According to the CITIC Construction Investment Research Report, the mass sales circuit continues to open stores at a high speed, focusing on the direction of improving the interim report's performance. 1) Focus on channel transformation opportunities such as new retail stores and supermarket customization, and the restaurant chain can be expected to recover. The fresh snack circuit is on the eve of the outbreak. The opening of all brands such as Golden Gentimen has entered an accelerated period, focusing on fresh snack stores and related supply chains. 2) Healthy racetracks and functional large products. 3) Price cycle inflection point. The number of dairy cows kept in June was 5.772 million heads, down 22,000 from month to month, maintaining a relatively rapid degeneration level. Among them, adult cows kept -80,000 heads month-on-month, and fresh milk production in June was +2.7% year-on-year. The main reason was that yield production continued to rise, and yield and yield growth slowed at the same time. Recently, the price of loose milk has risen in many places. The resonance of meat and milk has promoted the improvement of the raw milk cycle, which is beneficial to the improvement of the competitive pattern of leading liquid milk. Continued rise in cow prices has led to the restoration of profits in upstream ranches. As milk prices stabilize, farm profits are more flexible.

According to the CITIC Construction Investment Research Report, the mass sales circuit continues to open stores at a high speed, focusing on the direction of improving the interim report's performance. 1) Focus on channel transformation opportunities such as new retail stores and supermarket customization, and the restaurant chain can be expected to recover. The fresh snack circuit is on the eve of the outbreak. The opening of all brands such as Golden Gentimen has entered an accelerated period, focusing on fresh snack stores and related supply chains. 2) Healthy racetracks and functional large products. 3) Price cycle inflection point. The number of dairy cows kept in June was 5.772 million heads, down 22,000 from month to month, maintaining a relatively rapid degeneration level. Among them, adult cows kept -80,000 heads month-on-month, and fresh milk production in June was +2.7% year-on-year. The main reason was that yield production continued to rise, and yield and yield growth slowed at the same time. Recently, the price of loose milk has risen in many places. The resonance of meat and milk has promoted the improvement of the raw milk cycle, which is beneficial to the improvement of the competitive pattern of leading liquid milk. Continued rise in cow prices has led to the restoration of profits in upstream ranches. As milk prices stabilize, farm profits are more flexible.