新年伊始，位于奎屯市乌鲁木齐东路的仟农超市推出夜间无人值守销售模式，这也是新疆奎屯市首家规模较大的夜间无人值守超市。 有别于普通的超市卖场，这里不仅有新鲜牛奶、鸡蛋，还有各类加工食品、肉制品，产品大多来自奎屯市开干齐乡。超市依托乡里加工型企业的优质货源， 不断优选并丰富农副产品品类。作为国有企业，奎屯市仟农投资经营有限责任公司创新实施"帮带"机制，破解农牧民农产品零散销售难题，构建全链条购销 服务体系，推动农产品从"田间"直达"餐桌"，为开干齐乡农牧民提供了更加开放的销售平台。 顾客在挑选产品 （李虎 摄） 消费者朱培琴说："这家超市的农副产品种类多，牛奶、肉、馓子都新鲜实惠，我经常来光顾。" 奎屯市仟农投资经营有限责任公司发挥平台优势，积极探索"公司+农户+市场"的消费助农新模式，着力解决农产品销路窄、销售难问题，创新打造特色农 产品"助农集市"，在市区繁华路段新建16个便民直销店，打通农产品销售"快车道"，助力农牧民增收。 奎屯市仟农投资经营有限责任公司董事长刘颖浩说："仟农公司是奎屯市唯一一家涉农国企，立足开干齐乡，始终将乡村振兴和产业融合作为企业的核心责 任。我们为在乡的民营企业搭建产品互通互融以及展 ...

Core Viewpoint - On November 28, Guangming Dairy announced plans to acquire 40% of the shares of Xiaoxiniu from Huzhou Fuxin for 500 million RMB, despite Xiaoxiniu's significant performance decline this year, with its net profit for the first eight months falling below half of the performance commitment average [1][3]. Group 1: Acquisition Details - Guangming Dairy will purchase 40% of Xiaoxiniu's shares for 500 million RMB, a reduction from the originally agreed price of 622 million RMB based on performance metrics [3]. - The acquisition follows a previous purchase of 60% of Xiaoxiniu's shares for 612 million RMB in 2021, which included performance-based clauses [2][3]. - Xiaoxiniu's performance commitment period is from 2022 to 2024, with an average net profit commitment of over 72.19 million RMB [3]. Group 2: Financial Performance - Xiaoxiniu's net profit for the first eight months of this year was approximately 30% of last year's total, indicating a significant decline [4]. - For 2024 and the first eight months of 2025, Xiaoxiniu's net profits are projected to be 104 million RMB and 34.58 million RMB, respectively [4]. - Guangming Dairy's liquid milk revenue has been under pressure, with a reported decline in revenue of 0.99% year-on-year for the first three quarters of this year [6][9]. Group 3: Market Position and Strategy - Xiaoxiniu specializes in dairy product development, production, and sales, focusing on highland characteristics, with products including ambient milk and yogurt [3][5]. - Guangming Dairy has leveraged its distribution channels in East and South China to enhance Xiaoxiniu's sales performance [5]. - The company has established a mature channel system in Qinghai and surrounding cities, with potential for high-end product sales [6]. Group 4: Financial Health of Guangming Dairy - As of the third quarter, Guangming Dairy reported total liabilities of 11.39 billion RMB and an asset-liability ratio of 50.90% [11]. - The company's core product, liquid milk, saw a revenue decrease of 8.57% year-on-year, totaling 10.15 billion RMB for the first nine months of 2025 [10]. - Guangming Dairy's stock price has remained relatively stable, closing at 8.23 RMB per share on November 28, with a market capitalization of approximately 11.35 billion RMB [11].

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].