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 ...

华源证券发布研报称，基于对原奶周期拐点与深加工产品国产替代的积极判断，预计头部乳企后续不仅 将受益于奶价上行期市场份额的修复，还将通过引领产业升级、切入高毛利深加工产品，提升盈利水 平。 华源证券主要观点如下： 供需矛盾驱动原奶价格低位震荡，但人均乳制品消费量亦有结构性提升空间，奶价低迷预计为乳企创造 产业升级窗口期，进而推动深加工产品国产替代。 1）供给侧：奶价有望上行，最直接利好上游牧业公司基本面。近年来，由于宏观环境扰动叠加上轮原 奶价格上行期多由大型规模企业主导扩产，导致本轮奶价下行周期持续时间较长。截至2026年1月末， 我国生鲜乳主产区价格已连续下滑4年多，价格跌至3.04元/公斤，较21年高点4.38元/公斤的价格下滑 30.6%。该行认为伴随上游牧业公司持续的亏损出清，近年来供给侧亦在持续收缩，2025年下半年奶价 基本平稳，该行预计后续供给侧收缩趋势不改，原奶价格拐点预计将于2026年到来，届时或将大幅提振 上游牧业公司业绩表现。 2）需求侧：乳制品需求仍存结构性机遇，深加工国产替代或为乳企新增长曲线。2024年我国人均乳制 品消费量为40.6公斤，距《中国食物与营养发展纲要（2025 —2 ...

Core Insights - The article highlights the competitive landscape of the low-temperature yogurt market, emphasizing Yili's Gonglao brand's focus on consumer-centric product innovation and category leadership [1] Group 1: Product Innovation - Yili Gonglao has launched a new strategic product, the 520 "Hulunbuir Strain Yogurt," which aims to enhance consumer experience by offering a unique taste that reflects the essence of the grassland [1][3] - The new product is based on consumer insights indicating that over 51% of users prefer sharing yogurt with family and friends, driving the need for innovative flavors and simple formulations [1][5] Group 2: Technological and Cultural Integration - The yogurt utilizes a unique strain, Yilife-SST 01, sourced from traditional yogurt in the Hulunbuir region, ensuring an authentic grassland flavor [3] - The product's packaging, inspired by traditional nomadic milk buckets, serves as an emotional connection for consumers, enhancing its appeal as a social currency [4] Group 3: Simplified Ingredients and Experience - The product adheres to a simple ingredient list, including only fresh milk, sugar, cream, and bacterial cultures, emphasizing the return to authentic flavors [5] - The yogurt's design allows for a tactile and immersive eating experience, promoting a sense of satisfaction and connection to the grassland [6][7] Group 4: Cultural Significance - The product embodies the cultural heritage of the Hulunbuir grassland, reflecting ecological values and traditional craftsmanship through its ingredients and packaging [8] - Each consumption and sharing experience is positioned as a dialogue with the grassland culture, enhancing the perceived value of the product beyond mere nutrition [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The dairy industry is expected to see investment opportunities in 2026, driven by industrial upgrades that may boost raw milk demand and a potential upward turning point in milk prices, which could help leading dairy companies recover market share [4][8] - Supply-side dynamics indicate that raw milk prices are likely to rise, benefiting upstream farming companies. The price of fresh milk has declined for over four years, reaching 3.04 RMB/kg, a 30.6% drop from the 2021 peak of 4.38 RMB/kg. It is anticipated that the price stabilization will occur in the second half of 2025, with a turning point expected in 2026, significantly improving the performance of upstream farming companies [5] - On the demand side, there are structural opportunities in dairy product consumption, with potential for deep processing and domestic substitution to create new growth curves for dairy companies. The per capita consumption of dairy products in China is projected to be 40.6 kg in 2024, still below the 47 kg target set for 2030. The consumption structure is primarily focused on liquid milk, with low proportions of dairy solids [6] Summary by Sections - **Supply-Side Analysis**: The prolonged downturn in milk prices has been influenced by macroeconomic disturbances and the expansion led by large-scale enterprises during the previous price upturn. The ongoing losses in upstream farming companies are expected to lead to a supply-side contraction, with a price turning point anticipated in 2026 [5] - **Demand-Side Analysis**: The increasing health awareness among consumers is expected to drive the growth of low-temperature milk and cheese products, which will enhance raw milk demand. Regulatory changes are also expected to support the upgrade of the dairy industry by clarifying standards for deep-processed products and improving market access [6] - **Investment Recommendations**: Based on the positive outlook for the raw milk cycle and domestic substitution of deep-processed products, leading dairy companies are expected to benefit from the recovery of market share during the price upturn. Recommended companies include Yili Group and China Shengmu, with a focus on modern farming practices [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is experiencing a strong upward trend, driven by multiple factors including policy support, trading dynamics, fundamental improvements, and external catalysts, indicating clear investment value [3][9] - The food and beverage index increased by 4.3% from February 2 to February 6, outperforming the CSI 300 by approximately 5.6 percentage points, with sub-sectors like liquor, soft drinks, and beer leading the performance [9][11] - The liquor industry is entering a new development cycle, with Guizhou Moutai's market-oriented reforms marking a significant phase, and the pricing system gradually returning to a supply-demand driven model [10] Summary by Sections Market Performance - The food and beverage index rose by 4.3%, ranking first among 28 sectors, with liquor (+5.3%), soft drinks (+4.7%), and beer (+4.5%) showing relative strength [11][12] - Individual stocks such as Huangtai Liquor, Hai Xin Food, and Ri Chen Co. saw significant gains, while *ST Yedao, *ST Chuntian, and Li Ziyuan experienced declines [11][14] Upstream Data - Some upstream raw material prices are declining, with the price of whole milk powder at $3,614 per ton, down 13.3% year-on-year, and fresh milk prices at 3.04 yuan per kilogram, down 2.9% year-on-year [15][31] - The price of pork is down 20.1% year-on-year, with live pig prices at 12.2 yuan per kilogram, reflecting a broader trend of price adjustments in the sector [21][24] Liquor Industry News - Some distributors of Moutai have sold out their first batch of flying Moutai quotas for March, indicating strong demand during the Spring Festival [36] - The Qingdao Beer production base has commenced operations, aiming to produce high-end products and achieve an annual output value of approximately 1 billion yuan [36] Investment Recommendations - Focus on leading liquor stocks such as Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, as well as elastic stocks like Shede Liquor and benefiting stocks like Jiu Gui Liquor [10] - In the consumer goods sector, three main lines are suggested: the snack sector, dairy products, and the restaurant supply chain, with specific companies highlighted for potential growth [10][43]

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

Core Insights - The approval of Bifidobacterium longum subsp. infantis YLGB-1496 for inclusion in the list of probiotics for infant food marks a significant advancement in ensuring the health of infants in China, showcasing the technical strength of the company involved, Ausnutria [1][2][3] Group 1: Product Approval and Significance - The strain YLGB-1496 has been officially recognized for its safety and efficacy, meeting stringent national standards for probiotics used in infant food [2][3] - This approval positions the company as a leader in the infant probiotic market, having two nationally recognized strains, reinforcing its commitment to high-quality infant nutrition [1][5] Group 2: Research and Clinical Evidence - YLGB-1496 has demonstrated significant clinical benefits, including a reduction in the incidence of eczema in infants and improvements in immune function, as evidenced by increased levels of immunoglobulins [3][5] - The strain has also shown positive effects on weight gain and digestive health in children aged 1-3 years, indicating its role in enhancing nutrient absorption and overall health [3][5] Group 3: Industry Collaboration and Market Impact - The collaboration between Ausnutria and Yili Group has been pivotal in the successful commercialization of YLGB-1496, with a well-established model for production and marketing of probiotics [6][9] - The strain has been integrated into various products within Yili's portfolio, demonstrating its versatility and potential for broad application across different food categories [8][9] Group 4: Future Prospects and Strategic Goals - The company aims to continue exploring the functional mechanisms of YLGB-1496 and expand its applications in diverse food forms, maintaining a focus on high standards for infant probiotics [9] - Ongoing collaboration with industry partners is expected to drive innovation and enhance the competitiveness of the Chinese probiotic industry, contributing to public health, particularly for infants [9]

畅轻新品瞄准18岁至35岁消费群体，针对该群体对健康与美味兼具的需求，推出柠檬燕麦爆珠酸 奶。据介绍，产品选用尤力克柠檬，融合柠檬汁、柠檬皮与柠檬果肉，搭配大颗Q弹燕麦爆珠，形 成"清新的柠檬、丝滑的酸奶、爆感的燕麦、酸爽的果肉、回甘的果皮"五重口感，产品还采用畅轻专属 A+BB复合益生菌配方，在300余名消费者盲测中获得历史最高喜好度。 业内人士认为，宫酪与畅轻的新品体现了伊利"可感知的高品质"产品战略。伊利集团酸奶事业部方 面表示，未来，伊利将继续聚焦消费者多元化需求，依托技术研发与品质管控，推动中国酸奶产业高质 量发展。 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，伊利集团酸奶事业部旗下宫 酪与畅轻两大酸奶品牌同步发布创新产品，分别推出呼伦贝尔菌株奶皮子酸奶"草原大奶桶"和柠檬燕麦 爆珠酸奶，以地域文化深耕与清爽口感创新，展现出伊利在健康酸奶领域的差异化布局能力。 据介绍，宫酪新品以"挖着吃的奶皮子，嚼得到的草原香"为核心概念，研发团队深入呼伦贝尔新巴 尔虎右旗呼伦湖畔，从牧民传统酸奶中提取出带有草原专属印记的Yilife-SST 01菌株。该菌株经中国科 学院微生物研究所鉴定认证，获 ...