新乳业不躺平：市场收缩，营收、利润全都要丨乳业变局

Core Viewpoint - New Dairy aims to maintain expansion amidst market fluctuations, focusing on revenue and profit growth, with a strategic plan to double net profit margin over five years [2][25]. Revenue and Profit Performance - In 2024, New Dairy reported revenue of 10.665 billion yuan, a year-on-year decline of 2.93%, primarily due to the exclusion of Chongqing New Niu Han Hong Industrial from consolidated revenue [4]. - Liquid milk revenue for New Dairy in 2024 was 9.836 billion yuan, showing a slight increase of 0.83% year-on-year [4]. - In Q1 2025, New Dairy's revenue grew by 0.42% to 2.625 billion yuan, with net profit increasing by 48.46% to 133 million yuan [5]. Market Trends and Competition - The overall dairy market is facing challenges, with Nielsen IQ reporting a 2.7% decline in dairy sales for 2024 [2]. - Major competitors like Yili and Mengniu are experiencing significant declines in liquid milk revenue, with Yili's liquid milk revenue dropping by 12.32% to 75.003 billion yuan in 2024 [2]. - The low-temperature fresh milk market remains relatively stable, with a 0.4% year-on-year growth in 2024, contrasting with a 7.5% decline in overall liquid milk sales [8][9]. Strategic Initiatives - New Dairy's growth is attributed to its focus on the low-temperature fresh milk segment, which has shown resilience and growth potential [8]. - The company has introduced a variety of products, including high-end fresh milk and low-temperature yogurt, with high-end fresh milk achieving double-digit growth in 2024 [16]. - New Dairy is expanding its distribution channels, including over 500 "24-hour fresh milk" stores and partnerships with major retailers like Sam's Club and Hema [17]. Future Directions - New Dairy is exploring new growth avenues, including expanding into the beverage market and enhancing its product offerings [22]. - The company is also considering international expansion, particularly in Southeast Asia, leveraging resources from New Hope Group [24].