甜牛奶卖不动了，李子园多元化转型又遭质疑

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].