蒙牛对HMO的战略布局可追溯至2016年，联合国内外科研机构构建"基础研究-技术攻关-产业化"全链条 创新体系。蒙牛借助旗下创投基金以发现和布局早期优质项目为使命，在虹摹生物成立之初就参与了投 资与孵化。 股权结构显示，虹摹生物两大股东均属蒙牛体系：蒙牛全资子公司上海蒙牛生物技术研发有限公司持有 虹摹生物35.02747%的股份，而北海蒙牛创业投资有限公司持有11.1569%。这种紧密的股权纽带，为虹 摹生物提供了得天独厚的产业链协同优势和研发支持。 2024年6月份，虹摹生物宣布完成超亿元Pre-A轮融资。该轮融资由中金启德基金领投，茅台基金跟投， 蒙牛旗下全资孵化器平台北海蒙牛创投也追加投资。根据公司披露，Pre-A轮融资资金被明确用于新品 研发、实验室建设、产业化落地及商业化推进。虹摹生物计划重点布局HMO及新管线开发，持续培育 新质生产力，助力乳业高质量发展。 在Pre-A轮融资完成后仅约一年，一级市场对虹摹生物的估值预期再度攀升。记者从知情人士处了解 到，目前正在推进的A轮融资吸引了多家知名机构的参与，进一步印证了市场对蒙牛在HMO等前沿技 术领域研发成果的长期看好。 8月20日，有接近交易的相关人 ...

Core Viewpoint - The a2 Milk Company announced the acquisition of 100% of the Pokeno factory from Mengniu's subsidiary Yashili International for NZD 282 million, aiming to secure registration opportunities for two new Chinese standard formula milk products and expand its market access in China [2][3]. Group 1: Acquisition Details - The acquisition is based on a "debt-free, cash-free" structure, with a planned investment of approximately NZD 100 million to enhance production capacity and create over 100 new jobs at the Pokeno factory [3]. - The acquisition is part of a broader strategy to optimize the supply chain and enhance growth opportunities, with plans for a NZD 300 million fully franked special dividend post-approval from Chinese regulators [3][9]. Group 2: Mengniu's Strategy - Mengniu stated that the sale of New Zealand assets is part of its strategy to manage capital expenditures, assess inefficient assets, and optimize its asset portfolio [4][12]. - Mengniu's international business is primarily driven by its ice cream brand "Aixue" and infant formula brand "Bellamy," focusing on emerging markets in Southeast Asia and Latin America [4][12]. Group 3: Market Context - The acquisition aligns with a2 Milk Company's strategy to gain more Chinese label infant formula registrations, which are crucial for market entry in China [5][9]. - The company has been increasing its distribution efforts in China since 2014, with the Chinese market becoming its largest overseas market for infant formula [5][6]. Group 4: Financial Performance - a2 Milk Company reported a revenue increase of 13.5% to NZD 1.902 billion and a net profit increase of 21.1% to NZD 202.9 million for the 2025 fiscal year, with significant growth in the Chinese and Asian markets [10]. - The company's market share in the Chinese infant formula market rose from 7.1% in the 2024 fiscal year to 8% [10]. Group 5: Future Outlook - a2 Milk Company plans to continue executing its growth strategy in the 2026 fiscal year, focusing on maximizing potential in the Chinese market and expanding related product categories [10]. - The company aims to obtain regulatory approval for the new product registrations and initiate a multi-year capital investment plan [10].

Core Viewpoint - The a2 Milk Company announced the acquisition of the Pokeno factory in New Zealand for NZD 282 million to secure registration opportunities for two new Chinese label formula milk products, aiming for broader market access in China [1][2]. Group 1: Acquisition Details - The acquisition of the Pokeno factory is based on a "debt-free, cash-free" structure, with a planned investment of approximately NZD 100 million to enhance production capacity and create over 100 new jobs [2]. - The Pokeno factory, established in 2015, has experience in producing formula milk and will utilize A2 protein source milk from New Zealand's Waikato region for a2 brand products [9]. Group 2: Strategic Implications - The acquisition and the planned divestment of Mataura Valley Milk are seen as milestones in optimizing the supply chain and providing further growth opportunities for the company [3][8]. - The company aims to obtain regulatory approval in China to register the new products under the a2 brand, potentially expanding its product offerings and market presence [9]. Group 3: Market Context - The Chinese infant formula market has undergone significant changes, with a2 Milk Company shifting focus from cross-border purchases to securing local registrations for its products [5][10]. - The company has seen a steady increase in revenue from the Chinese market, with a reported 13.9% growth in revenue from China and other Asian regions in the 2025 fiscal year [10]. Group 4: Competitive Landscape - The company has been diversifying its supply chain to reduce reliance on Synlait Milk, which has been a key partner in obtaining Chinese registration for its products [6][7]. - The divestment of the Pokeno factory by Mengniu is part of a broader strategy to manage capital expenditures and optimize asset portfolios, indicating a shift in focus towards more efficient operations [1][11].

长江商报奔腾新闻记者 黄聪 知名新西兰乳企a2牛奶公司（ASX:A2M）一边收购，一边出售资产，从而实现战略转型。 8月18日，知名新西兰乳企a2牛奶公司宣布，以总对价约为2.82亿新西兰元（折合人民币约12亿元）收 购雅士利新西兰乳品有限公司，出售方为蒙牛乳业旗下子公司雅士利国际集团有限公司。 对该交易，蒙牛表示，这是两年来主动管控资本性支出、评估低效资产、调整优化资产组合的系列管理 动作的一部分。 资料显示，上述工厂是雅士利的全资子公司首家运营的海外工厂，也是中国企业在新西兰第一家从零开 始建设的奶粉工厂。本次的交易如果一切顺利，意味着蒙牛将"告别"这家海外奶粉工厂，而a2则可以通 过收购拿到更多梦寐以求的中文标签注册配方。 此外，有消息称，上述交易已获新西兰海外投资办公室（OIO）批准，预计9月1日完成交割。 与此同时，a2牛奶公司公告表示，将其持有的马陶拉谷乳品有限公司75%股权，及中国牧工商集团有限 公司持有的25%股权，一并出售给Open Country Dairy Limited。a2牛奶公司预计获得净现金约1亿新西兰 元（无负债、无现金基础）。该交易尚需向中国监管部门备案。马陶拉谷乳品将被列为 ...

蒙牛卖掉了新西兰的奶粉工厂。 8月18日，知名新西兰乳企a2公司宣布，以约2.82亿新西兰元(约合人民币12亿元)的价格，从蒙牛旗下子公司雅士利国际集团有限公司收购了雅士利新西兰乳 品有限公司。 除了位于新西兰北岛波基诺(Pokendo)的工厂(距离新西兰首都奥克兰约50公里)，a2还获得了其两款中文标签婴配粉产品配方注册证。该交易已获新西兰海外 投资办公室批准，预计将于9月1日完成交割。 公开资料显示，雅士利新西兰工厂是蒙牛-雅士利全资子公司运营的首家海外工厂，也是中国企业在新西兰从零开始建设的首家奶粉工厂，总投资额不低于 11亿元人民币。 具体到奶粉业务，2024年蒙牛奶粉收入33.20亿元，占整体营收3.74%，同比下降12.66%。此外，液态奶、冰淇淋和奶酪业务均出现不同程度下滑。 | | | 2024-12-31 | | | 2023-12-31 | | | | 2022- | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期 | | 年报 | | | 年报 | | | | स्ट | | 报表类型 | | 合井报 ...

Core Insights - In the first half of 2025, Mengniu Dairy Company has made significant progress in its internationalization strategy, with multiple brands performing well in overseas markets [1] - The company is focusing on high-growth potential markets and optimizing global resource allocation through a "one body, two wings" strategic framework [1] Group 1: International Expansion - The Aisle Ice Cream brand has maintained its leading position in Southeast Asia while gradually expanding into emerging markets such as Africa and Latin America [1] - Aisle has received over $100 million in additional investment from strategic shareholders to support its rapid expansion in Southeast Asia and other new markets [1] - Aisle's localized operational strategy has led to rapid business scale expansion since entering the Indonesian market in 2015 [1][2] Group 2: Product Development and Market Penetration - Aisle has developed a dessert series of ice cream products tailored to Indonesian consumer preferences, gaining market recognition [2] - The brand has implemented an "ice cabinet deployment plan," placing nearly 600,000 ice cabinets in rural areas, covering about 400,000 retail terminals [2] - Aisle's annual sales in Indonesia grew from 20 million to 1.2 billion yuan within three years, achieving a market share of 34% [2] Group 3: Supply Chain and Production - Aisle has established a complete localized supply chain system, including joint ventures for cold chain infrastructure and three self-built production bases in Indonesia [2] - The brand has built four production bases in Southeast Asia, creating a solid competitive barrier through its "R&D + channel + supply chain" localized operational model [2] Group 4: Global Strategy - Aisle is accelerating its global expansion by targeting Africa and Latin America, having completed the business structure setup for these regions [3] - In Africa, Aisle is forming a localized operational team and developing products suited to local consumer tastes and spending levels [3] - In Latin America, Aisle has chosen Brazil as its entry point and is building a localized marketing system [3] Group 5: Bellamy's Growth - Bellamy, as a key pillar of Mengniu's international strategy, is showing strong growth momentum in the Southeast Asian market [3] - The brand has successfully upgraded its product line in Vietnam, with new products launched in both Australia and Vietnam [4] - Bellamy's brand influence in Vietnam is increasing, supported by media coverage and visits from government representatives [4]

Abstract In reviewing the marketing performance of China's two dairy giants at the 2024 Paris Olympic Games, although Mengniu, as The Olympic Partner (TOP), enjoys higher sponsorship privileges and, theoretically, should gain broader brand exposure. However, from the interaction data on domestic social media platforms and the number of reports in international media, Yili significantly leads Mengniu in terms of media coverage and user engagement. Based on this, this paper analyzes the sponsorship marketing ...

Core Viewpoint - The Chinese dairy industry is undergoing a significant strategic transformation, shifting from a "scale expansion" model reliant on market penetration and capacity expansion to a "value enhancement" model focused on technological innovation, product differentiation, and value chain extension [5][6]. Group 1: Market Dynamics - The B-end dairy market is emerging as a new growth point, attracting major players like Mengniu and Yili, as the C-end market becomes saturated and competition intensifies [6][9]. - The total scale of the B-end dairy market has expanded to a trillion-level, driven by the rapid rise of coffee, baking, and tea industries, which have a growing demand for dairy products [9][12]. - The coffee market alone is projected to see a sales volume of 3.3 billion cups in 2023, with a growth rate of 37.5%, expected to reach 5 billion cups by 2025 [9][12]. Group 2: Domestic Market Trends - The domestic B-end market, particularly for high-end products like cream and cheese, has been dominated by international brands, with a domestic replacement rate of less than 30% [13][15]. - Domestic dairy companies are making strides in technology and production processes, which is breaking the previous dominance of foreign brands [13][15]. - The average price of fresh milk in major producing provinces has decreased, providing a cost advantage for domestic dairy companies in the B-end market [16]. Group 3: Competitive Strategies - Major dairy companies are rapidly expanding their B-end business through partnerships with restaurant chains and other strategies [20][21]. - Mengniu has launched a professional catering brand and focused on specific product lines to meet diverse professional needs [21][23]. - Yili has established a professional dairy application innovation center and expanded its B2B platform to enhance its B-end market presence [23][24]. Group 4: Challenges and Opportunities - The B-end market offers stable customer bases and large order volumes, which can lead to lower production costs and more direct market insights for dairy companies [27]. - However, competition in the B-end market is distinct from the C-end, focusing on product specialization, customization, and supply chain efficiency [29][30]. - Barriers to entry, such as technology, scale, and brand reputation, make it challenging for new entrants to compete effectively in the B-end market [32].

Core Insights - The article highlights the innovative marketing strategies employed by Mengniu Dairy to connect with younger consumers through collaborations with popular IPs like "Nezha" [1][3] - Mengniu's partnership with Pinduoduo has enabled a successful launch of the "Nezha" co-branded milk product, which sold over 200,000 units in its first month [3][4] - The rise of new dairy brands has increased competition, prompting established companies like Mengniu to adapt and innovate in their marketing approaches [3][4] Group 1: Marketing Strategies - Mengniu's online marketing campaign, "Buy Milk and Win Toys," saw over 80% participation from ordering users, indicating strong engagement [1] - The collaboration with the "Nezha" IP was a strategic move to appeal to the "Z generation," who seek self-expression through products [1][3] - Pinduoduo's team advised Mengniu to focus on pure milk for the IP collaboration due to its larger consumer base and better promotional effectiveness [1][3] Group 2: Sales Performance - The "Nezha" co-branded pure milk was exclusively launched on Pinduoduo, with an initial stock of 100,000 units selling out quickly, leading to a total of over 200,000 units sold in the first month [3][4] - Pinduoduo designed a comprehensive sales plan to mitigate concerns about potential unsold inventory, ensuring effective stock management [3] Group 3: Industry Trends - The oversupply of raw milk has lowered entry barriers for new brands, increasing competition and driving established brands to innovate [3][4] - Mengniu has recognized the trend of "eco-friendly consumption" and launched recyclable packaging for its products, which has been well-received in the market [4] - The company is exploring interactive product engagement models with Pinduoduo, such as lottery activities that enhance consumer experience [4]

Group 1 - The core viewpoint of the article highlights the performance and holdings of the E Fund Hong Kong Stock Connect Dividend Mixed A fund, which has shown significant returns over various time frames [1] - The fund's latest net value is 0.8609 yuan, with a weekly return of 1.01%, a three-month return of 16.94%, and a year-to-date return of 22.37% [1] - The fund was established on March 7, 2018, and as of June 30, 2025, it has a total scale of 2.656 billion yuan [1] Group 2 - The top ten stock holdings of the fund include Longyuan Power, China Mobile, Sinopec Refining, China Chemical Fertilizer, Beijing Enterprises Water Group, Mengniu Dairy, Xinhua Wencun, Sinopec Guande, Datang Renewable, and Sichuan Chengyu [1] - The combined proportion of the top ten holdings accounts for 33.37% of the fund's total assets [1]