Core Viewpoint - The company has optimized its raw milk supply structure by adding new suppliers and maintaining stable cooperation with existing ones, while facing challenges in the dairy market leading to a decrease in revenue but an increase in gross margin [1][3][4]. Group 1: Raw Milk Supply and Cost Analysis - The company has adjusted its raw milk supply structure by adding Ningxia Saishang Muyu Dairy Co., Ltd. and Ningxia Xingken Dairy Co., Ltd. as new suppliers for 2024 [1]. - The procurement cost of raw milk has decreased, aligning with industry trends, as evidenced by a 7.62% drop in the procurement price reported by a comparable company [1][2]. - The average production cost of raw milk decreased by 558.83 yuan/ton, contributing to a reduction in total costs and an increase in gross margin [4]. Group 2: Dairy Product Sales and Revenue Trends - The company's dairy product revenue decreased by 1,734,000 yuan in 2024, attributed to a weak consumption environment and increased competition [4]. - The sales volume of dairy products was 8,574 tons in 2024, with a significant portion (72%) coming from the student milk channel [4]. - The gross margin for the dairy business increased to 36.04%, up by 6.85 percentage points from 2023, due to lower raw milk costs and improved procurement strategies [4][5]. Group 3: Business Model and Product Strategy - The company operates under a "farm + factory + market" model, focusing on low-temperature milk products, which constitute 86.65% of total dairy sales [3][5]. - The product mix has been optimized, with high-margin products increasing from 27.12% in 2023 to 54.38% in 2024, while low-margin products decreased [5]. - The company has developed a diverse product line, including over 60 types of dairy products, enhancing its market presence [3]. Group 4: Competitive Position and Market Challenges - The company faces challenges from increased competition and changing market dynamics, particularly in the Changde market, leading to a decline in sales in specialized channels [4]. - The gross margin for low-temperature milk is significantly higher than that for room-temperature milk, providing a competitive advantage in local markets [5][6]. - The company has maintained a strong focus on cost control and structural optimization to sustain its competitive edge in a challenging market environment [4].
金健米业股份有限公司