Core Points - The company is planning to import dairy products due to business expansion needs, which includes various types of dairy such as raw milk, pasteurized milk, and infant formula [1] - The import of dairy products is regulated by multiple laws and regulations in China, including the Food Safety Law and the Import and Export Food Safety Management Measures [1] Group 1: National Access - China implements access management for imported dairy products, with the General Administration of Customs evaluating the food safety management systems of exporting countries before granting access [2] Group 2: Company Qualifications - Foreign dairy producers must be registered through their local authorities and approved by the General Administration of Customs before exporting to China [3] - Exporters and agents must register with the General Administration of Customs to handle food import business [3] Group 3: Import Declaration - Importers must declare the import of dairy products truthfully to customs, providing necessary documents such as health certificates and proof of compliance with Chinese food safety standards [4] - For infant formula, a specific registration certificate is required, and organic products must have relevant certification [5] Group 4: Goods Release and Non-compliance Handling - Customs will release imported dairy products that pass inspection and issue a quarantine certificate, while non-compliant products will be handled according to regulations [6] Group 5: Other Requirements - Packaging must include the registration number of the producer in China or the approval number from the local authority [8] - Infant formula must have a shelf life of at least three months from the date of customs declaration, and large packages cannot be repackaged in China [8] - Labels for special dietary foods must be printed directly on the smallest retail packaging without additional stickers [8]

证券研究报告 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月12日 华源晨会精粹 20250612 北交所 同力股份(834599.BJ)点评：无人矿车打开长期增长空间，独具成长与红利双 重属性。2024 年中国自动驾驶矿卡的总出货量约为 1,400 辆，2026 年预计将增加 至约 5,500 辆。2024 年全球自动驾驶矿卡的总出货量约为 2,100 辆，2026 年预计 将增加至约 8,700 辆。纵观全球市场需求，中东、澳大利亚及南美洲亦属全球主要 的煤炭、铜及锂等重要资源供应地，为自动驾驶矿卡解决方案的部署提供了重大机 会，有望于未来几年内在推动全球市场扩张方面发挥重要作用。公司与易控智驾、 伯镭科技深度合作，截至 2024 年同力股份无人驾驶车型交付约 700 多台、线控底盘 预估占国内市场一半以上的份额。2024 年 5.49%股息率积极回报投资者，是截至目 前唯一入选中证红利指数的北交所上市企业，当前以 0.8070%权重位列中证红利指 数第 79 位。看好公司未来发展的可持续性，上调至"买入"评级。 风险提示：工程机械行业波动风险、技术更新和产品开发风险、公司无实际控制人 ...

证券研究报告 食品饮料 | 食品加工 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 06 | 月 | 日 | 2025 | | | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 28.61 | | | | | | | 一 年 高 低 | 最 | 最 | | | 34.00/8.28 | | | 内 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 3,561.95 | | | | | | | 流通市值（百万元） | | | | | 3,241.20 | | | | | | | 总股本（百万股） | | | | | 124.50 ...

Group 1 - The China Dairy Industry Association held its 31st annual meeting and the 2025 China Dairy Technology Expo in Nanjing, Jiangsu, showcasing Tetra Pak's innovative packaging solutions and deep processing technologies for dairy products [1] - Tetra Pak's Greater China President emphasized the growing consumer demand for nutrition and health, indicating a shift towards a more precise approach in the dairy industry [1] - The China Nutrition Society released a report highlighting the nutritional health issues faced by the elderly population, stressing the importance of early planning and scientific intervention for nutritional supplementation [1] Group 2 - The diversification of lifestyles has led to new consumption scenarios for dairy products, prompting Tetra Pak to present innovative packaging solutions suitable for various contexts, including small-capacity packaging for snacks and sustainable packaging options [2] - Experts noted that dairy products need to evolve from traditional liquid consumption to a more integrated "drink + food" model, reflecting changing consumer preferences for taste, emotional value, and nutritional functionality [2] - Tetra Pak's deep processing technology supports the transformation of dairy products, enabling the separation and recombination of native components to enhance product experience and brand upgrade [2]

5月23日—25日，2025年中国乳业技术博览会期间，北京商报记者注意到，多家乳企推出精准营养解决方案，成为博览会的一大亮点：伊利 推出养胃气、稳血糖、调气血等针对性产品；蒙牛聚焦功能定位和品牌产品结合；飞鹤发布国内首个母乳低聚糖（HMOs）全谱系结构数据 库；妙可蓝多创新多元化全场景健康食品。近年来，精准营养赛道呈现出快速增长的趋势，业内人士预计到2028年将迎来小高峰，体量达到 千亿。 乳品功能更细分 蒙牛也通过科研创新打造"精准营养"。旗下悠瑞奶粉、三只小牛、迈胜等品牌聚焦于功能定位和品牌产品组合，针对银发营养、零乳糖和运 动营养领域推出了系列化产品，为消费者提供定制级的产品与服务。 在本次博览会上，飞鹤正式发布飞鹤母乳低聚糖（HMOs）全谱系结构数据库。据了解，该数据库是国内首个应用型HMOs数据库，具备全 谱系、高精度、实操性强等特点，突破了HMOs检测与辨认的行业性难题，实现全谱系HMOs的精准分析，极大提升研究速度和效率。飞鹤 方面表示，该数据库将向行业开放，与行业共同深入开展母乳营养研究，推动行业高质量发展。 作为食品加工和包装解决方案提供商，利乐公司通过乳品深加工技术，展示了撕开即食、操作便 ...

本报讯(记者矫月见习记者梁傲男)5月23日，澳优乳业股份有限公司(以下简称"澳优")亮相中国乳制品工 业协会第三十一次年会暨2025年中国乳业技术博览会，携手旗下品牌佳贝艾特带来四大羊乳新原料开发 成果，正式推出多个全球首款可商业化应用的核心羊乳原料，填补了羊奶行业水解蛋白和乳铁蛋白原料 配套的市场空白。 有分析人士表示，澳优羊乳原料的研究成果，不仅是企业层面的技术突破升级，更是羊乳产业链质变跃 迁的重要标志，对促进羊奶行业的高质量发展具有重大意义和参考价值。 作为全球羊奶科研领军企业，佳贝艾特已构建覆盖"基础研究-临床验证-产业转化"的全链条创新体系。 依托公司"1+6+N"全球研发体系，佳贝艾特通过"产学研一体"模式在全球持续开展母乳与羊乳研究，相 关研究成果位居羊奶粉品牌第一阵营。此次发布的水解羊乳清蛋白粉相关研发成果，也率先斩获"中国 专利奖优秀奖"，填补了羊乳行业在中国专利奖方面的空白。 在效果验证方面，佳贝艾特联合北京大学医学部、瓦赫宁根大学等全球顶尖院校及研发机构，通过45项 羊奶研究，验证了羊乳相关营养素的优势和佳贝艾特产品的喂养效果；在产业转化方面，佳贝艾特目前 已建立全球羊奶行业品类最齐全 ...

Group 1 - The health and nutrition of the elderly population is crucial for overall public health, with a focus on promoting balanced diets and adequate nutrition for seniors [1] - The 2024 version of the Chinese Elderly Balanced Diet Pyramid will be released in July 2024, emphasizing the importance of dairy intake, recommending 300-500 grams of liquid milk daily [1] - The dairy industry is expected to see growth opportunities as the aging population increases, with a rising demand for dairy products tailored to the nutritional needs of seniors [1][2] Group 2 - Functional dairy product development for the elderly should address comprehensive solutions and product effectiveness, focusing on preventing falls and cognitive decline [2] - Dairy products can help reduce the risk of falls through calcium and vitamin D, while specific nutrients can support joint, muscle, and bone health [2] - There is a need for improved promotion and consumer awareness regarding elderly dairy products, with suggestions to expand consumption scenarios beyond households to communities and elderly care facilities [2] Group 3 - The initiative to safeguard elderly health requires collaboration across society, with companies like Fonterra aiming to enhance nutrition for seniors through quality dairy sources, product innovation, and market education [3]

Summary of Key Points Core Viewpoint The Guizhou Qiannan Market Supervision Administration has conducted a special food safety inspection as part of the "You Order, I Inspect" initiative for the 2025 "3.15" Food Safety Day, revealing that out of 100 food samples tested, 97 passed while 3 failed to meet safety standards. Group 1: Inspection Results - A total of 100 food samples were tested, with 97 passing and 3 failing [2][3] - The non-compliant items included marinated chicken feet and lemon yellow in cold noodles, which did not meet food safety requirements [2][3] - The inspection covered various food categories, including dairy products, edible oils, and school foods [2] Group 2: Specific Non-compliant Products - The first non-compliant product was marinated chicken feet from a vendor in Longli County, with a detected level of sunset yellow at 0.0102 g/kg, exceeding the permissible limit [2] - The second non-compliant product was cold noodles from a vendor in Dushan County, with a detected level of lemon yellow at 0.0193 g/kg, also exceeding safety standards [2] - The third non-compliant product was marinated chicken claws from a vendor in Fuquan City, with a detected level of sunset yellow at 0.0600 g/kg, surpassing the allowed limit [2] Group 3: Compliance and Public Health - The initiative aims to enhance public health and safety by ensuring food products meet regulatory standards [2][3] - The results of the inspections are publicly disclosed to promote transparency and consumer awareness [2][3] - The program reflects ongoing efforts by local authorities to monitor food safety and protect consumer interests [2][3]

Core Viewpoint - Miaokelando (SH600882) achieved a remarkable 115% year-on-year growth in net profit attributable to shareholders in the first quarter, significantly outpacing revenue growth, indicating a strong internal growth trend despite industry challenges [1] Financial Performance - In the first quarter, Miaokelando reported revenue of approximately 1.233 billion yuan, a year-on-year increase of over 6%, with cheese business revenue growing by more than 17% [1] - The company's net profit growth rate reached a three-year high for the first quarter, contrasting with previous years where net profit growth was sluggish despite rising revenues [1] Industry Context - The domestic dairy market is facing challenges, with a 2.3% decline in overall dairy sales and a 3.7% drop in liquid milk sales in 2024 [2] - Major dairy companies like Yili, Mengniu, and Guangming reported significant declines in liquid milk revenue, with decreases of 12%, 11%, and 9% respectively [2] - The price of fresh milk continues to decline, with a reported price of 3.08 yuan per kilogram in March 2025, down 1.0% month-on-month and 13.1% year-on-year [2] Strategic Initiatives - Miaokelando's growth strategy includes product innovation, expanding consumption scenarios, and cost control [3][4] - The company has accelerated the launch of new products, diversifying its offerings to include various cheese formats and targeting both children and adults [3] - The expansion of consumption scenarios includes partnerships with restaurants and food brands to incorporate cheese into various dishes, enhancing market penetration [3] - Cost control measures involve sourcing domestic milk to reduce expenses and focusing on developing core products to streamline operations and improve margins [5][6] Value Chain Development - The company emphasizes the importance of managing the entire cheese production value chain, including the utilization of by-products like whey to create high-value products [6] - The development of high-value whey protein products is seen as a key opportunity for growth in the sports nutrition market, which is currently dominated by imports [6] - The focus on deep processing of cheese is expected to enhance the value chain and unlock significant industry potential, transforming the dairy sector [6]

CRCINDEX 世研消费指南计系列榜单 品消费热浪指数榜 Vol 38 - | 部通 排名 | | 品类 | 指数 | | | --- | --- | --- | --- | --- | | 01 | 奶豆腐手撕奶酪 | 休閒食品 | 1.51 | NEW | | 02 | 云南版纳现摘妃子关荔枝4斤 | 主酵食品 | 1.28 | | | 03 | 光明优倍高品质鲜牛奶 | 主鲜食品 | 1.25 | NEW | | 04 | 老四川五香丰肉干 | 休闲食品 | 1.20 | NEW | | 05 | 蒙丰嚼拌食光酸奶 | 主酵食品 | 1.11 | NEW | | 06 | 宜品益安睡眠纯羊奶粉700g | 冲调议品 | 1.09 | ▲ 4 | | 07 | 雅培中老年营养品奶粉 | 冲滴次品 | 1.08 | NEW | | 08 | 三只松鼠唇目坚果750g/30包礼盒 | 休闲食品 | 1.04 | | | 09 | 三顿半 快次装速溶拿铁美式60颗 | 冲调议品 | 0.81 | | | 10 | 瑞幸咖啡元三里速溶冻干咖啡粉 | 冲调议品 | 0.74 | 7 4 | | | 元气森林O糖0 ...