8月24日，2025年拉萨雪顿·赛马大会现场观众。新华社记者 黄耀漫 摄 最让人屏息凝神的，当属8000米速度赛马。十余匹骏马在发令枪响起的瞬间疾驰而出，马蹄翻飞， 卷起阵阵沙土。观众席上，拉萨市民达瓦桑布怀抱着六个月大的孩子，紧紧盯着赛道。"我每年雪顿节 都会来看赛马。"达瓦桑布笑着说，他从小就是一名赛马迷，他希望自己的孩子长大后也能学会骑马， 延续这份热爱。 赛马场外，同样热闹。酸奶摊位前，游客和市民们排起了队。旦增强巴是拉萨一家酸奶企业的销售 负责人，他一早带来600杯酸奶，没想到上午的表演刚刚进行到一半，已经卖掉了大半。"雪顿节就 是'酸奶节'，赛马大会人多、气氛好，大家都喜欢边看比赛边喝酸奶。"旦增强巴说。 人们看赛马、喝酸奶，赛场内外洋溢着浓浓的节日氛围。据统计，赛马大会当天现场观众超过2.5 万人次。 原标题：雪域高原上的赛马盛会 8月24日，8000米速度赛正在激烈进行。新华社记者 潘一景 摄 初秋的拉萨，正值一年一度的雪顿节。24日的拉萨北郊赛马场上，彩旗招展，人头攒动，欢呼声与 马蹄声交织成热烈的乐章。作为今年雪顿节的重头戏之一，2025年拉萨雪顿·赛马大会在这里举行，马 背舞蹈、卧马等高 ...

Financial Data and Key Metrics Changes - The company reported a net sales increase of 11.5% year over year, reaching ILS 3,100,000,000 for the quarter, with a 15.5% increase when excluding the impact of a stronger shekel [42][43] - EBIT improved significantly, with higher operating profit attributed to increased net sales and ongoing productivity measures, despite raw material price inflation [43][44] - Net income was negatively impacted by increased financing and tax expenses, with financing expenses rising by ILS 57,000,000 in Q2 due to the stronger shekel and higher interest rates [45][46] Business Line Data and Key Metrics Changes - Strauss Israel saw a 9% growth in sales, driven by both volume and price increases, with Health and Wellness performing particularly well [14][48] - The coffee segment in Israel experienced volume increases, especially in roasted and ground coffee, although EBIT remained stable due to rising coffee prices [16][49] - The international coffee business, particularly in Brazil, reported a significant turnaround with a 30% increase in sales, primarily driven by price increases [20][21] Market Data and Key Metrics Changes - The company increased its overall market share in Israel from 34.1% to 35.1%, despite price increases in several segments [18] - The water business experienced 4-5% top-line growth in Q2, supported by a higher installed base and improved sales mix, although impacted by the war in June [50] - In China, the company faced increased competition, particularly from Xiaomi, which affected sales and net income [27][28] Company Strategy and Development Direction - The company is focusing on core activities and major brands to improve profitability and market share, with a strong emphasis on productivity and operational excellence [34][36] - New product launches, including alternative milk and water purification machines, are expected to drive growth in the coming quarters [31][33] - The company aims to transition from a single product to a multiproduct company, enhancing its market position and expanding its product offerings [26][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from inflation and raw material costs but expressed confidence in the company's ability to pass on costs to consumers [63] - The company expects improvements in net income in the coming quarters as one-time financial costs and tax issues are resolved [63] - Future growth is anticipated from productivity initiatives and new product launches, with a focus on maintaining EBIT margins despite rising costs [41][63] Other Important Information - The company received a stable outlook upgrade and maintained a strong AA1 rating, reflecting its solid financial position [47] - The cocoa prices have shown a significant decrease, which is expected to positively impact the funding indulgence segment moving forward [55][56] Q&A Session Summary Question: What are the expected benefits of the new Jotvita facility? - The new facility will address unmet market demand, allowing for a substantial increase in sales volume and value, thereby improving EBIT and margins [51][52] Question: What relief is being seen in commodity pricing? - Some relief is noted in coffee prices, although recent increases are concerning. Cocoa prices have decreased significantly, which is expected to benefit the funding indulgence segment [55][56] Question: How will the acquisition of JDE Peet by Keurig impact the markets? - The company does not anticipate significant impacts in its operating markets, as competition remains strong and JD is already a competitor in those regions [58][59]

怎么办？必须把"牛芯片"握在自己手中。 乳业国创中心牵头建成了世界首个"蒙古高原家畜种质资源库和区域奶牛育种数据库信息平台"，系统保 存了175个品种、75262份资源样本，实现蒙古高原家畜品种100%覆盖，相当于为地方良种建起一座"基 因银行"。 配套的国内最大区域奶牛育种数据库，汇聚超百万条核心数据，构建起从品种改良到精准养殖的全链条 支撑体系。更值得一提的是，中心近期成功研制出奶牛育种基因芯片，能精准检测奶牛在高产、抗病、 长生产期等方面的遗传潜力，大幅加速育种进程。 如今，乳业国创中心基于大家畜多能干细胞的建立，打破了奶牛基因编辑生物育种低效的技术瓶颈，成 为全球领先；通过努力，乳业国创中心还培育出中国历史最高综合育种指数种公牛"大青山"，运用高效 体细胞克隆技术体系培育的荷斯坦种公牛包揽国内在美注册公牛前8名。 清晨的阳光洒进超市，冷藏柜里陈列着各式各样的乳制品，从醇厚的酸奶到温润的牛奶，它们不仅是人 们日常饮食的一部分，更是无数家庭健康生活的守护者。小小奶瓶子，背后连着千钧重担——它关乎国 计民生，牵系民族未来。 曾几何时，中国乳业的发展道路并不平坦：优质奶牛种源长期受制于人，核心发酵菌株依赖进口 ...

Core Insights - The development of a comprehensive transportation network centered around Lhasa has significantly improved accessibility to various regions in Tibet, enhancing both tourism and local commerce [1][11][13] Transportation Infrastructure - The "Five Cities Three Hours" economic circle has been established, connecting Lhasa with Shigatse, Shannan, Nyingchi, and Nagqu, facilitating easier travel and logistics [1][11] - The total length of roads in Tibet has reached 124,900 kilometers, with high-grade roads like Lalin, Lazhe, and Larna being completed, contributing to the rapid transportation network [11] Tourism Impact - The tourism season has seen increased foot traffic in local businesses, such as a yogurt shop near the Potala Palace, which has expanded its operations fivefold since opening in 2007 [1][3] - Tourists have expressed positive feedback regarding the improved travel conditions compared to previous years, highlighting the ease of access to the region [1][3] Supply Chain and Logistics - The logistics sector has diversified, with a significant increase in the variety of goods transported to Tibet, including chemical and electronic products, alongside traditional items like food and construction materials [9] - The volume of goods transported through the Lhasa West Railway Freight Yard reached 3.5084 million tons, marking a 7.27% increase year-on-year [9] Local Business Growth - Local businesses, such as the yogurt shop, have benefited from improved transportation, allowing them to source fresher ingredients from farther locations, thus enhancing product quality [7][9] - The yogurt shop's daily sales have exceeded 1,400 servings, indicating strong demand and the need for expanded supply chains [5][7]

Group 1 - The stock price of Tianrun Dairy is reported at 11.30 yuan, down 0.20 yuan from the previous trading day, with a trading volume of 89,500 lots and a total transaction amount of 103 million yuan [1] - Tianrun Dairy is a significant dairy product manufacturer in the Xinjiang region, involved in the research, production, and sales of liquid milk, yogurt, and milk powder [1] - On August 13, the stock experienced a rapid decline, with a drop of over 2% within five minutes, while the net inflow of main funds was 1.7384 million yuan, and the cumulative net outflow over the past five trading days reached 10.011 million yuan [1]

Core Insights - The article emphasizes the importance of understanding consumer behavior in home dining to effectively meet their needs in the food and beverage industry [1][12] Group 1: Breakfast Consumption - Breakfast is a crucial time for efficiency, with nutrition being an essential factor; convenient foods that are quick and nutritious are preferred [4] - Frozen foods are the top choice for breakfast convenience, with dumplings and buns being the most popular items [4] - Consumer habits show that breakfast choices are often habitual, making it important for brands to secure a place in consumers' routines [4] Group 2: Dairy Consumption - Milk is predominantly consumed in the morning, but there is a potential growth ceiling; brands need to capture more market share by promoting milk consumption at other times [7] - Yogurt consumption is more evenly distributed throughout the day, particularly favored during afternoon tea and post-dinner snacks, highlighting its competitive edge in the snack category [7] - Yogurt brands need to focus on enhancing taste experiences to compete effectively with snack foods [7] Group 3: Dinner Consumption - Dinner is the primary time for prepared dishes, with common home-cooked meals like tomato and egg stir-fry being highly favored [9] - The article suggests that brands of condiments and cooking oils should focus on enhancing the flavor of everyday dishes rather than complex recipes [9] Group 4: Consumer Behavior Research - The "Home Dining Behavior Study" conducted by Worldpanel Consumer Index involved 18,506 consumers across various city tiers, providing a representative sample of home dining habits [13] - The study collected data on a wide range of food and beverage consumption, including packaged foods, fresh produce, and homemade dishes, to gain comprehensive insights into cross-category eating habits [13]

Group 1 - The event on August 4 featured New Oriental Education Group founder and CEO of Dongfang Zhenxuan, Yu Minhong, leading a live-streaming team through the Hohhot Sculpture Art Museum and Qingcheng Dairy Station, showcasing a blend of art appreciation and dairy product exploration [1][3] - The Hohhot Sculpture Art Museum houses significant collections, including works from the second International Sculpture Exhibition, with notable pieces like "Mother of the Prairie" that tells the poignant story of orphans entering Inner Mongolia [3][5] - Yu Minhong expressed admiration for the rapid construction of the art museum, which was completed in just 94 days, exceeding expectations [1][3] Group 2 - At the Qingcheng Dairy Station, the team experienced fresh milk directly from the source, highlighting the freshness and quality of the dairy products, which are pasteurized daily [5] - The event emphasized the rich cultural history of Hohhot, encouraging visitors to experience the unique charm of the region beyond its grasslands [5]

Summary of Conference Call Notes Industry Overview - The dairy industry is characterized by its cyclical nature, influenced by the growth cycle of cattle, which takes approximately 13 months from calf to mature cow [1] - The industry has become increasingly large-scale since 2008, driven by food safety incidents and environmental regulations, leading to a consolidation of farms [2] - As of 2020, leading farms accounted for 43% of the market, although the overall competition remains fragmented with top companies holding less than 4% market share [2] Supply and Demand Analysis - Milk price fluctuations are influenced by both supply and demand factors [3] - Supply factors include the price of imported milk powder, which serves as a substitute for fresh milk when prices are lower abroad [3] - Demand factors are driven by population growth and per capita dairy consumption, which is affected by income levels and health awareness [5] - Feed costs constitute about 70% of the raw milk sales cost, making it a significant factor in dairy farming profitability [5] Historical Price Cycles - The industry has experienced three major cycles from 2008 to present: - **2008-2013**: Milk prices fell due to the melamine scandal, leading to reduced demand [6] - **2013-2018**: Prices rose due to supply constraints from disease outbreaks and rising feed costs, followed by a decline due to increased imports [7] - **2019-Present**: Prices have been rising due to supply reductions from farm exits and supportive policies, although a recent oversupply has led to price declines starting in 2021 [9] Current Market Conditions - Current milk prices are around 3203, showing a slight decline from the previous week [9] - The industry is in a phase of bottoming out, with many farms facing losses due to falling prices and rising feed costs [10] - Factors such as rising beef prices and seasonal procurement pressures are expected to increase financial strain on smaller farms [11] Future Outlook - The second half of the year may see a balance between supply and demand, aided by government subsidies and new standards reducing reliance on imported milk powder [12] - Companies like YouRan are expected to benefit from a rebound in milk prices, with potential profit increases linked to higher proportions of premium milk sales [13] - The integration of supply chains and cost management strategies are expected to enhance profitability for leading firms [17] Company-Specific Insights - YouRan's revenue is significantly supported by stable demand from major customers like Yili, which accounts for 95% of its raw milk income [16] - The company has a diversified product range, including organic and premium milk, which helps mitigate risks associated with falling milk prices [14] - The overall industry outlook suggests that leading companies will benefit from cost reductions and a potential rebound in milk prices, with historical price cycles indicating a strong likelihood of recovery [23][24] Conclusion - The dairy industry is currently navigating a challenging environment with fluctuating prices and rising costs, but there are signs of potential recovery driven by policy support and market adjustments. Leading companies are well-positioned to capitalize on these changes through strategic management and product differentiation.

Summary of Dairy Industry Conference Call Industry Overview - The dairy industry is currently at a triple bottom in terms of supply, demand, and inventory, indicating that any positive change in these metrics could significantly impact the industry [1][3][15] - By the end of 2025, the number of dairy cows is expected to decrease to approximately 5.9 million, with contract prices for external milk rising above 2.5 yuan, suggesting market price stability [1][5][6] Key Insights - **Supply and Demand Dynamics**: - Fresh milk production is projected to decline by 2.8% in 2024, marking the first decrease in years. Although there was an increase in production in Q1 2024, the overall trend indicates a reduction in cow inventory [1][10][12] - The demand for dairy products is heavily influenced by macroeconomic conditions, with cautious expectations for demand during key holidays [1][12][27] - **Inventory Management**: - Since Q2 2024, the dairy industry has maintained a relatively healthy inventory level, with improved shipping and sales matching helping to enhance cash flow [1][14][15] - Major dairy companies like Yili and Mengniu have reported stable inventory levels since late 2023 [13][14] - **Price Trends**: - As of July 2025, the price of contract external milk has rebounded to over 2.5 yuan, indicating a stable market without further declines [7][8] - The overall dairy price has not yet reversed from its downward cycle, but the excess supply has been alleviated to some extent [8][26] Future Outlook - The dairy market is expected to see a gradual recovery if any of the supply, demand, or inventory indicators show positive changes. A simultaneous improvement in two or more indicators could significantly boost stock prices [1][5][29] - The introduction of child-rearing subsidies, totaling 90 billion yuan, is anticipated to stimulate demand in the dairy sector, potentially leading to a quicker supply-demand balance [2][27][28] Additional Considerations - **Cyclical Nature of the Industry**: - The dairy industry has historically experienced cyclical fluctuations, with the current phase being a prolonged bottoming process since 2024 [4][16] - The structural changes in the industry suggest a shift away from aggressive inventory management towards natural sales growth [14][19] - **Impact of Policies**: - The implementation of fertility policies and subsidies is expected to have a significant positive effect on the demand side of the dairy market, potentially reversing the declining trend in newborn numbers [28][29] - **Investment Recommendations**: - Short-term stock performance may vary, but long-term prospects for leading dairy companies remain positive due to structural growth and improved gross margins [30] This summary encapsulates the key points discussed in the conference call regarding the dairy industry, highlighting the current state, future outlook, and potential investment opportunities.

Core Viewpoint - The Chinese dairy industry is experiencing new consumption trends and opportunities, driven by government initiatives and evolving consumer preferences, particularly in the context of deep processing and diversified product offerings [1][2][3]. Group 1: Industry Trends and Opportunities - The Ministry of Agriculture and Rural Affairs, along with nine other departments, released a plan to promote agricultural product consumption, highlighting the importance of dairy products [1]. - The China Dairy Association's report indicates that the quality and competitiveness of domestic dairy products are improving, with a fresh milk inspection pass rate of 99.96% in 2024 [2]. - The domestic cheese consumption has surged by 120% over the past five years, indicating a shift in consumer preferences towards dairy products that can be integrated into various food items [3]. Group 2: Market Dynamics and Consumer Preferences - The B2B dairy market in China is nearing 100 billion yuan, with 70% to 80% of this market share currently held by imports, suggesting a significant opportunity for domestic producers to replace imports [4]. - The average per capita dairy consumption in China is less than one-third of the global average, with a low penetration rate of cheese and butter products, indicating room for growth [4]. - The government aims to increase per capita dairy consumption to 47 kg by 2030, promoting the development of low-temperature dairy products and cheese [4]. Group 3: Product Innovation and Differentiation - Dairy companies are increasingly focusing on product differentiation to meet diverse consumer needs, including low-sugar yogurt and high-protein dairy products [9]. - The market for functional dairy products is growing rapidly, with an annual growth rate of 8% to 10%, driven by rising health consciousness among consumers [9]. - Specialty dairy products, such as goat and buffalo milk, have seen their market share increase from 5% to 12%, reflecting changing consumer preferences [9]. Group 4: Supply Chain and Production Challenges - The production of cheese requires high-quality raw milk and advanced processing technology, much of which is still imported, posing challenges for domestic producers [5]. - The dairy industry is facing pressure from declining fresh milk prices, necessitating structural adjustments in dairy product offerings and herd management to achieve supply-demand balance [12][14]. - The integration of technology in dairy farming, such as smart management systems, is enhancing milk production efficiency and quality [11][12]. Group 5: Policy and Regulatory Environment - Recent government policies emphasize the importance of quality control and safety in dairy production, aiming to strengthen consumer trust in domestic dairy brands [10][14]. - The central government's support for integrated development of dairy farming and processing is expected to benefit capable farms and ensure farmers' income [14].