Founded in 1998, BLACKCOW FOOD mainly engaged in production of oatmeal initially, and then set foot in the soybean beverage production concentrated on soymilk powder. Currently, its liquid soymilk performance is much better than that of soybean milk powder, especially after the incident of “melamine”. Now BLACKCOW owns a liquid soymilk production base in Anhui province. Besides, its Wujiang liquid soymilk production base located in Jiangsu is under planning.

Liquid Soymilk Capacity of BLACKCOW, 2009-2013E (Unit: kt)

Source: BLACKCOW FOOD; ResearchInChina

Revenue proportion of liquid soymilk gradually has been improved since Anhui production base started operation in 2009. In 2011H1, operating revenue of liquid soymilk exceeded RMB100 million, accounting for 14.9% of the total revenue, up 13.8 percentage points YoY. It is hoped to become the largest source of revenue instead of soybean milk powder. Capacity of Anhui production will be near to 100 thousand tons when its first phase goes into production in 2011Q3. Besides, the total capacity will reach almost 140 thousand tons after its second phase starts operation. In addition, Jiangsu liquid soymilk project (40 thousand tons) will start operation by 2013.