Core Viewpoint - HSBC Research projects that China Feihe (06186) will maintain a compound annual growth rate (CAGR) of 2.4% in revenue and 5.5% in earnings before interest and taxes (EBIT) from 2025 to 2028, driven by favorable government population policies benefiting the infant formula sector [1][1][1] Financial Performance - For the interim period of 2025, China Feihe reported revenue of 9.15 billion yuan and net profit of 1.03 billion yuan, with cash and cash equivalents amounting to 6.48 billion yuan, indicating a solid operational foundation [1][1][1] Shareholder Returns - Based on robust performance and strong cash flow, China Feihe plans to utilize no less than 1 billion yuan for share buybacks and anticipates distributing approximately 1 billion yuan in dividends for the interim period of 2025, with a total dividend distribution of no less than 2 billion yuan for the year 2025, enhancing earnings per share through active buybacks and significant financial leverage effects [1][1][1]
汇丰：维持飞鹤“持有”评级 看好人口政策提振利润