NHD(002946)2025-03-20 16:34Group 1: Sales Channels and Strategy - The company primarily relies on direct sales, accounting for over 50% of its sales channels. The DTC (Direct-to-Consumer) channel is a core focus in the five-year strategy, which includes home delivery, self-ordering, image stores, and some e-commerce channels [2][3]. - The company is actively exploring emerging channel opportunities such as customization, membership stores, dining, snack wholesale, and discount stores [2][3]. Group 2: Management and Coordination - The company headquarters sets unified strategies and goals, which are then broken down for each subsidiary through budget management and performance assessment mechanisms [3]. - The company emphasizes collaboration and empowerment across various functional lines to manage and control risks effectively [3]. Group 3: Future Growth and Innovation - The company aims to strengthen its core business through the "Fresh Cube" strategy, focusing on key product categories and continuous product innovation to enhance profitability [3]. - The company plans to improve supply chain efficiency and reduce costs through enhanced professional capabilities, technological improvements, organizational collaboration, and digital technology [3]. Group 4: Milk Source Structure - The company's milk source structure is approximately 30% from self-owned farms, 30% from equity farms, 30% from long-term contracts, and 10% from temporary sources, providing resilience against milk price fluctuations [3]. Group 5: Channel Development and Management - The company has a "key customer" management department that covers major national supermarkets, chains, and membership stores, leveraging regional advantages for cross-regional alliances [4]. - The company is committed to optimizing and enhancing the home delivery channel through new models and digital tools, with successful cases being promoted across subsidiaries [4]. Group 6: Mergers and Acquisitions - The company has undergone three rounds of mergers and acquisitions in the past and possesses the capability and experience for integration. The new five-year strategy emphasizes "internal growth as primary, acquisitions as supplementary" [4].