Core Points - The stock price of Miaokelan has increased by 5.15% on October 15, reaching 27.38 CNY per share, with a trading volume of 346 million CNY and a turnover rate of 2.55%, resulting in a total market capitalization of 13.965 billion CNY [1] - Miaokelan's stock has risen for three consecutive days, with a cumulative increase of 7.07% during this period [1] Company Overview - Shanghai Miaokelan Food Technology Co., Ltd. was established on November 29, 1988, and listed on December 6, 1995 [1] - The company specializes in the research, development, production, and sales of dairy products, primarily focusing on cheese, which accounts for 83.20% of its main business revenue [1] - Other revenue sources include trade (8.94%), liquid milk (7.29%), and other products (0.57%) [1] Fund Holdings - According to data, one fund under the Fortune Fund has a significant holding in Miaokelan, specifically the Fortune SSE Index ETF Link A/B (100053), which held 400 shares as of the second quarter, ranking as the sixth largest holding [2] - The fund has generated a floating profit of approximately 536 CNY today and 688 CNY during the three-day increase [2] - The Fortune SSE Index ETF Link A/B was established on January 30, 2011, with a current scale of 274 million CNY and a year-to-date return of 16.29% [2]

Core Viewpoint - The article highlights the launch of Feihe's new generation of infant formula, emphasizing its alignment with the nutritional needs of Chinese babies through scientific innovation and a focus on "fresh" and "active" nutrition [2][6][12]. Group 1: Product Innovation - Feihe has introduced a "Fresh Nutrition System," which aims to enhance the quality and effectiveness of its products by focusing on fresh milk sources, active ingredients, and innovative processing techniques [5][8]. - The company has established a "2-hour ecological circle" for rapid low-temperature transportation of fresh milk to factories, ensuring the preservation of active nutrients [8]. - Feihe's new products, such as Qicui and Jicui, are designed to replicate the nutritional ecosystem of breast milk, thereby better stimulating the potential of babies [13][16]. Group 2: Scientific Research and Development - Feihe has been a pioneer in clinical feeding research for infants since 2010, with its flagship product, Xingfeifan, showing growth and development effects comparable to breast milk [15][18]. - The company has developed a "Chinese Mother Source Bionic Formula," closely matching the composition of Chinese breast milk, including a high proportion of Sn-2 DHA for better nutrient absorption [16][18]. - Feihe's commitment to research is underscored by its participation in national projects and the establishment of the largest maternal and child health cohort in China [16][18]. Group 3: Market Position and Consumer Trust - Feihe has achieved the highest sales in the infant formula market in China for six consecutive years and globally for four years, reflecting strong consumer trust [18]. - The company has over 85 million mothers relying on its "Star Mom Club" for scientific parenting guidance, showcasing its commitment to supporting parents [18][20]. - Feihe's brand ambassador, Zhang Ziyi, emphasizes the company's dedication to meeting the real needs of mothers and providing tangible support [20][23].

Core Viewpoint - The impact of the baby boom in the Year of the Dragon (2024) on the infant formula market is gradually diminishing, leading to intensified competition among leading dairy companies, which are now focusing more on technological advancements rather than price wars [1][3]. Market Trends - In the first eight months of 2025, the overall sales of infant formula in China showed a growth of 1.6%, primarily driven by a 13.5% increase in Stage 2 formula, while Stage 3 formula sales declined by 6.5% [4]. - The sales of Stage 1 formula increased by 9.4%, but this growth rate was lower than that of Stage 2 [5]. Industry Dynamics - The birth rate in China reached 9.54 million in 2024, an increase of 520,000 from the previous year, marking a temporary recovery in the maternal and infant industry [5]. - Despite the market recovery, there are concerns about the sustainability of growth, as the momentum for Stage 1 and overall infant formula sales is beginning to weaken [5]. Competitive Landscape - Leading infant formula brands are leveraging their research and technological advantages to squeeze out smaller brands, with companies like China Feihe announcing new product upgrades aimed at precise nutrition [1][7]. - The number of registered formula series has decreased, but there is still room for market concentration to increase, with 93 dairy companies having 426 formula series registered by the end of August 2025 [7]. Future Outlook - Analysts predict that the competition pressure on infant formula companies will intensify in the second half of the year and into 2026, as the effects of the birth boom wane [6][7]. - The focus on research and brand investment by leading companies is expected to attract new consumers, further accelerating market consolidation and reshuffling [7].

Core Insights - The impact of the baby boom in the Year of the Dragon (2024) on the infant formula market is gradually diminishing, leading to intensified competition among major brands focusing on technological advancements rather than price wars [1] - Major infant formula brands, including China Feihe, are launching upgraded products aimed at precise nutrition, reflecting a shift in strategy to maintain market share amid concerns over insufficient recovery momentum [1][2] - Despite a temporary increase in newborn population and sales growth in certain segments, the overall growth momentum for infant formula is weakening as the newborn bonus fades [2][4] Industry Trends - Data from Nielsen IQ indicates that from January to August 2025, the overall sales of infant formula in China grew by 1.6%, primarily driven by a 13.5% increase in Stage 2 formula, while Stage 3 saw a decline of 6.5% [2] - The newborn population in 2024 reached 9.54 million, an increase of 520,000 from the previous year, contributing to a brief recovery in the maternal and infant industry [2] - Market observations suggest a renewed decline in sales, with increasing brand differentiation and competition pressures, particularly for smaller brands facing challenges from larger competitors [4][5] Competitive Landscape - Major brands are leveraging their research and development capabilities to further squeeze the market share of smaller brands, with a focus on differentiated products tailored to specific age groups and dietary needs [5] - The number of registered infant formula brands has decreased, but there is still potential for increased market concentration, with 93 companies having 426 formula series registered by August 2025 [5] - Analysts predict that the competitive pressure on infant formula companies will intensify in the coming months, with the sustainability of recovery for leading brands remaining uncertain [4][5]

Core Viewpoint - The company Jule Co., Ltd. has faced significant challenges in its IPO journey, including the recent suspension of its application due to expired financial reports and the death of its founder, Tong Enwen, marking its fifth failed attempt to go public [1][3]. Company Developments - Jule Co., Ltd. has appointed Gao Zhaohui as the new chairman following the death of Tong Enwen, who was also the founder and had a strong desire to take the company public [2][3]. - Gao Zhaohui, who has extensive experience in various well-known companies, is seen as a potential successor capable of continuing the company's IPO efforts [2][3]. Financial Performance - Jule Co., Ltd. has shown revenue growth from 2020 to 2024, with revenues of 9.94 billion, 14.21 billion, 14.72 billion, 15.62 billion, and 16.41 billion respectively, and net profits of 1.3 billion, 1.58 billion, 1.72 billion, 1.96 billion, and 2.32 billion [4]. - The company's R&D expenditures from 2022 to 2024 were approximately 630 million, 474.1 million, and 514.9 million, representing a low percentage of revenue at 0.43%, 0.3%, and 0.31% respectively, which is below industry averages [4]. Innovation and Compliance Issues - The North Exchange has raised concerns regarding Jule Co., Ltd.'s innovation capabilities, particularly questioning the company's independent R&D capacity and the relevance of its patents to its main business [5][8]. - The company has been criticized for its low R&D investment and lack of innovative products, which are essential for meeting the North Exchange's requirements for listing [8]. IPO Challenges - Jule Co., Ltd. plans to raise 5.52 billion through its IPO, but this amount has decreased by 8.11 billion from previous applications, raising questions about the necessity and rationale of the fundraising projects [8]. - The company’s production capacity utilization rates from 2022 to 2024 were 85.29%, 78.44%, and 84.49%, indicating that the company has not fully optimized its production capabilities [8].

Core Viewpoint - Jule Co., Ltd. has suspended its IPO application on the Beijing Stock Exchange due to the expiration of its financial report, marking the fifth failed attempt to go public, compounded by the recent death of its founder, Tong Enwen [2][4]. Group 1: Company Leadership Changes - Following the death of Tong Enwen, Gao Zhaohui has been elected as the new chairman and legal representative of Jule Co., Ltd., also taking on key roles in various board committees [3]. - Gao Zhaohui, who is Tong Enwen's son-in-law, has extensive experience in notable companies and has been viewed as a successor capable of continuing the company's strategic vision [3][4]. Group 2: Financial Performance - Jule Co., Ltd. has shown consistent revenue growth from 2020 to 2024, with revenues increasing from 994 million to 1.641 billion yuan, and net profits rising from 130 million to 232 million yuan during the same period [5]. - Despite the growth in revenue, the company's R&D expenditure has been low, with amounts of approximately 6.3 million, 4.741 million, and 5.149 million yuan from 2022 to 2024, representing only 0.43%, 0.30%, and 0.31% of revenue, respectively [5]. Group 3: Innovation and R&D Challenges - The Beijing Stock Exchange has raised concerns regarding Jule Co., Ltd.'s innovation capabilities, questioning the company's independent R&D capacity and the relevance of its patents to its core business [6]. - The company has been criticized for its low R&D investment compared to industry standards, which may hinder its ability to meet the exchange's requirements for innovation [8]. Group 4: IPO Application and Market Conditions - Jule Co., Ltd. plans to raise 552 million yuan through its IPO, but this amount has decreased by 811 million yuan from its last application, raising questions about the necessity and rationale of the fundraising projects [8]. - The company aims to invest 278 million yuan in the expansion of its production base, which is projected to generate annual revenues of 935 million yuan upon completion, with an internal rate of return of 24.77% [8].

Core Viewpoint - The company Jule Co., Ltd. has faced significant challenges in its IPO journey, including the recent suspension of its application due to expired financial reports and the death of its founder, Tong Enwen, marking the fifth failed attempt to go public [1][3]. Group 1: Company Developments - Jule Co., Ltd. has announced the election of Gao Zhaohui as the new chairman following the death of Tong Enwen, who was also the founder [2]. - Gao Zhaohui, who is Tong Enwen's son-in-law, has extensive experience in various well-known companies and has been with Jule Co. since 2011 [2]. - The company has established four specialized committees within its board, with Gao Zhaohui holding key positions in three of them [2]. Group 2: Financial Performance - Jule Co., Ltd. has shown revenue growth from 9.94 billion in 2020 to 16.41 billion in 2024, with net profits increasing from 1.3 billion to 2.32 billion during the same period [4]. - The company's R&D expenses have been relatively low, with figures of approximately 630 million, 474.1 million, and 514.9 million from 2022 to 2024, representing only 0.43%, 0.30%, and 0.31% of revenue respectively [4]. Group 3: IPO Challenges - The North Exchange has raised concerns regarding Jule Co.'s compliance with innovation and financial metrics necessary for listing, particularly questioning the company's R&D capabilities and the relevance of its patents [5][6]. - The company plans to raise 5.52 billion through its IPO, but this amount has decreased by 8.11 billion from previous applications, raising doubts about the necessity and rationale of the fundraising projects [8]. - The proposed investment of 2.78 billion for the expansion of the Chengdu dairy production base is expected to generate annual revenue of 9.35 billion, with an internal rate of return of 24.77% [8].

（文章来源：北京商报） 北京商报讯10月14日，飞鹤在京发布"新一代更适合"，并发布多款新品，为消费者带来更鲜活、更适合 的产品与服务。中国飞鹤总裁蔡方良表示，飞鹤"新一代更适合"，是从全产业链、母乳化配方、鲜活营 养、喂养效果四大维度的全面突破与升级。"63年坚守初心，我们迎来了新一代的更适合。我们始终以 科研创新夯实产业根基，为消费者带来更优质的产品、更安心的选择。"发布会上，飞鹤还公布全球独 创的"鲜活营养系统"，从鲜活奶源、鲜活原料到鲜活工艺实现系统性突破，真正将"鲜活营养"落到实 处。 ...

Core Viewpoint - The launch of "New Generation More Suitable" by Feihe Milk Powder emphasizes the company's commitment to developing products tailored to the physical needs of Chinese babies, showcasing significant advancements in research and product offerings [1][3]. Group 1: Product Innovation - Feihe has introduced a unique "Fresh Nutrition System," which focuses on fresh milk sources, raw materials, and production processes to enhance the nutritional quality of its products [5]. - The company has established a "2-hour ecological circle" for rapid low-temperature transportation of fresh milk to factories, ensuring the preservation of active nutrients [5]. - Feihe's new products, including Qicui and Jicui, aim to replicate the nutritional ecosystem of breast milk, enhancing the potential of infants [8]. Group 2: Research and Development - Feihe has been a pioneer in clinical feeding research for infants since 2010, with its flagship product, Xingfeifan, demonstrating growth and development outcomes comparable to breastfed infants [10]. - The company has developed a "Chinese Maternal Source Bionic Formula," closely aligning with the composition of Chinese breast milk, including a significant proportion of Sn-2 DHA [13]. - Feihe has received multiple authoritative certifications, including being the top brand in Chinese maternal source formula nutrition and infant formula patents [14]. Group 3: Market Position and Consumer Trust - Feihe has achieved the highest sales in the infant formula market in China for six consecutive years and globally for four years [14]. - The company has built a trusted platform, "Xingma Club," which provides scientific feeding guidance to over 85 million Chinese mothers [14]. - Feihe's commitment to addressing the needs of mothers has been recognized, with initiatives like "China Baby Day" and financial support for families [14][17].

Core Insights - Sunshine Dairy (001318) reported that as of October 10, 2025, the number of shareholders is 25,951 [1] Company Summary - The company is actively engaging with investors through interactive platforms [1] - The increase in the number of shareholders indicates growing interest and potential investment in the company [1] Industry Context - The dairy industry may be experiencing increased investor engagement, as reflected by the rising number of shareholders in companies like Sunshine Dairy [1]