立高食品：目前是备货高峰期，与飞鹤在业务上呈现互补关系

Group 1 - The core viewpoint of the articles highlights the operational strategies and future outlook of the company, particularly in terms of capacity utilization and cost management [1][2] Group 2 - The company reported that since November of the previous year, it has gradually entered a peak season for stocking, with plans to complete capacity expansion based on anticipated order growth, but not exceeding one year in advance [1] - The joint venture with Feihe is aimed at developing domestically sourced, deep-processed raw materials, with a focus on utilizing by-products from Feihe's production processes, which are essential for the company's cream and baked dairy product business [1] - The company expects to see a significant reduction in sales and management expense ratios in the first three quarters of 2025 compared to the previous year, driven by scale effects from sales growth and improved logistics efficiency [2] - The company plans to reduce the number of external warehouses from over thirty to a dozen by mid-2025, which is expected to enhance inventory turnover efficiency and lower expense ratios [2] - The completion of centralized procurement at the headquarters by mid-2025 is anticipated to yield cost reduction effects that will be gradually realized [2]