NHD(SZ:002946) 光大证券研究·2026-03-25 23:05Core Viewpoint - New Dairy achieved a revenue of 11.233 billion yuan in 2025, representing a year-on-year growth of 5.33%, with a net profit of 731 million yuan, up 35.98% year-on-year [4] Revenue Breakdown - In 2025, revenue from liquid milk, milk powder, and other products reached 10.495 billion, 87 million, and 652 million yuan respectively, with year-on-year growth of 6.70%, 21.56%, and -14.01% [5] - Low-temperature fresh milk and yogurt continued to grow, with revenue increasing by over 30% for specialty yogurt and double-digit growth for high-end fresh milk [5] - By region, revenue in Southwest, East China, North China, Northwest, and other areas was 3.830 billion, 3.524 billion, 918 million, 1.266 billion, and 1.695 billion yuan respectively, with East China showing rapid growth [5] Channel Performance - Direct sales and distribution channels generated revenues of 7.163 billion and 3.418 billion yuan respectively, with year-on-year changes of +15.07% and -7.17% [5] - E-commerce channels achieved a revenue of 1.235 billion yuan, up 6.43% year-on-year [5] Profitability and Cost Structure - The overall gross margin for 2025 was 29.18%, with Q4 gross margin at 28.31%, reflecting a year-on-year increase of 2.32 percentage points [6] - Selling expense ratio for 2025 was 16.11%, with Q4 at 16.55%, showing an increase due to enhanced brand building and advertising [6] - The net profit margin for 2025 was 6.51%, with Q4 at 3.87%, indicating a year-on-year increase of 1.33 percentage points [6]