2025年半年报披露收官，依旧是几家欢喜几家愁。 整体来看，消费持续疲软带来的供需失衡、内卷、价格战等老问题，在2025年上半年并未得到缓解，甚 至更严峻地反应到了各家公司的财报中。 内参君统计的106家企业中，有70家公司上半年业绩出现了不同程度的下滑，其中57家收入下滑，48家 净利润下滑。前者明显多于后者，这也侧面反应了在无法取得更多业绩增长的前提下，更多企业选择了 优先保利润。 分行业来看，受冲击最严重的依然是乳制品行业，33家上市公司中，25家业绩出现不同程度的下滑。而 乳企的业绩集体下滑，大多还是受液奶销量下滑的影响。两大巨头之一的伊利、液奶收入上半年同比下 滑7.61亿元，蒙牛的液奶则缩水了40亿。与此同时，奶粉受行业整合、补贴政策刺激等因素的影响，出 现了较为明显的结构性回暖，多家中外头部奶粉企业业绩增长。 除了乳企，零食企业也大多陷入了业绩泥潭。良品铺子、来伊份、好想你均陷入亏损，洽洽食品、三只 松鼠、甘源食品、劲仔食品们则是结束了前些年的高速增长，迎来净利润的大幅度下滑。这与零食行业 的渠道变革和成本压力有关，上游原材料价格上涨的同时，下游渠道端由于竞争剧烈，获客成本越来越 高。 个体企业 ...

以下文章来源于天天IPO ，作者杨文静 属于 早期乳业人 的创业历程逐渐远去，宜品背后是中国乳业黄金时代的缩影，也映照着 的母婴赛道的热闹一幕。 东北老乡，干出一个IPO 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 母婴IPO集体赶来。 作者 I 杨文静 报道 I 投资界-天天IPO 随着国家育儿补贴制度实施方案落地，一批母婴企业奔赴IPO。近日，宜品营养科技（青 岛 ） 集 团 股 份 有 限 公 司 （ 简 称 " 宜 品 乳 业 " ） 向 港 交 所 递 交 招 股 书 ， 拟 香 港 主 板 挂 牌 上 市。 身后掌舵者是一位5 1岁的黑龙江老乡。32岁离职创业，牟善波将一家濒临关停的国营老 厂救活，带着宜品乳业挺过行业最动荡的时期，发展自有品牌，进军海外市场，最后走 到了IPO门前。 这是一个来自东北的创业故事。 19 74年，牟善波出生于黑龙江省北安市，后就读天津轻工学院乳制品专业。19 9 6年大学 毕业后，牟善波进入淄博得益乳业从事技术工作，两年后青岛圣元乳业成立，牟善波决 定跳槽。 他在圣元乳业从基层业务员一路做到总经理，赶上了中国乳制品行业" ...

9月3日，西部牧业跌5.16%，截至发稿，报11.22元/股，成交1.25亿元，换手率5.11%，总市值23.71亿 元。 嘉实农业产业股票A（003634）成立日期2016年12月7日，最新规模10.34亿。今年以来收益9.97%，同 类排名3586/4222；近一年收益23.65%，同类排名3362/3783；成立以来收益47.89%。 嘉实农业产业股票A（003634）基金经理为吴越、朱子君。 截至发稿，吴越累计任职时间6年156天，现任基金资产总规模33.21亿元，任职期间最佳基金回报 63.07%， 任职期间最差基金回报-34.67%。 朱子君累计任职时间3年65天，现任基金资产总规模12.34亿元，任职期间最佳基金回报-34.05%， 任职 期间最差基金回报-35.28%。 责任编辑：小浪快报 资料显示，新疆西部牧业股份有限公司位于新疆石河子市开发区北一东路28号，成立日期2003年6月18 日，上市日期2010年8月20日，公司主营业务涉及乳制品加工与销售、饲料生产与销售、分割肉加工与 销售、种畜养殖与销售等。主营业务收入构成为：乳制品86.28%，饲料8.25%，其他5.46%。 从西部牧业十 ...

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has officially initiated its IPO process on the Hong Kong Stock Exchange, showcasing steady revenue growth but facing short-term performance pressures in 2025 [1][4]. Financial Performance - The company's revenue increased from 1.402 billion yuan in 2022 to 1.762 billion yuan in 2024, with a growth rate of 15.1% in 2023 and a slowdown to 9.2% in 2024 [4]. - In the first half of 2025, revenue dropped by 10.36% to 806 million yuan, and net profit fell by 42.57% to 56.688 million yuan, indicating short-term challenges [1][6]. Market Position and Industry Landscape - Yipin holds a 14% market share in the rapidly growing Chinese goat milk powder market, which is projected to reach 19.25 billion yuan in 2024, with an expected growth rate of 15.2% [2]. - The company ranks second in the infant formula goat milk powder segment with a 17.6% market share and second in the special medical purpose food segment with a 4.5% market share [2]. Product Diversification - The company’s main business segments include infant formula goat milk powder, special medical purpose foods, and adult nutrition products, with infant formula goat milk powder accounting for 58.6% of total revenue in 2024 [7]. - Special medical purpose foods are the fastest-growing segment, with revenue increasing from 24 million yuan in 2022 to 219 million yuan in 2024, reflecting a compound annual growth rate of 203.3% [7]. Global Expansion and Supply Chain - Yipin has established a comprehensive supply chain, including a large dairy farm in Heilongjiang and a modern goat farm in Shandong, along with a production base in Galicia, Spain, which is expected to produce 25% of the EU's goat whey powder in 2024 [2][3]. - The Spanish factory not only ensures stable supply of core raw materials but also enables the company to export products to the European market, contributing 322 million yuan in revenue from overseas markets in 2024 [3]. Shareholder Structure - The major shareholder, Mr. Miao Shanbo, holds approximately 75.11% of the company’s shares, indicating strong control over the company [6]. Future Outlook - The company plans to use the proceeds from the IPO for research and development, supply chain upgrades, brand building, international expansion, and digital infrastructure enhancement [7][8].

中银国际发表研究报告指，蒙牛上半年净利润按年下降16.4%，收入下降6.9%，逊于预期；核心经营溢 利率按年扩张1.5个百分点。管理层下调2025财年指引，预测收入按年录中至高单位数跌幅，核心经营 溢利率按年持平。 考虑到液态奶需求恢复速度逊于预期，该行将蒙牛2025至27年的总收入预测下调7%。该行指出，目前 仍在等待行业周期的转折点，相信这或带动中国乳制品龙头的潜在重新评级。该行将蒙牛评级由"买 入"下调至"持有"，目标价由23.3港元下调至16.8港元。 ...

险资系证券私募持股曝光 根据中国证券投资基金业协会官网信息，目前，已有6只险资系私募证券投资基金进入运作阶段，分别 为国丰兴华管理的鸿鹄志远基金系列一期、二期、三期1号、三期2号，泰康稳行一期基金和太保致远1 号。 随着上市公司半年报披露，长线资金——险资系证券私募的持仓路径逐渐清晰。记者梳理发现，中国石 油、中国神华、大秦铁路等能源、基建龙头上市公司被大手笔布局，险资系证券私募长期投资、价值投 资思路鲜明。 截至目前，险资系证券私募已达7家，试点金额合计2220亿元。近日，平安资管旗下恒毅持盈（深圳） 私募基金管理有限公司完成登记，首期基金规模达300亿元，意味着又一家险资系证券私募亮相。 又有险资系证券私募完成登记 保险资金长期投资改革首批试点于2023年10月获批。彼时中国人寿和新华保险作为首批试点机构，各出 资250亿元，设立规模500亿元的公司制基金。今年1月，中央金融办等六部门联合印发《关于推动中长 期资金入市工作的实施方案》，提出抓紧推动第二批保险资金长期股票投资试点落地，后续逐步扩大参 与机构范围与资金规模。随后人保寿险及人保资产获准以契约制基金方式参与第二批试点。 近日，又一家险资系证券私募 ...

Wind数据显示，二季度末，国丰兴华鸿鹄志远二期私募证券投资基金首次现身2家上市公司前十大股东 之列。其中，该基金新进成为中国石油A股第6大流通股东，持股超2.17亿股，按照二季度末股价计算， 持仓市值约18.57亿元。另外，该基金新进成为中国神华A股第9大流通股东，持股超5200万股，按照二 季度末股价计算，持仓市值约21.16亿元。 中国石化8月26日晚披露的《关于回购股份事项前十大股东和前十大无限售条件股东持股情况的公告》 显示，截至8月21日，国丰兴华鸿鹄志远三期私募证券投资基金1号位列公司第8大股东，持股3.05亿 股，对应市值超过17亿元。大秦铁路9月2日晚披露的相关回购公告显示，截至8月28日，鸿鹄志远三期1 号新进成为公司第4大股东，持股2.98亿股，对应市值超19亿元。 此外，鸿鹄志远（上海）私募投资基金有限公司（即鸿鹄志远基金一期）二季度末继续出现在伊利股 份、陕西煤业和中国电信的股东之列，持股数量较上一季度保持不变。 截至二季度末，泰康稳行一期基金和太保致远1号的持股暂未曝光。 随着上市公司半年报披露，长线资金——险资系证券私募的持仓路径逐渐清晰。记者梳理发现，中国石 油、中国神华、大秦 ...

数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国奶粉行业竞争现状及投资决策建议报告》 根据中国海关数据显示：2025年7月中国奶粉进口数量为7万吨，同比下降15%，进口金额为6.69亿美 元，同比增长6.6%。 近一年中国奶粉进口情况统计图 ...

Group 1 - The competition in the food delivery market has significantly impacted the dairy industry, with Mengniu's revenue declining by 6.95% to 41.567 billion yuan in the first half of 2025, and liquid milk revenue dropping by 11.2% to 32.19 billion yuan [1] - In contrast, Yili's revenue increased by 3.37% to 61.933 billion yuan during the same period, although its liquid milk revenue fell by 2.1% to 36.13 billion yuan [1] - Nielsen IQ data indicates that the overall sales of dairy products across all channels decreased by 9.6% in June 2025, with offline channel sales down by 12.7% [1] Group 2 - Yili noted that ready-to-drink tea beverages are substituting liquid milk products, particularly affecting packaged liquid milk sales, although the overall demand for liquid milk remains stable [1][2] - The company believes that the pressure from competition is manageable and that the impact of ready-to-drink tea on packaged liquid milk will weaken over time due to the health attributes and gifting properties of dairy products [2] Group 3 - Yili expressed confidence in the long-term growth potential of liquid milk, citing factors such as the aging population's increasing health awareness and the ongoing upgrade potential within the dairy product sector [3] - The current product structure in the dairy industry is still immature, with basic categories accounting for over half of the market, particularly evident in lower-tier cities [3]

Group 1 - The takeaway from the news is that the competition in the food delivery market is impacting the dairy industry, particularly affecting companies like Mengniu and Yili, with Mengniu's revenue declining while Yili's revenue shows growth despite challenges [1][2] - Mengniu's revenue for the first half of 2025 decreased by 6.95% to 41.567 billion yuan, with liquid milk revenue down by 11.2% to 32.19 billion yuan [1] - Yili's revenue increased by 3.37% to 61.933 billion yuan, although its liquid milk revenue fell by 2.1% to 36.13 billion yuan [1] Group 2 - The overall sales of dairy products across all channels dropped by 9.6% in June 2025, with offline sales declining by 12.7% [1] - Yili noted that the demand for liquid milk remains stable, but packaging liquid milk is under pressure due to the rise of ready-to-drink tea beverages [1][2] - Yili expressed confidence in the long-term growth potential of liquid milk, citing factors such as aging population and health awareness driving demand [2] Group 3 - The financial performance of tea beverage companies like Mixue Ice City and Luckin Coffee is strong, with Mixue's revenue growing by 39.3% to 14.87 billion yuan and Luckin's revenue increasing by 47.1% to 12.36 billion yuan in the second quarter [1] - Yili believes that the pressure from ready-to-drink tea beverages is manageable and that the impact of such competition will weaken over time [2]