Core Viewpoint - New Dairy aims to maintain expansion amidst market fluctuations, focusing on revenue and profit growth, with a strategic plan to double net profit margin over five years [2][25]. Revenue and Profit Performance - In 2024, New Dairy reported revenue of 10.665 billion yuan, a year-on-year decline of 2.93%, primarily due to the exclusion of Chongqing New Niu Han Hong Industrial from consolidated revenue [4]. - Liquid milk revenue for New Dairy in 2024 was 9.836 billion yuan, showing a slight increase of 0.83% year-on-year [4]. - In Q1 2025, New Dairy's revenue grew by 0.42% to 2.625 billion yuan, with net profit increasing by 48.46% to 133 million yuan [5]. Market Trends and Competition - The overall dairy market is facing challenges, with Nielsen IQ reporting a 2.7% decline in dairy sales for 2024 [2]. - Major competitors like Yili and Mengniu are experiencing significant declines in liquid milk revenue, with Yili's liquid milk revenue dropping by 12.32% to 75.003 billion yuan in 2024 [2]. - The low-temperature fresh milk market remains relatively stable, with a 0.4% year-on-year growth in 2024, contrasting with a 7.5% decline in overall liquid milk sales [8][9]. Strategic Initiatives - New Dairy's growth is attributed to its focus on the low-temperature fresh milk segment, which has shown resilience and growth potential [8]. - The company has introduced a variety of products, including high-end fresh milk and low-temperature yogurt, with high-end fresh milk achieving double-digit growth in 2024 [16]. - New Dairy is expanding its distribution channels, including over 500 "24-hour fresh milk" stores and partnerships with major retailers like Sam's Club and Hema [17]. Future Directions - New Dairy is exploring new growth avenues, including expanding into the beverage market and enhancing its product offerings [22]. - The company is also considering international expansion, particularly in Southeast Asia, leveraging resources from New Hope Group [24].

2025年5月13日，21世纪经济报道记者走访北京市场发现，鲜奶市场价格战进一步加剧。具体来看，在 物美超市，伊利金典高端鲜牛奶19.5一盒780ml，买一赠二；君乐宝悦鲜活19.9一盒1.25l，买一赠一； 蒙牛每日鲜语沙漠有机鲜牛奶24.9一瓶720ml，买一赠一。 在线上亦是类似态势。 21世纪经济报道记者贺泓源、实习生谭伊亭 报道 鲜奶市场价格战继续加剧。 在伊利抖音旗舰店，14瓶金典235ml金典鲜牛奶折后价仅为69.9元；同样在抖音渠道，10瓶光明优倍3.6 鲜奶（280ml）再额外送5个咖啡液价格仅为66.8元；8瓶君乐宝悦鲜活（260ml）售价仅为49.9元。 加剧的价格战背后是，各家均陷入销售压力。 在2024年，伊利液体乳收入750.03亿元，同比下滑12.32%。在2025年一季度，该公司液体乳收入196.40 亿元，同比下滑3.06%。 2024年，蒙牛液态奶收入730.7亿元，同比下滑10.6%。 2024年，主打鲜奶的光明乳业液态奶收入 141.7亿元，同比下滑9.5%。在2025年一季度，该公司液态奶 收入32.92亿元，同比下滑6.32%。2024年，同样主打鲜奶的三元股份液态 ...