多项历史新高！新乳业：风景这边独好

Core Viewpoint - New Dairy Industry (002946.SZ) reported record high revenue and net profit for 2025, achieving a revenue of 11.23 billion, a year-on-year increase of 5.3%, and a net profit of 730 million, up 36% year-on-year, indicating strong performance amidst a generally sluggish dairy market [4][5][7][10]. Group 1: Market Performance - The dairy industry has faced challenges, with liquid milk sales under pressure and basic white milk struggling to sell [10]. - New Dairy's performance stands out due to a shift in consumer demand towards high-end and health-oriented products, which have seen significant growth [11][12]. - The company has focused on low-temperature dairy products, avoiding price wars in the ambient milk segment, and aligning with changing consumer preferences and supportive policies [14][15][16]. Group 2: Product Innovation and Sales Strategy - New Dairy has implemented a "Fresh and Sour Strong" strategy, achieving double-digit growth in low-temperature fresh milk and yogurt [17][20]. - The company has successfully launched multiple bestselling products under its sub-brand "Zhaori Weipin," contributing to its revenue growth [22]. - Direct-to-consumer (DTC) sales model has been a key driver, with direct sales revenue reaching 7.16 billion, accounting for 63.8% of total revenue, up from 58.4% the previous year [27][28]. Group 3: Financial Health and Investment Value - The company's return on equity (ROE) rose to 22.3%, the highest in its history, reflecting improved investment value [36]. - New Dairy's net profit margin has nearly doubled from 3.6% in 2022 to 6.7% in 2025, showcasing strong execution capabilities [39]. - The company has maintained a high dividend payout ratio of 53%, indicating a commitment to returning value to shareholders [43]. Group 4: Future Growth and Strategic Moves - New Dairy plans to issue H-shares to support its internationalization strategy and enhance capital strength, with funds allocated for product upgrades and market expansion [46][47]. - The company aims to transition from a regional player to a national dairy giant, capitalizing on growth opportunities in key markets [48].