事实上，从2021年开始，以浓缩乳制品、乳品贸易为主的熊猫乳品，便试图拓展"第二增长曲线"，相继 开辟奶酪、奶油、植物基等产品线。但目前，"第二增长曲线"的体量较小，与头部品牌相比差距明显。 值得一提的是，目前现制茶饮的终端价格战正盛，作为浓缩乳制品供应商的熊猫乳品，68.7%的收入依 赖该领域，订单量明显压缩。对于B端价格战以及竞争格局，熊猫乳品方面称："竞争可能继续加剧， 头部乳企正加大ToB领域的投入，目前主要依靠大客户走量。公司的优势在于流通渠道，大客户、工业 客户方面也在持续寻找机会。" 去年以来，熊猫乳品的业绩便持续承压。数据显示，去年熊猫乳品营收约7.64亿元，同比下降19.29%； 实现归属于上市公司股东的净利润约1.02亿元，同比下降5.98%。 此外，熊猫乳品也面临一定的现金流压力。报告期内，熊猫乳品的经营活动产生的现金流量净额 为-2700万元，与去年同期的6500万元相比由正转负，显示出熊猫乳品在经营活动中的现金回笼能力有 所减弱。此外，在应收账款中，熊猫乳品前五大客户的应收账款占应收账款总额的68.32%。 在近日的分析师会议上，"炼乳第一股"熊猫乳品就半年度业绩回答投资者询问。财报 ...

Core Insights - The company is focusing on both online and offline channels for its coffee business, with a greater emphasis on brand investment online while utilizing distributors for offline sales [1] - The company identifies several growth strategies for profitability, including expanding into Southeast Asia, addressing the decline in powdered oil revenue, diversifying product offerings, and improving marketing efficiency for consumer products [1] - The increase in sales expenses for 2024 and Q1 2025 is attributed to enhanced C-end promotion efforts, particularly through social media and traditional e-commerce platforms [2] Group 1 - The coffee business encompasses both online and offline channels, with a stronger focus on brand development online and leveraging distributors for offline sales [1] - The company is actively pursuing growth in the Southeast Asian market, particularly in powdered oils, coffee, and plant-based products [1] - The company has established a diversified product structure that includes coffee, plant-based products, syrups, and innovative foods, contributing significantly to revenue [1] Group 2 - The increase in sales expenses is primarily due to intensified C-end marketing efforts, especially through platforms like Douyin and Kuaishou [2] - The company aims to control overall expense ratios to mitigate the impact on profits while continuing to invest in C-end business expansion [2]