很多人对东北的印象，仅仅定格在黑土带大粮仓和东北人豪爽与幽默的性格。在沉寂的那些年，东北是怎 么"活"过来的，东北人是怎么又"行"起来的？ 《东北真行》用三个故事给出了生动的答案。 继《漫长的季节》之后，范伟、秦昊、史彭元三人再携手，与新加入的来自齐齐哈尔土生土长的脱口秀演 员王勉，共同出演了《东北 真行》系列微电影，以更鲜活的东北人故事呈现出东北"振兴"的光阴和东北"真 行"的底色 。 1 坚守，是另一种长情 开篇《寻找刘博魁》，就是一次东北的探寻之旅，带人穿越时代去感受东北的变迁。 当演员秦昊踏上齐齐哈尔的土地，他要寻找一个名叫"刘博魁"的角色原型，随着剧情推进，"刘博魁"的形象 逐渐清晰——原来他不是一个人，而是"留卜奎"——是那些选择留在齐齐哈尔 （旧称卜奎） 的一群人。 他们曾是工厂里的工人，用血汗铸造了新中国的钢铁长城；现在是记录生活的诗人，是乐观的出租车司 机，是学习新技术新技能走进智能工厂的"新工人"；他们是每一位看似平凡的市民，在豪爽与幽默之下，怀 着对这片土地化不开的深情，走上新的岗位上继续耕耘、创造。 这份坚守，并非仅仅源于工业时代的惯性，更源于基因里一种长情的浪漫。在这里孕育和崛起的企 ...

这几年，东北又火了。 这一次，一个系列微电影，又把大家的目光聚焦在东北。 很多人对东北的印象，仅仅定格在黑土带大粮仓和东北人豪爽与幽默的性格。在沉寂的那些年，东北是怎么"活"过来的，东北人是怎么又"行"起来的？《东 北真行》用三个故事给出了生动的答案。 继《漫长的季节》之后，范伟、秦昊、史彭元三人再携手，与新加入的来自齐齐哈尔土生土长的脱口秀演员王勉，共同出演了《东北 真行》系列微电影， 以更鲜活的东北人故事呈现出东北"振兴"的光阴和东北"真行"的底色 。 2006年，飞鹤在同行不理解中自建万头牧场，坚持打造"农牧工"一体化产业集群，在 "三聚氰胺事件"中成为民族奶粉品牌守卫战的"最后一块阵地"。 面对外资曾开出48亿收购天价，飞鹤秉承"自己干！让中国人的奶瓶装中国奶"理念一口回绝。 为了这一句承诺， 2009年飞鹤承接国家863重点项目，开启中国母乳研究，2010年，飞鹤推出母乳化产品星飞帆，成功拿下全球第一大婴配粉单品称号。 坚守，是另一种长情 开篇《寻找刘博魁》，就是一次东北的探寻之旅，带人穿越时代去感受东北的变迁。 当演员秦昊踏上齐齐哈尔的土地，他要寻找一个名叫"刘博魁"的角色原型，随着剧情推进，"刘 ...

9月16日，第五届中国质量奖获奖名单正式公布，中国飞鹤乳业凭借"产业链、创新链双链融合智能 制造质量管理模式"荣获第五届中国质量奖提名奖，成为婴幼儿奶粉行业中唯一获此殊荣的企业。这一 荣誉不仅是对飞鹤63年来坚守质量初心的高度认可，更是中国乳业质量管理水平迈向新台阶的重要标 志。 此次获得中国质量奖提名奖，既是对飞鹤长期坚持高质量发展路线的充分肯定，更是对中国乳业质 量提升成果的重要见证。业内专家认为，飞鹤的创新质量管理模式不仅为乳制品行业树立了标杆， 其"双链融合"的理念和实践对推动中国制造业高质量发展也具有重要借鉴意义。 63年安全生产0事故，成就质量领域最高荣誉 质量是兴国之道、强国之策。中国质量奖是经中央批准设立、由国家市场监督管理总局主办的政府 在质量管理领域的最高荣誉，代表了中国质量管理的顶尖水准。该奖项旨在表彰在质量管理模式、方法 和管理制度领域取得重大创新成就的组织和个人。自2013年至今已举办五届，往届获奖企业包括中国航 天科技集团、中铁工程装备集团、美的集团、华为、格力电器、上海振华重工等行业巨头。 在本届评选中，飞鹤与成飞、哈飞、宁德时代、一汽解放等航天军工、新能源、重工业领域的"大 国 ...

Core Viewpoint - China Feihe Dairy has been awarded the nomination for the 5th China Quality Award, becoming the only infant formula company to receive this honor, which signifies a significant advancement in the quality management level of China's dairy industry [1][4][6] Group 1: Quality Management Achievements - The China Quality Award is the highest honor in quality management, established by the central government, aimed at recognizing significant innovations in quality management models and methods [4] - Feihe's innovative quality management model has set a benchmark for the dairy industry and is seen as a vital reference for promoting high-quality development in China's manufacturing sector [1][4][6] - Feihe has maintained a record of zero accidents in safety production for 63 years, emphasizing its commitment to quality as the lifeline of the enterprise [5][7] Group 2: Technological Innovations - Feihe has developed a comprehensive industrial cluster that integrates grass planting, feed processing, large-scale breeding, production, and logistics, ensuring quality control from source to end [5][6] - The company has established a rigorous quality assurance system, including a 10,000-level cleanroom standard and innovative detection methods that significantly enhance efficiency and accuracy [7] - Feihe's AI-based production management system allows for real-time monitoring of the entire milk powder production process, improving supply chain efficiency by 40% [7] Group 3: Market Position and Recognition - Feihe has ranked first in the Chinese infant formula market for six consecutive years and has been the global leader in sales for four years [8][10] - The brand has achieved a recognition rate of 99% among consumers, solidifying its position in the market [8] - Feihe has received numerous awards, including the World Food Quality Award and the National Technology Innovation Demonstration Enterprise title, reflecting its commitment to quality and innovation [10][11] Group 4: Future Directions - The company aims to continue its focus on quality and technological innovation, enhancing its quality management system to lead the high-quality development of the dairy industry [13]

Core Viewpoint - China Feihe Dairy has been awarded the nomination for the 5th China Quality Award, becoming the only infant formula company to receive this honor, which signifies a significant advancement in the quality management level of China's dairy industry [1][4][6]. Group 1: Award Significance - The China Quality Award is the highest honor in quality management, established by the central government and organized by the State Administration for Market Regulation, aimed at recognizing significant innovations in quality management [4]. - Feihe's nomination is a testament to its long-standing commitment to high-quality development and serves as a benchmark for the dairy industry [1][4]. Group 2: Quality Management Practices - Feihe has maintained a record of zero accidents in safety production for 63 years, emphasizing its core principle that quality should not be compromised [6][12]. - The company has developed a comprehensive quality management system, including 1,322 quality management regulations covering all processes from farming to production [12]. Group 3: Innovation and Research - Feihe has established an integrated industrial chain model that combines agriculture, animal husbandry, and manufacturing, ensuring quality control from source to end product [7][10]. - The company leads national research on breast milk, creating the largest maternal and infant health database in China, which supports the development of infant formula tailored to Chinese babies [10][15]. Group 4: Market Position and Recognition - Feihe has been the top seller in the Chinese infant formula market for six consecutive years and ranks first globally in sales [13][15]. - The brand has achieved a recognition rate of 99% among consumers, solidifying its position as a market leader [13]. Group 5: Future Directions - Feihe aims to continue its commitment to quality and innovation, enhancing its quality management system to lead the high-quality development of the dairy industry [16].

Group 1 - The Chinese dairy market is in a recovery phase as of mid-2025, with major companies like Yili, Mengniu, and China Feihe leading in market capitalization [1] - Among the top five companies, four have revenues exceeding 10 billion yuan, with Yili at 61.3 billion yuan and Mengniu at 41.6 billion yuan [2] - Most companies have experienced a decline in revenue and net profit, with China Feihe's revenue down by 9.98% and net profit down by 46.66% [3][4] Group 2 - The overall market is facing pressure, particularly in the ambient liquid milk segment, as consumer preferences shift towards fresh products [5][6] - Price competition is intensifying, with smaller regional companies capturing market share from larger brands [7][8] - Despite revenue declines in liquid milk, some brands like New Dairy have seen growth in high-end product lines, indicating a shift in consumer demand [11] Group 3 - The dairy industry is experiencing a shift towards low-temperature fresh milk, which is gaining popularity over traditional ambient milk [16][20] - Companies are diversifying their product offerings to reduce reliance on liquid milk, with Yili and Mengniu seeing a decrease in the proportion of liquid milk revenue [14][15] - The infant formula segment is becoming increasingly competitive, with Yili and Feihe both claiming the top market share, although their statistics differ [23][24] Group 4 - Government policies, such as child-rearing subsidies, are stimulating demand for infant formula, contributing to revenue growth for several companies [27][28] - High-end infant formula products are gaining traction, with parents willing to spend more on quality, driving market prices upward [30] - Companies are increasingly focusing on B2B markets, with significant growth potential in sectors like food service and coffee [31][32] Group 5 - Major dairy companies are forming strategic partnerships with coffee and tea brands to enhance product sales, indicating a shift towards B2B collaborations [37][40] - The B2B market for dairy products, particularly high-end cream and cheese, is becoming a new growth engine for the industry [40]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 1H25, aligning with previous profit warnings, primarily due to inventory reduction and competitive pressures in the market [1][2]. Revenue Performance - The company's revenue for 1H25 was 9.15 billion yuan, a year-on-year decrease of 9.4%, while the net profit attributable to shareholders was 1 billion yuan, down 46.7% [1]. - The decline in revenue was attributed to intense industry competition, proactive inventory reduction, and delays in new product launches due to regulatory approvals [1]. - The company's market share decreased by over 1 percentage point during the first half of the year, with all product lines experiencing negative growth [1]. Profitability Analysis - The gross profit margin for 1H25 fell by 6.3 percentage points to 61.6%, influenced by impairment losses on bulk powder and a 1.2 billion yuan sales subsidy that negatively impacted revenue [2]. - The sales expense ratio remained stable, while the management expense ratio increased by 1.1 percentage points due to reduced economies of scale from declining revenue [2]. - Additional negative impacts on net profit included a reduction in government subsidies by 150 million yuan and a 100 million yuan increase in fair value losses related to livestock [2]. Future Outlook - The company anticipates continued pressure on revenue in the second half of the year due to ongoing inventory adjustments, although inventory levels have reached historical lows [3]. - A potential improvement in revenue performance is expected starting in September, with a more noticeable recovery in Q4, despite an overall projected double-digit decline for the year [3]. - The company is actively expanding its overseas presence and full lifecycle health business, with current international operations covering North America, the Middle East, and Southeast Asia [3]. Shareholder Returns - The company has announced a minimum dividend of 2 billion yuan for the year, corresponding to a payout ratio of over 90% and a dividend yield of 6.7%, along with a share buyback plan of around 1 billion yuan [3]. Earnings Forecast and Valuation - Due to inventory adjustments and impairment losses, the earnings forecasts for 2025 and 2026 have been reduced by 24% and 17%, respectively, to 2.19 billion yuan and 3.05 billion yuan [3]. - The target price has been lowered by 11.67% to 5.3 HKD, reflecting a price-to-earnings ratio of 20 and 14 times for 2025 and 2026, respectively, with a potential upside of 21% [3].

Core Viewpoint - The company reported a decline in revenue and profit for the first half of 2025, attributed to intensified competition and proactive inventory reduction measures [1] Financial Performance - The company achieved a main revenue of 9.151 billion yuan in H1 2025, a year-on-year decrease of 9.36% [1] - The net profit attributable to shareholders was 1 billion yuan, down 46.66% year-on-year [1] - The gross profit margin was 61.58%, a decrease of 6.3 percentage points year-on-year [1] - The net profit margin was 10.93%, down 7.64 percentage points year-on-year [1] Revenue Breakdown - Revenue from ultra-high-end, high-end, ordinary, and adult milk powder was 6.19 billion, 1.69 billion, 330 million, and 290 million yuan respectively, with year-on-year changes of -13%, -14%, +3%, and -4% [1] - Online sales performed better than offline, with offline revenue at 6.58 billion yuan (down 15%) and online revenue at 2.57 billion yuan (up 10%) [1] Cost and Expenses - Selling expense ratio was 34.69%, a slight decrease of 0.33 percentage points year-on-year [1] - Management expense ratio increased to 8.46%, up 1.14 percentage points year-on-year due to reduced economies of scale and increased employee compensation [1] - Other income and gains decreased, primarily due to reduced government subsidies and interest income [1] Market Position and Strategy - The company faced significant operational pressure due to intensified market competition and slow approval of new ultra-high-end products [1] - The market share declined by over 1 percentage point to 18.2% in June 2025 [1] - The company is actively adjusting its operations, with inventory levels reaching healthy targets and plans to launch three customized products in the second half of the year [1] Future Outlook - The company aims to improve its operational performance through product launches and inventory adjustments, with expectations for revenue growth [1] - The target price for 2026 is set at 5.1 HKD, with a recommendation to monitor the performance of new products [2]

Investment Rating - The report maintains a "Recommended" rating for China Feihe (06186.HK) with a target price of HKD 5.1 [1][4]. Core Views - The company reported a 9.36% year-on-year decline in revenue for H1 2025, totaling CNY 9.151 billion, and a 46.66% drop in net profit to CNY 1 billion. The interim dividend declared is HKD 0.1209 per share, amounting to CNY 1 billion [1][4]. - The company is facing significant operational pressure due to intensified competition and proactive inventory reduction, which has led to a decrease in market share [4]. - The gross margin for H1 2025 was 61.58%, down 6.3 percentage points year-on-year, primarily due to changes in sales structure and losses from raw milk powder [4]. - The company is implementing various measures to adjust operations, including inventory management and the introduction of new customized products, aiming for a recovery in performance [4]. Financial Summary - **Revenue Forecasts**: - 2024A: CNY 20.749 billion - 2025E: CNY 18.792 billion - 2026E: CNY 19.835 billion - 2027E: CNY 20.469 billion - Year-on-year growth rates: 5.6%, -9.4%, 5.5%, 3.2% [1][10]. - **Net Profit Forecasts**: - 2024A: CNY 3.570 billion - 2025E: CNY 2.190 billion - 2026E: CNY 3.001 billion - 2027E: CNY 3.384 billion - Year-on-year growth rates: 5.3%, -38.7%, 37.1%, 12.8% [1][10]. - **Earnings Per Share (EPS)**: - 2024: CNY 0.39 - 2025: CNY 0.24 - 2026: CNY 0.33 - 2027: CNY 0.37 [1][10]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios for 2025E: 17 - Price-to-Book (P/B) ratios for 2025E: 1.4 [1][10]. Market Performance - The current share price is HKD 4.39, with a market capitalization of HKD 39.8 billion [2]. - The stock has experienced a 12-month high of HKD 6.80 and a low of HKD 3.34 [2]. Strategic Adjustments - The company is focusing on health-oriented strategies and actively promoting reforms to address operational challenges, including inventory adjustments and the launch of new products [4]. - The company aims to improve channel profitability and market presence through these strategic initiatives [4].

Core Viewpoint - China Feihe held its 2024 Partner Conference in Harbin, emphasizing collaboration with partners to shape the future of the dairy industry and maintain market leadership [1][2]. Group 1: Market Performance and Product Innovation - Feihe has maintained its market leadership and increased its share in the domestic milk powder market through strong collaboration with partners and continuous innovation [2]. - The product "Xingfeifan Zhuorui," launched two years ago, has quickly become a billion-level product and is now the top-selling milk powder across all channels, significantly boosting the ultra-premium market [2]. - Feihe has invested in research and development since 2009, undertaking nearly 40 national and provincial key research projects, and leading the "14th Five-Year" key research project on "new generation infant formula" [2]. Group 2: Technological Advancements and Digital Transformation - Feihe has pioneered a fully digitalized supply chain for infant milk powder, implementing a system that allows for millisecond-level online monitoring and cell-level online testing of the production process [6]. - The company has achieved breakthroughs in key raw material preparation technologies and has established the first automated production line for lactoferrin in China, promoting high-quality development in the industry [6]. Group 3: Long-term Vision and Global Expansion - Feihe aims to build a century-old enterprise by focusing on long-term partnerships and contributions to the industry, transitioning from a pioneering company to a leading brand [8]. - The company has successfully launched its first locally produced infant formula in Canada, which is now available in 403 Walmart stores, indicating its commitment to international expansion [9]. - Feihe is also diversifying its product offerings to include youth cheese and adult functional nutrition products, targeting the multi-trillion-dollar food industry [9].