港股上市刚刚"满月"，2025年4月23日，"雪王"蜜雪集团（2097.HK）披露了上市后的首份《2024 环 境、社会及管治（ESG）报告》（下称"报告"）。 这一年，蜜雪集团有哪些ESG战略与实践？报告开篇如是回应——以集团层面的ESG治理作为基础，从 产品质量、伙伴福祉、回馈社会、环境保护四个方面着手，切实履行真实负责的ESG战略。 在翻阅ESG报告后发现，蜜雪集团将食品质量与安全、供应链管理等作为极高重要性ESG议题。从消费 者、加盟商到农户，再到一杯柠檬水中的一颗柠檬，背后是蜜雪集团三二一产业链布局与持续绿色升 级。 "雪王"要怎样将ESG纳入战略决策，践行高质平价的初心和百年品牌愿景？让我们透过2024年ESG报告 一起来看看"雪王"的可持续之路。 舌尖上的"安全守护" 过去一年，手握"蜜雪冰城""幸运咖"两大品牌以及供应链子公司"大咖国际"，蜜雪集团坐拥超4.6万家门 店，覆盖中国及海外11个国家，斩获超248亿元的营业收入，成为中国及全球规模领先的现制饮品企 业。 纵览"雪王"的商业版图，超4.6万家网络门店的背后是横跨三二一产业链的经营布局。可持续发展既是 维系企业长治久安的战略，作为"链主 ...

Summary of Yuran Dairy's Conference Call Company Overview - **Company**: Yuran Dairy - **Year**: 2024 Key Financial Performance - **Total Revenue**: Increased by 7.5% to 21 billion CNY [3] - **Overall Gross Margin**: Improved by 4.9 percentage points to 28.8% [3] - **Raw Milk Revenue**: 15.1 billion CNY, up 17% year-on-year; gross profit of 4.914 billion CNY, up 33.8% [3] - **Solution Business Revenue**: 5 billion CNY with a gross margin of 16.8% [3] - **Average Annual Yield**: Increased by 5% to 12.6 tons per farm [3] Industry Insights - **Milk Production Capacity**: National milk production capacity is on a downward trend [5] - **Consumer Stimulus Policies**: Expected to improve supply-demand balance [5] - **Cost Structure**: Cost of milk sold per kilogram is 2.77 CNY, with feed costs accounting for 76% [6] - **Raw Material Prices**: Slight fluctuations expected in 2025 due to weak demand [6] Operational Efficiency - **Cost Control**: Yuran Dairy maintains cost targets through technical measures and operational optimization [7][8] - **Long-term Contracts**: Agreements with major clients ensure stable pricing and volume [3][18] Future Outlook - **Production Goals for 2025**: Targeting an average yield of 13 tons, with expected double-digit growth in production [5][11] - **Capital Expenditure**: Expected to decrease to under 600 million CNY in 2025 [22] - **Cow Herd Growth**: Anticipated to reach over 650,000 by the end of 2025 [12] Market Dynamics - **Milk Price Trends**: Prices are expected to stabilize above 2 CNY per kilogram in 2025, reflecting improved supply-demand dynamics [13] - **Impact of Tariffs**: Tariffs have limited impact on soybean meal prices; corn is primarily sourced domestically [6][10] - **Industry Consolidation**: Larger farms are better positioned to manage costs compared to smaller farms [9][16] Challenges and Risks - **Net Loss**: Company reported a net loss of 1.69 billion CNY, though this represents a 34% reduction in losses year-on-year [4] - **Cash Flow**: Cash flow improved significantly, with free cash flow turning positive [4] Strategic Initiatives - **Acquisition Strategy**: No major acquisitions planned; focus on organic growth and herd expansion [23] - **Dividend Policy**: Future dividends will depend on cash flow performance [25] Conclusion Yuran Dairy has demonstrated resilience in a challenging market, achieving growth in revenue and operational efficiency while navigating cost pressures and market dynamics. The company is well-positioned for future growth with strategic initiatives aimed at enhancing production and maintaining financial stability.