【导读】天图投资清仓优诺中国 中国基金报记者 郑俊婷 全球第二大酸奶品牌优诺（Yoplait）的中国区业务正式易主。 2月24日晚间，天图投资（证券代码：01973.HK）公告称，已完成出售优诺中国约86.96%股权，总对价 约15.65亿元，交易完成后彻底退出该联营企业。 此次交易，标志着天图投资对优诺这一高端酸奶品牌近七年的投资画上句号，也将其推向了IDG资本主 导的新发展阶段。 天图投资清仓离场 | | 截至 | 截至 | 截至 | | --- | --- | --- | --- | | | 2023年 | 2024年 | 2025年 | | | 12月31日 | 12月31日 | 6月30日 | | | 止年度 | 止年度 | 止六個月 | | | 人民幣元 | 人民幣元 | 人民幣元 | | | (經審核) | (經審核) | (未經審核) | | 人 | 453,942,000 | 809,748,000 | 497,100,000 | | 税前淨利潤 | 8,515,000 | 95,457,000 | 57,300,000 | | 税後淨利潤 | 8,394,000 | 95,454,000 ...

【导读】天图投资清仓优诺中国 全球第二大酸奶品牌优诺（Yoplait）的中国区业务正式易主。 2月24日晚间，天图投资（证券代码：01973.HK）公告称，已完成出售优诺中国约86.96%股权，总对价约15.65亿元，交易完成后彻底退出该联营企业。 2024年，优诺中国实现营收8.1亿元、净利润9545万元，较2023年分别增长78%和1038%。 此次交易，标志着天图投资对优诺这一高端酸奶品牌近七年的投资画上句号，也将其推向了IDG资本主导的新发展阶段。 天图投资清仓离场 2019年，天图投资从通用磨坊手中接过优诺中国控股权，彼时正值中国高端酸奶市场火热期。 但疫情开始后，低温酸奶市场竞争激烈，一度打乱了优诺中国的发展节奏。天图投资公告显示，优诺中国曾是天图投资的"亏损大户"，2020年至2022年分 别造成9630万元、5770万元和3970万元的亏损，直到2023年才实现839万元的盈利。 | | 截至 | 截至 | 截至 | | --- | --- | --- | --- | | | 2023 年 | 2024年 | 2025年 | | | 12月31日 | 12月31日 | 6月30日 | | | ...

摘要 国内原奶市场面临挑战，市场占比萎缩至 15%，70%牧场亏损，饲料 成本高企（占现金成本 60%-70%），2025 年青贮玉米价格上涨加剧 养殖户压力，预计 2026 年饲料价格保持平稳略增。 乳制品需求端边际改善，2025 年前三季度产量同比波动，国家出台促 消费政策有望提振信心。长期来看，中国乳制品消费潜力巨大，深加工 产能扩张将增加生鲜乳需求。 预计 2026 年原奶行业供需紧平衡，或迎拐点。进口大包粉影响有限， 价格高于国内生鲜乳，且全球主要出口国牛奶产量预计稳定，进口量不 会显著提升。 活牛和冻精进口量减少，国内上游出清和国际供应压力减轻，预示未来 供应趋紧。肉牛市场自 2025 年触底反弹，牛肉和肉牛价格分别上涨 11%和 10%。 肉牛养殖周期长，产能传导滞后，本轮肉牛上行周期明确，供需错配加 剧和上游出清将推动肉价上涨，前期亏损推动上游深度去化，为后续市 场提供支撑。 Q&A 2026 年原奶价格的趋势展望如何？ 2026 年原奶价格有望迎来拐点。首先，从供给端来看，国内上游的出清已经 持续多年，奶价自下跌以来已累计下降超过 30%，导致大量养殖场户亏损严重， 尤其是社会化牧场，其经营 ...

Summary of Key Points from the Conference Call on China Consumer Staples: Spirits and Dairy Industry Overview - The conference call focused on the spirits and dairy sectors in China, particularly in the Hunan province, highlighting the performance of major brands like Moutai, Wuliangye, and Mengniu. Spirits Sector Moutai - Feitian Moutai's retail sales volume increased by over 20% year-on-year during the Chinese New Year (CNY) period, exceeding expectations despite shipment controls on non-standard SKUs [1][9] - Moutai 1935 showed mild growth, outperforming other products in the Moutai series [1][9] - The wholesale price of Feitian Moutai rose to approximately Rmb1,700, with channel inventory remaining stable at around 0.5 months [1][9] - The expert anticipates that Moutai could bottom out around mid-2026 if retail sales momentum remains strong [2][6] Wuliangye - Common Wuliangye experienced mid-single-digit percentage retail volume growth in early February, gaining market share from Guojiao 1573 due to enhanced affordability [1][9] - The effective ex-factory price for Common Wuliangye decreased to around Rmb810, with expectations of further reductions [1][9] - The company achieved a 40% prepayment target by the end of CNY, although this pace is slightly slower than the previous year [1][9] Luzhou Laojiao - Guojiao 1573's retail volume dropped by approximately 30% during the CNY period, facing challenges in maintaining wholesale price stability [1][8] - Luzhou Laojiao is under pressure to stabilize prices amid declining demand [2][6] Other Brands - Brands like Fen Wine, Yanghe, Jiugui, and Shede saw broad-based sales declines of 15-20% [1][14] - Fen Wine's Qinghua series experienced a low-teens percentage decline, while Bofen remained slightly positive [1][14] Dairy Sector - Both Yili and Mengniu reported positive sell-in shipments during January, but holiday sell-through saw a slight decline due to weakening gifting demand [1][12] - Premium products like Satine and Deluxe outperformed basic white milk, indicating a shift in consumer preference [1][12] - Mengniu's sales decline narrowed to low-single digits compared to low-teens last year, aided by a lower comparison base [1][12] - The expert remains cautious about 2026 full-year sell-in targets, suggesting a more realistic outlook of flat to -5% for Yili and +6% for Mengniu [1][12] Beverages Sector - Nongfu's small-pack water and sugar-free tea registered high-single-digit percentage sell-through growth, while large-pack volume doubled due to strong promotions [1][13] - CR Beverages and Wahaha experienced declines in water sales, indicating competitive pressures [1][13] - Eastroc is on track to meet its 20% sales growth target, with energy drinks growing just under 15% [1][16] Inventory and Prepayment Insights - Moutai and Wuliangye maintain low channel inventories of 0.5 to 1 month, while other upper-mid-end brands face over 2.5 months of inventory [1][11] - Prepayment progress for various brands is lagging behind last year, with Wuliangye and Laojiao showing slower prepayment paces [1][14] Conclusion - The spirits sector shows a divergence in performance, with Moutai leading and Wuliangye following, while other brands face significant challenges. The dairy sector is experiencing a shift towards premium products, and the beverage sector is consolidating with strong growth from Nongfu. Overall, cautious optimism is noted for the upcoming periods, with varying recovery timelines across brands.

Summary of Dairy Industry Conference Call Industry Overview - The dairy industry in China has experienced cyclical fluctuations in milk prices since 2008, influenced by factors such as seasonal demand during the Spring Festival and supply declines in winter [1][2] - The domestic raw milk supply is affected by the number of dairy cows and their productivity, with feed prices, subsidy policies, environmental regulations, and breeding expectations impacting cow numbers [1][4] - The proportion of large-scale farming has approached 80%, improving production efficiency [1][4] Key Insights and Arguments - Recent trends indicate that while the number of dairy cows has increased since 2023, a decline in embryo numbers suggests a potential slowdown in herd expansion [1][4] - The price of imported dairy products has a substitutive effect on domestic milk prices, with fluctuations in international markets directly impacting local prices [1][4] - The beef price increase has implications for the milk price cycle, but significant recovery in milk prices is not expected in the short term (2026) due to ongoing operational pressures on farms [1][5] - The average milk yield per cow in China has been steadily increasing, but leading dairy companies are nearing biological limits, limiting further productivity gains [1][6][7] Demand Dynamics - Short-term demand for dairy products in China is weak, with a trend towards consumption downgrade; however, long-term prospects remain optimistic due to rising GDP and consumer preferences [9][10] - Structural opportunities exist in low-temperature dairy products, particularly in lower-tier cities, which may support demand in the medium to long term [10][11] - The development of deep processing dairy products is expected to significantly consume raw milk, with capacity releases projected to occur between 2027 and 2028 [11][12] Price Impact on Downstream Companies - Changes in milk prices directly affect the revenue and profitability of downstream dairy companies, with low prices leading to a "Davis double kill" scenario (both revenue and valuation decline) [13][15] - Conversely, during recovery phases, companies may experience a "Davis double hit" (both revenue and valuation increase) [15] - The cost structure of dairy companies, where raw material costs account for 60-70% of expenses, means that fluctuations in milk prices have significant implications for profit margins [14] Recommendations for Investment - Recommended leading dairy companies include Yili as a benchmark, followed by Miaokelando, which is expected to expand its market share through domestic substitution and consumer education [16] - New Hope Liuhe is noted for its strong performance in low-temperature products in lower-tier cities, while Tianrun is highlighted for its potential due to its fully owned raw material base [16]

陈文博 中金公司食品饮料分析师: 位投资人，大家上午好。那也祝大家新年好，以及开工大吉。那今天上午，是中金组织的 大众食品的春节的情况跟踪电话会。我是中金的食品饮料组陈文博。那今天上午，我们请 到了两位综合的食品的专家与大家分享春节的情况。那第一位专家，主要负责华东、华中 以及华西地区的包括饮料，还有零食等大大的一些品类的运营。专家您好，能听到我说话 吗？ 华东华中华西食品综合专家: 你好，可以，没问题。 陈文博 中金公司食品饮料分析师: 对，那我们就开始。那第一个，首先我想问问，就是您代理的这个品类也比较多，那想问 一下春节期间，比如说这个几个大的品类，像乳制品、饮料、零食、速冻。包括调味品， 这几个品类分别的增速情况，和景气度。然后就综合来看的话，有没有什么地方比咱们之 前预期的要好，或者是要差的？ 华东华中华西食品综合专家: 我们先按照您刚才说的那个品类来说，我们今年的这个总体的品类分成像修石，修石我们 今年的整体性，春节的一二月份，这二月份我们是截止到 2 月 10 号左右。节前的这个数 据，那我们整体的出货比去年同期我们是增长了 10%左右，这所有的修饰，这里面主要是 以礼盒为主，这个品相。那从整个 ...

Group 1 - The core point of the article is that Sunshine Dairy has reported its shareholder count as of February 13, 2026, which stands at 23,547 households [2]

证券日报网讯2月24日，天润乳业（600419）在互动平台回答投资者提问时表示，截至1月30日公司股东 人数是22693户。 ...

公司欣然宣布完成已按照股份购买协议的条款及条件落实。于完成后，公司将不再持有优诺中国的任何 股权，因此，优诺中国不再于集团的综合财务报表中分类为按公允价值计量的联营公司权益。 格隆汇2月24日丨天图投资(01973.HK)公布，有关出售集团于优诺中国的少数股权事项。集团及使用权 益法计量的集团联营公司与买方订立股份购买协议，据此(其中包括)集团及使用权益法计量的集团联营 公司已同意出售，而买方已同意收购优诺中国约86.96%的股权。对价总额为人民币15.65亿元。 据悉，优诺中国为于2013年7月8日在中国注册成立的有限公司，主要于中国从事酸奶及其他含乳饮品的 生产及销售。 ...

谁能想到，刚结束访华行程续约大熊猫、拿到订单的马克龙，竟又在人前上演了变脸大戏。 在欧盟会议上，马克龙牵头抛出对华所有进口商品加征30%关税。 还放话要推动欧元对人民币贬值20%-30%，企图利用单边保护主义打压中国产业。 然而他满心以为，这招能使中方主动妥协，在和欧洲各国刚签订的合同上做出让步。 可谁知，中方刚点名警告，要对欧盟乳制品、红酒加征反补贴税。 致使整个欧盟就彻底乱套了，德国更是直接站出来，公开和法国唱反调。 那么这其中究竟发生了什么？马克龙为何在对华贸易上三番五次变脸？ 经常关注国际局势的人，肯定都清楚，国与国之间加征关税的问题。 可法国政府这种不分品类，不设例外的做法，却实属罕见。 甚至放眼整个现代国际贸易史，都堪称向对方直接下战书。 之所以法国会这般大动干戈，并非是他放着好日子不想过，在国际上找点刺激。 而是法国政府乃至整个欧盟，都蓄谋已久想对华商品动手。 其中的核心原因也非常简单，那就是欧洲本土产业扛不住了。 甚至中国对欧售卖的商品，无形之中影响到了他的政权。 要知道，以前中国科技落后的时候，欧洲依靠着售卖飞机、跑车、红酒等奢侈品。 在中国市场上赚的盆满钵满，日子也过的非常滋润。 尤其是法 ...