Core Insights - Yuno China, a representative brand of high-end yogurt, is being sold by Tiantu Investment to Kunshan Nuoyuan Ruiyuan Management Consulting for approximately 1.8 billion RMB, marking a significant transaction in the dairy industry [1] - Despite the sale, Tiantu Investment is expected to incur a loss of 847,000 RMB from the transaction [1][2] - Yuno China has seen a recovery in performance after facing challenges due to the pandemic and industry adjustments, with revenues of 450 million RMB in 2023 and projected revenues of 810 million RMB in 2024 [2] Company Performance - Tiantu Investment acquired Yuno China in 2019, but the company faced losses of 96.3 million RMB, 57.7 million RMB, and 39.7 million RMB in 2020, 2021, and 2022 respectively due to market challenges [2] - The recovery in 2023 and 2024 is attributed to the warming of the low-temperature yogurt category and an expansion of Yuno's product line, leading to a net profit of 8.394 million RMB in 2023 and 95.454 million RMB in 2024 [2] Market Dynamics - The domestic yogurt market, particularly the high-end segment, has been under pressure, with increased competition from local brands and various trendy yogurt products [3][4] - The acquisition by Kunshan Nuoyuan Ruiyuan, backed by IDG Capital, indicates a shift in investment focus, with different institutions having varying assessments of the value of the same asset [3]
昔日高端酸奶巨头再易主，天图投资亏本出售优诺中国