9月24日下午，光明乳业（600597）（600597）召开2025年上半年业绩说明会，公司董事长黄黎明、董 秘沈小燕等管理层出席会议，针对下半年行业走势，公司在渠道、产品、营销的布局规划与投资者展开 交流。 今年乳品行业仍处于供过于求的结构性调整中，消费者感知最明显的是，商超内鲜奶、酸奶打折常态 化，各大品牌纷纷推出"买二送一""第二件半价"等促销活动。 在此背景下，光明乳业上半年营业总收入为124.72亿元，归母净利润2.17亿元。 谈及下半年原奶价格以及乳品行业发展走势，黄黎明认为，行业发展短期受到原奶价格波动、市场需求 变化等影响，但长期向好的基本面没有改变。 今年原奶价格下降趋势已有所收窄。根据农业农村部数据，今年6月原奶月度均价为3.04元/公斤，同比 下降7.66%；去年全年均价为3.32元/公斤，同比下降13.54%。 光明乳业是国内第三大乳企，也是上海地区老字号品牌。 从经营数据来看，上海已不再是光明乳业最核心的市场，公司上半年在上海地区实现营收34.88亿元， 外地营收49.86亿元；境外市场营收39.36亿元。 投资者颇为关注的是，光明乳业作为上海本地乳企龙头，面对蒙牛、伊利等全国性品牌 ...

Core Viewpoint - Bright Dairy is facing significant challenges, with declining revenue and net profit, indicating a struggle to maintain its market position against competitors like Yili and Mengniu [1][2][3] Financial Performance - In the first half of the year, Bright Dairy reported revenue of approximately 12.472 billion yuan, a year-on-year decline of 1.9%, and a net profit of about 231 million yuan, down 22.53% [2][3] - The company's revenue has been on a downward trend over the past three years, returning to levels seen in 2020, with projected revenues for 2022, 2023, and 2024 at approximately 28.21 billion yuan, 26.49 billion yuan, and 24.28 billion yuan, respectively, reflecting year-on-year declines of 3.39%, 6.13%, and 8.33% [2][3] Market Competition - Bright Dairy's strategy of focusing on the Shanghai market while supplementing with national and other product lines has not yielded significant breakthroughs, as competition intensifies from national brands like Mengniu and Yili, as well as emerging local brands and imported dairy products [1][3] - The company's liquid milk revenue was approximately 6.606 billion yuan in the first half of the year, down 8.64% year-on-year, indicating pressure from strong competition in its primary market [3] Strategic Initiatives - In response to revenue pressures, Bright Dairy is increasing its efforts in the B2B sector, including collaborations with Manner Coffee to launch new products in over 1,200 stores [4] - The company has also been expanding its partnerships in the snack retail channel, indicating a strategic shift to diversify revenue streams [4] Acquisition and Investment Challenges - Bright Dairy has pursued acquisitions to extend its supply chain, such as the 6.12 billion yuan acquisition of a 60% stake in Qinghai Xiaoxiniu, but the returns on these investments have been disappointing, with the subsidiary failing to meet performance commitments due to market pressures [5] - In the international market, Bright Dairy's subsidiary New Zealand Newlight has faced financial difficulties, reporting a net loss of 630 million yuan in the first half of the year, despite generating revenue of approximately 3.936 billion yuan [6] Impact of Competitor Actions - The recent acquisition of a factory by a2 Milk Company in New Zealand may affect Bright Dairy's contract manufacturing business, as a2 plans to reduce reliance on Newlight for production [7] - Analysts suggest that while the immediate impact may be limited, Bright Dairy will need to explore new partnerships or adjust its business structure to mitigate potential losses from reduced orders [7]

Core Viewpoint - Bright Dairy has not yet emerged from its low point, with its recent half-year report for 2025 showing a revenue of 12.472 billion yuan and a net profit of 217 million yuan, indicating a widening gap with competitors like Yili and Mengniu [2] Financial Performance - In the first half of the year, Bright Dairy reported a revenue of approximately 12.472 billion yuan, a year-on-year decline of 1.9%, and a net profit of about 231 million yuan, down 22.53% year-on-year [3] - The company's revenue has been on a downward trend over the past three years, returning to levels seen in 2020, with revenues of approximately 28.21 billion yuan, 26.49 billion yuan, and 24.28 billion yuan for the years 2022 to 2024, reflecting year-on-year declines of 3.39%, 6.13%, and 8.33% respectively [3] Market Challenges - Bright Dairy faces intensified competition in the dairy industry, particularly in its home market of Shanghai, where revenue declined by 6.93% to approximately 3.488 billion yuan, while external markets saw a decline of 1.52% to about 4.986 billion yuan [3] - The company is losing national market advantages, with major competitors like Yili and Mengniu dominating the basic white milk sector, while emerging local brands and imported dairy products are also squeezing its market share [4] Product Innovation - Bright Dairy has launched a series of innovative products in the first half of the year, including various liquid milk and ice cream products, but the revenue from liquid milk still saw a year-on-year decline of 8.64% to approximately 6.606 billion yuan [4] Business Development - In response to revenue pressures, Bright Dairy is increasing its focus on B2B business development, including collaborations with Manner Coffee to launch new products in over 1,200 stores [5] Acquisition Impact - Bright Dairy's recent acquisitions have not yielded satisfactory returns, with the acquisition of a 60% stake in Qinghai Xiaoxiniu Biotech Co., Ltd. for approximately 612 million yuan resulting in unmet performance commitments due to market competition [6] - The company's overseas subsidiary, New Zealand New Lite, continues to face losses, with a net loss of 63 million yuan in the first half of the year and a total net loss of 450 million yuan in 2024 [7] Future Outlook - The acquisition of a factory by a2 Milk Company in New Zealand may impact Bright Dairy's contract manufacturing business, although the short-term effects are expected to be limited [8] - Analysts suggest that Bright Dairy has the potential to explore other cooperative opportunities to mitigate potential losses from reduced orders [8]

Core Viewpoint - Bright Dairy has not yet emerged from its low point, with its recent half-year report for 2025 showing a revenue of 12.472 billion yuan and a net profit of 217 million yuan, indicating a widening gap with competitors like Yili and Mengniu [2][3] Financial Performance - In the first half of the year, Bright Dairy reported a revenue of approximately 12.472 billion yuan, a year-on-year decline of 1.9%, and a net profit of about 231 million yuan, down 22.53% year-on-year [3] - The company's revenue has been on a downward trend over the past three years, returning to levels seen in 2020, with revenues of approximately 28.21 billion yuan, 26.49 billion yuan, and 24.28 billion yuan for the years 2022 to 2024, reflecting year-on-year declines of 3.39%, 6.13%, and 8.33% respectively [3] Market Challenges - Bright Dairy faces intensified competition in the dairy industry, particularly in its home market of Shanghai, where revenue declined by 6.93% to approximately 3.488 billion yuan, while external markets saw a decline of 1.52% to about 4.986 billion yuan [3][4] - The company is losing its national market advantages, particularly in the basic white milk sector, which is dominated by Yili and Mengniu, while facing increasing competition from emerging local brands and imported dairy products [4] Product Innovation - In the first half of the year, Bright Dairy launched a series of innovative products, including various liquid milk and ice cream offerings, but the revenue from liquid milk still saw a year-on-year decline of 8.64% to approximately 6.606 billion yuan [4] Strategic Initiatives - To counter revenue pressures, Bright Dairy is increasing its focus on B2B business development, including collaborations with coffee chains and expanding its snack retail channel [5] Acquisition and Investment Performance - Bright Dairy has pursued growth through acquisitions, such as the 6.12 billion yuan purchase of a 60% stake in Qinghai Xiaoxiniu, but the returns on these investments have been disappointing, with the acquired company failing to meet performance commitments due to market pressures [6] - In the international market, Bright Dairy's subsidiary New Zealand Newlight has faced financial difficulties, reporting a net loss of 630 million yuan in the first half of the year, and a total loss of 4.5 billion yuan in 2024 [7][8]

Core Insights - The company, Bright Dairy, has released its 2025 semi-annual performance report amidst challenges in the dairy industry, including demand pressure and intensified competition [1][2] - Bright Dairy emphasizes its commitment to quality and innovation, aiming to enhance consumer experience through product and brand development [2] Group 1: Core Source Technology Breakthrough - Bright Dairy has achieved a historic breakthrough in core source technology, breeding 48 bulls with a Genetic Total Performance Index (GTPI) over 3000, including the champion bull with a GTPI of 3389 [1] - This advancement positions China's dairy industry on the international stage, establishing a foundation for self-sustainable development [1] Group 2: Supply Chain Optimization - The company has implemented multi-dimensional optimization across production, logistics, and management to enhance efficiency and build a robust quality defense [1] - Bright Dairy's digital transformation has led to significant improvements in business processing efficiency, with automation applied across sales, finance, and production operations [1] Group 3: Product and Brand Innovation - Bright Dairy is focusing on product innovation to meet the core trends of health, personalization, and scenario-based consumption, launching a series of innovative products across four main categories: liquid milk, fermented milk, ice cream, and milk powder [2] - The company is enhancing its brand influence through collaborations, celebrity endorsements, and cultural partnerships, aiming for a younger and higher-end market positioning [2] Group 4: Future Outlook - Bright Dairy is committed to maintaining quality as its foundation and innovation as its driving force, preparing to embrace market changes with strategic determination [2]

Core Viewpoint - The dairy industry faced significant challenges in the past year, but Bright Dairy has managed to achieve its profit targets despite a decline in liquid milk revenue and overall market pressures [1][4]. Financial Performance - Bright Dairy reported a total revenue of 24.28 billion yuan and a net profit attributable to shareholders of 722 million yuan for the year 2024, meeting its profit goals [1]. - Revenue from liquid milk decreased by 9.47% year-on-year to 14.166 billion yuan, while other dairy products saw a 5.87% increase to 7.791 billion yuan [1]. - The company generated approximately 2.2 billion yuan from its livestock and other segments [1]. - Internationally, revenue from the investment in New Zealand's Newlite contributed 7.439 billion yuan, accounting for over 30% of total revenue [1]. Market Outlook - The chairman of Bright Dairy, Huang Liming, described the current dairy market as having both challenges and opportunities, with short-term impacts from raw milk price fluctuations and changing market demands [4]. - The company anticipates a total revenue target of 26.196 billion yuan and a net profit of 339 million yuan for the current year, aiming for a return on equity greater than 3.48% [4]. Strategic Initiatives - Bright Dairy plans to enhance profitability through various strategies across its operations, including improving milk production quality, optimizing production capacity, and leveraging technology in logistics [4]. - The company aims to maintain its market share in fresh milk, expand into instant retail channels, and explore the tea beverage raw milk market [4]. - In response to weak consumer demand, Bright Dairy is focusing on partnerships with B2B sectors, particularly in the restaurant and tea beverage industries, exemplified by its collaboration with MANNER Coffee [4][5]. Growth Plans - The management highlighted plans to continue promoting key products like Bright Youbei and Rushi, while also customizing dairy products for specific channels such as fresh tea drinks and baked goods [5]. - The company intends to penetrate the instant retail market and enhance the quality of traditional distribution channels to improve overall operational efficiency [5].