Core Viewpoint - The company is focusing on leveraging its location advantages in Shanghai to strengthen its local market share through product innovation, channel expansion, and brand enhancement [1][2]. Product Strategy - The company plans to launch new products such as Youbei 5.0 ultra-fresh milk and nanofiltration high-protein products to diversify its product offerings and meet consumer demands [1]. - Upgrading basic products is aimed at enhancing competitiveness and stabilizing existing market share [1]. Channel Strategy - The company is adopting a combined direct sales and distribution model, deepening multi-channel cooperation [2]. - Customized collaboration plans are being developed for the ToB segment to meet personalized procurement needs [2]. - Strengthening online channels through direct e-commerce matrix construction and optimizing store operations to enhance consumer shopping experience [2]. Brand Strategy - The company is enhancing brand influence through cross-industry collaborations, celebrity endorsements, and cultural IP partnerships [1]. Industry Outlook - The dairy industry is currently affected by fluctuations in raw milk prices and changes in market demand, but the long-term positive fundamentals remain unchanged [1]. - The consumption structure of dairy products is expected to improve, with high-quality products that are fresh, nutritious, and healthy gaining consumer preference [1]. - The industry is anticipated to achieve high-quality development amid adjustments [1]. Employee Engagement - The company has been enhancing its incentive mechanisms and increasing motivation to maximize employee engagement and creativity [2]. - A focus on creating an efficient communication mechanism and providing good development opportunities aims to enhance employee satisfaction and sense of belonging [2].

编辑 李严 校对 付春愔 新京报讯（首席记者郭铁）"让美好发声"伊利公益美好周互动体验展日前在北京798的UCCA尤伦斯当 代艺术中心启幕。展览通过"看见、听见、在场"3个环节，展现伊利在公益领域的长期行动与成果。同 时，展览融入4位艺术家的互动作品，让观众体验公益力量。 据伊利集团可持续和社会价值副总裁乔璐介绍，此次展览以"让美好发声"为主题，希望汇聚每个参与者 心中的善意火花，打破个体与公益间的距离感。世界动画协会中国分会成员何文文与设计师黄松晟以 《无声的告白》，鼓励失语者勇敢表达自身的美好，并通过虚拟与现实交织的空间，让每一句无声的告 白"发声"。雕塑艺术家、中国雕塑家协会会员刘宝亮的作品《我在现场》，打造了一场由废墟与鲜花构 筑的蒙太奇叙事。灯光艺术家刘洋的作品《彼时此刻》，以日常物与多媒体融合，构建出一个意境美好 的诗意空间，并借助AI（人工智能）技术创作了"一老一小"两位女性的生命影像与声音，让人沉浸"彼 时"与"此刻"的共存。 在伊利公益美好周互动体验展上，"伊利方舟""伊利营养2030""伊利童梦同宇""老年营养改善工程""伊利 家园行动""自然灾害救助"等公益项目集中呈现，将伊利覆盖"一老 ...

Core Viewpoint - Li Ziyuan has terminated a planned investment of 200 million yuan in a dairy beverage production line in Yunnan, citing "land planning and industrial planning" as reasons, while industry insiders believe it is related to declining revenue and underutilization of existing capacity [1][2] Group 1: Project Termination - The terminated project was planned since 2022, involving the construction of three sterile filling production lines for dairy beverages with a total investment of approximately 200 million yuan [2] - The termination was officially announced on September 12, 2023, through an agreement with the local government, emphasizing the need to optimize resource allocation and reduce investment risks [2] Group 2: Capacity and Utilization - As of last year, Li Ziyuan's total production capacity across five factories was 375,900 tons, with an actual utilization of 248,800 tons, resulting in a capacity utilization rate of only 66% [1][4] - The company has ongoing projects with a planned investment of 1.58 billion yuan, aiming to increase total capacity to 592,600 tons by 2029, representing a 58% increase compared to 2024 [3] Group 3: Revenue and Market Challenges - The core revenue source for Li Ziyuan, dairy beverages, has faced significant pressure, with revenue for this segment declining by 11.19% year-on-year to approximately 583 million yuan in the first half of 2025 [4] - The company is attempting to diversify its product offerings, including new products like AD calcium milk and vitamin water, to mitigate reliance on a single category [5] Group 4: Strategic Shift to Milk Powder - Li Ziyuan plans to invest 320 million yuan in a new project in Ningxia to produce whole and skim milk powder, indicating a strategic shift to explore a "second growth curve" [1][5] - The milk powder market is highly competitive, with established players like Yili and Mengniu already present, raising concerns about Li Ziyuan's ability to penetrate this market effectively [5]

Summary of Key Points Core Viewpoint - Mengniu Dairy has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2]. Share Buyback Details - On September 23, 2025, Mengniu Dairy repurchased 700,000 shares at a price range of HKD 14.630 to HKD 14.820, totaling HKD 10.27 million [2]. - The stock closed at HKD 14.630 on the same day, reflecting a decrease of 2.73%, with a total trading volume of HKD 403 million [2]. - Since September 10, 2025, the company has conducted buybacks for 10 consecutive days, acquiring a total of 2.518 million shares for a cumulative amount of HKD 37.91 million, during which the stock has also seen a decline of 2.73% [2]. - Year-to-date, Mengniu Dairy has executed 82 buybacks, totaling 20.568 million shares and an aggregate amount of HKD 341 million [2]. Buyback Transaction Table - A detailed table of buyback transactions shows the number of shares repurchased, highest and lowest prices, and total amounts for each transaction from September 1 to September 23, 2025 [2][3][4].

【文 观察者网 周远方】9月中旬，东北—华北的大片玉米陆续进入蜡熟期：乳白线在玉米籽粒1/2以 上，轻捏玉米粒和粉碎后的青贮料，手感湿润却挤不出水，正是做青贮的黄金窗口。 牧场信息工作人员从地头回来，实时监督着田间玉米的留茬高度、切割长度、籽粒破碎程度等关键数据 及时回传；4小时内，这些连棒带叶的整株玉米将被压进密封窖。 在1000公里外的东北黑土地，相似的场景同步发生，在去年收储60多万吨青贮的基础上，认养一头牛今 年的总收青贮量进一步增加十几万吨，其中东北占比超40%。 发酵2个月左右，就成为超10万头奶牛越冬的最佳营养口粮。 9 月 23 日，抢收依然紧锣密鼓地进行着，农民们迎来丰收节。《人民日报》评论，稳固大国粮仓、端 牢中国饭碗，必须靠技术吃饭。 政治局7月末会议再次强调的"纵深推进全国统一大市场"，在这里有了具体的模样： 东北黑土地的蜡熟玉米、山东-河北的灌装工厂、杭州的算法、九大RDC物流仓、云上电商、全国零售 渠道的货架——被同一串数据串进一本账。 一、一杯黑土牛奶的"全国统一大市场"接力 一杯从黑龙江安达出发的 A2 β-酪蛋白有机纯牛奶，20 天左右就能抵达全国货架。 以安达有机牧场为 例 ...

Group 1 - The company New Dairy (002946) reported that as of September 19, 2025, the total number of shareholders is 17,459 [1]

证券日报网讯阳光乳业（001318）9月23日在互动平台回答投资者提问时表示，截至2025年9月20日，公 司股东为27010户。 ...

Group 1 - The company, Mengniu Dairy (02319), announced a share buyback plan, spending HKD 10.27 million to repurchase 700,000 shares [1] - The buyback price per share ranged from HKD 14.63 to HKD 14.82 [1]

Core Viewpoint - Mengniu Dairy (02319) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 700,000 shares at a total cost of HKD 10.27 million [1] - The buyback price per share ranges from HKD 14.63 to HKD 14.82 [1]

Core Viewpoint - The event "Let Beauty Speak" organized by Yili Group and the "Sustainable Social Value Ecosystem" aims to merge art and public welfare, showcasing the company's long-term commitment to social responsibility and sustainable development [1][2][3]. Group 1: Event Overview - The exhibition features three interactive segments: "See, Hear, Be Present," highlighting Yili's public welfare actions and achievements [2]. - The event is supported by various organizations, including the China Red Cross Foundation and Tencent, emphasizing collaboration in amplifying the impact of public welfare [1][3]. Group 2: Artistic Contributions - Four artists presented interactive works that express public welfare, encouraging audience engagement and emotional connection to the cause [4]. - The artworks include "Silent Confession" by He Wenwen and Huang Songsheng, which encourages the voiceless to express their beauty, and "I Am Present" by Liu Baoliang, showcasing beauty through a montage of ruins and flowers [4]. Group 3: Public Welfare Initiatives - Yili's public welfare projects, such as "Yili Ark," "Yili Nutrition 2030," and "Elderly Nutrition Improvement Project," were showcased, illustrating the company's comprehensive approach to social responsibility [5]. - The "See" exhibition area featured smiling faces of children and the elderly, embodying the tangible impact of Yili's public welfare efforts [5]. Group 4: Collaborative Efforts - Yili has established the "Sustainable Social Value Ecosystem" with partners like Tencent and Lenovo, aiming to enhance social value through cross-sector collaboration [6]. - As of now, the ecosystem has grown to include 45 member organizations, indicating a robust network for driving sustainable actions [6][7].