公司盈利方式。公司的盈利模式本质上是靠管理赚钱，技术也是实现盈利的必要因素。成本与渠道的管 控使净利率领先于对手；技术上，突破瓶颈，构建产品壁垒，获取超额收益。 分板块业务情况。公司业务主要分为液体乳、奶粉及奶制品、冷饮产品三大板块，均稳居行业第一，协 同发力支撑增长。液体乳，奶粉及奶制品，冷饮业务持续领跑行业，多项经典、创新产品靠渠道拓展和 创新实现稳健增长。 公司逻辑：下有股息率保底，中有液奶基本盘，上有第二增长曲线短期逻辑：分红盈利双优，周期拐点 将至。高分红承诺提供高安全边际，盈利能力修复超出预期。宏观弱环境下高股息吸引众多投资者，公 司强经营能力使营业总成本降低；液奶业务至暗时刻已过，即将迎来低基数+低库存双重利好且周期行 业周期拐点将至，伊利获益将更进一步。 长期逻辑：战略升级，多元驱动高质增利。务实定调高质量增长，实现利润增速快于营收；平台化战略 驱动第二增长曲线，液态奶稳居龙头基本盘；规模与渠道壁垒难以撼动，伊利整合全球奶源与研发资 源，叠加全产业链数智化转型降本增效，精细化管理护航企业长期高质发展。 公司业务拆分 业务边际变化。公司聚焦多元化升级重点布局新增长领域。功能营养品、乳品深加工及非 ...

Summary of Pet Food Industry Conference Call Industry Overview - The pet food industry is experiencing rapid growth and brand upgrades, with leading brands showing significant growth rates. For instance, a prominent brand reported a year-on-year growth of 70% [1][2]. - The emergence of new pet brands has significantly decreased, leading to increased operational difficulties and financial pressures for smaller brands, resulting in a rapid increase in market share for leading brands [3][6]. Key Insights - **Sales Performance**: - Major brands like 麦富迪 (Mai Fu Di) and 弗列加特 (Fleegat) reported year-on-year growth rates of 30% and 106% respectively, while 京东 (JD.com) saw a decline of 7.3% in sales [2][3]. - The overall performance of JD.com in the first four months of 2025 was below expectations, despite leading brands maintaining good growth [2]. - **Product Trends**: - High-end baked pet food is increasingly replacing traditional puffed food, with prices for baked food significantly higher (e.g., Fleegat baked food at approximately 89 RMB/kg compared to puffed food at around 74 RMB/kg) [1][2][4]. - Companies are diversifying their product lines to include specialized food for different life stages and breeds, which raises the bar for supply chain and R&D capabilities [1][4]. - **Brand Strategy Changes**: - There is a notable shift in brand operations towards emphasizing supply chain safety and food safety traceability. Companies are collaborating with media outlets and launching new product lines to enhance consumer awareness [5]. - The focus on complete supply chains and traceable raw materials is becoming essential for ensuring product safety, with companies either investing in their own supply chains or partnering with established manufacturers [5]. Market Dynamics - **Competitive Landscape**: - The market is witnessing a rapid reshuffling, with leading brands gaining market share at the expense of smaller, less established brands [3][6]. - The overall production capacity in the upstream sector is relatively surplus, but leading companies are still receiving good order volumes, while smaller firms face challenges [7]. Future Outlook - The pet food market is projected to have high growth potential, with companies like 乖宝 (Guai Bao) showing significant sales growth from several billion to 35 billion RMB, and net profit margins increasing from 3-4% to around 12% [3][8]. - The trend of young consumers favoring online shopping and product upgrades is expected to continue, with no signs of a consumption downgrade [8]. - The potential for a company to reach a market capitalization of 100 billion RMB is anticipated, indicating a strong long-term growth trajectory for the industry [8]. Cost and Profitability - Raw material costs are currently low, allowing companies with supply chain advantages to absorb these costs and improve gross margins. For example, Guai Bao's sales growth and profit margin improvements reflect the benefits of product upgrades targeting young consumers [9].