MENGNIU DAIRY(HK:02319) Ge Long Hui·2026-01-15 05:22Core Viewpoint - UBS reports that Mengniu Dairy faced ongoing pressure on overall performance last year, with annual revenue expected to decline in the mid to high single digits due to weak consumer demand, oversupply of raw milk, and fragmented distribution channels [1] Group 1: Financial Performance - Mengniu's revenue is projected to decline in the mid to high single digits for the year [1] - The decline is attributed to weak performance in liquid milk, oversupply of raw milk, and fragmented distribution channels [1] Group 2: Future Outlook - Looking ahead to 2026, Mengniu's management aims to rely on product innovation, expansion of new retail channels, and improvement of product mix to support a return to positive sales growth [1] Group 3: Shareholder Returns - Shareholder returns remain a priority for the company, including stable dividends and consideration of potential share buybacks [1] Group 4: Analyst Rating - UBS slightly lowered the target price for Mengniu from HKD 20.6 to HKD 20.5 while maintaining a "Buy" rating [1]