BRIGHT DAIRY(SH:600597) Cai Jing Wang·2026-01-09 15:17Core Viewpoint - The performance of Xiaoxiniu has not met previous commitments due to multiple factors including oversupply in the dairy industry, declining consumer demand, and a shrinking liquid milk market [1][2]. Group 1: Company Performance - Xiaoxiniu achieved a revenue of 353.09 million yuan from January to August 2025, representing a 16.48% decrease compared to the same period last year, primarily due to declines in sales price and volume [1]. - The prolonged negotiations regarding the acquisition of 40% of Xiaoxiniu's shares have distracted the former general manager, leading to concerns among stakeholders about future development, which has temporarily impacted overall business performance [2]. Group 2: Market Environment - In the medium to long term, the dairy industry is expected to stabilize and grow due to upgrading consumer structures and increasing health awareness [2]. - The per capita dairy consumption in the western region is only 8.94 kg, significantly lower than the national average, indicating substantial growth potential as urbanization progresses [2]. Group 3: Strategic Acquisition - Xiaoxiniu is a leading enterprise in the Qinghai dairy industry, accounting for over 60% of the province's liquid milk production, positioning it well for future growth as consumption recovers in the western region [2]. - The acquisition aims to integrate Xiaoxiniu's quality milk resources, enhance production capacity in the west, and expand market presence in the northwest, aligning with the company's long-term strategic goals [3]. - Xiaoxiniu has established a strong market presence in Qinghai, and the acquisition will allow the company to leverage its distribution channels to enhance sales of Xiaoxiniu products in the East China region [3].