【蓝】解数第258期：认养一头牛-双寡格局下，新品牌如何实现弯道超车

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company Core Insights - The company "Raising a Cow" has established a full industry chain in the dairy sector, including cow breeding, pasture planting, feed processing, and dairy product sales [3] - The brand has successfully addressed consumer concerns regarding product quality by introducing a unique cow adoption model [12][118] - The company has achieved significant revenue milestones, surpassing 30 billion and 40 billion yuan in consecutive years, and has been recognized in the 2024 Global Unicorn List [9][114] Summary by Sections Company Development - Founded in 2016, "Raising a Cow" has rapidly grown by building its own farms and creating a diverse product matrix [6][104] - The company has been recognized as a national standardized demonstration farm by the Ministry of Agriculture [7] - It has launched various products, including French-style probiotic yogurt and pure milk, achieving top sales on platforms like Tmall and Douyin [7][9] Market Positioning - The company has strategically focused on online channels, particularly Douyin, to avoid competition with traditional dairy giants like Mengniu and Yili [33][52] - In 2023, "Raising a Cow" maintained a leading position in the Douyin dairy product market, with a market share of 18% [36] Consumer Trends - There is a growing consumer preference for high-quality and premium dairy products, with a notable shift towards A2β-casein protein milk, which is marketed for its health benefits [88][90] - The report highlights that liquid milk remains the primary product choice among consumers, with a significant portion of the market focusing on health and nutrition [85][86] Financial Performance - The company has consistently achieved high sales figures, with notable performance during promotional events such as the Tmall Double Eleven [39][112] - The revenue growth trajectory indicates a strong market presence and consumer acceptance of its products [9][114] Competitive Landscape - The dairy industry is characterized by a duopoly led by Yili and Mengniu, with "Raising a Cow" carving out a niche by leveraging online sales channels [120] - The report emphasizes the importance of storytelling and brand positioning in a competitive market [107][108]