相关研究报告 《10 月社零增速延续回落，部分消费 结构性回暖 — 行 业 点 评 报 告 》 -2025.11.17 食品饮料 2025 年 11 月 23 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2024-11 2025-03 2025-07 食品饮料 沪深300 《消费板块共振上涨，消费行业结构 性回暖—行业周报》-2025.11.16 《底部布局，柳暗花明—行业投资策 略》-2025.11.14 乳制品供需拐点可期，三大机会驱动行业成长 ——行业周报 | 张宇光（分析师） | 张思敏（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790525080001 | zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：乳制品已有改善信号，龙头标的具备配置价值 11 月 17 日-11 月 21 日，食品饮料指数跌幅为 1.4%，一级子行业排名第 3，跑赢 沪深 30 ...

此外，作为迈胜的控股股东，蒙牛集团此前已为其提供研发平台、供应链支持、品控体系等核心支持。 此次蒙牛创投的追加投资，既延续其在营养与食品生态链领域的前瞻布局，聚焦健康、生命科技及生物 制造等方向的持续投资与孵化，也是在战略层面对迈胜首轮外部融资的有力加持。 11月16日，北京商报记者获悉，近日蒙牛集团旗下专业运动营养品牌迈胜宣布完成近亿元A轮融资，投 资方包括仙乐健康、蒙牛创投及高瓴创投。此次融资将进一步推动迈胜在运动营养领域的市场拓展和产 品创新。据了解，本轮融资由仙乐健康领投，高瓴创投与蒙牛创投跟投，汇聚了产业资本与母公司资源 的双重合力。 蒙牛集团官网显示，迈胜是一家专注于运动营养的品牌提供商，主要为运动爱好者提供包括运动前、 中、后及日常活力健康的全面完整营养产品解决方案。目前，迈胜已成为国内极少数覆盖马拉松、越野 跑、铁三骑行等有氧耐力运动全场景营养需求的品牌。作为国内首个定位"专业运动营养"的本土品牌， 迈胜以超300%的业绩增速狂奔，或成集团战略第二曲线的核心承载者。 领投迈胜的仙乐健康是全球领先的营养健康食品解决方案提供商，同时也是国内首家营养健康食品解决 方案提供商上市公司，在细分运动营养赛 ...

11月16日，北京商报记者获悉，近日蒙牛集团旗下专业运动营养品牌迈胜宣布完成近亿元A轮融资，投资方包括 仙乐健康、蒙牛创投及高瓴创投。此次融资将进一步推动迈胜在运动营养领域的市场拓展和产品创新。 据了解，本轮融资由仙乐健康领投，高瓴创投与蒙牛创投跟投，汇聚了产业资本与母公司资源的双重合力。蒙牛 集团官网显示，迈胜是一家专注于运动营养的品牌提供商，主要为运动爱好者提供包括运动前、中、后及日常活 力健康的全面完整营养产品解决方案。目前，迈胜已成为国内极少数覆盖马拉松、越野跑、铁三骑行等有氧耐力 运动全场景营养需求的品牌。作为国内首个定位"专业运动营养"的本土品牌，迈胜以超300%的业绩增速狂奔，或 成集团战略第二曲线的核心承载者。 此外，作为迈胜的控股股东，蒙牛集团此前已为其提供研发平台、供应链支持、品控体系等核心支持。此次蒙牛 创投的追加投资，既延续其在营养与食品生态链领域的前瞻布局，聚焦健康、生命科技及生物制造等方向的持续 投资与孵化，也是在战略层面对迈胜首轮外部融资的有力加持。 高级乳业分析师宋亮向北京商报记者表示，"目前国内消费市场，在功能营养领域拥有非常好的发展前景，无论是 针对老年群体的专业营养，还是 ...

Core Insights - The Chinese sports nutrition food market is expected to exceed 20 billion yuan by 2030, driven by the growing fitness awareness among the population and the expansion of the core consumer group [1][14] - The market is currently in a "small base, fast growth" blue ocean stage, indicating significant future growth potential [14] Market Size - The market size of Chinese sports nutrition food is projected to reach 9.71 billion yuan in 2024 and is expected to grow to 20.93 billion yuan by 2030, indicating a potential doubling in size over six years [1][14] Consumer Insights - The primary motivations for consumers to engage in regular exercise include enhancing athletic ability (54.1%), shaping body (51.3%), and alleviating stress and emotions (48.7%) [25] - Consumers express a strong preference for energy-supplementing sports nutrition foods, with 54.3% favoring this category [27] - The demand for convenient forms (51.5%), natural ingredients (51.3%), and diverse flavors (50.6%) are the top three innovation expectations from consumers [32] Development Trends - Product innovation is increasingly focused on personalized customization, with a shift from single-function products to scenario-based solutions [3][36] - The integration of online and offline channels is accelerating, creating a complete consumer journey from awareness to repurchase [3][36] - The consumer landscape is diversifying, with a growing emphasis on health and wellness across various daily scenarios beyond just fitness [36] Market Drivers - The rapid growth of the sports industry in China is a significant driver, with the "14th Five-Year Plan for Sports Development" aiming for the sports industry to reach a total scale of 5 trillion yuan by 2025 [8] Product Categories - Sports nutrition foods are defined as specially processed foods designed to meet the physiological and nutritional needs of individuals who engage in regular physical activity [5]

Core Insights - The National Dairy Technology Innovation Center introduced innovations in dairy deep processing technology and industry development at the 22nd Annual Meeting of the Chinese Society of Food Science and Technology [1] - The center aims to accelerate the industrial application of technological achievements during the "14th Five-Year Plan" period by establishing deep processing demonstration lines [1] Industry Overview - Dairy products have comprehensive and balanced nutritional components, beneficial for various demographics including children, the elderly, and athletes [1] - The extraction of functional components from milk is challenging; for instance, approximately 14 tons of milk are needed to extract 1 kilogram of lactoferrin, necessitating deep processing techniques for efficient extraction [1] Market Dynamics - The deep processing of dairy products can optimize market offerings and expand market boundaries [1] - China heavily relies on imports for deep processed dairy products, with 661,000 tons of whey powder expected to be imported in 2024 [1] Policy and Investment - The Chinese government emphasizes original innovation and key technology breakthroughs in its 14th Five-Year Plan [1] - The Ministry of Industry and Information Technology initiated a project to enhance the supply capacity of demineralized whey products, with leading dairy companies submitting investment proposals totaling billions [1] Company Initiatives - Yili Group is constructing a leading global dairy deep processing factory in Hohhot, capable of producing demineralized whey, lactoferrin, and other deep processed products [1] - The National Dairy Technology Innovation Center, led by Yili Group, is the only national-level technology innovation center in China's food sector, achieving several leading results in deep processing [1]

Core Insights - The dairy market is transitioning from "basic nutrition" to "functional precision," with increasing consumer demand for natural, functional, and precise dairy products [1][3] - The supply side is focusing on the challenges of deep processing in dairy products, emphasizing technological innovation to meet the upgraded consumer demand [1][3] Industry Trends - China's raw milk quality has reached an international advanced level, but the deep processing capacity of dairy products remains insufficient, with a low proportion of high-value-added products [3][6] - The domestic surplus of milk supply and declining milk prices present opportunities for deep processing in the dairy sector [3][6] - The dairy market is experiencing continuous expansion and accelerated segmentation, with the entire chain from "raw milk - basic processing - deep manufacturing" entering a fast upgrade phase [3][6] Technological Innovations - Experts at the recent seminar discussed breakthroughs in deep processing technologies, including whey protein, milk fat globule membrane, and milk protein ingredients, providing reference paths for technology selection and industrialization [3][4] - The focus is shifting from utilizing cheese by-products to the industrialization of high-value functional proteins, aiming for continuous, precise, and low-allergen technology routes [3][6] Company Developments - Yili Group has increased its R&D investment by 11.4% year-on-year in the first half of the year, focusing on high-value-added dairy products [6] - The company has successfully developed several deep processing technologies, significantly reducing costs and making previously expensive products like lactoferrin accessible to the mass market [6] - Yili's new lactoferrin factory in New Zealand is set to be completed by 2025, aiming to support domestic research and industrial applications [5][6]

Core Insights - The whey protein industry in China is experiencing rapid growth due to increased public health awareness and the expansion of the sports nutrition market [1][2] - The global whey market is projected to grow from $9.9 billion in 2023 to $17.82 billion by 2032, with a compound annual growth rate (CAGR) of 8.76% [2] - China's whey protein market has seen a rise from $34.6 million in 2021 to $51.8 million this year, with an average annual growth rate of approximately 11%, surpassing the global average [2] Market Demand - The demand for whey protein is driven by its applications in muscle gain, weight loss, and strength enhancement, alongside a growing health consciousness among consumers [2] - In the product segmentation, whey protein concentrate holds the largest market share, while functional foods are the primary application area for whey ingredients [2] - The protein powder category accounts for 7.4% of the health food market, with whey protein constituting about 70% of the protein powder market [2] Consumer Trends - The popularity of whey protein products is increasing, with a 18.2% year-on-year growth in sales during the first quarter of this year [3] - Consumers are increasingly incorporating whey protein into their daily health management, expanding the consumer base from professional athletes to the general public [3] - Whey protein's excellent amino acid profile and digestibility make it a key ingredient in yogurt and adult milk powder formulations [3] Supply Chain Dynamics - China has been heavily reliant on imported whey protein, with over 60% of global whey powder production concentrated in Europe and the U.S. [5] - In 2024, China's whey powder imports are expected to reach 661,000 tons, valued at $810 million, with the U.S. being a major supplier [5] - Domestic companies are diversifying their import sources and increasing procurement from South America and Eastern Europe [5][6] Industry Development - The industry is undergoing a transformation with a focus on raw material quality, precise composition, and refined processing techniques [8] - A white paper on whey protein has been published to provide a scientific reference framework for industry standardization [8] - Future industry growth is expected to focus on product diversification, technological innovation, and sustained market demand [9][10] Future Outlook - The whey protein product range is anticipated to diversify, including protein beverages, baked goods, and snacks to cater to various consumer needs [9] - Technological advancements will drive product upgrades, improving purity and quality while reducing production costs [9] - The increasing health consciousness and fitness trends among the population will continue to boost the demand for whey protein [10]

Core Insights - The article highlights the transformation of China's dairy industry from traditional manufacturing to precision intelligent manufacturing, showcasing the advancements in technology and production processes at Yili's Modern Smart Health Valley [1][7][9]. Supply and Demand Transformation - The dairy market is shifting from basic nutrition to functional precision, with consumers seeking products that offer natural and functional characteristics [7][8]. - Despite improvements in raw milk quality and standardized farming practices, the industry faces challenges in deep processing capabilities, with a low proportion of high-value products and a reliance on imports for key functional ingredients [7][8]. Technological Breakthroughs - Yili has made significant advancements in deep processing technologies, particularly in extracting lactoferrin, a valuable component known for its antibacterial and immune-regulating properties [9][10]. - The company has developed a directional protection technology for lactoferrin, increasing its retention rate from 10% to 90% in ambient pure milk, breaking previous technological monopolies [9][10]. Personalized Nutrition - Yili has established a "拆、切、递" (disassemble, cut, deliver) technology chain to meet personalized nutrition demands, allowing for the efficient extraction and delivery of core nutrients tailored to different consumer needs [10][12]. - This innovation positions milk as a "precise nutrition carrier," catering to specific health requirements for various demographics, including children, the elderly, and athletes [10][12]. Ecosystem Development - Yili's Modern Smart Health Valley serves as a comprehensive ecosystem for dairy production, emphasizing full-chain collaboration and intelligent processes to support deep processing [11][12]. - The facility is recognized as a benchmark for intelligent cheese manufacturing in China, utilizing 5G and industrial internet technologies to enhance production efficiency and product innovation [11][12]. Innovation and Collaboration - Yili has established a collaborative innovation ecosystem that integrates production, education, research, and application, leading to a significant number of patents in the dairy industry [12][13]. - The company ranks second globally in total patent applications among the top ten dairy companies, demonstrating its strong innovation capabilities [12][13]. Future Outlook - Yili aims to continue leading the dairy industry in deep processing, unlocking the natural nutritional potential of milk and promoting "precise nutrition" to meet national health needs [13].

Group 1 - The collaboration between China and Denmark in pig farming is deepening, leveraging their complementary advantages to build a sustainable partnership [1] - Denmark is a significant source of breeding pigs for China, accounting for over 40% of China's total imported breeding pigs in 2022 [1] - In 2023, Denmark exported 210,000 tons of pork to China, highlighting the strong agricultural trade ties between the two countries [1] Group 2 - Danish genetic selection technology and precision farming solutions are providing crucial support to Chinese enterprises, with companies like DanBred collaborating with major domestic farms [2] - The application of automation and environmental control technologies has allowed demonstration farms in China to reduce the fattening cycle to between 160 and 170 days [2] - The signing of a memorandum in April 2024 to enhance cooperation in breeding, feed processing, and cold chain logistics marks a new phase in Sino-Danish agricultural collaboration [2] Group 3 - Both countries share a vision for green agriculture, with Denmark's resource utilization model for livestock waste aligning with China's rural revitalization strategy [3] - Denmark maintains a low salmonella seroprevalence rate in its pig population, setting a benchmark for biosecurity in the industry [3] - The collaboration is expected to foster a multi-dimensional, sustainable industry community, addressing challenges such as breeding adaptability and feed price fluctuations [3]

Investment Rating - The report indicates a positive investment outlook for the nutrition functional food industry, highlighting its rapid growth and potential opportunities [4][13]. Core Insights - The nutrition functional food industry in China is experiencing rapid development, with a market size projected to reach CNY 2,331 billion in 2024 and CNY 3,499 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.5% from 2024 to 2029 [4][13]. - The overall nutrition health food market is expected to grow from CNY 5,223 billion in 2024 to CNY 7,203 billion by 2029, with a CAGR of 6.6% [4][13]. - The industry is supported by national strategies and increasing consumer demand for health and wellness products, driven by factors such as economic growth, rising incomes, and an aging population [4][13]. - The industry value chain includes upstream raw material suppliers, midstream manufacturers and brand operators, and downstream distributors and consumers [22][4]. Summary by Sections Market Overview - The nutrition functional food market is rapidly expanding, with significant growth potential due to increasing health awareness among consumers and supportive government policies [4][13]. - The market is characterized by a diverse range of products, including health snacks, weight management, sports nutrition, and beauty nutrition, with health snacks being the largest segment [19][4]. Industry Chain Analysis - The industry chain consists of raw material suppliers, manufacturers, and brand operators, with companies like Wuxi Jinghai focusing on upstream raw materials and Hengmei Health as a leading contract manufacturer [41][4]. - Wuxi Jinghai holds a market share of over 30% in the amino acid raw material sector, while Hengmei Health leads the contract manufacturing market with a 4.2% share [41][4]. Financial Performance - Wuxi Jinghai reported a revenue of CNY 2.03 billion in the first half of 2025, with a year-on-year growth of 18.67%, and a net profit of CNY 37.3 million, reflecting a 34.77% increase [42][44]. - Hengmei Health's performance has shown fluctuations, with revenue and net profit growth rates experiencing declines in recent periods [41][44]. Consumer Insights - The per capita consumption of nutrition functional foods in mainland China is CNY 166 in 2024, which is lower than in countries like the USA and Japan, indicating room for growth [21][26]. - The report emphasizes the need for improved consumer awareness and product differentiation to enhance market penetration [21][22].