近日，由中国飞鹤出品的《东北真行》系列微电影再度更新。《东北真行》新故事《将去哪儿了》由张晚意领衔 主演，《回家的冻梨》由林更新领衔主演、赵大牛主演。两大篇章通过"以小见大、以情载道"的叙事策略，分别 从"东北犟人"和东北新年两个维度，捕捉了中国人共通的情感记忆——无论是执着于一事一生的匠心，还是春节 归乡的殷切期盼，是坚守亦是传承，这正是东北老新同频、薪火绵延的扎实模样。 姐弟三人春节前在东北老家与父母团聚，父亲端来他们从小吃到大的冻梨，母亲忙着给他们做好热乎乎的面条。 他们或许在生活中各自都有着这样或那样的不如意，但谁让东北人的DNA天生就豁达乐观呢。做老板的二哥(林更 新饰)遇到资金周转困难后，有担当的他选择在年前卖掉爱车，作为工人过年的开支，这才是东北好大哥的本色； 敞亮的大姐正在经历婚姻危机，也不妨碍她一边开着两个弟弟的玩笑，一边用手在冰冻的窗花上画"小脚丫"。而 最小的弟弟(赵大牛饰)正在恋爱中，为了迎来更好的生活，他打算去县里发展一下"东北重工业"——烧烤。年夜 饭摆满桌面时，姐弟三人早已从家中重获温暖与力量，就像那解冻缓过来后的冻梨，由硬变软变甜。 "犟劲"才能淬炼出匠心将才 东北人和东北企业 ...

Core Viewpoint - The new chapters of the "Northeast True Action" series, "Where to Go" and "Frozen Pears Home," highlight the stories of ordinary people in Northeast China, showcasing their resilience and dedication to family and homeland, while emphasizing the commitment of Feihe as a leading player in the Chinese dairy industry [1][3][5]. Group 1: Film Overview - "Where to Go" features Zhang Wanyi as the lead, while "Frozen Pears Home" stars Lin Gengxin and Zhao Daniu, both films express Feihe's craftsmanship and commitment to high-quality dairy production [3][5]. - The narratives capture the spirit of perseverance and craftsmanship inherent in Northeast culture, reflecting the emotional ties of Chinese people to their homeland and the significance of family reunions during the New Year [5][7]. Group 2: Company Commitment - Feihe has established itself as a standard-bearer in the global infant formula industry, having built a robust research foundation over 64 years, leading innovations in "fresh nutrition" [9]. - Since 2006, Feihe has achieved 100% self-owned farms and dairy cows, ensuring the freshness and safety of its milk supply, and has set industry standards for infant formula production [9]. - In 2022, Feihe led a national key project on breast milk research, establishing the largest maternal and infant health database in China, which supports the development of infant formula tailored to Chinese babies [11]. Group 3: Product Development - Feihe is expanding its product offerings beyond infant formula to include products for all age groups, leveraging its expertise in dairy production to address the health needs of the entire population [11]. - The company aims to provide scientifically validated products that are suitable for Chinese consumers, reinforcing its commitment to safeguarding public health [11].

Core Viewpoint - The new chapters of the "Northeast True Action" series, "Where to Go" and "Frozen Pears Home," highlight the stories of ordinary people in Northeast China, showcasing the themes of perseverance and cultural heritage through artistic expression [1][6][9]. Group 1: Film Overview - "Where to Go" features Zhang Wanyi as the lead, while "Frozen Pears Home" stars Lin Gengxin and Zhao Daniu, both films emphasize the craftsmanship and commitment of Feihe as a leading enterprise in the Chinese dairy industry [3][5]. - The films utilize metaphors such as the "frozen pear" to represent the longing for home and family reunions during the New Year, capturing universal emotional memories related to dedication and the anticipation of returning home [6][9]. Group 2: Company Commitment and Innovation - Feihe has established itself as a pioneer in the infant formula industry, defining new standards for freshness and safety by owning 100% of its dairy farms and milk sources since 2006 [10][13]. - The company has developed 11 key raw material production capabilities and launched the world's first fresh raw material traceability system, enhancing transparency and safety in the supply chain [10][13]. - Feihe's commitment to research includes leading a national team for breast milk studies and creating a comprehensive database for HMOs, ensuring that its products are tailored to the needs of Chinese infants [13].

Core Insights - The Chinese maternal and infant industry is undergoing significant changes, marked by a historical low in newborn population and rising prices for infant formula products [1][2] - Major players like Feihe are facing declining revenues and profits, while companies like Kidswant are expanding through acquisitions and showing strong performance [1][4] Industry Overview - The newborn population in China has decreased from a peak of 18.67 million in 2016 to 7.92 million in 2025, marking a significant demographic shift [2][3] - The decline in birth rates has led to increased pressure on leading maternal and infant companies, with Kidswant reporting a revenue increase of 8.10% year-on-year in the first three quarters of 2025 [4][10] Company Performance - Kidswant's revenue for the first half of 2025 was 4.91 billion yuan, with a net profit of 209 million yuan, reflecting a strong performance despite challenges [4][10] - Feihe's revenue has fluctuated, with a reported decline of 9.36% in the first half of 2025, following a trend of revenue and profit decreases since 2022 [1][4] Market Trends - The maternal and infant market is shifting towards online sales, with offline sales decreasing from 69.4% in 2022 to 59.7% in 2024, indicating a change in consumer purchasing habits [5] - The average price of maternal and infant products is rising, with a reported increase of 8.1% in January 2025, as consumers show a preference for higher-quality products [12] Strategic Moves - Kidswant is expanding its business through acquisitions, including a 16 billion yuan purchase of LeYou International and a 16.5 billion yuan acquisition of SiYu Industrial, diversifying its offerings beyond traditional maternal and infant products [11] - Feihe is targeting the adult nutrition market, launching its first AI-powered nutritional product aimed at older adults, reflecting a strategic shift in response to demographic changes [11] Consumer Insights - There is a growing acceptance of higher-priced infant formula among consumers, with over 60% preferring mid to high-end products priced above 200 yuan per can [12] - Different consumer segments in various city tiers have distinct purchasing priorities, with urban consumers focusing on product safety and shopping experience [12] Conclusion - The maternal and infant industry in China is transitioning from a focus on new user acquisition to deepening customer engagement and maximizing lifetime value, necessitating product innovation and brand strengthening [18]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06186 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 8,807,664,704 259,587,000 9,067,251,704 增加 / 減少 (-) 本月底結存 8,807,664,704 259,587,000 9,067,251,704 致：香港交易及結算所有限公司 公司名稱: 中國飛鶴有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06186 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with several companies rated as "Outperform" and one as "Neutral" [1]. Core Insights - The report indicates that price hikes in the consumer staples sector are weaker than expected, while costs remain low [1]. - The monitored spot cost indices for six consumer goods categories have declined, while futures cost indices have primarily increased [34]. Summary by Category Beer - The spot cost index decreased by 1.87% month-on-month, while the futures index increased by 3.15%. Year-to-date, the spot index has changed by -0.6% and the futures index by +1.81% [35]. - Glass prices have shown a month-on-month decrease of 1.2% for spot prices and an increase of 3.4% for futures prices [35]. Condiments - The spot cost index decreased by 1.37% month-on-month, while the futures index increased by 3.03%. Year-to-date changes are -0.42% for spot and +2.23% for futures [36]. - Soybean prices have decreased by 2.4% month-on-month for spot prices, while futures prices increased by 6.7% [36]. Dairy Products - The spot cost index decreased by 1.93% month-on-month, while the futures index increased by 1.58%. Year-to-date changes are -0.43% for spot and +1.68% for futures [37]. - Fresh milk prices rose to 3.04 yuan/kg, with corn prices increasing by 0.4% month-on-month [37]. Instant Noodles - The spot cost index decreased by 0.51% month-on-month, while the futures index increased by 3.31%. Year-to-date changes are +0.79% for spot and +3.46% for futures [38]. - Palm oil prices increased by 9.6% month-on-month for spot prices [38]. Frozen Food - The spot cost index decreased by 1.74% month-on-month, while the futures index decreased by 0.61%. Year-to-date changes are -1.44% for spot and -0.14% for futures [39]. - Vegetable prices fell by 1.8% month-on-month [39]. Soft Drinks - The spot cost index decreased by 3.71% month-on-month, while the futures index remained unchanged. Year-to-date changes are -1.12% for spot and -0.19% for futures [40]. - PET chip prices increased by 5.4% month-on-month [40].

Core Insights - The article highlights the achievements of ten exemplary entrepreneurs who have significantly contributed to China's economic landscape, showcasing their courage, vision, and resilience in various industries [3][4]. Group 1: Industrial Leadership - The emergence of great companies often begins with leaders who possess a profound insight into the "certainty" of their times, as exemplified by Ma Changhai of Weichai Power and Chen Jinghe of Zijin Mining [6]. - Chen Jinghe transformed Zijin Mining from a struggling company into a global mining giant by focusing on independent research and development, overcoming external competition and internal technical challenges [7][9]. - Ma Changhai led Weichai Power through comprehensive reforms and innovations, emphasizing the importance of mastering core technologies to strengthen China's industrial autonomy [11]. Group 2: Commitment to Excellence - Entrepreneurs like Leng Youbin of Feihe Dairy and Wu Xiangdong of Zhenjiu demonstrate the depth and warmth of "Made in China" through their commitment to quality and cultural heritage [13][16]. - Leng Youbin's strategic decisions during a crisis in the dairy industry led to the establishment of a complete supply chain for infant formula, enhancing safety and quality [14]. - Wu Xiangdong's acquisitions in the liquor industry allowed him to transition from brand management to controlling core production capabilities, thus preserving cultural heritage while achieving commercial success [17][19]. Group 3: Innovation and New Frontiers - Entrepreneurs such as Peng Jun of Xiaoma Zhixing and Zhao Deli of XPeng Huitian are pioneering new avenues in transportation, focusing on autonomous driving and flying cars, respectively [25][27]. - Liu Debing of Zhipu and Han Bicheng of Qiangnao Technology are exploring the intersection of artificial intelligence and life sciences, contributing to China's shift from application-driven innovation to foundational research [27][30]. - The article emphasizes the importance of these entrepreneurs in driving technological advancements and establishing China as a leader in global innovation [30].

Core Insights - The article highlights the achievements of ten distinguished entrepreneurs who have significantly contributed to China's economic landscape, showcasing their courage, vision, and resilience in various industries [2][33]. Group 1: Industrial Leadership - Chen Jinghe, founder of Zijin Mining, transformed the company from a small local enterprise into a global mining giant by overcoming technical challenges and establishing an international strategy [5][37]. - Ma Changhai, chairman of Weichai Power, led the company through a comprehensive reform process, focusing on mastering core technologies and achieving breakthroughs in heavy-duty engines and hydraulic systems [7][40]. - Both Chen and Ma's stories symbolize China's industrial evolution from scale chasing to technological and value chain leadership [8][40]. Group 2: Manufacturing Excellence - Cold Friend, chairman of Feihe Dairy, adopted a long-term strategy to ensure the safety and quality of infant formula, establishing a complete supply chain from pasture to product [9][43]. - Wu Xiangdong, chairman of Guizhou Zhenjiu, transitioned from brand management to controlling core production capacities through strategic acquisitions, enhancing the cultural value of Chinese liquor [11][45]. - Ma Yin, founder of Anaya, created a unique cultural and tourism destination that emphasizes the integration of business and humanity, setting a new value benchmark in the real estate sector [14][47]. Group 3: Technological Innovation - Peng Jun, chairman of Pony.ai, is pioneering the field of autonomous driving, addressing complex challenges in algorithms and hardware to redefine future transportation [19][53]. - Zhao Deli, founder of XPeng, is working on flying cars, tackling significant technical and regulatory challenges to establish a new industry in low-altitude economy [22][56]. - Liu Debing, chairman of Zhipu AI, is focused on developing AI infrastructure with independent intellectual property rights, marking a significant step in China's AI industry [23][60]. - Han Bicheng, founder of Strong Brain Technology, is innovating in brain-computer interfaces, contributing to advancements in life sciences and assistive technologies [25][58]. Group 4: Social Responsibility and Vision - Lu Mai, former vice chairman of the China Development Research Foundation, emphasizes the importance of early childhood development in rural areas, advocating for immediate action to support children's growth [16][50]. - The article underscores the entrepreneurial spirit as a driving force behind China's transition from manufacturing to value creation, highlighting the importance of social responsibility and cultural heritage in business [18][52].

Group 1 - The event "Praise for China's Economy - Entrepreneur's Night" was held on January 29 in Beijing, attended by hundreds of entrepreneurs and experts, honoring notable figures such as Chen Jinghe, Lu Mai, and others [2][70] - Chen Jinghe, founder and honorary chairman of Zijin Mining, expressed confidence in the future of the mining industry, stating that Chinese companies have superior technical and exploration capabilities compared to Western firms [5][71] - Zijin Mining plans to spin off its overseas gold segment in Hong Kong by September 2025, with the gold segment currently valued at over 580 billion RMB in the market [5][73] Group 2 - Lu Mai, former vice chairman of the China Development Research Foundation, emphasized the importance of early childhood development in rural areas, highlighting a funding gap of 30 million RMB for initiatives aimed at supporting children aged 0-3 [12][81] - Lu Mai has raised 41 million RMB towards a goal of 71 million RMB for rural child-rearing guidance, stressing the urgency of addressing this issue [13][81] Group 3 - Cold Friend, chairman of China Feihe, reiterated the company's commitment to producing high-quality infant formula that closely resembles breast milk, with a focus on fresh ingredients and thorough research [16][84] - Feihe has achieved 100% self-sufficiency in 11 core raw materials and has established five large-scale production lines to ensure the safety and quality of its products [18][86] Group 4 - Han Bicheng, CEO of Zhejiang Qiangnao Technology, aims to use advanced technology to help physically disabled individuals regain mobility through brain-machine interface technology [19][24] - The company has showcased its bionic hand technology, which allows users to control the device through thought, significantly improving the quality of life for amputees [26][94] Group 5 - Liu Debing, chairman of Zhipu Technology, expressed the company's vision of enabling machines to think like humans, aiming for breakthroughs in artificial general intelligence (AGI) [29][97] - Zhipu Technology is recognized as a pioneer in the market for large models in China, with aspirations to reach the ultimate level of intelligence [29][97] Group 6 - Pony.ai, led by CEO Peng Jun, focuses on making autonomous driving safer and more efficient, with a vision of integrating their vehicles into everyday life [30][102] - The company has demonstrated its latest autonomous vehicle technology in real-time during the event, showcasing its capabilities in urban environments [36][104] Group 7 - Weichai Power's chairman, Ma Changhai, emphasized the company's commitment to becoming a backbone of China's equipment manufacturing industry [38][106] - The company aims to enhance its global presence and contribute to the development of the manufacturing sector [38][106] Group 8 - Wu Xiangdong, chairman of Zhenjiu Liudu Group, expressed hopes for the international expansion of Chinese liquor products, aiming to increase global appreciation for their offerings [41][111] - The company is recognized for its unique brewing techniques and aims to maintain high standards in product quality and consumer satisfaction [41][109] Group 9 - Zhao Deli, founder of Huitian, highlighted the company's position as Asia's largest flying car R&D firm, with plans to begin mass production by the end of 2025 [48][116] - Huitian has received 7,000 orders for its flying cars, aiming to revolutionize transportation through innovative technology [48][116] Group 10 - Ma Yin, founder of Anaya, discussed the importance of creating spaces that foster community and aesthetic appreciation, focusing on a slower, more meaningful approach to development [50][123] - The company aims to provide not just housing but also a sense of belonging and connection to nature [50][123] Group 11 - The "China Chip Infrastructure" group, including companies like Cambricon and Moore Threads, was honored for their contributions to the AI chip industry, which is seen as a cornerstone of modern technology and digital economy [58][128] - The semiconductor industry in China is expected to support rapid growth in AI, high-performance computing, and automotive electronics by 2025 [60][128] Group 12 - Du Hua, founder of Lehua Entertainment, announced plans for the company's transformation into a comprehensive entity that integrates robotics, AI, and entertainment, aiming to enhance emotional value for consumers [61][133] - The company is exploring innovative business models that combine technology with entertainment to create new experiences [61][133]

专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。中国飞鹤董事长冷友斌出席接受致敬。ESG 领导者组织论坛联席主席屠光绍，安徽古井集团党委委员，安徽古井贡酒股份有限公司常务副总经理、 亳州古井销售公司董事长、总经理闫立军，经济学家、辛庄课堂联合创始人张维迎为其见证荣誉。 冷友斌表示，生产真正适合一方水土的产品，必须具备完整的产业链模式、自主的原料与生产工艺、先 进的设备，更重要的是——深度了解并研究中国母乳，拥有扎实的科学数据支撑。飞鹤在此领域已构筑 起独特优势，基于精准数据设计配方，能使产品更贴合中国宝宝的体质与肠胃特点，这是飞鹤认为 的"更懂中国宝宝"的科研基础。 其次，冷友斌强调了"新鲜"作为核心竞争力的战略地位。 他认为，越接近生产基地与原料源头，产品 就越新鲜，而"新鲜代表活性，活性关乎吸收"。为此，飞鹤打造了"两小时生态圈"，实现生牛乳挤出后 2小时内0-4℃低温冷链运至工厂加工，从源头上保障极致的原料新鲜度。 在消费端，飞鹤通过优化供应链与渠道，缩短产品到达时间。 冷友斌介绍，公司融合线上线下及社群 等多种触点，将"物理空间"缩短，实现了"2 ...