新乳业20250627

Summary of the Conference Call for New Dairy Industry Company Overview - Company: New Dairy Industry - Focus: Low-temperature products, particularly fresh milk and specialty yogurt Key Points and Arguments Industry and Product Focus - Optimistic Outlook: New Dairy Industry holds an optimistic view on low-temperature products for 2025, focusing on key categories and core channels to drive annual performance growth [2][4] - Product Composition: Low-temperature products account for approximately 50% of total sales, with ambient products at about 40%. Within low-temperature products, fresh milk and specialty yogurt each represent around 20% of the market [2][5] Financial Performance and Goals - Net Profit Margin Target: The company aims to double its net profit margin by 2025, with a plan to increase it by 0.5 to 1 percentage points this year through product structure optimization and new product launches [2][9] - Gross Margin Improvement: In Q1 2025, the gross margin increased by approximately three percentage points, driven by a product structure upgrade and a double-digit growth in low-temperature products, while ambient products saw a decline of about 10% [4][25] Direct-to-Consumer (DTC) Strategy - DTC Channel Growth: Currently, the DTC channel accounts for about 16% to 17% of total sales, with a higher profit margin of around 40%. The company plans to increase this to 30% by 2027 [2][10] New Product Development - Focus on Innovation: New Dairy Industry emphasizes new product development, with new products accounting for at least double-digit revenue each year. Recent launches include various yogurt products and organic fresh milk [2][8] Market Challenges and Adjustments - Performance of Summer Brand: The Summer brand underperformed in 2024 due to a high proportion of ambient products. Adjustments in personnel, product structure, and channel expansion are expected to improve performance in 2025 [2][16] - Pressure on Ambient Products: Ambient yogurt and milk products face pressure, with slight improvements noted in April and May 2025, but overall growth remains a concern [4][7] Competitive Landscape - Industry Competition: The dairy industry is experiencing intense competition, particularly in the ambient milk market, with no significant growth in volume but stable pricing. Local brands are leveraging differentiation strategies to compete [24] Cost Management and Supply Chain - Cost Control: The company has a flexible sourcing structure, with only 30% of raw milk sourced from its own farms. This flexibility helps maintain stable revenue and profit growth despite fluctuations in raw milk prices [4][18] Future Outlook - Long-term Growth: The company does not provide specific quantitative forecasts but expects overall revenue growth driven by low-temperature categories, which present structural opportunities despite a slowing beverage industry [6] Additional Insights - Student Milk Market: The domestic student milk market is contracting, but the company is promoting self-ordering channels, which currently account for about 4% to 5% of main business revenue [28] - Potential M&A Activity: While focusing on organic growth, the company remains open to M&A opportunities, particularly in economically developed regions [30] Product Development Directions - Innovation in Dairy Products: The company is exploring new directions in product development, including unique milk sources and innovative flavors in low-temperature yogurt [31] Dividend and Share Buyback Plans - Dividend Policy: The company plans to maintain a dividend level at least equal to that of 2024, with specific plans to be announced after the semi-annual report [32]