Sou Hu Cai Jing·2025-09-04 16:29Core Viewpoint - The dairy industry is experiencing a significant divergence in performance, with leading companies like Yili achieving revenue growth while regional players face declining sales and profits [1][4][6]. Industry Overview - As of the end of August, all half-year reports for dairy listed companies in 2025 have been disclosed, revealing a stark contrast in performance amid weak demand [1]. - The industry is undergoing profound changes, shifting focus from scale expansion to quality and efficiency, emphasizing product innovation and quality improvement [2]. Performance Analysis - Among 21 major dairy listed companies, only 6 reported revenue growth, while 15 experienced declines [4]. - Yili's revenue reached 61.933 billion, marking a 3.37% increase, while Mengniu and Bright Dairy saw declines of 7.2% and 1.9%, respectively [5]. - The overall profitability of the industry is under pressure, with 7 companies reporting losses, including YouRan Dairy and Modern Dairy [6]. Business Segment Insights - Liquid milk, a traditional mainstay, continues to face challenges, with Yili's liquid milk revenue down 2.06% and Mengniu's down 11.22% [8]. - Conversely, the milk powder segment shows signs of recovery, with Yili's milk powder revenue increasing by 14.26% and Mengniu's by 2.46% [10]. Strategic Responses - Companies are enhancing cost control and efficiency to navigate challenges, with Mengniu improving its operating profit margin by 1.5 percentage points to 8.5% [13]. - There is a notable trend towards diversification and international expansion, with Yili's overseas business revenue growing by 14.4% [15]. - Regional companies are leveraging local advantages for differentiated development, with New Dairy reporting a 33.76% increase in net profit [14]. Future Trends - The dairy industry is expected to evolve towards high-end, functional, and segmented products, with a focus on infant formula and cheese [15]. - Internationalization will be a key strategy for leading dairy companies, enhancing their global competitiveness [15]. - Cross-industry integration is emerging as a trend, with a shift from merely selling products to providing health solutions [15].