Core Insights - Aoyou Dairy's revenue for the first half of 2025 reached approximately 3.887 billion yuan, representing a year-on-year growth of 5.6% [1] - The company's EBITDA was about 398 million yuan, showing a significant increase of 29.7% year-on-year [1] - Net profit attributable to equity holders was around 181 million yuan, up 24.1% compared to the previous year [1] International Business Growth - Aoyou's international and nutrition businesses have become key growth drivers, with overseas revenue from Jiabeiaite increasing by 65.7% to approximately 483 million yuan [1] - The Middle East remains the largest overseas market, with revenue growth of 54.2%, driven by enhanced brand influence and market penetration in countries like Saudi Arabia and the UAE [1][2] - North America saw a remarkable revenue increase of over 138.7%, with Jiabeiaite achieving leadership in the goat milk infant formula category on Amazon and successfully entering Walmart [1][2] Product Line Expansion - The CIS market contributed stable revenue growth with a year-on-year increase of 33.8%, covering a full range of Jiabeiaite products [2] - Aoyou's nutrition business also grew by 7.0%, expanding into high-end overseas markets like the US and France [2] - The company launched seven new functional products in the To C segment, receiving positive market feedback [2] Domestic Market Performance - Despite a declining newborn population and increased competition in the infant formula market, Aoyou maintained stable growth, with its own brand milk powder revenue reaching approximately 2.826 billion yuan [2] - Goat milk powder revenue grew by 3.1%, with market share increasing by 2.8 percentage points to 30.4% [2] Strategic Acquisitions and Future Outlook - Aoyou completed the strategic acquisition of the remaining 50% stake in Amalthea Group B.V. to enhance its goat milk supply chain [3] - The company aims to strengthen its "milk powder + nutrition" strategy, focusing on product, brand, channel, digital, and organizational capabilities to ensure revenue and profit growth [3] - The company anticipates ongoing challenges from macroeconomic uncertainties and a declining infant formula market, but remains committed to consumer-centric strategies [3]

Core Viewpoint - The article highlights the commitment of Ausnutria to social responsibility and charity, emphasizing its various initiatives aimed at supporting maternal and child health, education, and disaster relief efforts in China [1][3][6]. Group 1: Charity Initiatives - Ausnutria Foundation, in collaboration with Xinhua News, released a public welfare short film on the 10th "Chinese Charity Day," promoting the idea of nurturing charity as a sustainable practice [1]. - The company has been involved in maternal and child care initiatives since its inception, launching projects like "Guarding the First Milk" and "Mother's Love 800g" [1]. - The "You Ai Action" project, initiated in 2013, has provided free goat milk powder and living supplies to underprivileged infants and children, benefiting over a million individuals and donating nearly 70,000 nutritional items [1]. Group 2: Mental Health and Education Support - In April 2023, Ausnutria expanded its charity efforts to include maternal mental health, organizing 120 public welfare activities across Hunan, Guangdong, and Sichuan provinces [3]. - The company has also engaged in educational support, donating computers and other resources to schools in rural areas, marking its fourth consecutive year of such initiatives [6]. Group 3: Disaster Relief Efforts - Ausnutria has established an emergency response mechanism to assist in disaster situations, such as providing aid after the earthquake in Shigatse, Tibet, in early 2025 [7]. - The company has donated cash and goods valued at over 300 million RMB through its foundation and related organizations by the end of 2024 [7]. Group 4: Future Commitment - Ausnutria aims to leverage its industry resources and collaborate with more social forces to continue providing support and warmth to those in need [7].

来源：新华网 "公益不该是一阵风，而是一棵树，把根深深扎进土壤里，让善意年年抽出新芽……" 9月5日中华慈善日当天，澳优基金会联合新华网共同发布公益宣传片《用爱呵护 让善意常青》，呼吁 让公益长成一棵向下扎根、向上生长的常青树，以扎实的、可追溯的公益行动助推慈善事业高质量发 展。 无论是母婴关爱、兴教助学、乡村振兴，还是环境保护、产业帮扶、应急救援，作为乳业头部企业，澳 优把公益责任落实到年复一年的实际行动中，沉淀为体系化的机制，用一条看得见的"社会补给链"，诠 释了一家企业穿越周期的公益信仰与可持续的社会担当。 关爱母婴健康 从"一罐奶"到"一条链" 除此之外，面对疫情、地震、洪涝等突发灾害，澳优也第一时间启动应急机制，通过实际行动捐资赠 物、助力救灾。比如，2025年初西藏日喀则发生地震，面对突如其来的灾难，澳优旗下荷兰高端进口奶 粉品牌海普诺凯迅速响应，积极履行社会责任，第一时间联合西藏自治区母子保健协会等爱心组织捐赠 生活物资，帮助受灾群众缓解燃眉之急。 在刚刚过去的8月，"益起点亮新河"行动再度启动，澳优等企业联合新华网再次向新华社定点帮扶地之 一的河北省邢台市新河县捐赠母婴营养品等爱心物资，为当地 ...

中国奶粉企业正在忙着走出国门，抢占海外市场的新机会。 当液奶市场还未走出深度调整，婴幼儿配方奶粉市场却呈现另一番景象。半年报显示，国内奶粉市场仍 处于下滑通道，但在强分化趋势下，头部奶粉企业业绩正在回升。此外，由于国内市场日趋拥挤，越来 越多婴配粉企业选择出海远征，今年上半年也取得了新进展。 中国奶粉忙着"反向出海" 过去很长一段时间，中国被视为全球婴幼儿配方奶粉最大的增量市场，吸引了全球乳企纷纷布局，国内 奶粉企业也主要聚焦在国内"抢地盘"。但随着国内市场竞争持续加剧，国内奶粉企业也开始谋划"反向 出海"。2025年上半年，国内奶粉企业在这方面取得了新突破。 其中海外增长最快的是澳优乳业（01717.HK）。半年报显示，上半年其羊奶粉品牌佳贝艾特在海外市 场实现收入4.8亿元，同比增长65.7%，海外收入占比从16.1%提升至25.9%。其中，中东、北美及独联体 市场分别增长54.2%、138.7%和33.8%。 此前，国内奶粉品牌也曾尝试出海，但受限于当地法规和文化融合等问题，很多市场策略难以施展，进 展一直缓慢。 澳优乳业向第一财经记者表示，在进入中东市场之前，该地区主要以达能、惠氏等国际品牌为主，但中 ...

目前，28家A股及H股上市乳企2025年半年报已披露完毕。综合来看，受多重因素影响，国内乳制品行 业整体面临较大压力，超六成企业营收同比下滑，净利润呈现涨跌各半的局面。 上半年，原奶板块仍未能走出亏损困境，相关企业业绩承压明显。头部企业通过成本管控、技术革新和 战略调整，展现出较强的经营韧性，亏损幅度有所收窄。 "上半年乳企普遍以利润为核心调整业务策略，努力实现可持续发展。头部企业凭借强大的综合实力， 在净利润方面保持增长，基本盘保持稳定。"中国农垦乳业联盟专家组组长宋亮对《证券日报》记者表 示。 头部企业优势明显 上半年，28家上市乳企实现营收总额1901.48亿元，同比下降1.05%；实现归属于上市公司股东的净利润 合计123.99亿元，同比下降14.83%；经营活动产生的现金流量净额合计49.41亿元，同比下降31.72%； 研发费用合计6.97亿元，同比增长14.99%；存货合计370.18亿元，同比下降6.18%。 具体来看，营收超百亿元的企业共5家，包括内蒙古伊利实业集团股份有限公司（以下简称"伊利"）、 中国蒙牛乳业有限公司（以下简称"蒙牛"）、光明乳业股份有限公司（以下简称"光明乳业"）、中国 ...

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 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 澳優乳業股份有限公司 呈交日期: 2025年9月1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) | 01717 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | 本月 ...

经过两年的战略调整和业务优化后，澳优乳业股份有限公司(1717.HK，下称"澳优")于近日交出了稳健增长的2025年半年成绩单。 半年报显示，2025年1-6月，澳优实现营业收入约38.87亿元(人民币，下同)，同比增长5.6%；EBITDA(息税折旧及摊销前利润)约3.98亿元，同比增长29.7%； 归属于母公司权益持有人应占利润约1.81亿元，同比增长24.1%，实现营收、净利润的双增长。 其中，中东市场收入同比增长54.2%，继续保持澳优海外最大销售市场的地位，领跑国际业务；北美市场收入同比提升逾138.7%，成为澳优海外市场第二大 营收来源；独联体市场收入同比增长33.8%。 以澳优海外最大销售市场——中东为例，该区域的增长主要由于在沙特阿拉伯、阿拉伯联合酋长国、卡塔尔及科威特等核心市场，佳贝艾特通过强化医疗专 业渠道推广，提升山羊奶婴儿配方奶粉的医学认可度。澳优提到，沙特市场的表现尤为突出，凭借与当地母婴机构及医护人员的深度合作，成功推动当地消 费者对羊奶粉的接受程度及市场渗透率的提升。此外，2025年佳贝艾特新进入阿曼市场，表现也超出了预期。澳优方面也表示，未来将持续深耕中东市场， 打造全羊奶产品 ...

羊奶粉海外业务有望继续高增，营养品业务构建第二增长赛道。尽管公司仍面临国内出生人口数量下 跌、宏观环境不确定性等挑战，但随着国内渠道库存调整逐步完成，以及国家育儿补贴等政策刺激行业 需求改善，25H2 公司国内羊奶粉收入有望环比改善，牛奶粉业务有望逐步企稳。羊奶粉海外业务仍为 公司的核心增长看点，佳贝艾特在美国亚马逊平台单月销量已跃升至羊奶婴配粉品类领导地位，同时公 司将持续深耕中东市场，完善产品矩阵，为海外业务的长期发展奠定基础。此外，营养品业务为公司第 二增长赛道，公司将在B 端聚焦大客户开放，加大海外市场发展，同时推动明星菌株推广；C 段重点构 建线上直播能力和私域客户开发，线下母婴渠道和药店渠道双轮驱动。 盈利预测、估值与评级：我们维持公司2025-2027 年归母净利润预测分别为2.99/3.57/4.10 亿元，当前股 价对应PE 分别为13x/11x/10x。公司是羊奶粉品牌中的龙头企业，海外市场拓展顺利，仍有增长空间， 维持"增持"评级。 风险提示：经济增速放缓压力加大、行业竞争加剧、食品安全问题。 新业务拉低毛利率，费用优化提升净利率。1）25H1 毛利率为41.9%，同比-1.5pcts， ...

Market Recovery - The milk powder business has shown significant signs of recovery, contrasting with the ongoing pressure in the liquid milk market [1][2] - In the first half of 2025, Yili's milk powder and dairy products achieved revenue of 16.578 billion yuan, a year-on-year increase of 14.26% [2] - Aoyou, a subsidiary of Yili, reported a revenue increase of 5.6% to 3.887 billion yuan and a net profit increase of 24.1% to 181 million yuan [2] - Mengniu's milk powder business also saw a slight revenue increase to 1.6756 billion yuan, up from 1.6353 billion yuan, with its share of total revenue rising from 3.7% to 4.0% [2] External Brand Performance - Foreign brands like a2 Milk Company reported a revenue increase of 13.5% to 1.902 billion NZD, with a 13.9% increase in revenue from China and other Asian regions [3] - FrieslandCampina's professional nutrition business in China grew by 18.1%, with operating profit surging by 61% [3] - The overall performance of foreign brands has outpaced domestic brands, leading to a decline in market share for domestic companies [3] Policy Support - The implementation of a child-rearing subsidy program starting January 1, 2025, is expected to boost consumer spending on infant formula [4] - The subsidy is set at 3,600 yuan per child per year, which may enhance disposable income and drive demand for mid-to-high-end products [4] Industry Dynamics - The infant formula market, despite being valued in the hundreds of billions, has faced growth challenges due to declining birth rates [5] - The market began to stabilize in 2024, with a slight increase in newborn numbers and the completion of the transition to new national standards [5][6] - Companies that implemented inventory and price control strategies have generally seen revenue and profit growth, while those engaging in price wars face operational difficulties [6] Strategic Moves - a2 Milk Company announced the acquisition of Mengniu's subsidiary, Yashili New Zealand Dairy Company, for approximately 282 million NZD to enhance production capacity [6][7] - This acquisition reflects different strategic considerations between domestic and foreign companies, with Mengniu focusing on optimizing its production capacity [6][7] - The industry is shifting towards a "whole family nutrition" approach, expanding beyond infant formula to include products for adults and seniors [7] - Aoyou's nutrition business revenue grew by 7.0%, and a2 Milk reported a 33.1% increase in revenue from its whole family nutrition products in Asia [7]

Core Viewpoint - Aoyou Dairy's mid-year report for 2025 shows continued growth in revenue and profit despite a challenging global economic environment and increased competition in the infant formula market, driven by a comprehensive nutrition strategy and strong international performance [2][3][4]. Financial Performance - For the first half of 2025, Aoyou reported revenue of approximately 3.887 billion yuan, a year-on-year increase of 5.6% - EBITDA reached about 398 million yuan, up 29.7% - Net profit attributable to equity holders was approximately 181 million yuan, reflecting a 24.1% increase [2]. International Market Growth - Aoyou's international business experienced explosive growth, with revenue from the goat milk powder brand "Jiabai Aite" increasing by 65.7% to approximately 483 million yuan - The Middle East market saw a revenue increase of 54.2%, while North America reported a staggering 138.7% growth, becoming the second-largest revenue source for Aoyou [3][4]. Product and Market Strategy - Aoyou's nutrition business also grew by 7.0%, with successful expansion into overseas markets - The company launched several new products under the NC brand, which has become the top-selling Australian brand of probiotics in China [5][6]. Supply Chain and Operational Efficiency - Aoyou implemented a digital can code system to enhance product freshness and transparency, which, while impacting short-term sales, is expected to support long-term growth - The company's own brand milk powder business generated approximately 2.826 billion yuan, with goat milk powder maintaining a market share of 30.4% [6][7]. Research and Innovation - Aoyou hosted an international medical seminar on goat milk in Amsterdam, enhancing its authority in the field - The company launched four new goat milk raw materials, with three achieving global commercial viability, and received several awards for its products [9][10]. Future Outlook - Despite ongoing macroeconomic uncertainties and a declining trend in the infant formula industry, Aoyou remains confident in its market position and plans to strengthen its second growth curve through consumer-centric strategies and continued innovation [10].