Core Insights - YLGB-1496, a probiotic strain developed by Yili, has been included in the list of probiotics approved for infant food by the National Health Commission of China, marking a significant breakthrough in the domestic probiotic industry [1][5] Group 1: Probiotic Development - YLGB-1496 is the first probiotic strain in the list that is independently developed by a Chinese dairy company and derived from Chinese breast milk [1][5] - The strain is designed to be more compatible with the physical needs of Chinese infants, providing a tailored probiotic solution [1][4] Group 2: Health Benefits - Clinical studies conducted in collaboration with the National Dairy Technology Innovation Center have shown that YLGB-1496 significantly reduces the incidence of eczema and respiratory infections in infants, aiding in the development of their immune systems [5] - The strain has also been proven to enhance gut comfort in infants, reducing the occurrence and severity of diarrhea [5] Group 3: Industrialization and Product Application - Yili's subsidiary, Jinqi Biotechnology, is responsible for the industrialization and commercialization of YLGB-1496, ensuring high-quality and diverse probiotic products for the health food industry [6] - The strain has already been incorporated into several products, including QQ Star's maternal care products and mixed fruit and vegetable juices, with plans for further applications in infant formula [6] Group 4: Future Prospects - The approval of YLGB-1496 signifies a major leap for the Chinese dairy industry from technology following to independent innovation in the probiotic sector [7] - Yili aims to continue its research on the functional properties of the strain and promote the transformation of scientific achievements into products, contributing to the high-quality development of the Chinese dairy industry [7]

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, suggesting investors take advantage of low prices to acquire quality leading companies [6]. Core Insights - The report highlights a positive outlook for the food and beverage sector, driven by seasonal demand and improved sales performance during the Chinese New Year [1]. - It emphasizes the importance of focusing on leading brands with strong fundamentals, particularly in the liquor and dairy segments, as they are expected to outperform their peers [2][4]. Summary by Category Liquor - The liquor industry is experiencing a divergence in performance, with top brands like Kweichow Moutai and Wuliangye showing strong sales, while others face challenges [1]. - Kweichow Moutai benefits from marketing reforms and strong demand, with its product prices stabilizing above 1600 RMB [1]. - Recommendations include Kweichow Moutai, Wuliangye, and other leading brands for investment [1]. Dairy Products - Major dairy companies like Yili and Mengniu are expected to achieve strong sales during the Chinese New Year, with inventory levels remaining healthy [2]. - The report anticipates a turning point in the raw milk cycle, with prices expected to stabilize, benefiting leading dairy firms [2]. - Recommended stocks include Yili and Mengniu, which are expected to gain market share in 2026 [2]. Restaurant Supply Chain and Condiments - The report sees a recovery in the restaurant sector, supported by government policies and improved consumer confidence [3]. - Leading companies are adjusting pricing strategies to enhance profitability, with inventory levels remaining healthy [3]. - Key recommendations include Anjijia and Haitian Flavoring, which are expected to benefit from improved market conditions [3]. Snacks - The snack industry is poised for growth, with increased sales during the Chinese New Year and a shift towards efficient retail channels [4]. - Recommended stocks include Weilian and Qiaqia, which are expected to maintain high profitability levels [4].

Core Insights - The core focus of the news is the launch of a new cheese product by Yili Group, which aims to capture the high-end cheese market by introducing a cheese slice flavored with traditional "Nai Pi Zi" (奶皮子) from Inner Mongolia [1][2] Group 1: Product Launch - Yili Group's cheese division has released the industry's first "Nai Pi Zi" flavored cheese slice, utilizing modern techniques to replicate traditional flavors [1] - The product is now available in major retail channels such as Walmart, Pang Dong Lai, and Hema, marking a significant addition to Yili's high-end cheese market strategy [1] Group 2: Market Trends - The "Nai Pi Zi" flavor has rapidly gained popularity in the food and beverage sector, extending from milk tea and bread to ice cream [1] - Yili's research team has focused on the original flavor profile of "Nai Pi Zi," achieving a complex flavor that includes toasted notes, rich concentrated milk fat, natural fermentation acidity, and subtle sweetness [1] Group 3: Strategic Development - The product employs Yili's patented cheese production technology, achieving breakthroughs in flavor restoration and taste balance [1] - Industry experts view this move as a strategic upgrade from merely leveraging concepts to defining standards in a competitive cheese market [1] - Yili Group aims to expand the boundaries of cheese consumption through innovative forms and cultural flavor exploration, while continuing to convert trendy flavors into classic products [2]

Summary of Conference Call on Dairy Products and Beef Industry Industry Overview - The conference focused on the dairy products and beef industry in China, specifically discussing supply-demand trends and price updates for dairy and beef products [1][9]. Dairy Products Insights Market Size and Composition - In 2024, the total sales scale of dairy products in China is projected to be approximately 653.5 billion CNY, with liquid milk accounting for 355 billion CNY, milk powder for 176.6 billion CNY, and other dairy products for 121.9 billion CNY [1]. - Coconut milk and milk powder are expected to see a year-on-year decline in 2024, while other dairy products, including cream and cheese, are anticipated to continue growing [1]. Consumption Trends - The per capita consumption of dairy products in China is expected to be slightly over 40 kg in 2024, indicating significant room for growth compared to developed countries and suggested consumption levels [1]. - The consumption of low-temperature milk in first-tier cities is around 36.6 billion CNY, with second-tier cities at 24.6 billion CNY, and below third-tier cities at approximately 30 billion CNY [2]. Supply and Pricing Dynamics - The decline in dairy product prices is expected to narrow, with a projected decrease of 1.1% in 2025, an improvement from a 1.9% decline in 2024 [3]. - The average price of raw milk has stabilized between 3.03 and 3.05 CNY per kg, showing signs of recovery [3][4]. - The low-temperature liquid milk segment is expected to outperform the ambient temperature segment, with a penetration rate projected to exceed 30% by 2029 [2]. Company Performance - Major dairy companies like Yili and Mengniu are expected to regain market share, with Yili showing slight growth and Mengniu facing more significant downward pressure due to its higher reliance on liquid milk [5][6]. - Both companies have set revenue targets for 2026 in the mid-single digits, indicating a positive outlook for the year [6]. Beef Industry Insights Price Trends - The beef price has shown significant improvement, with the price of fattened bulls at approximately 25.7 CNY per kg, reflecting a year-on-year increase of 10.2% [10]. - The price of calves is around 33.8 CNY per kg, with a 40% year-on-year increase, indicating strong market confidence among producers [10]. Supply and Demand Dynamics - The beef industry is experiencing a cyclical recovery, with expectations that the price peak and duration will exceed previous cycles [9]. - Despite the recovery in prices, the enthusiasm for replenishing breeding stock remains low due to prolonged losses in the sector [10]. Profitability - The profitability for raising calves is approximately 1,400 CNY per head, while for fattened bulls, it is about 2,560 CNY per head, showing significant year-on-year growth [11][12]. - The overall improvement in profitability is notable, but the replenishment of breeding stock is still cautious, with many farms opting to maintain current stock levels [12]. Conclusion - The dairy and beef industries in China are showing signs of recovery, with positive trends in pricing and consumption. However, challenges remain, particularly in the replenishment of breeding stock in the beef sector and the competitive landscape in the dairy market. Investors are encouraged to monitor key players like Yili, Mengniu, and other dairy companies for potential opportunities [8][13].

Summary of Conference Call on Dairy Industry and Beef Cattle Price Trends Industry Overview - **Dairy Industry Supply and Demand Trends**: In 2024, coconut milk and milk powder are expected to decline year-on-year, while deep-processed dairy products like cream and cheese will continue to grow, with growth rates anticipated to outpace liquid milk and milk powder in the coming years. The average per capita dairy consumption in China is projected to be just over 40 kg, indicating significant room for improvement compared to developed economies and recommended consumption levels in China [1][1]. - **Low-Temperature and Room-Temperature Milk Consumption Trends**: The consumption scale of low-temperature milk in first-tier cities is approximately 36.6 billion yuan, with second-tier cities at a combined 24.6 billion yuan, and below third-tier cities around 30 billion yuan. The market for low-temperature milk in lower-tier cities is expected to be a core area for rapid expansion over the next five years [1][1]. Market Dynamics - **2024 Consumption Scale**: The consumption scale for room-temperature liquid milk is projected to be 265.3 billion yuan, while low-temperature liquid milk is expected to reach 89.7 billion yuan. Low-temperature milk is anticipated to continue its rapid growth, while room-temperature milk faces a contraction. By 2025, low-temperature milk is expected to achieve double-digit growth, with a penetration rate of 25% in 2024, projected to rise to over 30% by 2029 [2][2]. - **Milk Price Trends and Profitability**: The cumulative decline in milk prices is expected to be 1.1% in 2025, a slight improvement from a 1.9% decline in 2024. Despite demand pressures, dairy companies are expected to see a stabilization in raw milk prices, which have remained between 3.03-3.05 yuan/kg, with a recent increase noted. The improvement in profitability for dairy and beef cattle industries is anticipated to be more pronounced in 2026, with significant cost reductions expected for leading companies [2][2][3]. Competitive Landscape - **Market Share Recovery for Leading Dairy Companies**: Smaller dairy companies that previously gained competitive advantages through low-priced raw milk are expected to struggle as they lose this cost edge. Leading companies like Yili and Mengniu are projected to recover market share in 2026, with optimistic revenue targets set for 2025 [3][3]. - **Yili's Strategic Goals**: Yili aims for a mid-single-digit revenue growth in 2026, focusing on upgrading flavors in its room-temperature products and expanding its deep-processing business, which targets a scale of 10 billion yuan over five years [3][4]. - **Mengniu's Operational Improvements**: Mengniu, facing more significant internal adjustments, is expected to see a notable improvement in its operational status in 2026, with revenue growth anticipated in early months of the year [3][4]. Beef Cattle Industry Analysis - **Beef Cattle Price Trends**: The beef cattle industry is at a cyclical turning point, with prices expected to rise significantly. The industry has been in a loss cycle since 2023, projected to last until mid-2025, with a recovery in profitability expected in the latter half of 2025. As of early February 2026, prices for various cattle types have shown significant year-on-year increases [5][5]. - **Dairy Cow Inventory and Price Outlook**: The dairy cow inventory reduction is nearing its end, with a cumulative decrease of 8.8% expected by the end of 2025. Current milk prices have dropped below previous cycle lows, but there is an expectation for significant price increases in the latter half of 2026 [5][6]. Investment Recommendations - **Focus on Leading Dairy Companies**: Investors are advised to pay close attention to leading dairy companies such as Yili and Mengniu, as the dairy sector is expected to improve, particularly in the context of rising beef cattle prices and stabilizing milk prices [6][6].

Core Insights - The event "Perceptible High-Quality Exploration Hui (Beijing Station)" successfully showcased innovative products from Yili Group's yogurt division, highlighting the company's differentiated strategy in the health yogurt sector [1] - Yili's new products include the "Grassland Big Milk Bucket" yogurt featuring the unique Yilife-SST 01 strain from Hulun Lake, and the Lemon Oat Pearl yogurt, both emphasizing regional culture and refreshing taste [1][2] Product Innovations - The "Grassland Big Milk Bucket" yogurt is designed with a core concept of "eating yogurt with a spoon, tasting the grassland flavor," utilizing a traditional strain that embodies the essence of the grassland [1] - The product combines traditional milk boiling wisdom with modern fermentation technology, resulting in a rich and immersive grassland flavor experience [1] - The Lemon Oat Pearl yogurt offers a unique "five-layer" taste experience, including fresh lemon aroma, smooth fermented yogurt, sweet and sour lemon pulp, chewy oat pearls, and fragrant lemon peel [2] Market Positioning - Yili's new products reflect the company's "perceptible high quality" product strategy, aiming to meet diverse consumer needs through technological innovation and quality control [2] - The introduction of these products is expected to drive high-quality development in China's yogurt industry, with a focus on consumer preferences and health benefits [2]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The January e-commerce data shows a significant increase in sales and promotional heat, driven by the successful New Year shopping festival, which has injected strong momentum into the market [5][58] - Various product categories, particularly in food and beverages, have experienced high growth rates, indicating a robust consumer demand during the festive season [14][27] Summary by Sections January E-commerce Data Review - The sales heat increased by 1.87% and promotional heat by 0.91% compared to December [5] - The New Year shopping festival, starting on January 15, successfully stimulated consumer purchasing behavior, leading to multiple sales peaks throughout the month [5] Industry Marketing Situation - The food and beverage sector saw a surge in consumer interest, with gift box products becoming a market focal point [14] - Key high-growth categories included snacks, beverages, and alcoholic drinks, with specific products like nuts and chocolates leading the sales [10][25][29] January Category Sales Overview - The sales heat for nuts and snacks grew by 286.58%, with promotional heat increasing by 32.96% [20] - The beverage category saw substantial growth, particularly in fruit juices and carbonated drinks, with some segments experiencing over 600% growth [27] February E-commerce Trend Forecast - Key marketing dates for February include Valentine's Day and the Spring Festival, with brands encouraged to launch themed products and promotions [41][45] - The report highlights the importance of targeting family gatherings and gifting needs during the festive season to drive sales [48] Monthly Rankings - The report includes a sales ranking of brands across various categories, with notable mentions in jewelry, clothing, and food products, indicating strong market competition [62][64][66]

Core Viewpoint - Yuran Dairy has announced a share placement to raise approximately HKD 2.33 billion, equivalent to around RMB 2.07 billion, primarily supported by its major shareholder, Yili [1] Group 1: Company Overview - Yuran Dairy, headquartered in Hohhot, is the largest raw milk supplier globally, covering the entire industry chain from pasture planting, feed processing to dairy cattle breeding [1] - The company has over 100 modern farms and raises more than 620,000 dairy cows, producing 2.08 million tons of raw milk in six months [1] Group 2: Financial Impact - The capital injection from Yili is expected to significantly improve Yuran Dairy's financial condition, with approximately 55% of the raised funds allocated for repaying interest-bearing debts and optimizing the capital structure [1] - Following the transaction, Yili's stake in Yuran Dairy will increase from 33.93% to 36.07%, indicating strong support from the major shareholder during a cyclical low in the raw milk industry [1] Group 3: Strategic Collaboration - The increase in shareholding by Yili is anticipated to deepen the strategic collaboration between the two companies, enhancing their operational synergy [1]

春节前夕，可感知高品质探寻荟(北京站)活动成功举办。活动现场，伊利集团奶酪事业部发布奶皮子味 芝士片，以现代工艺还原草原传统风味，展现出其在乳制品深加工领域的技术创新能力。该产品已同步 入驻沃尔玛、胖东来、盒马等重点零售渠道，成为伊利布局高端奶酪市场的又一力作。 值得注意的是，该产品一上市就同步上线盒马、胖东来、沃尔玛等精选渠道。渠道方表示，选择上架此 款新品，不仅基于"奶皮子"这一地域文化IP的市场热度，更看重伊利在品控稳定性、产品差异化及可持 续溢价能力方面的综合优势。 伊利集团奶酪事业部方面表示，从早前推出的泡面芝士条、涂抹奶酪酱到如今的文化风味芝士片，企业 正通过场景深潜、形态创新与文化味觉挖掘，系统性拓宽奶酪消费边界。未来，伊利将继续依托技术研 发实力，推动网红风味向经典产品转化，以"可感知的高品质"满足消费者多元化需求，助力中国奶酪产 业高质量发展。 （文章来源：中国新闻网） 近年来，"奶皮子"风味在食品饮料行业快速流行，从奶茶、面包延伸至冰淇淋品类。面对这一源自内蒙 古草原的传统美食概念，伊利研发团队回归风味本源，解构传统奶皮子在制作过程中形成的复杂风味物 质：除标志性的焦香外，更包含浓缩乳脂的 ...

春节前夕，可感知高品质探寻荟（北京站）活动成功举办。活动现场，伊利集团旗下高端牛肉品牌伊知 牛首次亮相该系列活动，展示其国产安格斯冷鲜牛肉及烤肠产品，凭借72小时排酸工艺与三阶段定制饲 养标准，伊利在高品质牛肉领域的布局与品质追求引发关注。 据了解，伊知牛品牌于2020年10月设立，依托伊利集团全球资源优势，经走访优质肉牛养殖基地，调研 上万名牛肉爱好者口味后，最终选定北纬40度附近的三代纯种安格斯小公牛作为核心牛种。产品采用20 至24月龄去势小公牛，经6个月奶饲、8个月草饲补饲、8个月谷饲的三阶段专研喂养方案，以毫克级 TMR（全混合日粮）定制饲料配方科学饲养，确保肉质香嫩、营养丰富。 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010- 85202353 在加工工艺上，伊知牛坚持72小时低温排酸。排酸工艺需在特定温度、湿度、风速条件下进行，使牛肉 发生营养物质分解转化，酸碱度改变，进而提升口感与营养价值。该工艺能耗较高，排酸时间越长成本 越高，伊知牛选择72小时标准，以保障产品品质。通过预冷处理的冷鲜肉相较传统热鲜肉，水分流失 少，肉质更鲜嫩，纹理清晰，色泽鲜亮 ...