几年前大规模扩产带来的资产"包袱"，让光明乳业不得不以出售的方式来解决。9月28日晚间，光明乳业发布公告称，下属子公司新莱特拟以1.7亿美元出售 新西兰北岛资产，接盘方为新西兰雅培，其母公司为美国乳制品巨头雅培。此次项目完成后，预计增加新莱特2026财年净利润约1000万至1500万新西兰元。 业内分析人士指出，这对光明乳业和雅培来说是双赢，既能缓解新莱特亏损局面，又能满足雅培产能需要。 光明乳业在公告中表示，"在当前复杂多变的市场环境下，北岛资产面临着诸多挑战。该资产利用率预计难以在既定时间范围内达到预期目标。受多重不利 因素的综合影响，北岛资产已难以肩负起作为收入支柱的重任。通过出售北岛资产，新莱特可以有效化解当下所面临的经营困境，将资源与精力聚焦于核心 主营业务，提升企业竞争力，保障企业的稳健发展"。 对于该笔资金后续将如何分配等问题，北京商报记者通过邮件向光明乳业发出采访函，并试图联系相关负责人，截至发稿未收到回复。 缓解债务压力 1.7亿美元出售部分海外资产 公告显示，此次新莱特出售的资产包括Pokeno、RPD和Jerry Green场地的相关资产及设备，其中Pokeno工厂于2020年竣工，年产 ...

从北岛资产具体情况来看，此次出售的资产包含Pokeno工厂、RPD场地、JerryGreen仓库及租赁场地上 的设备等相关资产。其中，Pokeno工厂位于毗邻北岛奶源地，原奶运输最远距离不超过150公里，该工 厂于2020年竣工，年产能为4万吨，是具备先进水平的营养粉生产基地，可生产高品质工业粉、营养配 方奶粉等多种产品。RPD场地主要用于安装奶粉产品混合及罐装线，对Pokeno工厂的生产流程起到补充 作用；JerryGreen仓库则用于储存成品与原料。 截至2024年12月31日，北岛资产账面原值为4.4亿新西兰元，账面净值约为2.82亿新西兰元。受产能利用 率不足影响，该部分资产在2025财年的息税前利润(EBIT)约亏损2000万新西兰元。 作为曾经乳业市场的佼佼者，光明乳业如今面临多重挑战。对于此次资产出售，光明乳业表示，多重不 利因素的综合影响，北岛资产已难以肩负起作为收入支柱的重任。通过出售北岛资产，新莱特可以有效 化解当下所面临的经营困境，将资源与精力聚焦于核心主营业务。北岛资产出售将为新莱特带来充足现 金流，用于偿还债务，未来运营资金贷款所需额度也将减少，将大幅下降利息成本，符合新莱特当前降 ...

Core Viewpoint - Bright Dairy's revenue and net profit decreased in the first half of 2025 compared to the same period in 2024, indicating challenges in the company's financial performance [1][2]. Financial Performance - In the first half of 2025, Bright Dairy reported a revenue of 12.47 billion yuan, a decrease of 1.9% year-on-year [2]. - The net profit attributable to shareholders was 217.24 million yuan, down 22.53% from the previous year [2]. - The net profit after deducting non-recurring gains and losses was 252 million yuan, reflecting a decline of 27.79% year-on-year [2]. - The total profit for the period was 270.81 million yuan, an increase of 14.55% compared to the same period last year [2]. Cash Flow - The net cash flow from operating activities was 417.24 million yuan, showing a significant increase of 82.28% year-on-year, attributed to relocation compensation received [2][3]. Regional Performance - Revenue from the Shanghai region was 3.49 billion yuan, down 6.93% year-on-year [5]. - Revenue from other regions was 4.99 billion yuan, a decrease of 1.52% [5]. - Revenue from overseas regions was 3.94 billion yuan, an increase of 1.92% [5]. Asset Overview - As of the end of June 2025, Bright Dairy's overseas assets amounted to 7.14 billion yuan, accounting for 31.49% of total assets [5]. - The overseas investment in New Zealand's New Lite, which primarily produces various dairy products, reported a revenue of 3.95 billion yuan but incurred a net loss of 63.46 million yuan in the first half of 2025 [6].

Core Viewpoint - The Chinese dairy market, dominated by Yili and Mengniu, is facing a downturn in revenue and profit after years of growth, primarily due to overcapacity and changing consumer preferences [4][5][6]. Group 1: Market Dynamics - Yili and Mengniu together hold over 50% of the Chinese dairy market share, with liquid milk being the main revenue driver, accounting for over 80% of their income [4]. - The introduction of sterilization packaging technology in 1997 significantly extended the shelf life of milk, allowing these companies to expand nationally [4]. - The past decade saw continuous growth in the dairy market, but a shift occurred last year with both leading companies experiencing revenue and profit declines [4][5]. Group 2: Supply and Demand Issues - The relaxation of the two-child policy in 2016 and the COVID-19 pandemic increased health awareness, boosting dairy consumption, but also led to overestimation of future demand and subsequent capacity expansions by producers [5]. - The supply of raw milk has outpaced consumer demand since 2018, resulting in falling prices that have affected profitability for dairy farms [5][6]. - In 2023, the average daily spray-drying of fresh milk by leading dairy companies reached 20,000 tons, indicating a significant surplus [5]. Group 3: Consumer Behavior Changes - Consumer preferences have shifted towards alternatives like tea, coffee, and snacks, leading to a 3% year-on-year decline in dairy consumption [6]. - The retail price of milk has dropped over 5% since the beginning of 2023, prompting companies to increase promotional efforts, which has further strained profit margins [6][7]. Group 4: Strategic Responses - In response to overcapacity, many farms are reducing herd sizes and eliminating less productive cows, with a projected decrease of about 200,000 dairy cows this year [7]. - Yili and Mengniu are exploring partnerships with coffee and tea brands to create customized dairy products, aiming to adapt to changing consumer tastes [9]. - The B2B market for dairy products is estimated to be worth hundreds of billions, but a significant portion is still dominated by imported brands, indicating potential growth opportunities for local companies [9].