证券研究报告·海外公司深度·食物饮品(HS) 蒙牛乳业（02319.HK） 见龙在田，继往开来 2024 年 10 月 24 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|--------|---------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 92593 | 98624 | 92742 | 95541 | 98063 | | 同比 (%) | 5.05 | 6.51 | (5.96) | 3.02 | 2.64 | | 归母净利润（百万元） | 5303 | 4809 | 4300 | 4838 | 5323 | | 同比 (%) | 5.52 | (9.31) | (10.58) | 12.50 | 10.02 | | EPS- 最新摊薄（元 / 股） | 1.35 | 1.22 | 1.10 | 1.23 | 1.36 | ...

证券研究报告·海外公司深度·食物饮品(HS) 蒙牛乳业（02319.HK） 见龙在田，继往开来 2024 年 10 月 24 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|--------|---------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 92593 | 98624 | 92742 | 95541 | 98063 | | 同比 (%) | 5.05 | 6.51 | (5.96) | 3.02 | 2.64 | | 归母净利润（百万元） | 5303 | 4809 | 4300 | 4838 | 5323 | | 同比 (%) | 5.52 | (9.31) | (10.58) | 12.50 | 10.02 | | EPS- 最新摊薄（元 / 股） | 1.35 | 1.22 | 1.10 | 1.23 | 1.36 | ...

Financial Performance - Revenue for the first half of 2024 decreased by 12.6% year-on-year to RMB44,670.5 million due to an imbalance between supply and demand in the dairy industry and lower-than-expected consumer demand[7] - Gross profit margin increased by 1.9 percentage points year-on-year to 40.3% in the first half of 2024[7] - Operating profit decreased by 4.8% year-on-year to RMB3,119.3 million in the first half of 2024[7] - Profit attributable to owners of the company declined by 19.0% year-on-year to RMB2,445.8 million in the first half of 2024[7] - Net cash flow from operating activities dropped by 44.4% year-on-year to RMB1,919.9 million in the first half of 2024[7] - Basic earnings per share decreased by 18.6% year-on-year to RMB0.623 in the first half of 2024[7] - Diluted earnings per share decreased by 18.4% year-on-year to RMB0.622 in the first half of 2024[7] - Operating profit reached RMB3,119.3 million, with the operating profit margin increasing by 0.6 percentage points year-on-year to 7.0%[8] - Profit attributable to equity shareholders amounted to RMB2,445.8 million[8] - Revenue for the first half of 2024 was RMB44,670.5 million, a year-on-year decrease of 12.6%, with gross profit margin increasing by 1.9 percentage points to 40.3%[8] - Revenue decreased by 12.6% year-on-year to RMB44,670.5 million for the six months ended 30 June 2024 (2023: RMB51,118.5 million)[70] - Gross profit decreased to RMB17,984.7 million, with gross profit margin increasing by 1.9 percentage points to 40.3% due to lower raw milk prices[72] - Selling and distribution expenses decreased by 8.8% to RMB12,680.5 million, accounting for 28.4% of revenue[73] - Administrative expenses decreased by 11.1% to RMB1,941.0 million, maintaining a 4.3% share of revenue[73] - Operating profit decreased by 4.8% to RMB3,119.3 million, with operating profit margin increasing by 0.6 percentage points to 7.0%[74] - EBITDA decreased by 7.5% to RMB4,790.8 million, with EBITDA margin increasing by 0.6 percentage points to 10.7%[75] - Profit attributable to owners of the company decreased by 19.0% to RMB2,445.8 million, with basic earnings per share down 18.6% to RMB0.623[77] - Capital expenditure decreased by 10.3% to RMB1,692.9 million, with RMB1,583.4 million spent on production facilities and related investments[81] - Net cash inflow from operating activities decreased by 44.4% to RMB1,919.9 million, primarily due to lower net profit and increased raw milk powder inventories[82] - Outstanding interest-bearing bank and other borrowings increased to RMB41,562.3 million, with RMB17,755.1 million repayable within one year[83] - Net borrowings of the Group as of 30 June 2024 were RMB23,125.5 million, a decrease from RMB24,967.0 million at the end of 2023[84] - The Group's debt-to-equity ratio increased to 81.3% as of 30 June 2024, up from 73.9% at the end of 2023[84] - Finance costs of the Group were RMB884.3 million, representing 2.0% of revenue, an increase of 0.6 percentage points year-on-year[85] - Liquid milk revenue amounted to RMB36,261.5 million, accounting for 81.2% of Mengniu's total revenue[86] - Revenue from the ice cream business amounted to RMB3,371.4 million, accounting for 7.5% of Mengniu's total revenue[99] - Revenue from the milk formula business amounted to RMB1,635.3 million, accounting for 3.7% of Mengniu's total revenue[103] - Revenue from the cheese business amounted to RMB2,114.3 million, accounting for 4.7% of Mengniu's total revenue[109] - Mengniu had a total annual production capacity of 13.90 million tons as of 30 June 2024[114] Product Innovation and Market Expansion - The company launched new products like lactose-free milk and various flavored milk tea drinks to meet diverse consumer needs[19][20] - Mengniu's chilled yogurt upgraded to 100% raw milk formula, expanding into zero-sucrose and tasty fruit bits segments, with YO!FINE DIARY Yogurt achieving significant sales growth in 2024[26] - Shiny Meadow, Mengniu's high-end fresh milk brand, saw double-digit growth in 2024 despite market challenges[29] - Xiaoxianyu, a sub-brand targeting young consumers, achieved double-digit sales growth through partnerships with the Ta Foundation[31] - Mengniu's fresh milk business secured the largest market share in e-commerce and fresh food e-commerce through collaborations with Tmall, JD.com, and Douyin[32] - Mengniu's milk powder business returned to profitability in H1 2024 by restructuring its model and focusing on precise nutritional benefits[33] - Reeborne, Mengniu's infant formula brand, collaborated with Jiangnan University and Sun Yat-Sen University to release the world's first validated MLCT results[34] - Bellamy's achieved strong year-on-year sales growth in the Southeast Asian market in H1 2024, introducing two new products in the region[35] - Ruiburun brand achieved global first MLCT empirical results in collaboration with Jiangnan University and Sun Yat-sen University, enhancing infant formula product strength with patented MLCT+ new OPO formula[36] - Bellamy's Southeast Asia sales showed strong year-on-year growth in the first half of 2024, maintaining its position as the top organic milk powder brand in cross-border e-commerce[36] - Yourui brand released a white paper on health status and nutrition solutions for middle-aged and elderly adults, focusing on bone, joint, and muscle health products[37][38] - Suibian brand expanded its product lineup with cup and cone offerings and launched the Suibian Gold Label series to meet young consumers' demand for high-quality, multi-flavor products[41] - Ice+ brand collaborated with NBA to launch an electrolyte drink sorbet and with Brave the World Super X to introduce beer ice cream, targeting younger consumers[41] - AICE achieved top market share in Indonesia and second in the Philippines for snacking ice cream, with strong sales revenue growth and improved profit margins[43] - Milkground launched a new line of ready-to-eat nutritional products for adults in May 2024, transitioning from a focus on children's cheese to products for all age groups[45] - Milkground's market share remains the top in the cheese segment, with its leading advantage continuously expanding[46] - Milkground launched new adult ready-to-eat nutritious cheese products in May 2024, marking a brand upgrade from children's cheese to all-age cheese[46] - Milkground introduced new products such as Cheese Granules, upgraded Mousse Cup Cheese, bite-sized Cheese, and Fresh Hand-torn Cheese, enriching its product lineup[47] - Milkground completed a cash acquisition of 100% equity in Inner Mongolia Mengniu Cheese Co., Ltd. in June 2024, aiming to strengthen its leadership in the cheese market[49] - Mengniu launched a new lactose-free milk product in 2024 to meet the needs of lactose-intolerant consumers[89] - Just Yoghurt's zero additive original taste yogurt has passed EU standard certification, emphasizing Mengniu's commitment to quality[90] - Fruit Milk Drink introduced a new series of milk tea beverages in 2024, targeting young Generation-Z consumers with zero added milk powder and zero trans fats[92] - Mengniu's chilled yogurt products have been upgraded to a 100% raw milk formula, with expansion into zero-sucrose and fruit grain segments[94] - Yoyi C 100ml Smooth Drinks, featuring a formula of 5 strains of complex probiotics, has been highly acclaimed since its launch[94] - Shiny Meadow launched Dual Protein Milk, enriched with six almonds per 350ml serving[97] - Xiaoxianyu, a sub-brand of Shiny Meadow, focused on light-calorie fresh milk, rapidly expanding its reach among young consumers[97] - Mengniu Modern Meadow fresh milk launched seasonal products like Mood for Green Raw Milk Green Shasha and Functional Flavor 5 Black Milk[97] - Suibian introduced the Gold Label 72% series, targeting high-quality chocolate ice cream demand among young consumers[100] - Reeborne upgraded its core products to A2 β-casein milk sources in 2024[104] - Milkground launched new products such as flower-flavour cheese sticks and light-fat mozzarella cheese crumbles[110] Sustainability and ESG Initiatives - The company is implementing its "GREEN" strategy and "dual-carbon goals", including deforestation-free strategies and green packaging transformation[9] - Established a "1+N" sustainability report disclosure system and released key reports including the "2023 Annual Sustainability Report" and the first TNFD-aligned "Nature-Related Information Disclosure Report" in China's dairy industry[117][118] - Developed a 4R1D green packaging strategy (Reduce/Recycle/Reuse/Renew/Degradable) and set quantitative goals for reducing environmentally unfriendly plastics and increasing recycled materials usage[118] - Partnered with Aihuishou to launch the "New Life Dairy Packaging Recycling Program" and signed a sustainability agreement with the Bel Group for low-carbon agriculture and food waste reduction[119] - Joined the Roundtable on Sustainable Palm Oil (RSPO) and completed the delivery of China's first batch of "zero-deforestation" soybeans[120] - Established the Inner Mongolia Mengniu Public Charity Foundation focusing on disaster relief, nutrition enhancement, rural revitalization, and ecological protection[121] - The company is integrating ESG concepts into its corporate management under the GREEN strategy, focusing on governance, risk management, and business ethics to enhance sustainability[183] - The Company has adopted ESG governance, risk governance, and business ethics as part of its GREEN strategy to enhance sustainable corporate governance[185] Digital Transformation and AI Integration - Online membership exceeded 82 million, with a focus on high-growth channels such as interest-based and content-based e-commerce[23] - The company is accelerating digital transformation to develop new production capabilities and optimize the entire value chain[16] - Mengniu launched over 1,700 AI applications across various business scenarios, improving decision-making and execution efficiency[67][68] - Mengniu's digital intelligence team accelerated platform development and integrated AI to boost productivity, addressing supply-demand imbalances[65][66] - Mengniu upgraded its store and warehouse systems, introduced a smart sales system, and launched a comprehensive digital marketing platform, significantly reducing sales costs[67][68] - Mengniu streamlined supply chain processes, improving inventory turnover and addressing technical bottlenecks behind supply-demand imbalances[67][68] - Mengniu promoted the "AI Smart Data Analysis Assistant," leveraging AIGC technology to drive sustainable growth in front-end operations[67][68] Corporate Governance and Shareholder Information - The company plans to repurchase shares up to HK$2 billion in value over the next 12 months[8] - The company does not recommend paying an interim dividend for the six months ended 30 June 2024, and proposes to retain the profit for that period[132][135] - Lu Minfang holds 11,459,810 shares, representing 0.29% of the company's issued share capital[137] - Gao Fei holds 4,287,957 shares, representing 0.11% of the company's issued share capital[137] - COFCO Corporation is the largest shareholder with 950,014,304 shares, representing 24.14% of the company's issued share capital[143] - COFCO (Hong Kong) Limited holds 938,103,304 shares, representing 23.84% of the company's issued share capital[143] - China Foods (Holdings) Limited holds 846,174,304 shares, representing 21.50% of the company's issued share capital[143] - FIL Limited holds 275,172,000 shares, representing 6.99% of the company's issued share capital[143] - Mitsubishi UFJ Financial Group, Inc. holds 318,451,000 shares, representing 8.09% of the company's issued share capital[143] - BlackRock, Inc. holds 228,665,398 shares, representing 5.81% of the company's issued share capital[143] - UBS Group AG holds 249,795,549 shares, representing 6.35% of the company's issued share capital[143] - COFCO Corporation holds an aggregate of 950,014,304 shares in the company through its controlled corporations[144] - COFCO (Hong Kong) Limited is a beneficial owner of 91,929,000 shares and deemed interested in another 846,174,304 shares through its controlled corporations[144] - China Foods (Holdings) Limited is deemed interested in 846,174,304 shares through its controlled corporations[144] - Farwill Limited is deemed interested in 846,174,304 shares through its controlled corporations[144] - COFCO Dairy Holdings Limited is deemed interested in 846,174,304 shares through its controlled corporations[147] - COFCO Dairy Investments Limited is a beneficial owner of 550,146,260 shares and deemed interested in another 296,028,044 shares through its controlled corporation[147] - Prominent Achiever Limited is a beneficial owner of 296,028,044 shares[147] - The total issued shares of the company as of 30 June 2024 was 3,935,292,513[147] - The total number of securities available for issue under the 2016 Share Option Scheme is 391,926,640 shares, representing 9.96% of the total issued shares as of 28 August 2024[149] - The number of options available for grant under the Scheme Mandate Limit at the end of the period is 308,959,929[149] - The total number of shares that can be issued under the 2016 Share Option Scheme is 391,926,640 shares, representing 10% of the total shares on June 3, 2016, and 9.96% of the total issued shares as of August 28, 2024[150] - The maximum number of shares each participant can hold under the 2016 Share Option Scheme is 39,192,664 shares, which is 1% of the total issued shares at the time of approval[150] - The number of share options available for grant at the beginning of the period was 299,974,501, and at the end of the period, it was 308,959,929[150] - The percentage of shares that could be issued under all the company's plans during the period, divided by the weighted average number of shares issued during the period, was 0.96%[150] - Executive Director Lu Minfang held 8,363,639 share options as of June 30, 2024, with an exercise price of 40.58[152] - Executive Director Gao Fei held 2,669,876 share options as of June 30, 2024, with an exercise price of 40.58[152] - Employees in aggregate held 13,668,974 share options as of June 30, 2024, with an exercise price of 40.58[152] - 70% of the 627,283 options granted will vest on April 1, 2021, and the remaining 30% will vest on April 1, 2022[153] - The share options will only vest if the pre-set performance targets of both the Group and the participants are achieved, otherwise, the options will lapse[153] - The share options have a contractual life of five years from the date of grant[153] - The maximum number of shares that can be purchased under the Share Award Scheme is 178,105,864 shares, representing 5% of the issued share capital as of the Adoption Date (3,562,117,284 shares)[161] - The maximum number of restricted shares that can be granted to a single participant at any one time or in aggregate is 17,810,586 shares, which is 0.5% of the issued share capital as of the Adoption Date[161] - During the year ended 31 December 2023, no share awards were granted, vested, or cancelled, and the purchase price for all share awards was nil[162] - As of 30 June 2024, no shares were granted to selected participants under the Share Award Scheme[163] - The fair value of shares granted under the Share Award Scheme is calculated based on the market prices of the Company's shares at the respective grant dates, without considering dividends[165] - The performance targets for restricted share awards are based on annual revenue, profit attributable to owners of the Company, and free cash flow of the Group[165] - As of 30 June 2024, convertible bonds with a nominal value of HK$3,646,950,000 remain outstanding, with 111,595,758 ordinary shares potentially issuable upon full conversion[167] - The Share Award Scheme is funded by existing shares of the Company, and no new shares are issued, thus avoiding dilution of existing shareholders' equity[160] - The company issued convertible bonds with a nominal value of HK$4,862,600,000 on 26 November 2021, with an initial conversion price of HK$34.73 per share, later adjusted to HK$32.68 per share as of 12 June 2024[171][173] - As of 30 June 2024, convertible bonds with a nominal value of HK$3,646,950,000 remain outstanding, which could be converted into 111,595,758 ordinary shares at the adjusted conversion price[174][179] - The company redeemed convertible bonds with nominal values of HK$486,260,000 and HK$729,390,000 on 21 November 2022 and 1 December 2023, respectively[174][179] - The Group's cash and cash equivalents denominated in RMB, USD, Philippine peso, and Euro were approximately RMB30,640,000, RMB55,937,000, RMB56,526,000, and RMB91,000, respectively, as of 30 June 2024[170][172] - The Group's interest-bearing bank and other borrowings denominated in USD were approximately RMB778,959,000 as of

[Table_MainInfo] 公司研究/食品 证券研究报告 蒙牛乳业（2319.HK）半年报点评 2024 年 09 月 20 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------|----------------------| | 股票数据 | | | 0 [ 9 ab 月 tockInfo 19 日收盘价 ] （ HKD ） | 13.36 | | 52 周股价波动（ HKD ） | 11.82-28.97 | | 总股本 / 流通港股（亿股） | 39.35/39.35 | | | | | 总市值 / 流通市值（亿 HKD ） 相关研究 | 500/500 | | [Table_ReportInfo] 《蒙牛乳业 (2319.HK) | 半年报点评：收入稳定 | | 成长，大白奶继续领先行业增长》 | 2023.09.16 | [Table_QuoteInfo] 市场表现 | --- | --- | --- | --- | |--------------- ...

股价及恒指相对走势 成交额 (百万港元) 2024 年 9 月 5 日 蒙牛乳业（2319.HK） 行业承压，业绩下滑 蒙牛 2024 年上半年收入 446.7 亿/-12.6%，净利润 25.3 亿/-17.2%。乳制品行业供 大于求，行业竞争激烈，对业绩产生负面影响。因此我们下调 24/25/26 年净利润至 44.4/49.4/53.3 亿元，对应每 EPS 收益为 1.20/1.33/1.44 港元。维持"买入"评 级，目标价为 16.4 港元，较当前股价有 28%的上涨空间。 报告摘要 液态奶受行业供需影响，市场承压。24 年上半年液态奶收入 362.6 亿/-12.9%，经 营利润 25.5 亿/-9.5%，利润率 7.2%/+0.4pct。上半年原料奶供给过剩，乳制品行业 出现下滑。常温奶销量有所下降，但低温鲜奶保持了定力，实现增长，每日鲜语增 长达到双位数。低温酸奶仍然承压，收入继续收缩。公司控制了发货节奏，清理了 渠道库存，保持合理的费用投放，因此经营利润率略有提升。 冰淇淋业务下滑。24 年上半年冰淇淋业务收入 33.7 亿/-21.8%，经营利润 3.8 亿/- 46%，利润率 11.4 ...

2024 年 9 月 9 日 公司研究 积极调整，长期向好 ——蒙牛乳业（2319.HK）2024 年中报点评 要点 事件：蒙牛乳业发布 2024 年中报，24H1 实现营业收入 446.71 亿元，同比减少 12.61%，归母净利润 24.46 亿元，同比减少 19.03%。 液态奶业务持续调整，低温业务逆势增长。分产品看，24H1 液态奶/冰淇淋/奶 粉/奶酪/其他乳制品分别实现营业收入 362.62/33.71/16.35/21.14/12.88 亿元， 分别同比-12.9%/-21.8%/-13.7%/-6.3%/+26.3%。液态奶业务：量价拆解来看， 公司液态奶收入同比下降主要系消费疲软影响下的销量下滑，小部分来源于局部 地区打折促销带来的均价下降。常温白奶春节后动销放缓，公司消化渠道库存， 主动调整发货节奏，业绩表现有所承压。24Q3 以来库存水平基本恢复至健康水 平，24H2 业绩表现有望环比改善。分单品看，特仑苏收入表现好于基础白奶。 低温方面，低温酸奶 24H1 实现逆势增长，延续了 23H2 以来的良好趋势，产品 结构优化下盈利能力进一步提升。鲜奶品类中，每日鲜语 24H1 收入同比实现 ...

蒙牛"换帅"后首份业绩答卷：核心盈利逆势增长，宣布 20 亿港元股份回购 导语：乳业龙头的经营韧性。 作者：市值风云 App：扶苏 前阵子的 2024 年巴黎奥运会，吸引了全球观众的目光。 这届奥运会上，中国体育代表团斩获 40 金 27 银 24 铜共 91 枚奖牌，创下了我 国在境外参加奥运会的最佳战绩。 在巴黎奥运会开幕之际，中国乳业龙头蒙牛乳业（02319.HK，"蒙牛"、"公 司"），作为全球首个来自乳业的奥林匹克 TOP 合作伙伴，携手张艺谋导演团 队，发布了以"要强"为主题的电视广告。 蒙牛，成立于 1999 年，从内蒙古的一间小平房起家，到如今位列全球乳业八强。 从"草原牛"成为"世界牛"，蒙牛的发展历程恰恰是"要强"企业精神的体现， 并与奥林匹克强大的竞技精神相得益彰。 值得一提的是，2024 年，也是蒙牛"换帅"后的第一年。3 月 26 日，蒙牛发布 公告称，高飞接任公司总裁及执行董事职位。 1 / 12 高飞是土生土长的"蒙牛人"，其于蒙牛创立的同年加入公司，此前担任副总裁 和常温事业部负责人，拥有丰富的乳制品销售、营销推广和经营管理的实战经验。 8 月 28 日，蒙牛披露了 2024 ...

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年半年报点评 买入（维持） 当前价：13.28 港元 蒙牛乳业（2319.HK）食品饮料 目标价：16.25 港元 经营利润率持续提升，回购注重股东利益 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现收入 447亿元，同比下降 12.6%； 实现经营利润 31.2 亿元，同比下降 4.8%。 消化渠道库存，收入端短期承压。分品类看，液态奶、冰淇淋、奶粉、奶酪分别 实现营业收入 362亿元（-12.9%）、33.7亿元（-21.8%）、16.4亿元（-13.7%）、 21.1 亿元（-6.3%）。收入端整体下滑，主要由于公司控制发货节奏，保持终端 合理库存。1）液态奶：打造专业餐饮品牌蒙牛专业乳品，布局冲饮、烘焙、餐 饮领域。低温酸奶逆势增长，市场份额继续保持第一并持续提升。2）冰淇淋： 对渠道终端直控，聚焦售点拓展、铺市铺货；艾雪加速东南亚扩张，在印尼市场 份额稳居第一。3）奶粉：奶粉业务精益化运营，上半年实现扭亏为盈。4）奶酪： 蒙牛奶酪注入妙可蓝多交易完成，妙可蓝多在奶酪品类的领 ...

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B座 邮编：100031 证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 蒙牛乳业(2319.HK) 投资评级 上次评级 [Table_Author] 赵丹晨 食品饮料行业分析师 执业编号：S1500523080005 联系电话：13806086406 邮 箱：zhaodanchen@cindasc.com [业Table_T 绩表现承压， itle] 回购彰显信心 [Table_ReportDate] 2024 年 9 月 1 日 [Table_S 事件：公司ummar公布y] 2024 年上半年业绩。24H1公司实现收入人民币 446.71 亿 元，同比-12.6%；实现归母净利润 24.46 亿元，同比-19.0%。 点评： ➢ 需求不及预期，收入整体承压。上半年乳制品行业需求不及预期，使 得渠道库存偏多，并使得公司各业务板块收入承压，液态奶、冰淇 淋、奶粉和奶酪业务收入分别为 416.40 亿元、43.09 亿元、1 ...

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年半年报点评 买入（维持） 当前价：13.28 港元 蒙牛乳业（2319.HK）食品饮料 目标价：16.25 港元 经营利润率持续提升，回购注重股东利益 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现收入 447亿元，同比下降 12.6%； 实现经营利润 31.2 亿元，同比下降 4.8%。 消化渠道库存，收入端短期承压。分品类看，液态奶、冰淇淋、奶粉、奶酪分别 实现营业收入 362亿元（-12.9%）、33.7亿元（-21.8%）、16.4亿元（-13.7%）、 21.1 亿元（-6.3%）。收入端整体下滑，主要由于公司控制发货节奏，保持终端 合理库存。1）液态奶：打造专业餐饮品牌蒙牛专业乳品，布局冲饮、烘焙、餐 饮领域。低温酸奶逆势增长，市场份额继续保持第一并持续提升。2）冰淇淋： 对渠道终端直控，聚焦售点拓展、铺市铺货；艾雪加速东南亚扩张，在印尼市场 份额稳居第一。3）奶粉：奶粉业务精益化运营，上半年实现扭亏为盈。4）奶酪： 蒙牛奶酪注入妙可蓝多交易完成，妙可蓝多在奶酪品类的领 ...