作者 | 港美A经济舱 数据支持 | 勾股大数据（www.gogudata.com） 对于所有的大企业而言，规模越大，越难逃"增长瓶颈"与"周期阵痛"的双重考验。尤其当行业从"跑马 圈地"进入"存量博弈"，叠加宏观环境波动加剧、供应链风险凸显，如何突破自身边界、穿越行业周 期，成为所有行业龙头的核心命题。 近五年的中国乳业，正是这样一个充满挑战的试炼场。 原奶价格高位震荡下行，消费市场呈现结构性分化，行业竞争从"跑马圈地"的热闹，变成了"存量博 弈"的残酷，叠加全球化布局中的政策壁垒与文化鸿沟，乳企面临的生存环境愈发复杂。 而作为行业龙头的蒙牛，没有选择被动承压。它用五年时间，以一场场坚定的并购布局为船桨，在产业 链上游、核心品类与海外市场的浪潮中奋力划行，为"一体两翼"战略的落地搭建起核心框架，也为自己 拼出了下一个五年的领跑底气。 01 近五年布局概览：成效分化与战略支撑 大规模企业的成长到一定阶段，必然面临"增长放缓"的困境。此时，战略并购成为突破自身边界、快速 补位核心能力的关键选择——这不是简单的规模叠加，而是通过资源整合构建"不可替代的产业链优 势"，为后续进化筑牢根基。 蒙牛的五年布局，正是这一 ...

Core Viewpoint - The article discusses the challenges faced by large enterprises, particularly in the Chinese dairy industry, emphasizing the need for strategic mergers and acquisitions to overcome growth bottlenecks and navigate industry cycles [2][3]. Group 1: Industry Challenges - The Chinese dairy industry has experienced significant challenges over the past five years, including fluctuating raw milk prices, structural changes in consumer markets, and intensified competition, shifting from "land grab" to "stock game" [3][4]. - The macroeconomic environment has led to a decline in liquid milk sales, with a 7.5% year-on-year drop from January to May 2025, worsening to a 9.6% decline in June [11]. Group 2: Company Strategy and Actions - Mengniu has actively pursued a series of strategic mergers and acquisitions over the past five years, including increasing its stake in Modern Dairy and acquiring China Shengmu to strengthen its upstream supply chain [4][5]. - Mengniu's acquisition of the Australian brand Bellamy's in 2019 faced challenges, with a significant impairment of goodwill estimated at 3.8 to 4 billion yuan, but the brand has shown recovery potential with over 20% revenue growth in the first half of the year [8][9]. Group 3: Financial Performance and Resilience - Despite the pressures from the raw milk price decline, Mengniu has demonstrated resilience, with Modern Dairy's capital expenditure decreasing by 16.9% year-on-year and operating cash flow increasing by 23.3% in the first half of the year [5]. - Mengniu's financial health is improving, with operating profit reaching 3.54 billion yuan in the first half of 2025, a 13.4% increase year-on-year, and a 46.2% growth in operating cash flow [12][13]. Group 4: Future Growth Strategies - Mengniu aims to deepen its "One Body, Two Wings" strategy, focusing on consolidating its core business while expanding through innovation and global outreach [18][22]. - The company is developing a nutrition and health platform, with brands like MaiSheng targeting the global sports nutrition market, projected to grow significantly in the coming years [23][24]. - Mengniu's international expansion includes strengthening its presence in Southeast Asia and leveraging Bellamy's success in high-end maternal and infant markets [30].

Core Insights - Mengniu Group showcased its self-developed probiotic strain Lc19 at the International Nutrition Conference, revealing a new mechanism for regulating blood sugar through the microbial tryptophan-cholic acid (TRP-CA) pathway, providing a "Chinese solution" for global blood sugar health management [1][5] - The research was published in the prestigious journal "Cell," marking the first application-based achievement in food science to be included in this journal, highlighting Mengniu's significant progress in overcoming the "bottleneck" issues in probiotic technology and establishing a "Chinese core" in the dairy industry [3][6] Industry Context - China has 233 million diabetes patients, accounting for 13.7% of the total population, the highest scale and proportion globally. Mengniu's innovation addresses this public health challenge by developing the Lc19 strain, which activates human receptors to promote GLP-1 and insulin secretion, thus improving blood sugar stability [5][6] - Mengniu's breakthrough in the Lc19 strain is part of a broader strategy to tackle the lack of high-quality domestic probiotics and outdated processing technologies in China's dairy industry, positioning the company as a leader in scientific innovation [9] Research and Development Achievements - Since 2010, Mengniu has established a proprietary resource library with over 18,000 strains, achieving a "zero breakthrough" in independent strain development. The company has received multiple prestigious awards for its patented strains, including the National Science and Technology Progress Award [9][11] - Mengniu's R&D investment has been growing at an annual rate of 13%, projected to reach 513 million yuan in 2024, with a focus on building a global innovation network and nine R&D bases worldwide [11] Product Development and Market Strategy - The Lc19 strain has been successfully applied in the market with the launch of the Youruian Sugar Shield probiotic powder, which combines Lc19 with other patented strains and natural plant extracts to meet blood sugar control needs [6][12] - Mengniu is expanding its product offerings to include low-GI products, senior nutrition, special medical nutrition, and sports nutrition, aiming to meet diverse health needs across different consumer segments [14][16]