来源：瞭望智库 "我是黑土地的孩子，一辈子就想做'母亲的事业'，做良心的事业。" 说起乳业，飞鹤董事长冷友斌的语速不自觉地放得很慢，思绪仿佛回到童年的黑龙江农垦牧场。牧场的 雾气，牛棚的热气，为家里十几头牛割草、挤奶的背影……让他难以忘怀。从那个时候开始，这个生在 黑土地、长在牛棚边的孩子，再没离开过乳业。 在同行眼中，冷友斌总爱做些"不合时宜的傻事"，自建牧场、自研生产线，这些重资产的投入一度让乳 业圈不看好。飞鹤却能逆势翻盘，从地方小厂逐渐蜕变为国产奶粉标杆，乃至将中国婴儿奶粉推向全球 舞台。有人说他"敢赌""有魄力"，但在冷友斌看来，与其说是"赌赢了"，不如说是有战略眼光，选对了 方向，且坚定专注于婴儿奶粉事业。 40年来，中国乳业经历了追赶与重塑，冷友斌既是见证者，也是破局者。飞鹤的逆袭轨迹，也是中国乳 业从低谷到奋起、从跟跑到领跑的缩影。他和飞鹤的故事，有中国乳业如何学习、如何创新、如何超越 又如何在世界舞台上重新定义自己的探索实践。 为了探寻这位中国乳业坚守者的奋斗故事，瞭望智库携手中华酒打造的《品味中华·对话新时代企业 家》栏目走进飞鹤，与中国飞鹤董事长冷友斌展开深度对话，揭开那些不为人知的坚持 ...

Core Insights - In 2024, a company from Jiangsu surpassed Huawei with a revenue of 871.5 billion yuan, becoming the top private enterprise in China's manufacturing sector [1] - This company, Hengli, operates quietly without chasing trends or promoting concepts, focusing instead on a comprehensive industrial chain spanning energy, chemicals, textiles, shipbuilding, and new materials [3] Company Background - Hengli was founded in 1994 by Chen Jianhua and his wife Fan Hongwei, starting with a struggling weaving factory purchased for 3.69 million yuan [5] - The founders established three principles: no guarantees, no debts, and no friends as shareholders, ensuring timely salary payments [5] - During the Asian financial crisis in 1997, Hengli expanded by acquiring low-cost equipment, establishing itself as a strong player in the weaving industry [5] Strategic Development - Hengli's transformation began with a focus on self-sufficiency in the industrial chain, entering the chemical fiber sector in 2002 with a 2.2 billion yuan investment [5][7] - The company achieved its first industrial chain extension during the SARS outbreak in 2003, launching a 400,000-ton melt-spinning project [7] - In 2010, Hengli ventured into oil refining, aiming to integrate the entire supply chain from crude oil to textile products [9] Achievements and Innovations - In 2018, Hengli's integrated refining project with a capacity of 20 million tons per year was completed in a record 19 months [9] - By 2020, Hengli became the first company globally to achieve a closed-loop supply chain from crude oil to finished textiles [9][10] - The company's full industrial chain model enhances cost efficiency and supply chain stability, allowing it to withstand external shocks [10] Operational Excellence - Hengli's operations integrate technology, capital, and management, exemplified by its use of advanced German hydrogenation processes [12] - The company has diversified into four main sectors: petrochemicals, textiles, shipbuilding, and new materials, generating nearly 900 billion yuan in annual revenue [12] - Hengli's low-profile approach is reflected in its founders' frugal lifestyle and strategic financial management, which has helped maintain cash flow stability [15] Market Position and Future Outlook - Hengli's surpassing of Huawei is not merely a revenue comparison but highlights different developmental paths in China's manufacturing landscape [20] - The company demonstrates that traditional industries can achieve world-class competitiveness through meticulous industrial chain integration and technological advancement [22] - Hengli's growth model emphasizes steady growth without reliance on policy trends or speculative capital, focusing on continuous investment in R&D and sustainability [24] Conclusion - Hengli's success illustrates that true industrial competitiveness lies in the details of production and supply chain management rather than in fleeting market trends [26] - The company fills significant gaps in China's manufacturing sector, contributing to advancements in various fields from high-performance fibers to large ship engines [27] - Hengli's journey reflects a commitment to deep-rooted, systematic success in manufacturing, showcasing that a slower, more deliberate approach can yield substantial results in a fast-paced economy [31]

Core Insights - The article highlights the development of the Chenpi industry in Pu Bei County, Guangxi, showcasing its modernization and integration with technology and culture [3][5][69] Group 1: Industry Development - A media delegation visited Pu Bei County to investigate the development of the Chenpi industry, including visits to various agricultural and cultural sites [3][4] - The Chenpi industry in Pu Bei has adopted a full industrial chain model, integrating seedling cultivation, processing, storage, and cultural tourism [14][51] - The total planting area of Dahuanggan in the county has reached 190,500 acres, with the industry value exceeding 6 billion yuan, expected to surpass 8 billion yuan this year [56][57] Group 2: Technological Integration - The Dahuanggan planting demonstration base utilizes digital management, including AI irrigation systems and drone inspections, to enhance agricultural efficiency [9][12] - The intelligent public warehouse features a fully enclosed digital storage system with advanced monitoring and environmental control, ensuring optimal conditions for Chenpi aging [18][20][22] - The use of technology in the industry has led to significant cost reductions, with transportation costs expected to decrease by 20%-30% through drone usage [12][56] Group 3: Cultural Empowerment - The Pu Bei Chenpi Museum serves as a cultural hub, showcasing the history and evolution of the Chenpi industry, reflecting its transformation from a local specialty to a recognized product [29][31] - The integration of local culture, such as the Xiaojing porcelain art, complements the Chenpi industry, illustrating a dual-track development approach [35][68] Group 4: Economic Impact - The leading company in the Chenpi industry has established a model that connects the company, base, and farmers, helping over 3,000 households increase their annual income by more than 10,000 yuan [43][44] - The company has also received recognition for its products, enhancing its market presence in the Guangdong-Hong Kong-Macao Greater Bay Area [46][49] - The overall development strategy aims to achieve high-quality growth and contribute to rural revitalization and common prosperity [51][69]

（来源：猪兜） 近期，生猪养殖行业正经历一场深刻的调整。从提前终止猪场租赁，到多家行业龙头陆续叫停多个养殖 项目、主动关停部分猪场，行业整体收缩产能的态势明显。这一系列动作背后，是生猪价格持续低迷、 养殖成本高企、市场供需失衡的现实压力。不少企业选择"减重前行"，通过终止项目、退租猪场、优化 资产来应对行业寒冬。然而，就在这片收缩声中，一家以"清远鸡"闻名的企业，却凭借其在生猪养殖领 域的深耕，成功向港交所递交招股书，走出了一条不一样的道路。 一 行业收缩，产能调控成共识 今年以来，生猪养殖企业普遍面临经营压力。多家养猪业龙头企业认为继续推进可能面临投资回报不达 预期的风险；有的陆续终止七个猪场建设项目，将剩余资金用于补充流动资金；温氏股份也关停了部分 猪场，有的因政策调整被划入限养区，有的则暂缓运营以进行升级改造。行业整体转向谨慎，反映出对 当前市场环境的共识：生猪产能过剩、价格低迷，企业必须通过收缩战线、优化结构来抵御风险。 这一趋势也与政策导向相契合。农业农村部近期审议通过的《关于加强产能综合调控促进生猪产业高质 量发展的意见》明确提出，要加强生猪产能综合调控，动态调整能繁母猪保有量目标，开展逆周期调 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a record high revenue in Q3 2025, with a significant increase in gross margin [1] - For the first three quarters of 2025, revenue and net profit (excluding non-recurring items) grew by 22% year-on-year, with a gross margin increase of 0.7 percentage points to 41.4% [1] - The company is expanding into new business areas, including water meters and automotive parts, to create additional growth curves [2][3] Financial Performance Summary - In Q3 2025, the company achieved revenue of 480 million yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 10%, marking a new quarterly high [1] - The gross margin for Q3 2025 was 42.8%, up 2.0 percentage points year-on-year and 2.6 percentage points quarter-on-quarter [1] - The net profit margin for Q3 2025 was 21.9%, down 3.0 percentage points year-on-year but up 3.5 percentage points quarter-on-quarter [1] Business Expansion and Strategy - The company has a solid competitive advantage in the gas meter market due to its full industry chain model and self-developed ultrasonic gas meters [2] - The company is leveraging the "Zhenlan" brand to penetrate the domestic water meter market, with contracts signed with multiple water service clients [2] - The automotive parts manufacturing project in Zhuzhou is expected to rapidly scale up, serving major automotive clients [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.84 billion yuan, 2.23 billion yuan, and 2.66 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.7%, 20.8%, and 19.3% [7] - The forecasted net profit for 2025 is 353 million yuan, with a year-on-year growth of 10.1% [9]

Core Insights - Xinjiang is a crucial region in China's dairy industry, known for its high-quality dairy brands, with Tianrun being the leading company in the area [1] - Tianrun has established itself as a national brand, recognized as one of the "Top 20 Dairy Companies in China," with a daily production and sales of over 680 tons of dairy products [1] Company Overview - Tianrun Dairy Industry Co., Ltd. was founded in 2002 and is part of the Xinjiang Production and Construction Corps, operating a full industry chain from feed planting to milk production and sales [2] - The company has 26 modern farms in the golden milk source area of Xinjiang, ensuring high-quality milk production [2] - Tianrun maintains a self-sourced milk ratio of over 90%, with nearly 70,000 dairy cows, providing a strong foundation for product quality [2] Product Innovation and Market Performance - Tianrun has expanded its product line to 68 offerings, including innovative items like milk beer, which gained popularity since its launch in 2013 [3] - The company has seen increasing repurchase rates in markets like Zhejiang, indicating strong consumer satisfaction and brand loyalty [3] - Tianrun's fresh milk and milk beer are particularly well-received, with unique taste profiles attributed to the natural environment and production methods [3][4] Recent Product Launches - The "Every Full Life" series features popular products such as the Jiali Pure Milk and Snow Mountain Organic Pure Milk, available at competitive prices [5] - Tianrun ensures product freshness with a shelf life of 21 days, emphasizing the importance of cold chain logistics from Xinjiang to consumers [5]

Core Insights - The cotton industry is crucial for national economy and livelihood, requiring a comprehensive approach to develop a high-quality industry chain [1][4] - China's cotton production is expected to reach its highest level since 2013 by 2025 due to favorable weather and effective management practices [1] - The cotton industry has undergone significant market reforms since 1998, leading to a well-integrated domestic and international market [2] Industry Development - The cotton industry faces challenges such as inconsistent quality, lack of strong brands, and the need for upgraded machinery [2] - Xinjiang accounts for 90% of China's cotton production, with yields significantly higher than the global average due to technological advancements [2] - The cotton supply chain is tightly linked, with prices influenced by various factors including climate and trade volumes [2] Quality Improvement - Future development of the cotton industry will focus on quality over quantity, emphasizing branding, standardization, and smart technology [3] - New policies introduced in April 2023 prioritize quality in cotton production, indicating a shift towards quality-driven practices [3] - Establishing a mechanism that connects the interests of cotton growers and processing enterprises is essential for improving cotton quality [3] Comprehensive Strategy - A full industry chain model is necessary for high-quality development, including research innovation, quality planting models, and regional branding [4]

Core Insights - Hainan's Baisha County is transforming its ecological advantages into developmental strengths by focusing on the southern medicine industry, which is seen as a pathway to prosperity for local residents [2][8] - The county has implemented specific regulations and support measures to promote the cultivation and development of traditional Li medicine, enhancing both agricultural productivity and local livelihoods [3][4] Industry Development - Baisha County has designated southern medicine as its leading industry, with significant investments in technical standards and financial support for farmers, including nearly 30 million yuan for rural revitalization [3][4] - The area has established a standardized demonstration base for the cultivation of Yizhi (a type of southern medicine), covering 57,000 mu (approximately 9,500 acres) and creating a scale of about 100,000 mu (approximately 16,500 acres) in surrounding towns [4] - The main southern medicine varieties cultivated include Yizhi (125,000 mu), Bare-flowered Purple Pearl (6,687 mu), and various medicinal mushrooms, with a total of 13,000 mu (approximately 2,200 acres) dedicated to rare edible and medicinal fungi, generating an annual output value exceeding 158 million yuan [4][5] Value Chain and Processing - A southern medicine sorting center has been established to enhance the processing and value addition of agricultural products, capable of drying over 3,000 tons of products annually, increasing their market value by 10% to 15% [5][6] - The center operates under a closed-loop model involving seed supply from enterprises, government subsidies, and order-based purchasing, which alleviates concerns for farmers [3][5] Integration of Traditional Medicine and Tourism - The establishment of a Li medicine experience area aims to integrate traditional medicine with tourism, providing services and creating job opportunities for local practitioners [7] - The combination of traditional Chinese medicine and Li medicine is being promoted to enhance the value of Li medicine, with over 2,500 patient visits recorded since the experience area opened [7] Sustainable Development and Future Outlook - The county is committed to a sustainable development model that emphasizes ecological and industrial integration, with plans to further develop the southern medicine industry and enhance its brand recognition [8]

Core Viewpoint - The recent public dispute between Luo Yonghao and Xibei has inadvertently boosted the popularity of Laoxiangji, which has gained significant attention and engagement through live streaming and strategic partnerships, despite the challenges it faces in expanding its market presence and maintaining quality standards [1][11]. Company Overview - Laoxiangji, originally named Feixi Laomujin, was established in 2003 by veteran soldier Shu Congxuan in Hefei, China, and has grown from a local fast-food restaurant to a notable player in the Chinese fast-food industry [1][2]. - The brand underwent a rebranding in 2012 to expand its national market presence and has since entered major cities like Nanjing and Wuhan [2][4]. Financial Performance - Laoxiangji's revenue for 2022-2024 is projected to be 45.28 billion, 56.5 billion, and 62.88 billion CNY, respectively, with net profit increasing from 2.52 billion to 4.09 billion CNY, indicating a compound annual growth rate of 17.84% in revenue and 27.4% in profit [5][6]. - The company achieved a top position in the Chinese fast-food sector with a marketing revenue exceeding 20 billion CNY in 2018 [4]. Expansion Strategy - Laoxiangji aims to open 1,500 new stores by 2023, focusing on a franchise model to accelerate growth, as its direct store expansion has slowed significantly [7][9]. - As of April 2023, Laoxiangji operates 1,564 stores, with 911 being company-owned and 653 franchised, reflecting a shift in strategy towards franchising to overcome expansion challenges [9]. Market Position and Challenges - Despite its growth, Laoxiangji's average daily sales per store and overall profitability remain lower than competitors, with a gross margin consistently around 20% since 2019 [10][12]. - The company faces significant competition in the fast-food sector, with rivals like Xiangcunji and Micunbanfan surpassing Laoxiangji in store count [10]. Quality Control and Brand Reputation - Laoxiangji has encountered quality control issues, including fines for using expired ingredients and food safety violations, which have raised concerns about its ability to maintain standards during rapid expansion [13][14]. - The company has taken steps to address public concerns by increasing transparency regarding its food sourcing and preparation processes [14]. Future Outlook - Laoxiangji's upcoming IPO in Hong Kong aims to raise funds for expanding its central kitchen, enhancing its store network, and improving brand marketing, which are crucial for its national expansion [13][15]. - The fast-food industry in China remains competitive, and Laoxiangji must enhance its brand recognition and product quality to succeed in a crowded market [16].

Core Viewpoint - Bai Rui Yuan has been nominated for the fifth China Quality Award, marking a significant achievement for the goji berry industry in China, emphasizing the importance of quality management and full industry chain construction [1] Group 1: Quality Management and Industry Development - Bai Rui Yuan has established nearly 670 hectares of organic standardized planting bases in Ningxia, promoting the transition from traditional smallholder farming to enterprise-scale, standardized cultivation [1] - The company has implemented an ecological planting model using "insect control" to enhance quality, achieving multiple certifications including EU organic product certification and AAAA-level ecological farm certification [1] Group 2: Technological Innovation - Bai Rui Yuan collaborated with China Agricultural University to develop fresh-keeping technology over six years, addressing issues of appearance, taste, and nutritional loss in traditional drying processes [2] - The company has built the first intelligent fresh-keeping goji berry production line in the industry, transitioning from rough processing to refined processing [2] - Bai Rui Yuan has obtained 20 Chinese invention patents and 25 utility model patents through partnerships with various research institutions, recognized as a national high-tech enterprise [2] Group 3: Full Industry Chain Model - The company has created a comprehensive industry chain model encompassing technology research and development, organic planting, production processing, market marketing, and cultural tourism [3] - Bai Rui Yuan's quality testing analysis center is set to receive CNAS certification in 2024, enhancing its international testing capabilities [3] - The company has implemented strict quality control measures, including batch testing from raw materials to finished products, and has maintained a customer satisfaction rate of over 98% [3] Group 4: Brand and Market Expansion - Bai Rui Yuan has established a brand chain system with nearly 100 stores in key cities across the country and has achieved full-channel e-commerce sales [3] - The company created the Ningxia Goji Berry Museum, a national AAAA-level tourist attraction, which has received over 3 million visitors [3] - Bai Rui Yuan has innovatively developed a goji berry estate that integrates planting, processing, and cultural tourism, providing immersive experiences for users [3] Group 5: Commitment to Quality and Community - Since receiving the first Silver Award from Yinchuan City in 2014, Bai Rui Yuan has consistently focused on quality control and brand building, culminating in the recent nomination for the China Quality Award [4] - The company plans to continue publishing quality white papers and initiating high-quality development initiatives to enhance the goji berry industry and support rural revitalization [4]