蒙牛乳业2025年半年报：OPM持续攀升的韧性逻辑

Core Viewpoint - The article highlights the resilience and growth potential of Mengniu Dairy, showcasing its strong performance in a challenging market environment, particularly through diversified business operations and strategic partnerships [3][5][12]. Group 1: Financial Performance - In the first half of 2025, Mengniu achieved total revenue of 41.567 billion RMB, with liquid milk contributing 77.4% of this revenue [6][8]. - The net profit attributable to shareholders reached 2.046 billion RMB, returning to historical levels [6]. - The ice cream segment saw a revenue increase of 15.0% year-on-year, totaling 3.879 billion RMB, while cheese and milk powder segments also showed growth [7][8]. Group 2: Market Dynamics - The overall dairy market in China has faced challenges, with a decline in dairy product sales of 6.9% in Q1 2025 and a further drop of 9.6% by June [11][12]. - Despite these challenges, Mengniu has maintained its market position through strategic investments in upstream dairy sources, ensuring a stable supply of high-quality raw milk [9][10]. Group 3: Cost Management and Profitability - Mengniu's gross profit margin improved to 41.7% in the first half of 2025, up 1.4 percentage points year-on-year, reflecting effective cost management [20][26]. - The operating profit margin (OPM) also increased to 8.5%, indicating enhanced operational efficiency [26]. Group 4: Cash Flow and Investor Returns - Mengniu reported a significant cash inflow of 8.332 billion RMB in 2024, demonstrating its "cash cow" status [28][31]. - In the first half of 2025, the operating cash flow net inflow reached 2.806 billion RMB, a 46.1% increase year-on-year, with a reduction in capital expenditures [31][33]. - The company has increased its dividend payout ratio from 40% to 45%, distributing a total of 2 billion RMB in cash dividends, marking a new high [33][34].