在Z世代健康消费浪潮加速重塑饮品行业的背景下，成立二十年的奶茶品牌香飘飘在关键节点启动"健 康升级"战略。 10月10日，香飘飘正式官宣乒乓球奥运冠军孙颖莎为品牌代言人(原叶现泡系列)，旨在宣传健康升级产 品线，以产品革新重塑奶茶价值、以冠军形象放大品质信任，倡导"好奶茶没那么贵"理念，实现向"健 康生活方式倡导者"的跃迁。 冠军精神赋能：健康形象转化为品牌信任 孙颖莎作为赛场上以创新打法和极致拼搏著称的运动员，其竞技风格体现了突破自我、追求极致的精 神，同时也象征着健康生活方式的自律与坚持。香飘飘选择她作为原叶现泡系列代言人，不仅是对品牌 形象的呈现，更是"健康升级"战略的核心支点：通过人格化表达，将抽象的健康理念具象化，让消费者 在感知产品力的同时建立对品牌的深度认同。 当行业仍在争论"健康是否为伪命题"时，香飘飘以二十年的产业积累给出答案：真正的健康升级，是每 片茶叶承载土地温度，每滴鲜奶蕴含科技突破，每一次消费选择都指向更美好的生活方式。 这一突破源于全链路健康管控：云南沧源"超级茶园"依托立体气候和红壤土壤，培育茶多酚含量更高的 大叶种茶树；杭州千岛湖茶园凭借湖区小气候孕育鸠坑种龙井"高山云雾出好茶 ...

Core Viewpoint - The frozen dough market is experiencing a recovery trend in 2025, driven by an expanding consumer base and a 2.6% year-on-year sales growth, with a 2.4 percentage point increase in penetration rate [1] Group 1: Market Trends - The fast-paced lifestyle has led consumers to demand higher standards for frozen dough products, focusing on health, taste, and adaptability to different meal scenarios [4] - The "scientific weight loss" strategy is promoting a refined and focused approach to health concepts in frozen dough products, with an increasing emphasis on natural ingredients like whole grains and buckwheat [5][6] - The market for frozen snacks is a key growth driver, with a 3.2 percentage point increase in penetration rate, particularly in the "baking + freezing" crossover products like frozen pizzas and egg tarts [8] Group 2: Product Innovation - Brands are upgrading ingredients to enhance taste and nutritional value, such as replacing water with fresh milk in buns and using high-quality fats in pancakes [6] - Functional frozen dough products are emerging to meet specific consumer needs, such as low-sugar dumplings for older adults and low-sodium options for health-conscious consumers [6] Group 3: Consumer Behavior - Breakfast is identified as the primary consumption scenario for frozen products, accounting for over 43% of total spending on frozen items, highlighting the importance of energy and taste preferences during this meal [12] - The popularity of kitchen appliances like air fryers and microwaves is expanding the usage scenarios for frozen dough products, allowing for creative cooking methods that enhance family interaction [12] Group 4: Future Outlook - The recovery of the frozen dough market reflects evolving consumer demands and industry efforts in health upgrades, product innovation, and scenario matching, indicating a competitive yet opportunity-rich future [15]

Group 1 - The "2025 World Brand Moganshan Conference" was held in Deqing, Zhejiang, featuring the "Quality • World Reputation" Global Brand Innovation Development Think Tank Forum, where Saint Manna Dairy was recognized as an excellent case for creating new quality brand power [1] Group 2 - The new trend in the tea beverage industry is the health-oriented development, with companies like Ice Bolang innovating to redefine the health standards of milk tea through non-hydrogenated base milk technology [3] - Ice Bolang's non-hydrogenated base milk is a pioneering product that utilizes a unique extraction process to eliminate trans fats while maintaining a smooth texture and milky flavor [3][5] Group 3 - Saint Manna Dairy's success in the base milk sector is attributed to its non-hydrogenated process, which avoids the health issues associated with traditional hydrogenated oils, such as trans fats and high saturated fat content [5] - The founder of Saint Manna Dairy, Chen Zubo, recognized the potential for health upgrades in the tea beverage industry after experiencing milk tea for the first time in 2016, leading to a focus on innovation [5][6] Group 4 - The company adopts a "joint research and high-end customization" approach to attract partnerships, which has expanded its innovation capabilities and led to the development of numerous new products [6] - Saint Manna Dairy exemplifies the advancement of China's food industry, emphasizing innovation and a focus on nutrition and health, contributing to the global improvement of food quality [6]

Core Insights - The Chinese dairy industry is undergoing significant transformation due to declining demand and oversupply, prompting urgent structural changes [2][3] Demand and Supply Dynamics - Major dairy companies like Yili and Mengniu are experiencing revenue declines, with Yili facing its first revenue drop in nearly 20 years and Mengniu seeing double-digit declines [1][11] - The liquid milk segment is particularly affected, with Yili and Mengniu's sales dropping by approximately 10 billion yuan each, equivalent to the annual revenue of a second-tier dairy company [1] - The supply side is also under pressure, with reports of "culling cows" due to raw milk prices hitting a 15-year low, severely impacting farm operations [1][3] Raw Milk Price Trends - Raw milk prices have been declining for over 40 months, with the current price at 3.08 yuan per kilogram, significantly below the breakeven point for most farms [3][6] - The oversupply situation is exacerbated by increased production, with national milk output reaching 41.97 million tons in 2023, a 6.7% year-on-year increase [6] - The industry is facing a negative cycle of upstream losses, capacity elimination, and supply imbalance, with over 80% of the industry experiencing losses [6][8] Financial Performance of Major Players - Yili's revenue for 2024 is projected at 115.4 billion yuan, an 8.24% decline, with net profit dropping by 18.94% to 8.45 billion yuan [11] - Mengniu's revenue is expected to be 95.4 billion yuan, down 10.09%, with net profit plummeting by 97.83% to 113 million yuan [11] - The liquid milk segment remains the largest category, accounting for 44% of total dairy consumption, but is experiencing a downward sales trend [11] Consumer Behavior and Market Trends - The decline in dairy consumption is not due to reduced volume but rather falling prices, with Yili's liquid milk sales volume increasing by 2.1% despite revenue losses [12][13] - The market is witnessing a "consumption stratification," where high-end dairy products continue to perform well despite overall price declines [16][18] - Low-temperature fresh milk is emerging as a fast-growing segment, with a market size of 39.2 billion yuan in 2023 and a compound annual growth rate of 5.5% from 2018 to 2023 [17] Opportunities for Second-Tier Brands - The popularity of fresh milk and health-oriented products is creating new opportunities for second-tier dairy companies [23] - Local brands with strong cold chain capabilities are challenging national giants in the fresh milk market, as seen with companies like Guangming Dairy and New Dairy [24] - The shift towards value competition and structural consumption upgrades is driving the industry from scale expansion to specialization [25]