Investment Rating - The report maintains an "Outperform" rating for China Feihe [2][15]. Core Insights - The company reported total revenue of RMB 18.11 billion for 2025, a decrease of 12.7% year-over-year, and a net profit attributable to shareholders of RMB 1.94 billion, down 45.7% year-over-year, which fell short of market expectations [3][11]. - In the second half of 2025, revenue was RMB 8.96 billion, down 15.9% year-over-year, while net profit attributable to shareholders was RMB 940 million, down 44.6% year-over-year, although the decline in profits narrowed and operating margins improved [3][11]. - The company has proactively optimized channel inventory and controlled shipment schedules since May 2025, which, along with reduced government subsidies and impairment of biological assets, has placed short-term pressure on performance. However, following inventory destocking, fundamentals have strengthened, laying the foundation for profit recovery [3][11]. Revenue and Profit Forecast - Revenue is projected to be RMB 18.73 billion, RMB 19.47 billion, and RMB 20.36 billion for 2026, 2027, and 2028, respectively, with net profit attributable to shareholders expected to be RMB 2.41 billion, RMB 2.57 billion, and RMB 2.76 billion for the same years [5][15]. - The estimated diluted EPS for 2026, 2027, and 2028 is RMB 0.27, RMB 0.28, and RMB 0.30, respectively [5][15]. Business Structure and Growth - The business structure continues to optimize, with the core infant formula business generating RMB 15.87 billion, accounting for 87.6% of total revenue, and maintaining a market share of 19% [4][12]. - New product launches have shown promising results, with the newly launched products Jiecu and Qicu generating over RMB 69 million in revenue within a month of their release [4][12]. - The company is expanding its overseas business, with revenue from the U.S. and Canada reaching RMB 180 million and RMB 50 million, respectively, showing year-over-year growth of 11.7% and 23.3% [4][12]. Cost Management and Financial Health - The consolidated gross margin for the year was 65.0%, down 1.3 percentage points year-over-year, primarily due to an increased proportion of low-margin raw material powder revenue. However, the gross margin for infant formula powder improved to 73.5%, up 2.2 percentage points year-over-year [13]. - The company holds net cash of RMB 16.2 billion, indicating robust operating cash flow [13][14].

食品饮料/饮料乳品 中国飞鹤（06186.HK） 2026 年 04 月 01 日 投资评级：增持（维持） 日期 2026/3/31 当前股价(港元) 3.480 一年最高最低(港元) 6.780/3.440 总市值(亿港元) 315.54 流通市值(亿港元) 306.51 总股本(亿股) 90.67 流通港股(亿股) 88.08 近 3 个月换手率(%) 14.31 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2025-04 2025-08 2025-12 中国飞鹤 恒生指数 相关研究报告 《2025H1 业绩承压，分红提升股东回 报 — 港 股 公 司 信 息 更 新 报 告 》 -2025.9.2 《分红提升股东回报，超高端系列持 续带动增长—港股公司信息更新报 告》-2025.4.2 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 2025H2 公司业绩仍承压，全年累计分红率超 100% 公司发布 2025 年报。2 ...

中国飞鹤 6186 HK 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 中国消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 力争稳健表现 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在2026 年 3 月 30 日发布的题为《Striving for steady performance》的报告，飞鹤 2025 年销售额/净利润低于其目标。面对 2025 年行业挑战——新生儿数量下降及竞争 加剧——公司力争在 2026 年实现稳健的销售及利润表现。中信里昂认为这需要付出努力，因飞鹤 2025 年的市场份 额提升进程停滞。公司计划通过新品推出及渠道协作获取份额，研究指出新产品表现是需关注的关键因素。 2025 年下半年/全年回顾 飞鹤 2025 年录得销售额/净利润 181 亿元/19 亿元，低于 ...

机构：华创证券 研究员：欧阳予/范子盼/董广阳 公司发布2025 年报。25 年实现主营收入181.13 亿元，同比-12.7%；净利润19.39 亿元，同比-45.7%。 25H2 实现主营收入89.62 亿元，同比-15.9%；净利润9.39 亿元，同比-44.6%。公司拟派发末期股息每股 0.129 港元，叠加0.1209港元的中期股息，25 年分红总额合计20.3 亿元，分红率达104.85%。 评论： 需求偏弱竞争加剧，主业婴配粉承压下滑，新兴业务培育中。公司25H2 实现主营收入89.62 亿元，同 比-15.9%，降幅环比H1 有所扩大，一方面新生儿数量经历24 年短暂回暖后进一步下跌至792 万人，需 求偏弱行业竞争加剧；另一方面公司主动推进渠道库存优化。分产品看，核心大单品星飞帆经典/卓睿/ 卓耀全年实现营收43/65/7.1 亿元，卓睿销售同降3%表现较为坚挺。伴随公司战略转型至"全生命周期营 养布局"，其他业务实现稳健增长，营养补充品实现收入1.8 亿，同增6%；其他乳制品包括成人奶粉、 液奶、奶酪等表现较为亮眼，25 年实现营收20.6 亿，同比增长36.1%，新兴业务持续培育中。 毛 ...

2026 年 3 月 29 日 公司研究 主业承压下，多元布局探索新增长空间 ——中国飞鹤（6186.HK）2025 年年报点评 增持（维持） 当前价：3.68 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 90.67 | | 总市值(亿港元)： | 333.67 | | 一年最低/最高(港元)： | 3.44/6.41 | 股价相对走势 -50% -40% -30% -20% -10% 0% 10% 20% 30% 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 | | 中国飞鹤 | 恒生指数 | ...

证 券 研 究 报 告 中国飞鹤（06186.HK）2025 年报点评 推荐（维持） 调整奠基企稳，加速新业务培育 目标价：4.3 港元 事项： 公司发布 2025 年报。25 年实现主营收入 181.13 亿元，同比-12.7%；净利润 19.39 亿元，同比-45.7%。25H2 实现主营收入 89.62 亿元，同比-15.9%；净利 润 9.39 亿元，同比-44.6%。公司拟派发末期股息每股 0.129 港元，叠加 0.1209 港元的中期股息，25 年分红总额合计 20.3 亿元，分红率达 104.85%。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 18,113 | 18,605 | 18,957 | 19,268 | | 同比增速(%) | -12.7% | 2.7% | 1.9% | 1.6% | | 归母净利润(百万元) | 1,939 | 2,462 | 2,562 | 2,654 | | ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2025, primarily due to inventory clearance and reduced government subsidies, with expectations for recovery in 2026 driven by improved inventory management and potential positive impacts from fertility subsidies [1][2][3]. Financial Performance - In 2025, the company achieved revenue and net profit of 18.11 billion and 1.94 billion yuan, respectively, representing year-on-year declines of 12.7% and 45.7% [1]. - For the second half of 2025, revenue and net profit were 8.96 billion and 0.94 billion yuan, with declines of 15.9% and 44.6% year-on-year [1]. - The gross margin decreased by 1.3 percentage points to 65.0% for the full year, while the net profit margin fell by 6.5 percentage points to 10.7% [3]. Business Segment Performance - The dairy and nutrition products segment saw a revenue decline of 12.6% to 18.00 billion yuan, while the raw milk business experienced a 27.3% drop to 0.11 billion yuan in 2025 [2]. - The infant formula powder industry continued to face demand pressures, leading to a strategic inventory clearance by the company [2]. Regional Performance - In 2025, the company generated revenue of 17.88 billion yuan in mainland China, 0.18 billion yuan in the U.S., and 0.05 billion yuan in Canada, with year-on-year changes of -13.0%, +11.7%, and +23.3%, respectively [2]. Cost and Efficiency - The company's selling and administrative expense ratios increased significantly, with selling expenses rising by 4.9 percentage points to 39.5% and administrative expenses by 1.2 percentage points to 9.3% in 2025 [3]. - The company is focusing on enhancing channel inventory management and monitoring terminal pricing through digital store management and electronic fencing [2]. Future Outlook - The company anticipates a recovery in operations post-inventory clearance and expects the positive effects of fertility subsidies to materialize [1]. - Revenue forecasts for 2026 and 2027 have been adjusted to 18.84 billion and 19.51 billion yuan, reflecting a downward revision of 11% and 12% from previous estimates [3]. - The estimated earnings per share (EPS) for 2026, 2027, and 2028 are projected to be 0.31, 0.33, and 0.35 yuan, respectively, with a target price of 4.56 HKD based on a 13x price-to-earnings ratio for 2026 [3].

证券研究报告 中国飞鹤 (6186 HK) 港股通 期待库存去化完成后经营步入正轨 2026 年 3 月 27 日│中国香港 食品 25年实现收入/归母净利润181.1/19.4亿元，同比-12.7%/-45.7%；其中25H2 实现收入/归母净利润 89.6/9.4 亿元，同比-15.9%/-44.6%；业绩表现低于我 们预期（我们此前预期公司 25 年收入/归母净利润同比-4.0%/-14.8%）。收 入端，公司阶段性收入承压，主要由于公司从 25 年 5 月开始清理渠道库存， 阶段性控制发货节奏。利润端，25 年公司毛利率同比-1.3pct 至 65.0%（25H2 同比+3.6pct至68.5%），归母净利率同比-6.5pct至10.7%（25H2同比-5.4pct 至 10.5%），利润下滑幅度较大，主要由于政府补贴减少，喷粉带来的减值 损失，以及收入下滑带来的负杠杆等。展望 26 年，期待后续库存去化完成 后，公司经营重新步入正轨，关注生育补贴带来的正向影响，维持"买入"。 25 年乳制品及营养品/原料奶业务收入同比-12.6%/-27.3% 分业务看，25 年乳制品及营养品/原料奶业务分别实现收 ...

Core Viewpoint - China Feihe's 2025 performance report indicates a strong financial performance with significant revenue and profit figures [1] Financial Performance - The company achieved an annual revenue of 18.11 billion yuan [1] - The net profit attributable to shareholders reached 2.09 billion yuan [1]

第 2 頁 共 2 頁 v 1.1.1 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國飛鶴有限公司 | | 股份代號 | 06186 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止之末期股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.129 HKD | | 股東批准日期 | 2026年6月5日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.129 HKD | | 匯率 | ...