2 1 Shi Ji Jing Ji Bao Dao·2025-07-29 01:50Group 1 - The implementation of the "Childcare Subsidy System" is set to begin on January 1, 2025, providing annual subsidies of 3600 yuan per child for families with children under three years old, benefiting over 20 million families annually [1] - Local governments are also introducing their own subsidy programs, with examples including Hubei Ezhou offering 500 yuan per year for second children and 800 yuan for third children, and Inner Mongolia providing a one-time subsidy of 10,000 yuan for first children [1] - Companies like Feihe and Yili are also entering the market with their own subsidy programs, with Yili announcing a 1.6 billion yuan subsidy plan [2] Group 2 - The infant formula market is experiencing polarization, driven by high-end products, with ultra-high-end products capturing 33.2% of the market share [3] - Companies such as Feihe, FrieslandCampina, Danone, and Nestlé are maintaining growth in high-end products, while Mengniu's milk powder business is declining [3][4] - Feihe expects a revenue decline of 8% to 10% in the first half of the year due to reduced purchasing demand from the introduction of subsidies and inventory clearance [4] - The increasing subsidies are likely to further drive the premiumization of the maternal and infant market [5]