当前，中国企业在国际竞争中的实力不断壮大，全球化不仅是规模扩张的必由之路，更是整合优质资 源、应对区域市场风险的关键。日前，伊利股份2025年投资者日活动举办，全面展示了伊利的经营成 果、创新技术及未来发展思路和战略布局。在大会的"新版图"圆桌论坛上，一幅覆盖东南亚、中东、欧 洲、大洋洲和美洲的全球乳业地图徐徐展开。 伊利的国际化业务已形成清晰的三大组织体系：国际业务部以印尼、泰国为区域枢纽，将冰淇淋业务辐 射至东南亚、中东等18个市场，在印尼从行业第八跃升第一梯队；澳优产品出口到中东、美国等30多个 国家，羊奶粉更是有着占据全球份额52%的优势；新西兰业务单元则专注高附加值原料，产品出口40多 个国家，高附加值产品占比从40%提升至60%。 正如潘刚所言，"合作方能聚力"，在积极拓展全球业务布局的过程中，伊利国际化战略从"产品出 海"到"生态落地"全面升维：新西兰基地生产的乳铁蛋白、酪蛋白等高端原料有力支持集团婴幼儿营 养、成人营养等高端品类发展；荷兰基地凭借百年乳业积淀，不仅在羊奶原料领域取得突破，更通过收 购羊奶酪公司完善产业链布局。这种"全球资源+全球市场"的双循环模式，为伊利打开了更大的增长空 间。 ...

12月28日，位于宁夏石嘴山市大武口区的昆宁森态年产20万吨乳业生产基地正式投产。作为总投资3亿 元、占地150亩的现代化产业标杆项目，它的投运将推动石嘴山市牛奶产业实现从"优质奶源供给"向"全 链条精深加工"的加速升级。 据悉，该基地建有奶粉、液态奶两大智能化生产车间，可年产2万吨全脂奶粉和60万吨液态奶，其中3条 生产线专为知名品牌提供定制调制乳产品。同步揭牌的昆宁森态乳制品深加工技术重点实验室，能够实 现从乳铁蛋白提取到奶酪制品开发的全链条创新探索。 近年来，石嘴山市持续深耕牛奶产业，先后引进昆宁森态等5家加工企业，建成多条专业化生产线，目 前年设计加工总产能已达14万吨。同时，积极推广5G智慧养殖、性控繁殖等先进技术，全市奶牛良种 化率和机械化挤奶率均达到100%，核心群成母牛年单产超过10.2吨。截至2025年前三季度，石嘴山市 奶牛存栏13.19万头，牛奶产量达51.68万吨，同比分别增长12.2%和15.9%。 石嘴山市农业农村局相关负责人表示，下一步将继续优化产业布局，强化科技支撑，推动饲草种植、智 慧养殖、精深加工等环节全链条协同发展，持续将黄金奶源资源优势转化为产业发展优势。 ...

Core Insights - The nutrition and health industry is currently in an adjustment phase, with declines in infant formula, intensified competition in adult nutrition, and structural differentiation in the pet segment. Despite this, the company achieved a revenue of 10.805 billion yuan in the first three quarters, reflecting a year-on-year growth of 12.3%, indicating stability [1] Group 1: Company Growth Strategy - The core value of the company lies not in a single product explosion but in the establishment of a "whole family nutrition health ecosystem" across infant, adult, and pet segments, extending the consumer lifecycle [1] - The company leverages maternal and infant channels, content marketing, and a comprehensive domestic and international e-commerce system to create a wide-reaching touchpoint network [1] - In the adult segment, Swisse has established clear positioning through a high-end and youthful product matrix across multiple subcategories [1] Group 2: International Market Structure - The company's international layout consists of three layers: - Core driving market (China) accounts for over 70% and remains the growth engine [2] - Mature markets (Australia and New Zealand) show stable growth, with Swisse maintaining a leading position and achieving an 8.9% growth [2] - Expanding markets (Southeast Asia, Middle East, Italy, etc.) are experiencing double-digit growth, representing potential future waves over the next three to five years [3] Group 3: Supply Chain and Operational Resilience - The company's supply chain system is crucial for supporting multi-market operations, with six R&D centers and multiple production bases facilitating resource sharing and raw material interchange [3] - The resilience of the supply chain allows the company to maintain stable gross margins during cost fluctuations and ensures product quality consistency within a global traceability system [3] Group 4: Long-term Investment Value - The company possesses three long-term value points: - A multi-category structure that reduces cyclical risks [4] - A multi-regional layout that enhances growth elasticity [4] - A high-end product mix that improves profitability and brand barriers [4] - As the industry transitions from an expansion phase to a refined competition phase, the company's systemic competitiveness in supply chain, internationalization, and brand matrix will be key to its sustained growth capability [4]

"乳品深加工是全球趋势，也是中国乳业未来发展的必然选择。"冯罡提到，随着居民消费升级及GDP跨越特定门槛，以奶酪为代表的深加工乳制品市场正 迎来"黄金十年"，但同时也面临消费者认知、风味接受度及消费场景培育等挑战。 12月2日至5日，2025企业家博鳌论坛系列活动在海南博鳌举行。在3日举办的"2025新国货品牌创新大会"上，国家乳业技术创新中心资深专家、伊利集团 创新中心资深专家冯罡博士，以"一杯牛奶里的科技革命"为题，阐述了中国乳业如何通过深加工与产品创新，为"新鲜"注入科技内涵。 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 华为上新！带来四大首发黑科技 针对如何破局，冯罡以伊利集团的创新实践为例，详细介绍了乳品深加工的三大创新领域。他说，当前乳业深加工主要围绕三大创新领域展开：一是分离 纯化，将牛奶中的蛋白质、脂肪、乳糖等成分精准分离，并进一步提取高附加值成分，如"奶黄金"乳铁蛋白，可应用于婴幼儿配方奶粉等产品，满足精准 营养需求；二是原料改性，通过创新将蛋白质等转化为功能性肽，满足消费者多元健康需求；三是高效递送，利用包埋等技术提升益生菌、钙等成分的稳 定性和吸收率。 针对中国奶酪市场 ...

近日，中国乳业"国家队"蒙牛集团在乳原料深加工领域取得重要成果，其首批深加工产品 —马斯卡彭、乳铁蛋白、披萨奶酪、脱盐乳清粉 D90 、胶束酪蛋白 MCC 等已完成测试， 其中马斯卡彭奶酪已率先上市，所有产品的性能与质量均达到国家标准要求。 据了解，该批产品取得的创新突破主要得益于蒙牛先进的创新技术与 GOSS 系统（无损有 序解析系统）。以马斯卡彭为例，依托其 GOSS 系统的先进技术赋能，该款奶酪具备三大 优势：一是配方醇净，产品未添加任何稳定剂和乳化剂，却依然保持了传统马斯卡彭奶酪的 质地与应用特性；二是生产更环保，全程践行 ESG 理念，实现了稀奶油营养组分的充分利 用和乳清零排放；三是风味与口感更出众，其独特的质构与增香技术，使产品在直接食用或 用于烘焙、甜点制作时，都更具风味和口感优势。 在此背景下，蒙牛积极践行"将原奶'吃干榨尽'"的深加工理念，推动产业向高附加值、高技 术含量方向延伸。 值得一提的是，在乳原料深加工领域，蒙牛构建了从工艺设计、过程控 制到质量验证的全链条数字化能力，有效保障产品稳定性与一致性。突破了由单一产品向产 品组合研发模式的转变，实现了单线单品向多品类柔性共线的转变，实现 ...

Investment Rating - The industry investment rating is "Positive" [2][63]. Core Insights - The food and beverage industry has shown slight growth but underperformed compared to the CSI 300 index, with significant differentiation in sub-sectors. Pre-processed foods and emerging categories are leading the growth, while the liquor sector is under pressure. The stability in raw material prices, along with technological breakthroughs and policy support, is driving industry upgrades. The upcoming consumption peak and supply optimization enhance growth certainty. It is recommended to focus on leading companies in niche segments and those benefiting from technological innovations [2][4][60]. Summary by Sections Industry Performance - During the week of November 24-30, 2025, the A-share major indices showed a slight upward trend, with the SW Food and Beverage Index rising by 0.07%, ranking 28th among the first-level industries and underperforming the CSI 300 by 1.57 percentage points. Pre-processed foods (+5.64%) and snacks (+2.88%) led the sub-sector performance, while liquor and beer experienced slight adjustments [4][11]. Raw Material Data Tracking - As of November 28, 2025, the average prices for various raw materials showed mixed trends. For grains, corn prices increased by 2.17% to 2329.8 CNY/ton, while wheat prices rose by 0.10% to 2507.28 CNY/ton. Vegetable and fruit prices also saw slight increases, with average wholesale prices for vegetables at 5.79 CNY/kg (+1.94%) and fruits at 7.22 CNY/kg (+1.83%) [22][25]. Key Industry Data Tracking - In the liquor sector, high-end product prices are showing a mixed trend, with some premium products experiencing price corrections. For instance, the reference wholesale price for Feitian Moutai decreased by 4.24% to 1580 CNY/bottle. In the meat sector, the average price for pork was 22.86 CNY/kg, down by 0.70% [35][37][38]. Industry and Company News - Significant advancements in the domestic production of lactoferrin, a key ingredient in infant formula, have been achieved, reducing reliance on imports. This breakthrough is expected to enhance the domestic high-end dairy product supply chain [44][45]. Additionally, the release of the first intelligent brewing standard for liquor in Yibin marks a shift towards scientific brewing practices in the industry [54]. Investment Recommendations - The report suggests focusing on high-growth sub-sectors, technological and policy benefits, and valuation attractiveness. Pre-processed foods and snacks are expected to benefit from rising consumer demand and the upcoming peak season. The dairy sector is also poised for growth due to domestic innovations, while the liquor sector, despite short-term pressures, remains a long-term investment opportunity [60].

Group 1: Hainan Free Trade Port - Hainan Free Trade Port will officially start its full customs closure operation on December 18, 2025, creating a special customs supervision area with policies characterized by "one line open, two lines controlled, and free flow within the island" [1] - The "one line open" policy allows for free and convenient entry and exit between Hainan and other countries, while the "two lines controlled" policy implements precise management for the content opened to the "one line" [1] Group 2: Hainan Airlines Opportunities - Hainan Airlines (HNA Holding) anticipates benefiting from multiple tax incentives post customs closure, which will effectively reduce financial costs and attract high-end talent [2] - The company will enjoy zero tariffs on aircraft purchases and certain aviation materials, as well as the full implementation of bonded aviation fuel policies, significantly lowering core operating costs [2] Group 3: International Transit Development - HNA Holding is actively developing its transit economy, having successfully opened its first international-to-international route at Haikou Airport within one month of the terminal's renovation [3] - The company has achieved a 100% opening rate for intercontinental transit routes from Haikou, including destinations like Sydney, Melbourne, Auckland, Moscow, and London [3] - A policy allowing international transit passengers to bypass border inspection procedures has been implemented, enhancing the efficiency of international transfers [3] Group 4: Passenger Growth and Financial Performance - From January to October, HNA Holding's international passenger transport volume at Haikou Meilan Airport increased by 79% year-on-year, marking a five-year high [4] - In Q3, HNA Holding's revenue grew by 1.84% to 20.354 billion yuan, while net profit attributable to shareholders decreased by 0.75% to 2.788 billion yuan [5] - In comparison, Air China reported a revenue increase of 0.9% to 49.1 billion yuan, with a net profit decline of 11.3% to 3.68 billion yuan during the same period [5] Group 5: Future Outlook - HNA Holding expresses confidence in the future, anticipating that the extended nine-day Spring Festival holiday in 2026 will inject new momentum into the market, leading to significant increases in return home visits, cross-border tourism, and long-distance travel [6]

Core Insights - Lactoferrin, referred to as "liquid gold," is a crucial immune-active protein in breast milk essential for infant growth and development [1] - China's dairy industry has long relied on imported key ingredients like lactoferrin, hindering the country's ability to innovate independently in infant formula [1] Industry Developments - Under the support of the National Key R&D Program, Jiangnan University collaborated with Heilongjiang Feihe Dairy Co., Dalian Polytechnic University, and the Chinese Academy of Agricultural Sciences to address challenges in the extraction and purification of lactoferrin [1] - Innovative selective dynamic classification separation technology for fresh milk proteins has been developed, including key components such as α-lactalbumin, β-casein, milk fat globule membrane protein, and lactoferrin [1] Production Advancements - Heilongjiang Feihe has established and put into operation China's first large-scale automated lactoferrin production line using fresh milk as raw material, filling a technological gap in the domestic lactoferrin industry [1] - This development marks a significant breakthrough in the field of high-activity functional protein separation and purification in China, effectively alleviating the long-standing reliance on imports for lactoferrin [1] Application and Impact - The related technologies and core ingredients have been industrially applied in China's infant formula, enhancing the country's ability to control its production and supporting the development of a high-end dairy product industry chain [1]

Core Viewpoint - The Chinese dairy industry is transitioning from a focus on quantity to a focus on quality, with an emphasis on precision and functionality in nutritional products, making deep processing a key to industry upgrade [2][4]. Group 1: Industry Trends - The demand for more precise, professional, and functional nutritional products is increasing among consumers, leading to a shift in the dairy industry [2]. - The deep processing of dairy products is becoming essential for industry advancement [2]. Group 2: Company Innovations - Yili Group has invested 17 years in developing a breakthrough technology for the directional extraction and protection of lactoferrin, successfully breaking foreign technological monopolies [5][6]. - Yili has established a diverse health product matrix, transitioning from a dairy company to a "health food group," covering various categories including liquid milk, ice cream, milk powder, yogurt, cheese, and more [7]. Group 3: Market Performance - In the first half of 2025, Yili achieved an 18.1% market share in the infant formula retail sector, ranking first in the industry [9]. - Yili's infant goat milk powder business experienced a 65.7% growth overseas, gaining consumer trust [9]. Group 4: Global Strategy - Yili has built a global industrial system with 81 production bases and 15 innovation centers, with products available in over 60 countries and regions [4]. - The company has integrated global resources for milk source, research, and manufacturing, establishing the largest Chinese breast milk research database [9].

Core Insights - The event held on November 18 in Beijing showcased Yili's operational achievements, innovative technologies, and future strategic plans, prompting investors to rethink the industry's growth prospects and redefine Yili's value boundaries [1] Industry Transition - The Chinese dairy industry has shifted from a phase of "quantity growth" to a new stage of "quality enhancement," where "structural growth" is replacing "universal growth" [3] - Three main structural growth opportunities identified include: 1. Increasing demand for dairy products driven by rising health awareness among the population 2. Upgrading demand in high-tier cities leading to diversified growth 3. Significant potential in differentiated product categories, particularly in adult nutrition, cheese, B2B, and deep processing of dairy products, with the adult nutrition market expected to exceed 300 billion yuan by 2030 [5] Targeting New Markets - Yili is focusing on the silver-haired market, with over 210 million people aged 60 and above in China, projected to exceed 400 million by 2035. This demographic shows a strong demand for health management and quality living, with a nutrition product penetration rate exceeding 36% [6] - Yili has strategically positioned itself in the adult nutrition segment, with its "Xinhui" series of adult milk powder showing strong market competitiveness. The company aims to expand its product matrix into functional health products and high-value segments [8] Deep Processing and Domestic Substitution - The solid dairy product market in China is still in its infancy, with significant growth potential as consumer habits shift from liquid to solid dairy products. Yili plans to develop a hundred billion yuan deep processing segment over the next 5-10 years [10] - Currently, 35% of the domestic consumption of dairy products relies on imports, presenting an opportunity for Yili to focus on domestic substitution in key raw materials [10] International Expansion - Yili's international business has established a clear organizational structure, with operations in Southeast Asia, the Middle East, Europe, Oceania, and the Americas. The company aims to transition from "product export" to "ecosystem establishment" [12] - The company has set ambitious 2030 strategic goals to enhance market share and product value, aiming for a leap from "Asia's first" to "global first" in the dairy industry [12] Shareholder Returns - Yili has a strong track record of shareholder returns, with a total dividend payout of 58.566 billion yuan since its listing in 1996. The company plans to maintain a cash dividend payout ratio of no less than 75% of net profit for the years 2025-2027 [13] - The company is committed to distributing a minimum cash dividend of 1.22 yuan per share (before tax) in 2024, with potential mid-year dividends based on company performance [13] Future Outlook - The chairman of Yili expressed confidence in the dairy industry's growth potential, indicating that the industry has not yet reached its ceiling and that Yili is determined to seize new opportunities for sustained leadership [15]