新乳业（002946）：2025年报点评：低温产品引领盈利能力提升：新乳业（002946）：

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook based on its performance and market position [6]. Core Insights - The company reported a revenue of 11.233 billion yuan for 2025, reflecting a year-on-year growth of 5.33%. The net profit attributable to shareholders was 731 million yuan, up 35.98% year-on-year, exceeding market expectations [4]. - The company has shown significant improvement in its profitability, with a net profit margin increase to 6.72% in 2025, up 1.56 percentage points from the previous year [6]. - The growth in low-temperature products has been a key driver for the company's revenue, with double-digit growth in both low-temperature fresh milk and yogurt products [6]. Financial Data Summary - For 2025, the company achieved a total revenue of 11,233 million yuan, with a net profit of 731 million yuan, and a gross margin of 29.18% [5][7]. - The projected revenue for 2026 is estimated at 12,022 million yuan, with a net profit forecast of 882 million yuan, indicating a year-on-year growth of 20.6% [5][7]. - The company's return on equity (ROE) is expected to improve to 20.1% by 2026, reflecting its strong operational performance [5].