蒙牛上半年爆品迭出：特仑苏有机系列逆势增长，鲜奶增速超20%

Core Viewpoint - The continuous decline in fresh milk prices and the high production capacity in the dairy industry have led to an oversupply pressure. However, Mengniu's diversified product structure allows it to demonstrate resilience in the industry, capturing emerging channel potentials and B-end professional dairy product growth spaces [1][2]. Financial Performance - In the first half of 2025, Mengniu reported a revenue decline of 6.9% to 41.57 billion yuan, while operating profit increased by 13.4% to 3.54 billion yuan. Despite a slight decrease in sales and overall prices, the gross profit margin improved by 1.5 percentage points to 41.7% due to a drop in raw milk prices [1][2]. - The operating profit margin also grew by 1.5 percentage points to 8.5%, with profit margins across liquid milk, ice cream, milk powder, and cheese all showing improvement [1][2]. Product Performance - Mengniu's liquid milk, milk powder, ice cream, and cheese segments generated revenues of 32.1917 billion, 1.6533 billion, 3.8785 billion, and 2.1143 billion yuan, respectively. The liquid milk segment, particularly the ambient milk, faces significant growth pressure, while online sales of ice cream, cheese, and infant formula have seen triple-digit growth [2][5]. - The fresh milk business grew by over 20% in the first half of the year, significantly outperforming the industry. Key products like Daily Fresh and HMO children's nutrition milk cater to specific consumer needs [5][12]. Market Trends and Strategies - Mengniu is capitalizing on the K-shaped consumption trend by launching high-end products and focusing on quality-price ratio to meet diverse consumer demands. The introduction of the high-end organic milk product coincides with the 20th anniversary of the Tetra Pak brand [2][4]. - The company is also enhancing its marketing strategies through collaborations with popular media and leveraging IP marketing to boost brand visibility and sales [5][10]. Industry Challenges - The dairy industry faces challenges such as a significant reliance on imports for solid dairy products and high-value raw materials, with 2022 imports reaching approximately 2.77 million tons, equivalent to about 17 million tons of raw milk [13][14]. - The industry is characterized by a supply-demand imbalance, insufficient product diversification, and a lack of resilience in the supply chain, which are critical areas for future development [13][14].