转自：前瞻产业研究院 行业主要上市公司：光明乳业(600597);伊利股份(600887);妙可蓝多(600882);天润乳业(600419);新乳业 (002946);三元股份(600429);燕塘乳业(002732)等 本文核心数据：奶酪产业链;奶酪产业全景图谱;成本结构; 奶酪产业链全景梳理 奶酪产业链较长，贯穿第一产业、第二产业、第三产业。奶酪产业链上游主要是奶源的供给以及添加的 成分，其中奶源供给主要涉及奶牛养殖以及原料奶采集;添加成分主要包含天然奶酪的凝乳酶、乳酸发 酵产品以及再制奶酪中的乳化盐等。中游主要是天然奶酪和再制奶酪的生产，目前我国主要是再制奶 酪。下游则为餐饮端和零售端，其中餐饮端主要应用于西式餐厅、新式茶饮、烘焙等，零售端主要通过 线上的电商、线下的商超、便利店等销售渠道流入消费者手中。 从奶酪产业链主要参与者来看，牧业集团是上游奶源供给商，其一般包含奶牛养殖和原料奶供应，我国 上游奶源供应商主要有优然牧业、现代牧业、越秀辉山、乐源牧业、澳亚牧场、首农畜牧、原生态牧业 等;添加成分供应商主要有潍坊英轩、柠檬生化、金禾集团、天津东大、金丹科技等。中游为奶酪生产 商，国内参与者主要有蒙牛 ...

Core Insights - The article highlights Beiyinmei's participation in the Shanghai CBME 2025 exhibition, showcasing a comprehensive range of products aimed at providing solutions for parenting, nutrition, and health for families [1][5] - Beiyinmei is focusing on creating a second growth curve centered around family needs, expanding into new product categories such as children's formula, adult nutrition, and hygiene products [1][9] Product Highlights - The "Kawaii Xin" infant goat milk formula targets babies with cow's milk protein and lactose intolerance, made from 100% fresh goat milk with a 95% absorption rate of micronized small molecules [2] - The "Ai Jia Yu Yuan" series of infant goat milk formula also uses 100% fresh goat milk and includes various beneficial nutrients aimed at enhancing brain and gut health [3] - The "Quanneng You+" adult nutritional powder provides six major nutrient categories and 38 nutrient elements, supporting gut health with added probiotics and dietary fibers [4] Quality Assurance and Innovation - Beiyinmei emphasizes strict quality control across its supply chain, sourcing milk from the high-quality Shaanxi region and utilizing advanced manufacturing technologies to preserve nutritional value [3] - The company has established a robust R&D framework, holding 20 patents for its milk powder formulations and continuously innovating to meet market demands [12] Strategic Direction - Beiyinmei is adapting to the declining birth rate by shifting its strategy to focus on family-oriented products, aiming to capture a larger market share in the adult nutrition segment [9][11] - The company is leveraging its 30 years of experience in infant formula to expand into adult nutrition, with this segment currently accounting for 8% of its total milk powder revenue [11] Market Performance - In 2024, Beiyinmei's sales in children's powder and rice flour categories increased significantly, with rice flour revenue growing by 111.09% to 87.11 million yuan [10] - The overall revenue for Beiyinmei reached 2.773 billion yuan, marking a 9.7% increase, with net profit rising by 116.92% to 103 million yuan [13] Future Outlook - The company sees substantial growth potential in the high-quality infant and child product market, particularly as demand shifts from urban to rural areas [14] - Beiyinmei plans to continue enhancing its product offerings and expanding its market presence through digital and new retail strategies [13][14]

具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买二、卖三，合计买入金额2155.04万 元，卖出金额3913.08万元，合计净卖出1758.04万元。 资金流向方面，今日该股主力资金净流出1.53亿元，其中，特大单净流出1.18亿元，大单资金净流出 3539.64万元。近5日主力资金净流入1.36亿元。（数据宝） 皇氏集团今日下跌7.42%，全天换手率37.07%，成交额10.53亿元，振幅15.42%。龙虎榜数据显示，机构 净卖出1758.04万元，营业部席位合计净卖出5242.52万元。 深交所公开信息显示，当日该股因日振幅值达15.42%、日跌幅偏离值达-7.78%上榜，机构专用席位净卖 出1758.04万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.50亿元，其中，买入成交额为9016.18 万元，卖出成交额为1.60亿元，合计净卖出7000.55万元。 皇氏集团7月18日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 中国银河证券股份有限公司北京中关村大街 ...

百菲乳业主要从事乳制品和含乳饮料的研发、生产与销售，产品包括以生水牛乳、生牛乳为主要原料的灭菌乳、调制乳、发酵乳、巴氏杀菌乳和含乳饮料 等。 简单·科普一下，我们平时喝到的牛奶，绝大部分都是"荷斯坦牛"产的——就是那种黑白相间的花奶牛，也是我们印象中最经典的奶牛样子。而水牛奶，也 就是水牛产的奶。水牛奶算得上是世界上第二大奶源，占全球牛奶总产量的12%，主要产地在南亚——世界上有80%的水牛奶来自印度和巴基斯坦，国内主 要来自广西省。 小财米 洛溪/文 广西百菲乳业股份有限公司（以下简称百菲乳业）于2025年6月13日正式被上交所主板IPO受理，开启二度冲刺沪市主板。此前曾于2023年6月向广西证监局 进行上市辅导备案，首次向沪市主板发起冲刺，后于2024年6月挂牌新三板，并在挂牌两个月后宣布转战北交所，但时隔半年后又撤回北交所上市申请。在 资本市场上兜兜转转两年，百菲乳业如今再次将上市希望寄托于沪市主板。 但是乳企上市难度依然很大，分析人士称主板改革后，主要突出大盘蓝筹特色，重点支持业务模式成熟、经营业绩稳定、规模较大、具有行业代表性的优质 企业。所谓"大盘蓝筹"，是指上市公司在市场中有一定垄断性的市场潜力 ...

以下文章来源于快消 ，作者不浪费读者时间的 快消 . 快消行业核心圈层聚集地，有价值，有温度，有洞见，不浪费读者时间。 突然合并 根据这封内部邮件，恒天然大中华区将合并消费品牌部和餐饮服务部，组建一个统一的团队。至于，为什么合并？邮件列出了几个 关键原因： 作者 丨木木 编审丨枳子 刚刚，恒天然大中华区通过一封内部邮件宣布，将把安佳消费品团队与专业餐饮（AFP）团队合二为一。 这一"操作"的背后，隐藏 着恒天然对中国市场的思考，也反映出我国乳制品行业新一轮的暗流涌动。当然，此举对恒天然中国团队士气和人员稳定也会带来 一定程度的影响。 首先是品牌策略考虑。 去年11月起，恒天然集团宣布启动全球消费品牌业务的剥离计划，准备将包括安佳（Anchor）在内的消费品板块打包出售或上市。 这一消息曾让中国团队忧心忡忡：万一消费品业务被剥离出去，"安佳专业餐饮"（AFP）还留在恒天然体系内，同样叫"安佳"，岂不 让消费者和客户一头雾水？ 换句话说，如果安佳品牌一分为二，一个卖给消费者、一个服务餐饮客户，品牌混淆难以避免。与其如此，不如干脆在中国"不拆 了"——安佳在中国仍由恒天然掌控。 然后是渠道高度重叠。 咨询公司贝恩（ ...

Core Viewpoint - The article emphasizes the importance of selecting the right infant formula for newborns, balancing nutritional richness with ease of digestion to support healthy growth and development [1][4][12]. Nutritional Aspects - Newborns have immature digestive systems, making them prone to issues like diarrhea and constipation, which necessitates careful selection of formula to avoid nutritional overload [3][4]. - The recommended formula should be rich in nutrients that cover all aspects of a baby's growth, with a scientific balance rather than just a simple accumulation of ingredients [4][12]. - The recommended product, Kabrita Yoghurt Goat Milk Formula, contains 388 types of natural nutrients and 41 formula nutrients, with specific ratios like GOS:FOS=9:1 and DHA:ARA=1:1.38, designed to closely mimic breast milk [4][6]. Digestibility and Absorption - Kabrita Yoghurt Goat Milk Formula features smaller protein molecules and fat globule diameters, along with natural A2 protein, which enhances digestibility and reduces the risk of gastrointestinal discomfort [6][10]. - The formula has upgraded OPL content by 30%, which is known for its efficient absorption and maintaining gut microbiota balance, making it particularly suitable for Chinese infants [6][10]. - Clinical studies show significant improvements in digestive comfort for infants fed with Kabrita, including an 87% reduction in bloating and an 80% reduction in diarrhea [7][12]. Allergy Considerations - The article highlights the high incidence of allergies in infants, with a reported occurrence rate of 41%, making low-allergen formulas essential [9][10]. - Kabrita Yoghurt Goat Milk Formula has a lower content of allergenic proteins compared to cow's milk and includes an upgraded "Anmiyuan" whey protein to further reduce allergenic potential, leading to a 42% decrease in sensitivity among infants [10][12]. Conclusion - Overall, Kabrita Yoghurt Goat Milk Formula is presented as an ideal choice for newborns, offering a well-rounded nutritional profile, excellent digestibility, and low allergenic properties, aligning with the core needs of infants for their first formula [12][13].

热点板块：展望 7 月 A 股，可能仍是事件驱动的主题性行情，但板块间将出现高低切换。6 月末创 新药和银行等热门板块出现震荡回调，但 TMT、先进制造等板块开始超跌反弹，虽然 7 月预计仍是事 件驱动的主题性行情，但板块高低切换却是大概率事件。1）促进消费扩大内需是 2025 年的重点任务， 虽然大消费方向年报和一季报表现相对平淡，但市场对后续政策对冲仍有期待，这将是 2025 年大消费 方向的重要看点。关注乳制品、IP 消费、休闲旅游、医美等基本面景气度较高的板块。2）机器人国产 化和走进老百姓生活依然是 2025 年比较确定的趋势，机器人产品将从人形机器人向四足机器人、功能 型机器人扩展。以此带来的传感器、控制器、灵巧手等板块的阶段性机会将会反复出现。7 月特斯拉将 公布财报，且市场预期特斯拉人形机器人版本有可能更新，或将成为机器人板块新催化剂。3）半导体 国产化仍是大势所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC 设计等。4）军工板块 2025 年存在订单回升的预期，大部分军工子板块如地面装备、航空装备、军工电子等一季报已经出现触底迹 象。5）创新药经历了近 4 年的调整后逐步迎来收获期，自 ...

在2024财年，恒天然原料业务营收35.98亿新西兰元（约合人民币153.38亿元），税后利润为1.28亿新西 兰元（约合人民币5.46亿元）；餐饮服务业务营收23.77亿新西兰元（约合人民币101.33亿元），税后利 润为2.99亿新西兰元（约合人民币12.75亿元）；消费品业务营收3.94亿新西兰元（约合人民币16.8亿 元），税后利润为亏损1500万新西兰元（约合人民币6394.5万元）。 从此种结构来看，餐饮业务堪称恒天然的利润奶牛。 21世纪经济报道记者贺泓源、实习生李晴 报道 恒天然大中华区正在进行一轮调整。 据媒体报道，2025年7月16日，恒天然大中华区宣布，将消费品牌团队与餐饮服务团队进行合并。该公 司表示，此举旨在优化业务运营，并推动更大的协同效应。 在中国市场，恒天然餐饮服务业务通过"安佳专业餐饮"品牌供应超高温灭菌奶油、奶油奶酪、黄油和奶 酪等产品；消费品牌业务旗下则拥有安佳、安怡、安满等知名乳制品品牌。 从业务规模来看，恒天然餐饮服务业务远高于消费品牌业务。 "奶酪原料和设备的国产化，把国产奶酪的成本打下来了。餐饮是目前奶酪行业最大的市场，国产品牌 空间很大。"有国产奶酪品牌创始人对 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is positioned to lead in the low-temperature dairy market, with a focus on enhancing profitability through strategic initiatives and product innovation [2][23] - The overall dairy industry in China is experiencing a downturn, but low-temperature dairy products are gaining traction due to their freshness and functional benefits, indicating a shift in consumer preferences [2][10] - The company aims for double-digit compound annual growth in revenue from 2023 to 2027, with a target to double its net profit margin [2][45] Industry Overview - The dairy industry in China is under pressure, with a projected decline in the milk and yogurt market from 2022 to 2024, with a compound annual growth rate of -4.18% [9] - Low-temperature dairy products are outperforming their ambient counterparts, with their market share increasing from 29.97% to 33.82% for yogurt and from 16.53% to 16.91% for fresh milk between 2021 and 2023 [2][18] - The competitive landscape for low-temperature dairy is relatively fragmented, with significant room for market concentration compared to the high concentration in ambient dairy products [2][21] Company Overview - The company is projected to achieve a revenue of 10.665 billion in 2024, with a product matrix that includes both ambient and low-temperature dairy products [2][25] - The company has established a national presence through three rounds of acquisitions, differentiating itself from major competitors like Yili and Mengniu [2][29] - The company operates 52 subsidiaries and has a diverse brand portfolio under the "New Hope" umbrella, optimizing resource allocation across its brands [2][25] Growth Drivers - The company is expected to achieve revenue and profit growth in 2023-2024, driven primarily by the performance of low-temperature products [2][58] - The company maintains a strong focus on high-quality milk sources, with approximately 60% of its supply coming from self-owned and joint-venture sources [2][64] - The DTC (Direct-to-Consumer) channel is a core strategic focus, with plans to increase its contribution from 15% to 30% by 2027 [2][78] Profitability Enhancement Path - The company's net profit margin is expected to improve primarily due to an increase in gross margin, supported by an optimized cost structure [2][83] - The company has consistently achieved a double-digit revenue contribution from new products, indicating a strong innovation pipeline [2][68] - The gross margin is projected to rise as the company continues to enhance its product mix and optimize operational efficiencies [2][84]

一层奶皮，搅动千亿酸奶市场， 从北京胡同到成都巷弄。 文 ｜ MISU 来源｜ 第一餐饮咨询（ID：dycyzxgz) 封面来源 ｜ @紫光园奶皮子酸奶 一层奶皮，搅动千亿酸奶市场，从北京胡同到成都巷弄，这款"新晋网红"正以日均40万杯的销量重塑餐饮业产品创新逻辑。 以下文章来源于第一餐饮资讯 ，作者MISU 第一餐饮资讯 . 专注餐饮及餐饮供应链的行业主流媒体 奶皮子酸奶正以燎原之势席卷全国餐饮市场，它顶部覆盖着淡黄色的厚实奶皮，底下是浓稠的酸奶，口感被网友描述为"形似乳酪，像慕斯蛋糕"。短短一年 间，从北京老字号到连锁茶饮，从火锅店到社区小店，这款产品已成为餐饮行业的现象级爆品。 一层奶皮搅动千亿市场 从烘焙赛道的北京鲍师傅到中餐品牌旺顺阁，从头部餐饮大佬海底捞到披萨自助品牌比格比萨，再到酸奶饮品赛道的茉酸奶等，众多知名品牌都陆续上新奶 皮子酸奶。 据公开报道，紫光园的奶皮子酸奶在2024年国庆假期期间日销12万杯，2025年春节日销售量更是突破40万杯；味多美2024年11月26日-2025年3月，奶皮子 酸奶销量破200万杯。 这款产品的成功并非偶然。 在当下追求健康化与配方透明化的饮品市场，奶皮子酸 ...