中国将对原产于欧盟的进口相关乳制品实施临时反补贴措施 中新社北京12月22日电 (记者 尹倩芸)中国商务部22日宣布，自2025年12月23日起，采取临时反补贴税 保证金的形式对原产于欧盟的进口相关乳制品实施临时反补贴措施。 2024年8月21日，应中国奶业协会和中国乳制品工业协会申请，商务部对原产于欧盟的进口相关乳制品 发起反补贴调查。 本文为转载内容，授权事宜请联系原著作权人 商务部贸易救济调查局负责人当日表示，经过一年多审慎调查，初步证据显示，欧盟通过共同农业政策 等补贴计划向乳及乳制品产业等涉农领域提供了大量补贴。调查期内，中国国内产业受进口欧盟补贴产 品影响，库存不断增加，利润由盈利转为亏损，生产经营出现困难。调查机关初步认为，欧盟相关乳制 品产品存在补贴，中国国内产业受到实质损害，且两者之间的因果关系成立。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 商务部当日发布了对原产于欧盟的进口相关乳制品反补贴调查初裁公告，裁 ...

南都讯 记者杨文君 发自北京 12月22日，商务部发布了对原产于欧盟的进口相关乳制品反补贴调查初裁 结果。调查机关初步认为，欧盟相关乳制品产品存在补贴，中国国内产业受到实质损害，且两者之间的 因果关系成立。据此，商务部决定实施临时反补贴措施。 据商务部贸易救济调查局负责人介绍，应国内产业申请，商务部于2024年8月21日对原产于欧盟的进口 相关乳制品发起反补贴调查。2025年8月18日，商务部发布延期公告，将该案调查期限延长至2026年2月 21日。 基于欧委会和抽样公司提交的答卷信息及实地核查情况，我们初步裁定被抽样公司的税率为21.9%～ 42.7%，配合调查的其他欧盟公司统一适用税率为28.6%，未配合调查的其他欧盟公司为42.7%。 上述负责人表示："我想重申，中方一贯审慎、克制使用贸易救济措施。2025年以来，中方未对欧方发 起任何新的贸易救济调查，仅对白兰地、共聚聚甲醛、猪肉3起反倾销案件作出终裁。但同期，欧盟已 对华18起贸易救济案件初裁征税，对18起案件终裁征税，并发起15起贸易救济调查，仅在上周五（12月 19日）一天之内就新发起3起对华调查。中方反对滥用贸易救济措施的立场是不变的，也愿与欧 ...

Core Viewpoint - Feihe has launched the world's first raw material-level traceability system for infant formula, enhancing transparency and consumer confidence in product safety and freshness [1][3]. Group 1: Product Innovation - The launch of the traceability system coincides with the introduction of two new products, Jicui and Qicui, allowing consumers to trace the production information of key ingredients like whey protein and lactoferrin through a simple mobile scan [1][3]. - Feihe's new products utilize raw materials sourced within 30 days, significantly reducing the freshness measurement from "years" to "days," ensuring nutritional safety and freshness from the source [3][5]. Group 2: Market Insights - According to iResearch, 85% of mothers prioritize "freshness" as one of the top three factors when purchasing infant formula, highlighting the importance of ingredient freshness in product quality [3]. - Industry experts note that the freshness of core ingredients, such as whey protein, which often constitutes over 50% of infant formula, directly impacts the final product's quality [3]. Group 3: Technological Advancements - Feihe employs a leading "fresh extraction active process" to achieve 100% self-sourcing of 11 key ingredients, addressing issues related to long transportation times and nutrient loss associated with imported raw materials [3][4]. - The traceability system allows consumers to verify the freshness of each can of formula, enhancing trust in product quality [4]. Group 4: Clinical Validation - Both Jicui and Qicui have undergone rigorous clinical trials, including RCT (Randomized Controlled Trials), and have received compliance certification from the U.S. FDA, demonstrating their effectiveness in key health indicators [4]. - Clinical results indicate that Jicui closely matches the breastfeeding effect on nine key immune indicators, while Qicui aligns with breastfeeding levels on nine critical brain development indicators [4]. Group 5: Industry Leadership - Feihe's commitment to "new generation more suitable for Chinese babies" reflects its dedication to continuous innovation and setting new standards in the industry, moving from reliance on imported "bulk powder" to fresh milk-to-powder processes [5]. - The introduction of the raw material-level traceability system represents a significant advancement in the industry, showcasing Feihe's ability to define standards rather than merely follow them [5].

12月22日，商务部发布公告， 公布对原产于欧盟的进口相关乳制品反补贴调查的初步裁 定。 公告显示， 根据《中华人民共和国反补贴条例》（以下简称《反补贴条例》）的规定，2024 年8月21日，商务部（以下称调查机关）发布2024年第34号公告，决定对原产于欧盟的进口 相关乳制品（以下称被调查产品）进行反补贴立案调查。 调查机关初步认定，原产于欧盟的进口相关乳制品存在补贴，中国国内相关乳制品产业受到 实质损害，而且补贴与实质损害之间存在因果关系。 根据《反补贴条例》第二十九条和第三十条的规定，商务部向国务院关税税则委员会提出对 原产于欧盟的进口相关乳制品采取临时反补贴措施的建议。国务院关税税则委员会根据商务 部的建议作出决定，自2025年12月23日起，采取临时反补贴税保证金的形式对原产于欧盟的 进口相关乳制品实施临时反补贴措施。 进口经营者在进口被调查产品时，应依据该初裁决定所确定的各公司的从价补贴率向中华人 民共和国海关提供相应的临时反补贴税保证金。 商务部贸易救济调查局负责人就对原产于欧盟的进口相关乳制品反补贴调查初裁答记者 问 问：我们注意到商务部公布了对原产于欧盟的进口相关乳制品反补贴调查初裁，决定采 ...

Core Viewpoint - The establishment of the "Sustainable Social Value Ecosystem" by Yili, Tencent, Lenovo, and other partners aims to integrate commercial and social values through ecological collaboration, addressing various social issues while promoting sustainable development [1][2][4]. Group 1: Ecosystem Formation and Initiatives - The "Sustainable Social Value Ecosystem" was officially launched on May 20, 2025, during the "WISH2030 Beautiful Conference" in Beijing, with the announcement of the "5·20 Corporate Charity Day" [4][5]. - The ecosystem focuses on disaster relief, veteran care, and support for special children, initiating various joint donation actions such as the "Rongjiang Flood Digital Charity Action" and "Warm Veterans - Guardian Health" [1][5][9]. - The ecosystem aims to build "resilient communities" by combining corporate strengths in nutrition, digital technology, and volunteer services with community self-governance [9][10]. Group 2: Collaborative Actions and Events - The ecosystem has organized thematic salons to discuss how enterprises can participate in sustainable social value creation, addressing topics like overseas corporate charity and digital philanthropy [10][12]. - The "Joint Charity Action for Beneficial Enterprises" was launched to enhance community resilience, moving from single-point assistance to comprehensive support [9][10]. - The ecosystem has expanded its influence through rotating leadership and open platforms, increasing participation from diverse sectors, including 46 organizations from internet platforms to financial institutions [13][19]. Group 3: Recognition and Impact - The "Sustainable Social Value Working Group" was established under the guidance of the United Nations Global Compact, aiming to gather more enterprises and social organizations for collaborative action [18]. - The ecosystem has transitioned from an "initiative platform" to a "benevolent infrastructure," focusing on long-term capacity building and knowledge sharing among enterprises [19][20]. - The approach emphasizes a shift from donation-driven to capability-driven philanthropy, fostering a dual pursuit of commercial and social values in real scenarios [19][20].

Core Insights - Yili's liquid milk division held its 2026 customer conference in Zhuhai, celebrating the achievements of 2025 and discussing future opportunities in the industry and channels [1] - The division awarded 305 outstanding distributors with a total bonus exceeding 64 million yuan and announced a rebate policy for 2026 with planned investments reaching several hundred million yuan [1] - Yili's liquid milk revenue for the first three quarters of 2025 reached 54.939 billion yuan, maintaining its leading position in the industry [1] Product Expansion and Innovation - Yili's liquid milk division is focusing on innovation to enhance product strength amid increasing market competition and consumer demand segmentation [2] - In 2025, new products such as probiotic yogurt with popping pearls and premium fresh milk were launched, gaining market attention and driving steady sales growth [2] - The conference introduced over ten new products, including upgraded versions of pure milk and various functional products targeting children and health-conscious consumers [2] Quality Management and Channel Optimization - Yili continues to strengthen its quality advantages, with raw milk exceeding EU standards in protein, fat, and microbial indicators [3] - Lean management practices are being implemented, with the Jin Hao factory receiving a five-star rating from the China Quality Association for its management capabilities [3] - The company is optimizing its marketing and policy systems to enhance channel value, utilizing both online and offline strategies to drive sales and improve distributor retention [3] - For 2026, Yili plans to strategically position itself around key consumption periods, enhancing rebate policies and marketing resources to convert brand awareness into sales effectively [3]

Core Viewpoint - The Ministry of Commerce of China has announced a preliminary ruling on anti-subsidy investigations into imported dairy products from the EU, indicating that these products have received subsidies that have caused substantial harm to the domestic industry, with a determined subsidy rate of 21.9%-42.7% for EU companies [3][6]. Summary by Sections Investigation Background - The Ministry of Commerce initiated the anti-subsidy investigation on August 21, 2024, following applications from domestic industries [5]. - The investigation period was extended to February 21, 2026, to ensure thorough examination [5]. Findings of the Investigation - Preliminary evidence suggests that the EU has provided significant subsidies to its dairy industry through various agricultural policies, leading to increased inventory and a shift from profit to loss for Chinese domestic producers [6]. - The determined subsidy rates for sampled companies range from 21.9% to 42.7%, with a uniform rate of 28.6% applied to cooperating EU companies and 42.7% for non-cooperating companies [6]. Implementation of Measures - Temporary anti-subsidy measures will be implemented, requiring importers to provide a corresponding temporary anti-subsidy tax deposit based on the determined subsidy rates starting December 23, 2025 [9]. - The calculation for the temporary anti-subsidy tax deposit will be based on the customs-determined taxable price of the imported goods [9]. Trade Relations Context - The Ministry of Commerce emphasized its cautious approach to trade remedy measures, noting that since 2025, China has not initiated new trade remedy investigations against the EU, while the EU has initiated multiple investigations against China [7].

格隆汇12月22日｜商务部：自2025年12月23日起，采取临时反补贴税保证金的形式对原产于欧盟的进口 相关乳制品实施临时反补贴措施。 （责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1] Core Insights - The dairy sector has shown strong stock performance due to favorable policies, expectations of a cyclical turning point, seasonal demand release, and capital inflow. The National Healthcare Security Administration aims for "no out-of-pocket" costs for childbirth by 2026, alongside local childcare subsidies, boosting long-term demand for maternal and infant dairy products. The Ministry of Commerce and other departments have issued policies to enhance consumption [4][14] - After previous capacity clearance, the acceleration of dairy cow inventory reduction has stabilized raw milk prices, with expectations of a supply-demand turning point in 2026, leading to increased milk prices. Dairy companies are transitioning towards "nutrition and health," with growing demand for functional dairy products and the upcoming launch of deep processing capacities, opening new growth opportunities [4][14] - As the Spring Festival approaches, demand for dairy products is expected to surge due to family reunions and gift purchases, with rising health consciousness driving sales of organic and functional dairy products [4][14] Summary by Sections Industry Performance - The food and beverage sector index (801120.SL) increased by 1.05% this week, ranking 13th among 30 sectors, outperforming the CSI 300 index by 1.33 percentage points. The current dynamic PE ratio for the industry is 21.75 [19] - Among the 10 sub-sectors, only beer and liquor saw declines, while the highest gain was in baked goods (+8.0%). A total of 107 stocks in the sector rose, with the top five performers being Huanlejia (+44.42%), Zhuangyuan Pasture (+35.96%), Huangshi Group (+21.16%), Junyao Health (+17.02%), and Sunshine Dairy (+14.72%) [19] Company Announcements - Wuliangye held its 12.18 conference, focusing on systematic construction to address market uncertainties. The company is implementing tailored strategies for different partners and is optimistic about sales during the 2026 Spring Festival due to more scientific strategies [5][15] - Mixue Ice Cream opened its first store in North America in Hollywood, Los Angeles, emphasizing a localized and cost-effective strategy. The store offers a wide range of sweetness levels to cater to local preferences, successfully generating social buzz and brand recognition [6][16] - Yanjinpuzi announced a 2025 stock incentive plan, with performance targets set for net profits from 2026 to 2028, aiming for significant growth. The company plans to refocus on supermarkets and leverage its flagship products for growth [7][17][18]

Core Viewpoint - Feihe has launched the world's first raw material traceability system for infant formula, allowing consumers to trace the production information of key ingredients like whey protein and lactoferrin through a simple scan, enhancing transparency and safety in product selection [1][6]. Group 1: Product Innovation - The introduction of the raw material traceability system is a significant innovation aligned with Feihe's philosophy of providing products better suited for Chinese infants [1][10]. - Feihe's new products, Jicui and Qicui, utilize raw materials produced within 30 days, emphasizing freshness and safety [6][8]. - The traceability system allows consumers to verify the freshness of ingredients, addressing concerns about the quality of infant formula [6][8]. Group 2: Industry Context - A survey by iResearch indicates that 85% of mothers prioritize "freshness" when selecting infant formula, highlighting the importance of ingredient freshness in product quality [3]. - The industry typically relies on imported raw materials, which can lead to safety concerns due to long transportation times and nutrient loss [3][10]. - Feihe's approach of 100% self-sourced key ingredients and the use of advanced extraction techniques significantly enhances the freshness of their products, with some ingredients being 23 to 47 times fresher than traditional sources [3][5][10]. Group 3: Nutritional Advancements - Feihe's proprietary extraction process has resulted in a 98% reduction in certain components while improving protein purity and nutritional quality [3][10]. - The new products feature advanced formulations that closely mimic the nutritional profile of breast milk, with clinical trials showing promising results in immune and brain development indicators [8][10]. - The company has established a robust research foundation, including a national team focused on breast milk research, to support its commitment to high-quality nutrition for infants [10][13].