销售下滑超8亿元 飞鹤怎么了？

Core Viewpoint - The company Feihe has reported a decline in performance, with projected revenue for the first half of 2025 between approximately 9.1 billion to 9.3 billion yuan, down from 10.1 billion yuan in the same period last year. Net profit is expected to be between approximately 1 billion to 1.2 billion yuan, compared to about 1.9 billion yuan in the previous year [2] Group 1: Performance and Financials - Feihe's revenue and net profit are expected to decline significantly in 2025, attributed to factors such as providing fertility subsidies, reducing channel inventory for infant formula, decreased government subsidies, and impairment provisions for whole milk powder products [2] - The company announced a special subsidy of 1.2 billion yuan starting from April 2025, aimed at eligible families, which has impacted revenue and led to product flows into second-hand markets [3] - Despite the decline, Feihe remains optimistic about achieving low single-digit growth for the full year and plans to utilize no less than 1 billion yuan for share buybacks while maintaining a stable dividend policy, expecting to distribute no less than 2 billion yuan in dividends for 2025 [7] Group 2: Market Competition - The infant formula market is experiencing increased competition, with Nielsen IQ data indicating a 2.3% year-on-year growth in the infant formula sector from January to April 2025, while offline sales have decreased by 1.4% [4] - Foreign brands have gained an advantage in the ultra-premium segment, with brands like Aptamil, Friso, and Wyeth experiencing growth in 2024 [5] - Despite the competitive landscape, Feihe continues to hold the top market share in the infant formula sector [6] Group 3: Market Sentiment - The market sentiment appears to be challenging, with Feihe's stock price dropping by 17.02% to 4.73 HKD per share on July 7 [9] - In comparison, the Shanghai Consumer 80 Index fell by 0.61% on the same day, indicating a broader market trend [10]