作为飞鹤全龄营养产品的重要组成部分，Supernova飞鹤奶酪系列是专为儿童及青少年群体研发的健康 奶酪零食，能精准匹配少年儿童群体的高钙与优质蛋白需求，兼顾健康与便捷性，为中国青少年提供科 学配比、美味又安心的营养解决方案。 "营养美味，健康0添加"是Supernova飞鹤奶酪的共性，此次获奖的"创新产品"中，荣获"最佳奶酪"奖项 的飞鹤爱上吃菜乳酪专为不爱吃菜导致膳食纤维补充不足的儿童青少年研发，精选北纬47°黄金奶源带 的优质奶源，全脂乳粉添加量高达27%以上，另外还添加了20种冻干后研磨成粉的蔬菜和7种酶解成粉 的谷物，拥有高于国标4倍的高膳食纤维，全部为飞鹤自有产线研发生产。此外，爱上吃菜乳酪还获得 最佳包装设计推荐奖，这也意味着Supernova飞鹤奶酪在好吃、好看、有趣的定位上更进一步。荣获"最 佳乳制品零食"奖项的飞鹤高钙奶酪泡芙脆则是专为儿童精心设计的高钙零食，产品生产过程中使用非 油炸工艺，其中芝士味产品搭配14%丹麦芝士粉、玉米糁、蘑菇粉以及6%的益生元，含有天然乳钙， 让儿童青少年在吃零食的时候也能摄入所需营养。荣获"最佳奶酪推荐奖"的高纤黑巧乳酪则将奶粉、奶 酪、黑巧有机结合，完全不 ...

Group 1 - The company will hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on June 30, 2025, from 13:00 to 14:00 [1][2] - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted via video recording and online text interaction [1][2] - Investors can submit questions from June 23 to June 27, 2025, and the company will address commonly asked questions during the briefing [1][3] Group 2 - Key personnel attending the meeting include General Manager Chen Haifeng, Independent Director Jiang Linshu, Chief Financial Officer An Changlin, and Board Secretary Zhang Na [2] - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [2] - After the meeting, investors can view the main content and outcomes of the briefing on the Shanghai Stock Exchange Roadshow Center [3]

Core Insights - The Chinese cheese industry is rapidly evolving, transitioning from "domestic cheese production" to "cheese snacks" and "cheese in Chinese cuisine" [1][4] - The CEO of Miaokelando, Kuai Yulong, emphasizes that the shift from "drinking milk" to "consuming both milk and cheese" is an inevitable trend, indicating a high-quality "golden development period" for the cheese industry in China [1][5] Industry Growth Potential - The cheese industry in China has experienced significant growth, with retail channel cheese product sales growing at an average annual rate of 21% from 2015 to 2022, and restaurant channel sales growing at 12% [2][7] - Forecasts suggest that from 2022 to 2027, retail cheese products will grow at an average annual rate of 9%, while restaurant cheese products will grow at 4% [2] Consumption Comparison - China's per capita cheese consumption in 2023 is only 0.2 kg, significantly lower than Singapore's 1.6 kg and Japan's 1.8 kg, indicating substantial growth potential [3] - The penetration rate for cheese in China is below one-third, compared to 40%-60% for low-temperature yogurt and 85.2% for room-temperature milk [3] Market Opportunities - The domestic cheese market is exploring new directions, including "cheese in Chinese cuisine," which presents significant market opportunities [4] - Kuai Yulong highlights that the B2B market for cheese in restaurants is still in its early stages, providing ample opportunities for domestic cheese brands [4] Miaokelando's Market Position - Miaokelando holds a 48.8% market share in the domestic cheese market as of the end of 2024, up from 46.8% in 2023, maintaining its position as the leading cheese company in China [10] - The company reported a revenue of 4.844 billion yuan in 2024, with a 6.92% increase in cheese business revenue and a significant net profit growth of 89.16% [10] Strategic Goals - Miaokelando aims for a cumulative revenue of no less than 19.9 billion yuan and a cumulative net profit of no less than 990 million yuan from 2025 to 2027 [10] - The company plans to innovate across three dimensions: product innovation, brand image enhancement, and channel optimization [10][11]

Group 1: Market Performance - The liquor stocks have seen significant increases, with Huangtai Liquor reaching the daily limit, Jinzhongzi Liquor and Yingjia Gongjiu rising over 5%, and the liquor ETF increasing by over 2.3% [1] - The liquor ETF has attracted a net inflow of 20.83 billion yuan, despite the overall decline of over 5% in liquor and food ETFs this month [2][3] Group 2: Industry Outlook - Current demand for liquor is at a historical low, with limited downside risk; supportive policies are expected to aid in the gradual recovery of liquor demand [5] - The liquor industry is anticipated to show a rebound in demand, particularly in the high-end segment, supported by low base effects in Q3 and Q4 [5] - The food and beverage sector is expected to see structural growth, with opportunities in high-end liquor, mid-range liquor, and real estate liquor products [5][6] Group 3: Consumer Trends - New consumption trends are emerging, with a focus on health and emotional value, leading to the rise of new consumer categories [5] - The snack sector is experiencing high growth, driven by strong categories and new channels, with products like konjac gaining popularity [6][7] - The restaurant supply chain is expected to benefit from policy stimuli, with significant growth potential in the industry [7]

Group 1 - The core viewpoint of the articles highlights the increasing brand interest in the Suzhou Super League (苏超), with 21 sponsors including well-known brands like JD Group, Yili, and Xiaomi, and the official sponsorship price reaching 3 million yuan for the entire season, indicating high demand for sponsorship positions [1][2][3] - The Suzhou Super League's appeal is attributed to its local roots and vibrant football culture, which resonates with companies looking to engage with consumers authentically [3][4] - The league's self-marketing policy has effectively stimulated synergy between the league's intellectual property and the cities' identities, enhancing targeted marketing opportunities for businesses [10][11] Group 2 - Compared to the "Village Super League" (村超), which has seen explosive popularity but limited brand sponsorship engagement, the Suzhou Super League has attracted a wider array of sponsors and higher investment levels [2][4] - The Suzhou Super League has established a multi-tiered sponsorship system, allowing for extensive brand exposure across various platforms, including stadium advertising and digital engagement [7][8] - Companies like Yili are adopting innovative marketing strategies that integrate deeply with the league's culture, aiming to create a genuine connection with fans through interactive campaigns [9][10] Group 3 - The league's success has prompted other provinces to launch their local football leagues, indicating a growing trend in regional sports marketing [11] - Experts suggest that the Suzhou Super League should evolve into a responsible brand, focusing on sustainable development and community engagement to maintain its popularity [11][13] - Recommendations include developing a systematic approach to regional branding and establishing a dynamic operational framework to ensure long-term viability [13]

Core Viewpoint - Lactoferrin, a glycoprotein from the transferrin family, is gaining attention for its nutritional benefits and health properties, particularly in the health, pharmaceutical, and food industries, with significant market growth expected in China [1][4][19]. Industry Definition and Classification - Lactoferrin is classified into three types based on iron ion binding: iron-deficient, iron-saturated, and iron-half-saturated. It can also be categorized into natural lactoferrin and recombinant lactoferrin, the latter produced through advanced technology [2]. Current Industry Development Status - The domestic lactoferrin market is heavily reliant on imports, with 2024 production expected to be around 2 tons against a demand of over 185 tons, indicating substantial import substitution potential. By 2025, production is projected to reach approximately 4.5 tons with a demand of about 205.2 tons [4][6]. Market Size and Trends - The domestic lactoferrin market size fluctuated significantly, peaking at 2.015 billion yuan in 2018. It is expected to reach 1.447 billion yuan in 2024 and approximately 1.539 billion yuan in 2025, with the health supplement sector contributing 462 million yuan and 497 million yuan respectively [6][19]. Industry Chain Structure - The lactoferrin industry chain includes upstream raw materials primarily sourced from dairy cattle, midstream production focusing on high-purity lactoferrin formulations, and downstream applications in infant formula, health supplements, pharmaceuticals, cosmetics, and animal feed [8][10]. Competitive Landscape - Major players in the lactoferrin market include international suppliers like Westland, Synlait, and DMV, with domestic leaders such as Feihe and Yili leveraging technological advancements and capacity expansion to dominate the market [12][15]. Key Companies - Feihe has established itself as a leading infant formula producer with significant investments in R&D and production capabilities, reporting a total revenue of 19.532 billion yuan in 2024 [15]. - Yili focuses on dairy product innovation and has received multiple awards for its lactoferrin products, achieving a total revenue of 115.78 billion yuan in 2024 [17]. Future Development Trends - The lactoferrin industry is expected to see increased production capacity and diversification of technological pathways, with expanding application scenarios in areas such as nanomedicine and cancer treatment [19].

Core Viewpoint - The company has adjusted its cash dividend distribution per share from 0.021 yuan (including tax) to 0.02099 yuan (including tax) due to an increase in the total number of shares eligible for profit distribution resulting from the conversion of "Tianrun Convertible Bonds" [2][3] Summary by Sections Original Profit Distribution Plan - The original profit distribution plan was approved at the 2024 annual general meeting, with a total share capital of 320,190,246 shares, of which 4,799,955 shares in the repurchase account do not have profit distribution rights, leaving 315,390,291 shares eligible for distribution [2][3] Reason for Adjustment - The adjustment was necessary because the conversion of "Tianrun Convertible Bonds" resulted in an increase of 13,357 shares, raising the total number of shares eligible for profit distribution from 315,390,291 to 315,403,648 [3] Adjusted Profit Distribution Plan - The adjusted cash dividend per share is now 0.02099 yuan (including tax), calculated based on the total profit distribution amount of 6,623,196.11 yuan divided by the new total number of shares eligible for distribution [3][4] - The total profit distribution amount remains unchanged, and the specific date for the rights distribution will be announced in the implementation notice [3][4]

证券代码：002946 证券简称：新乳业 公告编号：2025-032 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 新希望乳业股份有限公司（以下简称"公司"或"本公司"）2024 年度利润 分配方案已获 2025 年 6 月 10 日召开的 2024 年年度股东大会（以下简称"股 东大会"）审议通过，现将利润分配事宜公告如下： 一、 股东大会审议通过利润分配方案情况 股权登记日登记的总股本为基数，向全体股东每 10 股派发现金股利 2.50 元（含 税），不送红股，不以资本公积转增股本。剩余未分配利润结转以后年度分配。 权益分派实施股权登记日之前，若公司总股本发生变动，将按照每股分配现金股 利金额不变的原则对分配总额进行调整。 由于公司可转换公司债券（债券简称：新乳转债，债券代码：128142）处于转股 期，共计转股 2,948 股。公司目前总股本为 860,676,864 股，现金分红总金额 转债转股等原因而发生变化的，将按照每股分配比例不变的原则对分配总额进行 调整，每股分配现金股利金额 ...

Core Viewpoint - Nanfang Dairy has completed its listing guidance for the Beijing Stock Exchange (BSE) but faces challenges due to tightening listing policies and sluggish performance growth, raising uncertainties about its ability to successfully list [1][5]. Group 1: Company Background and Listing Progress - Nanfang Dairy is a subsidiary of Guiyang Agricultural Investment Development Group, established in 2017, and has undergone significant restructuring to enhance its market position [2]. - The company initially aimed for an IPO on the Shanghai Stock Exchange but shifted its focus to the BSE due to regulatory changes and completed its listing guidance with CITIC Securities [3][4]. Group 2: Financial Performance - Nanfang Dairy's revenue and net profit growth have slowed, with projected revenues of 1.817 billion in 2024, a mere 0.65% increase from the previous year, and net profit growth of 4.36% [5]. - The company ranks 20th among 36 listed dairy companies in terms of revenue, indicating a competitive but challenging market position [5]. Group 3: Market Presence and Expansion Efforts - Approximately 92% of Nanfang Dairy's revenue comes from the Guizhou province, with only about 4.63% from outside the province, highlighting a significant regional concentration risk [6][7]. - The company has implemented a "going out" strategy to expand its market presence beyond Guizhou, including community group purchases and e-commerce initiatives, but has seen limited success in increasing its provincial revenue share [7]. Group 4: Regulatory Environment and Industry Trends - The tightening of IPO regulations, particularly the implementation of a comprehensive registration system and the "827" policy, has led many companies, including Nanfang Dairy, to seek listings on the BSE as an alternative [8][9]. - The BSE has raised its listing requirements, focusing on innovation and specific financial metrics, which may pose additional challenges for traditional dairy companies like Nanfang Dairy [9].

Group 1: New Tea Beverage Industry - A new tea beverage brand, "Li Tea," has emerged as a "new queue king," selling over 2000 cups daily since its opening in April last year [1] - The brand has gained significant popularity on social media, with over 1.44 million views on related topics on Xiaohongshu, and is considered a must-try drink in Beijing [1] - Li Tea's menu features 21 products across five categories, with prices ranging from 15 to 32 yuan per cup, including signature items like Apple Da Hong Pao and explosive hawthorn lemon tea [1] Group 2: Vanadi's Bitcoin Investment - Spanish coffee chain Vanadi has increased its Bitcoin holdings to 30 coins, planning to invest over $1.1 billion in Bitcoin as part of a new reserve strategy [2] - The company aims to fully transform into a Bitcoin-centric enterprise, with Chairman Salvador Martí seeking authorization for a €1 billion Bitcoin reserve strategy [2] Group 3: Bai Fei Dairy Industry - Bai Fei Dairy has had a tumultuous journey towards IPO, with multiple attempts since 2018, including a shift from the New Third Board to the Shanghai Stock Exchange [3] - The company has faced setbacks, including withdrawing its IPO application in December 2023, but has recently had its application accepted by the Shanghai Stock Exchange [3] Group 4: Guangdong Lychee Export - Guangdong Zhongli Agricultural Group has successfully exported 11 tons of Guangdong Feizixiao lychee to Thailand, marking the start of its Southeast Asian journey [4] - The distribution strategy includes 60% of the lychee entering major supermarkets, 30% to a large fresh produce wholesale market, and 10% through TikTok Shop and live commerce [5] - The company anticipates a 3 to 4 times increase in lychee export volume this year, projecting around 6000 tons, with Guangdong lychee accounting for over 55% of national exports [5]