君乐宝首推38%纯净稀奶油，千亿级乳品深加工市场国产替代正在提速

Core Viewpoint - The Chinese dairy industry is undergoing a transformation from consumer-driven (C-end) to industry collaboration (B-end), with companies like Junlebao leading the way in the B-end processed dairy market, particularly in high-end cream products [1][7][10]. Industry Trends - The liquid milk market in China is becoming saturated, while the demand for B-end dairy products in sectors like baking, coffee, and new tea drinks is experiencing explosive growth, creating a market worth hundreds of billions [1][7]. - The retail market for baked goods in China is projected to reach 611.07 billion yuan in 2024, with an annual growth rate of 8.8%, indicating significant potential in the industry [7]. - The B-end dairy market is currently dominated by imported products, with 70%-80% of the market share held by foreign companies, particularly in high-end cream products [7][9]. Company Developments - Junlebao has launched a new 38% pure cream product, which is notable for its "clean label" with only 100% fresh milk as an ingredient, marking a significant advancement in domestic dairy technology [2][5]. - The company has invested heavily in B-end business development over the past few years, forming partnerships with popular brands like Bawang Tea and Mixue Ice City to enhance its supply chain [8][9]. - Junlebao's cream product has been tested and adopted by major international brands like Häagen-Dazs, showcasing its competitive quality against imported alternatives [9]. Product Innovation - The new cream product is designed to meet the growing consumer demand for healthy and high-quality dairy products, with a focus on zero additives and superior whipping and stability properties [5][6]. - Junlebao's R&D team is dedicated to developing products that cater to Chinese culinary preferences, indicating a strategic shift towards localized product offerings [12]. Market Positioning - Junlebao's approach to the B-end market emphasizes product quality and safety, with a commitment to meeting the specific needs of B-end customers through customized solutions [9][10]. - The company aims to increase its market share in the B-end sector, with expectations that domestic dairy products will capture over 50% of the market as more companies enter this space [10].