Core Viewpoint - Mengniu Dairy's cheese business continues to lead the industry with innovative products and a comprehensive strategy targeting all age groups, achieving full coverage from children's cheese to universal cheese [1][3]. Group 1: Business Performance - In the first half of 2025, Mengniu's cheese business maintained its position as the market leader, supported by a dual-brand strategy that integrates "Miaokelando," "Mengniu Cheese," and "Aishi Chenxi" into a multi-brand matrix, securing the highest market share in the industry [1][2]. - The implementation of a dual-driven strategy (TOB and TOC) has allowed Mengniu to achieve a leading market share in China's cheese retail market, reflecting a trend of industry concentration towards top players [1][2]. Group 2: Consumer Strategy - The consumer strategy focuses on "one major scene, two major directions, and three target demographics," emphasizing family consumption, innovation in cheese snacks and functional products, and targeting children, youth, and the elderly [2]. - Offline channels are optimized by leveraging dual-brand advantages and enhancing the national distributor layout, while online channels are actively developed on platforms like JD, Tmall, and Pinduoduo, as well as interest e-commerce platforms like Douyin and Kuaishou [2]. Group 3: B2B Strategy - The B2B strategy provides professional dairy solutions across five consumption scenarios: Western fast food, Chinese cuisine, tea and coffee, baking, and hotels, with products like cream, butter, mozzarella, mascarpone, and cheese slices [2]. - The increasing necessity of cheese in dining scenarios is driving B2B education, which in turn stimulates C-end demand, creating a synergistic effect between B2B and B2C [2]. Group 4: Future Outlook - As an industry leader, Mengniu's cheese business will continue to invest in R&D to promote category upgrades, aiming for a diversified, multi-scenario, and functional development of cheese products [3]. - The company plans to leverage its comprehensive product matrix, brand influence, and extensive channel network to maintain its leadership position and contribute to the optimization of China's dairy industry [3].