半年盘点｜过去消费者海外抢奶粉 如今中国奶粉忙着“反向出海”

Core Viewpoint - The infant formula milk powder market in China is experiencing a significant transformation, with leading companies showing recovery in performance despite an overall decline in the domestic market [1][5]. Group 1: Market Trends - The domestic milk powder market is still in a downward trend, but top companies are seeing a rebound in their performance [1]. - The infant formula industry is showing signs of improvement, with a 1.5% year-on-year increase in sales from January to July 2025 [5]. - The market is becoming increasingly competitive, prompting domestic milk powder companies to explore international markets [2][4]. Group 2: Company Performance - Ausnutria Dairy (01717.HK) reported a 65.7% year-on-year increase in overseas revenue from its goat milk powder brand, with overseas revenue share rising from 16.1% to 25.9% [2]. - Yili (600887.SH) achieved a 14.3% year-on-year increase in revenue from its milk powder and dairy products, with infant formula sales also showing double-digit growth [5]. - China Feihe (06186.HK) expanded its presence in North America, with products now in over 1,500 large supermarkets, marking a 270% increase in store count [3]. Group 3: International Expansion - More domestic milk powder companies are joining the trend of international expansion, with Mengniu Dairy (02319.HK) reporting over 20% revenue growth from its Bellamy's brand in Southeast Asia [3]. - Ausnutria plans to enter new markets in Egypt and Iraq, as well as expand into high-birth-rate regions like India and Southeast Asia [3]. - The overseas business of Ausnutria is expected to maintain high double-digit growth, potentially exceeding 1 billion yuan in revenue [3]. Group 4: Competitive Landscape - Foreign brands are also experiencing significant growth, with Danone reporting an 11.3% year-on-year increase in sales in China, North Asia, and Oceania [6]. - The market is seeing a shift towards higher concentration, with leading brands gaining market share amid a backdrop of declining birth rates [7]. - Online sales of milk powder increased by 10.2% year-on-year, while offline sales decreased by 2.1%, indicating a shift in consumer purchasing behavior [7].