前言： 2025年秋末的广州黄埔区，那座运行了24年的红色厂房终于安静下来。 作为养乐多进入中国大陆的首家工厂，这里曾见证过日均销量从不足6万瓶飙升到760万瓶的辉煌，如今 却要在11月30日正式关停。 更让人唏嘘的是，这已是养乐多一年内在华关闭的第二家核心工厂，早在2024年12月，运行20年的上海 工厂就已先行落幕。 曾几何时，这个印着繁体字的日本红瓶是街头巷尾的"健康符号"，流传着"每7个日本人就有1个喝"的传 说。 可如今，中国市场日均销量从巅峰时的760.9万瓶暴跌至250万瓶，降幅高达70%。从人人追捧的"肠道 救星"到接连关厂的窘境，养乐多到底经历了什么？ 巅峰到衰落 养乐多的故事，始于一百年前日本人对肠道健康的执念。 20世纪初，日本传染病频发，医学研究者代田稔下定决心攻克肠道难题，1930年成功培育出耐胃酸 的"干酪乳杆菌代田株"，1935年将其制成饮品推向市场。 可谁也没想到，产能上去了，销量却开始掉头往下走。2025年上半年，养乐多在中国市场的日均销量只 有447.2万瓶，虽说比前一年略涨，但和巅峰时的760.9万瓶比，差了整整一大截。 但在那个"谈菌色变"的年代，没人愿意为这种陌生饮品 ...

凭借"今天你养乐多了没"这一经典广告语，养乐多曾一度风靡中国市场。然而入华20余年后，养乐多却 频频收缩产能。 近日，日本养乐多本社株式会社宣布，其在华布局的首家工厂——广州第一工厂将于11月30日正式关 闭，原有生产功能将逐步转移至广州二厂及佛山工厂。这距离去年12月上海工厂关闭尚不足一年。在业 内看来，一年内两家工厂关闭并不只是产能调整，而是意味着其在华业务迎来收缩调整阶段。 战略定位专家、福建华策品牌定位咨询创始人詹军豪在接受《中国经营报》记者采访时表示，养乐多此 次关厂主要受两大因素驱动：一是销量大幅下滑导致产能过剩，关闭工厂可降低运营成本。二是市场竞 争加剧，蒙牛、伊利等本土巨头加码，持续挤压养乐多的市场份额。一年内两次收缩产能，反映出养乐 多在华业务面临较大压力，需调整战略以适应市场变化。 产能收缩背后 据公开资料，养乐多于2002年正式进入中国市场，初期以"益力多"品牌在广州开展业务，次年以"养乐 多"名称拓展至上海市场。 中经记者 阎娜 孙吉正 成都报道 截至目前，养乐多在华仍有广州、天津、无锡、佛山等地的5处生产基地及53家分公司，并在北上广等 城市继续开展家庭配送服务。 关厂也意味着部分员 ...

中经记者 阎娜 孙吉正 成都报道 凭借"今天你养乐多了没"这一经典广告语，养乐多曾一度风靡中国市场。然而入华20余年后，养乐多却 频频收缩产能。 近日，日本养乐多本社株式会社宣布，其在华布局的首家工厂——广州第一工厂将于11月30日正式关 闭，原有生产功能将逐步转移至广州二厂及佛山工厂。这距离去年12月上海工厂关闭尚不足一年。在业 内看来，一年内两家工厂关闭并不只是产能调整，而是意味着其在华业务迎来收缩调整阶段。 战略定位专家、福建华策品牌定位咨询创始人詹军豪在接受《中国经营报》记者采访时表示，养乐多此 次关厂主要受两大因素驱动：一是销量大幅下滑导致产能过剩，关闭工厂可降低运营成本。二是市场竞 争加剧，蒙牛、伊利等本土巨头加码，持续挤压养乐多的市场份额。一年内两次收缩产能，反映出养乐 多在华业务面临较大压力，需调整战略以适应市场变化。 财报数据显示，2025年1—6月，在中国市场养乐多合计日销447.2万瓶。尽管较2024年同期的426.7万瓶 略有回升，但与巅峰时期日均760.9万瓶相比，仍存在显著差距。 去年上海工厂的关闭同样源于销量不振。养乐多2025财年前三季度（2024年4—12月）财报显示，上海 ...

Core Viewpoint - Yakult is undergoing significant restructuring in China, closing key production facilities in Guangzhou and Shanghai due to declining sales and increased competition, indicating a critical challenge for the brand in maintaining its market position [4][6][9]. Group 1: Factory Closures - Yakult announced the closure of its Guangzhou factory, effective November 30, as part of a strategy to optimize production and manage resources more effectively [4][6]. - The Guangzhou factory's closure follows the earlier shutdown of the Shanghai factory, signaling a retreat from core production areas in East China [9]. - Following these closures, Yakult's production bases in China will reduce from six to five, consolidating operations to address declining sales [11]. Group 2: Sales Decline - Daily sales in Guangzhou have dropped significantly from 282 million bottles in 2021 to 149 million bottles in early 2025, indicating nearly a 50% decline [6][7]. - Nationally, Yakult's daily sales fell from 597.4 million bottles in 2019 to 383.1 million bottles in early 2025, reflecting a broader trend of declining demand [9]. Group 3: Market Challenges - Increased competition from local brands like Mengniu and Yili, which offer lower-priced alternatives, has intensified market pressure on Yakult [14][15]. - Changing consumer preferences towards low-sugar and healthier options have diminished Yakult's appeal, as its products are perceived as high in sugar [15][18]. - The brand's reliance on its flagship product, the "small red bottle," has hindered its ability to adapt to market changes and consumer demands [20]. Group 4: Strategic Missteps - Yakult's failure to innovate beyond its core product line has left it vulnerable in a rapidly evolving market, where consumers are seeking diverse and healthier options [20]. - The company's delayed response to the rise of online channels and community-based sales has further exacerbated its market share loss [20].

Core Insights - The company Yakult is undergoing significant operational restructuring in China, including the closure of its first factory in Guangzhou, which is part of a broader strategy to enhance competitiveness and achieve sustainable development in the market [2][4]. Performance Decline - Yakult's average daily sales in Guangzhou for the first quarter of this year were only 1.49 million bottles, which is less than half of the 2.82 million bottles sold daily in 2021 [4]. - Nationally, Yakult's daily sales peaked at 7.61 million bottles in 2019 but have since dropped to 4.44 million bottles in 2024, representing a decline of over 40% [4]. - The company's net sales for the first three quarters of the 2025 fiscal year showed a slight decrease of 0.4%, while operating profit fell by 9.2% [4][5]. Market Challenges - The closure of the Guangzhou factory is attributed to aging equipment and excess production capacity due to declining sales [2][6]. - The competitive landscape has changed significantly, with local dairy companies launching similar products, which has eroded Yakult's market dominance [6][7]. - Consumer perceptions have shifted, with a growing skepticism towards health claims associated with probiotics, further impacting sales [9]. Strategic Responses - In response to market challenges, Yakult has introduced new product variations, including low-sugar options and flavored drinks to cater to changing consumer preferences [9][10]. - Despite these efforts, overall sales remain significantly below peak levels, indicating that the company is facing both external competition and internal brand challenges [10].

根据湖南公众资产评估有限公司2022年4月12日出具的资产评估报告，截至2021年底，太子奶共有员工 88人，合计房屋建筑面积11.16万平方米。由于设备老化，生产线跑冒滴漏严重，导致无法组织生产， 太子奶从2020年8月至今生产区无生产，设备处于停用状态，自同年9月起全线产品委托在外加工。公司 生产区约有1万平方米厂房对外租赁，其余厂房均处于未使用的闲置状态。评估报告还显示，太子奶集 团现无在生产区恢复生产的计划，生产设备将逐步处置。 2021年8月，新华联持有的太子奶40%股权在淘宝网司法拍卖网络平台进行拍卖，其评估价为1.52亿 元，起拍价为1.06亿元，但该次拍卖被湖南省株洲市中级人民法院来函中止。今年7月，太子奶40%股 权的拍卖重启，该股权评估价为1.25亿元，起拍价为8756.76万元，但最终却无人报名，大股东三元股份 也放弃优先购买权且不参与拍卖。 时隔一个月后，太子奶40%股权的起拍价降至7005.40万元。根据淘宝网司法拍卖网络平台显示，本次 拍卖的报名方仅有1家，即为三元股份。 业绩承压 三元股份8月7日公告称，8月6日10时至8月7日10时，北京市第三中级人民法院在淘宝网司法拍卖网络平 ...

Market Overview - A-shares experienced a strong opening in June, with all three major indices rising and over 3,300 stocks in the market showing gains [1] - The Shanghai Composite Index rose by 0.43%, the Shenzhen Component increased by 0.16%, and the ChiNext Index gained 0.48% [1] - The total market turnover reached 1.16 trillion yuan [1] Key Sectors - The sectors that performed well included the China-South Korea Free Trade Zone, new consumption, football concepts, precious metals, and pharmaceuticals [1] - The rare earth permanent magnet sector saw significant gains, with Guangsheng Nonferrous Metals hitting the daily limit and reaching a new high [12] Notable Stocks - Junyao Health, known as the "first stock of room temperature lactic acid bacteria," achieved a remarkable performance with six consecutive trading days of gains, including a daily limit increase [2][5] - The stock's trading volume exceeded 800 million yuan [2] - Innovative drug stocks remained active, with Shutaishen hitting the daily limit and a cumulative increase of 188.04% since May 20 [7][9] Company Performance - Junyao Health reported a production volume of approximately 85.99 million liters for probiotic products in 2024, a year-on-year increase of 3.54%, while sales volume decreased by 1.41% to about 83.99 million liters [5] - The sales revenue for probiotic products was approximately 595 million yuan, down 2.71% year-on-year [5] Innovative Drug Sector - The innovative drug sector is gaining attention, with the approval of 11 new innovative drugs by the National Medical Products Administration [10] - The sector is expected to benefit from ongoing policy support and international licensing agreements, enhancing growth prospects for related companies [10] - Shutaishen's subsidiary is under scrutiny for its drug application, which may impact future evaluations [9] Conclusion - The overall market sentiment is positive, with a focus on growth sectors such as technology and consumer-driven industries, alongside stable sectors like banking [15]