一直以来，新西兰以其纯净的自然环境而闻名。作为一家拥有百年历史的新西兰乳品合作社，可持续发展深植于恒天然的DNA 中。我们致力于以一种关爱人、动物和环境的方式生产乳制品，并世代相传。 恒天然秉持可持续发展理念，从低碳牧场到工厂减排，从供应链优化到绿色赋能合作伙伴，以扎实举措践行可持续发展的理念， 为构建可持续未来贡献积极力量。 低碳牧场 制定绿色目标守护土地根基 2023年7月，恒天然承诺，到2030财年将其绝对范围1和范围2的温室气体排放量在2018财年的基础上减少50.4%*，并将范围3的 FLAG温室气体排放量在2018财年的基础上减少30%。** *目标范围包括土地相关排放和生物能源原料的清除。 **目标包括FLAG排放和清除。 2024财年，恒天然向AgriZero 再次投入5,000万新西兰元。通过共同合作，为农场甲烷减排的创新提供研发资金支持。 截止2024年12月，93%的恒天然新西兰牧场已经制定了牧场环境计划。 2024年1月。恒天然宣市投资预计3,600万新西兰元，在埃登代尔安装首个电极锅炉，这将使工厂的排放量减少20%。(每年减少 4,7500吨二氧化碳，相当于减少近2万辆汽车所产生的排 ...

IPO Dynamics - Green Tea Group Limited has initiated its IPO process, set to end on May 13, 2025, with plans to list on the Hong Kong Stock Exchange under the stock code "6831" on May 16, 2025 [3] - The company plans to issue a total of 168,364,000 shares, with 16,836,400 shares available for public offering in Hong Kong and 151,527,600 shares for international offering [3] - Green Tea Group ranks third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, indicating its market scale and strength for an IPO [3] Acquisition Dynamics - The Australian Competition and Consumer Commission (ACCC) has begun an informal assessment of Lactalis' proposal to acquire assets from Fonterra, with Rothschild acting as an advisor for Lactalis [5] - The ACCC is seeking public feedback on the acquisition, highlighting potential overlaps in raw milk procurement, dairy processing, and supply to food service businesses [5] - The acquisition could impact consumers and the market, as Lactalis may leverage its global network to enhance the visibility of Mainland Group's brands [5] Brand Dynamics - A Bathing Ape (Bape) has collaborated with singer JJ Lin to launch a limited edition series, coinciding with his concert tour [7] - The collection features three items designed in JJ Lin's favorite purple color, including a notable Bape Sta Color Camo Purple sneaker [7] - This collaboration is expected to create a new wave of demand due to the combination of Bape's streetwear appeal and JJ Lin's celebrity influence [7] Financial Data - Puma reported a 63.7% decline in EBIT for Q1 2025, dropping from €159 million to €57.7 million, with sales slightly increasing by 0.1% to €2.07 billion [22] - Sales in the Europe, Middle East, and Africa region grew by 5.1% to €891.7 million, while the Americas saw a 2.7% decline to €753.7 million, primarily due to poor performance in North America [22] - The Asia-Pacific region experienced a 4.7% sales decline to €430.5 million, with ongoing weakness in the Greater China market being a significant factor [22] - Pandora achieved a 7% organic sales growth in Q1 2025, with total sales reaching 7.35 billion Danish Krone, driven by an 18% increase in online sales [25] - The company maintains its forecast for 2025, expecting organic growth between 7% and 8%, with notable growth in the U.S. market at 11% [25] - European sales grew by 4%, with strong performances in mature markets like Spain and Portugal [25] Personnel Dynamics - Tory Burch has announced three management appointments, with Thibault Vilet becoming the new President for Asia-Pacific, Japan, Europe, and the Middle East [29] - Paolo Zullo has been appointed as the President for Europe and the Middle East, effective July 2025, overseeing retail, e-commerce, and distribution in the region [29] - Joshua Chen will join the brand, with Vilet continuing to report to CEO Pierre-Yves Roussel [29]

转自：北京日报客户端 作为北京产业资源近距离转移的"强磁场"、唱好京津"双城记"的试验田，地处"京津黄金走廊"重要节点 的天津市武清区又传捷报——今年一季度，武清区市场化引进北京协同项目10个，总投资47.7亿元。标 志着武清京津产业新城从承接疏解转向协同跃升。 武清京津产业新城一角。 去年5月从北京迁入武清京津产业新城的食品安全检测企业——西诺通科有限公司，仅用一年，营收实 现从200万元到2000万元的跨越。 走进武清区京津产业新城西诺通科实验室，研发人员正在攻关新型检测试剂，生产线上的检测试剂正在 高速封装。从租赁600平方米办公区起步，到如今拥有3600平方米研发生产空间，该公司以年增50%的 营收增速，已经成为伊利、蒙牛等乳业巨头的检测试剂供应商。 武清京津产业新城内的北京企业西诺通科有限公司外景。 "我们不仅将生产基地搬到了武清，还将这里作为总部来发展，如今，公司的研发中心、营销中心、生 产中心及国际贸易中心均设于此，可以说全链条扎根武清了。"该公司总经理吴迪说。 天津市政府最新出台《关于支持武清京津产业新城高质量发展的政策措施》，推出16条专项政策，从企 业落户到人才引进打出"组合拳"，助力武清 ...

Core Viewpoint - Xinjiang Tianrun Dairy Industry Co., Ltd. has reported significant declines in net profit, with a 69.24% drop in 2024 and a loss of 73.30 million yuan in Q1 2025, marking the lowest performance in nearly a decade [1][3][2] Financial Performance - In Q1 2025, Tianrun Dairy's revenue was 625 million yuan, down 2.5% year-on-year, with a net profit loss of 73.30 million yuan, a staggering decline of 1713.36% [2] - For the full year 2024, the company reported revenue of 2.804 billion yuan, a 3.33% increase, but net profit fell to 43.66 million yuan, a 69.26% decrease [3] - The decline in net profit is attributed to increased culling of low-yield cows and inventory impairment provisions for milk powder [2][3] Market Conditions - The dairy and cattle farming industries are facing challenges, with a 3.5% year-on-year decrease in national cattle inventory and a 12.3% drop in fresh milk prices in major producing provinces [2] - The company is experiencing a phase of oversupply in milk sources and intensified market competition, prompting it to optimize its core herd and explore new sales channels [2][3] Acquisition Impact - The acquisition of Xinjiang New Agricultural Dairy Co., Ltd. has significantly impacted Tianrun Dairy's profits, with a reported loss of 95.35 million yuan attributed to this acquisition in 2023 [4][5] - New Agricultural Dairy's performance has been poor post-acquisition, with losses continuing into 2024, further straining Tianrun Dairy's financials [5][6] Strategic Focus - Despite challenges, Tianrun Dairy's revenue from markets outside Xinjiang has shown growth, with 2024 figures indicating a 9.25% increase in revenue from these markets [7][8] - The company aims to leverage its advantages in Xinjiang's milk sources to build a robust product matrix and industry system [10]

Core Viewpoint - The infant formula market is entering a "fertility subsidy" phase, with major companies like Yili, Junlebao, and Feihe announcing substantial subsidies to support pregnant families [1][10]. Group 1: Subsidy Announcements - Yili has launched a 1.6 billion yuan fertility subsidy, providing eligible families with at least 1,600 yuan in benefits, including eight nutritional products and twelve parenting rights [1]. - Junlebao also announced a 1.6 billion yuan subsidy for eligible families, starting from May 15 [9]. - Feihe has committed 1.2 billion yuan in subsidies, with eligible families receiving at least 1,500 yuan starting from early April [1][5]. Group 2: Implementation Differences - Feihe's subsidy process is relatively straightforward, allowing families to receive products quickly after verification [5]. - Yili's process is more complex, requiring participation in offline classes and specific product selection based on timing, which may not meet the immediate needs of families [6][12]. Group 3: Market Dynamics - The infant formula market is experiencing a contraction, with Nielsen IQ reporting a 9.8% decline in offline sales in 2024 [11]. - Despite the overall market decline, Yili's infant formula segment has shown a double-digit revenue growth, with a 7.53% increase in total revenue [12]. - Feihe has also reported a 6% revenue growth in 2024, driven by high-end products, particularly the Star Flying series, which saw a 60% increase in sales [14]. Group 4: Competitive Landscape - The competition among dairy companies is intensifying, with many firms launching fertility subsidies as a promotional strategy [8][10]. - The high profit margins associated with infant formula make it a critical market for dairy companies, with Yili's infant formula segment achieving a gross margin of 41.02% in 2024 [15]. - Companies are expected to continue introducing high-end products to optimize their offerings in response to market conditions [15].

5月8日—10日，FBIF2025食品饮料创新论坛及FBIF食品创新展在上海举行。作为全球食品行业创新的 风向标，FBIF2025汇聚了众多行业精英与创新力量。乳业龙头伊利携最新创新技术与成果亮相，以实 际行动推动消费市场的活跃与发展。 消费既是经济循环的起点，也是终点，在近期世界经济波动的背景下，提振消费成为破局的关键，而高 品质的供给是其中关键一环。一直以来，伊利秉持"不创新，无未来"的理念，以消费者为中心推动全链 创新，致力于为消费者打造一杯健康美味的品质好奶。 号"时空穿梭列车带消费者体验美味产品 "伊利 从一棵草开始的"全链创新" 奶牛吃得好，奶才产得好。除了提升牧草品质，伊利在奶牛"饮食配方"上持续下功夫，以科学配比和精 准营养，提升奶牛的健康水平和产奶质量。如伊利在奶牛饲料中添加富含DHA的"裂壶藻粉"，让精选 的荷斯坦奶牛产出含有原生DHA的牛奶，每100ml就含有12mgDHA，为消费者提供天然美味的营养补 给。 从一棵草开始，伊利开展覆盖产业链上中下游的"全链创新"。在产业链上游，伊利运用创新理念提升奶 源建设和基础研发水平，通过营养调控技术，开发了一系列天然功能原料奶。在中游，伊利通过新 ...

截至2025年5月9日 10:02，中证主要消费指数(000932)上涨0.21%，成分股新诺威(300765)上涨2.41%，贝泰妮(300957)上涨1.73%，养元饮品(603156)上涨 1.62%，今世缘(603369)上涨1.59%，珀莱雅(603605)上涨1.57%。主要消费ETF(159672)上涨0.13%， 冲击5连涨。最新价报0.78元。 海通国际指出，近期资本市场热点纷呈：一是国内货币政策和财政政策进一步放松；二是贸易冲突由加码转向缓和；三是印度与巴基斯坦冲突爆发，中式武 器表现亮眼催化军工板块。另一方面必需消费板块需求增长缓慢，短期缺少基本面催化剂，政策面强刺激预期减弱，资金面也有被吸出的风险。但是从长期 看，中国资产重估逻辑依旧，经历贸易冲突和军备检验后更显价值。目前时点，我们的推荐顺序和组合不变，建议关注乳业（供给收缩先于需求改善）、软 饮料（稳增长前提下的高股息）和白酒（大资金流入的必配行业）。 主要消费ETF紧密跟踪中证主要消费指数，为反映中证800指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证800指数样本按中证行 业分类分为11个一级行业与35个二级 ...

Group 1 - The core idea of the report is to analyze the "Spring Showcase" event on Xiaohongshu, highlighting the surge in demand for new products and the strategies implemented to create popular items [1][7][19] - The report indicates that the new product sales during the event are concentrated in the first half of the year, particularly from March to April, with a notable increase in the sales proportion of new products [1][9] - User consumption levels and willingness to purchase clothing have significantly increased, with 60% of users expressing a desire to spend more on fashion items [12][11] Group 2 - Xiaohongshu has introduced various strategies to help merchants create popular new products, including platform subsidies, scene-based consumption activation, and collaborative content creation [1][19][18] - The report outlines a structured approach for merchants to publish notes in phases, focusing on style interpretation, outfit showcasing, and trending topics to enhance engagement and sales [1][24][26] - Successful case studies are presented, such as "XX Children's Clothing," which utilized high-quality notes to attract users and enhance conversion rates through community engagement [1][27]

Core Insights - In 2024, the company achieved a total revenue of 115.78 billion yuan, maintaining its position as the leading dairy company in Asia, with a net profit of 11.539 billion yuan, reflecting a year-on-year growth of 12.2% [1] - The company reported unexpected growth in both revenue and net profit in the first quarter of 2025, indicating strong operational performance [1] Business Performance - The liquid milk segment implemented various measures to navigate a complex market environment, focusing on quality as its strongest competitive advantage [3] - The company’s flagship products, such as the JinDian brand, have successfully positioned themselves in the organic market, with high-end products like JinDian active lactoferrin organic milk and JinDian Hulunbuir organic milk leading the quality upgrade [3] - The yogurt brand Anmuxi launched the world's first room-temperature active probiotic yogurt, enhancing its market share in the segment [3] - The company has partnered with Tongrentang to develop functional dairy products targeting specific consumer health needs, resulting in significant sales growth for new products [3] Market Trends - The low-temperature business segment has shown resilience, with new products like Changqing grain explosion yogurt and Gonglao colorful yogurt receiving positive market feedback, contributing to significant growth in low-temperature yogurt sales [4] - The JinDian fresh milk product has become a consumer favorite, leading to over 30% year-on-year revenue growth in the high-end low-temperature white milk category [4] - The company has successfully adjusted its inventory structure and product offerings, positioning itself for sustainable growth in the future [4] Overall Industry Position - The company’s liquid milk business generated 75.003 billion yuan in revenue in 2024, maintaining the highest market share in the industry [5] - The company’s overall performance across all product categories has established it as a leader in the industry, with rapid growth in milk powder and continued leadership in the ice cream segment [5]

Group 1 - The core theme of the upcoming event is "Digital Intelligence Elevation and Brand Resonance," focusing on the new trends and paths for brand development driven by technology [1][4] - The event will feature discussions among economists, brand experts, and executives from nearly 200 listed companies, highlighting the importance of AI and digital transformation in brand strategy [1][4][6] Group 2 - The "China Listed Companies Brand Value List" for this year showcases new characteristics and trends, with "Digital Intelligence Elevation" emerging as a potential keyword [4] - AI is reshaping the core logic of brand building, enabling brands to gain precise insights into consumer needs and enhance competitiveness through data-driven and intelligent tools [4][5] - Companies like Yili Group are leveraging digital transformation across their entire supply chain, resulting in significant operational efficiency and brand value growth [5] Group 3 - The event will include brainstorming sessions on various topics, such as the impact of IP shaping on brand influence and new observations in marketing during the era of traffic [6] - The discussions aim to explore new trends in brand resonance, share case studies, and convey new values within the context of digital intelligence [6]