根据市场观察，蒙牛在交易后仍全面掌控雅士利在亚洲地区的业务主体，包括中国及东南亚市场，其业 务反而因为资源更加集中，展现出更强的增长潜力。 业内人士分析指出，尽管出售了新西兰工厂，蒙牛在国内外市场的步伐并未放缓，反而体现出更清晰的 战略聚焦和业务韧性。从中报数据来看，公司奶粉业务已逐步走出调整期，婴幼儿配方奶粉业务重回强 劲增长轨道。 近期，中国蒙牛乳业有限公司（以下简称"蒙牛"）将旗下雅士利新西兰工厂出售予新西兰A2牛奶公 司，这一交易受到行业广泛关注。 从行业视角看，蒙牛此次动态并非仅是独立事件，而是与多家乳企近期的战略调整步调一致，对当前澳 洲、新西兰地区婴配粉产能过剩，以及中国市场结构转变等一系列挑战的积极回应，展现出乳企在国际 化进程中持续优化资源配置、提升盈利能力的战略意图。 当前，澳新地区婴儿配方粉行业普遍面临产能过剩的压力。随着中国出生率持续走低，加上本土奶粉品 牌的崛起，中国市场对进口奶粉的需求明显放缓。这一变化导致新西兰及澳大利亚多家婴配粉工厂出现 产能利用率不足的问题，多家企业长期处于亏损状态。 面对行业困境，多家企业已主动调整战略。据公开信息，A2Milk出售了旗下持续亏损的 Mata ...

近期，蒙牛乳业将旗下雅士利新西兰工厂出售予新西兰A2牛奶公司，这一交易受到行业广泛关注。从 行业视角看，蒙牛此次动态并非仅是独立事件，而是与多家乳企近期的战略调整步调一致，对当前澳 洲、新西兰地区婴配粉产能过剩、中国市场结构转变等一系列挑战的积极回应，展现出乳企在国际化进 程中持续优化资源配置、提升盈利能力的战略意图。 澳新产能过剩，推动乳企主动调整 当前，澳新地区婴配粉行业普遍面临产能过剩的压力。随着中国出生率持续走低，加上本土奶粉品牌的 崛起，中国市场对进口奶粉的需求明显放缓。这一变化导致新西兰及澳大利亚多家婴配粉工厂出现产能 利用率不足的问题，多家企业长期处于亏损状态。 业内人士分析指出，尽管出售了新西兰工厂，蒙牛在国内外市场的步伐并未放缓，反而体现出更清晰的 战略聚焦和业务韧性。从中报数据来看，公司奶粉业务已逐步走出调整期，婴幼儿配方奶粉业务重回强 劲增长轨道。 在中国市场，瑞哺恩上半年销售额实现双位数增长。在海外，贝拉米销售增长超过20%，以"贝拉米白 金有机A2"为代表的高端线增速翻倍，在越南等东南亚市场拓展成效显著。蒙牛旗下艾雪冰淇淋也已在 印尼等市场已建立起成熟的本地化运营模式，市场份额达34 ...

蒙牛围绕"喝上奶、喝好奶、喝对奶"三大核心举措，通过产品创新、渠道升级和精益管理三大引擎创新 求变——当乳制品同质化严重，蒙牛2025年上半年推出超百款新品，响应不同年龄人群的多元化需求； 当传统商超乏力时，全力构建"全域渠道生态"打通线上线下（300959）场景；周期压力下，更跳出传统 模式，以创新激活品牌韧性。 正如蒙牛总裁兼执行董事高飞在8月28日的业绩交流会上所言，蒙牛将以信心与奋斗直面挑战——这不 仅是企业穿越周期的增长密码，更成为乳业低谷期破局、引领中国乳业高质量发展的标杆实践。 引领全品类价值升级 面对乳制品行业同质化竞争的核心痛点，蒙牛将产品创新作为破局关键。 2025年上半年蒙牛推出超百款新品，构建覆盖常温奶、低温酸奶、鲜奶、冰淇淋、功能乳、婴配粉的全 品类矩阵，以"喝上奶、喝好奶、喝对奶"战略锚定不同人群需求，不仅夯实自身产品壁垒，更引领行业 从"规模供给"向"价值供给"转型。 "喝上奶"夯实行业基础盘，蒙牛常温板块推出72款新品强化基础营养，以极致 "质价比"扩大消费覆盖 面；同时针对乳糖不耐受等痛点推出零乳糖双蛋白产品，解决行业长期存在的"消费门槛"问题。 8月27日，蒙牛乳业（023 ...

本文来自微信公众号：中国企业家杂志 （ID：iceo-com-cn），编辑：米娜，作者：张文静，题图来自：视觉中国 高飞或许自己都没想到，液态奶居然成为2025年上半年蒙牛唯一业绩下滑的板块。 值得注意的是营收方面的波动。液态奶业务成为蒙牛上半年唯一下滑的板块，收入较去年同期减少40亿元，同比下滑11.22%。 "压舱石"松动？ 2025年上半年，蒙牛液态奶、冰淇淋、奶粉、奶酪及其他业务收入分别为321.92亿元、38.79亿元、16.75亿元、23.74亿元、14.47亿元，分别同比增 长-11.22%、15.04%、2.47%、12.28%、12.39%。 在2024年3月出任蒙牛总裁前，高飞已在蒙牛工作25年。1999年蒙牛创立之初，他就加入了，历任销售及营销部区域经理、中心经理、销售总经理、营销 总经理等职务，2016年起担任集团副总裁、常温事业部负责人，并主导了蒙牛销售体系的开拓和发展。 过去，外界熟知蒙牛的特仑苏，却鲜少人知道高飞。特仑苏正是高飞带领团队一手打造出来的大单品。2021年，特仑苏年销售额突破300亿元，几乎占据 当年蒙牛液态奶收入的一半。 根据蒙牛此前公布的信息，2016年以来，高飞 ...

Core Viewpoint - Under the strategy of "lean management + multi-dimensional innovation + one body and two wings," the company is seeking certainty in a challenging market environment, showcasing resilience in its mid-term performance despite industry adjustments and slow consumer recovery [2][34]. Financial Performance - In the first half of 2025, the company achieved revenue of 41.57 billion yuan and operating profit of 3.54 billion yuan. Excluding losses from joint ventures in the livestock sector, the net profit attributable to the parent company remained stable year-on-year [2]. Industry Context - The dairy industry is experiencing a deep adjustment, with a 4.5% year-on-year decrease in the number of dairy cows and a 2.81% decline in raw milk production, marking the first drop since 2018 [3][5]. - Despite the decrease in supply, the market faces oversupply and weak demand, leading to a 4.6% year-on-year reduction in apparent dairy consumption in 2024 [5]. - The average daily surplus of raw milk remains at 11,000 tons, indicating ongoing challenges in supply-demand balance [5]. Operational Strategies - The company has implemented various lean management initiatives to enhance operational efficiency, resulting in a 13.4% increase in operating profit margin and growth in operating cash flow [6][11]. - In upstream raw milk supply, the company has introduced technical services to improve the resilience and operational capabilities of partner farms [9]. - In the midstream processing segment, the company has adopted smart operations to enhance production efficiency, achieving a 55% reduction in delivery cycles and a 32% decrease in operating costs [10]. Innovation and Product Development - The company has seen double-digit revenue growth in its fresh milk segment (+22%) and maintained market leadership in low-temperature products for 21 consecutive years [12]. - The introduction of over 100 new products in the first half of 2025 reflects the company's commitment to innovation, targeting specific consumer needs and market segments [12][15]. - The company focuses on health and emotional value in its product offerings, launching products with clear health benefits and appealing designs [15][16]. Brand and Marketing Strategies - The company has shifted its marketing strategy to integrate top IPs and social values, enhancing brand connection with consumers [16][18]. - The incorporation of ESG principles into the brand's identity has garnered widespread market recognition [18]. Channel Innovation - The company is pursuing a decentralized approach to channel innovation, expanding into new retail formats and optimizing logistics through digital transformation [19]. - Collaborations with major clients in the B2B sector have opened new growth avenues while addressing raw milk surplus [19]. Strategic Framework - The company's growth strategy, termed "one body and two wings," emphasizes a return to core dairy principles and the development of high-value nutrition and health platforms [21][24]. - The focus on international markets, particularly in Southeast Asia, has allowed the company to alleviate domestic supply pressures and expand its market reach [28][29]. Conclusion - The company's mid-term report reflects a strategic shift towards efficiency, innovation, and long-term growth, positioning it to capture market share and improve profitability as industry conditions stabilize [34].

酒业 老白干酒上半年营收微增0.48%至24.81亿元，100元以下产品收入下降3.81% 8月28日，老白干酒发布2025年半年报。披露公司上半年营收增长0.48%至24.81亿元，归属净利提高 5.42%至3.21亿元。另据经营数据公告，按产品档次分，100元以上产品收入增长 5.10%至13.17亿元， 100元以下产品收入下降3.81%至11.53亿元。 8月28日，山西汾酒发布2025年半年报。披露公司上半年营收增长 5.35%至239.6亿元，归属净利提高 1.13%至85.05亿元。上半年，公司全面推进全国化2.0战略，围绕"一轮红日、五星灿烂、清香天下"的市 场布局深耕细作，成效显著，长三角、珠三角等潜力区域保持高速增长态势。分区域看，上半年省内收 入增长4.04%至87.32亿元，省外收入提高6.15%至151.43亿元。 五粮液上半年营收提高4.19%至527.71亿元，五粮浓香产品日均开瓶扫码量两位数增长 8月27日，五粮液发布2025年半年报。披露公司上半年营收527.71亿元，同比增长4.19%；归属净利润 194.92亿元，同比增长2.28%；Q2营收158.31亿元，同比增长0. ...

Core Viewpoint - Mengniu Dairy is effectively implementing its "One Body, Two Wings" strategy, leading to resilient performance in the first half of 2025, despite challenges in the dairy industry [1][2]. Financial Performance - In the first half of 2025, Mengniu achieved revenue of 41.567 billion RMB, with a gross margin improvement of 1.4 percentage points to 41.7% [1]. - Operating profit reached 3.538 billion RMB, a year-on-year increase of 13.4%, with an operating profit margin up by 1.5 percentage points to 8.5% [1]. - The net cash inflow from operating activities grew significantly by 46.2% year-on-year to 2.806 billion RMB, supported by lower raw milk prices [1]. Strategic Implementation - The "One Body, Two Wings" strategy focuses on solidifying core dairy business while diversifying product categories and accelerating international growth [2][6]. - Over 100 new products were launched in the first half of 2025, enhancing the product mix towards high-value categories [2]. Business Segments - Liquid milk remains the main revenue driver, generating 32.192 billion RMB, accounting for 77.4% of total revenue, with a focus on optimizing product structure [2][3]. - The yogurt segment maintained market leadership for 21 consecutive years, with innovative products driving sales growth [3]. - The fresh milk segment saw double-digit growth, significantly outpacing industry growth rates [3]. - The milk powder segment generated 1.676 billion RMB, with infant formula experiencing double-digit growth [4]. - The cheese segment achieved revenue of 2.374 billion RMB, maintaining its leading position in the market [4][5]. - Ice cream revenue reached 3.879 billion RMB, reflecting double-digit growth [5]. International Expansion - Mengniu's international business is rapidly growing, with significant market penetration in Southeast Asia, particularly through the Aisle brand [7][8]. - The company is leveraging its high-end products and channel advantages to expand its presence in overseas markets [8]. Future Outlook - The dairy industry is expected to recover, with Mengniu poised to enhance its market share through continued optimization of its product structure and expansion in high-value categories [9]. - The company plans to strengthen its operational efficiency through digital transformation and cost control measures [9]. - Mengniu intends to continue its share repurchase program, reflecting confidence in long-term growth [9].

Core Viewpoint - In the first half of 2025, Mengniu Dairy (02319) demonstrated resilience in its operations by advancing its "One Body, Two Wings" strategy, optimizing channels, and enhancing operational efficiency, resulting in a revenue of 41.567 billion RMB [1] Financial Performance - Mengniu achieved a revenue of 41.567 billion RMB in the first half of 2025, with a gross margin improvement of 1.4 percentage points to 41.7% and an operating profit of 3.538 billion RMB, reflecting a year-on-year growth of 13.4% [1] - The company's operating profit margin increased by 1.5 percentage points to 8.5% [1] - Cash inflow from operating activities surged by 46.2% year-on-year to 2.806 billion RMB, supported by lower raw milk prices and improved working capital management [3] Strategic Initiatives - The "One Body, Two Wings" strategy is closely linked to Mengniu's resilient performance, focusing on solidifying its core dairy business while diversifying product categories and accelerating key technological breakthroughs in the nutrition and health sector [4] - In the first half of 2025, Mengniu launched over 100 new products across various categories, including low-temperature yogurt, fresh milk, milk powder, cheese, and ice cream, enhancing its product structure towards higher value-added offerings [4] Business Segments - The liquid milk segment, accounting for 77.4% of total revenue, generated 32.192 billion RMB, with a focus on optimizing product structure and enhancing quality and efficiency [5] - The low-temperature business maintained its market leadership, with yogurt sales outperforming the category, while fresh milk business achieved double-digit growth, significantly outpacing industry growth rates [7] - The milk powder segment generated 1.676 billion RMB, with infant formula experiencing double-digit growth, and the cheese segment contributed 2.374 billion RMB, maintaining its leading position in the industry [8] - The ice cream business reported a revenue of 3.879 billion RMB, achieving double-digit growth through innovative and health-focused product offerings [9] International Expansion and Innovation - Mengniu is enhancing its international business, with significant growth in overseas markets, particularly in Southeast Asia, where its ice cream brand Aisle has captured a 34% market share in Indonesia [13] - The company is also focusing on nutritional health, with innovations such as the domestically developed cream product and a strong presence in the sports nutrition sector [11] Future Outlook - The dairy industry is expected to recover in the second half of 2025, with Mengniu poised to leverage its leadership position to optimize product structures and expand high-value categories [15] - The company plans to continue its share repurchase program, reflecting confidence in long-term growth and aiming to enhance shareholder returns [15]

在消费增长乏力、奶价倒挂与产能过剩的三重压力下，蒙牛通过产品创新、渠道升级和精益管理三大引擎创新求变，在逆境中重构增长逻辑。 向创新要发展 站在行业变革的十字路口，蒙牛选择用创新开路。 今年上半年，蒙牛在产品端动作频频，仅上半年就推出上百款新品，其中蒙牛常温事业部推出72款新品，鲜奶板块上市了15支新品，冰品上市了20余支创 新产品，覆盖从常温奶到低温酸奶、从鲜奶到冰淇淋，从功能牛奶到婴儿配方奶粉的全品类矩阵。 这些新品不只是简单的SKU扩容，而是瞄准了消费者的细分痛点。 例如高端鲜奶"每日鲜语"融入自研HMO打造儿童呵护营养奶，尤其针对乳糖不耐受群体推出了零乳糖双蛋白产品；"冠益乳"小蓝瓶拿下全国唯一的"健字 号"资质；"优益C"把益生菌和柠檬茶拼在一起，既解渴又有功能；婴配粉"瑞哺恩"用母源MLCT技术把DHA含量拉高48%，吸收率直接翻倍，助力婴幼儿 营养升级。 为让消费者"喝好奶"，老品牌同样在焕新。20岁的"特仑苏"在高端化赛道不断迭代，不仅推出A2β-酪蛋白等新品，还以"种养加、草牧奶"产业链思维焕新 打造"沙金套海沙漠·有机纯牛奶"，以沙漠腹地更为稀缺的优质资源培育出高端有机奶。 在乳制品行业深 ...

当奶粉行业的浪潮在品牌集中化与赛道细分化的双重作用下翻涌，当消费需求向着精细化、功能化的深 海潜行，蒙牛奶粉板块以科研为舟、营销为帆、渠道为桨，在变局中开辟出一条重回增长的航道。 8月27日，蒙牛乳业(2319.HK)发布2025年度中期业绩公告。公告显示，上半年蒙牛奶粉板块收入16.8亿 元，同比增长2.5%，利润9963.7万元，同比显著提升，展现出强劲的发展韧性、对行业趋势的精准把握 和对消费需求的深刻洞察。 科研破壁 建全龄营养技术护城河 奶粉行业的竞争已驶入"技术为王"的深海。消费者对"科学实证"的诉求愈发强烈，蒙牛奶粉以"科研破 壁"为铲，在全龄营养的版图上挖出属于自己的技术护城河。 婴配粉市场，蒙牛瑞哺恩以技术突破，精准踩中90、95后宝妈"精细化育儿"的时代脉搏，继全球首创开 发及应用母源MLCT和新型OPO之后，瑞哺恩推出全球首款Sn-2DHA婴幼儿粉"瑞哺恩亲益"，其Sn-2位 DHA含量相比普通DHA提升了48%，更接近母乳结构，吸收率达较普通DHA提升了100%。核心产品瑞 哺恩恩至凭"母源MLCT+新型OPO"专利亲和配方及实证10大喂养效果再获顶级权威认证，斩获2025年 世界乳品 ...