新茶饮价格战正盛，熊猫乳品上半年营利双降

Core Viewpoint - Panda Dairy's half-year performance shows a decline in revenue and net profit, primarily due to trade business impacts and increased competition in the concentrated dairy product sector [2][4]. Financial Performance - For the first half of the year, Panda Dairy reported revenue of approximately 353 million yuan, a year-on-year decrease of 2.16% [2]. - The net profit attributable to shareholders was about 41.34 million yuan, down 12.76% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was approximately 33.12 million yuan, a decline of 16.06% year-on-year [2]. Business Segments - Revenue from the concentrated dairy product segment is under pressure due to competition from leading companies like Yili, Mengniu, and Feihe, which benefit from upstream milk source advantages [2][4]. - The coconut product segment saw revenue of 36.81 million yuan, a significant year-on-year increase of 97%, attributed to the resumption of supply to major clients [2][4]. - Despite revenue growth in the coconut segment, the gross margin was negative at -4.93%, a year-on-year decline of 29.72% due to rising raw material prices [3]. Market Challenges - The company faces significant cash flow pressure, with net cash flow from operating activities reported at -27 million yuan, a decline from 65 million yuan in the same period last year [5]. - The concentrated dairy product sector, which accounts for 68.7% of Panda Dairy's revenue, is experiencing a price war, leading to reduced order volumes [4]. - The company has been attempting to diversify its product offerings since 2021, but the scale of its "second growth curve" remains small compared to leading brands [4]. Future Outlook - Panda Dairy expects improvements in profitability in the second half of the year as coconut raw material prices enter a downward trend [3][4]. - The company plans to increase production capacity with a new facility in Hainan expected to be operational next year [4].