销售下滑超8亿元，飞鹤怎么了？丨消费参考

Core Viewpoint - Feihe's performance has returned to a contraction phase, with expected revenue and net profit declines for the first half of 2025 compared to the previous year [1][6]. Financial Performance - Feihe's revenue is projected to be between approximately 9.1 billion to 9.3 billion yuan, down from 10.1 billion yuan in the same period last year [1]. - The net profit is expected to range from about 1 billion to 1.2 billion yuan, compared to approximately 1.9 billion yuan in the previous year [1]. Reasons for Decline - The decline in performance is attributed to several factors, including the provision of fertility subsidies to consumers, reduced channel inventory for infant formula to maintain product freshness, decreased government subsidies, and impairment provisions for whole milk powder products [1][2]. Market Competition - The infant formula market has seen 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 declined by 1.4% [3]. - Feihe maintains a leading market share, with the ultra-high-end segment accounting for 33.2% of the market, while foreign brands have gained advantages in this segment [4][5]. Future Outlook - Feihe remains optimistic about future performance, expecting low single-digit growth for the full year [6]. - The company plans to utilize no less than 1 billion yuan for share repurchases and maintain a stable dividend policy, with expected total dividends of no less than 2 billion yuan for 2025 [6]. Stock Performance - On July 7, Feihe's stock closed at 4.73 HKD per share, reflecting a decline of 17.02% [8].