位于修文县的好一多乳业成立于2001年，是一家集奶牛养殖、乳品研发、生产、销售于一体的现代化全产业链乳业企业。 "通过数字化转型，公司综合能力大幅提升，生产效率提升、运营成本降低的同时，有效保障产品质量稳定。"作为贵州好一多乳业股份有限公司（以下简 称：好一多乳业）的一员，提到公司数字化转型的成效，质量总监冯晓飞脸上露出自信的笑容。 为适应时代发展趋势，自2018年起，好一多乳业全面推进数字化转型，着力打造"产业一体化大数据管理系统"，打通上、中、下游各平台的数据壁垒，构 建养殖、加工、销售全流程数据闭环，实现从牧场到终端的全链路可视化管控。 "在养殖环节，运用先进的数字化管理手段，系统可实时记录奶牛的系谱数据、挤奶量、行动轨迹、行动步数、体温、反刍情况、采食时间、采食量等数 据。依据这些数据，公司能够针对不同生长速度的奶牛，结合其体重、生产周期等因素，精准设计个性化营养配方，确保奶牛产奶数量与质量双优。在生 产环节，依托智能化生产模块，系统会自动记录每个生产环节的温度、压力和水电气等方面数据，包括每一个电机、每一个阀门的工作状态并实时预警异 常情况，确保生产过程稳定可控。"冯晓飞介绍说，在销售环节，通过大数 ...

Core Viewpoint - The new national standard for sterilized milk in China mandates that only 100% fresh milk can be used as raw material, prohibiting the use of reconstituted milk, which is often referred to as "garbage milk" [1][2][6]. Industry Impact - The new regulation primarily affects sterilized milk, commonly known as "pure milk," and aims to clarify the distinction between pure milk and reconstituted milk, enhancing consumer awareness [2][8]. - The regulation is expected to have minimal impact on major dairy companies in Shandong, as most do not use reconstituted milk in their sterilized milk products [9][12]. - The price of fresh milk is currently at an eight-year low, and the new standard may not lead to significant price increases in the short term [9][12]. Consumer Guidance - Consumers are advised to check product labels for the presence of the word "pure," production dates, and ingredient lists to ensure they are purchasing genuine fresh milk [2][4]. - Different types of milk products serve various consumer needs, with pasteurized milk being fresher but requiring refrigeration, while reconstituted milk is seen as a more economical option [5][12]. Regulatory Background - The push for using 100% fresh milk in sterilized milk production has been ongoing since 2005, with previous reports indicating that over 60% of liquid milk labeled as "pure" contained reconstituted milk [8][9]. - The new standard is viewed as a means to protect local dairy farmers and ensure the quality of milk products in the market [6][12]. Future Considerations - The new regulation may lead to a restructuring of the dairy industry, prompting companies to enhance their supply chain capabilities and potentially increasing the demand for fresh milk [12][14]. - Shandong, as a major dairy province, faces challenges such as stabilizing fresh milk supply, managing transformation costs for smaller enterprises, and building brand recognition in the market [14][15].

Core Viewpoint - Knight Dairy's investigation by the China Securities Regulatory Commission highlights significant risks in risk management and compliance within the dairy industry, reflecting the broader challenges faced by the sector during cyclical downturns [1][8]. Company Summary - Knight Dairy reported a substantial increase in futures trading losses, escalating from 9.02 million yuan in January 2024 to 41.68 million yuan by December, which represented 41.12% of the company's net profit for 2023 [2]. - The company faced a net profit loss of 7.70 million yuan in 2024, marking a year-on-year decline of 108.20%, the first loss recorded in nearly a decade [2]. - The management's failure to disclose these losses in a timely manner led to penalties, including a fine of 2 million yuan for the company and individual fines for key executives [2]. - Knight Dairy's risk management system was inadequate, lacking proper decision-making processes and risk supervision mechanisms, which transformed futures trading from a hedging tool into a significant financial burden [3]. Business Performance - Knight Dairy operates across four main sectors: forage planting, dairy farming, dairy product processing and sales, and sugar production, with a significant scale achieved in each area [4]. - The company has a modern dairy farming base with over 22,000 cows and a daily milk production capacity of approximately 350 tons [4]. - Despite revenue growth from 265 million yuan in 2015 to 1.297 billion yuan in 2024, the company struggled with profitability, facing challenges across all business segments in 2024 [4][5][6]. Industry Challenges - The domestic fresh milk price has been on a downward trend for three consecutive years, with a 13.42% year-on-year decline in 2024, posing challenges for Knight Dairy, which relies on fresh milk for 30% of its business [7]. - The downstream consumption market is also weakening, with declines in revenue for low-temperature yogurt and white sugar, indicating a lack of demand [7]. - Knight Dairy's vertical integration strategy aimed at cost reduction has increased risks during industry downturns, particularly in its sugar business, which is significantly affected by commodity price fluctuations [7][8]. - Compared to industry leaders like Yili and Mengniu, Knight Dairy lacks the scale and diversified product offerings necessary to mitigate risks effectively, making it more vulnerable during cyclical fluctuations [8].

Industry Overview - The dairy market is experiencing a contraction, with a projected 2.7% year-on-year decline in total sales for 2024 according to Nielsen IQ [1] - Dairy production companies are under significant pressure due to an oversupply of raw milk, leading to increased production of industrial milk powder and a surge in inventory [1] Company Performance - Yili's revenue for 2024 is reported at 115.393 billion yuan, a decrease of 8.24% year-on-year, with a net profit of 8.453 billion yuan, down 18.94% [2] - Mengniu's revenue stands at 88.6748 billion yuan, reflecting a 10.1% decline, while its net profit plummeted by 97.8% to 10.45 million yuan [2] - Bright Dairy reported revenue of 24.278 billion yuan, down 8.33%, with a net profit decrease of 25.36% to 722 million yuan [2] Strategic Shifts - The B2B segment, particularly in partnerships with restaurants and cafes, is becoming increasingly important for dairy companies as they seek to mitigate losses [2] - Yili has formed partnerships with major restaurant chains like Haidilao and Hushang Ayi, while Mengniu has established strategic collaborations with Yum China and Daka International [2] Pricing Dynamics - The competitive landscape has led to significantly lower transaction prices for milk powder, with major tea beverage companies leveraging this to negotiate favorable terms [3] - The decline in milk prices has helped stabilize costs for coffee companies, allowing them to maintain product pricing and profitability [4] Market Impact - The low prices in the dairy sector are seen as a potential pathway for companies to reduce losses by capturing restaurant business [5] - The pricing war in the restaurant market has eased due to the lower dairy prices, providing some relief to the sector [6]

Core Viewpoint - The recent release of 50 national food safety standards and 9 amendments by the National Health Commission and the State Administration for Market Regulation introduces new standards for "expiration date" and "consumption storage period," impacting consumer behavior and food safety awareness [1][6]. Group 1: Understanding Expiration Dates - Expiration dates serve to inform both sellers and consumers about potential quality degradation and safety risks after the specified period [3]. - Most pre-packaged foods are required to display expiration dates, which are determined by manufacturers based on quality testing and industry practices [3]. Group 2: New Standards and Changes - The new standards include the adjustment of the term "expiration date" to "expiration date" for clearer consumer understanding [6]. - The format for marking expiration dates has been standardized to a clear year-month-day sequence, enhancing information visibility [7]. - The new standards encourage the indication of a "consumption storage period," allowing consumers to safely consume products beyond the expiration date if stored correctly [7]. Group 3: Common Misconceptions about Expiration Dates - Not all foods require an expiration date; some items like alcohol, salt, and sugar can be stored indefinitely due to their natural preservative properties [8][10]. - The length of an expiration date does not necessarily correlate with the amount of preservatives; it is influenced by the food's characteristics and storage conditions [10]. - Many manufacturers set expiration dates with a safety margin, meaning that products may still be safe to consume after the date if there are no signs of spoilage [13]. - Safety is not guaranteed simply by being within the expiration date; proper storage conditions must also be observed to prevent premature spoilage [14][15].

Core Viewpoint - The demand for pasteurized milk in China is declining due to macroeconomic slowdown and consumer confidence issues, with projected consumption dropping to 1.7818 million tons and market size to 35.889 billion yuan in 2024 [1][8]. Overview - Pasteurized milk, also known as pasteurized milk or fresh milk, is produced from raw cow (or sheep) milk through pasteurization, retaining its nutritional value and natural flavor, making it popular among consumers [2]. - It requires refrigeration at around 4°C and has a short shelf life of 2-7 days. It can be categorized into whole, low-fat, and skimmed pasteurized milk based on fat content, and pure or flavored based on added ingredients [2]. Industry Policies - A series of policies have been implemented to support the dairy industry in China, including the "14th Five-Year Plan" for enhancing dairy competitiveness and various initiatives aimed at rural revitalization and high-quality development of the dairy sector [4][5]. Industry Chain - The upstream of the pasteurized milk industry includes milk sources (dairy cattle and sheep farming), production equipment, and packaging materials, while the downstream encompasses sales channels such as supermarkets, convenience stores, and e-commerce platforms [6][7]. Competitive Landscape - The market concentration of the pasteurized milk industry in China has increased, with leading companies like Bright Dairy, Mengniu Dairy, and New Hope Dairy holding over 70% of the market share. Bright Dairy has the largest share at 18.5%, followed by Mengniu Dairy at 12.6% [10]. - Bright Dairy's revenue for the first half of 2024 reached 12.71 billion yuan, with liquid milk accounting for 61.16% of sales [12]. - Mengniu Dairy reported a revenue of 44.67 billion yuan in the first half of 2024, with a gross profit of 17.98 billion yuan and a gross margin of 40.26% [14]. Development Trends - The competition in the pasteurized milk market is expected to intensify, leading companies to focus on product differentiation. Brands will likely introduce unique products such as functional and organic pasteurized milk, along with innovative forms and flavors to cater to younger consumers [16].