新华社记者闫洁 宿亮 赵珮然 "南博会平台不仅让我对接采购商，还见识到行业最新产品和趋势！"在第9届中国—南亚博览会南亚馆 里，巴基斯坦商人哈比兴奋地告诉记者，中国市场机遇多，自己在南博会的展位就像是在昆明开起来的 一家"流动店面"。 为期6天的第9届中国—南亚博览会日前在云南昆明开幕。本届南博会迎来大量南亚东南亚地区的老朋 友、新客商。与会人士表示，在当前全球经济面临诸多挑战背景下，中国持续扩大市场开放水平，不断 做大合作蛋糕，助力区域繁荣进步。 互利共赢"朋友圈" 孟加拉国女商人卡姆伦·纳哈尔·索赫利第一次来南博会，一口气带来了衣服、黄麻手工艺品、特色桌 旗、靠枕套等产品，将展台布置得满满当当。索赫利希望通过南博会平台进一步了解中国消费者喜好， 持续优化产品。 "我们以往重点关注欧美市场，但现在将目光投向中国，这里庞大的消费市场是巨大发展机遇。" 近年来，中国与南亚国家持续推进各领域务实合作，经贸往来势头良好。2024年，中国和南亚国家贸易 额接近2000亿美元，十年间实现翻番，中国连续多年成为巴基斯坦、孟加拉国等国最大贸易伙伴。本届 南博会有73个国家、地区和国际组织参会，2500多家企业参展。 参展的 ...

Group 1 - The China-South Asia Expo promotes economic, trade, and investment cooperation, providing long-term development opportunities for South Asian countries [1] - Pakistan's dairy industry can benefit from China's advancements in technology, logistics, and e-commerce, enhancing links to global value chains [1] - The Expo serves as a vital pathway for Pakistani enterprises to enter China's dynamic consumer market, supported by China's policies encouraging the import of quality goods and services [1] Group 2 - Collaboration in cold chain logistics, feed technology, automation, and processing equipment between Pakistan and China can significantly improve production efficiency and quality standards in the dairy sector [1] - Yunnan's unique geographical advantages position it as an important hub connecting China and South Asia, facilitating innovation, cooperation, and sustainable growth [1] - China's commitment to maintaining free and open trade acts as a stabilizing force in regional economies amid rising global trade protectionism and economic uncertainty [1]

Summary of Yuran Dairy's Conference Call Company Overview - **Company**: Yuran Dairy - **Year**: 2024 Key Financial Performance - **Total Revenue**: Increased by 7.5% to 21 billion CNY [3] - **Overall Gross Margin**: Improved by 4.9 percentage points to 28.8% [3] - **Raw Milk Revenue**: 15.1 billion CNY, up 17% year-on-year; gross profit of 4.914 billion CNY, up 33.8% [3] - **Solution Business Revenue**: 5 billion CNY with a gross margin of 16.8% [3] - **Average Annual Yield**: Increased by 5% to 12.6 tons per farm [3] Industry Insights - **Milk Production Capacity**: National milk production capacity is on a downward trend [5] - **Consumer Stimulus Policies**: Expected to improve supply-demand balance [5] - **Cost Structure**: Cost of milk sold per kilogram is 2.77 CNY, with feed costs accounting for 76% [6] - **Raw Material Prices**: Slight fluctuations expected in 2025 due to weak demand [6] Operational Efficiency - **Cost Control**: Yuran Dairy maintains cost targets through technical measures and operational optimization [7][8] - **Long-term Contracts**: Agreements with major clients ensure stable pricing and volume [3][18] Future Outlook - **Production Goals for 2025**: Targeting an average yield of 13 tons, with expected double-digit growth in production [5][11] - **Capital Expenditure**: Expected to decrease to under 600 million CNY in 2025 [22] - **Cow Herd Growth**: Anticipated to reach over 650,000 by the end of 2025 [12] Market Dynamics - **Milk Price Trends**: Prices are expected to stabilize above 2 CNY per kilogram in 2025, reflecting improved supply-demand dynamics [13] - **Impact of Tariffs**: Tariffs have limited impact on soybean meal prices; corn is primarily sourced domestically [6][10] - **Industry Consolidation**: Larger farms are better positioned to manage costs compared to smaller farms [9][16] Challenges and Risks - **Net Loss**: Company reported a net loss of 1.69 billion CNY, though this represents a 34% reduction in losses year-on-year [4] - **Cash Flow**: Cash flow improved significantly, with free cash flow turning positive [4] Strategic Initiatives - **Acquisition Strategy**: No major acquisitions planned; focus on organic growth and herd expansion [23] - **Dividend Policy**: Future dividends will depend on cash flow performance [25] Conclusion Yuran Dairy has demonstrated resilience in a challenging market, achieving growth in revenue and operational efficiency while navigating cost pressures and market dynamics. The company is well-positioned for future growth with strategic initiatives aimed at enhancing production and maintaining financial stability.