新乳业 20260205 新乳业如何通过优化产品结构提升净利润？ 新乳业通过持续推出新品来优化产品结构，从而提升净利润。近年来，新品收 入占比持续超过双位数，有效推动了整体产品结构优化。此外，公司并购的区 域子公司中仍有很多低端产品，通过将这些极低端或低端产品升级为中端或中 高端，可以进一步优化整体结构。同时，新品通常具有较高利润率，因此这种 系统化的创新研发能力将继续贡献较高比例的新产品销售，从而推动净利润提 升。 D to C 渠道对新乳业的发展有何影响？ 新乳业预计未来几年保持中等中高个位数的增长，受益于市场扩张、产 品创新和渠道优化。 公司积极拓展市场，计划在 2023-2027 年间开拓华北和华南市场，这 些区域市场潜力巨大。 新乳业重视产品创新，要求每个子公司每个考核期推出 10%以上的新产 品，以保持市场竞争力。 D to C 渠道（电商和社区奶站）直接触达消费者，降低费用率，提高利 润率，并保证收入增速。 公司计划打造 5 款全国化大单品，包括招牌饮品、活润 24 小时、初心 和今日鲜奶铺，部分产品已表现出色，力争 2026 年实现双位数增长。 通过持续推出新品和优化产品结构，新乳业旨在提升净 ...

与此同时，一张覆盖全国的深度分销网络为业务拓展提供了广阔腹地。销售网络已触及全国约2200个区 县，与超过5500家经销商合作，产品覆盖约40万个低温零售终端。通过收购区域品牌强化了西北、西南 市场的布局，并在华东、华南等高地市场快速增长。 2026年1月19日，中国乳业巨头君乐宝乳业集团正式向香港联交所递交主板上市申请，标志着这家深耕 行业三十年的综合性乳制品企业迈入发展新阶段。根据弗若斯特沙利文报告，按2024年零售额计，君乐 宝已稳居中国综合性乳企第三位。此次IPO不仅是其发展历程中的重要里程碑，更是对其发展的一次全 面检阅与价值重估。 展望未来，中国乳制品人均消费量不足全球平均水平三分之一，低温液奶渗透率提升空间巨大也将是君 乐宝结构性增长的主航道。君乐宝此次上市募资，旨在加固产业链、强化品牌、加码研发，为其在全国 化深化与国际化的初步探索中储备充足弹药，助力君乐宝长期稳健发展。 君乐宝集团总收入从2023年的175亿元增长至2024年的198亿元，2025年前三季度已达151亿元，展现出 稳健的增长态势。更为显著的是其盈利能力的质的飞跃，经调整净利润从2023年的6.0亿元大幅跃升至 2024年的1 ...

在广西南宁，一句"友仔，吃粉去不"是街头最亲切的问候。一碗酸辣咸香的老友粉，一杯清新馥郁的茉 莉花奶茶，一锅温补暖身的马山黑山羊煲……这些不仅是南宁人的日常滋味，更是这座城市跳动的经济 脉搏。在热气腾腾的烟火气背后，有一股坚实的金融力量在默默"加柴添火"。其中，农行南宁分行以一 系列精准温暖的金融服务，为百姓餐桌"增色添香"。 花香是它的灵魂。这抹独一无二的清新源自"中国茉莉花之乡"横州市。农行横州市支行深耕于此，是花 农与产业的"芬芳守护者"。截至2025年末，该行信贷支持茉莉花茶产业上下游企业200多家，金额超3亿 元，资金用于从标准化种植、高效烘干到精油萃取的全产业链升级，让横州茉莉花不仅飘香茶盏，更化 身为高附加值的食品原料，成就奶茶杯里那口辨识度极高的"广西味"。 一碗河粉 "飘香"东南亚 "老友粉的灵魂，一半在料头，一半在粉。"在广西—东盟经济技术开发区老友粉产业园一家专注河粉生 产数十年的食品企业里，非遗技艺传承人正带领工人们忙碌。这里生产的正是许多南宁老友粉店指定的 品牌河粉，其传统技艺已被列入非物质文化遗产名录。 随着市场对品质要求的提升和订单的增长，企业急需资金升级设备、扩大产能，让这口传 ...

Summary of Conference Call on Dairy Industry and Beef Cattle Price Trends Industry Overview - **Dairy Industry Supply and Demand Trends**: In 2024, coconut milk and milk powder are expected to decline year-on-year, while deep-processed dairy products like cream and cheese will continue to grow, with growth rates anticipated to outpace liquid milk and milk powder in the coming years. The average per capita dairy consumption in China is projected to be just over 40 kg, indicating significant room for improvement compared to developed economies and recommended consumption levels in China [1][1]. - **Low-Temperature and Room-Temperature Milk Consumption Trends**: The consumption scale of low-temperature milk in first-tier cities is approximately 36.6 billion yuan, with second-tier cities at a combined 24.6 billion yuan, and below third-tier cities around 30 billion yuan. The market for low-temperature milk in lower-tier cities is expected to be a core area for rapid expansion over the next five years [1][1]. Market Dynamics - **2024 Consumption Scale**: The consumption scale for room-temperature liquid milk is projected to be 265.3 billion yuan, while low-temperature liquid milk is expected to reach 89.7 billion yuan. Low-temperature milk is anticipated to continue its rapid growth, while room-temperature milk faces a contraction. By 2025, low-temperature milk is expected to achieve double-digit growth, with a penetration rate of 25% in 2024, projected to rise to over 30% by 2029 [2][2]. - **Milk Price Trends and Profitability**: The cumulative decline in milk prices is expected to be 1.1% in 2025, a slight improvement from a 1.9% decline in 2024. Despite demand pressures, dairy companies are expected to see a stabilization in raw milk prices, which have remained between 3.03-3.05 yuan/kg, with a recent increase noted. The improvement in profitability for dairy and beef cattle industries is anticipated to be more pronounced in 2026, with significant cost reductions expected for leading companies [2][2][3]. Competitive Landscape - **Market Share Recovery for Leading Dairy Companies**: Smaller dairy companies that previously gained competitive advantages through low-priced raw milk are expected to struggle as they lose this cost edge. Leading companies like Yili and Mengniu are projected to recover market share in 2026, with optimistic revenue targets set for 2025 [3][3]. - **Yili's Strategic Goals**: Yili aims for a mid-single-digit revenue growth in 2026, focusing on upgrading flavors in its room-temperature products and expanding its deep-processing business, which targets a scale of 10 billion yuan over five years [3][4]. - **Mengniu's Operational Improvements**: Mengniu, facing more significant internal adjustments, is expected to see a notable improvement in its operational status in 2026, with revenue growth anticipated in early months of the year [3][4]. Beef Cattle Industry Analysis - **Beef Cattle Price Trends**: The beef cattle industry is at a cyclical turning point, with prices expected to rise significantly. The industry has been in a loss cycle since 2023, projected to last until mid-2025, with a recovery in profitability expected in the latter half of 2025. As of early February 2026, prices for various cattle types have shown significant year-on-year increases [5][5]. - **Dairy Cow Inventory and Price Outlook**: The dairy cow inventory reduction is nearing its end, with a cumulative decrease of 8.8% expected by the end of 2025. Current milk prices have dropped below previous cycle lows, but there is an expectation for significant price increases in the latter half of 2026 [5][6]. Investment Recommendations - **Focus on Leading Dairy Companies**: Investors are advised to pay close attention to leading dairy companies such as Yili and Mengniu, as the dairy sector is expected to improve, particularly in the context of rising beef cattle prices and stabilizing milk prices [6][6].

以下文章来源于深氪新消费 ，作者朱末 本文来自微信公众号： 深氪新消费 ，作者：朱末 "奶中黄金"又出事了。 近日，广西知名乳企桂牛水牛乳业因产品检出黄牛源性成分被罚近7万元的消息，再次将水牛奶行业 的标准模糊与监管难题推上风口浪尖。 根据市场监督管理局的公告，桂牛乳业2025年6月6日生产的720件"高钙水牛奶"（蓝版），被检出同 时含有黄牛源性成分与水牛源性成分。而按照产品设定，该款水牛奶应仅以生水牛乳为原料，严禁添 加其他品种原料乳。 无独有偶，顶着"网红水牛奶"光环的百菲乳业，A股冲刺之旅也宣告"戛然而止"，不仅未能敲开上交 所的大门，反而在聚光灯下"原形毕露"——靠着"水牛奶"这个细分品类走红的百菲乳业，被扒出某些 爆款竟然属于"调制乳"。 深氪新消费 . 深氪新消费成立于2016年，聚焦新经济，关注新消费、新零售等领域的商业进化。 水牛奶之所以备受追捧，正是源于其差异化特性。根据《食品工业科技》杂志发表的论文验证，水牛 奶的蛋白质含量是普通牛奶的1.5倍，钙、磷、生育酚、维生素A等矿物质显著高于普通牛奶。 正因如此，在各大电商平台上，水牛奶产品的售价普遍是普通牛奶的2-3倍，但依然让消费者心甘情 ...

出品 | 摩登消费 作者 | 嬛嬛 编辑 | 闪电 美编 | 邢静 审核 | 颂文 当中国乳业从"快速做大"转向"以质为先"，市场正展现出新的可能。 2024年，中国乳制品市场规模达6535亿元，但人均乳制品年消费量仅40.5公斤，不足全球平均水平的三分之一，这意味着未来行业仍有很长的路可以走，也 意味着行业的增长故事还未完结。 就在这样的背景下，君乐宝正式向港交所递交了招股书，启动上市进程。这不仅是一家乳企的关键一步，也像一扇窗口，让我们得以观察：在行业转型、消 费分层的今天，中国乳企应该如何寻找自己的节奏，走出一条不一样的路，书写行业新的"增长故事"。 中国乳制品工业协会《2025中国奶商指数报告》明确揭示：消费者的认知已从"多喝奶"步入"喝好奶"的新阶段。 近日递交招股书的君乐宝乳业，业绩表现恰好呼应了这一趋势。 更为亮眼的是盈利表现：经调整净利润从2023年的6.0亿元大幅跃升至2024年的11.6亿元，增幅接近翻倍，这清晰地表明其增长动力已从单纯的规模驱动，切 换至更具质量的盈利驱动，2025年1—9月，利润就达到了9.4亿元，2025全年的利润更值得期待。 （图 / 摄图网，基于VRF协议） 另外 ...

Core Viewpoint - Junlebao Dairy Group has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, highlighting its strong market position and comprehensive competitive strength in the dairy industry after 30 years of operation [1] Financial Performance - Junlebao's total revenue is projected to grow from RMB 17.5 billion in 2023 to RMB 19.8 billion in 2024, with RMB 15.1 billion achieved in the first nine months of 2025, indicating steady revenue growth [3] - Adjusted net profit is expected to rise from RMB 600 million in 2023 to RMB 1.16 billion in 2024, reaching RMB 940 million in the first nine months of 2025, with adjusted net profit margin increasing from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [3] Market Coverage and Distribution - Junlebao's sales network covers all 31 provincial-level administrative regions in China, penetrating approximately 2,200 districts and counties, which accounts for about 77% of the total county-level administrative regions [4] - The company has established long-term stable partnerships with over 5,500 distributors and has successfully penetrated various retail channels, including supermarkets, convenience stores, and e-commerce platforms [4] Focus on Low-Temperature Liquid Milk - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in China's dairy market, with Junlebao leading this growth [6] - Junlebao's "Yuexianhuo" brand has achieved a 24.0% market share in the high-end fresh milk market, while the "Jianchun" brand has become the leading brand in the low-temperature yogurt category [6] Integrated Supply Chain and Innovation - Junlebao operates a fully integrated supply chain, with 33 modern owned farms and 20 dairy production facilities, achieving a self-sufficiency rate of 66% for milk sources, ranking first among large comprehensive dairy enterprises in China [7] - The company has established a leading research platform, collaborating with top research institutions and universities to drive product innovation and ensure high-quality standards [7] Industry Opportunities and Future Growth - The Chinese dairy market is projected to reach RMB 653.5 billion by 2024, with significant growth potential as per capita consumption remains below the global average [8] - Junlebao's upcoming listing aims to raise funds for factory upgrades, channel expansion, research innovation, and digital transformation, which will strengthen its competitive advantage in the industry [8]

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Insights - The liquor sector is currently experiencing a phase of "supply optimization and weak demand recovery," with inventory reduction ongoing during the Spring Festival cycle. Moutai's performance in terms of volume and price has shown continuous improvement before the festival, and the trend of exchanging price for volume is expected to accelerate inventory reduction [2][7] - The demand for consumer goods is expected to gradually recover, with the Spring Festival stocking period potentially leading to a strong start to the year. Recommended companies include Ganhe Weiye, Guizhou Moutai, Guoquan, Mengniu Dairy, Angel Yeast, Wuliangye, Wancheng Group, Anjixin Food, Qiaqia Food, Babi Food, Ruoyu Chen, Dongpeng Beverage, Shanxi Fenjiu, and Kuaijishan [2][7] Summary by Sections Dairy Products Supply and Demand Trends - The deep processing and low-temperature liquid milk sectors are driving structural prosperity in the dairy industry. The price of raw milk has stabilized, indicating an approaching supply-demand inflection point. The total sales scale of various dairy products in China for 2024 is estimated to be approximately 653.5 billion yuan, with liquid milk at 355 billion yuan, milk powder at 176.6 billion yuan, and other dairy products at 121.9 billion yuan. While liquid milk and milk powder are expected to decline year-on-year, other dairy products (such as cheese and cream) are projected to continue growing, with growth in other dairy products expected to outpace that of liquid milk and milk powder over the next five years [4][18] - The per capita consumption of dairy products in China for 2024 is estimated to be about 40.5 kg per person per year, indicating significant room for improvement compared to the world average and other developed economies [20] - The consumption scale of chilled and ambient liquid milk in 2024 is projected to be 265.3 billion yuan and 89.7 billion yuan, respectively. The penetration rate of chilled milk is expected to rise to over 30% by 2029, up from 25% in 2024 [22] Market Review - Since the beginning of 2026, the Food and Beverage (Yangtze River) Index has risen by 4.88%, outperforming the CSI 300 Index, which has increased by 0.29%. This performance is primarily driven by the liquor, seasoning, and soft drink sectors due to the stocking effect of the Spring Festival [6][35] - The white liquor sector continues to show improvement in sales dynamics, with high-end liquor performing the best. The overall market is expected to benefit from the ongoing inventory reduction and the gradual recovery of demand [7][35]

全国化基地网络成型，覆盖多区域产业布局 君乐宝在产业布局上的全国化战略已取得显著成效，目前已在华北、华东、华中、华南、西南、西北、 东北等区域建成规模化的乳制品研发生产基地与奶牛养殖牧场。这一布局不仅打破了区域限制，实现了 原料奶的就近供应与产品的快速配送，还能根据不同区域消费者的口味偏好与需求特点，灵活调整产品 生产与投放策略。例如，在华东地区，君乐宝加大低温鲜奶的供应力度，契合当地消费者对新鲜乳制品 的需求。在华北地区，依托成熟的牧场资源，重点保障婴幼儿奶粉的原料供应稳定性。 从数据来看，君乐宝的全国化基地布局已形成规模效应。其奶牛存栏量位居行业前列，奶源自给率位居 中国大型综合性乳制品公司首位，有效降低了外部原料波动对生产的影响。 2026年1月19日，中国乳业领军企业君乐宝乳业集团正式启动港股上市进程，向香港联交所提交主板上 市申请。历经三十年深耕，君乐宝已构建起从源头到终端的全产业链一体化模式，并形成多元品牌协同 发展的格局，在多个高增长细分领域占据领先地位，跻身行业前列。据介绍，全产业链一体化运营是君 乐宝持续发展的战略基石，覆盖种植、养殖、加工等关键环节，通过系统协同保障产品品质与供应稳 定，支 ...

Core Insights - The event "Perceptible High-Quality Exploration Hui (Beijing Station)" successfully showcased innovative products from Yili Group's yogurt division, highlighting the company's differentiated strategy in the health yogurt sector [1] - Yili's new products include the "Grassland Big Milk Bucket" yogurt featuring the unique Yilife-SST 01 strain from Hulun Lake, and the Lemon Oat Pearl yogurt, both emphasizing regional culture and refreshing taste [1][2] Product Innovations - The "Grassland Big Milk Bucket" yogurt is designed with a core concept of "eating yogurt with a spoon, tasting the grassland flavor," utilizing a traditional strain that embodies the essence of the grassland [1] - The product combines traditional milk boiling wisdom with modern fermentation technology, resulting in a rich and immersive grassland flavor experience [1] - The Lemon Oat Pearl yogurt offers a unique "five-layer" taste experience, including fresh lemon aroma, smooth fermented yogurt, sweet and sour lemon pulp, chewy oat pearls, and fragrant lemon peel [2] Market Positioning - Yili's new products reflect the company's "perceptible high quality" product strategy, aiming to meet diverse consumer needs through technological innovation and quality control [2] - The introduction of these products is expected to drive high-quality development in China's yogurt industry, with a focus on consumer preferences and health benefits [2]