Core Viewpoint - New Hope Dairy is committed to its "Fresh Strategy" to navigate the slowing growth in the dairy consumption market, achieving double-digit growth in net profit for five consecutive years, showcasing resilience in a challenging industry environment [1][2]. Group 1: Financial Performance - New Hope Dairy's net profit for 2024 is projected to grow by 24.80%, with a net profit margin increasing to 5.15% [2]. - The company reported a 48.46% year-on-year increase in net profit for the first quarter of the year [2]. - Operating cash flow reached 1.491 billion yuan, and the debt-to-asset ratio decreased to 64.61% [2]. Group 2: Strategic Initiatives - The company aims to enhance its "Fresh Strategy" by focusing on fresh milk sources, production, orders, delivery, and consumer engagement through an "Eight Fresh" development framework [3]. - New Hope Dairy has established a strategic partnership with the Norwegian Gene Association to innovate in dairy cattle breeding, launching the first Norwegian Red milk in China [4]. - The company is prioritizing digital economy and biotechnology innovations to strengthen its product offerings and operational efficiency [4]. Group 3: Market Expansion - New Hope Dairy is expanding its market presence through a three-pronged growth strategy: high-end product development, local market penetration, and international expansion [6][7]. - The "24-hour" fresh milk series and the Asahi Weipin brand are key components of the company's high-end national development strategy, with significant revenue growth expected [6]. - The "Liangshan Snow" brand has achieved a 75% market share in the local market by targeting specific consumer demographics and seasonal events [7]. Group 4: Channel Innovation - The company is innovating its distribution channels by creating fresh consumption scenarios, including the establishment of over 500 "24-hour fresh milk" stores [5]. - Collaborations with major retailers like Sam's Club and Hema are being strengthened to enhance product visibility and accessibility [5].

Core Viewpoint - The dairy industry is facing pressure due to slowing demand growth and increased competition, yet New Hope Dairy (002946.SZ) has achieved double-digit profit growth and significant market attention, with revenue surpassing 10 billion yuan [2][3]. Industry Overview - The dairy product industry in China is expected to continue facing challenges in 2024, with total production projected to decline by 1.9% to 29.62 million tons, marking the first drop in liquid milk production in five years. Per capita dairy consumption is also expected to decrease by 5.6% [3]. - Despite these challenges, New Hope Dairy reported a revenue of 10.665 billion yuan and a net profit of 538 million yuan in 2023, reflecting a year-on-year growth of 24.8%, outperforming the industry average [3]. Company Strategy - New Hope Dairy aims to deepen its "Fresh Cube Strategy" in 2024, focusing on expanding its low-temperature core business. High-end fresh milk and mid-to-high-end series products have shown double-digit growth [3][4]. - The company has introduced the "Three Fresh Pillars" strategy, emphasizing the development of low-temperature cold chain beverage products as a new growth point [7]. Market Positioning - New Hope Dairy is capitalizing on the growing demand for high-quality dairy products, with the "24-hour" fresh milk series and local brands like "Liangshan Snow" achieving significant market penetration, particularly in lower-tier cities [8][9]. - The company is also exploring international markets, particularly in Southeast Asia, to find differentiated innovation opportunities and expand its global presence [10]. Innovation and Product Development - New Hope Dairy is committed to product innovation, with a focus on meeting diverse consumer needs through new product lines such as "Active Probiotic" yogurt and "Zero Sugar" fermented milk [6]. - The company has established a global research and development network and is collaborating with international organizations to enhance its product offerings and innovation capabilities [10].