Core Insights - The company reported a revenue of 9.151 billion yuan for H1 2025, a decrease of 9.36% year-on-year, and a net profit attributable to shareholders of 1 billion yuan, down 46.66% [1] - The company plans to distribute an interim dividend of 0.1209 HKD per share [1] Revenue Performance - The company actively reduced inventory, leading to a decline in infant formula revenue, with dairy products and nutritional supplements revenue at 9.143 billion yuan and raw milk revenue at 0.08 billion yuan, down 9.08% and 79.82% respectively [1] - Revenue from mainland China, the US, and Canada was 9.041 billion yuan, 0.0091 billion yuan, and 0.0018 billion yuan, reflecting year-on-year changes of -9.47%, +11.94%, and -30.69% respectively [1] - Online channel revenue share increased, with offline channel revenue accounting for 71.9% in H1 2025, down from 76.8% in H1 2024 [1] Profitability Analysis - The company's gross margin was 61.58%, a decrease of 6.30 percentage points year-on-year, primarily due to increased costs of raw milk powder [1] - The net profit margin attributable to shareholders was 10.93%, down 7.64 percentage points year-on-year, influenced by declining gross margin, reduced government subsidies and interest income, increased administrative expenses, and changes in the fair value of biological assets [1] - Other income and gains decreased by 37.4% to 540 million yuan, mainly due to reduced government subsidies and interest income, while administrative expenses increased by 4.7% to 774 million yuan, driven by higher employee compensation [1] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 3.007 billion yuan, 3.472 billion yuan, and 3.818 billion yuan for 2025, 2026, and 2027, reflecting year-on-year growth rates of -15.78%, 15.48%, and 9.96% respectively [1] - The corresponding price-to-earnings ratios for August 28 are expected to be 12, 10, and 9 times, with a market capitalization of 39.5 billion HKD, maintaining a "buy" rating [1]
中国飞鹤(6186.HK)：H1主动去库存 盈利短期承压