出品 | 摩登消费 作者 | 嬛嬛 编辑 | 闪电 美编 | 邢静 审核 | 颂文 当中国乳业从"快速做大"转向"以质为先"，市场正展现出新的可能。 2024年，中国乳制品市场规模达6535亿元，但人均乳制品年消费量仅40.5公斤，不足全球平均水平的三分之一，这意味着未来行业仍有很长的路可以走，也 意味着行业的增长故事还未完结。 就在这样的背景下，君乐宝正式向港交所递交了招股书，启动上市进程。这不仅是一家乳企的关键一步，也像一扇窗口，让我们得以观察：在行业转型、消 费分层的今天，中国乳企应该如何寻找自己的节奏，走出一条不一样的路，书写行业新的"增长故事"。 中国乳制品工业协会《2025中国奶商指数报告》明确揭示：消费者的认知已从"多喝奶"步入"喝好奶"的新阶段。 近日递交招股书的君乐宝乳业，业绩表现恰好呼应了这一趋势。 更为亮眼的是盈利表现：经调整净利润从2023年的6.0亿元大幅跃升至2024年的11.6亿元，增幅接近翻倍，这清晰地表明其增长动力已从单纯的规模驱动，切 换至更具质量的盈利驱动，2025年1—9月，利润就达到了9.4亿元，2025全年的利润更值得期待。 （图 / 摄图网，基于VRF协议） 另外 ...

Core Insights - Savencia, a global food group, showcased its well-known brands at the 8th China International Import Expo, emphasizing its commitment to the Chinese market [1] Group 1: Company Development - Since entering China in the early 1990s, Savencia has developed a comprehensive brand matrix covering cheese, cream, chocolate, baking ingredients, butter, and fruit puree, catering to both high-end and everyday baking needs [2] - The company has established three subsidiaries in China, including Tianjin Banshi Food Co., Ltd., Shanghai Sinodis Food Co., Ltd., and Tianjin Kiride Food Co., Ltd., to support its operations [2] - Sinodis has set up a professional training kitchen and R&D center, training over 50,000 chefs and baking experts, and has developed a nationwide cold chain system through temperature-controlled distribution centers in major cities [2] Group 2: Product Innovation - Savencia introduced the Elle & Vire light cream FINESSE, which has a fat content reduced to 25%, catering to consumer demands for lower sugar and fat [2] - The company launched Corman pure cream (38% fat) specifically for the Chinese market, utilizing local high-quality milk sources to enhance its strategic sourcing across France, New Zealand, and China [3] Group 3: Digital Transformation - Savencia has enhanced its digital strategy with the launch of the "Sinodis Premium Purchase" mini-program, facilitating a shift from traditional supply to smart services in the Chinese catering industry [3] - The mini-program has been upgraded to include new features like "Professional Classroom," covering the entire procurement, learning, and interaction process, with an English version launched to improve international user experience [3]

Core Insights - The Chinese dairy industry is undergoing a significant strategic transformation, shifting from a "scale expansion" model reliant on market penetration and capacity expansion to a "value enhancement" model focused on technological innovation, product differentiation, and value chain extension [1] - The B-end dairy market is emerging as a new growth point, attracting major players like Mengniu and Yili, as competition in the C-end market becomes increasingly saturated [1][4] Group 1: Market Dynamics - The B-end dairy market has shown robust growth, with its total scale expanding to a trillion-level market, driven by rising demand from industries like coffee, baking, and tea [4][7] - The coffee market alone is projected to see a sales volume of 3.3 billion cups in 2023, with a growth rate of 37.5%, expected to reach 5 billion cups by 2025 [4][7] - The baking market is also thriving, with a retail market size of 611.07 billion yuan in 2024, anticipated to grow to 859.56 billion yuan by 2029, providing substantial application space for dairy products [7] Group 2: Domestic Market Trends - The trend of domestic substitution in the B-end dairy market is accelerating, with domestic brands gradually breaking the dominance of international brands in high-end products like cream and cheese [8][10] - Currently, 70% to 80% of the B-end market share is still held by imported brands, but domestic companies are gaining ground due to shorter supply chains and better responsiveness to local market needs [10][12] - Anti-dumping policies have created a favorable environment for domestic companies, allowing them to compete more effectively against foreign brands [10][12] Group 3: Competitive Strategies - Major dairy companies are rapidly expanding their B-end market presence through partnerships with food service companies and tailored product offerings [15][21] - Mengniu has launched a professional catering brand, focusing on high-quality dairy ingredients for various sectors, while Yili has established an innovation center to cater to diverse B-end customer needs [15][17] - Companies like Junlebao are focusing on high-value deep processing areas, collaborating with leading tea brands to explore B-end business opportunities [19][21] Group 4: Challenges and Considerations - The B-end market, while promising, presents unique competitive challenges compared to the C-end market, where product specialization and customization capabilities are critical [23][24] - Efficient supply chain management is vital for B-end clients, as any delays can significantly impact operations and brand reputation [24][26] - Barriers to entry, such as technological, scale, and brand reputation, make it difficult for new entrants to compete effectively in the B-end market [26][27]

New Product Launches - Pitaya launched a new line of swirl smoothie bowls using organic superfruits in single-serve frozen form [2][3] - Jianai introduced yogurt frozen treats in original and mango passion fruit flavors, with over 80% fresh milk content [6] - BIRKENSTOCK released the FLORIDA spring/summer collection, reinterpreting the classic sandal design [6] - Nestlé collaborated with Hongdu to create seasonal limited products inspired by the fragrance of Chinese gardenia [9] - Meco cup fruit tea announced the boy band Times Youth League as its new brand ambassador [11] - Xiaoguan Tea entered the fast-moving consumer goods market with a new product line [11] Industry Events - Lavazza opened its first university store at Fudan University, targeting the Gen Z demographic [11] - The popular cake brand Muxinshan opened 800 stores within a year of establishment [11] - Bubble Mart launched its first MEGA COLLECTION store in Chengdu [11] - Chinese colored contact lens brand LEMONADE expanded into the South Korean market [31] Financing Activities - Wailuo secured $60 million in financing, focusing on marketing technology services for consumer brands [18] - Bloobloom, a fashion eyewear brand, raised £3 million in a new funding round [20] - Chaxingren completed nearly 50 million yuan in angel round financing, aimed at technology development and capacity building [20] - IMCOCO Group, involved in the coconut water industry, announced a significant Pre-A round financing [22] Food and Beverage Innovations - Kay Tea launched a new line of instant iced tea powders aimed at the UK market [25] - Meiji introduced a salted lemon-flavored Bulgarian yogurt in Japan [26] - Kweichow Moutai announced a new high-end product series, featuring premium beef noodles [26] - Yuhua launched a new series of HPP (High Pressure Processing) products, including various fruit juices [27] Beauty and Personal Care Developments - FRED launched a new high-end jewelry collection for 2025, featuring 19 pieces [28][29] - Walmart plans to pilot a "beauty bar" project in 40 stores to enhance the shopping experience [31] - Huaxizi introduced a new lipstick series inspired by traditional Chinese culture [31]