Core Insights - Yili Group aims to achieve a leading position in various segments, emphasizing the "barrel theory" for sustainable growth [1] - The company has launched a new product, "Crispy Cheese," targeting the cheese market, which is currently the third largest brand in China [1][4] - The cheese market in China has shown significant growth, with a compound annual growth rate (CAGR) from 2016 to 2023 [4] Company Developments - Yili has achieved the number one position in several segments, including liquid milk, milk powder, and ice cream, and is now focusing on the cheese segment [1] - The new "Crispy Cheese" product boasts a dry cheese content of ≥76% and offers high nutritional value, equivalent to five cups of milk in protein per 100g [3] - The product is designed for convenience, with a one-year shelf life at room temperature without preservatives, differentiating it from traditional cheese products [1][3] Market Trends - The cheese market in China has expanded from 4.402 billion yuan in 2016 to 12.832 billion yuan in 2023, indicating a strong growth potential [4] - Yili is the third largest player in the cheese market, following Miaokelando and Baijifu, with the top three brands holding over 50% market share [4] - The company is targeting younger consumers and is developing multiple creative cheese snack products to cater to this demographic [3][4]