Core Viewpoint - The article discusses the challenges faced by Bright Dairy, including declining sales and strategic shifts, particularly following its acquisition of the remaining stake in Qinghai dairy company Xiaoxiniu, which is seen as an attempt to address its market anxieties and product matrix concerns [3][7][18]. Group 1: Financial Performance - Bright Dairy has experienced a continuous decline in revenue for three consecutive years, with revenues decreasing by 3.39% in 2022, 6.13% in 2023, and 8.33% in 2024 [4][20]. - For the first three quarters of 2025, Bright Dairy reported revenue of 18.231 billion yuan, a year-on-year decrease of 0.99%, and a net profit of 87 million yuan, down 25.05% [13]. - The company's liquid milk segment saw a revenue drop of 8.57% in the same period, with the Shanghai market experiencing a 4% decline [16]. Group 2: Strategic Moves - Bright Dairy completed a 500 million yuan acquisition of the remaining 40% stake in Xiaoxiniu, making it a wholly-owned subsidiary, which is part of a strategy to enhance its product offerings, particularly in yogurt [7][8]. - The company is focusing its strategy on the Shanghai and East China markets while reducing its ambitions in other regions to avoid profit losses [18]. - Despite efforts to innovate and collaborate with brands like Manner Coffee and Da Bai Tu, Bright Dairy still faces significant challenges in reversing its declining market position [23]. Group 3: Competitive Landscape - Bright Dairy's market share in the yogurt segment has been pressured by the rise of competitors like Yili and Mengniu, which have gained significant ground in recent years [8][18]. - The company struggles with low product recognition and distribution in regions like Southwest China, where local consumers show a preference for competitors' products [10][16]. - The competitive environment is further complicated by regional dairy companies expanding into the low-temperature milk market, intensifying the competition for Bright Dairy [18]. Group 4: Management Compensation - Despite the declining performance, the compensation for Chairman Huang Liming and other executives has increased significantly, with Huang's salary rising from 867,700 yuan in 2022 to 1,728,700 yuan in 2024 [4][19][22].

文 | 《BUG》栏目 张奥 近期，光明乳业已完成对青海乳企小西牛剩余股权的收购。鉴于其连续三年下滑的业绩，在业内人士看 来，光明乳业或希望以此种方式补齐短板，背后是其对全国化和产品矩阵的"焦虑"。 光明内部员工向《BUG》栏目表示，光明近年来市场状况不容乐观，例如西南地区长久以来比较一 般，现在规模已经收缩。目前光明整体战略更加聚焦上海和华东地区，对于全国其他市场的正在逐步放 低，"尽量不要造成利润端损失"。 值得一提的是，上海作为光明乳业的大本营市场正在"失守"，其前三季度的销售额同比下降达4%。内 部员工也表示，"现在的确是压力很大"。 值得一提的是，在2022年至2024年的3年间，光明乳业已经连续三年业绩下滑，营收分别下降3.39%、 6.13%和8.33%。然而董事长黄黎明及高管们的薪酬却逐年攀升，从2022年的86万元翻倍至172万元。 收购小西牛，靠酸奶逆袭？ 近期，光明乳业以5亿元完成对青海乳企小西牛剩余40%股权的收购，并实现100%控股。交易完成后， 小西牛将成为光明乳业全资子公司，创始股东王维生与张玉琴将退出。 该次收购与之前的对赌协议有关。公开信息显示，2021年，光明乳业以超6亿元 ...