格隆汇1月27日丨安利股份(300218.SZ)近日在线上交流时表示，安利越南 4 条生产线全部投产后，理论 上公司将形成年产聚氨酯合成革和聚氨酯复合材料1 亿米的生产经营能力。受订单结构、生产工序衔接 等因素影响，产能率有一定弹性和波动。 2025 年公司分季度产销量同比有增有减，全年累计产销量同比略有下降，但销售单价呈稳中有升态 势，反映出公司产品工艺技术升级与品类结构优化成效显现。 ...

中国连锁经营协会日前发布的2025年便利店业态发展情况调查快报显示，2025年超六成便利店企业销售 同比增长，销售增长主要来自可比门店销售增长，其次是门店扩张带来的销售增量。 【纠错】 【责任编辑:谷玥】 调查结果显示，2025年国内便利店门店数整体保持增长，但增速有所放缓，其中门店规模在501至1000 家、1001至3000家、3001至10000家区间的企业平均增速最高，分别为10.8%、8.5%和6.9%。调查企业 中，超过半数企业保持盈利稳定，67.9%的企业线上订单增加。 根据调查结果，近70%的企业将持续优化品类结构、精细化运营和自有品牌开发作为2026年的重点工 作，增强"商品力"成为行业企业的共识。此外，2026年企业战略选择保持稳定，跨区域发展企业减少， 加密区域门店密度及增加技术资金投入的企业增加。（记者王雨萧） ...

Core Viewpoint - The dairy industry is undergoing a prolonged adjustment period, and Mengniu has not yet seen signs of recovery, facing challenges from declining sales and market share in the liquid milk segment [1][4][7]. Financial Performance - In the first half of the year, Mengniu achieved operating revenue of 41.567 billion yuan, a year-on-year decline of 6.9%, with both sales volume and prices experiencing low single-digit decreases [1]. - The company's net profit attributable to shareholders decreased by 16.4% to 2.046 billion yuan, with a net profit margin decline of 0.6 percentage points [2]. - Despite a 1.4 percentage point increase in gross margin to 41.7% due to falling raw milk prices, Mengniu faced a 545 million yuan loss from joint ventures, offsetting the benefits of cost reductions on net profit [1][2]. Industry Outlook - The industry outlook for demand recovery and improved competitive dynamics is pessimistic, with a continuous decline in the domestic dairy cow inventory expected from 2024 onwards [3]. - Although the industry is in a capacity clearing phase, milk production still saw a 0.5% year-on-year increase in the first half of the year, with milk prices hovering around 3 yuan per kilogram [3]. Market Dynamics - The anticipated turnaround in the industry cycle has been pushed back to 2026, with Mengniu facing pressures not only from macroeconomic consumption fatigue but also from imbalances in product categories and channel distribution [4][5]. - The liquid milk market is under significant pressure, with Mengniu's liquid milk revenue declining by 11.2% to 32.2 billion yuan, marking a drop in revenue share to 77.4%, the first time below 80% in recent years [7][8]. Competitive Landscape - Mengniu's market share in the liquid milk segment is shrinking, with a widening gap of 4 billion yuan between Mengniu and its competitor Yili [8]. - The company is facing internal competition pressures as lower raw milk prices allow smaller dairy companies to engage in price wars, further eroding market share from leading firms [11]. Strategic Initiatives - Mengniu has accelerated product innovation, launching over a hundred new products in the first half of the year across various categories, including ambient, chilled, ice cream, and functional milk [19]. - The company is focusing on enhancing operational efficiency, reducing inventory turnover days to 36 days, and cutting sales and distribution expenses by approximately 1 billion yuan [14]. Future Projections - Mengniu's management has lowered its full-year guidance from low single-digit growth to a mid-to-high single-digit decline, reflecting a cautious outlook for the second half of the year [12]. - The company aims to optimize its product structure and improve profitability, with expectations that the operating profit margin will remain stable compared to the previous year [17].

Group 1 - The company's revenue decreased by 4% in volume and low single digits in price, resulting in a total revenue of 41.57 billion RMB, with a year-on-year decline in net profit attributable to shareholders of 16.4% to 2.05 billion RMB [1] - Despite revenue pressure, the company's profitability improved, with gross margin increasing by 1.4 percentage points to 41.7% due to falling raw milk prices, and operating profit margin rising by 1.5 percentage points to 8.5% [1] - The management indicated that terminal demand remains weak, expecting a continued decline in volume and price in the second half of the year, leading to a downward revision of the full-year guidance [1] Group 2 - The core liquid milk business saw a revenue decline of 11.2% to 32.19 billion RMB, reflecting weak terminal demand and intense price competition, while other categories like ice cream (+15.0%), cheese (+12.3%), and milk powder (+2.5%) showed positive growth [2] - The cheese business benefited from synergies with Miaokelan, expanding into snack and family meal scenarios, while infant formula experienced double-digit growth, indicating a positive trend [2] - Management aims for an annual improvement of 30-50 basis points in operating profit margin over the next three years, despite the current weak terminal demand [2] Group 3 - The company has lowered its revenue forecasts for 2025-2027 by 8-14% due to the performance in the first half and the recent weak terminal demand, with uncertainty surrounding the recovery of liquid milk sales [2][3] - Based on more conservative operating profit margin predictions, the company has adjusted its profit forecasts for 2025-2027 down by 11-19% for operating profit and 9-27% for net profit attributable to shareholders [3] - The target price has been revised down to 21.51 HKD based on a 15 times expected price-to-earnings ratio for 2026, while maintaining a buy rating [3]