2025年9月18日，"我是股东"——走进光明乳业 与高质量同行的活动在光明乳业华东中心工厂成功举 办。本次活动由上海证券交易所、上海市证券同业公会指导，申万宏源证券有限公司主办，光明乳业股 份有限公司、申万宏源证券投教基地、全景投资者教育上海基地承办，吸引了众多投资者及行业人士参 与。 光明乳业作为中国领先的高端乳品引领者，从牧场到终端，通过打造全产业链，确保高品质的产品与服 务始终如一，致力于成为"中国最好的乳制品企业"。 近年来，光明乳业在业务经营上不断创新转型，积极适应市场需求变化。在产品创新方面，光明乳业持 续加大研发投入，上半年研发费用为6223.91万元，同比增长41.49%。 此外，公司在工艺优化方面也取得了显著成果，如采用陶瓷膜过滤除菌技术，双膜过滤低温巴氏杀菌工 艺，降低能耗，减少碳排放，对环境更友好，保留更多鲜奶原生活性营养成分。蒸汽注入式瞬时杀菌工 艺技术，节能减排，保留产品更多活性营养成分的同时，提升产品品质，延长货架期。乳糖酶解技术生 产的零乳糖产品，细分不同消费人群的特殊需求，进一步提升产品功能个性化属性。 在产业链布局方面，光明乳业坚持全产业链融合的发展战略。公司从饲料种植开始 ...

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].