Bei Ke Cai Jing·2025-04-18 11:26Group 1 - The core viewpoint of the article highlights the introduction of "fertility subsidies" by major domestic milk powder brands, including Feihe, Yili, and Junlebao, as a response to declining birth rates and a strategy to attract new customers [1][2][4] - The fertility subsidies are seen as a social supplement to government policies aimed at encouraging childbirth, which have been included in the State Council's work report and the "Special Action Plan to Boost Consumption" [1][2][4] - The subsidies are expected to benefit brands, channels, and consumers, with an anticipated increase in the number of milk powder companies adopting similar subsidy strategies in the future [1][4][6] Group 2 - Junlebao announced a 1.6 billion yuan subsidy plan starting in May 2025, while Feihe and Yili have already initiated their subsidy programs, with Feihe committing 1.2 billion yuan and Yili also pledging 1.6 billion yuan [2][3] - The subsidies are designed to provide direct benefits to consumers, allowing eligible families to receive milk powder products, with Feihe's program already seeing over 50,000 successful applications [2][4] - The competition for new customers has intensified, with the cost of acquiring a new customer now estimated to be between 500 to 1,000 yuan, compared to 20 yuan before 2019 [4][5] Group 3 - The overall market for infant formula has faced challenges due to a decline in birth rates, leading to a double-digit decrease in industry scale since 2022, although the rate of decline is expected to slow in 2024 [4][6] - The introduction of fertility subsidies is viewed as a tactical response by leading brands to enhance customer loyalty and reduce the pressure on consumers regarding feeding choices [5][6] - The market is expected to see further differentiation, with leading brands likely to increase their market share, while smaller brands may struggle to implement similar subsidy strategies due to lower profit margins [6][7]