1月18日，由飞鹤携手《时尚芭莎》打造的"寻迹而来·鲜活盛典"在北京隆重举行。活动现场，新晋品牌 大使暨鲜活寻迹官朱珠、飞鹤品牌大使奚梦瑶、明星妈妈苗苗、中国珠宝设计师孙何方、星妈会众多宝 妈们一道，分享了对飞鹤"新一代更适合"两大新品迹萃、启萃，及其所代表的全新"鲜活营养"的认可与 感悟。 会上，全球首个奶粉新鲜原料溯源系统成为热议焦点，飞鹤宣布率先实现新鲜原料自产、可追溯。至 此，"原料新鲜"正式成为奶粉新鲜度的核心评价维度。飞鹤不仅推动了奶粉的第三次新鲜革命，也重新 定义了行业"鲜活"标准。 （飞鹤全球首个奶粉新鲜原料溯源系统） 更高标准发展。 张旭光介绍，飞鹤依托全球首家婴幼儿奶粉核心原料专属工艺，全程低温一次提取，在原料鲜活营养上 实现了跨越。以奶粉中最关键的原料乳清蛋白粉为例，飞鹤颠覆传统流程，实现了"原生牛乳鲜萃提 取"，自产的膜分离乳清蛋白，从生牛乳提取到应用于奶粉，整个周期不超过30天，新鲜度是传统进口 原料的23倍，同时研究表明，必须氨基酸组成更优、更接近母乳，蛋白结构更完整，纯度更高。 迹萃、启萃作为率先全面应用飞鹤新鲜原料溯源系统的新品，成为盛典现场关注的焦点。飞鹤产品经理 郭洋分享了 ...

1月18日，由飞鹤携手《时尚芭莎》打造的"寻迹而来·鲜活盛典"在北京隆重举行。活动现场，新晋品牌 大使暨鲜活寻迹官朱珠、飞鹤品牌大使奚梦瑶、明星妈妈苗苗、中国珠宝设计师孙何方、星妈会众多宝 妈们一道，分享了对飞鹤"新一代更适合"两大新品迹萃、启萃，及其所代表的全新"鲜活营养"的认可与 感悟。 ( 飞鹤 " 寻迹而来 · 鲜活盛典 " 活动现场 ) 小小二维码 引领婴配粉行业的第三次"新鲜革命" 会上，全球首个奶粉新鲜原料溯源系统成为热议焦点，飞鹤宣布率先实现新鲜原料自产、可追溯。至 此，"原料新鲜"正式成为奶粉新鲜度的核心评价维度。飞鹤不仅推动了奶粉的第三次新鲜革命，也重新 定义了行业"鲜活"标准。 一个二维码有啥新鲜的？但是在本次鲜活盛典上，用户仅需要手机扫下二维码，不仅可以查询产品生产 日期，还可以追溯乳清蛋白、乳铁蛋白等核心原料的生产信息。这就是飞鹤上线的全球首个奶粉新鲜原 料溯源系统。 ( 飞鹤全球首个奶粉新鲜原料溯源系统 ) 该系统首次将奶粉产品品质转化为透明、可感知的数据，让"安全、鲜活"清晰可见，为消费者实现真正 意义上的"放心选购"，提供了全新的专属路径。该系统的上线，标志着中国婴配粉行业鲜活 ...

为什么 2026 年可能是原奶、乳制品大年？20260118 摘要 牧场成本压力因奶牛呈双位数增长趋势加剧，2025 年 9 月已出清约 20 万头奶牛，但规模化牧场占比提升及单产增加使总体原料奶产量小幅增 长。存栏出清将逐步传导至牛奶产量下降，大包粉进口价格仍高于国内， 2026 年国际奶价大幅下跌可能性小。 促消费政策落地，深加工产能及出口探索带动乳制品需求。2025 年前 三季度乳制品产量同比变化分别为减少 1.7%、增加 1.8%和增加 0.4%。春节旺季及后续政策有望拉动消费，多家企业布局深加工产线， 预计贡献 400 万吨以上生鲜乳需求，有望填补供需缺口。 预计 2026 年乳制品行业有望在供需两端作用下达到平衡，并可能迎来 价格拐点。肉牛价格自 2025 年 2 月触底反弹，截至 12 月上涨约 10%，受养殖周期影响，供需错配被放大。2025 年三季度末全国肉牛 存栏量同比减少 2.4%至 9,932 万头。 肉牛育肥业务已扭亏为盈，但养殖场户仍持谨慎态度，产能区划继续。 本轮肉牛上行周期已基本明确，底部已经建立并开启新的增长周期。伊 利股份、蒙牛乳业、中国飞鹤、李子园等企业将在乳制品深加工领 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Baijiu (Chinese liquor) and Soft Drinks - **Key Insights**: The Baijiu industry is nearing a bottom in terms of valuation, expectations, and holdings, with a potential turning point expected in Q3 2026. The soft drink market is showing strong performance from leading companies, with expectations for revenue growth above the industry average in 2026 [1][9]. Baijiu Industry Insights - **Market Dynamics**: The overall sentiment for Baijiu sales during the Spring Festival is cautious, with expectations of a year-on-year decline potentially reaching double digits. However, Moutai's significant price reduction may stimulate sales during low-frequency consumption scenarios [2][8]. - **Company Strategies**: - **Moutai**: Plans to stabilize overall product supply while adjusting the product mix to increase the availability of premium Moutai and 500ml Flying Moutai. This strategic shift is expected to have a profound impact on pricing and growth logic [4]. - **Luzhou Laojiao**: Focuses on maintaining stable apparent prices and ensuring stability in pricing, channels, and organizational structure to provide growth momentum during the recovery phase [5]. - **Investment Recommendations**: Companies such as Moutai, Fenjiu, and local brands like Gujing Gongjiu are recommended for their market share logic, while Wuliangye and Luzhou Laojiao are noted for their dividend security [1][8]. Soft Drink Market Insights - **Market Performance**: Leading companies in the soft drink sector are expected to maintain revenue growth above the industry average in 2026. Notable performers include Nongfu Spring and Dongpeng Special Drink, while Master Kong and Uni-President are seen as stable defensive investments [9][10]. - **Current Trends**: The market is experiencing significant competition, but leading companies are expected to leverage their channel and product advantages to maintain robust performance [9]. Tea Beverage Market - **Key Players**: Companies like Guming and Shanghai Auntie are rapidly expanding, with Guming planning to promote breakfast scenarios and Shanghai Auntie introducing coffee and health products. Both companies express confidence in same-store sales for 2026 [11]. Dairy Industry Insights - **Market Condition**: The dairy sector is currently experiencing weak demand but is expected to see a recovery in 2026. Companies like Yili, Mengniu, and New Dairy are recommended due to their stable fundamentals and growth potential [3][12][13]. Frozen Food Industry Insights - **Market Outlook**: The frozen food sector is showing positive prospects for 2026, with strong winter stocking and improved confidence among distributors. Companies like Anjijia, Qianwei Yangchun, and Sanquan Foods are optimistic about their outlook [14][15]. Seasonality and Consumer Behavior - **Consumer Trends**: The upcoming Spring Festival is expected to influence consumer behavior significantly, with increased stocking efforts noted across various sectors, including snacks and frozen foods. Companies are adjusting their strategies to meet this seasonal demand [17][18]. Recommendations for Investment - **Baijiu**: Focus on companies with strong market share logic and dividend security, such as Moutai and Luzhou Laojiao [8]. - **Soft Drinks**: Invest in leading brands like Nongfu Spring and Dongpeng, which are expected to outperform the market [9][10]. - **Dairy and Frozen Foods**: Look for opportunities in Yili, Mengniu, and Anjijia, which are positioned for growth in the recovering market [12][14]. Conclusion - The Baijiu industry is at a critical juncture, with potential for recovery in 2026, while the soft drink and dairy sectors are showing resilience and growth potential. Investors are advised to focus on companies with strong fundamentals and strategic positioning to capitalize on upcoming market opportunities [6][9][12].

中国飞鹤 20260116 目前对新生儿及 0-3 岁儿童数量的展望如何？行业规模是否会受到影响？ 2025 年和 2026 年的行业规模基本持平，去年（2025 年）新生儿数量约为 950 万，今年（2026 年）预计降至 800 多万。尽管母乳喂养比例下降，但出 生人口的减少将对行业规模产生压力。整体来看，未来几年行业增速可能会受 到影响。 2025 年上半年毛利率下降主要由于产品结构问题，公司涉足乳原料等 毛利水平较低的产品，拉低了整体毛利率。此外，公司推出 12 亿补贴， 这部分费用记在销售经营费用中，不影响毛利。净利润下降主要是收入 端下降导致，同时政府补贴持续走低。 公司承诺 2026 年分红 20 亿元，上半年已派发 10 亿元，下半年还将派 发 10 亿元。2025 年底完成了不低于 10 亿人民币的股份回购，这些股 份现作为库存股，将用于员工激励计划等长期项目。未来分红比例大致 在 40%以上。 摘要 飞鹤婴幼儿配方奶粉产品结构中，三段奶粉占比超过 50%，主要由于其 服务周期长，覆盖 1-3 岁年龄段，市场需求量大。公司正积极通过新品 推出、配方升级和高端产品搭配等策略，稳定利润水平并满足 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Insights - From 2024 to 2025, most food categories are expected to experience negative year-on-year sales growth, facing significant growth pressure. Frozen food is relatively outstanding, achieving nearly 2% positive growth in 2025. The decline in growth rates for condiments and dairy products has notably narrowed. However, convenient fast food and snack categories are under considerable pressure, with the former expected to decline by 8% in 2025 and the latter experiencing a continuous decline of over 10% for two consecutive years, primarily due to channel fragmentation, price wars, and consumer downgrading [2][4][14]. Summary by Relevant Sections Sales Growth Trends - The sales growth rate for most food categories is projected to remain negative from 2024 to 2025, with frozen food showing a positive growth of nearly 2% in 2025. The growth rate decline for condiments and dairy products has significantly narrowed, while convenient fast food and snack categories are under pressure, with the former expected to decline by 8% and the latter over 10% [2][4][14]. Sales Volume Trends - The year-on-year change in sales volume for various categories generally follows the same trend as sales revenue. The snack category is expected to see a significant increase in sales volume decline in 2025 compared to 2024, contrasting with the moderate decline in sales revenue. This is attributed to the rise of bulk snack channels, which have diverted demand for smaller purchases, forcing traditional retail channels to increase single-item specifications to maintain cost-effectiveness, thereby reducing sales volume [4][14]. Price Trends - Over the past five quarters (Q4 2024 to Q3 2025), the price index for food, beverages, and daily chemicals has consistently remained below 100, indicating ongoing price downward pressure. By Q4 2025, the indices for these three categories are concentrated between 98-99, with food slightly better than the others, but the difference is minimal. The overall price trend is converging, with a narrowing fluctuation range, indicating a lack of significant independent trends across categories, primarily influenced by the macroeconomic environment [4][16]. Subsector Performance - The food and beverage index has shown a 0.19% increase since early 2026, lagging behind the Shanghai and Shenzhen 300 index, which increased by 2.20%. The recent week has seen leading gains in red wine and snack sectors, while the white wine and condiment sectors have experienced significant pullbacks [6][42]. Industry Dynamics - The industry is actively responding to market changes through digital transformation, new product incubation, and capital operations. Notable movements include Guizhou Moutai's user growth on the "i Moutai" platform and East Peak Beverage's projected significant profit growth for 2025. Additionally, new product launches and strategic partnerships are being pursued by various companies to adapt to changing consumer preferences [7][48][49].

香港聯合交易所有限公司以及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 Junlebao Dairy Group Co., Ltd. 君樂寶乳業集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 本公告乃根據香港聯合交易所有限公司（「聯交所」）以及證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 閣下閱覽本公 告，即表示 閣下知悉、接納並向君樂寶乳業集團股份有限公司（「本公司」）、其 聯席保薦人、整體協調人、顧問或包銷銀團成員表示同意： 1 (a) 在聯交所網站刊發本公告並不導致本公司、其聯席保薦人、整體協調人、顧 問或包銷銀團成員有責任在香港或任何其他司法管轄區進行發售或配售。概 不保證本公司會否進行發售或配售； (b) 與本公告有關的上市申請尚未獲批准，聯交所及證監會可接納、退回或拒絕 有關公開發售及╱或上市的申請； (c) 本公告不應被視為誘使認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯屬人士、其顧 ...

Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The report highlights that the liquor sector is currently at a bottom phase, with leading brands expected to see an upward trend in sales during the upcoming Spring Festival, particularly for core products [2][10] - The report emphasizes the importance of the Spring Festival stocking season for consumer goods, with a focus on new consumption trends in the medium to long term [3][12] Summary by Sections Market Performance Review - The food and beverage sector experienced a decline of 2.10% from January 12 to January 16, 2026, underperforming compared to the Shanghai Composite Index, which fell by 0.45%, and the CSI 300 Index, which dropped by 0.57% [1][19] - Specific declines included the liquor sector at -2.35%, processed foods at -2.13%, and dairy products at -2.09% [1][19] Weekly Updates - **Liquor Sector**: The liquor sector's performance was weaker than the overall food and beverage sector, with a notable decline of 2.35%. The report mentions the release of a market-oriented operational plan by Kweichow Moutai, which aims to stabilize retail prices and enhance sales channels [2][10] - **Consumer Goods**: The report indicates a positive outlook for snack foods, with significant gains in stocks such as "Good Idea" and "Kangbiter" [3][12] Investment Recommendations - **Liquor Sector**: Recommended stocks include Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Gujing Gongjiu, with a focus on potential sales exceeding expectations during the Spring Festival [2][10][17] - **Consumer Goods**: Emphasis on the importance of stocking for the Spring Festival, with recommendations for companies like Wei Long and Wanchen Group, as well as monitoring new product launches and channel adjustments [3][12][18] Sector and Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the processed food and baking sectors also faced declines, with specific stocks like Weizhi Xiang and Kemei Foods showing some resilience [15][19] - The report notes that the dynamic price-to-earnings ratio for the food and beverage sector is currently at 21 times, ranking it 24th among primary industries [24]

当"水解蛋白""小分子"成为婴幼儿奶粉市场的高频宣传词，不少追求"低敏易吸收"的家长纷纷买单，尤其是家有敏感体质宝宝的家庭，更是将这类奶粉视为 育儿刚需。 然而，光鲜宣传背后，却有部分商家在玩一场暗藏猫腻的概念游戏。水解蛋白排在配料表的末端，却标榜"水解蛋白奶粉"或"小分子蛋白奶粉"；有的普通婴 幼儿配方奶粉（下称"普通婴配奶粉"）为刻意模糊与特殊医学用途婴幼儿配方奶粉（下称"特医婴配奶粉"）之间的界限，在配料表标注里含糊其辞、模棱两 可……水解蛋白奶粉市场的乱象，正让不少家长在选购时陷入迷茫，难以判断产品真实价值。 01. 产品核心宣传≠实际成分含量高 水解奶粉的核心价值在于通过酶解技术，将牛奶中致敏性较强的大分子乳清蛋白、酪蛋白切割为小分子肽段，进而降低蛋白致敏性，《消费者报道》近期发 布的《羊奶粉PK水解奶粉，敏感体质宝宝更适合喝什么？》中亦有明确阐述。 这类奶粉的定位是特殊医学用途食品，主要适用于有过敏家族史、已出现过敏症状或确诊过敏、消化功能障碍的婴儿，且需要在医生指导下使用。对于健康 婴儿而言，无需额外食用。 随着水解奶粉的普及度在育儿家庭中逐步提升，市场上悄然出现了"小分子蛋白奶粉"这一模糊品类 ...

专题：第九届世界浙商上海论坛暨2025上海市浙江商会年会 "大家看到，当今世界经济最大的竞争是中美之间的竞争。但中美两个经济体并非孤立分离，而是既有 竞争，更有深度的交流合作。这种'你中有我、我中有你'的格局，让中国经济绝不会被轻易打倒。"郭 广昌表示。 他认为，中国经济韧性的一个重要来源，就是坚持了市场经济，"中国有一批'打不死的小强'，那就是 民营企业，尤其是民营科技企业。中国的民营企业，尤其是民营科技企业表现出了强大的竞争力，在 AI、机器人、生物医药这些新兴产业里都走出了有全球竞争力的道路。" 以复星旗下生物创新药平台复宏汉霖为例，2025年其自主研发的多款产品在全球创新药制高点取得突 破。其中，H药汉斯状成为全球首个且唯一胃癌围手术期III期注册研究成功的抗PD-1单抗，HLX43更是 有望开创全球"广谱抗癌药"的新时代。目前，复宏汉霖已有10款产品在国际获批上市，覆盖亚洲、欧 洲、拉丁美洲、北美洲和大洋洲的约60个国家和地区。更重要的是，多个管线在研产品，均具备百亿美 元的全球市场潜力。 "我们的研发能力受到了全球医药巨头的认可，在全球的竞争力变得越来越强。"郭广昌表示。例如， 2025年12月， ...