Core Viewpoint - The competition for the title of "number one" in the infant formula market is intensifying between Yili and Feihe, with both companies claiming leadership based on different metrics and timeframes [2][5][8]. Group 1: Yili's Performance - Yili's market share in the infant formula segment reached 18.1% in the first half of 2025, an increase of 1.3 percentage points year-on-year, marking a historic breakthrough for the company [2]. - Yili's total revenue from its milk powder business, including adult milk powder, was 16.578 billion yuan, reflecting a year-on-year growth of 14.26% [2]. - The company aims to leverage its growth in infant formula to create more consumer touchpoints through its recently launched fertility subsidy program [12]. Group 2: Feihe's Performance - Feihe reported a revenue of 9.151 billion yuan in the first half of 2025, a decline of 9.36% year-on-year, with a net profit of 1 billion yuan, down 46.66% [9]. - The company attributed its performance decline to a strategy focused on reducing channel inventory and the impact of a 1.2 billion yuan fertility subsidy program launched in March 2025 [10]. - Feihe's market position remains strong in terms of overall channel sales and market share, but the recent performance indicates challenges ahead [5][10]. Group 3: Market Dynamics - The competition between Yili and Feihe has intensified, with both companies experiencing contrasting performance trends in the first half of 2025 [8][12]. - Feihe's previous dominance in the market, established through targeted marketing strategies, is now being challenged by Yili's aggressive growth tactics [8]. - Analysts predict that the impact of Feihe's fertility subsidy will be more pronounced in the second half of the year, complicating its ability to meet annual performance targets [12].

8月28日，中国飞鹤（6186.HK）发布2025年中期业绩报告。报告期内，公司实现营业收入91.5亿元（人 民币，下同），净利润10.3亿元，现金流充沛达64.8亿元，展现出稳健的经营基本盘与财务韧性。2025 年上半年，飞鹤婴配粉全渠道市场份额及销量继续稳居市场第一。 期内，飞鹤以硬科技创新驱动发展，发布"乳蛋白鲜萃提取科技"及国内首个HMOs全谱系数据库，科技 壁垒持续加固。国际化战略提速成效显著，北美市场进驻商超超1500家，海外门店数同比增长270%。 东南亚布局同步推进，成功登陆菲律宾市场。 公司宣布拟投入10亿元进行股份回购，并派发约10亿元的中期股息，预期2025年分派股息总额不少于20 亿元，以真金白银回馈投资者信心。同时，飞鹤率先启动总额12亿元的生育补贴计划，积极响应国家政 策，预计惠及超80万新生儿家庭，践行龙头社会责任，锚定长期发展价值。 责任编辑：刘万里 SF014 ...

8月28日，中国飞鹤(06186)发布2025年中期业绩报告。报告期内，公司实现营业收入91.5亿元(人民币， 下同)，净利润10.3亿元，现金流充沛达64.8亿元，展现出稳健的经营基本盘与财务韧性。2025年上半 年，飞鹤婴配粉全渠道市场份额及销量继续稳居市场第一。 期内，飞鹤以硬科技创新驱动发展，发布"乳蛋白鲜萃提取科技"及国内首个HMOs全谱系数据库，科技 壁垒持续加固。国际化战略提速成效显著，北美市场进驻商超超1500家，海外门店数同比增长270%。 东南亚布局同步推进，成功登陆菲律宾市场。 公司宣布拟投入10亿元进行股份回购，并派发约10亿元的中期股息，预期2025年分派股息总额不少于20 亿元，以真金白银回馈投资者信心。同时，飞鹤率先启动总额12亿元的生育补贴计划，积极响应国家政 策，预计惠及超80万新生儿家庭，践行龙头社会责任，锚定长期发展价值。 ...

期内，飞鹤以硬科技创新驱动发展，发布"乳蛋白鲜萃提取科技"及国内首个HMOs全谱系数据库，科技 壁垒持续加固。国际化战略提速成效显著，北美市场进驻商超超1500家，海外门店数同比增长270%。 东南亚布局同步推进，成功登陆菲律宾市场。 公司宣布拟投入10亿元进行股份回购，并派发约10亿元的中期股息，预期2025年分派股息总额不少于20 亿元，以真金白银回馈投资者信心。同时，飞鹤率先启动总额12亿元的生育补贴计划，积极响应国家政 策，预计惠及超80万新生儿家庭，践行龙头社会责任，锚定长期发展价值。 8月28日，中国飞鹤（06186）发布2025年中期业绩报告。报告期内，公司实现营业收入91.5亿元（人民 币，下同），净利润10.3亿元，现金流充沛达64.8亿元，展现出稳健的经营基本盘与财务韧性。2025年 上半年，飞鹤婴配粉全渠道市场份额及销量继续稳居市场第一。 ...