格隆汇9月10日丨蒙牛乳业(02319.HK)公告，9月10日耗资300万港元回购20万股。 ...

智通财经APP讯，蒙牛乳业(02319)公布，2025年9月10日耗资300.286万港元回购20万股股份。 （原标题：蒙牛乳业(02319)9月10日耗资300.286万港元回购20万股） ...

蒙牛乳业(02319)公布，2025年9月10日耗资300.286万港元回购20万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國蒙牛乳業有限公司 呈交日期： 2025年9月10日 確認 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02319 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | | 佔有關事件前的現有已發 | | | 每股發行/出 ...

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, primarily due to increased losses from joint ventures, particularly from Modern Dairy, which significantly impacted the overall profitability [1][2]. Financial Performance - The company's revenue for H1 2025 was 41.567 billion yuan, a year-on-year decrease of 6.9%, while the net profit attributable to shareholders was 2.046 billion yuan, down 16.4% [1]. - The losses from joint ventures amounted to 585 million yuan, with Modern Dairy contributing 545 million yuan to this loss [1][2]. - Excluding these impacts, the core business showed robust profitability with operating profit reaching 3.538 billion yuan, an increase of 13.4% year-on-year, and the operating profit margin improved by 1.5 percentage points to 8.5% [1][2]. Product Performance - Liquid milk revenue for H1 2025 was 32.192 billion yuan, down 11.2%, while fresh milk performed well with double-digit growth [2]. - Ice cream revenue increased by 15.0% to 3.879 billion yuan, driven by product innovation and channel expansion, with the AIXUE brand maintaining the top market share in Indonesia [2]. - Cheese revenue reached 2.374 billion yuan, up 12.3%, with the Miaokelan brand holding over 38% market share [2]. - Milk powder revenue was 1.676 billion yuan, a 2.5% increase, with the Bellamy brand focusing on high-end products and expanding in Southeast Asia [2]. Cost Management - The gross profit margin improved by 1.4 percentage points to 41.7%, attributed to declining raw milk prices and effective cost control measures, with selling expense ratio decreasing by 0.5 percentage points to 27.9% [2]. - The decline in net profit was mainly due to non-operating factors, including the significant losses from joint ventures and the absence of one-time gains from the previous year [2]. Future Outlook - The company demonstrated strong operational resilience by optimizing product structure and enhancing operational efficiency amid weak industry demand [3]. - With stabilized raw milk prices and potential improvements in supply-demand dynamics, price competition may ease, allowing for further recovery in profitability for leading dairy companies [3]. - The company is expected to continue driving product innovation, channel refinement, and digital transformation for sustainable long-term growth, with projected net profits of 4.24 billion yuan and 5.27 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 13 and 10 times [3].

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% from the current price [5][9]. Core Insights - The company experienced a revenue decline of 7% year-on-year in the first half of 2025, with total revenue reaching RMB 41.57 billion and a net profit of RMB 2.05 billion, down 16.4% year-on-year [5][8]. - The gross margin improved by 1.4 percentage points to 41.7%, while the operating profit margin increased by 1.5 percentage points to 8.5% [5][8]. - The report anticipates a recovery in revenue in the third quarter due to seasonal effects from the National Day and Mid-Autumn Festival, with specific product categories like fresh milk and cheese expected to perform well [8]. Summary by Sections Company Overview - The company operates in the food and beverage industry, with a current stock price of HKD 15.02 and a target price of HKD 17 [1][5]. - Major shareholder is COFCO Corporation, holding 24.24% of shares [1]. Financial Performance - In the first half of 2025, liquid milk revenue was approximately RMB 32.2 billion, down 11.2% year-on-year, while ice cream revenue increased by 15% to RMB 3.88 billion [8]. - The company expects net profits of RMB 3.92 billion, RMB 4.695 billion, and RMB 5.206 billion for 2025, 2026, and 2027 respectively, with significant growth anticipated in 2025 due to a low base from the previous year [7][8]. Market Position - The company maintains a leading market share in the liquid milk segment, with strong performance in low-temperature and fresh milk products [8]. - The report highlights the importance of refined management practices that have contributed to improved efficiency and cost control [8].

Core Viewpoint - Mengniu Dairy (02319) announced a share buyback of 120,000 shares at a total cost of HKD 1.8006 million on September 8, 2025, with a buyback price range of HKD 14.99 to 15.04 per share [1] Summary by Category - **Company Actions** - The company has initiated a buyback program, purchasing 120,000 shares [1] - The total expenditure for the buyback is HKD 1.8006 million [1] - The buyback price per share is set between HKD 14.99 and 15.04 [1] - **Market Implications** - This buyback may indicate the company's confidence in its stock value and future performance [1] - The action could potentially influence investor sentiment positively [1]

Group 1 - The company Mengniu Dairy (02319) announced a share buyback on September 8, 2025, spending HKD 1.8006 million to repurchase 120,000 shares [1] - The buyback price ranged from HKD 14.99 to HKD 15.04 per share [1]

Group 1 - The company, Mengniu Dairy (02319.HK), announced a share buyback on September 8, 2025, costing HKD 1.8006 million to repurchase 120,000 shares [1] - The buyback price ranged from HKD 14.99 to HKD 15.04 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國蒙牛乳業有限公司 呈交日期： 2025年9月8日 FF305 1). 購回股份擬註銷但尚未註銷 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02319 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | ...