Ligao Foods (SZ:300973)2026-01-07 10:00Group 1: Company Operations - The current capacity utilization rate is high, with the company entering a peak stocking period since November 2025, and plans to complete expansion construction based on anticipated order growth, but not more than one year in advance [2] - New products, including tart and bread varieties, have been launched in core supermarket clients ahead of the Spring Festival, with more new products planned for the year [2] - The new national standard cream will be priced higher than the previous cream products due to improvements in quality and formulation, targeting higher-end market segments [3] Group 2: Product Development and Market Response - Blind tests conducted on the new national standard cream showed that most customers could not distinguish it from a European imported product, indicating strong market acceptance and confidence in the product's quality [4] - The sales team will not differentiate between the 360PRO and the new national standard cream, as both products are used in similar applications like cakes and beverages [4] Group 3: Strategic Partnerships and Market Expansion - The joint venture with Feihe aims to develop domestically sourced, deep-processed raw materials, complementing the company's needs for key ingredients like milk fat [5] - The company sees potential in expanding baked goods in buffet settings, enhancing consumer experience while reducing costs for operators [6] Group 4: Financial Performance and Cost Management - Sales and management expense ratios have significantly decreased in the first three quarters of 2025, with expectations for continued cost reduction through scale effects and improved logistics efficiency [7] - The company has reduced the number of external warehouses from over thirty to around ten, improving inventory turnover efficiency [7] Group 5: Industry Trends - Overall baking consumption is still on the rise, with a persistent trend towards domestic substitution of key baking ingredients [9]