破解中国母乳密码，夯实"更适合"科研根基 10月14日，"新一代更适合 激发宝宝无限潜能"——飞鹤奶粉"更适合中国宝宝体质"科研突破暨新品发 布会在京举办。基于深入人心的"更适合中国宝宝体质"战略，飞鹤重磅发布"新一代更适合"。 会上，中国营养保健食品协会执行副会长厉梁秋、中国农业科学院奶产品质量与风险评估科技创新团队 首席科学家王加启、北京大学医学部公共卫生学院副院长许雅君、大连工业大学教授牟光庆、华大集团 CEO尹烨等权威专家齐聚一堂，共同见证中国婴幼儿奶粉领域的重大科研进展。 母乳是婴幼儿最天然的口粮，一直是配方奶粉研发的"黄金标准"。尹烨认为："母乳对宝宝的身体发 育、大脑发育、免疫系统的构建不是独立的篇章，而是一部精妙的交响乐。"他强调，配方奶粉的终极 目标就是无限接近母乳，实现"一方母乳养一方人"的科学适配。 (中国营养保健食品协会执行副会长厉梁秋致辞) (由左至右：北京大学医学部公共卫生学院副院长许雅君，大连工业大学教授牟光庆，中国农业科学院 奶产品质量与风险评估科技创新团队首席科学家王加启，华大集团CEO、生物学博士尹烨) 王加启基于多年实地调研指出："我们团队每年都深入飞鹤生产基地开展系统研 ...

Group 1 - The global skincare market is witnessing a significant shift, with Chinese brands expected to capture over 55.2% market share in 2024, reflecting a 21.2% year-on-year sales increase [1] - The rise of Chinese brands is driven by a combination of scientific research capabilities and cultural narratives, with companies like Huaxi Biological investing 6.8% of their revenue in R&D, significantly higher than the 1.5% to 3.5% spent by international giants [1] - The challenge for Chinese brands is to transition from being "followers" to "leaders" in the global market, particularly in terms of narrative and brand positioning [1] Group 2 - Wang Bo, a branding expert, emphasizes that the essence of business competition lies in the battle for concepts, where foreign brands hold an advantage in defining value in consumers' minds [3][4] - Chinese brands have moved beyond mere OEM and are now aiming to lead in technology and narrative, with a focus on reclaiming the narrative power [4] - Differentiated concepts serve as strategic anchors in consumers' minds, allowing brands to establish a unique position that is difficult for competitors to replicate [4][6] Group 3 - Wang Bo's successful strategies for brands like Feihe and Xiangyi Bencao highlight the importance of deep market insights and the need to redefine competition rules through differentiated concepts [6][7] - Xiangyi Bencao faced intense competition but successfully repositioned itself as a "Chinese herbal skincare expert" by leveraging its roots in traditional Chinese medicine, thus differentiating itself from both domestic and international competitors [7][9] - The concept of "herbal skincare" not only enhances brand recognition but also aligns with the growing trend of national pride in Chinese products, positioning Xiangyi Bencao as a leader in the domestic skincare market [9]

Core Insights - The article highlights that Haiponokai has been recognized as the "Leader in Dutch A2 Protein Source Infant Formula" by iiMedia Research, a leading third-party data mining and analysis agency in the new economy sector [1][5]. Industry Trends - The Chinese infant formula market is undergoing significant transformation driven by consumption upgrades and scientific feeding concepts, with 75.1% of consumers believing that scientifically formulated milk powder can effectively promote comprehensive growth in infants [3][5]. - A shift from basic nutritional competition to comprehensive value competition is noted, with a focus on A2 protein sources, breast milk simulation technology, and self-care components [3][5]. Company Positioning - Haiponokai, established in 1897, has positioned itself as a benchmark for A2 protein sources, emphasizing breast milk research as its core mission and achieving industrialized production of infant formula as early as 1938 [7][11]. - The company has integrated top-tier resources from institutions like Wageningen University and the Commonwealth Scientific and Industrial Research Organisation to form an innovative network covering nutrition science and biomedicine [7]. Product Innovation - The company utilizes its own pastures in the Dutch golden milk source belt, where only one-third of Holstein cows carry the pure A2 gene, ensuring that the milk produced contains 100% A2β-casein, which is easier for infants to digest [8][9]. - Haiponokai's "Pro59 Golden Ratio Technology" simulates over 59 nutritional components of breast milk, achieving a digestion absorption rate of 97% and significantly reducing the risk of respiratory infections by 60% [9][10]. Market Strategy - The company’s three major upgrades align with the "three movements" strategy of the maternal and infant industry, enhancing brand visibility through social media, facilitating consumer conversion through comprehensive self-care nutrition, and promoting direct engagement through promotional activities [10][11]. - As industry concentration accelerates, Haiponokai aims to redefine the value standards of high-end infant formula, marking a pivotal moment in the transition towards comprehensive nutrition and precise feeding in the Chinese market [11].

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the A-share market in China, focusing on traditional core assets, consumer sectors, and macroeconomic conditions affecting investment strategies. Core Insights and Arguments 1. **Market Recovery and Core Assets** The market is expected to return to traditional core assets by June 2025 due to improving domestic economic expectations, despite high-frequency data indicating that recovery is still pending. The sentiment around small-cap stocks has reached historical highs, which may trigger a style switch or correction [2][3][4] 2. **Focus on Consumer Sectors** The consumer sector is highlighted, particularly in new consumption areas such as elderly care, medical consumption, and maternal and infant products. Specific recommendations include retail, infant formula, baby care products, and AI toys [1][10] 3. **Performance of Traditional Core Assets** Financial sectors, particularly insurance and commercial banks, are recommended as core assets. Companies that have seen significant price declines since their 2021 highs but have shown continuous performance improvement are also emphasized [4][12][13] 4. **Macroeconomic Factors** Key macroeconomic events include potential peaks and declines in U.S. Treasury yields, domestic political disputes affecting tax reforms, and ongoing tariff issues that may disrupt markets. These factors could lead to short-term adjustments in both U.S. and A-share markets [5][6] 5. **Market Sentiment and Small-Cap Stocks** The sentiment around small-cap stocks is at a 90th percentile high, indicating a potential for profit-taking and market adjustments, which may shift focus from small-cap to large-cap stocks [8] 6. **Investment Recommendations in Consumer Areas** Specific recommendations in the consumer sector include emotional resource providers (e.g., pet companionship, beauty products) and anxiety relief products (e.g., jewelry, new-style tea drinks) [9] 7. **Long-term Focus on Core Assets** Long-term investment strategies should focus on companies that have shown consistent performance improvement over the last three years, particularly in the consumer and pharmaceutical sectors [12][14] 8. **Technological Growth and Mergers** The technology sector is advised to be monitored for potential mergers and acquisitions, especially in hard tech areas. Recent regulatory changes facilitate mergers among state-owned enterprises, which could lead to significant developments in AI, military, and heavy machinery sectors [15] Other Important but Possibly Overlooked Content 1. **Recent Index Adjustments** The recent adjustments to major indices like CSI 300 and CSI 1000 are expected to have significant impacts on ETF holdings, particularly benefiting newly added stocks in the banking sector and electronics [16][17] 2. **Consumer Product Trends** Improvements in production and pricing trends in the liquor and dairy sectors are noted, indicating a recovery in these areas despite overall low urgency in consumer spending [11]

Group 1 - The core viewpoint of the article highlights the introduction of "fertility subsidies" by major domestic milk powder brands, including Feihe, Yili, and Junlebao, as a response to declining birth rates and a strategy to attract new customers [1][2][4] - The fertility subsidies are seen as a social supplement to government policies aimed at encouraging childbirth, which have been included in the State Council's work report and the "Special Action Plan to Boost Consumption" [1][2][4] - The subsidies are expected to benefit brands, channels, and consumers, with an anticipated increase in the number of milk powder companies adopting similar subsidy strategies in the future [1][4][6] Group 2 - Junlebao announced a 1.6 billion yuan subsidy plan starting in May 2025, while Feihe and Yili have already initiated their subsidy programs, with Feihe committing 1.2 billion yuan and Yili also pledging 1.6 billion yuan [2][3] - The subsidies are designed to provide direct benefits to consumers, allowing eligible families to receive milk powder products, with Feihe's program already seeing over 50,000 successful applications [2][4] - The competition for new customers has intensified, with the cost of acquiring a new customer now estimated to be between 500 to 1,000 yuan, compared to 20 yuan before 2019 [4][5] Group 3 - The overall market for infant formula has faced challenges due to a decline in birth rates, leading to a double-digit decrease in industry scale since 2022, although the rate of decline is expected to slow in 2024 [4][6] - The introduction of fertility subsidies is viewed as a tactical response by leading brands to enhance customer loyalty and reduce the pressure on consumers regarding feeding choices [5][6] - The market is expected to see further differentiation, with leading brands likely to increase their market share, while smaller brands may struggle to implement similar subsidy strategies due to lower profit margins [6][7]

Core Viewpoint - The best investment opportunities in stocks often arise during periods of significant uncertainty, where the perceived risk is high but the actual risk may be lower than expected [1]. Case Study 1: NetEase - In 2001, NetEase's stock price fell from 15 to 1 due to market panic and a lawsuit, despite having cash reserves of 5.6 billion, which was twice its market value of 3 billion [2][3]. - Investor Duan Yongping saw four angles of opportunity: cash reserves, talent acquisition, potential in the gaming industry, and the extreme drop in stock price [4]. - The investment was characterized by a low downside risk and high upside potential, leading to a significant profit when the company turned around [5]. Case Study 2: Kweichow Moutai - From 1998 to 2003, Moutai's stock price fell significantly due to industry-wide issues, with market sentiment predicting a decline in demand for baijiu [6]. - Moutai's production was limited, and even if the overall industry declined, it could still maintain sales due to its premium positioning [7]. - The investment was seen as having limited downside risk and unlimited upside potential, resulting in a substantial increase in profits and market value over the following years [8]. Case Study 3: Great Wall Motors - In 2008, Great Wall Motors faced losses and market skepticism as it shifted focus to SUVs, a segment that was only 5% of the market at the time [10]. - The strategic pivot was based on the belief that SUVs would become a significant market segment, similar to trends seen in the U.S. [11]. - The investment was characterized by high potential returns, leading to a dramatic increase in profits and market capitalization in subsequent years [12]. Case Study 4: Li Ning - In 2015, Li Ning returned to a struggling company facing significant losses and stock price declines [13][14]. - The brand's strength and the cyclical nature of the apparel industry provided a foundation for potential recovery [15][16]. - The investment proved successful, with significant profit growth and market value increase over six years [17]. Case Study 5: Brilliance China Automotive - Brilliance's stock price fell over 90% from 2017 to 2022 due to market concerns about the automotive industry and its financial health [18]. - Despite the challenges, the company held a significant stake in BMW China and had substantial cash reserves, presenting a unique investment opportunity [19][20]. - The investment was characterized by limited downside risk and significant upside potential, resulting in a strong recovery in stock price [21]. Case Study 6: Xiaomi Group - In 2021, Xiaomi announced its entry into the automotive sector, leading to skepticism and a sharp decline in stock price [21][22]. - However, Xiaomi's advantages included a strong IoT platform and a capable leadership team, suggesting potential for future growth [23][24]. - The investment was viewed as having a high probability of success at a low price point, indicating significant upside potential [25]. Case Study 7: China Feihe - China Feihe's stock price fell significantly due to declining birth rates and market pessimism about the infant formula industry [25][26]. - The company maintained strong revenue and cash flow, with a solid market position and potential for growth in both domestic and international markets [27][28]. - The investment was characterized by limited downside risk and substantial upside potential, making it an attractive opportunity [29][30][31][32][33][34].