君乐宝逆势扩张：增持茉酸奶，在长三角扩产丨消费参考

Core Insights - In contrast to competitors like Yili and Mengniu, Junlebao is increasing its investments, indicating confidence in the market despite overall industry contraction [1][4] - Junlebao has made a strategic investment in the fresh yogurt chain, Mo Suan Nai, acquiring a 30% stake and planning collaboration in various operational areas [1][4] - The company is expanding its production capacity in the Yangtze River Delta, with a new liquid milk production base planned to have an annual capacity of 450,000 tons [3][4] - Junlebao's ongoing expansion and investment activities may be linked to its IPO process, as it has officially started the A-share IPO journey [4][5] Company Developments - Mo Suan Nai's founder, Zhao Bohua, has stepped down from key management roles, with Gu Hao taking over as the legal representative and holding 57.14% of the shares [1] - Junlebao's investment in Mo Suan Nai is expected to enhance its B-end market access, leveraging Mo Suan Nai's extensive retail network of over 1,600 stores [1] - The strategic partnership with Mo Suan Nai is aimed at improving supply chain collaboration and product development [1] Market Context - The dairy market is experiencing a significant downturn, with a reported 16.8% year-on-year decline in sales across all channels as of September [2] - The oversupply in the dairy sector has weakened negotiation power for companies, impacting pricing and profitability [2]