今日（12月1日），天图投资发布公告，拟将旗下子公司持有的优诺乳业有限公司股权全部出售给昆山诺源睿源管理咨询有限公司，最终以实 际签订合同为准。 此次交易合计18亿元人民币。投资界通过公开信息查询发现，昆山诺源睿源管理咨询有限公司背后股东正是IDG资本。至此，优诺中国再度易 主——2019年，天图投资收购优诺中国，带领优诺中国从亏损走向规模化盈利，如今IDG资本入主。 追溯起来，优诺Yoplait品牌已有60年历史，源自法国，如今是全球第二大酸奶品牌，2013年正式进入中国大陆市场。那标志性的倒置杯包装酸 奶和世界第一杯水果酸奶，均出自优诺，这几年在中国市场深受欢迎，堪称酸奶界"顶流"。 跨国品牌将中国业务卖给具有丰富运营经验和资源的基金，IDG资本买下优诺中国无疑成了最新的标志性案例。 18亿，IDG刚刚买下了 投资界了解到，这笔交易前后谈判历时近一年，期间曾有多家基金参与竞争，但IDG资本持续跟踪时间更长，双方早已建立了良好的信任和合 作基础。最终，IDG资本以18亿元人民币的交易价格和公司管理层共同取得了优诺中国的全部股权，成为控股股东。 交易完成后，IDG资本将保留优诺中国原有管理团队，以维持及强化品 ...

风向标。 作者/杨继云 周佳丽 报道/投资界PEdaily 今日（1 2月1日），天图投资发布公告，拟将旗下子公司持有的优诺乳业有限公司股权全部出售给昆山诺源睿源管理咨询有 限公司，最终以实际签订合同为准。 此次交易合计1 8亿元人民币。投资界通过公开信息查询发现，昆山诺源睿源管理咨询有限公司背后股东正是IDG资本。至 此，优诺中国再度易主——2 0 1 9年，天图投资收购优诺中国，带领优诺中国从亏损走向规模化盈利，如今IDG资本入主。 追溯起来，优诺Yo p l a i t品牌已有6 0年历史，源自法国，如今是全球第二大酸奶品牌，2 0 1 3年正式进入中国大陆市场。那标 志性的倒置杯包装酸奶和世界第一杯水果酸奶，均出自优诺，这几年在中国市场深受欢迎，堪称酸奶界"顶流"。 跨国品牌将中国业务卖给具有丰富运营经验和资源的基金，IDG资本买下优诺中国无疑成了最新的标志性案例。 18亿，IDG刚刚买下了 投资界了解到，这笔交易前后谈判历时近一年，期间曾有多家基金参与竞争，但IDG资本持续跟踪时间更长，双方早已建立 了良好的信任和合作基础。最终，IDG资本以1 8亿元人民币的交易价格和公司管理层共同取得了优诺中国的 ...

Core Insights - The yellow wine industry in China is experiencing a structural turning point driven by five key factors: technological breakthroughs, brand value reassessment, channel reconstruction, policy empowerment, and generational change [1] Brand Development - The company leverages its core area advantages as "China's Yellow Wine Capital" to build a strong competitive barrier through a five-brand collaborative matrix, with "Guyue Longshan" as the high-end benchmark brand [1] - "Guyue Longshan" is the only yellow wine brand that holds the titles of "China Famous Trademark," "Chinese Time-honored Brand," and "Asia's Top 500 Brands," continuously supplying the state banquet at Diaoyutai since 1988 [1] - The brand system has undergone three advancements in the past decade, enhancing communication models, optimizing cross-border strategies, and deepening international operations [1] Product Strategy - The company is advancing both high-end and youth-oriented product lines, creating a diversified product matrix [2] - High-end products include "Guoniang 1959" and "Qinghua Zui" series, with successful launches like "Only This Green" leveraging popular cultural IPs [2] - Youth-oriented innovations include yellow wine ice cream, tea-wine fusion, and trendy experiences like coffee yellow wine and sparkling yellow wine [2] Channel Strategy - The company has restructured its channel system to create an efficient network, moving from a fragmented offline channel to a more organized structure [3] - The channel strategy focuses on the restaurant sector as the lead, with supermarkets and distribution channels as core drivers, while also exploring diverse channels like group buying and online sales [3] - The company is transitioning its marketing model from B2B to B2C, enhancing digital marketing and integrating online and offline sales [3] Market Outlook - The yellow wine market is expected to benefit from generational shifts and cultural changes that reshape alcohol consumption patterns [3] - The company aims to capture part of the social demand traditionally dominated by white liquor, leveraging its historical and cultural significance [3] Financial Projections - The company is currently in a critical phase of "quality investment for long-term premium," with expectations for gross margin improvement as national and high-end strategies progress [4] - Revenue projections for 2025 and 2026 are estimated at 2.05 billion and 2.21 billion yuan, respectively, with year-on-year growth rates of 5.7% and 7.8% [4] - Net profit forecasts for the same years are 223 million and 243 million yuan, with growth rates of 8.6% and 9.1% [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 4.95 [8][9][5] Core Views - The company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items for 2024 at RMB 161.8 million, RMB 6.3 million, and RMB 5.9 million respectively, representing year-on-year growth of 5%, 59%, and 80% [1] - The management team and operational reforms since the end of 2023 are expected to drive sustained profit growth and brand value reassessment [1] - Industrial revenue is projected to grow nearly 20% year-on-year in 2024, with expectations of double-digit growth from 2025 to 2027 [2] - The industrial net profit margin is expected to increase significantly in 2024, with a forecasted margin of 7.7% compared to 3.5% in 2023 [3] - The subsidiary, Renmin Tongtai, is facing revenue pressure with a projected decline of 3% year-on-year in 2024 [4] Summary by Sections Financial Performance - For Q1 2025, the company reported revenue of RMB 41.7 million, net profit attributable to the parent of RMB 2.1 million, and net profit excluding non-recurring items of RMB 2.0 million, reflecting year-on-year growth of 1%, 20%, and 28% respectively [1] - The company expects net profit attributable to the parent for 2025 to reach RMB 7.3 million, with a year-on-year growth of 16.5% [5] Revenue and Profitability - The industrial segment's revenue is expected to grow by 19% to RMB 62.8 million in 2024, with a strong performance in the health supplement category [2] - The industrial net profit margin is estimated to be 11.8% in Q1 2025, significantly up from previous periods due to cost reduction and efficiency improvements [3] Subsidiary Performance - Renmin Tongtai's revenue is projected to be RMB 100 million in 2024, down 3% year-on-year, with profits expected to decline by 27% due to market pressures [4] Valuation Metrics - The report provides a PE valuation of 17x for 2025, aligning with the median expectations of comparable companies [5] - The company’s market capitalization is reported at RMB 9.268 billion, with a closing price of RMB 3.68 as of April 28 [9]