As the dairy industry transitions toward high-quality development, working capital management has become essential for enhancing corporate financial resilience and market competitiveness. Traditional management approaches, which analyze operational segments in isolation, fail to meet the coordination demands of modern industrial chains. From a value chain perspective, this study takes Liziyuan as a case example to construct a working capital analysis framework that integrates internal value chain activities—procurement, production, and sales—with external partnerships involving suppliers and distributors. The findings indicate that Liziyuan demonstrates certain advantages in managing working capital within its procurement and sales stages. However, challenges such as the rapid increase in other payables during production, overly conservative credit policies, and a fragmented customer base constrain its profitability and market expansion. Comparative analysis with industry leader Yili supports the identification of these issues. The study proposed targeted recommendations, including strengthening supplier collaboration, regulating fund outflow paths, adjusting credit policies, and accelerating digital transformation. This research aimed to offer both theoretical insights and practical guidance for dairy enterprises seeking to establish a systematic and synergistic working capital management system.

In recent years, consumers' attention to the health attributes of food has been continuously increasing, and "reducing sugar and fat" has become a new demand for product development. Traditional ice cream products, due to their high sugar and high fat properties, have witnessed a year-on-year decline in market sales. Therefore, developing a new product that combines the health benefits with the sensory characteristics of ice cream-a refrigerated and frozen "dual consumption" fully fermented ice cream yogurt (which remains in a yogurt state at 2~6 ℃ and in an ice cream state at 18 ℃) is expected to gain consumers' attention and favor. This paper elaborated on the definitions of ice cream and yogurt and the current development status of the industry, analyzed the microbiological basis of fully fermented products, and discussed the formulation design and texture regulation strategies of refrigerated and frozen "dual consumption" refrigerated and frozen ice cream yogurt. Finally, it summarized the challenges and future development trends faced in the current industrialization process.

This paper reviewed the intrinsic mechanisms through which heat stress affected reproductive performance in dairy cows, scientific assessment methods, and integrated mitigation strategies.It provided an in-depth analysis of the physiological and molecular mechanisms by which heat stress impairs fertility through multiple pathways, including inducing oxidative stress, disrupting endocrine homeostasis, impairing oocyte quality and embryonic development, and interfering with epigenetic programning.The paper explored heat stress assessment systems based on the temperature-humidity index, physiological indicators (such as rectal temperature and respiratory rate) , and behavioral changes, and analyzed their associations with key reproductive traits such as conception rate and the interval to first postpartum ovulation.It comprehensively reviewed current research progress and the potential of strategies to mitigate the negative effects of heat stress, including genetic selection, precise nutritional regulation, environmental improvements, and emerging biotechnologies, offering theoretical foundations and practical guidance for dairy farms to establish efficient heat stress response systems and enhance reproductive efficiency.

Whey protein, characterized by a high branched-chain amino acid content, rapid gastrointestinal absorption, and multiple bioactive components, represents one of the most extensively studied protein sources in sports nutrition. This review systematically examined the molecular mechanisms, clinical evidence, and emerging research directions of whey protein in the context of sports nutrition. At the mechanistic level, whey protein stimulates muscle protein synthesis primarily through activation of the mTOR signaling pathway, attenuates central fatigue via modulation of the tryptophan-serotonin axis, and reinforces post-exercise immune function through the concerted actions of immunoglobulins and lactoferrin. Clinically, accumulating evidence supports its efficacy in promoting resistance training-induced hypertrophy, accelerating endurance recovery, facilitating body composition management, and sustaining immune homeostasis during intensive training. Recent advances include co-formulation with collagen to simultaneously target myofibrillar and connective tissue protein synthesis, nano-encapsulation for enhanced bioavailability, and genotype-informed supplementation strategies based on polymorphisms such as ACTN3. Concurrently, membrane filtration and precision fermentation technologies are expanding the sustainable production of functional whey proteins. As multi-omics profiling and artificial intelligence converge with nutritional science, individualized whey protein protocols calibrated to genotype, metabolic phenotype, and training load are becoming increasingly feasible.

Under the background of the deep integration of the digital economy and the real economy, digital transformation has become a crucial pathway for China's dairy enterprises to achieve high-quality development. This paper employed a mixed-method approach combining empirical research and case study analysis to systematically investigate the impact of digital transformation on the financial performance of China's dairy enterprises. Using panel data from 24 A-share and H-share listed dairy companies in China from 2016 to 2024, a two-way fixed effects model is constructed for empirical testing. The results revealed a significant U-shaped nonlinear relationship between digital transformation and long-term corporate financial performance. In the initial stage of transformation, the high costs of digital construction exert a negative impact on financial performance; however, as digital transformation deepens, its positive effects gradually emerge, significantly enhancing financial performance. Heterogeneity analysis indicates that the impact of digital transformation on financial performance is more pronounced in state-owned enterprises. Furthermore, this study conducted a horizontal comparative analysis of four leading dairy enterprises—Yili Group, Mengniu Dairy, Bright Dairy, and Tianrun Dairy—using DuPont financial analysis, Palip financial analysis, and operating cash flow analysis to assess their financial performance in 2023 and 2024. The findings showed that factors such as improper post-merger integration, asset impairment provisions, high tax burdens, and low conversion efficiency of operating cash flow contribute to significant fluctuations in financial performance. Based on these findings, this paper proposed policy recommendations including strengthening post-merger integration management, promoting product diversification and brand building, and improving ESG governance. This study provided theoretical insights and practical guidance for optimizing digital transformation pathways and enhancing financial performance in China's dairy industry.

Heat stress caused by high temperatures in summer is a key challenge restricting the profitability of dairy farming. It not only reduces milk yield but also significantly impairs the reproductive performance of dairy cows. This paper systematically reviewed the mechanisms by which heat stress damages the physiological functions, endocrine homeostasis, and reproductive performance of dairy cows, with a focus on analyzing the negative effects of high-temperature enviromments on estrus expression, follicular development, early embryonic survival, and pregnancy success rates. Combined with field trial data, this paper elaborates on the application effects of the novel gonadotropin-releasing hormone (GnRH) analogue buserelin in scenarios such as fixed-time artificial insemination synchronization, reducing early embryonic mortality, and treating ovarian cysts. The study confirmed that buserelin can significantly alleviate heat stress-induced reproductive damage, improve summer conception rates, and enhance overall reproductive efficiency in dairy cows by regulating the endocrine status, increasing progesterone concentrations, and improving oocyte quality and the uterine environment. This provided a scientifically based practical solution for reproductive management in large-scale farms during summer.