李子园“甜”途坎坷：核心市场遇冷，甜牛奶“后继乏力”，跨界奶粉是救命稻草还是豪赌

Core Viewpoint - Li Ziyuan's core product, dairy beverages, has faced stagnation in growth for three consecutive years, leading to a revenue plateau around 1.4 billion yuan [1][2][3] Group 1: Company Performance - Li Ziyuan's revenue from 2022 to 2024 remained stagnant at approximately 1.4 billion yuan, with figures of 1.404 billion, 1.412 billion, and 1.415 billion respectively [2][3] - The net profit has also failed to surpass the 2021 peak of 262 million yuan, with figures of 222 million, 237 million, and 224 million for the respective years [2][3] - The company's reliance on dairy beverages has been over 95% from 2017 to 2024, indicating a lack of diversification [3] Group 2: Market Challenges - The dairy beverage market is highly competitive, with Li Ziyuan's core product, sweet milk, facing declining sales due to changing consumer preferences towards healthier options [3][4] - Sales growth for dairy beverages from 2022 to 2024 showed a decline of 8.06%, 1.67%, and a slight increase of 0.41%, indicating a weak market performance [3] Group 3: Product Diversification Efforts - Li Ziyuan has attempted to diversify its product offerings, including fruit and vegetable beverages, protein drinks, and entering the vitamin water market in 2024 [1][5] - Despite launching numerous new products, the impact on overall sales has been minimal, with the second-largest category, flavored dairy beverages, only generating over 10 million yuan in sales despite a 61.95% increase in volume [6] Group 4: Strategic Focus - The company plans to focus on milk powder and dairy product production and sales by 2025, with a project to process 1,000 tons of raw milk daily [7] - The shift towards milk powder may provide strategic transformation opportunities, but success will depend on various factors, including supply chain management and brand image [7]