在小红书、抖音等社交平台上，"爷爷的农场"不仅常被母婴博主力荐，更是不少家长眼中的"网红"品 牌。从辅食油到果泥，这个高举"严选"旗号的公司几乎垄断新一代父母的手机屏幕。随着爷爷的农场国 际控股有限公司(以下简称"爷爷的农场")日前正式向港交所递表，招股书(申请版本，下同)展示了这家 公司和那些种草笔记背后的更多信息。 《每日经济新闻》记者梳理"爷爷的农场"招股书发现，公司提出"全心研制"的口号，希望打造专业的食 品科技企业形象，但同时，其真实的研发投入大不如营销投入。2023~2025年前三季度，公司营销费用 长期维持在研发开支的10倍以上。 公司市场占有率约3.3% "爷爷的农场"是一家中国婴童零辅食行业企业，且业务已拓展至中国家庭食品行业。 招股书援引弗若斯特沙利文的资料称，按2024年中国婴童零辅食GMV(商品交易总额)计算，"爷爷的农 场"排名第二，而按2024年中国有机婴童零辅食的GMV计，"爷爷的农场"排名第一。尽管在行业中名列 前茅，但"爷爷的农场"市场占有率仅约3.3%。弗若斯特沙利文的资料还指出，婴童零辅食的前五大市场 参与者合计仅占市场份额的14.2%。公司也直言："我们所处的行业竞争激 ...

去年三季度，妙可蓝多液态奶、奶酪和乳制品贸易收入分别为 8715万元、11.66 亿元和 1.30 亿元，同 比-8.55%、+22.44%、-7.27%。 其中，奶酪市场增量主要来自B端。妙可蓝多披露，其2025年上半年餐 饮工业系列收入已超8亿元，保持良好增长。 如此态势，也影响了妙可蓝多的终端架构。 比如，该公司2025年第三季度经销商数量在下滑区间。在近日举行的机构调研中，妙可蓝多回应了经销 商数量变化原因。 妙可蓝多解释，三季度经销商数量下降， 是公司基于 "店效倍增" 与 "BC双轮驱动" 战略， 主动推进渠 道质量优化的结果， 核心逻辑是 "从规模覆盖转向效率提升"，并非终端覆盖能力的削弱。 21世纪经济报道记者贺泓源、实习生韦怡琦 妙可蓝多在市场波动中保持增长。 2025年三季度，该公司营收同比增长14.22%至13.90亿元；归母净利润同比增长214.67%至4297万元。 背后是，B端市场推动。 "此次政策进一步助力公司依托国内原奶价格优势，强化性价比、供货稳定性及客户服务能力，进而巩 固行业龙头地位。"妙可蓝多称。 1月12日，妙可蓝多报收25.33元/股，涨幅1.85%。 消费人事 华 ...

公司强调，收购具有明确战略意义，可整合小西牛优质奶源与区域渠道，完善西北市场布局，通过资源 共享与协同效应推动业绩回升。此次交易定价经协商调减至5亿元，对应PE倍数低于前次收购及行业均 值，且前期3,243万元业绩补偿款将从交易价款中抵扣，能充分保障公司权益，符合长期发展战略与股 东利益。 21财经1月12日电，光明乳业(600597.SH)近日就上交所监管问询函核心问题作出回应，聚焦其拟收购控 股子公司小西牛剩余40%股权的合理性引发的市场关注。上交所明确问询，在小西牛前期业绩承诺未实 现、2025年业绩明显下滑的背景下，公司进一步收购剩余少数股权的原因及合理性何在。数据显示，小 西牛在2022-2024年业绩承诺期内，扣非净利润完成率分别为103.10%、82.56%和95.22%，承诺期刚 过，其业绩出现大幅下滑，2025年1-8月扣非净利润仅为3,458万元，明显低于2024年度标的扣非后净利 润1.04亿元。交易所要求公司说明，在此背景下进一步收购剩余少数股权的原因及合理性，是否有利于 保护上市公司利益。 光明乳业回应称，本次收购首要原因是履行2021年签订的《60%股份收购协议》约定，湖州福昕已行 ...

关注我，让学习成为一种信仰 ！ 开年伊始，在多部热门电视剧频繁刷脸的品牌向港交所发起冲击。1月5日，爷爷的农场国际控股有限公司（下称"爷爷的农场"）在港交所提交了招股书， 独家保荐人为招银国际。 品牌创立初期，爷爷的农场曾以"欧洲婴幼儿食品品牌"作为市场宣传的核心标签，然而根据最新披露的招股书信息，其品牌实际起源于中国，且产品几乎 都依赖代工生产模式。 为提升市场知名度，爷爷的农场在销售与推广方面持续投入高昂费用，自2023年起，相关支出已占营业收入的32%以上，2023年、2024年及2025年前三季 度，其销售及分销开支合计近8亿元。 相比之下，其在产品研发方面的投入则较为有限。品牌塑造中的身份差异与"重营销、轻研发"的运营模式，也为其长期发展带来了潜在的不确定性。 小编|璞羽 隶属|我爱学习俱乐部编辑部 食品行业又一细分领域或将跑出一家上市公司。 1月6日，爷爷的农场国际控股有限公司向港交所递交上市申请，独家保荐人为招银国际。 值得一提的是，爷爷的农场卖的产品并不稀奇，比如食用油、调味品、谷物类辅食、果汁、果泥和果泥酸奶产品及零食等。但凭借"婴童零辅食""有机"等 标签，爷爷的农场2018年才推出首款婴 ...

Core Viewpoint - Morningstar maintains a fair value of HKD 20.5 per share for Mengniu Dairy (02319), indicating that the stock is currently undervalued with a projected price-to-earnings ratio of 10 times for 2026 [1] Group 1: Financial Projections - The company is expected to see a rebound in net profit by 2026, benefiting from limited downward pressure on raw milk prices and a recovery in liquid milk sales [1] - Liquid milk demand is projected to experience a moderate recovery in 2026, with sales expected to grow by 4% year-on-year [1] Group 2: Strategic Initiatives - The company plans to increase investments in deep-processed dairy products such as cheese, butter, and products for the food service channel [1] - These initiatives are anticipated to capture the increasingly diversified consumer demand in the long term [1]

晨星发布研报称，维持蒙牛乳业(02319)每股20.5港元的公允价值，并认为该股目前被低估，2026年市盈 率为10倍。受惠于原料奶价格下行空间有限及液态奶销售复苏，预计2026年净利润将反弹。 展望未来，预计集团2026年液态奶需求将将温和复苏，销售同比增长4%。随着产品多元化逐步显效， 下半年改善将更为明显。长期而言，该行预计蒙牛计划增加对乳酪、黄油及餐饮渠道产品等深度加工乳 制品的投入。该行认为，这些举措有望在长期捕捉日益多元化的消费需求。 ...

据蒙古国家统计局数据，2025年1-11月，蒙古国工业生产值达47.1万亿图格里克(约942亿元人民币)，同 比增长1.6%。从行业结构看，加工业生产值7.5万亿图格里克(约150亿元人民币)。其中，食品业产值同 比增长17.6%；非金属矿物制品行业产值同比增长20.5%。 采矿业方面，褐煤、锌、铁精矿、萤石、铁矿石及萤石精矿等矿产品实物产量同比增长3.6%至66.6%； 未精炼黄金、石煤、原油及银精矿产量同比下降1.1%至35.4%。加工业主要产品中，液态奶、阴极铜、 水泥、面粉、石灰和精梳羊绒等产品产量同比增长2.9倍至3.4倍；牲畜肉、金属坯料、水、饮料、果 汁、白酒、羊绒针织品、纯酒精、香烟和型煤等产品产量同比下降0.6%至49.2%。同期，工业产品销售 额51.8万亿图格里克(约1036亿元人民币)，同比增长9.5%。其中，采矿业销售额同比增长7.4%。 ...

Core Viewpoint - The launch of the KunNing SenTai dairy production base in Shizuishan, Ningxia, marks a significant advancement in the local dairy industry, transitioning from quality milk supply to comprehensive deep processing [1] Group 1: Project Overview - The KunNing SenTai production base has a total investment of 300 million yuan and covers an area of 150 acres, with an annual production capacity of 200,000 tons of dairy products [1] - The facility includes two intelligent production workshops for milk powder and liquid milk, capable of producing 20,000 tons of whole milk powder and 600,000 tons of liquid milk annually [1] - Three production lines are dedicated to providing customized milk products for well-known brands [1] Group 2: Technological Advancements - The newly established KunNing SenTai Dairy Product Deep Processing Technology Key Laboratory will facilitate innovation across the entire chain, from lactoferrin extraction to cheese product development [1] Group 3: Industry Growth - Shizuishan has introduced five processing enterprises, including KunNing SenTai, and established multiple specialized production lines, achieving a total designed processing capacity of 140,000 tons [1] - The city has adopted advanced technologies such as 5G smart farming and sex-controlled breeding, achieving a 100% rate in both dairy cow breeding quality and mechanized milking [1] - The annual milk yield per core herd cow exceeds 10.2 tons, with dairy cow stock reaching 131,900 heads and milk production hitting 516,800 tons by the third quarter of 2025, representing year-on-year growth of 12.2% and 15.9% respectively [1] Group 4: Future Plans - The Shizuishan Agricultural and Rural Bureau plans to further optimize the industrial layout, enhance technological support, and promote coordinated development across feed planting, smart farming, and deep processing [1]

Industry Dynamics - The 2025 version of the "Encouragement Directory for Foreign Investment Industries" has been released, effective from February 2026, promoting foreign investment in the health industry, particularly in the central and northeastern regions of China [1] - A total investment of 377 million yuan has been initiated for the modern sheep milk industry park project, aiming to create a closed-loop industrial chain, with the first phase expected to be operational by November next year [2] - The 2025 Hurun China Food Industry Top 100 list includes 11 dairy companies and 3 health food companies, with notable growth in the cheese business of Miaokelando, which saw a 63% increase in value [3] Brand Dynamics - Yili Group's Jin Hao factory has received a "five-star" rating for on-site management from the China Quality Association, marking it as the first dairy factory in China to achieve this recognition [4] - Jianhe Group has signed a new strategic cooperation agreement with JD Health, targeting a combined business goal of 10 billion yuan over the next three years, covering various nutrition brands [5] - Mengniu has launched the "Inner Mongolia Flavor" 2026 plan, showcasing innovative products and aiming to promote domestic raw material substitution in the dairy industry [6] Channel Dynamics - Gao Ge Dairy has initiated the "Student Nutrition Service Station" strategy to address declining foot traffic in traditional maternal and infant channels, targeting families with children aged 3-15 [7] - ThaiBev is shifting its strategic focus towards dairy products and soft drinks, planning to invest in expanding its halal dairy production base in Malaysia as part of its 2030 strategy [8] - Kidswant Ultra has opened its first store in Beijing, integrating cultural elements and popular global IPs to establish a competitive edge in the market [9] - The "Xiaofeixiang" Sichuan-Chongqing branch has been launched, marking a significant step in deepening regional market penetration and resource integration [10]

Investment Rating - The report maintains a "Recommended" rating for Yili Group (stock code: 600887) [2] Core Insights - The company is expected to benefit from favorable policies and improved supply-demand dynamics, particularly in the context of the upcoming Spring Festival stocking season [1] - The report highlights that the company is positioned to gain from the implementation of temporary anti-subsidy measures on imported dairy products, which may enhance domestic product competitiveness [5] - The company is also likely to benefit from ongoing government support for childbirth, which is expected to boost milk powder consumption [5] - The report anticipates revenue growth of 2.1% in 2025, 4.0% in 2026, and 3.9% in 2027, with net profit growth projected at 32.5%, 7.8%, and 7.0% respectively [5] Financial Forecast Summary - **Revenue Forecast (in million CNY)**: - 2024A: 115,780 - 2025E: 118,264 - 2026E: 122,993 - 2027E: 127,731 - **Net Profit Forecast (in million CNY)**: - 2024A: 8,453 - 2025E: 11,200 - 2026E: 12,079 - 2027E: 12,930 - **EPS Forecast (in CNY)**: - 2024A: 1.34 - 2025E: 1.77 - 2026E: 1.91 - 2027E: 2.04 - **PE Ratio**: - 2024A: 21.78 - 2025E: 16.43 - 2026E: 15.24 - 2027E: 14.24 [2][6][7] Market Data - The closing price of Yili Group's A-shares as of December 26, 2025, was CNY 29.10, with a market capitalization of CNY 183.2 billion [3]