近一年中国乳品进口情况统计图 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。 上市企业：阳光乳业（001318），皇氏集团（002329），贝因美（002570），麦趣尔（002719），燕塘 乳业（002732），庄园牧场（002910），新乳业（002946），西部牧业（300106），品渥食品 （300892），熊猫乳品（300898），海融科技（300915），天润乳业（600419），三元股份 （600429），光明乳业（600597），妙可蓝多（600882），伊利股份（600887），一鸣食品 （605179），佳禾食品（605300），骑士乳业（832786） 相关报告：智研咨询发布的《2025-2031年中国乳制品行业市场调查研究及发展前景规划报告》 根据中国海关数据显示：2025年8月中国乳品进口数量为20万吨，同比下降7.8%，进口金额为9.81亿美 ...

Core Viewpoint - VIVI Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in stock price year-to-date but a decline in revenue and net profit for the first half of 2025 [2][3]. Group 1: Stock Performance - As of September 30, VIVI's stock price increased by 2.12% to 3.37 CNY per share, with a total market capitalization of 5.45 billion CNY [1]. - Year-to-date, VIVI's stock price has risen by 8.99%, while it has experienced a 2.43% increase over the last five trading days [2]. - The stock has appeared on the "龙虎榜" three times this year, with the most recent net purchase of 52.13 million CNY on April 8 [2]. Group 2: Financial Performance - For the first half of 2025, VIVI reported a revenue of 1.52 billion CNY, a year-on-year decrease of 12.76%, and a net profit of 120 million CNY, down 20.14% [3]. - The company has distributed a total of 1.72 billion CNY in dividends since its A-share listing, with 341 million CNY distributed over the last three years [4]. Group 3: Shareholder and Ownership Structure - As of June 30, 2025, VIVI had 90,400 shareholders, an increase of 1.39% from the previous period, with an average of 17,880 circulating shares per shareholder, a decrease of 1.37% [3]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 29.49 million shares, an increase of 21.40 million shares from the previous period [4].

（原标题：中国与爱沙尼亚签署关于爱沙尼亚输华野生水产品和乳品的议定书 China and Estonia Signed the Protocols on Wild Aquatic and Dairy Pro...） 2025年9月18日，中国海关总署赵增连副署长与爱沙尼亚地区事务和农业 部部长亨德里克·约翰内斯·特拉斯，在塔林签署《中华人民共和国海关总署与 爱沙尼亚共和国地区事务和农业部关于爱沙尼亚输华野生水产品的检验和卫生 要求议定书》和《中华人民共和国海关总署与爱沙尼亚共和国地区事务和农业 部关于爱沙尼亚输华乳品检验检疫要求议定书》。协议的签署将为两国水产品 和乳品贸易发展及务实合作奠定良好基础。郭晓梅大使出席协议签署仪式，对 协议的签署表示祝贺，感谢有关方面对协议签署做出的工作，并表示使馆愿继 续推进两国贸易经济合作与发展。张豫军参赞参加上述活动。 Mr. Zhao Zenglian, Deputy Administrator of the General Administration of Customs of China (GACC), and Mr. Hendrik Johannes Trass, ...

Core Viewpoint - The recent downturn in the segmented food index (H30016) is attributed to policy impacts, demand slowdown, and market sentiment, with the index's price-to-earnings (P/E) ratio at a low of 21.12, reflecting a 10.18% percentile over the past decade [1][3]. Market Performance - The white liquor industry is experiencing significant challenges, with a consumption index of 47.14 indicating weak demand in the first half of 2025, below the critical threshold of 50 [1]. - The retail sales growth rate for consumer goods in August 2025 has also declined, influenced by the diminishing effects of the "old-for-new" policy and slow recovery in consumer demand [2]. Valuation Insights - The current P/E ratio of 21.12 is not only at a historical low but also significantly below the long-term industry average, indicating that the valuation is cheaper than 90% of the time in the past [3]. - The food and beverage sector's market capitalization has decreased due to valuation contraction, with a P/E drop of 19.9% from the end of 2023, suggesting potential for future recovery [4]. Analyst Outlook - Several brokerage firms maintain a relatively optimistic outlook for the food and beverage sector, with suggestions that the white liquor sector may have entered a bottoming phase, particularly with the upcoming consumption peaks during the Mid-Autumn Festival and National Day [5]. - Analysts from various firms note that while the timing of demand recovery remains uncertain, there are signs of improvement in the industry, with normal social gatherings and events beginning to recover [5]. Long-term Perspective - The food and beverage sector is expected to gradually emerge from its low point in the latter half of the year, supported by policies aimed at boosting consumption and improving the macroeconomic environment [7]. - The upcoming festive seasons are seen as critical periods for assessing the strength of consumption recovery, with positive signals already emerging from the recovery of bottle sales driven by social events [7]. - The low valuation of the segmented food index reflects market pessimism, and any improvement in fundamentals could act as a catalyst for valuation recovery [7]. - Investors are advised to focus on low-valuation stocks with dividend growth potential, considering both economically cyclical stocks and sectors still benefiting from favorable conditions [7].

1.jpg （原标题：驻奥克兰总领馆经商处参访新西兰纽仕兰乳业有限公司） 9月17日，驻奥克兰总领馆经商处主任王程光领事、果鹏文领事参访新西兰纽仕兰 乳业有限公司，与执行总裁罗伊·范登赫克交流，听取企业关于高质量乳品研发生产及 牧场一体化运营情况介绍。 2.jpg 范登赫克表示，进博会让纽仕兰"牧场到餐桌"一站式直达的理念快速实现。纽仕兰 重视绿色低碳发展，期待在第八届进博会上发布全球首发新品，助力健康中国建设。 王程光表示，进博会是中国和世界双向奔赴的共同约定。纽仕兰作为八届进博会 的"全勤生"，通过持续升级产品与供应链，丰富了中国消费者餐桌。中新跨境贸易便利 化水平持续提升，灭菌乳新国标带来政策利好，希望企业抓住机遇，满足中国市场多 层次、高品质、多样化消费需求。 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry experienced a revenue growth of 2.47% year-on-year in H1 2025, totaling 582.81 billion yuan, while net profit decreased by 0.60% to 127.67 billion yuan [3][11] - The report highlights a significant performance divergence among sub-sectors, with the liquor sector facing challenges while other segments like snacks and soft drinks showed better performance [3][11] Summary by Sections 1. Industry Overview - The food and beverage industry achieved a total revenue of 582.81 billion yuan in H1 2025, with a year-on-year growth of 2.47%, a decline of 2.79 percentage points compared to the previous year [3][11] - The net profit attributable to shareholders was 127.67 billion yuan, down 0.60% year-on-year, with a notable decline in growth rate of 14.64 percentage points [3][11] 2. Liquor Sector - The liquor sector's revenue in H1 2025 was 241.51 billion yuan, a decrease of 0.86% year-on-year, with net profit at 94.56 billion yuan, down 1.18% [24][28] - In Q2 2025, the liquor sector's revenue was 88.09 billion yuan, down 5.01% year-on-year, and net profit decreased by 7.50% to 31.17 billion yuan [24][28] 3. Beer Sector - The beer sector showed a revenue growth of 2.36% in H1 2025, with a double-digit increase in net profit [3][11] - The sector's profitability improved steadily, benefiting from cost reductions and product structure optimization [3][11] 4. Seasoning Sector - The seasoning sector experienced a year-on-year revenue growth in Q2 2025, indicating a recovery in dining consumption [3][11] 5. Dairy Sector - The dairy sector's performance improved in Q2 2025, with growth driven by a low base effect [3][11] 6. Snack Sector - The snack sector showed a mixed performance in Q2 2025, with some companies benefiting from core products and online channels [3][11] 7. Investment Strategy - The report suggests focusing on high-certainty stocks in the liquor sector, such as Kweichow Moutai and Wuliangye, and highlights the potential in the snack and dairy sectors due to improving consumption trends [3][11]

近一年中国乳品进口情况统计图 数据来源：中国海关，智研咨询整理 上市企业：阳光乳业（001318），皇氏集团（002329），贝因美（002570），麦趣尔（002719），燕塘 乳业（002732），庄园牧场（002910），新乳业（002946），西部牧业（300106），品渥食品 （300892），熊猫乳品（300898），海融科技（300915），天润乳业（600419），三元股份 （600429），光明乳业（600597），妙可蓝多（600882），伊利股份（600887），一鸣食品 （605179），佳禾食品（605300），骑士乳业（832786） 相关报告：智研咨询发布的《2025-2031年中国乳制品行业市场调查研究及发展前景规划报告》 根据中国海关数据显示：2025年7月中国乳品进口数量为24万吨，同比增长5.2%，进口金额为11.94亿美 元，同比增长16.2%。 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 ...

8月28日，中国飞鹤有限公司（以下简称"飞鹤"）发布2025年上半年业绩报告。数据显示，飞鹤实 现营收91.5亿元，净利润10.3亿元，现金及现金等价物64.8亿元。报告期内，公司现金流充沛，财务结 构健康，展现出稳健的经营基本盘。 值得注意的是，报告期内，飞鹤的全球化布局明显提速。上半年，该公司海外业务收入约1.1亿 元，海外门店数环比增长270%。其中，北美市场进驻商超超1500家，东南亚布局同步推进，成功登陆 菲律宾市场。 2025年上半年，飞鹤在基础科研、智能制造及人工智能应用等领域持续投入。在基础科学研究层 面，飞鹤与哈佛大学波士顿儿童医院、清华大学脑与智能实验室、北京大学医学部、首都医科大学等全 球7个国家20余所顶尖科研机构紧密合作。其中，飞鹤发布"乳蛋白鲜萃提取科技"及国内首个HMOs全 谱系数据库，科技壁垒持续加固。 在回馈资本市场方面，飞鹤宣布拟投入10亿元进行股份回购，并派发约10亿元的中期股息，预期 2025年分派股息总额不少于20亿元，以真金白银回馈投资者信心。同时，飞鹤率先启动总额12亿元的生 育补贴计划，积极响应国家政策，预计惠及超80万新生儿家庭，践行企业社会责任，锚定长期发展 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved a net profit attributable to shareholders of 841 million yuan, with the supply chain operation business contributing 1.42 billion yuan, remaining stable compared to the same period last year despite a decline in commodity prices [1] - The company's overseas business scale exceeded 5.7 billion USD, representing a year-on-year growth of approximately 10% [1] Group 2: Supply Chain Operations - The company accelerated its overseas layout, establishing over 70 foreign companies and offices, with 26 being overseas platform companies [1] - The steel international business volume increased by approximately 17% year-on-year, driven by the localization strategy in countries like Indonesia, Thailand, Vietnam, and Malaysia [1] Group 3: Consumer Goods Business - The consumer goods segment focused on light textiles, general food, and electromechanical sectors, achieving over 24 billion yuan in revenue, with a year-on-year growth rate exceeding 20% [3] - The general food sector generated nearly 4 billion yuan in revenue, with a growth rate close to 25% [3] - The coffee bean business signed procurement contracts for over 40,000 tons, achieving sales exceeding 700 million yuan, a year-on-year increase of over 120% [3]

Group 1 - The core viewpoint of the article highlights the trends in China's dairy product industry, particularly focusing on import statistics and market forecasts for the coming years [1] - According to data from Chinese customs, the import volume of dairy products in June 2025 was 210,000 tons, representing a year-on-year decrease of 3.7%, while the import value reached 1.028 billion USD, showing a year-on-year increase of 10.4% [1] Group 2 - The article references a report by Zhiyan Consulting titled "2025-2031 China Dairy Product Industry Market Research and Development Prospects Planning Report," which provides insights into the industry's future [1] - A list of publicly listed companies in the dairy sector is provided, including Yangguang Dairy, Huangshi Group, and Yili Group, among others, indicating a diverse market landscape [1]