【银河食饮刘光意】公司点评丨新乳业 ：积极对接新渠道，低温品类α持续兑现

Group 1 - The core viewpoint of the article highlights that the company's low-temperature products in the Sam's channel are experiencing strong sales, which is expected to contribute to revenue growth [1][3][11] - The company has actively adjusted its strategies in response to favorable policies, which is anticipated to improve other product categories [2][3][13] - The price of raw milk is currently low, and the company is expected to benefit from cost advantages in Q1 2026 [3][4][14] Group 2 - The low-temperature product category is identified as a key growth driver, with successful new product launches and collaborations with various channels, including the recent success of the "Caramel Burnt Milk Pudding" in the Sam's channel [3][13] - The company is making adjustments to its ambient product lines to address challenges in growth due to industry conditions and consumer habits, which is expected to lead to improvements [2][3][13] - Policy support for childbirth is likely to boost milk powder consumption, as indicated by recent government initiatives aimed at reducing out-of-pocket expenses for childbirth [3][4][13] Group 3 - The company is positioned to achieve steady growth in its low-temperature business, supported by its strategic focus on product innovation and market positioning [5][15] - The company is expected to enhance its profitability through ongoing improvements in product structure and digital capabilities, even as raw milk prices fluctuate [4][14]