期内，飞鹤以硬科技创新驱动发展，发布"乳蛋白鲜萃提取科技"及国内首个HMOs全谱系数据库，科技 壁垒持续加固。国际化战略提速成效显著，北美市场进驻商超超1500家，海外门店数同比增长270%。 东南亚布局同步推进，成功登陆菲律宾市场。 公司宣布拟投入10亿元进行股份回购，并派发约10亿元的中期股息，预期2025年分派股息总额不少于20 亿元，以真金白银回馈投资者信心。同时，飞鹤率先启动总额12亿元的生育补贴计划，积极响应国家政 策，预计惠及超80万新生儿家庭，践行龙头社会责任，锚定长期发展价值。 8月28日，中国飞鹤（06186）发布2025年中期业绩报告。报告期内，公司实现营业收入91.5亿元（人民 币，下同），净利润10.3亿元，现金流充沛达64.8亿元，展现出稳健的经营基本盘与财务韧性。2025年 上半年，飞鹤婴配粉全渠道市场份额及销量继续稳居市场第一。 ...

EF001 免責聲明 | 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6月30日止6個月之中期股息 | | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 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6月30日 | | 宣派股息 | 每 股 0.1209 HKD | | 股東批准日期 | 不適用 | | 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 0.1209 HKD | | 匯率 | 1 HKD : 1 HK ...

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 全部或任何部分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） 截至二零二五年六月三十日止六個月 的中期業績公告 財務摘要 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月： – 3 – 中國飛鶴有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司 （統 稱「本集團」、「我 們」或「飛 鶴」）截至二零二五年六月三十日止六個月（「報 告 期 間」）之 未 經 審 核 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期 之 比 較 數 字。 – 1 – • 本集團的收益為人民幣9,150.5百 萬 元，同 比 減 少9.4%； • 本集團的毛利為人民幣5,634.9百 萬 元，同 比 減 少17.8%； • 本集團的期內溢利為人民幣 ...

Investment Rating - The report assigns an "Outperform" rating to several companies including China Feihe, Huazhu, and others, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report indicates a slight rebound in spot costs for essential consumer goods, with most indices showing an increase, while futures indices generally declined [35]. - The overall trend in the consumer goods sector reflects a mixed performance, with some categories experiencing cost increases while others face declines [8][35]. Summary by Category Beer - The spot cost index for beer increased by 0.39% month-on-month, while the futures index decreased by 6.06%. Year-to-date changes show a decline of 4.17% for spot and 6.16% for futures [36][13]. - Glass prices initially rose but later fell, with month-on-month changes of +0.3% for spot and -13.9% for futures [12]. Seasonings - The spot cost index for seasonings decreased by 0.16% month-on-month, while the futures index fell by 5.93%. Year-to-date changes are -1.76% for spot and -6.01% for futures [37]. - Domestic soybean prices have increased due to supply contraction, while imported soybeans remain weak [16]. Dairy - The spot cost index for dairy products increased by 0.7% month-on-month, while the futures index decreased by 1.44%. Year-to-date changes are -3.2% for spot and -2.11% for futures [38]. - Fresh milk prices have declined to 3.02 yuan/kg, with various factors contributing to price pressures [19]. Instant Noodles - The spot cost index for instant noodles increased by 1.3% month-on-month, while the futures index decreased by 2%. Year-to-date changes are -3.01% for spot and -4.21% for futures [39]. - Palm oil prices have risen, impacting overall costs [23]. Frozen Foods - The spot cost index for frozen foods increased by 1.15% month-on-month, while the futures index rose by 0.97%. Year-to-date changes are -1.83% for spot and -2.74% for futures [40]. - Vegetable prices have shown significant fluctuations due to seasonal demand [27]. Soft Drinks - The spot cost index for soft drinks increased by 0.78% month-on-month, while the futures index decreased by 5.63%. Year-to-date changes are -4.99% for spot and -8.6% for futures [41]. - PET prices are stable to weak, reflecting changes in demand and inventory levels [31].

Core Viewpoint - The infant formula industry leader, Feihe, is facing significant challenges with a projected profit decline in the first half of 2025 and only low single-digit revenue growth for the entire year, attributed to multiple factors beyond just declining birth rates [1][3]. Group 1: Market Dynamics - Feihe has launched a 1.2 billion yuan subsidy plan to stimulate demand among new parents, which has led to a price war as competitors like Yili and Junlebao also introduced substantial subsidy plans [1][4]. - The overall market for infant formula has shrunk from 157.2 billion yuan in 2023 to 142 billion yuan in 2024 due to declining birth rates, with the number of newborns in 2024 at 9.54 million [1][3]. Group 2: Financial and Operational Challenges - Feihe's inventory has increased from 1.284 billion yuan at the end of 2020 to 2.154 billion yuan at the end of 2024, with inventory turnover days extending from 69 to 114 days, indicating significant inventory pressure [6]. - The reduction in government subsidies, which fell from 973 million yuan in 2023 to 664 million yuan in 2024, has further impacted Feihe's profitability [6][9]. Group 3: Brand and Consumer Perception - Feihe's premium pricing strategy is misaligned with current consumer preferences, as the majority of the market favors products priced between 200-299 yuan, while Feihe's main products are priced between 350-450 yuan [7]. - Despite heavy marketing expenditures amounting to 7.18 billion yuan in 2024, which is 35% of revenue, the effectiveness of these marketing efforts is diminishing, leading to a decline in brand trust due to quality complaints [8][9]. Group 4: Strategic Initiatives and Future Outlook - Feihe is attempting to diversify its product offerings beyond infant formula to include adult nutrition and health products, but these new segments currently contribute less than 10% to total revenue [10]. - The company is also expanding into international markets, with its Canadian factory now operational, yet overseas revenue remains low, accounting for only about 1% of total revenue in 2024 [10][11]. Group 5: Industry Context - Feihe's challenges reflect a broader shift in the Chinese infant formula industry from growth through new customer acquisition to competition for existing market share, necessitating a transformation in business strategy to enhance resilience in a low-growth environment [11].

Core Viewpoint - China Feihe has issued a profit warning for the first half of 2025, reporting a significant decline in both revenue and net profit, marking the worst mid-year performance in five years [1] Group 1: Financial Performance - Revenue for the first half of 2025 is projected to be between 9.1 billion and 9.3 billion yuan, representing a year-on-year decline of 7.87% to 9.86% [1] - Net profit is expected to be between 1 billion and 1.2 billion yuan, down 37.17% to 47.64% year-on-year, also the lowest mid-year performance in five years [1] Group 2: Reasons for Performance Decline - The decline in performance is attributed to several factors: 1. The company has actively fulfilled its social responsibility by providing fertility subsidies to consumers, leading to a decrease in revenue [1] 2. The company has reduced channel inventory of infant formula to maintain product freshness and health, impacting sales [1] 3. There has been a reduction in government subsidies received by the company [1] 4. The company has made impairment provisions for whole milk powder products [1] Group 3: Core Business Insights - The core business of infant formula remains under pressure, with sales volume struggling and diversification efforts showing limited results [2] - In 2024, the infant formula segment generated 19.062 billion yuan in revenue, contributing 91.9% to total revenue, indicating its critical importance to the company [2] Group 4: Market Dynamics - The demand for infant formula is closely tied to the birth rate, which has been declining in China, despite recent policies aimed at increasing birth rates [4] - The government has announced cash subsidies for families, but there are reports of price increases for various baby products, including China Feihe's products, leading to consumer concerns [4][5] Group 5: Pricing and Distribution Challenges - There are discrepancies in pricing across different sales channels, with reports of significant price variations for the same product [6] - The company relies heavily on over 2,800 distributors, which accounts for 77.1% of its total revenue from dairy products, leading to potential issues with brand control and pricing consistency [5][6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年上半年，中国飞鹤营收、净利润双降，营收预计为91亿元-93亿元，同比下降7.87%-9.86%；净利 润为10亿元-12亿元，同比下跌37.17%-47.64%，创五年来中期业绩新低。 对于这份近5年来最差成绩单，中国飞鹤认为主要由于：（1）公司积极履行社会责任，向消费者提供生 育补贴，从而导致本公司收入有所下降；（2）为贯彻'鲜萃活性营养'战略，保持货架产品的新鲜度及 健康度，本集团降低了婴幼儿配方奶粉的渠道库存；（3）本集团收到的政府补助减少；及（4）本集团 对全脂奶粉产品进行减值计提。 出品：新浪财经上市公司研究院 作者：新消费主张/cici 虽未等来中国飞鹤中期成绩单，但却等来了公司业绩双降、近5年来最差的中期成绩盈利预警。2025年 上半年，中国飞鹤营收为91亿元-93亿元，同比下降7.87%-9.86%；净利润为10亿元-12亿元，同比下跌 37.17%-47.64%，创五年来中期业绩新低。 这份不算理想的成绩单背后的根本原因，或是由于公司过度依赖婴配粉，而婴幼儿奶粉销售承压，而公 司业务多元化也未见显著效果。其次 ...

在扎龙湿地沉浸式"醉氧"，体验无限接近母乳的鲜活品质，探秘营养"鲜活"背后的硬核科技……近日，飞鹤(06186)2025鲜活营养见证之旅盛大开启。活动期 间，央视明星主播、大国文化学者、世界青年人才、社交网络红人、权威媒体观察团等多方领衔的鲜活营养见证团，深度探访飞鹤哈尔滨智能产业园、齐齐 哈尔克山牧场及克东工厂等地，通过线下实地溯源、线上矩阵直播联动，全方位、沉浸式体验飞鹤"农牧工"全产业链鲜活图景。 智通财经APP获悉，8月17日，央视新闻率先开启飞鹤寻找鲜活之旅，通过奶牛选美大赛、鲜活科技大揭秘、鲜活营养真验证等趣味环节，打造2小时 寻"鲜"接力综艺感溯源直播。直播中，飞鹤董事长冷友斌与央视主持人朱广权、影视演员祝绪丹、脱口秀演员庞博、知名博主老爸评测等嘉宾，组成飞鹤鲜 活营养见证团，深入飞鹤克山牧场、克东工厂、哈尔滨智慧工厂等地，带大家一起寻找更适合中国宝宝的鲜活营养，全方位见证飞鹤新鲜高品质生牛乳从源 头牧场、冷链运输到奶粉成罐的鲜活营养直达过程。 在首批央视新闻领衔的顶配直播阵容镜头之下，从环境、奶源到工艺、产品、ESG，飞鹤鲜活营养全产业链图景得以全面呈现；同时，鲜活营养见证团深入 飞鹤工厂、牧 ...

中國飛鶴有限公司 China Feihe Limited 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 就 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。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6186） 董事會召開日期 中國飛鶴有限公司（「本公司」及 其 附 屬 公 司「本集團」）董事會（「董事會」）兹通告 謹定於二零二五年八月二十八日（星 期 四）舉 行 董 事 會 會 議，以 考 慮 及 通 過 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績，及 派 發 中 期 股 息（如 有）， 以 及 處 理 其 他 事 項。 承董事會命 中國飛鶴有限公司 主 席 冷友斌 中 國 北 京，二 零 二 五 年 八 月 十 八 日 於 本 公 告 日 期，我 們 的 執 行 董 事 為 冷 友 斌 先 生、劉 華 先 生、蔡 方 良 先 生 及 涂 芳 而 女 士；非 ...

Core Viewpoint - China Feihe Limited is leveraging technology and innovation in its operations, focusing on intellectual property and patent integration to enhance its competitive edge in the dairy industry [1][4]. Group 1: Technological Innovation - Feihe has made significant investments in research and development, leading to breakthroughs in areas such as brain development, breast milk research, production processes, nutritional formulas, quality safety, and testing [1][2]. - The company has developed core technologies for dairy protein extraction, including low-temperature separation and directed enzymatic hydrolysis, enabling the extraction of various dairy protein raw materials from fresh milk [2]. Group 2: Digital Transformation - Feihe has established 13 digital farms, achieving full digital coverage of breeding, feeding, and milking processes, which allows fresh milk to reach production facilities within 2 hours [3]. - The company has created the "Thousand Eyes System," enabling millisecond-level online monitoring and quality traceability throughout the milk powder production process, significantly improving production efficiency [3]. Group 3: Intellectual Property and Standards - Feihe has a strong focus on intellectual property, having added 153 new domestic and international patents in 2024, bringing the total to 659 patents covering core production technologies and functional raw material research [4]. - The company has participated in the development of 45 national, industry, and group standards since 2018, embedding patents into standards to enhance industry benchmarks and technical levels [5][6]. Group 4: Industry Leadership - Feihe's integration of patents and standards has set a precedent for innovation in the dairy industry, earning recognition as a "Patent and Standard Collaborative Innovation Center" in Heilongjiang Province [6]. - The company is seen as a key player in driving high-quality economic development in Heilongjiang, with support from local intellectual property management departments [6].