Core Viewpoint - Ensuring food safety is the core element for gaining consumer trust and achieving sustainable growth in the dairy industry [1][2] Group 1: Company Responsibilities - The dairy industry is crucial for national welfare, with companies like San Yuan Food taking on both political and economic responsibilities [1] - San Yuan Food aims to provide healthy, nutritious, and safe dairy products to meet consumer expectations, which is part of its core political responsibility as a state-owned enterprise [1] - The company emphasizes its commitment to quality with the motto "70 years only for a good cup of milk," reflecting its economic responsibility towards sustainable development [1] Group 2: Food Safety Management - San Yuan Food has developed a standardized food safety control system based on a comprehensive risk analysis of the entire supply chain [2] - The company employs advanced technologies such as fingerprint mapping and rapid testing to monitor and prevent food safety risks [2] - Establishing a digital traceability system from source to consumer is a key strategy for building consumer trust and enhancing core competitiveness [2] Group 3: Organizational Structure and Culture - San Yuan Food has innovated its food safety organizational structure by forming a Food Safety Management Committee and implementing a "one responsible person" system [2] - The company integrates food safety into its business operations, ensuring that all employees understand their dual responsibilities regarding food safety [2] - Continuous internal training and assessments are conducted to enhance food safety knowledge and skills among employees [2][3] Group 4: Quality Control Measures - The company implements strict quality control measures, including a three-step tasting process at different stages of production to ensure product safety [3] - San Yuan Food has established a non-negotiable red line for quality safety, where any failure results in a complete rejection of the product [3] - Incentives are provided to departments or employees who propose effective quality improvement measures, promoting a culture of safety and quality [3]

作为"中国生态驼城"，新疆柯坪县的骆驼产业正借助数字化手段开启"智变"新篇章。当地龙头企业新疆优驼乳业有限公司与腾讯智慧零售联合启动了"链 上驼业·资产新生"数字化工程，这标志着我国首个骆驼全产业链数字资产化运营项目正式在柯坪落地，为全国特色农牧业的数字化转型提供了可借鉴 的"柯坪方案"。 新疆优驼乳业有限公司副总经理杨帆介绍："此次数字化工程的价值不仅局限于柯坪本地，还在向更广泛的范围辐射。依托该项目形成的数字化标准将推 广至东盟国家，目前已经完成了对马来西亚等地的考察，并签署了'云牧场计划'投资协议。同时，借助腾讯的B2B零售系统，柯坪驼奶制品的渠道效率可 提升50%，真正实现从牧场到消费者的'数字化直达'。此外，通过区块链技术精准监控农牧草场的承载力，相关数据还将接入自治区的生态保护平台，为 生态与产业的协同发展提供数据支撑。"（艾热提） 农户将新鲜的驼奶倒入储奶罐 （艾热提 摄） 作为自治区的农业产业化重点龙头企业，新疆优驼乳业有限责任公司率先寻求突破。该公司依托腾讯区块链技术"不可篡改、全程追溯"的核心特性，推出 了"一驼一码"数字管理体系，为骆驼产业装上了"智慧大脑"。 "在柯坪，骆驼不仅是支柱产 ...

9月10日，伊利集团数字科技中心数字技术总监程国强向记者介绍，公司不仅会对奶牛的饮食和运动情 况进行数据监测，还用到计算机视觉技术，识别奶牛的脸部和体态，从而判断出其心情。"奶牛的心情 好不好，直接决定了产奶量"。 在伊利，从养牛环节的奶牛受孕率、配种进度、原料加工准确率，到加工环节的奶源运输、工厂全局作 业状况、订单满足情况，再到销售环节的仓库数据、物流数据，以及售后的消费者反馈，都已被数据中 台密切追踪。 伊利一处牧场内部。 数字化浪潮中，包括伊利在内的诸多乳业企业加紧转型，通过与外部云厂商等的合作，来提升牧场、加 工制造工厂和企业内部管理的智能化程度。 在呼和浩特城区西郊的伊利智慧谷，牧场奶牛的呼吸、泌乳等日常行为被实时监测，并显示在数字大屏 上。 今年初，伊利接入阿里的通义千问大模型，结合专业领域数据打造了自身的AI智能体。 这款智能体可用于企业核心供应链数据分析与决策。阿里云方面介绍，过去，伊利供应链的数据查询分 析依赖专职数据工程师通过编写代码来实现，从需求提出到数据产出需要排队长达2周时间。有了AI智 能体后，业务人员直接用自然语言提问，智能体随即完成数据查询、生成可视化报表并给出业务洞察， 辅 ...

Core Viewpoint - The company, Miaokelando, faces significant challenges in achieving its ambitious revenue targets due to a mismatch between aggressive goals and actual market conditions, particularly in the cheese sector, which remains underdeveloped in China compared to Western markets [2][9]. Market Potential and Consumer Demand - The cheese market in China is projected to have a "trillion scale" potential, but this is based on comparisons with high penetration rates in Western markets, which overlook the unique consumer demand in China [2][3]. - Cheese has not become a staple in Chinese diets, with recent data showing that the domestic cheese market growth has not exceeded single digits, primarily driven by children's snack segments, while adult consumption remains in a developmental phase [3][4]. Revenue Growth and Performance Metrics - Miaokelando set a target of 199 billion yuan in revenue over three years, requiring an annual growth rate of at least 16%, but actual revenue growth has been significantly lower, with a 7.98% increase in the first half of 2024 [4][5]. - The company has experienced a decline in growth, with revenue growth rates of only 9.2% in 2023 and a reliance on a single product category, cheese sticks, which constitutes nearly 70% of its revenue [5][6]. Profitability and Cost Management - Despite a reported 89.16% increase in net profit in 2023, this growth is attributed to short-term cost reductions rather than sustainable competitive advantages [6][7]. - The decline in international dairy prices has temporarily benefited Miaokelando, but this cost advantage may not be sustainable as prices are expected to rebound [6][7]. Market Position and Investor Confidence - Miaokelando's market capitalization of approximately 14 billion yuan does not reflect the over 4 billion yuan investment from its controlling shareholder, Mengniu, leading to a high dynamic price-to-earnings ratio of 80.66, indicating a crisis of confidence in the capital market [7][8]. - The company's stock has dropped 22% in the first half of 2024, significantly more than the average decline in the food and beverage sector, suggesting investor concerns about future performance [7][8]. Strategic Recommendations - To overcome its current challenges, Miaokelando should focus on realistic goal-setting and return to the fundamentals of dairy business, emphasizing product innovation and consumer education rather than relying on short-term marketing strategies [8][9]. - The company needs to balance revenue growth with profit quality, optimizing supply chains and diversifying its product offerings to reduce dependence on a single category [8][9].

Group 1 - The dairy sector experienced a decline of 1.12%, ranking among the top losers in the concept sector, with companies like Pinwa Food, Junyao Health, and Happy Home seeing significant drops [1][2] - Among the dairy stocks, five companies saw price increases, with Yiatong leading at a rise of 3.74%, followed by *ST Tianshan at 1.10% and Dabeinong at 0.47% [1][2] - The dairy sector faced a net outflow of 631 million yuan from main funds, with 23 stocks experiencing outflows, and nine stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The top net outflow was from Yili Group, with a net outflow of 449 million yuan, followed by Beiyinmei with 56 million yuan and Dabeinong with 33 million yuan [2][3] - Conversely, the stocks with the highest net inflow included Yiatong, Wanchen Group, and Tianrun Dairy, with net inflows of 37 million yuan, 17 million yuan, and 4.5 million yuan respectively [2][3] - The trading volume for Yili Group was 1.25%, while Beiyinmei had a turnover rate of 5.90%, indicating varying levels of investor interest [3]

由经济日报社主办、中国经济网承办，主题为"尚德守法 共享食安"的第十六届中国食品安全论坛9月11 日在北京举行。 中国经济网北京9月12日讯（记者 姜智文）"回顾过往历史的经验与教训，保障严守食品安全防线，才 是赢得消费者信赖的核心要素。"北京三元食品股份有限公司质量管理部部长牛晨艳，在昨日举办的第 十六届中国食品安全论坛上表示，只有做好食品安全保障，才能让企业赢得消费者信任，进而实现可持 续增长。 在牛晨艳看来，乳业是关系国计民生的关键行业，内生动力是源自于企业承担的政治责任和经济责任。 此外，三元食品对内部的食品安全文化建设和食品安全技术培育，开发内部三元智库，员工可进行相关 知识的学习和自测。"我们内部对所有食品安全总监、食品安全员每月进行考核，保证持续提升综合管 理水平和食品安全技能。"牛晨艳表示。 管理模式方面，三元持续坚持源头严控、过程严管、结果严检的举措，以及有三元特色的食品安全措 施，那就是品尝三道关。第一道关，在收奶环节，收奶人员和牛场安全人员共同品尝煮沸后的生牛乳； 第二道关，在线的人员要品尝半成品；第三道关，在产品环节，操作人员和检验人员也要品尝成品。 "每一个三元人都知道，企业最大的经 ...

智通财经记者 | 袁颖琪 在半年报披露前，贝因美（002570.SZ）一纸诉状将昔日合作伙伴浙江科露宝食品有限公司（下称"科露宝"）推上被告席，以"商标侵权及不正当竞争"为由索赔7201万元。这一索赔金额与公司 注册会计师李亚飞在接受智通财经记者采访时表示，"规则上，只要案件在资产负债表日（6月30日）之后、半年报披露之前立案，公司就可在附注里'补充披露或有资产'，无需重述中报。" 上述市场质疑并非毫无根据。贝因美上半年归母净利润同比增长43%，但经营现金流骤降六成，应收账款是利润的四倍，短债10.28亿逼近红线。由此，贝因美的弱点可以窥见。 诉讼案的影响 贝因美和科露宝的恩怨始于2021年"小贝太"商标授权。彼时，贝因美将"小贝太"系列特殊医学用途婴儿配方食品的运营权授予科露宝，约定以"销售额分成"模式合作，共同开拓细分市场。 初期双方合作曾一度顺畅，但第三年裂痕逐渐显现：贝因美指责科露宝"私自扩大产品品类，且抢注与'小贝太'近似的商标"，涉嫌越界经营；科露宝则反戈一击，称贝因美"单方面切断供应链 矛盾激化后，贝因美直接中断了科露宝的货源供应，这一举措直接导致科露宝旗下"小贝太"产品被迫下架，渠道库存大量积 ...

Core Viewpoint - The lawsuit filed by Beiningmei against its former partner, Keluobao, for trademark infringement and unfair competition raises concerns about the company's financial health and potential manipulation of performance metrics through legal actions [1][4]. Group 1: Lawsuit Background - The conflict between Beiningmei and Keluobao began in 2021 when Beiningmei authorized Keluobao to operate the "Xiao Bei Tai" brand of specialized medical infant formula, with a revenue-sharing model [2]. - Initial cooperation was smooth, but tensions arose as Beiningmei accused Keluobao of unauthorized product expansion and trademark registration, while Keluobao claimed Beiningmei cut off supply and owed partnership fees [2][3]. Group 2: Financial Performance - Beiningmei reported a 43% year-on-year increase in net profit, but revenue declined by 4.37%, indicating a disparity between profit growth and sales performance [4][5]. - The increase in net profit was primarily due to a rise in gross margin to 45.3%, attributed to lower raw material costs rather than sales growth [8]. - Sales expenses increased significantly, leading to concerns about the sustainability of profit margins, as the company relies heavily on promotional spending to maintain market share [9]. Group 3: Strategic Challenges - Beiningmei's strategic shift towards a "family health" platform has yet to yield significant revenue, with the infant formula business still accounting for 89.2% of total revenue [10]. - The company faces challenges in entering the adult nutrition market, which is already dominated by competitors [10]. Group 4: Cash Flow and Debt Issues - The company's operating cash flow dropped by 59.9%, raising alarms about its cash generation capabilities amid rising inventory levels [11]. - Beiningmei's accounts receivable are high, with a significant portion being overdue, indicating weak bargaining power in its distribution channels [18]. - The company maintains a high level of short-term debt relative to its cash reserves, leading to concerns about liquidity and financial stability [19].

Group 1 - The dairy sector experienced a decline of 0.11% as of the market close on September 11, ranking among the top losers in the concept sector [1][2] - Notable decliners within the dairy sector included Wanchen Group, Panda Dairy, and Huanlejia, while Zhuangyuan Pasture, Dabeinong, and *ST Tianshan were among the few that saw price increases of 2.29%, 1.90%, and 1.36% respectively [1][2] - The dairy sector faced a net outflow of 266 million yuan from major funds, with 25 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The stock with the highest net outflow was Wanchen Group, which saw a net outflow of 99.22 million yuan, followed by Yiyatong and Pinwa Foods with outflows of 89.44 million yuan and 21.80 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Beiyinmei, Huanlejia, and Dabeinong, with net inflows of 24.45 million yuan, 20.05 million yuan, and 13.37 million yuan respectively [2][3] - The trading volume for Wanchen Group was 2.72%, while the highest turnover rate was observed in Pinwa Foods at 12.68% [2][3]

Core Insights - The Chinese dairy industry has made significant advancements in milk production, with some high-yield farms achieving an annual milk yield of 14 tons per cow by 2024, surpassing most developed countries [1] - The overall quality of Chinese raw milk has improved, with key indicators such as protein, fat, and bacterial counts exceeding EU standards, indicating a world-class quality [1] - The rapid development of the dairy sector in China, completing in 20 years what took developed countries over a century, is driven by domestic innovations in breeding and technology [1] Group 1: Genetic Improvement and Technology - The increase in dairy production and quality is fundamentally linked to the genetic improvement of dairy cattle, facilitated by whole-genome testing technology [2] - Whole-genome testing provides precise breeding values, accelerates genetic progress, and reduces the risks of inbreeding, but its high cost and time consumption hinder widespread adoption in China [2] - A team led by Li Xihe has developed domestically produced gene chips that significantly reduce testing costs and improve efficiency, achieving a fourfold increase in efficiency and a cost reduction to one-fifth of whole-genome sequencing [2][3] Group 2: Breeding and Data Utilization - The breeding capability of dairy cows is heavily influenced by the genetics of their parents, with top bulls contributing over 75% to genetic improvement [4] - The establishment of a breeding big data platform across 96 large-scale farms has enabled the collection of comprehensive data on each cow, facilitating the identification of superior breeding stock [5] - The use of machine learning algorithms has allowed for the rapid identification of genetic markers associated with desirable traits, reducing the breeding cycle from six years to two [5][6] Group 3: Smart Farming and AI Integration - Traditional dairy farming faces challenges such as high reliance on manual labor and fragmented data, which can be addressed through smart farming technologies [7] - The "YILI-AI" system developed by Yili integrates AI technology to enhance dairy farming efficiency, providing precise solutions based on extensive historical data [8] - The implementation of AI has led to an increase in daily milk production by 1.66 kg per cow and a reduction in management costs by 0.31 yuan per kg of milk [8]