菲仕兰2025年上半年业绩增长，中国奶粉业务表现突出

Core Insights - Royal FrieslandCampina reported a revenue increase of 6.4% to €6.847 billion for the first half of 2025, with operating profit rising by 20.6% to €363 million and net profit increasing by 25.68% to €230 million [1] - The growth in the professional nutrition segment was driven by the strong performance of the Friso brand in the Chinese market, with revenue up 18.1% to €718 million and operating profit up 61% to €219 million [1][2] - The company experienced a slight decline in sales in its European business due to decreased sales of non-core brands, despite positive progress in key brands [1] Revenue and Profit Performance - The professional nutrition and ingredients segment saw market share and operating profit growth, attributed to sustained demand for high-quality nutrition products among specific target groups such as children and athletes [1] - The retail and Americas business experienced sales growth, bolstered by partnerships with retail partners [1] - The Middle East, Pakistan, and Africa maintained stable profit margins, while the Asian business faced market uncertainties and intense competition, leading to a decline in demand and operating profit [1][2] Market Position and Challenges - FrieslandCampina's Friso brand held the third position in the infant formula market in China from January to May 2025, ranking first among international brands [2] - The supply of member milk decreased by 1.6% year-on-year to 4.6 billion kilograms, primarily due to the aging of dairy farmers and ongoing industry uncertainties [2] - The company has increased the guaranteed price for milk by 19.6% to €55.63 per 100 kilograms to recruit new member dairy farmers [2] Strategic Focus and Future Outlook - The CEO highlighted the balanced distribution of business across markets, products, and channels as a key value driver, with a focus on market success and profit margin improvement [2] - Despite achieving strong performance in the first half of 2025, the company anticipates economic uncertainties will pressure profits and revenue in the second half of the year [2]