记者丨贺泓源 实习生李音桦 编辑丨陶力 光明乳业依旧有着走向全国的信心。 11月28日，该公司公告称，拟以5亿元价格收购湖州福昕持有的小西牛40%股权，交易完成后 小西牛将成为其全资子公司。 公告显示，小西牛是西北地区一家专门从事乳制品研发、生产和销售，具有高原特色的股份制 企业(非上市)。该公司产品主要涵盖常温牛奶、常温酸奶、低温酸奶及乳饮料四大类。 显然， 基于小西牛所在的西北市场需求相对有限，光明乳业收购小西牛是为了打开全国空 间。 公告称，近三年，小西牛借助光明乳业在华东、华南地区的渠道资源，取得了华东地区 销售拓展的显著成效。"小西牛在青海及部分周边城市已建立起了成熟的渠道体系，在这些优 势渠道中也存在着对于高端产品的需求，可以嫁接光明乳业产品进行售卖。"光明称。 此外，光明乳业已经在宁夏布局了牧业资源，小西牛的产能尚有富余，且预留了产能扩建的土 地，未来可作为光明乳业在西部地区的乳制品加工厂，提升产能利用率和经济效益。光明乳业 由此在西部可形成产能新格局，支撑整个西部地区的销售。 但要看到，光明在沪外市场销售明显收缩。 户包括manner，M stand等。 21世纪经济报道记者在上海走访发现，朝 ...

光明乳业（600597）依旧有着走向全国的信心。 "守住"上海 在第三季度，光明乳业的区域分化进一步加剧。 好消息是，光明在大本营上海稳住了。财报显示，在三季度，光明乳业上海销售额同比增长2.58%至 17.1亿元。 11月28日，该公司公告称，拟以5亿元价格收购湖州福昕持有的小西牛40%股权，交易完成后小西牛将 成为其全资子公司。 公告显示，小西牛是西北地区一家专门从事乳制品研发、生产和销售，具有高原特色的股份制企业(非 上市)。该公司产品主要涵盖常温牛奶、常温酸奶、低温酸奶及乳饮料四大类。 显然，基于小西牛所在的西北市场需求相对有限，光明乳业收购小西牛是为了打开全国空间。公告称， 近三年，小西牛借助光明乳业在华东、华南地区的渠道资源，取得了华东地区销售拓展的显著成 效。"小西牛在青海及部分周边城市已建立起了成熟的渠道体系，在这些优势渠道中也存在着对于高端 产品的需求，可以嫁接光明乳业产品进行售卖。"光明称。 此外，光明乳业已经在宁夏布局了牧业资源，小西牛的产能尚有富余，且预留了产能扩建的土地，未来 可作为光明乳业在西部地区的乳制品加工厂，提升产能利用率和经济效益。光明乳业由此在西部可形成 产能新格局，支撑 ...

公告显示，小西牛是西北地区一家专门从事乳制品研发、 生产和销售， 具有高原特色的股份制企业(非 上市)。 该公司产品主要涵盖常温牛奶、 常温酸奶、低温酸奶及乳饮料四大类。 显然，基于小西牛所在的西北市场需求相对有限，光明乳业收购小西牛是为了打开全国空间。 公告 称，近三年，小西牛借助光明乳业在华东、 华南地区的渠道资源， 取得了华东地区销售拓展的显著成 效。" 小西牛在青海及部分周边城市已建立起了成熟的渠道体系， 在这些优势渠道中也存在着对于高端 产品的需求， 可以嫁接光明乳业产品进行售卖。"光明称。 此外，光明乳业已经在宁夏布局了牧业资源，小西牛的产能尚有富余，且预留了产能扩建的土地， 未 来可作为光明乳业在西部地区的乳制品加工厂， 提升产能利用率和经济效益。 光明乳业由此在西部可 形成产能新格局， 支撑整个西部地区的销售。 好消息是，光明在大本营上海稳住了。财报显示，在三季度，光明乳业上海销售额同比增长2.58%至 17.1亿元。 21世纪经济报道记者贺泓源、实习生李音桦 北京、上海报道 光明乳业（600597）依旧有着走向全国的信心。 11月28日，该公司公告称，拟以5亿元价格收购湖州福昕持有的小西牛4 ...

光明乳业依旧有着走向全国的信心。 11月28日，该公司公告称，拟以5亿元价格收购湖州福昕持有的小西牛40%股权，交易完成后小西牛将 成为其全资子公司。 公告显示，小西牛是西北地区一家专门从事乳制品研发、 生产和销售， 具有高原特色的股份制企业(非 上市)。 该公司产品主要涵盖常温牛奶、 常温酸奶、低温酸奶及乳饮料四大类。 显然，基于小西牛所在的西北市场需求相对有限，光明乳业收购小西牛是为了打开全国空间。 公告 称，近三年，小西牛借助光明乳业在华东、 华南地区的渠道资源， 取得了华东地区销售拓展的显著成 效。" 小西牛在青海及部分周边城市已建立起了成熟的渠道体系， 在这些优势渠道中也存在着对于高端 产品的需求， 可以嫁接光明乳业产品进行售卖。"光明称。 此外，光明乳业已经在宁夏布局了牧业资源，小西牛的产能尚有富余，且预留了产能扩建的土地， 未 来可作为光明乳业在西部地区的乳制品加工厂， 提升产能利用率和经济效益。 光明乳业由此在西部可 形成产能新格局， 支撑整个西部地区的销售。 但要看到，在光明在沪外市场销售明显收缩。 "守住"上海 在第三季度，光明乳业的区域分化进一步加剧。 好消息是，光明在大本营上海稳住了。 ...

21世纪经济报道记者贺泓源、实习生李音桦 北京、上海报道 光明乳业依旧有着走向全国的信心。 11月28日，该公司公告称，拟以5亿元价格收购湖州福昕持有的小西牛40%股权，交易完成后小西牛将 成为其全资子公司。 公告显示，小西牛是西北地区一家专门从事乳制品研发、 生产和销售， 具有高原特色的股份制企业(非 上市)。 该公司产品主要涵盖常温牛奶、 常温酸奶、低温酸奶及乳饮料四大类。 显然，基于小西牛所在的西北市场需求相对有限，光明乳业收购小西牛是为了打开全国空间。 公告 称，近三年，小西牛借助光明乳业在华东、 华南地区的渠道资源， 取得了华东地区销售拓展的显著成 效。" 小西牛在青海及部分周边城市已建立起了成熟的渠道体系， 在这些优势渠道中也存在着对于高端 产品的需求， 可以嫁接光明乳业产品进行售卖。"光明称。 此外，光明乳业已经在宁夏布局了牧业资源，小西牛的产能尚有富余，且预留了产能扩建的土地， 未 来可作为光明乳业在西部地区的乳制品加工厂， 提升产能利用率和经济效益。 光明乳业由此在西部可 形成产能新格局， 支撑整个西部地区的销售。 但要看到，在光明在沪外市场销售明显收缩。 "守住"上海 在第三季度，光明乳业 ...

Group 1: Industry Overview - The dairy industry in first-tier cities is experiencing intensified competition, particularly in Shanghai, where sales for Bright Dairy have declined by 4% to 5.199 billion yuan in the first three quarters [1] - The competition is exacerbated by the rise of new tea beverages, which are seen as substitutes for liquid milk products, as noted by Yili during their performance meeting [1] - Major players like Yili and Mengniu, along with regional companies, are aggressively expanding into key markets like Beijing and Shanghai, leading to intensified price wars [1] Group 2: Company Performance - Bright Dairy reported a revenue increase of 1.04% year-on-year to 5.759 billion yuan in Q3, but faced a net loss of 181 million yuan [1] - For the first three quarters, Bright Dairy's revenue decreased by 0.99% to 18.231 billion yuan, with a net profit decline of 25.05% to 87.2143 million yuan [1] - New Dairy achieved a revenue growth of 3.49% to 8.434 billion yuan in the first three quarters, with a net profit increase of 31.48% to 623 million yuan [2] Group 3: Strategic Initiatives - Bright Dairy is implementing various strategies to defend its market share in Shanghai, including launching new products and enhancing its distribution channels [2] - The company is focusing on product innovation and upgrading existing products to improve competitiveness and stabilize market share [2] - Bright Dairy's efforts to maintain its market presence in Shanghai have shown limited effectiveness so far [2]

Group 1: Company Strategies and Developments - Bright Dairy is enhancing its product offerings by launching new products like Youbei 5.0 ultra-fresh milk and high-protein products to meet consumer demand and stabilize market share [1] - ST Juewei is currently operating normally and aims to apply for the removal of risk warnings after fulfilling certain conditions, following a regulatory investigation [2] - Jinzi Ham plans to invest up to 300 million RMB to acquire up to 20% equity in Zhongsheng Microelectronics, recognizing the growth potential in the AI and optical communication sectors [3] Group 2: Regulatory and Market Updates - The State Council's Food Safety Office has issued directives to ensure food safety during the upcoming National Day and Mid-Autumn Festival, focusing on the regulation of seasonal food products [4] - Changjiang International Trade Group's acquisition of Good Products has received unconditional approval from the market supervision authority, with the share transfer agreement set at 12.34 RMB per share [5][6] - Wanchen Group has submitted an application for H-share listing on the Hong Kong Stock Exchange, with the process still subject to regulatory approvals [11][12] Group 3: Retail and Consumer Trends - Bawang Tea has opened its largest "Super Tea Warehouse" in Hong Kong and plans to launch over ten new stores in the coming months to expand its market presence [7] - Yonghui Supermarket has completed the renovation of its Daxing District store, adopting the "Fat Donglai model" and significantly increasing the proportion of new products [9] - Pang Donglai clarified that the design cost for its Mid-Autumn Festival mooncake packaging was 3.72 million RMB, countering claims of a 10 million RMB expense [10]

Core Viewpoint - Bright Dairy is experiencing a decline in revenue and profit, particularly in its home market of Shanghai, amidst a broader contraction in the dairy industry [1][2][3]. Company Performance - In the first half of 2025, Bright Dairy's revenue decreased by 1.9% year-on-year to 12.47 billion yuan, while net profit attributable to shareholders fell by 22.5% to 220 million yuan [1]. - Revenue from liquid milk, other dairy products, and livestock products was 6.61 billion yuan, 4.45 billion yuan, and 520 million yuan, with year-on-year growth rates of -8.6%, +8.8%, and -13.8% respectively [1]. - Revenue breakdown by region shows that in Shanghai, revenue was 3.49 billion yuan (down 6.9%), in other regions 4.99 billion yuan (down 1.5%), and overseas 3.94 billion yuan (up 1.9%) [1]. Industry Context - The overall dairy market is facing a contraction, with Nielsen IQ reporting a 9.6% year-on-year decline in dairy product sales across all channels as of June 2025 [3]. - Major competitors like Mengniu and Yili also reported revenue declines, with Mengniu down 6.9% to 41.57 billion yuan and Yili's liquid milk revenue down 2.1% to 36.13 billion yuan [3]. Competitive Landscape - Bright Dairy is intensifying efforts to defend its market share in Shanghai by launching new products and enhancing existing ones to meet consumer demands [5]. - The company is also expanding its business-to-business (B2B) operations and improving its channel strategies, including online integration and traditional channel support [5]. - New Dairy, a competitor, reported a 3.01% revenue increase to 5.526 billion yuan in the first half of 2025, indicating a more proactive approach in its core markets [4]. Market Response - As of September 25, 2025, Bright Dairy's stock closed at 8.44 yuan per share, reflecting a slight decline of 0.35% [7].

Core Viewpoint - Bright Dairy is experiencing a decline in revenue and profit, particularly in its home market of Shanghai, amid a broader contraction in the dairy industry [1][2][3]. Financial Performance - In the first half of 2025, Bright Dairy's revenue decreased by 1.9% year-on-year to 12.47 billion yuan, while net profit attributable to shareholders fell by 22.5% to 220 million yuan [1]. - Revenue from liquid milk, other dairy products, and livestock products was 6.61 billion yuan, 4.45 billion yuan, and 520 million yuan, with year-on-year growth rates of -8.6%, +8.8%, and -13.8% respectively [1]. - Regionally, revenue in Shanghai, other regions, and overseas was 3.49 billion yuan, 4.99 billion yuan, and 3.94 billion yuan, with year-on-year growth rates of -6.9%, -1.5%, and +1.9% respectively [1]. Industry Context - The overall demand for dairy products is shrinking, with Nielsen IQ reporting a 9.6% year-on-year decline in dairy sales across all channels as of June 2025 [3]. - Competitors like Mengniu and Yili also reported revenue declines, with Mengniu's revenue down 6.9% to 41.57 billion yuan and Yili's liquid milk revenue down 2.1% to 36.13 billion yuan in the first half of 2025 [3]. Competitive Landscape - Bright Dairy is intensifying efforts to defend its market share in Shanghai by launching new products and enhancing its distribution channels [5][6]. - New Dairy, a competitor, reported a revenue increase of 3.01% to 5.526 billion yuan in the first half of 2025, indicating a more proactive approach in its core markets [4].

Core Viewpoint - The dairy industry is currently experiencing a structural adjustment characterized by oversupply, leading to frequent discounts and promotional activities among major brands. Despite short-term challenges, the long-term fundamentals of the industry remain positive [1][2]. Group 1: Company Performance - In the first half of the year, the company's total revenue reached 12.472 billion yuan, with a net profit attributable to shareholders of 217 million yuan [1]. - The company's revenue from the Shanghai region was 3.488 billion yuan, while revenue from outside Shanghai was 4.986 billion yuan, and overseas market revenue was 3.936 billion yuan [2]. Group 2: Market Strategy - The company plans to enhance its market presence against national brands like Mengniu and Yili by focusing on product innovation, channel expansion, and brand strengthening [2]. - New product launches include "Youbei 5.0 Super Fresh Milk" and "Nanofiltration High-Protein Milk," aimed at diversifying the product range and meeting consumer demands [2]. Group 3: Industry Trends - The dairy industry faces competition not only from similar companies but also from the rising popularity of ready-to-drink tea beverages, which are seen as substitutes for liquid milk [3]. - There is a growing demand for dairy products from coffee and tea chains, prompting companies to explore B2B opportunities, as seen with partnerships like the one between the company and Manner Coffee [3].