Core Viewpoint - The 16th China Dairy Industry Conference focused on how the dairy industry can break through in transformation and seek high-quality development paths amidst challenges [1] Group 1: Industry Challenges and Changes - The Chinese dairy industry is undergoing profound changes, with increasing demand for diversified, personalized, and functional products due to consumption upgrades [1] - High breeding costs, structural contradictions in milk supply, and the need for improved integration of the industry chain are significant challenges facing the industry [1] - The average price of fresh milk in major producing provinces was 3.04 yuan/kg in the first week of July, a year-on-year decrease of 6.5% [9] Group 2: Economic Impact and Financial Data - From 2023 to 2025, the cumulative income loss in China's dairy farming industry is projected to reach 70 billion yuan, with losses from fresh milk powder production amounting to 20 billion yuan [3] - In 2024, the total raw milk production in China is expected to be 40.79 million tons, a year-on-year decrease of 2.8%, marking the first decline since 2018 [3] - Over 60% of the 28 listed dairy companies in A and H shares experienced a decline in revenue in 2024, with 15 companies seeing both revenue and net profit decrease year-on-year [6] Group 3: Strategic Recommendations and Industry Support - Experts suggest that the dairy industry needs to continue reducing production capacity to stabilize prices and achieve a balance between supply and demand [3][4] - The industry is advised to adopt strategic planning and top-level design to avoid drastic fluctuations in the number of dairy cattle [4] - The Ministry of Agriculture and Rural Affairs emphasized the need for effective implementation of industry support measures to enhance competitiveness and extend the industry chain [4] Group 4: Innovation and Market Opportunities - Companies are focusing on optimizing industry structure, enhancing the entire industry chain, and exploring new product categories and consumption scenarios [8] - The dairy industry is characterized by a dominance of liquid milk, which accounted for 92.7% of total dairy product output in 2024, while deep-processed products remain underrepresented [7] - There is a growing demand for B-end dairy products, and companies are exploring opportunities in tea drinks, coffee, and baking ingredients to expand the domestic dairy market [8] Group 5: Future Outlook - Industry insiders believe that with accelerated capacity reduction, structural optimization, and the release of consumer potential, signs of a market reversal are emerging [9] - Historical experience suggests that the dairy industry operates on a cycle of approximately 7 to 8 years, with a potential turning point expected in the second half of this year to the first half of next year [9] - Companies are encouraged to innovate and embrace technology to drive the transformation of the dairy industry and meet consumer demands for high-quality, personalized products [10]

Group 1 - The signing ceremony for the official dairy product sponsor of the 2025 World Games was held in Chengdu, with Yili Group's JinDian brand partnering with the Chengdu World Games Executive Committee to provide nutritional support for athletes and coaches from over 100 countries and regions [1][11] - Yili Group's Vice President Su Yufeng emphasized the alignment of the JinDian brand's organic lifestyle philosophy with the health and vitality represented by the World Games, introducing a high-protein product specifically for post-exercise nutrition [5][16] - The Chengdu World Games Executive Committee expressed high expectations for the partnership, highlighting the importance of nutritional health support for global participants and the commitment to ensuring a "simple, safe, and exciting" event [7][11] Group 2 - The signing marks a new beginning for collaboration, with JinDian and the Chengdu World Games Executive Committee sharing the mission of providing essential support for the event [11] - The event featured interactive activities related to the World Games, allowing consumers to experience sports and promoting the spirit of teamwork and collaboration [13] - Yili aims to enhance its national brand image on a global stage, showcasing Chinese health wisdom and modern corporate innovation while contributing to public health and international sports culture exchange [16]

Core Insights - The report highlights that China's dairy industry has made significant advancements in the past two decades, bridging a gap of over a century with developed countries in dairy farming practices [1][3]. Dairy Industry Developments - China's dairy farming has achieved global leadership in scale, standardization, digitization, and intensification, with new directions and initiatives emerging to promote high-quality development [3]. - The quality of raw milk in China has improved significantly, with 17 years of comprehensive safety monitoring leading to protein and fat content levels that meet those of developed countries [3][4]. Raw Milk Quality Metrics - By 2024, raw milk produced in large-scale farms in China will meet EU standards for fat and protein content, with somatic cell counts also surpassing EU benchmarks [4]. - The total bacterial count in milk, a critical quality indicator, has seen significant improvements, with Yili Group achieving an average count below 10,000 CFU/mL, well below the EU limit of 100,000 CFU/mL [4]. Industry Competitiveness - High-quality raw milk enhances the competitiveness of Chinese dairy products internationally and supports the overall upgrade of the industry chain [5]. - Since 2003, China has consistently ranked among the top four in global milk production, with milk yield per cow reaching levels comparable to the United States by 2024 [5]. Technological Advancements - The transformation of the supply chain through mechanization and digitalization has been crucial for the industry's growth, with Yili Group's digital solutions providing comprehensive support for dairy farming [5]. - Yili Group's initiatives include automated monitoring systems, individual cow identification, and precision feeding systems, which contribute to improved management and quality control in dairy production [5].

Group 1 - The core point of the article is that Yili Group has officially renewed its partnership with the International Basketball Federation (FIBA), continuing as a global partner for FIBA [1] Group 2 - The renewal of the partnership signifies Yili Group's commitment to enhancing its brand visibility and engagement in the sports industry [1] - This collaboration is expected to provide Yili Group with opportunities to reach a wider audience through FIBA's global events and initiatives [1] - The partnership aligns with Yili Group's strategy to promote its products and strengthen its market presence internationally [1]

行业数据显示，近两年，奶酪产业创新应用不断，企业均在寻找儿童奶酪棒之外的第二大单品。根据市 场调研机构马上赢数据统计，2024年第四季度，奶酪领域同比的存续、上新、消失的SKU（最小存货单 位）数量分别为541个、264个、141个。新品SKU数量占整体SKU数量的比重较高，显著高于消失的 SKU数量，可见类目新品迭代与汰换速度较快，创新也较为丰富。 尼尔森IQ数据显示，2025年一季度，体量大的儿童奶酪销售占比下滑，成人零食类奶酪呈现高增长， 佐餐奶酪也有不错发展。廖为新也指出，奶酪市场经历阶段性波动后，近期已逐步展现积极向好的发展 态势，除了产品线可拓展大童、成人零食、餐桌奶酪，还可以从稳固核心人群与破圈、全面布局细分品 类、发力全渠道三方面入手寻求增长机遇。 历经4年调整，奶酪市场迎来复苏迹象。在7月13日举行的第十六届奶业大会"中国奶酪产业发展研讨 会"上，来自市场调研机构的数据显示，2025年上半年，奶酪品类销售额降幅收窄，品类渗透率也有所 提升。针对全年龄段的零食化产品和针对企业端的专业化产品，成为奶酪行业创新的两大方向。 随着市场需求提升，国内原奶价格及生产成本降低，越来越多的奶酪企业瞄准原制干 ...

文/兴利 一杯牛奶，承载着一个产业的崛起。 7月13日，第十六届中国奶业大会在厦门举行，大会发布的重磅报告显示，中国奶业用二十年左右的时 间，跨越了和奶业发达国家之间上百年的差距，蛋白质、脂肪、体细胞、菌落总数等核心指标的总体水 平优于欧盟标准，中国牛奶已经是世界级的品质。伊利原奶的菌落总数更是远优于欧盟标准，实现了划 时代的进步。 "从牛奶产品'喝不到'，到'有得喝'，再到'喝得好'；从消费端的'至暗时刻'，到'重获信任'，再到'国奶 自信'；从全球产业'落后者'，到'追赶者'，再到'领先者'，如今中国奶业站上了发展的新起点。"大会发 布的《世界奶业中国方案：高质量引领的奶业现代化答卷》（下称《报告》）如此指出。 大会现场发布权威报告 回望中国奶业的发展历程，堪称一部跌宕起伏的奋斗史诗。 大会上，中国农业科学院原党组书记、国家食物与营养咨询委员会主任、中国奶业协会战略发展委员会 名誉副主任陈萌山发布了《世界奶业中国方案：高质量引领的奶业现代化答卷》等四大课题研究报告。 他说，这份报告提出，中国奶业用20年左右的时间，产业素质显著提升，乳品质量安全水平总体达到奶 业发达国家水平，行业龙头企业发挥了示范引领作用 ...

Core Insights - The Chinese dairy industry is currently facing a supply-demand imbalance, leading to a need for capacity reduction as a key strategy for alleviating industry distress [2][4][10] - The bottom of the current milk price cycle has been established, with a potential reversal expected within a year, making the second half of this year or the first half of next year critical [10] Industry Overview - From 2018 to 2022, the dairy industry saw an increase of over 1 million dairy cows, resulting in excessive production capacity amid declining consumption [2][4] - The dairy farming sector is projected to incur cumulative income losses of 70 billion yuan from 2023 to 2025, with losses from fresh milk powder reaching 20 billion yuan [2] Production Trends - The total production of raw milk in China is expected to decline by 2.8% in 2024, marking the first decrease since 2018 [3] - The number of dairy cows in the top 10 producing provinces is estimated to decrease by 6.7% by the end of 2024, with around 12 million dairy cows expected to be eliminated from the industry [3][4] Market Dynamics - Despite the acceleration of capacity reduction and favorable conditions such as rising international milk prices and falling feed costs, the domestic raw milk supply remains ample due to slowing downstream demand [4] - The average price of fresh milk in major producing provinces was 3.04 yuan/kg as of early July 2025, reflecting a year-on-year decline of 6.5% [4] Strategic Recommendations - Industry leaders are advised to control the overall increase in dairy cow numbers to no more than 500,000 during the 14th Five-Year Plan period, with an annual increase capped at 100,000 [5] - Major dairy companies should enhance their self-sourced milk supply through mergers, equity stakes, and long-term management of social farms to stabilize foundational production capacity [4][5] Consumer Trends - There is a shift in consumer preferences towards high-quality, nutritious dairy products, with a notable increase in demand for B-end (commercial) dairy products, which currently sees 70%-80% of its market share dominated by imported brands [7] - The industry is responding to the evolving nutritional needs of various demographic groups by developing tailored products for different age segments [7][8] Future Outlook - The dairy industry is expected to see a significant adjustment in production capacity, with a projected decline exceeding 5% in the fourth quarter of 2024 and the first quarter of 2025 [9] - The market is anticipated to reach a supply-demand balance by the third quarter of 2025, driven by the exit of smaller farms and consumption stimulus policies [9][10]

Group 1 - The core idea of the article emphasizes the importance of astronomy education in fostering children's curiosity and scientific literacy, which is crucial for building a strong foundation for a technology-driven nation [2][3][4] - The "Together to Watch the Stars" astronomy public welfare initiative, launched by the China Population Welfare Foundation and supported by Yili Group, aims to address the imbalance of scientific resources in underdeveloped areas by donating 6,000 sets of astronomy exploration kits to 15 schools in Hohhot, Inner Mongolia [3][6] - The initiative also includes teacher training and public educational activities to enhance the scientific literacy of students and teachers in remote areas, thereby promoting equal learning opportunities [6][10] Group 2 - The article highlights the challenges faced by schools in underdeveloped regions, such as a lack of qualified teachers and insufficient astronomy teaching resources, which hinder effective astronomy education [5][6] - The program aims to cultivate a new generation of scientists by providing personalized training for students with potential in science, as outlined in the "National Plan for Scientific Literacy Action (2021-2025)" [2][3] - The initiative plans to donate a total of 12,000 teaching kits by 2025, expanding its reach to more schools in Inner Mongolia and Sichuan Province, while also organizing astronomy-related educational exchanges [10][11]

Group 1: Core Views - The report suggests that the food and beverage industry is expected to see a valuation recovery as market sentiment improves, with a focus on low-priced leading companies in the liquor sector and structural opportunities in the food sector [2][7][10]. Group 2: Liquor Sector - The liquor sector is experiencing a phase of demand decline due to seasonal factors and regulatory impacts, leading to pressure on high-end liquor prices, while mass consumption remains stable [7][13]. - Major companies like Moutai are expected to maintain their performance due to strong brand positioning, while others are entering an adjustment phase, with varying adjustment speeds among companies [7][14]. - Q2 performance forecasts for major liquor companies indicate a range of revenue and profit changes, with Moutai expected to see a 9% increase in both revenue and profit [14][15][16]. Group 3: Food Sector - The food sector shows signs of recovery, with segments like beverages, snacks, and pet food experiencing upward trends, while beer and restaurant supply chains face structural challenges [21][24]. - The beverage industry remains vibrant with new product launches and a clear trend towards reduced sugar options, while competition intensifies [24][30]. - Dairy products are seeing mixed performance, with some segments like low-temperature dairy and cheese growing, while others face challenges [24][33]. Group 4: Investment Recommendations - The report recommends focusing on leading liquor companies with a safety margin for investment, as well as food companies that are expected to exceed mid-year performance expectations [10][28]. - Specific companies highlighted for potential investment include Nongfu Spring, Uni-President China, and Tianwei Foods, among others [10][28].

菌落总数远低于"万"级，乳品质量实现历史性突破 在我国奶业发展初期，国内牧场普遍采用分散饲养、人工挤奶、敞口运输，菌落数量一直是乳品的卫生安全隐患。随着人民生活水平提升，中国消费者对牛 奶有了更高的要求，国家陆续出台《乳品质量安全监督管理条例》、《全国奶业发展规划》，国家奶牛产业技术体系、中国奶业协会与龙头乳企共同推 进"从牧场到餐桌"的全链条升级。 经过多年的不懈努力，中国奶源建设已经全球领先，中国奶牛养殖业的规模化、标准化、数智化、集约化水平已在全球名列前茅。2003年开始，中国牛奶产 量一直位于全球前四，是全球牛奶主产区之一。而中国100头以上规模化养殖占比，已经从2005年的11.2%升至2024年的78%，自动挤奶、密闭管道、瞬时冷 却、冷链直送成为标配。我国现已连续17年实施生鲜乳质量安全监测，并实现抽检"全覆盖"，我国乳品质量达到了历史最好水平。 以伊利为例，在管理和技术的双轮驱动下，伊利的产品品质和管理成熟度均领先行业。数据显示，2023年至2024年，伊利旗下牧场的原奶菌落总数平均值连 续两年远低于1万CFU/mL(欧盟标准：≤10万CFU/mL)，实现了划时代的进步。这意味着伊利把百万头奶 ...