Group 1 - The core viewpoint of the report is that Dairy Industry maintains a target price of HKD 21.7 for Mengniu Dairy (02319) and rates it as "Buy" [1] - The estimated core net profit for Mengniu Dairy last year is between RMB 3.1 billion and RMB 3.5 billion [1] - From the second half of 2025, liquid milk revenue is expected to show stable quarter-on-quarter growth, indicating recovery and stability [1] Group 2 - Fresh milk, milk powder, and cheese products are projected to achieve double-digit growth by 2025, maintaining a strong growth momentum [1]