Financial Performance - Revenue decreased by 8.3% year-on-year from RMB 21,310.9 million in 2022 to RMB 19,532.2 million in 2023[8] - Gross profit decreased by 9.2% year-on-year from RMB 13,950.6 million in 2022 to RMB 12,663.4 million in 2023[8] - Net profit decreased by 33.5% year-on-year from RMB 4,948.1 million in 2022 to RMB 3,290.4 million in 2023[8] - Total revenue decreased by 8.3% to RMB 19,532.2 million in 2023 from RMB 21,310.9 million in 2022[33] - Infant formula products revenue declined by 10.3% to RMB 17,876.8 million, accounting for 91.5% of total revenue[33] - Gross profit decreased by 9.2% to RMB 12,663.4 million, with a gross margin of 64.8% in 2023[37] - Net profit attributable to shareholders dropped by 33.5% to RMB 3,290.4 million in 2023[46] - Revenue decreased by 8.3% from RMB 21,310.9 million in 2022 to RMB 19,532.2 million in 2023, primarily due to low birth rates in China and intense industry competition[32] - Gross profit margin decreased from 65.5% in 2022 to 64.8% in 2023, with gross profit declining by 9.2% to RMB 12,663.4 million[30] - Net profit for the year dropped by 33.5% to RMB 3,290.4 million, with a net profit margin of 16.8% in 2023 compared to 23.2% in 2022[30] - Sales and distribution expenses increased by 2.5% to RMB 6,709.1 million, representing 34.3% of total revenue in 2023[30] - Administrative expenses rose by 14.8% to RMB 1,762.0 million, accounting for 9.0% of total revenue in 2023[30] - Other income and gains increased by 21.3% to RMB 1,659.5 million, contributing 8.5% to total revenue in 2023[30] - Sales and distribution expenses increased by 2.5% to RMB 6,709.1 million, mainly due to higher advertising and promotional costs[39] - Administrative expenses rose by 14.8% to RMB 1,762.0 million, driven by increased employee and R&D costs[41] - Net cash generated from operating activities decreased to RMB 4,145.3 million in 2023 from RMB 6,279.1 million in 2022[54] - Capital expenditures amounted to RMB 1,510.1 million, primarily for property, plant, and equipment[56] - The company's asset-liability ratio increased to (0.36) as of December 31, 2023, compared to (0.33) in the previous year[52] - Total asset mortgages decreased by RMB 1,195.2 million to RMB 418.9 million as of December 31, 2023[58] Assets and Equity - Total assets increased to RMB 36,194.7 million in 2023 from RMB 35,515.8 million in 2022[6] - Total equity increased to RMB 26,334.3 million in 2023 from RMB 25,474.9 million in 2022[6] - Cash and cash equivalents stood at RMB 10,440.9 million as of December 31, 2023[49] - The company's distributable reserves as of December 31, 2023, amounted to approximately RMB 11,323.6 million, with RMB 1,220.9 million proposed for the final dividend distribution[108] Research and Development - Launched the "14th Five-Year Plan" national key R&D project, leading the development of China's next-generation infant formula[10] - Established a research platform and foundation with Peking University and Harvard Boston Children's Hospital for brain development strategy[10] - China Feihe plans to focus on the "brain development" strategy and expand its product offerings across life cycle nutrition services[13] - The company will focus on developing next-generation infant formula products tailored to Chinese babies' needs, leveraging advanced "fresh-locking" technology and expanding into four major business areas: pregnant women and infants, children and students, health foods, and nutritional health[63] Awards and Recognition - Won 11 "World Dairy Innovation Awards" at the Global Dairy Congress[10] - China Feihe's three factories were recognized as national-level "Green Factories" in 2023[12] Market and Industry Trends - The number of newborns in China decreased to approximately 9.0 million in 2023, down from 10.94‰ in 2018 to 6.39‰ in 2023[16] - China's per capita disposable income in 2023 was RMB 39,218, with a CAGR of 6.8% from 2018 to 2023[17] - The high-end infant formula market is expected to drive growth in China's infant formula industry due to rising disposable incomes and urbanization[17] - The Chinese government's policies, such as the "Three-Child Policy," aim to slow the decline in birth rates and support the infant formula market[20] Distribution and Production - The company operates through a distribution network of over 2,800 offline customers, covering more than 83,000 retail outlets, contributing to 79.6% of total dairy product revenue[24] - The company's production capacity reached 327,000 tons annually across 11 production facilities as of December 31, 2023[25] - The company acquired 2.8 million new customers in 2023 through approximately 950,000 face-to-face seminars[27] - Revenue from nutritional supplements, primarily through Vitamin World USA, amounted to RMB 231.7 million, accounting for 1.2% of total revenue[28] Sustainability and Social Responsibility - The company is committed to sustainable development and contributing to China's dual carbon goals[14] - The company will continue to innovate green and circular development models, contribute to rural revitalization, and fulfill social responsibilities to achieve higher-quality sustainable development[63] - The group's charitable donations for the year ending December 31, 2023, totaled approximately RMB 27,044,000[108] Corporate Governance and Leadership - Chairman and CEO Leng Youbin, along with three other directors, will retire by rotation at the upcoming annual general meeting but are eligible and willing to stand for re-election[67] - Liu Hua, aged 51, serves as the Executive Director, Vice Chairman, Chairman of the Environmental, Social and Governance Committee, member of the Remuneration Committee, authorized representative under the Listing Rules, and Chief Financial Officer of the company[72] - Cai Fangliang, aged 55, serves as the Executive Director and President of the company, focusing on the group's marketing management and overall business development[73] - Tu Fang'er, aged 48, serves as the Executive Director, member of the Environmental, Social and Governance Committee, Vice President, Company Secretary, and authorized representative under the Listing Rules, extensively involved in the group's international business development and capital market matters[74] - Gao Yu, aged 50, serves as a Non-Executive Director and has extensive experience in investment banking and private equity, previously holding senior positions at Morgan Stanley[76] - Chen Guojin, aged 47, serves as a Non-Executive Director and is the co-founder and Managing Director of Guan Yan Asset Management (Hong Kong) Limited, with a background in investment banking and private equity[77] - Zhang Guohua, aged 59, serves as a Non-Executive Director and has a rich background in the nutrition and beverage industry, previously holding senior positions at Nestlé and Wyeth Nutrition[79] - Jacques Maurice LAFORGE, aged 68, was appointed as an independent non-executive director in June 2019, effective from October 2019, bringing extensive experience in the Canadian dairy industry[86] - Leng Youbin, aged 55, serves as the executive director, chairman, and CEO, responsible for the overall development strategy and business planning of the company since August 21, 1996[88] - Liu Hua, aged 51, serves as the executive director, vice chairman, and CFO, responsible for the company's audit, accounting, and financial management since November 6, 2000[88] - Cai Fangliang, aged 55, serves as the executive director and president, responsible for the overall management and business development of the company since November 22, 2010[88] - Tu Fang'er, aged 48, serves as the executive director, vice president, and company secretary, responsible for the company's international business development, capital market matters, and legal affairs since October 1, 2006[88] - Fan Yonghong, aged 56, was appointed as an independent non-executive director in June 2019, effective from October 2019, with extensive experience in financial management and served as the chairman of the audit committee[84] - Liu Jinping, aged 52, was appointed as an independent non-executive director in June 2019, effective from October 2019, and currently serves as the chairman of the remuneration committee and a member of the nomination and ESG committees[81] - Song Jianwu, aged 60, was appointed as an independent non-executive director in June 2019, effective from October 2019, and currently serves as a member of the nomination committee[82] - The board of directors is pleased to present the annual report and the audited financial statements for the year ended December 31, 2023[90] - Laforge Environmental Inc. and Laforge Holsteins Ltd., companies operated by Jacques Maurice LAFORGE, are involved in waste-to-energy facilities and mixed farming in Canada[86] Dividends and Shareholder Returns - The company plans to distribute no less than 30% of its net profit as dividends to shareholders each fiscal year, subject to future investment plans[96][100] - The proposed final dividend for the year ended December 31, 2023, is HK$0.1484 per share, totaling approximately HK$1,345,580,000 (equivalent to approximately RMB 1,220,923,000)[99] - The company paid an interim dividend of HK$0.1349 per share in September 2023, totaling approximately HK$1,223,021,000 (equivalent to approximately RMB 1,136,522,000)[99] - The final dividend for 2023 represents 70% of the profit for the six months ended December 31, 2023, based on the company's dividend policy[99] Share Capital and Share Options - The company's authorized share capital as of December 31, 2023, is $50,000, divided into 2,000,000,000,000 shares with a par value of $0.000000025 per share[104] - The Pre-IPO Share Option Plan allows for the issuance of up to 190,190,704 shares, representing approximately 2.10% of the company's total issued shares as of the report date[149] - All Pre-IPO share options granted to Dasheng Limited (totaling 190,190,704 shares) were exercised on September 29, 2022[155] - The 2020 Share Option Plan allows for the issuance of up to 134,000,100 shares, representing approximately 1.48% of the company's total issued shares as of the report date[159] - The maximum number of shares that can be issued under the 2020 Share Option Plan is limited to 1% of the total issued share capital[160] - The 2020 Share Option Plan allows the Board to grant share options to selected participants within a 10-year period starting from June 22, 2020[161] - Participants must pay HKD 1.00 as consideration for the grant of 2020 share options, and the payment is non-refundable[162] - The exercise price of the 2020 share options cannot be lower than the highest of: (a) the closing price on the grant date, (b) the average closing price over the 5 trading days before the grant date, or (c) the nominal value of the shares[165][166] - As of December 31, 2023, 28,044,000 share options granted in February 2021 remained unexercised, with an exercise price of HKD 23.80[168] - As of December 31, 2023, 7,712,900 share options granted in July 2021 remained unexercised, with an exercise price of HKD 16.84[168] - As of December 31, 2023, 7,442,000 share options granted in January 2022 remained unexercised, with an exercise price of HKD 11.769[168] - The company has 80,696,300 share options available under the 2020 Share Option Plan, representing approximately 0.89% of the total issued shares as of the reporting date[169] - The 2023 Share Award Plan has a maximum grant limit of 10% of the company's issued share capital as of May 25, 2023, which is 906,825,170 shares[178] - The 2023 Share Award Plan has a service provider sub-limit of 0.5% of the company's issued share capital as of May 25, 2023, which is 45,341,258 shares[178] - The 2023 Share Award Plan is valid for 10 years from May 25, 2023, and no further share awards can be made after the 10-year period[176] - Any share award to directors, key executives, or major shareholders exceeding 0.1% of the issued shares within a 12-month period requires shareholder approval[179] - The 2023 Share Award Plan aims to reward and retain eligible participants for their contributions to the company's growth and development[172] - Eligible participants for the 2023 Share Award Plan include employees, associated entities, and service providers[173] - The 2023 Share Award Plan is managed by the board or committee in accordance with the plan's terms and the trust deed[177] - The trustee cannot exercise voting rights for any shares held under the 2023 Share Award Plan until the shares are vested[182] - The 2023 Share Award Plan includes provisions for the trustee to purchase shares on the stock exchange or over-the-counter using group funding and other distributions[175] - The company repurchased a total of 1,000,000 shares at a total cost of approximately HKD 4.7 million during the reporting period[187] - As of December 31, 2023, the company had 9,554 full-time employees, an increase from 9,489 in the previous year[191] - The company's total issued shares as of December 31, 2023, were 9,067,251,704 after the repurchased shares were canceled[187] - The company's 2023 Share Award Plan will terminate on the 10th anniversary of its adoption on May 25, 2023, or on an earlier date determined by the Board[185] - The company believes the share repurchase reflects confidence in its market-leading position and long-term business prospects[188] - The company's public shareholding complies with the requirements of Listing Rule 8.08 as of the annual report date[186] - The company provides competitive compensation packages, including bonuses and promotions, to incentivize outstanding employee performance[192] - The company adheres to corporate governance principles, including effective internal controls and high ethical standards[194] - The company's 2023 Share Award Plan has not granted any share awards since its adoption on May 25, 2023[185] - The company's related party transactions disclosed in the financial statements are exempt from shareholder approval and annual review under Listing Rule 14A[189] - The company has adopted a standard code of conduct for directors and employees regarding securities transactions, ensuring compliance with regulatory standards[195] - The consolidated financial statements for the year ended December 31, 2023, were audited by Ernst & Young, and a resolution will be proposed at the upcoming annual general meeting to reappoint Ernst & Young as the company's auditor[196] - The company was not involved in any significant litigation or arbitration during the reporting period, and the directors are not aware of any pending or threatened litigation or claims that are material to the company[197] - The company is not aware of any specific tax relief granted to shareholders due to their interests in the company's securities[198] - The company has allocated sufficient resources to ensure continuous compliance with laws and regulations and maintains good relationships with regulatory authorities through effective communication[200] Shareholder Structure - Cold Youbin holds 587,516,458 shares (6.48%) through Dasheng Limited, which he controls with a two-thirds stake[129][130] - Cold Youbin's family trust holds 3,889,911,881 shares (42.90%) through Harneys Trustees Limited[129][130] - Liu Hua holds 345,681,920 shares (3.81%) through his family trust managed by Harneys Trustees Limited[129][131] - Cai Fangliang holds 101,647,734 shares (1.12%) through Adroit Shipping Limited, which he fully owns[129][131] - Harneys Trustees Limited holds a total of 4,461,740,357 shares (49.21%) across various trusts, including Cold Youbin's and Liu Hua's family trusts[136][137] - Liu Shenghui holds 813,663,014 shares (8.97%) through Dasheng Limited and his family trust[136][138] - Dasheng Limited holds 587,516,458 shares (6.48%), with Cold Youbin and Liu Shenghui owning two-thirds and one-third stakes respectively[136][138] - Tu Fang'er holds 23,717,804 shares (0.26%) through the J.T. Living Trust[129][131] - Gao Yu holds 7,536,151 shares (0.08%) as a result of allocations from Morgan Stanley Private Equity Asia III, LLC and related entities[132] - Chen Guojin holds 3,368,918 shares (0.04%) as a result of allocations from Morgan Stanley Private Equity Asia and related entities[132] Debt and Financial Instruments - The company did not issue any debt securities during the year ended December 31, 2023[140] - No equity-linked agreements were entered into during the year ended December 31, 2023[142] - The company did not provide any financial assistance or guarantees to its affiliates during the

浦银国际研究 公司研究 | 消费行业 中国飞鹤（6186.HK）：优化渠道管理提 林闻嘉 升企业投资价值，加大派息比例释放股东 浦 首席消费分析师 银 richard_lin@spdbi.com 国 长期投资回报，上调至“买入” (852) 2808 6433 际 桑若楠，CFA  最挑战的阶段已经过去，上调至“买入”评级：在加强对渠道与终端 消费分析师 的管理以后，飞鹤的渠道库存水平已大幅改善、品牌势能稳中向好、 serena_sang@spdbi.com 主要产品的毛利率已止跌企稳、现金流有望同比转正。尽管短期销量 (852) 2808 6439 公 可能面临不确定性，但我们认为飞鹤最挑战的阶段已经过去。随着后 2024年4月19日 司 续价盘的恢复，飞鹤长期的品牌力与市场份额有望得到提升。同时， 研 在加大派息力度后，公司 2024 年的股息率（基于我们的预测）已上 评级 究 升至7.7%，在消费品企业中名列前茅。派息比例的提升叠加股权回购 计划有望进一步释放公司长期的价值，改善市场投资情绪，提升股权 目标价（港元） 4.65 投资回报。因此，我们上调飞鹤评级至“买入”。我们最新的目标价 潜在升幅/降 ...

公司研究 | 动态跟踪 中国飞鹤 06186.HK 单品强势+国产替代，看好公司发展稳中向 买入（维持） 好 股价（2024年02月02日） 3.57港元 目标价格 4.90港元 52周最高价/最低价 6.96/3.53港元 总股本/流通H股（万股） 906,725/906,725 H股市值（百万港币） 32,370 核心观点 国家/地区 中国 行业 食品饮料 ⚫ 卓睿增势强劲，预计库存合理。分产品来看，卓睿增长势头强劲；我们预计星飞帆 报告发布日期 2024年02月05日 销量同比延续下滑趋势，主要因公司在数字化过程中主力产品由700g转换为900g 规格包装，渠道仍需时间适应；整体来看，卓睿占比持续提升，符合公司产品规 1周 1月 3月 12月 划。公司严格控制渠道库存，预计当前公司产品整体渠道库存保持在合理水平，有 绝对表现% -5.56 -14.39 -27.59 -48.86 利于24年轻装上阵。此外，公司积极推进客户营销活动，组织面对面研讨会，包括 相对表现% -2.94 -6.91 -17.74 -19.6 妈妈的爱研讨会、嘉年华及路演；截至23年6月末，公司共举办约48万场面对面 恒生指数% ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年4月3日 港元3.87 港元3.40 -12.1% 中国飞鹤 (6186 HK) 销售复苏取决于数字化零售和高端产品的成功  2023年净利润同比下降31%，与盈利预警一致：飞鹤2023年销售额同比 个股评级 下降 8.3%至 195 亿元人民币，净利润同比下降 31%至 33.90 亿元人民币 中性 （比交银国际预期高5%），与盈利预警一致。由于1）出生率下降；2） 价格竞争；3）零售网点关闭；4）渠道去库存，销售额从2023年上半年 同比增长 1%放缓至下半年同比下降 16%。下半年的毛利率稳定在 64.3%， 1年股价表现 但由于去杠杆化和 7.5 亿元人民币的生物资产净值损失（原生态牧业）， 经营利润率/净利润率分别下降了 308/420 个基点。 6186 HK 恒生指数 5% 0%  产品：高端化策略以抵消销量下滑：2023 年，超高端/高端/普通婴幼儿配 -5% 方奶粉占销售额的 64%/22%/7%，销售额分别同比下降 1%/24%/32%。旗 -10% -15% 舰产品星飞帆卓睿的收入贡献从 8%上升到 2023 年的 2 ...

2023 年 4 月 2 日 公司动态 中国飞鹤（6186.HK） 证券研究报告 行业最坏时期即将过去 食品饮料 中国飞鹤（6186.HK）2023年收入为195亿，同比下降8.3%，净利润为32.9亿， 投资评级： Xx 买入 x 同比下降33%，主因行业竞争加剧，业绩承压。毛利率64.8%，同比下降0.7pct。 目标价格： 4.9 元 销售费用及管理费用占比继续提升，公司加大投入以应对行业挑战。24年出生人口 有望恢复，行业最差时期即将过去。考虑行业的竞争加剧，我们下调24/25/26年净 现价(2024-3-28)： 3.68港元 利润至35.5/37.1/38.9亿人民币，对应EPS为0.43/0.45/0.47港元。维持“买入”评 级。我们综合考虑市场情绪及估值，下调目标4.9港元，较当前股价有33%的上涨 空间。 总市值(百万港元) 33,367.49 报告摘要 流通市值(百万港元) 33,367.49 总股本(百万股) 9,067.25 竞争加剧影响收入增长。23年公司收入195亿，同比下降8.3%。行业在出生人口 流通股本(百万股) 9,067.25 下滑的背景下面临较大压力，尤其是下半年新 ...

2024年3月31日 公司研究 市场压力仍较大，建议关注渠道数字化升级进展 ——中国飞鹤（6186.HK）2023 年年度业绩点评 要点 增持（维持） 当 前价：3.68港元 事件： 23年公司实现营业收入195.3亿元，同比-8.3%；归母净利润33.9亿元， 同比-31.4%。其中，23H2实现营业收入98亿元，同比-15.8%；归母净利润16.9 亿元，同比-36.9%。 作者 分析师：陈彦彤 婴配粉收入承压，渠道数字化升级提升终端掌控。23年受出生率持续下滑、行 执业证书编号：S0930518070002 业价格竞争加剧和部分终端门店闭店影响，公司收入承压，但仍位居中国婴配粉 021-52523689 行业第一。截至24年1月，飞鹤全渠道/线下/线上收入市占率分别为 chenyt@ebscn.com 20.2%/22.8%/14.4%。分品类来看，1）婴配粉：23年婴幼儿配方奶粉产品营 分析师：汪航宇 收178.77亿元，同比-10.3%，若分价格带来看普通类产品收入下滑最严重，高 执业证书编号：S0930523070002 端类产品次之，超高端产品收入同比基本保持稳定。2）其他乳制品：23年其他 0 ...

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，概不對因本公告 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。 China Feihe Limited 中國飛鶴有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6186） 截 至 二 零 二 三 年 十 二 月 三 十 一 日 止 年 度 之 年 度 業 績 公 告 財務摘要 截至二零二三年十二月三十一日止年度： • 本集團的收益為人民幣19,532.2百萬元，較去年減少8.3%。 • 本集團的毛利為人民幣12,663.4百萬元，較去年減少9.2%。 • 本集團的年內溢利為人民幣3,290.4百萬元，較去年減少33.5%。 • 本公司的每股基本盈利為人民幣0.37元（二零二二年：人民幣0.55元）。 • 本公司的每股攤薄盈利為人民幣0.37元（二零二二年：人民幣0.55元）。 ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月11日 港元3.76 港元3.40↓ -9.6% 中国飞鹤 (6186 HK) 下半年销售额和利润率下滑，导致 2023 年净利润不及预期  2023年净利润远低于市场一致预期：飞鹤预计净利润为31.3-34.3亿元人民 个股评级 币，同比下降31-37%（低于市场一致预期的-9%），对应2023年下半年净 中性 利润同比下降31-43%（远低于市场一致预期的+12.5%）。2023年收入同比 下降 6.7-9.5%至 193.0-198.8 亿元人民币（低于市场一致预期的同比增长 +2%），对应2023年下半年同比下降13-18%（远低于市场一致预期的同比 1年股价表现 增长+2%），2023年下半年收入低于预期。这意味着2023 年下半年的净利 6186 HK 恒生指数 润率为15-17%，延续了上半年（净利润率为17.4%）的疲软态势，而非市 5% 0% 场预期的恢复至2022年约23-24%的水平。 -5% -10% -15%  国标过渡后竞争比预期激烈：飞鹤将其疲软的业绩归因于“中国出生人口 -20% -25% 下降及行业竞争 ...

2024年3月11日 公司研究 23H2 行业压力加大，公司业绩进一步承压 ——中国飞鹤（6186.HK）2023 年年度业绩预告点评 要点 增持（维持） 当 前价：3.75港元 事件：公司发布23年业绩预告，预计2023年实现营收193.0-198.9亿元，同 比减少6.7%-9.5%，预计实现综合净利润31.3-34.3亿元，同比减少 30.6%-36.7%；其中预计23H2实现营收95.6-101.4亿元，同比减少 作者 12.8%-17.8%，预计实现综合净利润15.1-18.1亿元，同比减少32.3%-43.5%。 分析师：陈彦彤 执业证书编号：S0930518070002 出生人数下滑及行业竞争激烈，致公司收入同比下降。2023年婴配粉行业压力 021-52523689 持续：人口出生率下降是行业最大掣肘，国家统计局公布2023年中国出生人数 chenyt@ebscn.com 和出生率分别为902万人和6.39‰，较2022年进一步下滑。公司23H2收入预 分析师：汪航宇 计同比减少12.8%-17.8%，同比由23H1的上升转为下降，主要系23H2行业 执业证书编号：S0930523070002 ...

中國飛鶴有限公司 China Feihe Limited (於開曼群島註冊成立的有限公司) 股份代號: 6186 目錄 2 公司資料 3 財務概要 4 管理層討論與分析 13 其他資料及企業管治 30 獨立審閱報告 31 中期簡明綜合損益表 32 中期簡明綜合全面收益表 33 中期簡明綜合財務狀況表 35 中期簡明綜合權益變動表 36 中期簡明綜合現金流量表 38 中期簡明綜合財務資料附註 ...