Core Viewpoint - Modern Dairy (Group) Co., Ltd. reported its performance for the first half of 2025, indicating stable cash flow but challenges due to oversupply in the domestic raw milk market, leading to low prices [1][3]. Financial Performance - The company achieved revenue of 6.073 billion yuan, with cash EBITDA remaining stable at 1.477 billion yuan compared to the same period last year [1]. - Raw milk business revenue was 5.069 billion yuan, while comprehensive breeding solutions generated 1.004 billion yuan [2]. - The raw milk production reached 1.66 million tons, a year-on-year increase of 14.6% [2]. Cost Management - The company maintained a cost-leading strategy, with the cost of milk sales decreasing to 2.32 yuan per kilogram, down 10.1% year-on-year [2][3]. - Feed costs were 1.79 yuan per kilogram, a decrease of 11.4%, and other cash costs were 0.41 yuan per kilogram, down 6.8% [2]. - The net cash flow remained at 490 million yuan, an increase of 23.3% year-on-year, despite non-cash losses impacting profitability [2][3]. Market Conditions - The domestic raw milk market continues to experience oversupply, with prices significantly lower than in 2024 [3]. - The company anticipates a potential recovery in raw milk prices by the end of this year or next year as supply-demand dynamics change [3]. Capital Market Activity - Modern Dairy successfully issued a $350 million five-year senior unsecured sustainable development bond, receiving strong interest from over 120 institutional investors, with a subscription peak exceeding $2.3 billion [4]. - This marks the company's return to the offshore bond market after four years and is its first sustainable development bond [4]. Sustainable Development Initiatives - The company has established a FRESH sustainable development strategy, focusing on green innovation and carbon reduction technologies [5]. - Modern Dairy has achieved ISO 14064 certification for greenhouse gas emissions and has improved its MSCI rating to A, ranking first in China's livestock industry [5]. - The company aims to explore new business models in dairy farming services and expand into overseas markets while collaborating with research institutions [5].
现代牧业降本增效破局行业寒冬 公司上半年营收60.73亿元