以下文章来源于有趣的制造 ，作者CastAI 有趣的制造 . 我是 Cast，学机械设计和实践设计，会用动图带你看懂各种东西的制作，也会分享新鲜的设计探索～已出版绘本《有趣的制造》三册 之前写了《 最近风很大的奶皮子酸奶到底是啥？奶皮子又是怎么做的？ | 有趣的制造 》，小可爱纷纷在留言里提出到烤奶皮。这个我也没吃过！ 搞了一个尝尝，奶香十足，吃起来嘎嘣脆，像是坚硬的饼干。我还是更喜欢奶皮子的口感。吃都吃了，那就随手分享下制作过程吧，非常简单，确 实和饼干很像！ 烤奶皮原料 之前看奶皮子，原料就很简单，生牛乳一直煮，提取上层精华。 有糖奶皮子酸奶 一勺下去，也分层了，看着很诱人。不过明胶吃起来有点太 Q 弹了，不如之前的纯牛奶版本，虽然无糖，但是更天然香醇 （打着写文章印证的名 头吃吃喝喝） ... 烤奶皮的配料稍微多点，除了纯牛奶还有奶粉、奶酪等，增加奶香气和风味。 | 【品名】鲜烤奶皮(无蔗糖) | | 营养成分表 | | | --- | --- | --- | --- | | 【产品类型】含乳固态成型制品 | 项目 | 每100克(g) | NRV% | | 【配料】位生奶、全脂奶粉、手撕奶酪、孔巧 | ...

Investment Rating - The report maintains a "Recommendation" rating for Tianrun Dairy (600419) [2][8] Core Views - The demand remains weak, impacting profitability due to impairment losses. In Q1 2025, total revenue was CNY 625 million, down 2.5% year-on-year, with a net profit attributable to shareholders of -CNY 73 million compared to CNY 5 million in the same period last year [2][8] - The company is actively adjusting to pressures, with expectations for gradual improvement in operations throughout the year. The report anticipates that the reduction in cattle and the introduction of new products will help stabilize revenue and improve profitability [2][8] Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from CNY 2,804 million in 2024 to CNY 3,327 million in 2027, with year-on-year growth rates of 3.3%, 5.2%, 6.4%, and 6.0% respectively [4] - Net profit is expected to recover from CNY 44 million in 2024 to CNY 204 million in 2027, with significant growth rates of -69.3%, 94.2%, 100.6%, and 20.0% [4] - **Earnings Per Share (EPS)**: - EPS is forecasted to increase from CNY 0.14 in 2024 to CNY 0.64 in 2027, reflecting the company's recovery strategy [4] - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 72 in 2024 to 15 in 2027, indicating an improving valuation as earnings recover [4] Sales Performance - In Q1 2025, the sales revenue from various product lines showed a decline, with revenue from ambient products at CNY 347 million, down 4.37%, and low-temperature products at CNY 239 million, down 0.64% [8] - The company experienced a 12.37% increase in dairy product sales volume year-on-year, attributed to promotional activities in the Xinjiang region [8] Strategic Adjustments - The company is focusing on reducing cattle numbers and introducing new products to adapt to market pressures. New product launches include passion fruit milk beer and baked milk skin, aimed at diversifying revenue streams [8] - The report highlights the importance of monitoring the raw milk price cycle and the potential impact of consumer stimulus policies on future performance [8]