Core Insights - The FBIF Food Innovation Expo 2025 showcased over 700 exhibitors across various sectors, including dairy, beverages, snacks, and functional foods, covering an exhibition area of over 62,000 square meters [1][2][4] - The event attracted more than 39,000 visitors from over 6,500 companies, with over 35% of attendees being senior management [3][4] Group 1: Event Overview - The FBIF Food Innovation Expo serves as a professional platform for food companies to showcase innovations and connect with industry leaders [1] - The exhibition featured three main areas: Hall 4.2, Hall 5.2, and Hall 6.2, facilitating efficient connections across the supply chain [1][2] Group 2: Audience and Exhibitor Feedback - The audience comprised over 39,000 visitors, with 13,975 senior management personnel, accounting for 35.67% of the total [3] - Exhibitors reported high-quality interactions, with many expressing intentions to secure booths for the next year [4][5] Group 3: Media Coverage - The event received extensive media coverage, with participation from 88 mainstream and industry-specific media outlets, including major platforms like CCTV and Xinhua [7] - Influencers and bloggers shared content across social media platforms, enhancing the event's visibility [13] Group 4: Best Booth Awards - The awards recognized outstanding booth designs, with categories such as Best Overall Booth, Best Visual Impact, and Best Cultural Feature [18][19][21] - Notable winners included Yili for Best Overall Booth and Wangwang for Most Popular Booth, showcasing innovative and engaging designs [19][24] Group 5: Exclusive Activities - The event featured exclusive activities like the FBiF Channel Matching Conference and Foodtalks Salon, which facilitated networking and knowledge sharing among industry professionals [74][106] - The FBiF Channel Matching Conference attracted 1,207 suppliers, focusing on specialized content and enhanced visitor experience [74][75] Group 6: Global New Product Showcase - The FBiF Global New Product Collection highlighted over 650 innovative food products, with top selections including unique beverages and snacks that captured audience interest [140][142] - Products like the HPP Cold Brew Tea and the TAKEO Cricket Rice Cake stood out for their creativity and appeal [142][159] Group 7: Creative Packaging Showcase - The FBiF Global Creative Packaging Collection featured 160 innovative packaging designs from 30 countries, emphasizing sustainability and aesthetic appeal [162][166] - Noteworthy designs included edible packaging and unique cultural representations, attracting significant attention from attendees [166][171]

Core Viewpoint - Li Ziyuan is undergoing a diversification transformation to seek new growth opportunities in response to stagnant performance in its core sweet milk business, which has faced challenges over the past three years [1][2]. Group 1: Company Performance - Li Ziyuan's revenue for 2024 is reported at 1.42 billion yuan, showing a slight increase of 0.2% year-on-year, while the net profit attributable to shareholders is 220 million yuan, reflecting a decrease of 5.6% [1]. - The company's sweet milk product has a market share of nearly 50% in the dairy beverage market, but its revenue from dairy beverages has remained relatively stable, with figures of 1.36 billion yuan, 1.38 billion yuan, and 1.35 billion yuan from 2022 to 2024 [1]. Group 2: Business Transformation - Li Ziyuan plans to launch innovative products such as nutrient water and plant-based beverages by 2025, aiming to reduce reliance on its sweet milk series [2]. - The company has already introduced new products like soda water and plant protein drinks in the second half of 2024, with initial market feedback being positive [2]. - An investment of 320 million yuan has been announced for a project in Ningxia to process 1,000 tons of raw milk daily, which will include production lines for various dairy products [2]. Group 3: Industry Challenges - The dairy beverage sector is facing challenges due to the rising popularity of new tea drinks, milk tea, and coffee, which are diverting market interest away from traditional dairy beverages [1]. - The milk powder industry is highly competitive, with a focus on technology and research and development, raising questions about Li Ziyuan's ability to keep pace in these areas [3].

Group 1: Guizhou Moutai - Guizhou Moutai announced the adjustment of the venue for the 2024 annual shareholder meeting due to the number of registered attendees exceeding the original venue capacity [1] Group 2: Zhangyu A - Zhangyu A's management acknowledged shortcomings in positioning and marketing, which contributed to the decline in performance, and emphasized the need for improvement [2] - The company aims to achieve 1 billion revenue from overseas wineries despite current challenges [2] Group 3: Huiquan Beer - Huiquan Beer discussed avoiding competition with Yanjing Beer, highlighting the importance of base market effects and sales radius in the beer industry [3] - The company plans to strengthen its market presence in Fujian and Jiangxi while expanding its overall market reach [3] Group 4: Dairy Industry - "Raising a Cow" launched a new children's brand "Moo Star" with three A2 type pure milk products targeting children aged 1-12 [4] Group 5: Food and Beverage - Qiaqia Foods clarified that it has no plans for a liquor business and is set to launch a new ice cream product next month [5] - Wahaha confirmed the termination of its contract with a co-packer due to quality issues found in some batches of bottled water [6] Group 6: Zhongju High-tech - Zhongju High-tech reported an expected improvement in sales for Q2 compared to Q1, with a decrease in inventory levels and recovery in sales across regions [7][8] Group 7: Farmer Spring - Farmer Spring introduced a new product, Chenpi White Tea beverage, on its Tmall flagship store [9] Group 8: Golden Dragon Fish - Golden Dragon Fish stated that its health products generally have higher profit margins than regular grain and oil products, which is expected to contribute to sales growth and profit [10] Group 9: Sanquan Foods - Sanquan Foods announced plans to absorb and merge its subsidiary Zhengzhou Fast Kitchen to optimize resource allocation and improve operational efficiency [11] Group 10: Laiyifen - Laiyifen addressed consumer concerns regarding a product issue, stating that they have taken swift action to investigate and resolve the matter [12] Group 11: Liziyuan - Liziyuan plans to focus on milk powder and dairy product production and sales while extending into the upstream supply chain [13] Group 12: Huiyuan Juice - Huiyuan Juice refuted negative online claims about its business, asserting that its operations have been improving since its restructuring in 2022 [14] Group 13: Walmart - Walmart reported Q1 2026 total revenue of $165.6 billion, with a 2.5% year-on-year increase, and a significant growth in its China e-commerce business [17]

Core Viewpoint - Li Ziyuan plans to enter the milk powder market to reduce raw material costs and diversify its product offerings, focusing on milk powder and dairy product production and sales by 2025 [1][6][12]. Investment Plans - The company intends to invest 320 million yuan in a "daily processing of 1,000 tons of raw milk deep processing project" and establish a wholly-owned subsidiary named Ningxia Li Ziyuan Food Co., Ltd. [2][5]. - The project will include the construction of production lines for whole and skim milk powder, concentrated milk, cream, cheese, and a research and development center, along with supporting facilities [5]. Market Challenges - The milk powder market is facing challenges due to declining birth rates, leading to reduced demand and increased competition among existing brands [6][7]. - The company acknowledges the volatility of milk powder prices influenced by environmental factors, cow inventory, supply-demand relationships, and trade policies, which pose cost control challenges [5][10]. Financial Performance - In 2024, Li Ziyuan reported revenue of 1.42 billion yuan, a year-on-year increase of 0.2%, but net profit decreased by 5.6% to 220 million yuan [8][10]. - The revenue from dairy beverages accounted for approximately 95% of total revenue, with a decline of 1.92% year-on-year [10][12]. Product Diversification - To address performance pressures, Li Ziyuan is expanding its product range beyond sweet milk to include plant-based protein drinks, vitamin drinks, and tea-flavored beer [1][12]. - The company is also focusing on health-oriented products, launching new series such as coarse grain drinks and vitamin water to cater to changing consumer preferences [12][14].

Group 1 - The core reason for the expected net profit growth in Q1 2025 is attributed to the decline in raw material prices and effective cost control measures implemented by the company [1] - The company plans to stabilize and enhance its net profit levels through management optimization, industry layout optimization, product innovation and promotion, and expanding sales channels [1] - The company aims to focus on the production and sales of milk powder and dairy products in 2025, extending upstream in the supply chain to ensure stable raw material supply [2] Group 2 - The company intends to develop new sales channels in regions such as Guangdong, Shenzhen, Shanghai, Zhejiang, and Jiangsu, while strengthening e-commerce platform operations to expand online sales [1] - The company will continue to explore product innovation and increase R&D investment, focusing on the production and sales of milk powder and dairy products [2] - The company emphasizes collaboration in technology and process innovation, engaging in joint research with educational institutions to improve production processes [2]

2025 年 05 月 13 日 业绩符合预期，盈利能力持续提升 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-12 | | --- | --- | | 当前股价（元） | 13.15 | | 总市值（亿元） | 52 | | 总股本（百万股） | 394 | | 流通股本（百万股） | 394 | | 52 周价格范围（元） | 7.96-15.15 | | 日均成交额（百万元） | 107.21 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 李子园 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《李子园（605337）：成本受益 叠加费投优化，盈利能力提升》 2024-10-30 2、《李子园（605337）：费投力度 加大，利润承压明显》2024-08-28 3、《李子园（605337）：利润略不 及预期，直销渠道 ...

Group 1 - The report highlights the core viewpoint that the company, Qii 712 (603712), is a key supplier in military wireless communication, with a focus on independent research and innovation in military communication technology [2] - The company reported a revenue of 216 million yuan in Q1 2025, a decrease of 55.88% year-on-year, and a net profit of -54.02 million yuan, down 440.23% year-on-year [2] - The report anticipates that the company will benefit from the increasing defense spending and the expanding market for military private network wireless communication [2] Group 2 - The report on the pet economy indicates a strong growth momentum, with the fifth TOPS Pet Expo showcasing over 1,200 exhibitors and a 43% increase in visitor numbers compared to the previous year [3] - Exports of pet food from China reached 82,400 tons in the first quarter of 2025, reflecting a year-on-year growth of 19.68% [3] - The report suggests that the pet economy is transitioning from "scale expansion" to "value creation," with leading companies focusing on innovation and brand development [3] Group 3 - The report on Aosaikang (002755) indicates a total revenue of 509 million yuan in Q1 2025, a year-on-year increase of 13.39%, and a net profit of 54.73 million yuan, up 73.50% year-on-year [4] - Aosaikang's SmartKine platform is highlighted as a promising innovation in the field of immunotherapy, aiming to selectively activate the immune system to target tumor cells [4] - The report projects significant revenue growth for Aosaikang, with expected revenues of 1.90 billion, 2.89 billion, and 5.30 billion yuan for 2025, 2026, and 2027 respectively [30] Group 4 - The report on Zhongji Xuchuang (300308) shows a revenue of 6.67 billion yuan in Q1 2025, a year-on-year increase of 37.82%, and a net profit of 1.58 billion yuan, up 56.83% year-on-year [33] - The company is focusing on the development of 800G and 1.6T optical modules, with expectations for increased demand in the second half of 2025 [33] - The report emphasizes the strategic partnership with CarLink to develop vehicle-mounted optical communication modules, aiming to enhance smart vehicle capabilities [33]

公司报告 | 年报点评报告 李子园（605337） 证券研究报告 甜牛奶小幅下滑，成本红利兑现 24 年业绩分拆：2024 年营业收入 14.15 亿元，同比+0.22%；归母净利 2.24 亿元，同比-5.55%；24Q4 营业收入 3.51 亿元，同比+2.44%；归母净利 0.67 亿元，同比+38.96%（对比 22Q4+2%）。25Q1 营业收入 3.20 亿元，同比-4.30%； 归母净利 0.66 亿元，同比+16.17%；扣非净利 0.62 亿元，同比+5.11%。24 年业绩符合预期。公司分红率 87%，同比+6pct；公司拟回购注销员工持股 计划中不得解禁的 433.13 万股（占股本约 1%）。 甜牛奶略有下滑，电商等新渠道积极开拓。 1、分产品看，24 年含乳饮料/其他收入 13.54/0.54 亿元，同比-2%/+128%； 含乳饮料量+0.4%、价-2.3%，预计系渠道结构调整影响。含乳饮料营收 Q4 持平、25Q1 同比-6%，新品铺货收入有望增长。 2、分区域看，24 年华东/华中/西南/华北/华南收入 6.98/2.38/2.76/0.23/0.81 亿元，同比-1%/-12 ...

公司报告 | 年报点评报告 李子园（605337） 证券研究报告 甜牛奶小幅下滑，成本红利兑现 24 年业绩分拆：2024 年营业收入 14.15 亿元，同比+0.22%；归母净利 2.24 亿元，同比-5.55%；24Q4 营业收入 3.51 亿元，同比+2.44%；归母净利 0.67 亿元，同比+38.96%（对比 22Q4+2%）。25Q1 营业收入 3.20 亿元，同比-4.30%； 归母净利 0.66 亿元，同比+16.17%；扣非净利 0.62 亿元，同比+5.11%。24 年业绩符合预期。公司分红率 87%，同比+6pct；公司拟回购注销员工持股 计划中不得解禁的 433.13 万股（占股本约 1%）。 甜牛奶略有下滑，电商等新渠道积极开拓。 1、分产品看，24 年含乳饮料/其他收入 13.54/0.54 亿元，同比-2%/+128%； 含乳饮料量+0.4%、价-2.3%，预计系渠道结构调整影响。含乳饮料营收 Q4 持平、25Q1 同比-6%，新品铺货收入有望增长。 2、分区域看，24 年华东/华中/西南/华北/华南收入 6.98/2.38/2.76/0.23/0.81 亿元，同比-1%/-12 ...

以下文章来源于Gooods 好味司 ，作者海枫 Gooods 好味司 . 专业、独特、有趣的食品饮料产品媒体，连接好产品与美好生活。 作为一家上市公司，李子园业绩陷入增长停滞已经持续多年。创始人家族二代李博胜在 2021年加入公司后开启了一系列转型升级动作，包括品牌升级、请代言人以及频繁推新， 李博胜在去年年底加入公司董事会并担任总经理后，非常坚定地开启了李子园的多元化产品 转型。 从2024年开始李子园多元化产品转型的序幕已经开启，到2025年上半年更推出全新品牌， 将李子园推向了多品牌运作的阶段，那在二代接班后能否成功实现转型，带领李子园走出增 长焦虑？ 频繁推新的李子园，又出新品了。 最近李子园接连推出两个新品：一款是升级之后的AD钙奶，产品规格为220ml，电商售价为29.9 元/12瓶，每瓶价格在2.5元左右。 值得关注的是另一条全新产品线VitaYoung活力维他命水，主打维生素功能饮料，共三个口味（菊花 味、红树莓味和柠檬味）。该系列产品规格为500ml，电商售价为18.9元-19.9元/4瓶，每瓶价格在5 元左右。 李子园一直在上新，近期除了AD钙奶和VitaYoung活力维他命水，李子园近期 ...