【读财报】乳制品上市公司透视：2024年超半数公司营利双降 逾三成公司亏损

Core Viewpoint - Since 2025, leading dairy companies Yili and Mengniu have both conducted significant share buybacks, with amounts exceeding 1.5 billion RMB each. The overall dairy industry is facing pressure due to oversupply and weakened demand, leading to declining profits for more than half of the companies in 2024 [1][10]. Industry Summary - The dairy industry in China has 28 listed companies in A and H shares, with over half experiencing a decline in both revenue and net profit in 2024 due to market conditions [1]. - In 2024, the top three dairy companies by revenue were Yili, Mengniu, and Bright Dairy, with total revenues of 1157.8 billion RMB, 886.75 billion RMB, and 242.78 billion RMB respectively, all showing a decline of over 8% year-on-year [4][6]. - The revenue of Yili decreased by 8.24% due to reduced sales volume and lower prices, while Mengniu's revenue fell by 10.1%, with its liquid milk segment dropping by 10.97% [4][8]. Company Performance - In 2024, nine dairy companies reported losses, accounting for over 30% of the sector, with Modern Dairy leading with a loss of 1.417 billion RMB. Modern Dairy also issued a profit warning, expecting a net loss of between 800 million to 1 billion RMB for the first half of 2025 [7]. - Among the 19 listed dairy companies, over 60% saw a decline in revenue in 2024, with 15 companies experiencing a drop in both revenue and profit [8]. - Bright Dairy's total revenue decreased by 8.33% to 242.78 billion RMB, with a net profit decline of 25.36% to 72.2 million RMB in 2024 [8]. Growth and Recovery - Seven dairy companies, including China Feihe, Beingmate, and Ausnutria, reported year-on-year growth in both revenue and net profit in 2024, indicating pockets of resilience within the sector [2][9]. - Beingmate achieved a revenue of 2.773 billion RMB in 2024, marking a growth of 9.7%, and a net profit increase of 116.92% [9]. Share Buyback Activities - Mengniu announced a share buyback plan worth up to 2 billion HKD, with 28.824 million shares repurchased at a cost of 454 million HKD as of July 2, 2025 [10][12]. - Yili completed a share buyback of approximately 40.54 million shares, representing 0.6368% of its total share capital, with a total expenditure of about 1.007 billion RMB [13][14]. - Beingmate also disclosed a share buyback plan with a budget of 150 million to 300 million RMB, although no shares had been repurchased as of June 30, 2025 [15].