Core Insights - The company focuses on a differentiated product structure primarily based on low-temperature products, which are its core offerings and have a competitive advantage in the local market [1] - The sales model includes both distribution and direct sales, with specific channels such as online e-commerce and hotel distributors [1] - The company is innovating its online sales strategies, including live streaming sales, to adapt to new market conditions [1] Supply Chain and Raw Materials - Fresh milk is a crucial raw material, with stable domestic supply achieved through self-owned farms and partnerships with large-scale farms [1][2] - The company plans to increase investment in its own dairy farms, aiming for 40% of total demand to be met by its farms by the end of 2025, with a target milk yield of over 11.5 tons per cow [1] - Strategic partnerships with large dairy farms ensure a reliable supply of fresh milk, with contracts locking in supply quantity, price, and quality [2]
阳光乳业：到年底公司自有牧场力争供给能力达到40%，牧场经营效益明显改善