Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) scheduled for June 23, 2025, focusing on maintaining shareholder rights and ensuring orderly proceedings during the meeting [2][3][4]. Meeting Agenda - The AGM will cover various proposals including the 2024 Board of Directors' work report, financial reports, profit distribution plans, and the election of directors and supervisors [3][4][14]. - A proposal regarding loans from China Construction Bank and Bank of China, guaranteed by the company, will also be discussed [3][14]. Financial Performance - The company reported a net profit of 722 million yuan for 2024, a decrease of 25.36% year-on-year, indicating challenges in the dairy industry due to fluctuations in raw milk prices and changing market demands [9][10]. - The company aims to adapt to new market conditions and maintain high-quality product offerings despite short-term challenges [9][10]. Governance and Compliance - The company has revised its governance structures and compliance protocols in line with relevant laws and regulations to enhance operational efficiency and protect shareholder rights [9][10][12]. - The company has established a risk management framework to mitigate financial risks associated with its operations [12][13]. Strategic Initiatives - The company is focusing on digital transformation to improve operational efficiency and enhance sales through e-commerce channels [11][12]. - It is also exploring low-carbon practices and sustainable development initiatives to align with industry trends and consumer preferences [13][20]. Shareholder Engagement - The company is committed to maintaining transparent communication with shareholders, utilizing various platforms for investor relations and feedback [18][19]. - The company has implemented a reminder service for shareholders to ensure participation in the AGM and voting processes [5][6]. Independent Directors' Reports - Independent directors have actively participated in governance, ensuring compliance and protecting the interests of minority shareholders [21][24][31]. - They have focused on key issues such as financial audits, executive compensation, and related party transactions [23][27][32].

Core Viewpoint - New Hope Dairy is focusing on high-quality growth through product innovation and a user-centered approach, showcasing its product matrix and strategies at the 2025 Investor Conference amidst a complex market environment in 2024 [1] Group 1: Product Strategy - New Hope Dairy has established a "fresh strategy" since 2010, recognizing the potential of low-temperature dairy products, and has successfully launched the 24-hour fresh milk series, which saw a sales revenue increase of over 15% year-on-year in 2024 [3] - The company is expanding its core categories to include fresh milk, yogurt, and specialty beverages, achieving double-digit growth in new product revenue for four consecutive years [5] - New Hope Dairy's yogurt brands, "Chuxin" and "Huirun," have also experienced double-digit growth, showcasing strong product innovation capabilities [3][5] Group 2: Market Engagement - The company is enhancing its market penetration through immersive product experiences, such as the 24-hour fresh milk experience at the investor conference, and operates over 500 fresh milk stores nationwide [6] - New Hope Dairy is tapping into health-conscious consumer trends with products like "Chuxin" yogurt and "Huirun" yogurt, which cater to sugar reduction and weight management needs [8] Group 3: Cultural Integration - The company is leveraging cultural elements to appeal to the Z generation, integrating traditional crafts into its branding, exemplified by the "Today Fresh Milk" exhibit that combines heritage culture with modern branding [10] Group 4: Market Positioning - New Hope Dairy is addressing the dual demand for high-end and cost-effective products in the Chinese market by creating a comprehensive product portfolio that spans all consumer segments [12] - The company’s subsidiary, Asahi VIP, is targeting the high-end market with organic A2 milk, emphasizing sustainable farming practices and emotional branding [14] Group 5: Overall Strategy - New Hope Dairy is committed to building brand strength through quality products, innovative marketing, and a focus on fresh values, aiming to enhance consumer experiences and meet market opportunities [16]

Core Viewpoint - The global climate crisis is reshaping human civilization, emphasizing the urgency of climate action and the need for accelerated low-carbon transformation and collaborative efforts to revive the planet [1] Group 1: Event Overview - The "Third Zero Carbon Alliance and Low Water Footprint Initiative Alliance Summit" will focus on the dairy industry's zero-carbon future, hosted by the Hohhot National Dairy Technology Innovation Center [1][3] - The summit's theme is "Beautiful China, I Take the Lead, Zero Carbon Future Together," highlighting Yili Group's commitment to a dual footprint reduction model [3] Group 2: Yili Group's Strategies - Yili Group is implementing a three-pronged strategy to address the challenges of zero-carbon park construction and international green trade barriers, focusing on standards, platforms, and talent [3][4] - The company aims to establish a transparent standard system to facilitate the green transformation of the dairy industry, with the release of the "1+N" report to enhance environmental performance [4][5] Group 3: Reports and Standards - Yili Group will unveil several key reports at the summit, including the "2024 Biodiversity Report" and the "2024 Yili Group Zero Carbon Future Report" [4][5] - The company is involved in developing 1+11 international and national standards, including the first ESG standard from the International Organization for Standardization (ISO) [5][6] Group 4: Carbon Measurement and Management - The establishment of the National Carbon Measurement Center (Inner Mongolia) Dairy Branch aims to address the challenge of accurately calculating the carbon footprint of dairy products [6][10] - Yili Group is launching China's first carbon management platform, utilizing blockchain technology for real-time tracking of carbon emissions across the supply chain [10][11] Group 5: Collaborative Initiatives - The summit will see the expansion of the Zero Carbon Alliance and the Low Water Footprint Initiative Alliance, which aim to include more upstream and downstream enterprises [7][8] - Yili Group's second global low water footprint initiative report will address water management challenges in dairy production [8][9] Group 6: Talent and Innovation - The "Zero Carbon Park Alliance" will be launched to explore new paths for low-carbon development, emphasizing the integration of talent and technology [12][13] - The summit will also recognize suppliers who have excelled in low-carbon practices and water conservation [15][16]

Core Insights - New Hope Dairy is leveraging its brand "Liangshan Snow" to penetrate lower-tier markets, achieving significant local market share [1][2] - The overall dairy industry is facing challenges such as low milk prices and declining consumer demand, with a notable drop in sales for milk and yogurt products projected for 2024 [3][6] - The company is exploring both high-end and value-oriented products to cater to diverse consumer segments, with successful launches in both categories [6][9] Market Strategy - Liangshan Snow has achieved a 75% market share in Xichang, a city with a population of 770,000 but attracting 20 million tourists annually, showcasing effective local marketing strategies [2] - New Hope Dairy's high-end brand "Zhaori Weipin" is also expanding, with a new guava-flavored yogurt selling out at Sam's Club, indicating strong demand for premium products [7][9] Financial Performance - In 2024, New Hope Dairy reported total revenue of 10.665 billion yuan, a decrease of 2.93% year-on-year, while net profit increased by 24.80% to 538 million yuan [9][10] - The company’s revenue from direct sales and distribution channels showed mixed results, with direct sales growing by 11.4% while distribution revenue declined by 13.3% [9] Innovation and R&D - New Hope Dairy's R&D expenses reached 49.1 million yuan in 2024, continuing a trend of annual growth, with new product revenue consistently accounting for over 10% of total revenue for five consecutive years [10] - The company is considering launching low-temperature beverages, following trends in the dairy industry where companies are diversifying their product lines [10] International Expansion - New Hope Dairy is also exploring international markets, with its banana milk already available in North American Chinese supermarkets, and is eyeing Southeast Asia for growth opportunities due to low per capita liquid milk consumption [11] - The potential market sizes in Indonesia, the Philippines, Thailand, and Vietnam are significant, with respective dairy market sizes of approximately 8.336 billion, 4.185 billion, 4.169 billion, and 5.94 billion USD [11]

Core Insights - In the era of scarce attention in digital marketing, content is crucial for brands to establish deep connections with users [1] - A significant challenge arises as brands prioritize short-term ROI, leading to a reduction in brand management efforts [1] - Many brands treat content as a quick fix for traffic anxiety, resulting in fragmented content that disconnects from brand assets [1] Group 1: Brand Management Challenges - In 2023, 90% of CMOs from the top 100 global brands allocated 70% to 80% of their budgets to performance advertising, compromising brand building [1] - Brands are sacrificing brand tone for short-term traffic, leading to a cycle of "traffic frenzy—cognitive confusion—asset depletion" [8] - The case of Anmuxi illustrates the risks of prioritizing traffic over brand consistency, as their content strategy diluted their established brand image [3][6] Group 2: Successful Brand Strategies - Bawang Chaji views every traffic exposure as a building block for brand assets, ensuring that traffic serves brand interests [8] - Their strategy includes three dimensions: 1. Unified expression language to maintain brand tone across all content [8] 2. A dual approach of functionality and emotional storytelling to enhance both sales and brand identity [10] 3. A long-term perspective on content creation, avoiding reliance on viral hits [11] Group 3: Implementation Framework - Strategic level: Establish core assets and content guidelines to ensure all content aligns with brand values [14] - Tactical level: Design pathways for traffic conversion, from exposure to brand recognition [16] - Execution level: Ensure organizational alignment across departments to maintain consistent brand messaging [17] Group 4: Recommendations for Brand Managers - Brand managers should reassess their core asset lists, implement content tone review mechanisms, and set quarterly evaluation metrics for traffic-asset conversion [19]

Core Viewpoint - Guizhou Southern Dairy Co., Ltd. has completed its listing guidance work and plans to IPO on the Beijing Stock Exchange, with CITIC Securities as the guiding institution [2]. Financial Performance - In 2024, Southern Dairy reported operating revenue of 1.817 billion, a year-on-year increase of 0.65% [2][3]. - The net profit attributable to shareholders was 209 million, reflecting a growth of 4.36% compared to the previous year [2][3]. - The gross profit margin improved to 28.15%, up from 24.44% in the previous year [2][3]. Shareholding Structure - As of December 31, 2024, the controlling shareholder of Southern Dairy is Guiyang Agricultural Investment Group, which holds 88.21% of the company's shares [3]. Management Changes - Southern Dairy has experienced three changes in chairmanship within a year, with Wang Qiansheng retiring in May 2024, followed by Huang Dezhe and then Geng Kun taking over in June 2025 [4]. Leadership Profile - Geng Kun, the current chairman, has a background in agricultural technology and has held various positions in agricultural institutions prior to his appointment [5].

证券研究报告 策略 TMT 和先进制造景气回升 华泰研究 2025 年 6 月 12 日│中国内地 策略月报 核心观点 我们的中观景气模型显示，5 月全行业景气指数小幅回落，但下行斜率放缓。 分板块看，大金融、TMT、先进制造景气明显回升，景气改善或有一定持续 性的品种包括：1）TMT：AI 产业趋势方兴未艾，元件-存储链、通信设备、 游戏（新增）景气爬坡，软件景气筑底；2）制造：部分先进制造产能出清 或准出清，且需求有企稳迹象，如通用、自动化景气爬坡，风电、光伏、航 空装备景气回升；3）消费：新消费和大众品率先改善，美护、饰品（新增） 景气爬坡，啤酒（新增）、调味品、乳制品景气回升；4）其它：医药（投融 资周期回暖）、保险（新增）、电力（新增）景气回升，贵金属维持高位。 TMT：元件-存储链、通信设备、游戏景气爬坡，软件景气筑底 AI Agent 渗透率处于"奇点时刻"，海外 AI 资本开支有韧性，大模型迭代等 产业催化密集：1）元件-存储链：上游 PCB 台股 4 月营收同比增速回升； 中游 DXI 指数同比增速连续 3 个月回升，DRAM 价格同比降幅收窄，存储 周期有企稳回升迹象；2）通信设备：4 月 ...

全球及中国中老年营养奶粉行业项目规划及前景动态分析报告2025-2031年 【全新修订】：2025年6月 【出版机构】：中智信投研究网 1 中老年营养奶粉市场概述 1.1 中老年营养奶粉行业概述及统计范围 1.2 按照不同产品类型，中老年营养奶粉主要可以分为如下几个类别 1.2.1 全球不同产品类型中老年营养奶粉规模增长趋势2020 VS 2024 VS 2031 1.2.2 全脂奶粉 1.2.3 脱脂奶粉 1.3 从不同应用，中老年营养奶粉主要包括如下几个方面 1.3.1 全球不同应用中老年营养奶粉规模增长趋势2020 VS 2024 VS 2031 1.3.2 线上 1.3.3 线下 1.4 行业发展现状分析 1.4.1 中老年营养奶粉行业发展总体概况 1.4.2 中老年营养奶粉行业发展主要特点 1.4.3 中老年营养奶粉行业发展影响因素 1.4.3.1 中老年营养奶粉有利因素 1.4.3.2 中老年营养奶粉不利因素 1.4.4 进入行业壁垒 2 行业发展现状及"十五五"前景预测 2.1 全球中老年营养奶粉供需现状及预测（2020-2031） 2.1.1 全球中老年营养奶粉产能、产量、产能利用率及发展趋势 ...

Trade and Economy - Since the signing of the China–New Zealand Free Trade Agreement (FTA) in 2008, New Zealand's exports to China have surged from $2.5 billion to $20.85 billion in 2024, with an average annual growth rate of 14.1%, significantly higher than the 7.7% growth rate for New Zealand's exports to the rest of the world [1] - Bilateral goods trade has expanded by nearly $30 billion since the FTA took effect, with the first $10 billion increase taking eight years (2008-2016) and the second $10 billion achieved in just three years (2016-2019). New Zealand has recorded a trade surplus in goods with China for eight consecutive years from 2017 to 2024 [2] - The upgraded protocol of the China–NZ FTA took effect on April 7, 2022, granting New Zealand expanded market access in 22 new service sectors and enhancing access in 17 existing sectors [3] - As of January 1, 2024, all New Zealand dairy products can enter China tariff-free and without quotas, marking the full implementation of the FTA, with over 98% of New Zealand's exports to China enjoying zero-tariff access [4] - In 2024, trade between China and New Zealand reached 38.26 billion New Zealand dollars, with exports to China accounting for 20.6% of New Zealand's total exports and 25% of its total goods exports, supporting over 100,000 jobs [5] - In the first quarter of 2025, total trade between China and New Zealand reached $10.51 billion, with New Zealand's exports to China amounting to $6.29 billion, up 12.5% year-on-year [6] - In April 2025, goods trade totaled $3.41 billion, with New Zealand's exports to China reaching $2.07 billion, up 29.9% year-on-year [8] - New Zealand participated in the China International Import Expo for seven consecutive years, sending its largest-ever delegation in 2024 and signing 24 cooperation agreements expected to generate 340 million New Zealand dollars in trade over the next three years [9] Tourism and People to People Exchanges - China is New Zealand's third-largest source of international visitors, with 248,300 mainland Chinese tourists visiting New Zealand in the year ending March 2025, spending 1.414 billion New Zealand dollars [10] - In June 2024, a unilateral visa waiver policy for New Zealand citizens was announced, leading to 86,200 New Zealanders entering China in the first three quarters of the year [10] - The number of sister-city relationships between China and New Zealand has increased to 42, with the China–New Zealand Mayoral Forum serving as a key platform for local-level exchanges [12] Education - China has been New Zealand's largest source of international students for several years, with 25,175 out of 73,535 international students in New Zealand coming from China, accounting for 34% of the total [13] - High-level academic cooperation in key fields such as food science and environmental protection has been pursued by universities in both countries, exemplified by the establishment of the Peking University New Zealand Center [14] - The China-NZ Tripartite Partnership Programme, launched in 2005, has supported nearly 60 collaborative research and academic exchange projects over its 20-year history [15] Agriculture - China is New Zealand's largest market for food and fibre exports, with New Zealand earning 16.815 billion New Zealand dollars from food and fibre exports to China in the year ending March 2024, accounting for 33% of its total export revenue in this sector [17] Science and Technology - The China–NZ collaborative dive expedition to the Puysegur Trench marked the first scientific exploration of the trench and involved scientists from ten institutions across eight countries [20] - The China–NZ Belt and Road Joint Laboratory on Biomedicine and Health has facilitated the transfer of CAR-T immunotherapy to New Zealand for clinical trials, offering new hope for cancer patients [22] - Collaborative research in food quality testing and coastal wetland conservation has provided practical benefits for both countries, with initiatives like the China–NZ Belt and Road Joint Laboratory on Kiwifruit promoting New Zealand's kiwifruit in global markets [23]

Summary of the Conference Call for Yili Group Industry Overview - The liquid milk industry is experiencing weak terminal sales in Q2 2025, but is expected to perform better than Q1 due to a low base from the previous year and inventory adjustments [2][3] - There is still growth potential in the dairy industry, particularly in lower-tier cities and new retail channels [2][7] Company Performance - In Q1 2025, the company achieved positive revenue growth with a 24% increase in net profit attributable to shareholders [3] - The company aims for revenue growth that outpaces the industry and targets a net profit margin of 9% [2][4] Product Performance - Low-temperature liquid milk has shown slight growth, while room-temperature liquid milk has experienced a mid-single-digit decline [2][5] - The company is focusing on high-end products and optimizing SKU to improve revenue in low-temperature liquid milk [2][5] - The introduction of high-cost performance products is expected to impact product structure but will help in reducing raw milk costs [2][8] Market Strategy - The company is cautious about liquid milk growth expectations, with a strategy to reduce channel inventory and launch customized products [2][5][9] - The adult nutrition market is a key focus, with a market share of 24% and a goal for double-digit growth [3][16] - The infant formula segment has seen a balanced development, with a target to increase market share and reach the top position by 2027 [3][15] Supply Chain and Pricing - The company sources milk primarily from local suppliers, with about 40% from its own farms [13] - The current low milk prices are affecting the market, but the company is focusing on channel opportunities rather than just low pricing strategies [14][21] Future Outlook - The dairy industry is expected to have significant growth opportunities, especially in new retail channels and increased per capita consumption [7][22] - The company is exploring non-dairy businesses and international markets, aiming for substantial growth in these areas over the next five years [18][22] Competitive Landscape - The competitive environment in the dairy market has shifted, with the company maintaining stable pricing strategies to ensure market share [23] - New product launches have performed well, contributing positively to the company's growth [24] Conclusion - The company is strategically positioned to navigate the current challenges in the dairy market while capitalizing on growth opportunities in various segments and channels [2][7][18]