液体乳

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新乳业上半年营收增长3.01%至55.26亿,奶粉收入提高32.29%
Cai Jing Wang· 2025-08-27 16:15
8月27日,新乳业发布2025年半年报。披露公司上半年营收增长3.01%至55.26亿元,归属净利提高33.76%至3.97亿元。 | | 主营业务收入 | | 主营业务成本 | | | 主营业务 收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | (元) | 占比 | (元) | 早 | 毛利率 | 变动 | | 直销 模式 | 3,387,085,448.28 | 66.25% | 2,265,550,943.84 | 65.37% | 33.11% | 22.96% | | 经销 模式 | 1,725,839,357.19 | 33.75% | 1,200,374,900.09 | 34.63% | 30.45% | -18.75% | | 合计 | 5,112,924,805.47 | 100.00% | 3.465.925.843.93 | 100.00% | 32.21% | 4.80% | 图片来源:企业公告截图 分产品看,液体乳收入增长 4.60%至50.67亿元,奶粉收入提高 32.29%至4601.41万元。 (企业公告) | | ...
新乳业涨2.03%,成交额9773.39万元,主力资金净流入26.32万元
Xin Lang Cai Jing· 2025-08-26 06:07
今年以来新乳业已经1次登上龙虎榜,最近一次登上龙虎榜为4月10日,当日龙虎榜净买入6708.16万 元;买入总计1.39亿元 ,占总成交额比27.48%;卖出总计7234.20万元 ,占总成交额比14.26%。 资料显示,新希望乳业股份有限公司位于四川省成都市锦江区金石路366号新希望中鼎国际2栋8楼2号, 成立日期2006年7月5日,上市日期2019年1月25日,公司主营业务涉及从事乳制品及含乳饮料的研发、 生产和销售。主营业务收入构成为:液体乳92.22%,其他7.11%,奶粉0.67%。 8月26日,新乳业盘中上涨2.03%,截至13:45,报18.64元/股,成交9773.39万元,换手率0.62%,总市值 160.43亿元。 资金流向方面,主力资金净流入26.32万元,特大单买入222.44万元,占比2.28%,卖出182.10万元,占 比1.86%;大单买入1986.40万元,占比20.32%,卖出2000.43万元,占比20.47%。 新乳业今年以来股价涨31.04%,近5个交易日涨5.49%,近20日涨11.88%,近60日跌7.40%。 新乳业所属申万行业为:食品饮料-饮料乳品-乳品。所属概 ...
八月金股汇
Dongxing Securities· 2025-07-31 05:01
Group 1: Company Performance Highlights - Jiangfeng Electronics (300666.SZ) achieved a revenue of 3.605 billion CNY in 2024, a year-on-year increase of 38.57%[9] - Lianhua Holdings (600186.SH) is expected to see a revenue growth of 35.09% from 2025 to 2027, with net profits projected at 335 million CNY in 2025[19] - Meige Intelligent (002881.SZ) forecasts revenues of 3.786 billion CNY in 2025, with net profits of 229 million CNY[22] - Foxit Software (688095.SH) anticipates a net profit of 33 million CNY in 2025, with a significant increase in subscription revenue[25] - Lanjian Intelligent (688557.SH) expects net profits of 162 million CNY in 2025, with a projected EPS of 1.59 CNY[34] - Western Mining (601168.SH) reported a revenue of 31.619 billion CNY in H1 2025, a year-on-year increase of 26.59%[36] Group 2: Market Trends and Opportunities - The global market for semiconductor precision components is projected to reach approximately 428.8 billion CNY by 2025, with China's market growing faster than the global average[12] - The AI and big data sectors are driving rapid growth in computing power demand, with the Chinese intelligent computing market expected to reach 1,037.3 EFLOPS by 2025[17] - The smart connected vehicle market is projected to grow from 2.3 billion CNY in 2020 to 5 billion CNY by 2024, with a compound annual growth rate of 21%[21] - The Chinese seasoning market is expected to continue expanding due to the rise of pre-packaged meals and digital marketing strategies[15]
2025年中国液体乳行业分类、相关政策梳理及产量变化情况
Sou Hu Cai Jing· 2025-05-23 04:24
Core Viewpoint - The liquid milk industry in China is experiencing growth driven by government policies and increasing market demand, with a focus on quality improvement and brand development [3][4]. Group 1: Industry Overview - Liquid milk refers to liquid dairy products processed from raw milk through purification, homogenization, and sterilization, including various types such as fermented milk and pasteurized milk [1]. - The industry is characterized by a diverse range of products that cater to different consumer needs, providing essential nutrients and convenience [1]. Group 2: Policy Support - The Chinese government has implemented several policies to support the liquid milk industry, including the "14th Five-Year Plan for Dairy Industry Competitiveness Enhancement," aimed at promoting integrated development and quality improvement [3][4]. - Policies also focus on enhancing the entire supply chain and encouraging local brand development [3]. Group 3: Supply Chain Dynamics - The upstream of the liquid milk industry involves milk source supply, including feed production and dairy farming, which are crucial for ensuring the quality and stability of milk supply [5]. - An increase in feed production positively impacts the liquid milk industry by reducing costs and improving efficiency in dairy farming, thus enhancing milk yield [7]. Group 4: Market Trends and Future Outlook - The liquid milk industry is expected to continue innovating and expanding, driven by rising living standards and changing consumer preferences [1]. - A report by Huajing Industry Research Institute forecasts the development trends and investment directions for the liquid milk industry from 2025 to 2031, indicating a comprehensive analysis of market conditions and competitive landscape [8].
乳制品行业深度报告:产能加快调整,2025年奶价有望企稳
Donghai Securities· 2025-05-22 08:39
Investment Rating - The report rates the food and beverage industry as "Overweight" [1] Core Insights - The dairy price is expected to stabilize in the second half of 2025 after a prolonged adjustment cycle lasting over three years, with over 80% of the industry facing losses [6][60] - The report highlights the cyclical nature of raw milk prices influenced by production capacity, demand, and imports, with significant historical fluctuations noted [6][19] - The report emphasizes the correlation between raw milk prices and the stock prices of upstream dairy companies, suggesting that stock prices may react ahead of milk prices during cyclical changes [6][35] Summary by Sections 1. Raw Milk Price Cycle - The raw milk price is influenced by multiple factors including production capacity, demand, and imports, creating a cyclical pattern [6][19] - The dairy industry is characterized by a long breeding cycle for dairy cows, leading to delayed responses in production capacity adjustments [18][19] - Historical data shows three downward cycles and two upward cycles in raw milk prices since 2008, with significant events impacting demand and prices [19][26] 2. 2025 Outlook - The industry is currently facing severe losses, with a continued trend of dairy cow capacity reduction expected [60][62] - Policy support is anticipated to improve dairy product demand, contributing to a gradual stabilization of milk prices in the latter half of 2025 [60][64] - The report forecasts that as the supply-demand balance improves, raw milk prices may stabilize, benefiting upstream dairy companies [60][62] 3. Correlation Between Milk Prices and Dairy Company Stocks - The report notes a high correlation between raw milk prices and the stock prices of upstream dairy companies, indicating that stock prices may respond more quickly to changes in market conditions [6][35] - The performance of downstream dairy companies is also influenced by their product structure and market expectations, which can affect their stock prices during different price cycles [6][35] 4. Investment Recommendations - The report suggests focusing on leading dairy companies such as Modern Dairy and Yurun Dairy, as well as major dairy enterprises like Yili and New Dairy, which are expected to benefit from the stabilization of milk prices [6][60]
伊利、蒙牛“血战”婴配粉市场:各自商誉减值超30亿元丨乳业变局
2 1 Shi Ji Jing Ji Bao Dao· 2025-05-16 13:02
Core Insights - Yili and Mengniu are transitioning away from high growth models, facing significant goodwill impairments from past acquisitions, particularly in the infant formula market [1][3][4] Financial Performance - In 2024, Yili reported revenue of 115.78 billion yuan, a year-on-year decline of 8.24%, and a net profit of 8.453 billion yuan, down 18.94%, primarily due to a 3.037 billion yuan impact from goodwill impairment related to Aoyou [1][6] - Mengniu's revenue for 2024 was 88.675 billion yuan, a decrease of 10.1%, with a net profit of 105 million yuan, a staggering drop of 97.8%, largely due to a 3.9814 billion yuan impact from goodwill impairment related to Bellamy [1][5] Market Trends - The focus of goodwill impairments for both companies is centered on the infant formula market, which has been experiencing a downturn since 2022 [3][4] - The infant formula market is facing challenges, with offline sales down 9.8% and sales volume down 9.4% in 2024, indicating a shift towards a saturated market [5][10] Strategic Moves - Yili's acquisition of Aoyou and Mengniu's acquisition of Bellamy were strategic moves aimed at entering the high-end infant formula market, despite the declining market conditions [3][5] - Both companies are now focusing on high-margin products, with Yili's milk powder and dairy products achieving a gross margin of 41.02% in 2024, compared to lower margins in liquid milk and ice cream [8][11] Future Outlook - Yili and Mengniu are adjusting their strategies to improve profitability, with Yili aiming for a diversified product portfolio and Mengniu targeting revenue growth by 2025 [22][23] - The competition in the infant formula market is expected to intensify as companies strive for profitability amidst a shrinking market [24][25]
乳制品年报|19家乳企净利润减少27% 伊利股份首现营收利润“双降”
Xin Lang Zheng Quan· 2025-05-15 10:28
Core Viewpoint - The dairy industry is experiencing a significant downturn in 2024, with a notable decline in revenue and net profit among listed companies, attributed to oversupply, weak demand, and high inventory levels [1][2]. Group 1: Industry Performance - In 2023, 19 listed dairy companies in A-shares achieved total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44% [1]. - The total net profit for these companies fell from 13.10 billion yuan to 9.58 billion yuan, representing a 27% decline [1][2]. - 14 out of 19 companies reported a decrease in revenue, compared to only 6 the previous year [1]. Group 2: Key Companies - Yili Group reported a net profit of 8.45 billion yuan, but experienced an 8.24% decline in revenue and an 18.94% drop in net profit, marking its first instance of dual decline [2]. - Other liquid milk companies, such as Bright Dairy and San Yuan, saw net profit declines of 25.36% and 77.44%, respectively [2]. - Five dairy companies reported losses, including Huangshi Group, Zhuangyuan Pasture, and Xibu Dairy, an increase of two companies from the previous year [2][4]. Group 3: Growth and Resilience - Only 6 companies reported net profit growth, including Beingmate, Pinwo Food, Miaokelando, Yiming Food, New Dairy, and Hairong Technology [3]. - New Dairy has maintained double-digit growth in net profit in recent years, despite a 2.93% revenue decline in 2024 [3][4]. - New Dairy's focus on low-temperature fresh milk and yogurt products has allowed it to avoid intense competition and benefit from rising penetration rates of low-temperature products [4].
乳制品年报| 上市乳企净利率中位数仅为1.98% 光明乳业、三元股份、燕塘乳业等区域乳企净利率大幅下滑
Xin Lang Zheng Quan· 2025-05-15 10:22
Core Insights - The dairy industry is experiencing a significant downturn in 2024, with 19 listed dairy companies in A-shares reporting a total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44% [1] - The net profit attributable to shareholders dropped from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting a decline in net profit [1] - Key factors suppressing the dairy industry include oversupply, weakened demand, and high inventory levels, leading to a continuous decline in fresh milk prices and intensified competition [1] Revenue and Profitability - 14 out of 19 dairy companies reported a decline in revenue, compared to only 6 the previous year [1] - The median net profit margin for listed dairy companies was only 1.98%, down 2.01 percentage points from the previous year [4] - The highest net profit margins were recorded by Sunshine Dairy (21.84%), Panda Dairy (13.32%), and Huirong Technology (10.18%) [4] Gross Margin Analysis - 12 companies experienced a decline in gross margin, with the most significant drops seen in Western Pastoral, Beingmate, and Zhuangyuan Pastoral [3] - The median gross margin for the 19 listed dairy companies was 25.31%, an increase of 2.18 percentage points from the previous year [2] - Seven companies saw an increase in gross margin, with the most notable improvements from Junyao Health, Huangshi Group, Panda Dairy, and Pinwa Food [2] Market Trends - The dairy industry index has seen a decline of over 50% from its peak in January 2021 to the low in September 2024, but there has been a noticeable increase since September 2024 [1] - The market anticipates that upstream destocking will lead to a bottoming out of raw milk prices, alongside policies promoting fertility to boost demand [1] Company-Specific Performance - Panda Dairy, a leader in the condensed milk segment, reported a revenue decline of 19.29% last year, with a further 8.27% drop in the first quarter of 2024, despite an increase in gross margin due to lower raw material costs [2] - Bright Dairy, a typical regional dairy company, has seen a decline in revenue since 2022, with a low gross margin of around 19%, significantly below that of Yili [5]
乳制品年报|14家乳制品公司营业收入下滑 皇氏集团、品渥食品、熊猫乳品下滑最严重
Xin Lang Zheng Quan· 2025-05-15 09:55
Core Viewpoint - The dairy industry is experiencing a significant downturn in 2024, with a notable decline in revenue and profit across many companies, attributed to oversupply, weakened demand, and high inventory levels [1][2][3]. Industry Overview - In 2023, 19 dairy companies in A-shares reported a total revenue of 184.83 billion yuan, a year-on-year decrease of 7.44%. 14 companies experienced revenue declines, compared to only 6 the previous year [1]. - The total net profit for these companies fell from 13.10 billion yuan to 9.58 billion yuan, with 13 companies reporting profit declines [1]. - The dairy industry has faced a continuous decline in raw milk prices since 2021, with the dairy index dropping over 50% from its peak in January 2021 to its low in September 2024 [1]. Company Performance - Yili Group remains the dominant player in the industry, with a revenue of 115.78 billion yuan, followed by Bright Dairy, New Hope Dairy, and San Yuan Dairy, with revenues of 24.28 billion yuan, 10.67 billion yuan, and 7.01 billion yuan, respectively [1]. - The revenue of Yili Group decreased by 8.24%, while Bright Dairy and San Yuan Dairy saw declines of 8.33% and 10.73%, respectively [2][6]. - The number of companies with revenue declines increased from 6 to 14, indicating that nearly 74% of dairy companies faced revenue drops, with a median decline of 10.75% [3]. Notable Declines - The five companies with the most significant revenue declines include Huangshi Group, Pinwa Food, Panda Dairy, Jiahe Food, and Xibu Dairy, all of which have revenues below 2.5 billion yuan [3]. - Huangshi Group's revenue dropped significantly due to the transfer of its subsidiaries and ongoing diversification efforts that have not yielded expected returns [3]. - Pinwa Food, primarily an imported food company, reported a 24.9% decrease in revenue, while Panda Dairy faced overall product declines due to weak consumer demand [4]. Growth Opportunities - Five dairy companies reported revenue growth, including Huirong Technology, Beingmate, Yiming Food, Tianrun Dairy, and Knight Dairy, with Huirong Technology showing the highest growth due to its focus on plant-based and dairy fats [5]. - Beingmate, specializing in infant formula and nutritional products, achieved a revenue increase of 9.7%, although its gross margin declined due to increased sales discounts [5].
广东省市场监管局发布乳制品消费提示 液体乳与含乳饮料易被混淆
Shen Zhen Shang Bao· 2025-05-13 17:52
Core Viewpoint - The Guangdong Provincial Market Supervision Administration has issued a consumer reminder to help consumers select safe and high-quality dairy products, highlighting potential risks associated with dairy product production, transportation, and storage [1][2]. Group 1: Dairy Product Categories - Dairy products include liquid milk, milk powder, and other dairy products. Liquid milk is categorized into pasteurized milk, high-temperature sterilized milk, modified milk, sterilized milk, and fermented milk. Milk powder includes whole milk powder, skimmed milk powder, partially skimmed milk powder, modified milk powder, and whey powder. Other dairy products consist of condensed milk, cream, anhydrous milk fat, reconstituted cheese, specialty dairy products, and concentrated milk [1]. Group 2: Safety Risks - Dairy products are susceptible to microbial contamination during production, transportation, or storage, which may indicate issues such as contaminated raw materials or packaging, inadequate hygiene control during production, poor sanitary conditions, unsealed packaging, and non-compliant storage and transportation conditions. There are also risks of excessive use of food additives, such as propylene glycol and sodium dehydroacetate [1]. - Additional risks include veterinary drug residues, adulteration, and the use of cheap animal milk to replace cow's milk, which can lead to illegal additions of melamine to increase protein content, as well as risks of raw material adulteration and cross-contamination during co-production [1]. Group 3: Consumer Guidance - The Guangdong Provincial Market Supervision Administration advises consumers to check labels, packaging, product names and standards, ingredient lists, nutritional composition, food production licenses, and recommendations for special populations when purchasing dairy products [1]. Group 4: Liquid Milk vs. Dairy Beverages - Liquid milk and dairy beverages are often confused by consumers. The ingredient list for liquid milk typically includes "raw cow's milk" or "fresh milk," while dairy beverages contain water, sweeteners, and other ingredients, with water usually listed first. The protein content in liquid milk is generally higher than 2.3g/100g, while dairy beverages typically have a protein content above 0.7g/100g [2].