Core Viewpoint - Mengniu Dairy's ice cream business has achieved positive growth in the first half of 2025, driven by healthy inventory levels, effective marketing strategies, and strong sales of new products [1][10]. Product Performance - In the first half of 2025, Mengniu launched 20 new ice cream products, focusing on health, premium quality, and personalization, which led to a 2.7 percentage point increase in the sales proportion of new products compared to the previous year [3][10]. - Key products such as "Sui Bian Zhuan," "Green Mood Double Skin Milk," and "Green Mood Black Sesame" have become bestsellers, significantly boosting sales and brand reputation [4][10]. Market Trends - The domestic ice cream market has faced challenges in 2025, including decreased sales per store and overall industry stagnation due to consumer confidence issues and market saturation [4][10]. - Despite these challenges, Mengniu's strong R&D capabilities and market insights have allowed it to outperform competitors and maintain a leading position in the market [4][10]. Marketing Strategies - Mengniu has effectively targeted the Z generation, positioning ice cream as a year-round snack rather than just a summer treat, which aligns with changing consumer preferences [13]. - Innovative marketing campaigns, such as collaborations with popular events and interactive experiences, have successfully engaged younger consumers and enhanced brand visibility [12][14]. Channel Development - The company has strengthened its sales channels, focusing on traditional, modern, and new retail avenues, resulting in significant growth in sales, particularly in fresh e-commerce and instant retail [14][16]. - The implementation of a differentiated strategy for various cities and the enhancement of marketing capabilities are expected to further drive growth in the second half of 2025 [16].

Core Viewpoint - Mengniu Dairy's ice cream business has achieved positive revenue growth in the first half of 2025, driven by healthy inventory levels, effective marketing strategies, and strong sales of new products [1] Group 1: Financial Performance - In the first half of 2025, Mengniu's ice cream revenue showed a counter-cyclical growth despite challenging industry competition and weakened offline sales capabilities [1] - The sales proportion of new products increased by 2.7 percentage points year-on-year, with nine new products achieving sales exceeding ten million [1] Group 2: Product Development - Mengniu launched 20 new ice cream products in the first half of 2025, focusing on health, premium quality, and personalization, effectively addressing consumer demands for quality and experience [2] - Notable new products such as "随变转," "随变MINI," "绿色心情双皮奶," and "绿色心情黑芝麻" exceeded sales expectations [1] Group 3: Channel Strategy - The company has strengthened its four major channels: traditional, modern, special, and new retail channels, with significant improvements in sales and market presence [2] - The fresh e-commerce sales grew over 40%, and the instant retail segment saw explosive growth in customer transaction values [2] Group 4: Future Plans - In the second half of 2025, Mengniu plans to enhance marketing capabilities through targeted strategies, channel restructuring, and efficiency upgrades [3] - The company aims to implement a "one city, one policy" approach to create city-specific marketing strategies and establish urban accounting units [3]