NHD(SZ:002946)2025-09-09 12:14Group 1: Business Strategy and Growth - The company is actively expanding its emerging channel opportunities, focusing on supply chain, R&D, and consumer insights to enhance brand influence and achieve stable growth [1] - The company aims to maintain and expand its sales growth in the low-temperature product category, which achieved over 10% sales growth in the first half of 2025 [2] - The "Fresh Cube Strategy" will continue to be the core focus, emphasizing low-temperature fresh milk and specialty yogurt as key product categories [2] Group 2: Financial Performance and Dividends - The total cash dividend for the first half of 2025 is expected to double compared to the previous year, with a 90% increase in total dividends for the mid-year and annual distributions in 2024 [1] - The company has maintained a net cash inflow from operating activities of over 1 billion CNY for the past four years, ensuring a stable financial position [3] - The company plans to continue reducing interest-bearing debt and improve cash flow management to enhance profitability and debt ratio management [3] Group 3: Market Recognition and Consumer Trends - The company has been recognized as "China's Excellent Management Company" for six consecutive years, which positively impacts brand building and market expansion [2] - The overall consumption trend in the dairy industry shows a potential for growth, particularly in low-temperature dairy products, as consumer health awareness increases [2] - The low-temperature yogurt segment saw double-digit revenue growth, with the "Active Moist" series achieving over 40% growth due to its alignment with consumer trends [2]