回溯来看，2024年6月15日，美ONE优选天猫旗舰店正式上线。当晚，数款自营产品通过该旗舰店上线 李佳琦直播间，包括洗衣凝珠、乳胶被、硅胶凉席等。这也被市场视为美ONE入局自有品牌的一大动 作。 李佳琦彼时在直播中表示："中国现在有着非常强的供应链能力，很多大家熟悉的国际大牌，都是中国 制造，来自中国工厂。这些工厂，可以说是很多品牌背后的'英雄'，我们希望把这些隐藏在背后的优质 商品都集合到美腕优选天猫旗舰店，带给大家。" 实际上，近年来，不少头部主播及MCN机构纷纷加码布局自有品牌建设，例如辛选集团、东方甄选以 及谦寻控股等。同时，近期多家机构披露的数据显示，其自营品牌销售额增长迅猛。 头部直播机构布局自营品牌的步伐明显提速。 6月13日，美ONE优选公布了一周年成绩单。数据显示，其72款自营产品全网累计销量突破250万件， 服务用户超150万。这也是美ONE自去年6月入局自有品牌后首次披露的整体数据，可见其布局速度之 快。 "我们多年直播经历中接触了许多优质制造商，它们制造和研发实力强，但部分外贸转内销工厂因运营 经验不足，订单不稳定。因此，美ONE优选应运而生，我们开发新品遵循需求驱动和高质价比原则， ...

如今，越来越多的中国工厂正从幕后走到台前，将自身卓越的生产力转化为消费者触手可及的物美价优 产品。 近日，美ONE优选公布了一份特殊的"周年成绩单"：72款自营产品全网累计销量突破250万件，服务用 户超150万。这份成绩不仅记录了一个电商新业务的快速成长，更折射出其激活中国优质供应链的深层 探索——让默默无闻的"隐形冠军"工厂站到台前，让严苛品控成为无溢价好物的通行证。 美ONE优选产品展示 优选工厂：联名赋能，让"幕后英雄"发光 中国制造在全球供应链中举足轻重，众多国际大牌背后都有中国工厂的身影。然而，这些拥有顶尖制造 和研发能力的"隐形冠军"，却常因品牌运营短板或渠道缺失，在国内市场举步维艰。 "多年直播中，我们接触了大量此类优质制造商，"美ONE优选负责人Sophia表示，"它们制造和研发实 力雄厚，但许多过去专攻外贸的工厂转向内销时，常因运营经验不足而面临订单不稳的困境。"瞄准这 一痛点，美ONE优选应运而生。它将直播间积累的优质工厂资源汇聚于"美ONE优选天猫旗舰店"，以联 名模式为这些"幕后英雄"搭建专属舞台。 在产品的开发上，美ONE优选始终将用户体验置于首位，以追求极致、精益求精的态度，将每 ...

Group 1 - The core viewpoint of the article highlights that Tianrun Dairy, despite facing a net profit loss in Q1 2025, is strategically optimizing its operations and maintaining market resilience through various initiatives [1][2][3] Group 2 - In Q1 2025, the company reported a revenue of 625 million yuan, a year-on-year decrease of 2.5%, and a net profit loss of 73.3 million yuan [1] - The company has improved its average annual milk yield per cow by 0.94 tons to 11.25 tons, with a total cattle inventory of 56,300 heads [1] - The dairy product sales reached 74,500 tons, showing a year-on-year growth of 12.37%, indicating strong market resilience [2] Group 3 - The company has enhanced its cash flow from operating activities, achieving a net cash flow of 47.5 million yuan, significantly improved due to accelerated receivables and increased government subsidies [3] - The company's non-recurring net profit loss was only 1.03 million yuan, indicating strong operational resilience [3] - Analysts suggest that with the industry cycle showing signs of bottoming out and the company's channel expansion efforts, the operational situation is expected to improve gradually starting from Q2 2025 [3]

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]

事件：公司发布2025 年一季报，实现营业收入6.25 亿元，同比-2.50%，实现归母净利润-0.73 亿元，同 比-1713.36%，实现扣非归母净利润-0.01亿元，同比-104.54%。 精准行销驱动长效增长，渠道拓展取得一定突破。1）在销售端：公司针对市场形势变化采取灵活的销 售策略，在疆内市场以"快抢鲜、强推新"为主题，疆外市场围绕核心KA、流通网点、专卖店渠道，针 对重点产品开展促销推广活动，使得产品销量稳步增长。2）在渠道端：公司深耕南疆乡镇网点，开发 疆内核心景区及连锁餐饮渠道，华东、华南地区入驻上海好特卖、零食优选等零食连锁系统，围绕天润 齐源乳品加工基地筹划探索济南商超直营模式。3）在产品端：25Q1 推出5 款新品，新农奶粉产品以川 渝地区天润专卖店为突破口，打造奶粉陈列专区，完成100 家店面产品铺市，此外新农开提米系列烤奶 皮、三角奶酥、奶片等产品已中试成熟逐步推向市场。 盈利预测与投资评级：我们预计公司2025-27 年可实现归母净利润0.71/2.01/2.47 亿元，同比 +62.63%/182.52%/23.13%，当前股价对应2025-27 年PE 分别为47X/17X/ ...