“一体两翼”战略高质量推进，蒙牛望迎新蝶变

Core Viewpoint - Mengniu Dairy is effectively implementing its "One Body, Two Wings" strategy, leading to resilient performance in the first half of 2025, despite challenges in the dairy industry [1][2]. Financial Performance - In the first half of 2025, Mengniu achieved revenue of 41.567 billion RMB, with a gross margin improvement of 1.4 percentage points to 41.7% [1]. - Operating profit reached 3.538 billion RMB, a year-on-year increase of 13.4%, with an operating profit margin up by 1.5 percentage points to 8.5% [1]. - The net cash inflow from operating activities grew significantly by 46.2% year-on-year to 2.806 billion RMB, supported by lower raw milk prices [1]. Strategic Implementation - The "One Body, Two Wings" strategy focuses on solidifying core dairy business while diversifying product categories and accelerating international growth [2][6]. - Over 100 new products were launched in the first half of 2025, enhancing the product mix towards high-value categories [2]. Business Segments - Liquid milk remains the main revenue driver, generating 32.192 billion RMB, accounting for 77.4% of total revenue, with a focus on optimizing product structure [2][3]. - The yogurt segment maintained market leadership for 21 consecutive years, with innovative products driving sales growth [3]. - The fresh milk segment saw double-digit growth, significantly outpacing industry growth rates [3]. - The milk powder segment generated 1.676 billion RMB, with infant formula experiencing double-digit growth [4]. - The cheese segment achieved revenue of 2.374 billion RMB, maintaining its leading position in the market [4][5]. - Ice cream revenue reached 3.879 billion RMB, reflecting double-digit growth [5]. International Expansion - Mengniu's international business is rapidly growing, with significant market penetration in Southeast Asia, particularly through the Aisle brand [7][8]. - The company is leveraging its high-end products and channel advantages to expand its presence in overseas markets [8]. Future Outlook - The dairy industry is expected to recover, with Mengniu poised to enhance its market share through continued optimization of its product structure and expansion in high-value categories [9]. - The company plans to strengthen its operational efficiency through digital transformation and cost control measures [9]. - Mengniu intends to continue its share repurchase program, reflecting confidence in long-term growth [9].