent years [3][5]. - The sale is expected to result in a loss of 847,000 RMB for Tiantu Investment, despite the brand's recent recovery in performance [3][6]. - Yuno China, the Chinese entity of the global yogurt brand Yoplait, was acquired by Tiantu Investment in 2019, but the specific acquisition price was not disclosed [3][4]. Group 2: Performance and Market Challenges - Yuno China faced significant challenges post-acquisition, including the impact of the pandemic and industry adjustments, leading to losses of 96.3 million RMB, 57.7 million RMB, and 39.7 million RMB in 2020, 2021, and 2022, respectively [5][6]. - The company's revenue showed improvement in 2023 and 2024, reaching 450 million RMB and 810 million RMB, with net profits recovering to 8.394 million RMB and 95.454 million RMB [5][6]. - The high-end yogurt market in China has been under pressure, with increased competition from domestic dairy companies and various trendy yogurt brands, contributing to the decision to sell [6][7]. Group 3: Future Outlook - The new owner, Kunshan Noyuan Ruiyuan, is backed by IDG Capital, which has a history of investing in consumer technology and health sectors [6][7]. - Analysts suggest that the rapid rise of domestic consumer brands poses significant challenges to traditional international brands like Yuno, and the future management of Yuno China under IDG Capital remains to be seen [6][7].

Core Insights - Yuno China, a representative brand of high-end yogurt, is being sold by Tiantu Investment to Kunshan Nuoyuan Ruiyuan Management Consulting for approximately 1.8 billion RMB, marking a significant transaction in the dairy industry [1] - Despite the sale, Tiantu Investment is expected to incur a loss of 847,000 RMB from the transaction [1][2] - Yuno China has seen a recovery in performance after facing challenges due to the pandemic and industry adjustments, with revenues of 450 million RMB in 2023 and projected revenues of 810 million RMB in 2024 [2] Company Performance - Tiantu Investment acquired Yuno China in 2019, but the company faced losses of 96.3 million RMB, 57.7 million RMB, and 39.7 million RMB in 2020, 2021, and 2022 respectively due to market challenges [2] - The recovery in 2023 and 2024 is attributed to the warming of the low-temperature yogurt category and an expansion of Yuno's product line, leading to a net profit of 8.394 million RMB in 2023 and 95.454 million RMB in 2024 [2] Market Dynamics - The domestic yogurt market, particularly the high-end segment, has been under pressure, with increased competition from local brands and various trendy yogurt products [3][4] - The acquisition by Kunshan Nuoyuan Ruiyuan, backed by IDG Capital, indicates a shift in investment focus, with different institutions having varying assessments of the value of the same asset [3]

作为首家在"新三板+H股"两地上市的创投机构，天图投资（01973.HK，833979）分别于12月1日、12月 2日在港交所及新三板发布公告，拟向独立第三方昆山诺源睿源管理咨询全数出售其持有的优诺乳业有 限公司（以下称"优诺中国"）的45.22%股权，现金代价为8.14亿元（人民币，下同）。此外，其他卖方 持有优诺中国约41.74%的股权，也将出售优诺中国的全部权益，总对价为7.513亿元。 天图投资是一家领先的私募股权投资者及基金管理公司，为机构投资者、高净值人士管理资本，并通过 其管理的基金及自有资本直接进行投资。公司认为，本次出售事项提供了一个机会，实现投资回报并履 行所管理基金退出义务，可增加公司的流动性并用于其他投资机会。天图投资表示，未来将继续深耕消 费品领域，依托多年沉淀的产业资源、实战经验与用户洞察，持续发掘并赋能更多优秀品牌与创新企 业，为股东及全体投资人创造稳定、可持续的长期价值。 值得一提的是，公开信息显示，昆山诺源睿源管理咨询有限公司背后股东是IDG资本。IDG资本的总部 位于中国香港，是中国市场最活跃的私募股权基金管理人之一，其专注于消费、科技、大健康等领域投 资，除收购优诺中国外 ...

已有60年历史的法国酸奶品牌优诺，其中国业务将迎来新的主人。 上述交易完成后，天图资本将从优诺中国彻底退出。 在相关公告中，天图投资表示，公司预计将通过该股权出售事项录得亏损79.9万元。但通过回笼资金，可用于一般运营或其他投资机会。 12月1日，天图投资宣布，拟以8.14亿元对价出售间接持有的优诺中国45.22%股权，与此同时，其他卖方以及管理层，将同步进行股权转让。 接盘方昆山诺源睿源，将以约18亿元，收购优诺中国100%股权，IDG资本将拿到优诺中国业务的运营权。 从通用磨坊到天图，如今"酸奶贵族"的接力棒，传到了IDG资本手中。 天图退出优诺中国 历时6年多，天图资本将优诺在中国的业务，由小做到大、由亏损做到盈利，终于选择了退出。 12月1日，天图投资（01973.HK）披露公告，拟以8.14亿元对价，出售公司通过兴启投资及天图兴鹏间接持有的优诺中国约45.22%股权。 与此同时，其他卖方天图兴南、平潭兴旭将同步出售所持优诺中国约41.74%股权，对价为7.51亿元。 优诺中国的另一股东天津睿隽，目前持股约13.04%，为管理层持股平台。这部分股权也将与卖方协商出售，对价不超过2.35亿元。 | | ...

Core Insights - IDG Capital is acquiring a 45.22% stake in Yoplait China from Tian Tu Investment for approximately 814 million RMB, with additional sellers holding 41.74% of the equity for a total consideration of 751.3 million RMB [1][2] - The acquisition will retain the existing management team of Yoplait China to enhance brand competitiveness and support regional expansion and product innovation [1] - Yoplait, a brand with a 60-year history, is the second-largest yogurt brand globally and entered the Chinese market in 2013 [2] Company Overview - Yoplait China was established in July 2013 and focuses on the production and sale of yogurt and other dairy beverages [1] - In 2023, Yoplait China reported revenues of 454 million RMB and a net profit of 8.515 million RMB, with projected revenues of 810 million RMB and a net profit of 95.454 million RMB for 2024 [1] Investment Context - Tian Tu Investment views the sale as an opportunity to realize long-term investment returns and enhance liquidity for other investment opportunities [2] - Tian Tu Investment, founded in 2002, specializes in the Chinese consumer sector and has over 25 billion RMB in assets under management, with more than 200 investments [2] - The company reported a revenue of 14.223 million RMB in the first half of 2023, a decrease of 33.78% year-on-year, but achieved a net profit of 76.005 million RMB, reversing previous losses [2]

Core Viewpoint - The French yogurt brand Yuno has changed ownership in China, with TianTu Investment announcing the sale of its shares to Kunshan Noyuan Ruiyuan Management Consulting Co., Ltd. for approximately 814 million yuan, indicating a potential loss for TianTu Investment [1][2]. Company Summary - TianTu Investment is selling its 45.22% stake in Yuno, which is expected to result in a loss of 847,000 yuan [2]. - The total transaction price for Yuno's shares is reported to be around 1.8 billion yuan, with IDG Capital being the main backer of the acquiring company [3]. - IDG Capital plans to retain Yuno China's existing management team to support regional expansion and product innovation [4]. Financial Performance - Yuno China's revenue increased from 454 million yuan in 2023 to 810 million yuan in 2024, with net profit rising from 8.5 million yuan to 95.5 million yuan during the same period [5][12]. - The net asset value of Yuno China was approximately 92.9 million yuan as of December 31, 2024, and is projected to be around 151.8 million yuan by June 30, 2025 [12]. Market Context - The yogurt market in China is experiencing a contraction, with a reported decline of 10.68% in market size in 2024 [6]. - Price competition in the yogurt market has intensified, with mainstream prices dropping from 8-10 yuan five years ago to around 5 yuan now [7]. - Despite the overall market challenges, Yuno's growth has instilled some confidence in the market regarding IDG Capital's strategy in the dairy industry [9].