11月27日，"2025搜狐财经年度论坛"在北京举办。在论坛中，伊利集团副总裁张轶鹏带来了题为"汇聚全球资源，打造一杯好奶"的主题分享。 张轶鹏表示，中国乳业正在从"以量取胜"迈向"以质取胜"。消费者需要更加精准、更加专业、更具功能性的营养产品，乳品深加工已成为行业升级的关键。 比如，伊利为了攻克乳铁蛋白提取工艺这一卡点，伊利开展了长达17年的技术攻关，最终实现了乳铁蛋白定向提取保护技术的突破，成功打破国外技术垄 断。 我想跟大家讲一个乳铁蛋白这个例子，乳铁蛋白对于免疫力的调整是非常重要的，它是牛奶里面原生的一种蛋白质。乳铁蛋白提取工艺非常复杂，所以国内 一直是空白。而且要想选一公斤的乳铁蛋白出来，要耗费掉10吨的牛奶才能选出来，所以是万里选一。伊利集团用了17年的时间，通过技术攻关，实现了乳 铁蛋白的定向的保护和提取技术，成功的打破了国外技术垄断。为了攻克这一卡点，伊利开展了长达17年的技术攻关，最终实现了乳铁蛋白定向提取保护技 术的突破，成功打破国外技术垄断。 作为中国产品线最丰富的乳企，伊利正在从乳品企业走向"健康食品集团"，打造了覆盖液态奶、冷饮、奶粉、酸奶、奶酪，以及天然矿泉水、现泡茶、营养 补剂等 ...

人民财讯8月7日电，伊利股份（600887）8月7日在互动平台表示，伊刻活泉矿泉水和现泡茶目前还处于 培育期，主要在一些重点城市、电商、OTO到家等渠道进行布局。 ...

Core Viewpoint - The return of "鹿角巷" (The Alley) marks a significant comeback in the tea beverage market, aiming to regain its former popularity amidst fierce competition and evolving consumer preferences [1][5][17]. Company Overview - 鹿角巷 originally opened its first store in Shanghai in 2017, quickly gaining fame with its signature black sugar pearl milk tea, which led to a surge in popularity and the emergence of the "dirty tea" trend [5]. - At its peak, 鹿角巷 had over 7000 imitations across the country, while only 114 authentic stores existed, leading to significant brand dilution [5]. - The company invested over 100 million yuan in anti-counterfeiting efforts from 2018 to early 2022 [5]. Recent Developments - In June 2023, 鹿角巷 announced the opening of 30 new stores across various cities, including Beijing and Shenzhen, as part of its strategy to rebuild brand influence [7]. - As of now, 鹿角巷 has established nearly 40 stores in 25 cities nationwide [9]. Product and Pricing Strategy - 鹿角巷 continues to focus on its black sugar pearl series while introducing new products like rainbow crushed ice and freshly brewed tea, emphasizing the use of fresh milk [9]. - The pricing strategy positions most products in the range of 15-20 yuan, with an average consumption of 16 yuan at the Beijing flagship store, maintaining a mid-range price point [11]. Store Format and Marketing - The new store format has shifted from larger spaces to smaller ones, approximately 20-30 square meters, aligning with current market trends [11]. - The brand employs a "one-day store manager" marketing strategy to attract customers, featuring guest appearances from celebrities [11]. Market Context - The return of 鹿角巷 coincides with a broader trend of nostalgic brands re-entering the market, such as 桃园眷村 and LADY M, which also aim to leverage their past popularity [12][14]. - The competitive landscape has evolved significantly, with new brands like 喜茶 and 奈雪 enhancing their product offerings and supply chains, while price wars are becoming prevalent in the industry [18].

Summary of the Conference Call for Yili Group Industry Overview - The liquid milk industry is experiencing weak terminal sales in Q2 2025, but is expected to perform better than Q1 due to a low base from the previous year and inventory adjustments [2][3] - There is still growth potential in the dairy industry, particularly in lower-tier cities and new retail channels [2][7] Company Performance - In Q1 2025, the company achieved positive revenue growth with a 24% increase in net profit attributable to shareholders [3] - The company aims for revenue growth that outpaces the industry and targets a net profit margin of 9% [2][4] Product Performance - Low-temperature liquid milk has shown slight growth, while room-temperature liquid milk has experienced a mid-single-digit decline [2][5] - The company is focusing on high-end products and optimizing SKU to improve revenue in low-temperature liquid milk [2][5] - The introduction of high-cost performance products is expected to impact product structure but will help in reducing raw milk costs [2][8] Market Strategy - The company is cautious about liquid milk growth expectations, with a strategy to reduce channel inventory and launch customized products [2][5][9] - The adult nutrition market is a key focus, with a market share of 24% and a goal for double-digit growth [3][16] - The infant formula segment has seen a balanced development, with a target to increase market share and reach the top position by 2027 [3][15] Supply Chain and Pricing - The company sources milk primarily from local suppliers, with about 40% from its own farms [13] - The current low milk prices are affecting the market, but the company is focusing on channel opportunities rather than just low pricing strategies [14][21] Future Outlook - The dairy industry is expected to have significant growth opportunities, especially in new retail channels and increased per capita consumption [7][22] - The company is exploring non-dairy businesses and international markets, aiming for substantial growth in these areas over the next five years [18][22] Competitive Landscape - The competitive environment in the dairy market has shifted, with the company maintaining stable pricing strategies to ensure market share [23] - New product launches have performed well, contributing positively to the company's growth [24] Conclusion - The company is strategically positioned to navigate the current challenges in the dairy market while capitalizing on growth opportunities in various segments and channels [2][7][18]