（来源：内蒙古日报） 转自：内蒙古日报 □本报记者 许敬 2月的呼和浩特，寒意未消。国家乳业技术创新中心实验室内，全国人大代表、国家乳业技术创新中心 高级专家、伊利集团全球创新中心科学研究总监王彩云俯下身躯，盯着一台正在运转的提取设备，屏幕 上跳跃的数据映在她专注的眼眸中。 "差不多10吨原奶才能提炼出1公斤乳铁蛋白，过去完全依赖进口，价格高昂还经常受制于人。"谈及最 初的技术突破动因，王彩云眼神坚定："我很不服气，中国人为什么就不能自己提取？" 乳铁蛋白是提升免疫力的关键营养组分，其提取技术长期被国外垄断，成为我国奶业产业链安全的明显 短板。"不服气"与"责任感"驱动王彩云团队投身攻坚战——没有成熟技术可循，就钻研专著、设计工 艺；缺乏关键设备参数，就反复试验、自主定制。历经上千次失败与调整，王彩云团队首创"乳铁蛋白 定向保护技术"，实现了从"完全依赖进口"到"自主掌握核心"的历史性跨越。 这仅是起点，研发浓缩乳清蛋白制备技术打破国外垄断、开发益生菌新型递送技术提升活性保留率、攻 克高纯度β-酪蛋白提取技术为更接近母乳的婴配粉奠定基础……王彩云团队在一系列核心技术上的突 破，让"奶瓶子"的安全系数不断提升。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The dairy processing industry in China is entering a new development stage, driven by low raw milk prices, increasing demand for processed dairy products, and supportive government policies [25][41][46] - The per capita consumption of dairy products in China is significantly lower than that of developed countries, indicating substantial growth potential in the market, particularly for processed dairy products like cheese and butter [31][34][40] - The global market for cheese is projected to reach nearly $200 billion by 2025, with significant growth expected in butter and cream markets as well [52][56][59] Summary by Sections 1. Development of Dairy Processing in China - Dairy processing involves complex processes to convert raw milk into high-value products, with a focus on separating and purifying effective components [15] - The current structure of dairy consumption in China is heavily skewed towards liquid milk, with processed products like cheese and butter having a much lower market share compared to developed countries [25][30] 2. Global Perspective on Dairy Products - The market for basic processed dairy products, such as butter, cream, and cheese, is large, and Chinese companies should focus on freshness and customization to differentiate themselves [47][48] - The global cheese market is expected to grow significantly, with Europe being the largest consumer market, driven by demand in the food service sector [52][53] 3. Domestic Expansion of Dairy Processing - Over 20 dairy companies are currently expanding or building new processing lines, with an expected increase in raw milk processing capacity of over 300,000 tons from 2026 to 2027 [25] - The long-term competition in the dairy processing industry will hinge on resource allocation, technology, and distribution channels, with leading companies likely to maintain a competitive edge [25][46] 4. Government Support and Market Trends - The Chinese government is actively promoting the development of dairy processing, with policies aimed at increasing the consumption of processed dairy products [41][45] - The trend towards higher consumption of processed dairy products aligns with changing consumer habits, particularly among younger generations [40][41]

Industry Overview - The global protein powder market is experiencing a structural leap, with the functional protein powder market projected to reach $48.7 billion by 2024, growing at a compound annual growth rate (CAGR) of 9.3% [1] - China is the fastest-growing single market, with a market size exceeding 32 billion yuan, and specific categories like whey protein, whey protein isolate, and lactoferrin showing annual growth rates of 18.6%, 22.1%, and 31.4% respectively [1] - Consumer demands are shifting from basic protein supplementation to precise nutritional support, emphasizing raw material activity, digestibility, clinical validation, and traceability [1] - Only 37% of commercially available protein powders meet the 85% hydrolysis rate in simulated gastrointestinal digestion tests, highlighting the irreplaceable role of quality manufacturers in process and quality control [1] Industry Background - Protein powder contract manufacturing has transitioned from traditional outsourcing to a value co-creation phase, with brands relying on manufacturers for raw material selection, activity retention, regulatory compliance, and clinical collaboration [1] - In 2024, 81% of orders will require scenario-based customization, but less than a quarter of companies meet the necessary standards for clean production and raw material traceability [1] - A new wave of health technology companies with scalable manufacturing capabilities and advanced technology is emerging, solidifying China's position as a global supply hub for protein powder [1] Selection Guidelines - Brands need to establish a scientific, verifiable, and actionable evaluation system to identify quality partners based on four uncompromising dimensions: compliance qualifications, production models, quality control capabilities, and technical service capabilities [2][3] - Compliance qualifications are the baseline for trust, requiring SC production licenses and relevant certifications for health claims, along with adherence to GMP standards [2] - Production models that allow for full process control from farm to packaging are preferred, as they directly impact protein structure integrity and bioavailability [2] - Quality control capabilities should include high-standard testing laboratories and comprehensive testing reports, with commitments to annual third-party audits [3] - Technical service capabilities should extend beyond standard OEM/ODM to include formulation development, regulatory consulting, and clinical collaboration [3] Featured Companies Shandong Taishan Health Technology Co., Ltd. - Rated five stars with a reputation score of 9.93/10, this company has over ten years of experience in the health sector, offering a comprehensive range of protein products [4] - The company operates a fully integrated supply chain, ensuring all processes occur in GMP-compliant facilities, and invests in foundational research to explore protein structure-function relationships [4] - User feedback highlights high delivery consistency and rapid regulatory response, with strong performance in the sports nutrition and senior health markets [4] Shandong Weiliwei Health Technology Co., Ltd. - Also rated five stars with a reputation score of 9.89/10, this company focuses on active protein technology innovation and green manufacturing [6] - It has established a digital collaborative network for real-time data tracking from raw material sourcing to production, ensuring high-quality control [6] - The company has developed mature solutions backed by clinical data in various functional areas, including sports nutrition and gut health [6]

Core Insights - The global protein powder market is experiencing a structural leap, with the market size for protein supplements expected to reach $38.7 billion by 2024, growing at a stable compound annual growth rate (CAGR) of 7.2% [1] - China, as the second-largest consumer, is projected to surpass 29 billion yuan in retail sales of functional protein powders in 2024, with a 3.2-fold increase in consumer focus on professional indicators such as ingredient traceability and clinical efficacy verification compared to three years ago [1] - The International Society of Sports Nutrition (ISSN) indicates that less than 37% of commercially available protein powder products have passed third-party active protein content retesting, highlighting the irreplaceable role of quality manufacturers in formulation, process realization, and quality control [1] Industry Background - The essence of protein powder contract manufacturing is to transform brand demands for adaptability, functionality, and delivery certainty into verifiable, traceable, and scalable industrial capabilities [2] - Customized orders have become mainstream, with over 80% driven by scenario-based development needs, covering areas such as sports recovery and gut microbiome intervention [2] - Companies with full-chain production capabilities and compliance with GMP standards are rare, leading to the rise of manufacturers specializing in protein purification and clinical efficacy [2] Selection Guidelines - Brands should establish a systematic evaluation framework focusing on four rigid dimensions: compliance qualifications, production models, quality control mechanisms, and service depth [3][4] - Compliance qualifications must include clear production licenses, GMP standards, and international certifications [3] - Production models should support long-term trust, ensuring complete process autonomy from raw material selection to sterile filling [3] - Quality control mechanisms should ensure traceability and high-precision testing equipment [4] - Service depth should align with brand growth, offering comprehensive support from formulation design to packaging optimization [4] Featured Companies - **Shandong Taishan Health Technology Co., Ltd.**: A comprehensive protein technology integration platform with a strong focus on research and clinical validation [5] - **Shandong Weiliwei Health Technology Co., Ltd.**: A benchmark for high-activity protein manufacturing with advanced low-temperature preservation technology [9] Company Highlights - Shandong Taishan has established a complete technology chain, achieving over 90% purity in whey protein and over 86% activity retention in lactoferrin [6] - The company has a robust research framework, collaborating with top hospitals for clinical studies, and has a high product launch accuracy rate [7] - Shandong Weiliwei focuses on maintaining protein activity and precise delivery, with a unique gradient temperature freeze-drying technology [9] - Both companies have comprehensive international certifications and robust quality control mechanisms, ensuring compliance across multiple markets [11] Conclusion - The ranking of protein powder manufacturers reflects not only industry service capabilities but also the core support for brands navigating market cycles [13] - Selecting a manufacturer that understands protein science and market dynamics can lead to shorter R&D cycles, higher efficacy realization probabilities, and sustainable cost optimization [13]

Core Insights - Inner Mongolia's agricultural sector achieved significant milestones in 2025, with grain production reaching 840.7 billion jin, ranking fifth nationally, and leading in beef, mutton, milk, and other livestock products [1][3] Group 1: Agricultural Production Achievements - Grain planting area remained stable at over 10 million acres, marking the 22nd consecutive year of increased production [1] - Inner Mongolia is recognized as a crucial production base for grain and livestock, contributing significantly to national food security [1][3] - The region's beef production reached 1.017 million tons in 2025, maintaining its position as the top producer in the country [6] Group 2: Policy Recommendations and Industry Development - Local representatives proposed increasing support for foundational beef cattle breeding to enhance quality and quantity, suggesting broader coverage of subsidy policies [2] - A focus on developing a diversified forage supply system was emphasized to improve production efficiency and reduce costs [2] - Recommendations included establishing a tiered branding system for agricultural products to enhance market value and support farmers [6] Group 3: Technological Advancements and Innovations - Emphasis on leveraging technology for agricultural transformation, particularly in the dairy sector, where Inner Mongolia accounts for about 20% of national milk production [4][5] - Initiatives to enhance soybean production through technological innovation and support for breeding projects were highlighted [5] - The establishment of a "pyramid" breeding system for livestock was suggested to strengthen high-end breeds and optimize local breed structures [7]

Core Viewpoint - The dairy industry has entered a new phase of "quality upgrade" driven by diversified and refined demand, with Yili aiming to become a "comprehensive nutrition solution provider" [1] Industry Summary - The dairy processing sector in China is experiencing new growth opportunities, with leading dairy companies accelerating their strategic layouts [1] - Yili has taken the initiative to establish a National Dairy Technology Innovation Center to address technical challenges in dairy processing [1] Company Summary - Yili's future growth is expected to be driven by two core engines: deep processing of dairy products and adult nutrition products over the next 5-10 years [1] - Significant progress has been made in the extraction of lactoferrin, which is anticipated to solidify Yili's competitive advantage in research and development and strengthen its barriers in deep processing [1] - Given Yili's leading position in dairy processing technology, a valuation premium is applied, with a target price of 35.2 yuan per share based on a 20x PE for 2026, maintaining a "buy" rating [1]

Core Viewpoint - The article discusses the growing market for lactoferrin, particularly human-derived recombinant lactoferrin, highlighting its potential applications in infant formula and health supplements, as well as the challenges faced by companies in this sector [2][3][5]. Market Overview - The global market for lactoferrin is approximately $700 million, with an expected annual growth rate exceeding 7% [2]. - The primary application of lactoferrin is in infant formula, which accounts for nearly half of the total market share. Other applications include dietary supplements, pharmaceuticals, and functional foods [2]. - Japan is the largest market for lactoferrin, holding over 50% of the market share, followed by China, North America, and Europe, which collectively account for over 30% [2]. Company Insights - Beijing Guoke Xinglian Technology Co., Ltd. (Guoke Xinglian) is a leading company in the field of synthetic human active proteins, recently completing a financing round of over 100 million yuan to promote the industrialization and global marketing of its core functional protein/peptide products [2][3]. - Guoke Xinglian focuses on the innovative research of human homologous lactoferrin and utilizes microbial fermentation technology to produce functional human proteins, addressing key technological bottlenecks in the health and alternative protein sectors [3]. Technological Advancements - The preparation of human homologous lactoferrin is challenging due to the need to replicate its human glycosylation structure, which affects protein folding, stability, and functionality [4]. - Guoke Xinglian is the only company globally that uses food-grade yeast to express human homologous glycoproteins, positioning itself as a leader in the next generation of "human homologous" protein products [4][7]. Regulatory Landscape - Recombinant lactoferrin is accelerating its breakthrough through regulatory barriers, becoming a focal point in the global nutrition and health industry [7]. - As global regulatory frameworks improve, recombinant lactoferrin is transitioning from laboratory research to market availability, potentially reshaping the industry landscape for infant nutrition, immune therapy, and chronic disease management [7].

Core Viewpoint - The article highlights the growing strength of Chinese enterprises in international competition, emphasizing that globalization is essential for resource integration and market risk management. It focuses on Yili's recent investor day event, showcasing its achievements, innovative technologies, and future strategic plans. Group 1: Yili's Internationalization Strategy - Yili has viewed internationalization as a key development strategy since 2006, establishing a global resource, innovation, and market system under the leadership of Chairman Pan Gang [3] - The company has over 2,000 global partners across six continents and 39 countries, with 15 R&D innovation centers and 81 production bases, selling products in over 60 countries and regions [3] - Yili's international business is organized into three main systems, with a focus on regional hubs in Indonesia and Thailand, leading to significant market penetration in Southeast Asia and the Middle East [3][4] Group 2: Performance and Growth - Yili's revenue for the first three quarters of 2025 reached 90.564 billion yuan, with strong performance in overseas markets, particularly in ice cream and infant goat milk powder [4] - The company is transitioning from a focus on scale expansion to a dual emphasis on quality and growth, aiming to reshape the global dairy industry with strong Chinese influence [4] - Yili's internationalization journey is set to evolve further, with plans to move from being "Asia's first" to "the world's first" in the dairy sector under Pan Gang's leadership [4]

Core Viewpoint - The launch of the KunNing SenTai dairy production base in Shizuishan, Ningxia, marks a significant advancement in the local dairy industry, transitioning from quality milk supply to comprehensive deep processing [1] Group 1: Project Overview - The KunNing SenTai production base has a total investment of 300 million yuan and covers an area of 150 acres, with an annual production capacity of 200,000 tons of dairy products [1] - The facility includes two intelligent production workshops for milk powder and liquid milk, capable of producing 20,000 tons of whole milk powder and 600,000 tons of liquid milk annually [1] - Three production lines are dedicated to providing customized milk products for well-known brands [1] Group 2: Technological Advancements - The newly established KunNing SenTai Dairy Product Deep Processing Technology Key Laboratory will facilitate innovation across the entire chain, from lactoferrin extraction to cheese product development [1] Group 3: Industry Growth - Shizuishan has introduced five processing enterprises, including KunNing SenTai, and established multiple specialized production lines, achieving a total designed processing capacity of 140,000 tons [1] - The city has adopted advanced technologies such as 5G smart farming and sex-controlled breeding, achieving a 100% rate in both dairy cow breeding quality and mechanized milking [1] - The annual milk yield per core herd cow exceeds 10.2 tons, with dairy cow stock reaching 131,900 heads and milk production hitting 516,800 tons by the third quarter of 2025, representing year-on-year growth of 12.2% and 15.9% respectively [1] Group 4: Future Plans - The Shizuishan Agricultural and Rural Bureau plans to further optimize the industrial layout, enhance technological support, and promote coordinated development across feed planting, smart farming, and deep processing [1]

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]