Core Insights - In 2024, the company achieved a total revenue of 115.78 billion yuan, maintaining its position as the leading dairy company in Asia, with a net profit of 11.539 billion yuan, reflecting a year-on-year growth of 12.2% [1] - The company reported unexpected growth in both revenue and net profit in the first quarter of 2025, indicating strong operational performance [1] Business Performance - The liquid milk segment implemented various measures to navigate a complex market environment, focusing on quality as its strongest competitive advantage [3] - The company’s flagship products, such as the JinDian brand, have successfully positioned themselves in the organic market, with high-end products like JinDian active lactoferrin organic milk and JinDian Hulunbuir organic milk leading the quality upgrade [3] - The yogurt brand Anmuxi launched the world's first room-temperature active probiotic yogurt, enhancing its market share in the segment [3] - The company has partnered with Tongrentang to develop functional dairy products targeting specific consumer health needs, resulting in significant sales growth for new products [3] Market Trends - The low-temperature business segment has shown resilience, with new products like Changqing grain explosion yogurt and Gonglao colorful yogurt receiving positive market feedback, contributing to significant growth in low-temperature yogurt sales [4] - The JinDian fresh milk product has become a consumer favorite, leading to over 30% year-on-year revenue growth in the high-end low-temperature white milk category [4] - The company has successfully adjusted its inventory structure and product offerings, positioning itself for sustainable growth in the future [4] Overall Industry Position - The company’s liquid milk business generated 75.003 billion yuan in revenue in 2024, maintaining the highest market share in the industry [5] - The company’s overall performance across all product categories has established it as a leader in the industry, with rapid growth in milk powder and continued leadership in the ice cream segment [5]