Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company achieved a revenue of 7.4 billion yuan in 2024, a slight increase of 0.3% year-on-year, while the net profit attributable to shareholders reached 240 million yuan, reflecting a significant growth of 35.3% year-on-year [1]. - The performance of goat milk powder in overseas markets has been particularly strong, with a year-on-year revenue increase of 68.2% [2]. - The company has maintained its leading position in the global goat milk powder market, achieving over 60% market share in China for six consecutive years [2]. - The gross profit margin improved to 42.0% in 2024, up by 3.3 percentage points, driven by reduced sales discounts and product mix upgrades [3]. - The company expects domestic market stabilization in 2025, with continued high double-digit growth in overseas goat milk powder revenue [3]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 74 billion yuan and a net profit of 2.4 billion yuan, with the second half of 2024 showing a revenue of 37.2 billion yuan, down 3.8% year-on-year, but a net profit of 0.9 billion yuan, marking a return to profitability [1]. - Revenue breakdown for 2024 includes: cow milk powder at 2.107 billion yuan (down 17.8%), goat milk powder at 3.699 billion yuan (up 12.7%), other products at 1.292 billion yuan (up 3.2%), and nutrition products at 305 million yuan (up 7.1%) [2]. - The company’s net profit margin for 2024 was 3.2%, an increase of 0.8 percentage points year-on-year [3]. Future Projections - The company has adjusted its net profit forecasts for 2025 and 2026 to 299 million yuan and 357 million yuan, respectively, reflecting a decrease of 15% and 19% from previous estimates [4]. - The projected earnings per share (EPS) for 2025 is 0.17 yuan, with a price-to-earnings (P/E) ratio of 11x [4]. - The company anticipates a recovery in the domestic market due to a slight rebound in birth rates, which may support the infant formula market in 2025 [3]. Market Position - The company is recognized as a leading brand in the goat milk powder sector, with successful expansion in overseas markets, particularly in the Middle East [4]. - The company’s strategic focus on enhancing its product matrix and deepening market penetration in regions like Saudi Arabia is expected to support long-term growth [3].

4月10日，澳优乳业股份有限公司(1717.HK，下称"澳优")交出了2024年的成绩单：营业收入约为74.02亿元，同比增长0.3%；归属于母公司权益持有人应占 利润约为2.36亿元，同比增长35.3%。 2024年中国乳制品行业仍处调整期，面临原料奶过剩、消费增长乏力、行业竞争加剧等诸多挑战，同时也在产品结构的调整、海外市场拓展和成本优化中展 现出发展机遇。 澳优营收与净利润双增的业绩，及其背后的战略与精准执行方案，不仅彰显了中国乳企的强劲韧性，也为行业穿越周期提供了可参考借鉴的范本。 国际化样本 事实上，"出海"也是很多中国企业的新选择。2024年，澳优也全面加速了全球市场拓展的步伐。 2024年，佳贝艾特婴配羊奶粉1段登陆美国市场；中东地区作为澳优核心海外市场，在2024年持续展现稳健的增长势头，进一步巩固了其战略地位；独联体 是澳优深耕多年的另一个重要市场，2024年取得了高双位数增长。 相比初步"出海"的企业，澳优自身拥有很鲜明的国际基因。2003成立于湖南长沙的澳优，在企业成立之初就确定了走差异化、高端化、国际化的思路，将羊 奶作为全球业务发展的重点，此后通过投资、并购等方式，在荷兰、澳大利亚等 ...

4月10日，澳优乳业发布2024年业绩。公告显示，澳优实现营业收入约74.02亿元，同比增长0.3%；归属 于母公司权益持有人应占利润约2.36亿元，同比增长35.3%。值得一提的是，澳优国际业务驶入快车 道，同比增长68.2%，成为驱动业绩增长的新引擎。 营养品业务板块，澳优快速调整锦旗生物核心业务，通过联动开发定制化产品，推动业务稳定向好，于 报告期内实现收入约3.05亿元，同比增长7.1%。其中，NC品牌实现收入约1.76亿元，同比增长29%。 2024年，澳优加速全球市场拓展步伐，国际业务实现跨越式发展。分区域看，2024年羊奶粉中国业务实 现收入约30.53亿元，同比增长5.3%；羊奶粉国际业务实现收入约6.47亿元，同比大幅增长68.2%，并保 持高速增长趋势，在公司自有品牌配方羊奶粉业务总收入的占比进一步提升至17.5%。 2024年，澳优稳步推进"奶粉+营养品"全家营养战略，进一步强化"全球羊奶第一品牌"的领先地位，通 过强科创、拓市场、提效能、固根基等多维举措，在婴配市场整体收窄的背景下，守住了市场份额，实 现营收逆势上扬、利润大幅增长，以韧性生长穿越行业周期。 编辑/李涛 公告期内，澳优自 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 7,402.4 million, an increase of 0.3% compared to RMB 7,382.0 million in 2023[2] - Gross profit increased by RMB 255.3 million or 8.9%, reaching RMB 3,107.9 million, with a gross margin of 42.0%, up 3.4 percentage points from 38.6%[4] - EBITDA rose by RMB 133.3 million or 28.1%, totaling RMB 607.8 million[4] - Profit attributable to equity holders increased by RMB 61.6 million or 35.3%, amounting to RMB 236.0 million[4] - Basic earnings per share for equity holders was RMB 13.26, compared to RMB 9.70 in the previous year[5] - Total revenue from customer contracts for the year ended December 31, 2024, was RMB 7,402,439,000, a slight increase from RMB 7,382,007,000 in 2023, representing a growth of 0.27%[26] - The pre-tax profit for the year ended December 31, 2024, was RMB 312,515,000, up from RMB 201,801,000 in 2023, reflecting a significant increase of 54.9%[23] - The net profit for the year 2024 was RMB 247.2 million, an increase from RMB 168.9 million in 2023, contributing to the rise in net assets[81] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.06 per share, up from HKD 0.05 in 2023, representing a 20.0% increase[3] - The company paid dividends to equity holders amounting to RMB 80,637 thousand in 2024, compared to RMB 98,460 thousand in 2023, reflecting a decrease of 18.1%[9] - The company proposed a final dividend of HKD 0.06 per share for the fiscal year 2024, totaling RMB 98,594,000, compared to RMB 80,659,000 for the previous year[8] Assets and Liabilities - Total assets decreased to RMB 9,662.1 million from RMB 10,033.8 million in 2023[8] - Total liabilities decreased to RMB 3,878.7 million from RMB 4,284.6 million in 2023[8] - Non-current assets increased to RMB 5,264.2 million from RMB 4,952.9 million in 2023, driven by increases in property, plant, and equipment[7] - The total assets as of December 31, 2024, amounted to RMB 9,662,146,000, compared to RMB 10,033,758,000 in 2023, showing a decrease of 3.7%[23] - The total liabilities as of December 31, 2024, were RMB 3,878,667,000, down from RMB 4,284,562,000 in 2023, representing a decrease of 9.5%[23] Cash Flow and Investments - Cash and cash equivalents decreased to RMB 1,214.7 million from RMB 2,037.6 million in 2023[7] - Net cash flow from operating activities increased to RMB 299,374 thousand in 2024 from RMB 224,711 thousand in 2023, representing a growth of 33.2%[9] - Cash used in investing activities totaled RMB 899,165 thousand in 2024, up from RMB 740,917 thousand in 2023, indicating a 21.4% increase[9] - Cash flow from financing activities showed a net outflow of RMB 273,588 thousand in 2024, a significant decrease from a net inflow of RMB 682,453 thousand in 2023[9] - The company reported cash and cash equivalents totaling RMB 1,645.0 million in 2024, down from RMB 2,078.5 million in 2023, with RMB 1,361.1 million (82.7%) in RMB[1] Operational Efficiency - The company’s cash flow from operating activities showed a positive trend, indicating improved operational efficiency and cash generation capabilities[9] - The company achieved significant growth in online business, particularly in live streaming and distribution channels, which became key drivers for revenue growth[69] - The company’s gross profit margin for its own brand formula milk products improved, with the milk powder margin at 52.0% and goat milk powder at 54.3% in 2024[72] Market Performance and Strategy - The company’s self-branded formula goat milk powder maintained over 60% market share in the imported goat milk powder market in China for six consecutive years[46] - The company’s international business saw significant growth, maintaining the top position in global goat milk powder sales and revenue[46] - The company’s goat milk powder brand received endorsements from over 40 top hospital experts and more than 1,300 mother and baby influencers, reinforcing its market position[63] - The company’s marketing strategies included product placements in 14 popular dramas and innovative online advertising, driving brand awareness and customer conversion[67] - The company’s sales in the Middle East continued to show robust growth, particularly in Saudi Arabia, where consumer acceptance of goat milk formula has significantly increased[64] Research and Development - The company has applied for a total of 24 patents and has been granted 22, along with 220 trademark applications, of which 134 have been registered[51] - The company has established a comprehensive evaluation system for its R&D platform, enhancing its innovation capabilities and setting industry benchmarks[49] - The company aims to strengthen its global R&D system and increase investment in innovation to enhance overall competitiveness in the industry[56] Corporate Governance - The board of directors is committed to enhancing corporate governance standards to protect shareholder rights and improve corporate value[113] - The company has adopted the corporate governance code as per the listing rules and aims to comply with best practices[113] - The audit committee consists of three independent non-executive directors, ensuring compliance with relevant regulations[117] Future Outlook - The company plans to enhance its core competitive capabilities by optimizing its five-year strategic plan and advancing digital marketing efforts to improve operational efficiency[56] - The company is focused on maintaining strategic discipline and enhancing execution capabilities to navigate a competitive market environment in 2025[55] - The newborn population in China is projected to rebound to 9.54 million in 2024, a 3.7% increase from 2023, providing growth opportunities for the infant formula market[57]

Core Insights - The article highlights that Aoyou's Jia Bei Ai Te Platinum Crystal White Goat Milk Powder has been recognized as one of the "Top Ten Best Baby Formulas in China," reflecting its superior quality and safety standards [1][2] - Aoyou is committed to providing high-quality nutritional health options globally, focusing on scientific formulation and safety in product development [1] - The product is designed to enhance nutrient absorption in infants, utilizing natural small molecules and A2 protein from goat milk, catering to different age groups with diverse formula options [1] Company Overview - Aoyou has a strong research and development team and rigorous production management processes, ensuring quality from raw material selection to final product testing [1] - The brand has gained consumer trust due to its impeccable product quality and positive user feedback, symbolizing hope for families regarding their children's future [2] Industry Trends - There is a growing consumer awareness regarding food safety, leading parents to be more cautious in their choice of infant formula [2] - Aoyou is expected to continue leading industry trends and providing high-quality, safe, and healthy infant formula solutions, solidifying its position among the top ten in China [2]

在奶粉排行前10位的品牌中，澳优佳贝艾特铂晶悦白羊奶粉的另一大亮点是其"疏敏源"乳清蛋白技术。 通过权威检测，澳优佳贝艾特铂晶悦白羊奶粉中的过敏原蛋白减少了85%，尤其是αS1-酪蛋白含量仅为 5.6%，远低于牛奶的38%。这一特性使其成为了敏感体质宝宝的首选，可以帮助家长有效减少喂养过程 中的过敏风险。 此外，澳优佳贝艾特铂晶悦白羊奶粉乳源100%源自荷兰北纬52°自有牧场，采用纯正莎能奶山羊的奶 源，确保了产品的高品质和纯净度。其羊奶小分子与A2蛋白的结合，进一步提升了消化吸收率，让营 养摄入更加高效。 总而言之，奶粉排行前10位的品牌不仅需要过硬的品质，更需要科学的验证和消费者的信赖。而在奶粉 排行前10位的激烈竞争中，澳优佳贝艾特铂晶悦白羊奶粉凭借其科学配方、临床实证和优质奶源，成功 站稳了脚跟，赢得了市场的广泛认可。未来，澳优佳贝艾特将继续以创新为驱动，为更多家庭提供安 全、高效的婴幼儿营养解决方案，以其独特的技术和卓越的表现，为婴幼儿健康成长保驾护航。 近年来，随着消费者对婴幼儿奶粉品质要求的不断提升，奶粉市场的竞争也愈发激烈。在众多品牌中， 澳优佳贝艾特铂晶悦白羊奶粉凭借其卓越的科研实力和临床实 ...

进口十大放心奶粉品牌公布——澳优佳贝艾特羊奶 粉凭借卓越品质荣耀上榜 在当今竞争激烈的婴幼儿配方奶粉市场中，家长们对于"进口十大放心奶粉品牌"的选择愈发慎重。 作为其中的一员，澳优旗下的佳贝艾特新国标悦白羊奶粉以其卓越品质、科学配比以及严格的生产管理 脱颖而出，成为了众多家庭的首选。 随着营养观念的不断更新，越来越多的家长开始注重婴幼儿奶粉的品质与功能性。特别是在为肠胃 较为娇嫩的新生儿挑选奶粉时，家长们往往更加倾向于选择那些易于消化吸收且富含多种营养成分的产 品。而澳优佳贝艾特羊奶粉正是以珍稀山羊奶为基底，其天然小分子结构赋予了它易于消化吸收的独特 优势。据研究显示，羊奶的吸收率高达95%，远超普通牛奶粉，这使得澳优佳贝艾特成为了许多家庭信 赖的选择。 除了优质的奶源外，澳优佳贝艾特羊奶粉在配方上的创新也为其加分不少。例如，产品特别添加了 OPO结构脂、益生菌和益生元等关键营养成分。这些成分不仅能优化钙质吸收，减少便秘现象，还能调 节肠道菌群，增强肠道屏障功能，让宝宝拥有健康的消化系统。此外，奶粉中的乳铁蛋白成分有助于抵 御有害菌的侵害，促进肠道有益菌的生长，进一步优化消化环境。 值得一提的是，佳贝艾特羊奶 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue for 2024 is expected to be 7.619 billion yuan, representing a year-on-year growth of 3.2%, with domestic milk powder business being a drag on growth [1] - The net profit attributable to shareholders for 2024 is projected to be 275 million yuan, a significant increase of 57.9%, driven by a rebound in domestic milk powder prices and improved cost control in the second half of the year [1][4] - The company's goat milk powder business is expected to see high single-digit growth in revenue, benefiting from new product contributions and strong overseas performance [3] - The overall gross margin is anticipated to improve in 2024 due to stable milk powder prices and better management of sales discounts and product mix [4] Revenue and Profit Forecast - The milk powder business is expected to decline by 9% year-on-year in 2024, primarily due to a decrease in birth rates and market competition [2] - The goat milk powder segment is projected to grow significantly, with overseas sales expected to maintain over 50% growth [3] - The report forecasts a gross margin improvement due to price stabilization and effective cost management [4] Financial Metrics - The projected earnings per share (EPS) for 2024 is 0.15 yuan, with corresponding price-to-earnings (P/E) ratios of 12x for 2024, 9x for 2025, and 7x for 2026 [4] - The company is expected to achieve net profits of 351 million yuan and 441 million yuan in 2025 and 2026, respectively [4][12]

11月5日，第七届中国国际进口博览会（简称"进博会"）在国家会展中心（上海）再次开展。澳优连续 第七年在进博会"报到"。本届进博会，澳优首发首展6款产品。 △澳优现场展位图（食品及农产品展区2.2号馆2.2C4-01）。 坚持全球化发展，澳优七搭进博"快车" 澳优执行董事、总裁任志坚在接受媒体采访时表示：进博会是全球贸易市场的一个缩影，越办越好的进 博会彰显着中国更高水平对外开放的决心。随着我国对外开放的不断推进，如今越来越多的中国企业跻 身世界一流企业行列，越来越多的外资企业融入中国市场，这让澳优对公司全球化发展战略、对中国营 养健康食品产业未来发展充满了信心。澳优将坚定全球化发展路线不动摇，并始终牢记"走出去"过程中 的企业责任与担当，积极为中国乳业的全球地位提升贡献更大力量。 自成立以来，澳优以品质为基、创新为翼，始终坚持国际化发展路线，通过不断整合、集聚全球优势资 源与智慧，已完成在荷兰、澳大利亚等全球"黄金奶源地"的供应链及研发布局，在全球建立了11座工 厂，旗下产品畅销全球60多个国家及地区，实现从收奶、研发、生产到市场终端的全产业链全球化发 展。 连续举办7年的进博会，持续发挥国际采购、投资促进 ...

Revenue and Sales Performance - For the first half of 2024, the company recorded revenue of RMB 3,681.1 million, an increase of RMB 169.2 million or 4.8% compared to RMB 3,511.9 million in the same period of 2023[13]. - The company's core business, self-branded formula goat milk powder, achieved a revenue growth of 15.7% in China during the first half of 2024[13]. - The overseas business of self-branded goat milk powder saw a remarkable growth of 50.7% year-on-year, benefiting from increased market acceptance in the Middle East and successful entry into the U.S. market[13]. - The sales of self-branded goat milk powder reached RMB 1,808.4 million, up RMB 304.2 million or 20.2% year-on-year, accounting for 49.1% of the company's total revenue[14]. - Revenue from the company's own brand formula milk powder for the first half of 2024 was RMB 1,130.1 million, a decrease of RMB 131.5 million or 10.4% year-on-year, accounting for 30.7% of total revenue[20]. - Revenue from the company's own brand goat milk powder reached RMB 1,808.4 million, a year-on-year increase of 20.2%, driven by new product launches and strong growth in overseas markets, particularly in the Middle East and North America[35]. - Revenue from dairy products was RMB 3,535,723 thousand, while revenue from nutritional products was RMB 145,340 thousand for the six months ended June 30, 2024[141]. - Revenue from the Chinese market reached RMB 2,884,209 thousand, accounting for approximately 78.3% of total revenue, compared to RMB 2,808,761 thousand in the same period of 2023[143]. Profitability and Financial Performance - The company reported a profit attributable to equity holders of RMB 145.4 million for the first half of 2024, marking a rebound compared to the second half of 2023[13]. - The company's net profit attributable to equity holders was RMB 145.4 million, a decrease of RMB 39.2 million or 21.2% compared to the same period in 2023, mainly due to declining sales of infant formula cow milk powder[47]. - Gross profit for the first half of 2024 was RMB 1,597.7 million, an increase of RMB 124.3 million or 8.4% compared to the same period in 2023, with gross margin rising from 42.0% to 43.4%[40]. - Operating profit decreased to RMB 206,761 thousand from RMB 241,126 thousand, indicating a decline of 14.19% year-over-year[92]. - Basic and diluted earnings per share for the period were RMB 8.17, compared to RMB 10.25 in the previous year, a decline of 20.39%[92]. - The total expenses for the six months ended June 30, 2024, were RMB 3,495,666 thousand, an increase from RMB 3,333,883 thousand in the same period of 2023, reflecting a growth of approximately 4.9%[144]. Market Expansion and Product Development - The company is focused on sustainable value creation and aims to become the most trusted formula milk and nutrition health enterprise globally[9]. - The company is actively expanding its market presence through precise online marketing strategies and increasing offline sales channel coverage in the U.S. market[13]. - In the Chinese market, the company launched three new goat milk powder products in May 2024, addressing previous formula deficiencies and enhancing product offerings[16]. - The company plans to continue launching two additional new products in the second half of 2024 to further solidify its market position[16]. - The company aims to expand into new markets, including India, to capture a larger share of the global newborn market[17]. - The company launched five new products in the first half of 2024, focusing on various nutritional needs, including high-end organic and A2 protein milk powder[20]. Cost Management and Efficiency - The company implemented multiple cost control measures, enhancing supply chain efficiency and reducing overall inventory to improve product freshness[13]. - The gross margin of the Bioflag Nutrition Corporation Ltd. improved despite revenue pressure, indicating a strategic focus on quality and sustainable development[22]. - The company aims to enhance its market competitiveness through value chain design and cost optimization in its core brand operations[20]. - The company reported a decrease in inventory by RMB 170.3 million, attributed to improvements in global supply chain production planning and logistics[48]. Acquisitions and Strategic Partnerships - The company completed the acquisition of the remaining 50% stake in Amalthea Group B.V., enhancing its control over the goat milk supply chain and expanding its product offerings to include cheese[19]. - The company has committed to acquiring dairy-related assets valued at RMB 169,147,000, compared to RMB 198,789,000 in the previous period, a decrease of 15%[167]. - The company plans to acquire the remaining 50% equity of Amalthea Group for approximately €22,100,000 (equivalent to about RMB 169,147,000), which will be fully consolidated into the company's financial statements upon completion[177]. Financial Position and Assets - Total assets increased to RMB 10,190.6 million as of June 30, 2024, driven by increased receivables from overseas markets[48]. - As of June 30, 2024, total assets amounted to RMB 10,190,649 thousand, with segment assets of RMB 7,928,749 thousand for Dairy Products and RMB 464,826 thousand for Nutrition Products[132]. - The company's total liabilities increased to RMB 4,379,920 thousand from RMB 4,284,562 thousand in the previous period[100]. - The equity attributable to the company's equity holders was RMB 5,740,253 thousand, up from RMB 5,693,468 thousand at the end of 2023[100]. Employee and Management Information - The company has a total of 3,474 full-time employees as of June 30, 2024, down from 3,620 employees as of December 31, 2023, indicating a reduction of 4.0%[66]. - Total compensation paid to key management personnel for the six months ended June 30, 2024, was RMB 7,953,000, a decrease from RMB 18,881,000 in the same period of 2023, representing a decline of approximately 58.8%[176]. - The company has not granted any share options under the new share option plan as of June 30, 2024[76]. Taxation and Financial Risks - The effective tax rate decreased to 12.7% from 23.7% in the previous year, due to several business units turning profitable and utilizing prior year tax losses[45]. - The effective corporate income tax rate in mainland China is 25%, while certain subsidiaries benefit from a reduced rate of 15% as high-tech enterprises until June 30, 2024[149]. - The group faced various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the end of the reporting period[117].