本刊记者 宋杰 | 上海报道 每天生产1000吨液态奶；预处理只需要10名操控人员；整个生产过程看不见一滴牛奶，却能看到许多机 器控制的阀门和管道……这些阀门和管道像工厂的"毛细血管"，将牛奶从原奶入厂到成品出厂的每一步 都串联成密闭的自动化流程。 这种"人少效率高"的场景，正是光明乳业旗下华东中心工厂的缩影。近期，记者跟随着光明乳业工作人 员的脚步，探访这座现代化乳品基地。 每天，满载30吨左右鲜奶的奶车从牧场驶来，工作人员将鲜奶输送至三层楼高的原奶存储罐中暂存。生 产1瓶牛奶，涉及原奶检测、均质杀菌、无菌灌装等数十道工序，关联着数十家原奶供应商和物流团 队。在光明乳业华东中心工厂，1分钟就能产出1200 瓶牛奶，后台系统产生325万条数据/分钟…… 品质背后是智能生产+大数据加持的实时护航，这正是"无人工厂"的硬核实力。 工厂大门本刊记者 宋杰I摄 奶牛戴上计步器 来到上海市紫东路489号，首先映入眼帘的便是光明乳业华东中心工厂门口那十几座醒目的储料罐。其 中，最大的奶罐高达三层楼，可容纳120吨牛奶，旁边还有约65吨的小罐，它们共同构成了工厂的"第一 站"——原奶储存区。 光明乳业华东中心工厂自控工程师 ...

Group 1: TOP TOY IPO - TOP TOY, a潮玩 brand under Miniso, has submitted its prospectus to the Hong Kong Stock Exchange, aiming to strengthen Miniso's presence in the entertainment consumer sector [1] - Since its first store opening in December 2020, TOP TOY has established a comprehensive platform covering various products including figurines, 3D models, and plush toys [1] - Financial projections show revenues of 679 million yuan, 1.461 billion yuan, and 1.909 billion yuan for 2022, 2023, and 2024 respectively, with net profits turning from a loss of 38 million yuan in 2022 to profits of 212 million yuan and 294 million yuan in 2023 and 2024 [1] Group 2: Bright Dairy Asset Sale - Bright Dairy's subsidiary, New Lite, plans to sell its North Island assets in New Zealand to Abbott for 170 million USD, with the transaction expected to close by April 2026 [2] - This sale is anticipated to increase New Lite's net profit by approximately 10 to 15 million NZD in the 2026 fiscal year [2] - The move reflects Bright Dairy's strategic shift towards optimizing its overseas asset structure and focusing on core business operations [2] Group 3: Food Safety Regulations - The State Administration for Market Regulation has introduced new regulations for food safety responsibilities in chain restaurants, marking a shift from quantity-focused to model-focused oversight [3] - The regulations clarify definitions for chain operations, headquarters, and branches, addressing previous inconsistencies in regulatory standards [3] - Strong compliance capabilities in chain enterprises are expected to lead to valuation premiums, while smaller brands with poor management may face operational pressures [3] Group 4: New Personal Care Brand Launch - The founder of the oral care brand Canban announced the launch of a new personal care brand "Little Arrow," indicating a shift towards a multi-brand group operation model [4] - Canban aims to explore growth opportunities in three areas: targeting the elderly and children markets, expanding into niche categories like dental floss, and adapting to channel diversification trends [4] - This strategic expansion is likely to enhance brand synergy and boost market recognition of domestic personal care brands' innovation capabilities [4]

Group 1 - TOP TOY, a潮玩 brand under Miniso, has submitted its prospectus to the Hong Kong Stock Exchange, aiming to strengthen Miniso's presence in the entertainment consumption sector and create a second growth curve for the group [1] - TOP TOY has established a comprehensive platform for the潮玩 industry since opening its first store in December 2020, with a product matrix that includes figurines, 3D assembly models, and plush toys [1] - Financial data shows that TOP TOY's revenue increased from 679 million yuan in 2022 to 1.461 billion yuan in 2023, and is projected to reach 1.909 billion yuan in 2024, with net profits turning from a loss of 38 million yuan in 2022 to 212 million yuan in 2023 and 294 million yuan in 2024 [1] Group 2 - Bright Dairy's subsidiary, New Light, plans to sell its North Island assets in New Zealand to Abbott for 170 million USD, with the transaction expected to complete by April 2026 [2] - This sale is anticipated to enhance New Light's net profit by approximately 10 to 15 million New Zealand dollars in the 2026 fiscal year, reflecting a strategic shift towards optimizing overseas asset structure and focusing on core business [2] Group 3 - The State Administration for Market Regulation has introduced new regulations for food safety responsibilities in chain catering enterprises, marking a shift from quantity-focused to quality-focused oversight [3] - The new regulations clarify definitions for chain operations and emphasize the responsibilities of headquarters, which may lead to valuation premiums for compliant chain enterprises while putting pressure on smaller brands with lax management [3] Group 4 - The founder of the oral care brand Canban, Yin Kuo, announced the launch of a new personal care brand "Little Arrow" this year, indicating a shift towards a multi-brand group operation model [4] - Canban aims to explore new growth opportunities by focusing on the "one old one young" market, expanding into niche categories like dental floss, and adapting to channel diversification trends [4] - This strategic expansion is expected to enhance brand synergy and may lead to a reassessment of the innovation capabilities of domestic personal care brands in the capital market [4]

几年前大规模扩产带来的资产"包袱"，让光明乳业不得不以出售的方式来解决。9月28日晚间，光明乳业发布公告称，下属子公司新莱特拟以1.7亿美元出售 新西兰北岛资产，接盘方为新西兰雅培，其母公司为美国乳制品巨头雅培。此次项目完成后，预计增加新莱特2026财年净利润约1000万至1500万新西兰元。 业内分析人士指出，这对光明乳业和雅培来说是双赢，既能缓解新莱特亏损局面，又能满足雅培产能需要。 光明乳业在公告中表示，"在当前复杂多变的市场环境下，北岛资产面临着诸多挑战。该资产利用率预计难以在既定时间范围内达到预期目标。受多重不利 因素的综合影响，北岛资产已难以肩负起作为收入支柱的重任。通过出售北岛资产，新莱特可以有效化解当下所面临的经营困境，将资源与精力聚焦于核心 主营业务，提升企业竞争力，保障企业的稳健发展"。 对于该笔资金后续将如何分配等问题，北京商报记者通过邮件向光明乳业发出采访函，并试图联系相关负责人，截至发稿未收到回复。 缓解债务压力 1.7亿美元出售部分海外资产 公告显示，此次新莱特出售的资产包括Pokeno、RPD和Jerry Green场地的相关资产及设备，其中Pokeno工厂于2020年竣工，年产 ...

Market Overview - The beverage and dairy sector increased by 0.9% on September 29, with Yangyuan Beverage leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Key stocks in the beverage and dairy sector showed varied performance, with notable gainers including: - Chi Yuan Beverage (603156) at 30.30, up 7.68% with a trading volume of 446,200 shares and a turnover of 1.337 billion [1] - Dongpeng Beverage (605499) at 290.55, up 1.75% with a trading volume of 16,700 shares and a turnover of 480 million [1] - Other stocks like Zhuangyuan Pasture (002910) and Huangshi Group (002329) also saw modest increases of 1.47% and 1.13% respectively [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 224 million from institutional investors, while retail investors saw a net inflow of 135 million [2] - Notable capital flows included: - Institutional net inflow for Dongpeng Beverage at 56.24 million, while retail saw a net outflow of 55.29 million [3] - Bright Dairy (600597) had a net inflow of 9.92 million from institutional investors, with retail outflows totaling 8.16 million [3]

Group 1 - Zhiguang Electric plans to acquire minority stakes in its subsidiary Zhiguang Energy Storage through a combination of share issuance and cash payment, leading to a temporary suspension of its stock trading for up to 10 trading days [1] - Guangbo Co. has been awarded a procurement project by the State Grid Corporation of China, confirming its status as one of the successful bidders for office and industrial supplies [2] - Dongguan Holdings announced the resignation of its chairman Wang Chong'en due to work changes, with Lin Yongsen appointed as the interim chairman [2] Group 2 - *ST Tianmao's stock will be delisted on September 30, 2025, following the Shenzhen Stock Exchange's decision to terminate its listing [3] - Salt Lake Co. has entered the trial production phase for its 40,000 tons/year integrated lithium salt project, successfully producing qualified battery-grade lithium carbonate [5] - Xindazheng plans to adjust its share repurchase price limit from 13.78 yuan to 16.79 yuan per share, maintaining a total repurchase fund of 10 million to 20 million yuan [7] Group 3 - Xindazheng intends to acquire 75.15% of Jiaxin Liheng's equity through share issuance and cash payment, with the transaction price yet to be determined [9] - Koli'er's actual controller plans to reduce his stake by up to 2% of the company's total shares due to funding needs [11] - United Precision's two actual controllers plan to collectively reduce their stake by up to 3% of the company's total shares for personal financial reasons [13] Group 4 - Yipinhong's subsidiary has received a drug registration certificate for L-carnitine oral solution, which is classified as a chemical drug [15] - Tiancheng Self-Control plans to establish a wholly-owned subsidiary in Japan and invest in a warehouse and production base with a budget of up to 10 million yuan [17] - Ningbo Huaxiang's joint venture has obtained a patent license from Jilin University for PEEK technology, which will enhance its R&D capabilities [21] Group 5 - Bright Dairy's subsidiary Synlait Milk Limited plans to sell its North Island assets to Abbott for $170 million, aiming to focus on core business development [23] - Nanjing Pharmaceutical has signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group, with the latter acquiring 11.04% of Nanjing Pharmaceutical's shares [24] - Guoxing Optoelectronics' application for a private placement of A-shares has been accepted by the Shenzhen Stock Exchange [25] Group 6 - Hailianxun has received approval from the China Securities Regulatory Commission for its plan to merge with Hangqilun B through a share exchange [27] - CITIC Bank's risk director Hu Gang has resigned, with Jin Xinian appointed as the new risk director pending regulatory approval [29]

从北岛资产具体情况来看，此次出售的资产包含Pokeno工厂、RPD场地、JerryGreen仓库及租赁场地上 的设备等相关资产。其中，Pokeno工厂位于毗邻北岛奶源地，原奶运输最远距离不超过150公里，该工 厂于2020年竣工，年产能为4万吨，是具备先进水平的营养粉生产基地，可生产高品质工业粉、营养配 方奶粉等多种产品。RPD场地主要用于安装奶粉产品混合及罐装线，对Pokeno工厂的生产流程起到补充 作用；JerryGreen仓库则用于储存成品与原料。 截至2024年12月31日，北岛资产账面原值为4.4亿新西兰元，账面净值约为2.82亿新西兰元。受产能利用 率不足影响，该部分资产在2025财年的息税前利润(EBIT)约亏损2000万新西兰元。 作为曾经乳业市场的佼佼者，光明乳业如今面临多重挑战。对于此次资产出售，光明乳业表示，多重不 利因素的综合影响，北岛资产已难以肩负起作为收入支柱的重任。通过出售北岛资产，新莱特可以有效 化解当下所面临的经营困境，将资源与精力聚焦于核心主营业务。北岛资产出售将为新莱特带来充足现 金流，用于偿还债务，未来运营资金贷款所需额度也将减少，将大幅下降利息成本，符合新莱特当前降 ...

Core Viewpoint - Synlait Milk Limited, a subsidiary of the company, is engaging in forward foreign exchange contracts to hedge against currency fluctuations related to the sale of its North Island assets for a price of USD 170 million [2][3][26]. Group 1: Business Overview - The purpose of the business is to mitigate the financial impact of currency fluctuations on the sale of North Island assets, which will be priced in USD [2]. - The forward foreign exchange contracts will be executed with qualified banks and financial institutions, with a maximum transaction amount of USD 170 million [2][3]. - The forward foreign exchange contracts are expected to cover 90%-100% of the sale price of the North Island assets [4]. Group 2: Financial Details - The sale price of the North Island assets is set at USD 170 million, with the specific investment amount for the forward foreign exchange contracts to be determined based on Synlait's needs [3]. - The expected delivery date for the transaction is April 1, 2026 [5]. Group 3: Approval Process - The business has been approved by the company's board of directors and the audit committee, with unanimous votes in favor [8][25]. - The project requires approval from Synlait's shareholders and the New Zealand Overseas Investment Office [27][44]. Group 4: Financial Impact - The project is expected to increase Synlait's net profit by approximately NZD 10 million to NZD 15 million in the 2026 fiscal year [53]. - The sale will help Synlait address excess capacity issues and improve operational quality by focusing resources on core business activities [53]. Group 5: Risk Management - The company has established risk control measures, including strict adherence to legal and prudent principles in conducting forward foreign exchange contracts [11][12]. - The company will monitor currency fluctuations and adjust its hedging strategy accordingly to ensure price stability [30][59].

9月27日，"益民初心社区行，光明健康生活节"启动仪式在上海徐家汇体育公园举行。著名排球教练、光明鲜活大使郎平，保加利亚莫斯利安村健康生活使 团，光明乳业党委书记、董事长黄黎明，党委副书记、总裁贲敏等嘉宾齐聚现场，与社区居委代表、经销商伙伴及数千名消费者共同见证这一融合品质体 验、公益温情与国际交流的健康盛事，携手开启国民健康生活新征程。 HOXNE 社区同 B ] Med] 208 117 117 ET BE llife 喝鲜奶 上随川门 部質量度 FF p BBOD | BOD @ n R B Bon | Hars SO 200 01 ag t 2: 0- w Be 启动仪式现场，郎平的深度参与让健康互动环节亮点十足。在"优倍大力菠菠健康厨房"，她与消费者共同制作营养健康餐，分享"每天菠一下"的高效营养补 充心得，直观展现产品在日常健康饮食中的便捷价值；在"牛奶配送挑战赛"中，她化身"裁判"，点赞参赛家庭"又快又稳"的默契配合，巧妙类比光明随心 订"新鲜直达、精准配送"的服务优势；在"优加健康小课堂"上，她与复旦大学附属华山医院康复医学科副主任、康复治疗师朱俞岚联袂授课，指导现场观众 学习日常护脊动作，强 ...

Core Viewpoint - Bright Dairy's subsidiary, Newlight, plans to sell its North Island assets in New Zealand to Abbott for $170 million due to underutilization and significant losses affecting profitability [1] Group 1: Asset Sale Details - Newlight's North Island factory has been experiencing low capacity utilization, leading to substantial losses [1] - The asset sale is expected to be completed by April 2026 and is projected to increase Newlight's net profit by approximately NZD 10 million to 15 million for the fiscal year 2026 [1] Group 2: Strategic Implications - The sale will help Newlight address its current operational challenges by allowing the company to focus on its core business and enhance competitiveness [1] - Proceeds from the asset sale will improve cash flow for debt repayment and reduce future operating capital loan requirements, significantly lowering interest costs [1] Group 3: Financial Performance - Bright Dairy reported a revenue of approximately CNY 12.472 billion for the first half of 2025, a year-on-year decline of 1.9%, and a net profit of about CNY 231 million, down 22.53% year-on-year [1] - Abbott's total revenue for the first half of 2025 was $21.5 billion, with a net profit of $3.104 billion [1]