11月5日至10日，第八届进博会在国家会展中心（上海）举办。在食品及农产品展区，众多头部外资乳企聚集在这里参展，包括雀巢、达能、阿拉福兹、恒 天然等。 中国是全球第二大乳制品消费市场，因此对于外资乳业而言，中国市场是重要的海外市场。在本届进博会期间，达能中国、北亚及大洋洲总裁谢伟博就表 示："目前，中国已成为达能全球第二大市场。未来五年，我们希望中国成为达能全球第一大市场。这源自于我们对中国市场未来发展的信心。" 从行业发展来看，中国乳业此前三年乳制品进口量连续下滑，今年止跌回升，生牛乳价格企稳。更重要的是，中国乳业正在从规模扩张向高质量发展转型， 更高附加值、更高端的乳制品在消费者中渗透率还不高，认知度较低。值得一提的是，在进博会期间，乳企的展品及高管们的发言还透露出一个趋势信号： 消费者们不仅仅要喝好奶，还更注重奶制品的功能性和情绪价值。 行业复苏：进口量连续三年下跌后回升 方军涛图片来源：主办方供图 但也要看到的是，并非所有品类的乳制品进口量都在回暖。中国奶业贸易月报10月分析报告显示，前三季度，液态奶进口量同比减少6.1%，进口额同比增 从具体数据来看，前三季度，干乳制品的进口量占到了全部乳制品的超7 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with revenue and net profit exceeding expectations, driven by better-than-expected performance in the restaurant and household cheese segments [1][2]. Financial Performance - Q1 2025 revenue reached 1.23 billion yuan, a year-on-year increase of 6.26% - Net profit attributable to shareholders was 82.397 million yuan, up 114.88% year-on-year - Deducted net profit was 64.941 million yuan, reflecting a year-on-year growth of 110.23% [1]. Development Trends - Cheese revenue showed a strong recovery, with significant contributions from the restaurant and household cheese segments - The company anticipates double-digit year-on-year growth in cheese revenue for Q1 2025, despite overall revenue growth of 6.3% being slower due to a focus on cheese and a reduction in trading business - The company has introduced new products, such as cheese sticks and cheese spreads, which have contributed to growth in the ready-to-eat nutrition segment [2]. Product Structure and Cost Management - Gross margin improved by 2.8 percentage points to 31.5% in Q1 2025, attributed to a decrease in low-margin trading and liquid milk revenue, lower costs of some raw materials, and economies of scale in cheese revenue - Sales expense ratio decreased by 2.7 percentage points due to reduced advertising and promotional expenses, while management expense ratio remained stable - Net profit margin increased by 3.4 percentage points to 6.7% [3]. Profit Forecast and Valuation - The company raised its net profit forecasts for 2025 and 2026 by 6.3% and 5.9%, respectively, due to better-than-expected performance in the restaurant and household cheese segments - The current trading P/E ratio is 43.4 times for 2026, with a target price increase of 40% to 28 yuan, corresponding to a P/E of 48.6 times for 2026 and an upside potential of 5.8% - The long-term growth potential in the cheese sector is significant, maintaining an outperform rating relative to the industry [4].