Core Insights - The event "I am a Shareholder" held by Bright Dairy successfully showcased the company's commitment to high-quality dairy products and its innovative strategies in the industry [1][5]. Company Overview - Bright Dairy is a leading high-end dairy product provider in China, aiming to become "the best dairy company in China" by ensuring consistent high-quality products and services through a full industry chain approach [2][9]. - The company has been recognized for its quality, winning the Shanghai Mayor's Quality Award in 2020, becoming the first food enterprise to receive this honor since the award's inception in 2008 [9]. Innovation and R&D - Bright Dairy has significantly increased its R&D investment, with expenses reaching 62.24 million yuan in the first half of the year, marking a 41.49% year-on-year increase [2]. - The company focuses on basic research in dairy products, exploring new technologies in areas such as strain selection and gut health, while also enhancing product quality with innovations like the Bright Youbei 5.0 ultra-fresh milk [2][7]. Production and Quality Control - The company employs advanced production techniques, including ceramic membrane filtration and steam injection sterilization, to reduce energy consumption and carbon emissions while preserving nutritional quality [2]. - During the factory tour, investors observed the highly automated production lines and strict quality control measures, reinforcing the company's commitment to product quality [4]. Industry Position and Market Trends - Bright Dairy's integrated industry chain strategy enhances operational efficiency, reduces costs, and strengthens market resilience, allowing better control over product quality [3]. - The dairy industry is experiencing growth in low-temperature dairy products like pasteurized milk, driven by rising health awareness among consumers and advancements in cold chain logistics [3]. Strategic Development - The company has upgraded its fresh milk strategy since 2019, lowering pasteurization temperatures to retain active substances in milk and optimizing packaging to extend shelf life [6]. - Bright Dairy aims to maintain its leading market share in fresh milk and will continue to innovate and upgrade its products to meet diverse consumer needs [6][8].

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].