26家上市乳企营收达3541亿元：奶粉与奶源板块表现分析

### China's Dairy Industry in 2024: A Comprehensive Overview The Chinese dairy industry has experienced significant changes in 2024, with both dairy product manufacturers and milk suppliers facing unique challenges and opportunities. This report provides an in-depth analysis of the current state of these two key sectors. --- #### **1. The Dairy Products Manufacturing Industry** **Revenue Growth Amid Profit Challenges** In 2024, China's leading dairy manufacturers saw mixed results in terms of profitability despite revenue growth. Notably,伊利 (Yili) and 蒙牛 (Mengniu), the two largest players in the industry, reported higher revenues compared to 2023. However, their net profits were squeezed due to rising raw milk prices and increased marketing expenses. **Shifts in Profit Margins** The profit margins of major dairy companies have been affected by several factors, including fluctuating raw material costs, supply chain disruptions, and heightened competition. While some smaller manufacturers managed to maintain profitability through strategic cost-cutting measures, the overall industry saw a decline in net profit margins compared to previous years. **Strategic Adjustments for Future Growth** To address these challenges, dairy companies are increasingly focusing on innovation and market expansion. Many are investing in new product development, particularly in premium and organic milk products, as well as expanding their presence in emerging markets outside of China. Additionally, companies are exploring ways to reduce production costs through improved supply chain efficiency and better inventory management. --- #### **2. The Dairy Farming Industry** **Profitability Struggles for Milk Suppliers** The dairy farming sector has faced significant difficulties in 2024, with most large-scale farms reporting losses due to the cyclical nature of milk pricing and rising operational costs. Despite these challenges, a few companies managed to achieve profitability through strategic cost management. **Key Players' Performance** Among the major dairy farming enterprises: - 优然牧业 (Youan牧业) successfully扭亏为盈 (turned profitable) in 2024 after several years of losses. - 现代牧业 (Modern Dairy) reported a slight revenue increase but remained unprofitable due to higher feed costs and lower milk prices. **Production Trends** While most dairy farms have managed to maintain or slightly increase their milk production volumes, the growth rate has slowed compared to previous years. This is partly due to efforts by farmers to control herd sizes in response to market conditions. --- #### **3. Challenges Ahead** **Supply and Demand Imbalance** The imbalance between milk supply and demand continues to be a major issue in China's dairy industry. Rising costs of feed, veterinary care, and labor have made it difficult for farmers to sustain profitable operations. Additionally, the recent rebound in beef prices has led some small-scale farmers to switch from dairy production to cattle fattening, further exacerbating the milk supply shortage. **Regulatory Changes Impacting the Industry** In 2024, the Chinese government introduced new regulations aimed at improving milk quality and food safety standards. While these changes are expected to benefit consumers in the long run, they have added additional costs for dairy companies and farmers in the short term. --- #### **4. Outlook for 2025** **Potential for Recovery** The coming year may bring some relief for both dairy manufacturers and milk suppliers as the government has announced measures to stabilize milk prices and improve supply chain efficiency. These include plans to increase subsidies for small-scale dairy farmers and expand storage capacity for raw milk. **Focus on Sustainability** As consumer awareness of environmental issues grows, sustainable practices are expected to play an increasingly important role in the dairy industry. Companies that can demonstrate a commitment to sustainability may gain a competitive edge in the market. --- In conclusion, while 2024 has been a challenging year for China's dairy industry, there is hope for recovery and growth in the coming years. Both manufacturers and farmers will need to adapt to changing market conditions and regulatory requirements to remain profitable and sustainable in the long term.