Core Viewpoint - Sunshine Dairy (001318.SZ) announced plans for stock reduction by its major shareholder, with a total of up to 8,479,800 shares, representing no more than 3% of the company's total share capital. Earlier, from June to August, the shareholder sold 1.28% of the total share capital through concentrated bidding on the Shenzhen Stock Exchange. Despite a 40% increase in stock price this year, the company's operational performance showed a decline in revenue and net profit in Q3, with a 10.29% year-on-year drop in net profit attributable to the parent company [1][8]. Company Overview - Sunshine Dairy, established in 1956 as a state-owned enterprise, became the first listed dairy company in Jiangxi Province in May 2022. The company focuses on the research, production, and sales of liquid milk and dairy beverages, with low-temperature dairy products being its core offering, accounting for over 80% of revenue from 2022 to 2024, slightly decreasing to 78.37% in the first half of this year [2][9]. Business Model and Distribution - The company relies on a unique distribution model that includes self-owned farms, local processing, and short cold chain delivery, primarily reaching consumers through a "milk delivery to home" approach. In its core market of Nanchang, the company uses a single-layer distribution model, while in surrounding cities, it allows regional distributors to develop lower-tier distributors, maintaining a two-tier structure [2][9]. Financial Performance - Sunshine Dairy's gross profit margin for the first three quarters of this year was 39.92%, ranking second among 16 listed dairy companies, only behind Beiyinmei's 45.04% [3][10]. However, the company's revenue from its main product, low-temperature dairy, is projected to decline by 10.76% in 2024 and 9.61% in the first half of 2025, which is expected to negatively impact overall performance [6][12]. Market Challenges - The company faces significant competition from national dairy giants like Yili and Mengniu, which have strengthened their positions in the low-temperature fresh milk segment. These competitors leverage their national supply chains and product innovation, diluting Sunshine Dairy's core differentiation of "local freshness" [7][14]. Additionally, the company has struggled to convert the increase in the number of external distributors into revenue growth, with revenue from outside Jiangxi declining by 30.64% in the latest period [4][11]. Strategic Decisions - Sunshine Dairy had planned to invest 143 million yuan in the second phase of its Anhui project to expand production capacity. However, the company announced the termination of this investment due to a slowdown in domestic dairy consumption and market volatility, indicating that existing capacity is sufficient to meet demand [5][13].
核心市场增长乏力，阳光乳业的“新鲜”故事如何继续讲下去