Core Viewpoint - The dairy industry in China is facing significant challenges in 2024 due to oversupply, weak demand, and high inventory levels, leading to a continuous decline in fresh milk prices and worsening competition among companies [1][3]. Group 1: Company Performance - In 2024, major dairy brands such as Yili, Mengniu, and Guangming reported revenue declines of 8.24%, 10.09%, and 8.33% respectively, with net profits dropping by 18.94%, 97.83%, and 25.36% [1][3]. - Yili's revenue for 2024 was 1157.80 billion yuan, marking its first negative growth since its listing, with a significant drop in liquid milk revenue, which accounts for over 60% of total revenue [3][5]. - Yili's liquid milk revenue fell by 12.32% to 750.03 billion yuan, while its ice cream revenue decreased by 18.41% to 87.21 billion yuan; however, its milk powder and dairy products segment saw a 7.53% increase in revenue [3][5]. Group 2: Market Dynamics - The Chinese dairy market has entered a prolonged adjustment period since 2022, with retail sales growth turning negative and ongoing weak demand [3][13]. - The supply of raw milk has outpaced demand, resulting in an imbalance that has driven down retail prices for dairy products [3][13]. - The overall consumption of liquid milk in China has been declining, with a notable 8.6% drop in 2022 [13]. Group 3: Strategic Initiatives - Yili has implemented cost-cutting measures, reducing sales and management expenses by 2.61% and 13.37% respectively, saving a total of 1.279 billion yuan [5][6]. - The company is diversifying its product offerings, with a focus on milk powder, which has shown growth, and has ventured into new markets such as high-end bottled water and pet food [8][10]. - Yili's recent product launches include sugar-free tea and functional nutrition products targeting the elderly, indicating a strategic shift to reduce reliance on traditional dairy products [10][11]. Group 4: Future Outlook - The dairy industry is at a crossroads, with companies needing to explore new growth avenues in a saturated market, as seen with Yili's efforts to expand into non-dairy segments [11][15]. - The competition in emerging markets such as pet food and health-focused products is intensifying, requiring established players like Yili to adapt quickly to maintain market leadership [15][16]. - The transformation journey for Yili and other dairy giants is expected to be challenging but essential for their survival and growth in the evolving consumer landscape [16].

Core Viewpoint - The article emphasizes the importance of selecting a milk formula that is easily digestible, enhances immunity, and is low in allergens, highlighting the advantages of the Jia Bei Ai Te Yue Bai goat milk formula. Group 1: Digestibility and Absorption - Jia Bei Ai Te Yue Bai is a goat milk formula with smaller fat globule sizes, making it easier for babies to digest and absorb nutrients compared to cow's milk [4] - The formula incorporates a higher content of OPL structured lipids, which doubles the absorption rate compared to traditional OPO structured lipids, allowing for better nutrient uptake [6] - Clinical evidence shows that the formula significantly reduces gas (87%), diarrhea (80%), and constipation (84%) in infants, indicating its effectiveness in promoting digestive health [6][7] Group 2: Immunity Enhancement - The formula contains natural lactoferrin, which helps protect babies from pathogens, and goat-derived lactoferrin is noted to be more effective than regular sources [7] - It includes 10 times the amount of HMO, which helps maintain a balanced gut microbiome, along with prebiotics GOS:FOS to support the growth of beneficial bacteria [7] Group 3: Allergen Sensitivity - Jia Bei Ai Te Yue Bai has a significantly lower content of allergenic proteins, with αs1 casein levels reduced by 85% compared to cow's milk, and β-lactoglobulin levels decreased by 11% [9] - Clinical validation indicates that the formula can reduce allergy rates by 42%, making it a safer choice for sensitive infants [9] Group 4: Nutritional Profile - The formula boasts 388+ natural nutrients and 41 types of formulated nutrients, providing comprehensive nutrition that surpasses many other brands on the market [10]

作 者丨贺泓源 实习生谭伊亭 高飞的收入在行业算高吗？客观来说，作为蒙牛总裁，这份收入比较中等。在2 0 2 3年，高飞 的老领导，蒙牛前总裁卢敏放的薪酬收入就达到1 3 5 7 . 2万元。同年，卢敏放以股份为基础的 收入达到6 3 8 5 . 3万元。 在2 0 2 4年，卢敏放当了蒙牛一个季度总裁，和1 0个月的执行董事。他的薪酬收入达到1 4 6 . 1万 元，以股份为基础的收入达到1 7 0 0万元。高飞与卢敏放的收入相比，堪称直线跳水。 各自商誉减值超3 0亿元 伊利、蒙牛"血战"婴配粉市场 伊利、蒙牛正在挥别高增长模式。 一个例子是， 他们主动接受了大量商誉减值，这是过去高增长时代留下的痕迹或者说负担。 财报显示，2 0 2 4年，伊利营收11 5 7 . 8 0亿元，同比下滑8 . 2 4%；归母净利润8 4 . 5 3亿元，同比 下滑1 8 . 9 4%。伊利净利润下滑原因便是，澳优乳业商誉减值带来的3 0 . 3 7亿元拖累。 此种影响在规模相对低的蒙牛身上更为明显。 2 0 2 4年，蒙牛营收8 8 6 . 7 5亿元，同比下滑1 0 . 1%；受贝拉米商誉减值及联营公司亏损影响， 实现 ...

Industry Background - In 2025, the food industry is influenced by various factors including policy, economy, social structure, and technology, showcasing unique development trends and consumption patterns [2][4] - The government prioritizes "boosting consumption" as a key task, aiming to transition the food industry from "recovery growth" to "high-quality development" [2][4] - The GDP growth for 2024 is projected at 5%, but the food industry's added value has been declining for four consecutive years, indicating structural supply-demand issues [2][4] - The aging population is accelerating, with those aged 65 and above accounting for 15.6% of the population, while urbanization has reached 67%, shifting consumer dietary preferences from "sufficient" to "quality" [2][4] Core Consumption Trends - Six core consumption trends are identified as new directions for industry development: 1. **Diverse Channel Innovations**: 84.2% of consumers are purchasing alternative products, with retailers optimizing supply chains to lower prices and enhance value [3] 2. **Precision Nutrition Products**: New products targeting different age groups, including senior nutrition and children's dietary needs, are emerging [3] 3. **Emotional Value Experiences**: Marketing strategies focus on sensory and situational engagement, enhancing consumer emotional experiences [3] 4. **Key Demographic Opportunities**: Brands are targeting family nutrition, with rapid growth in urban markets and services for overseas tourists [3] 5. **Smart Information Experiences**: AI is being integrated into product development and production, enhancing personalized nutrition services [3] 6. **Green Revolution in Food and Beverage**: Transparency in supply chains and innovations in green packaging are gaining traction, with over 70% of consumers concerned about "no additives" [3] Strategic Focus for 2025 - The food industry must focus on channel efficiency, precision nutrition, and emotional value, leveraging AI and green technologies to address the needs of the aging population and urban-rural integration [4][5] - The transition from scale expansion to value creation is essential for building a sustainable development ecosystem [4][5]

21世纪经济报道记者贺泓源、实习生谭伊亭 北京报道 伊利、蒙牛正在挥别高增长模式。 一个例子是，他们主动接受了大量商誉减值，这是过去高增长时代留下的痕迹或者说负担。财报显示， 2024年，伊利营收1157.80 亿元，同比下滑8.24%；归母净利润84.53亿元，同比下滑18.94%。伊利净利 润下滑原因便是，澳优乳业商誉减值带来的30.37亿元拖累。 此种影响在规模相对低的蒙牛身上更为明显。 2024年，蒙牛营收886.75亿元，同比下滑10.1%；受贝拉米商誉减值及联营公司亏损影响，实现归母净 利润1.05亿元，同比暴跌97.8%。当年，蒙牛对贝拉米的商誉和无形资产减值综合影响达到39.814亿 元。 对伊利、蒙牛来说，消化负担，是轻装前行的关键。 需要看到的是，伊利、蒙牛商誉减值重心均来自婴配粉市场。 种种收购，寄托着伊利、蒙牛们在婴配粉市场走向高端的决心。2022年，伊利以62.5亿港元入股澳优， 获得34.33%的澳优已发行股本（其中定向发行 0.9 亿股），并再通过要约收购增持至52.7%，成为澳优 控股股东。 澳优是中国羊奶粉第一品牌。2011年，该公司收购了荷兰乳企海普诺凯，并推出乳源和生产地 ...

要了解dha的作用和功效，我们可以先来看看dha是什么。dha又叫二十二碳六烯酸，是人体所必需的一 种多不饱和脂肪酸，作为神经细胞和视网膜的主要组成部分，dha在大脑皮层和视网膜中含量最多，既 对宝宝的大脑发育有一定的促进作用，能够帮助宝宝认知和记忆提升，又能帮助宝宝的视力发育更加完 善，让宝宝的眼睛更加明亮有神。因此，dha也成了婴幼儿配方奶粉中的热门成分。如今，市面上含dha 成分的奶粉不少，但含量和品质参差不齐，要说比较好的dha奶粉，佳贝艾特悦启羊奶粉是不错的选 择。 悦启这款奶粉添加的顶配dha含量高达93mg/100g，远远高出市面上的大部分奶粉。更绝的是，它的dha 与ara含量配比是1：1.38，和宝宝所需的原生营养黄金比例高度吻合，能更好的发挥DHA的作用和功 效，让宝宝更好地吸收DHA的营养。 同时，它还精心搭配了20大活性脑营养，亚油酸、牛磺酸、胆碱、核苷酸、5大脑磷脂群等关键营养一 个不少。这些营养成分协同作用，就像给宝宝的大脑注入了强大的动力，为宝宝的智力发育奠定坚实基 础。比如5大脑磷脂群，它能帮助宝宝的大脑神经细胞之间更好地传递信息，和顶配dha一起，让宝宝的 大脑发育快人一步。 ...

反向"晴雨表"背后，是伊利对澳优的付出与无奈 据财报显示，伊利2024年营收为1157.80亿元，同比减少了8.2%，归母净利润84.53亿元，同比减少了 18.9%，这是伊利上市以来的首次"双降"，连三聚氰胺时期，伊利都没出这个情况。 而伊利的首次"双降"，是为澳优牺牲铺路的，因为剔除商誉减值后，伊利的净利润应该是 115.39 亿 元，增长12.2%。 截至11日，澳优股价在2港元上下浮动，总市值为35亿港元左右。 有业内人士分析这是战略投资失败后的财务出清，也有说伊利这是在2024年利空出尽，意图2025轻装上 阵，但不管怎么样，伊利这次双降，是为当初高溢价收购澳优结了尾款。 当然澳优2024年也确实稍稍争气了一把， 据财报显示，2024年澳优营收同比微增0.28%，为74.02亿元，归母净利润同比增长35.32%，为2.36亿 元。虽说营收涨幅不大，但实打实从前两年的"双降"情况变成双增。 说来也是，从2022年初伊利全面接手澳优至今，澳优就像伊利业务反向的"晴雨表"，澳优同比涨，伊利 就跌，反之亦然。 这背后也许是伊利费力转型的痛。 根据伊利2022年年报数据，伊利股份持有澳优乳业的这部分股权收购成 ...

近日，伊利股份（600887.SH）发布2024年年报及2025年一季报。2024年，公司实现营业总收入1157.80 亿元；剔除商誉减值后净利润115.39亿元，同比增长12.2%。经营规模稳居亚洲乳业第一，经营质量领 跑行业。 2025年第一季度，公司实现营业总收入330.18亿元，同比增长1.35%；扣非归母净利润46.29亿元，同比 增长24.19%。公司营收利润逆势超预期增长。 在市场环境充满挑战的情况下，伊利股份积极调整、轻松上阵，持续发挥行业领航员的作用。2024年， 伊利股份全品类业务保持了行业领先优势，此前重点布局的奶粉业务也迎来收获期，用亮眼的增长数据 为公司再添新翼。 多元布局 全产业链协同构筑竞争壁垒 作为中国乳业领军企业，伊利股份的液体乳业务始终是公司的核心竞争优势所在。2024年，该业务实现 营收750.03亿元，市场份额稳居行业第一。在常温液态奶领域，常温白奶市场份额稳居行业首位；常温 酸奶持续占据细分市场榜首。低温业务逆势上扬，低温酸奶市场份额有所提升，高端低温白奶营收同比 增幅超30%，更凸显了公司在高端赛道的进取态势。 冷饮业务是伊利股份的另一大基本盘，正展现出强劲的市场竞 ...

Core Insights - The annual report of Yili Group for 2024 shows a total revenue of 115.78 billion yuan, with a net profit of 11.539 billion yuan, reflecting a year-on-year growth of 12.2% after excluding goodwill impairment [1][2] - The first quarter report for 2025 indicates a revenue of 33.018 billion yuan, a 1.35% increase year-on-year, and a net profit of 4.629 billion yuan, up 24.19%, demonstrating improved profitability [1][2] - Yili's dividend payout for 2024 reached a record high of 7.726 billion yuan, with a payout ratio of 91.4%, and total shareholder returns equating to 100.4% of net profit [4] Industry Overview - The dairy industry faces challenges in 2024, including increased raw milk production and insufficient consumer demand, yet Yili maintains a leading position in Asia with stable revenue growth [2] - Yili's gross margin has improved by 377 basis points from 2020 to 2024, indicating strong operational efficiency and resilience against market risks [2] Product Performance - Yili's liquid milk business generated 75.003 billion yuan in revenue, maintaining its industry leadership, while the high-end low-temperature milk segment saw over 30% growth [3] - The infant formula and dairy products segment achieved a revenue of 29.675 billion yuan, a 7.53% increase, with the "Golden Crown" brand experiencing double-digit growth [3] Strategic Initiatives - Yili plans to develop a new five-year strategic plan in the second half of 2025, with a focus on internationalization as a key agenda [1][7] - The company aims to enhance its growth logic through a "dual-wheel drive" strategy, expanding into the health food sector and building a non-dairy business framework [6][7] Future Outlook - Yili is optimistic about maintaining a positive profit margin trend, targeting a 9% profit margin for 2025, and plans to uphold a dividend payout ratio of no less than 70% [8]

2024年，包含全脂奶粉、产成品在内的存货计提减值12.3亿元。 产品市场需求变化、技术落后导致设备、建筑物闲置，带来固定资产和工程物资减值3.7亿元。 前所未有的行业压力，让乳制品龙头伊利（600887.SH）终结了连续三十年的增长。 2024年营收确定为1157.8亿元，同比下滑8.24%；净利润84.5亿元，同比下降了18.9%。 四季度，伊利进行了高达52亿元的大额计提，导致单季度亏损24.2亿元，进一步让全年利润承压。 其中主要项目为对澳优（1717.HK）的30.4亿元商誉减值。 四年前，伊利斥资62亿元收购澳优三分之一股权，看重其位于新西兰、澳大利亚等"黄金奶源地"的供应 链布局，以及在高端羊奶粉市场的优势。 然而行业急转直下，澳优业绩连续下滑，近三年市值萎缩近七成。 扣除对澳优"隐雷"的主动触发，这份计提资产减值报告中的其他项目，流露了不少行业之难。 雪上加霜的原奶供过于求与持续跌价，让部分原奶供应商还款能力下降。 伊利计提收提应收保理款、小额贷款、应收账款等信用减值5.6亿元。 本轮原奶下行周期已持续三年以上，奶价相比2021年已下跌超过三成。 伊利的压力可想而知。 龙头苦周期 2022年， ...