蒙牛营收下滑：离伊利越来越远了丨消费参考

Core Viewpoint - Mengniu Dairy is undergoing an adjustment period amid market fluctuations, with a decline in revenue and net profit in the first half of 2025 compared to the previous year [1] Financial Performance - In the first half of 2025, Mengniu's revenue decreased by 6.9% to 41.57 billion yuan, while net profit fell by 16.4% to 2.05 billion yuan [1] - Revenue breakdown: liquid milk (32.19 billion yuan, down 11.2%), ice cream (3.88 billion yuan, up 15.0%), milk powder (1.68 billion yuan, up 2.5%), cheese (2.37 billion yuan, up 12.3%), and other businesses (1.45 billion yuan, up 16.9%) [1] - In comparison, Yili's revenue grew by 3.37% to 61.93 billion yuan, with net profit declining by 4.39% to 7.2 billion yuan [1] Business Strategy - Mengniu is focusing on B2B opportunities, supplying fresh milk to major coffee and tea brands like Starbucks and Bawang Tea, which has positively impacted sales [2] - The company plans to enhance its product matrix in the B2B sector by developing high-value dairy products such as dairy fat, cheese, lactoferrin, and whey protein [3] Management Changes - Mengniu announced a change in its CFO, appointing Shen Xinwen as the new Chief Financial Officer, effective September 1 [7] - The company is entering a new phase with a complete turnover of its chairman, president, and CFO within a year and a half [4] Market Performance - On August 28, Mengniu's stock closed at 15.84 HKD per share, down 2.22% [5] - The Shanghai Consumer 80 Index closed at 5132.86 points, with a slight decline of 0.03% on the same day [6]