本报讯(记者梁傲男)8月27日，澳优乳业股份有限公司(以下简称"澳优")发布2025年上半年业绩公告。公 告显示：上半年，澳优实现营业收入约38.87亿元，同比增长5.6%；EBITDA(息税折旧及摊销前利润)约 3.98亿元，同比增长29.7%；归属于母公司权益持有人应占利润约1.81亿元，同比增长24.1%，实现营收 利润持续韧性双增长。 值得注意的是，澳优奶粉海外市场营收在过去两年保持高双位数复合增长率的基础上，于上半年再攀高 峰，实现同比增长65.7%；营养品业务战略布局全面起势，成为驱动公司发展的重要动力。 公告期内，澳优国际业务实现爆发式增长，佳贝艾特海外市场录得收入同比增加65.7%至约人民币4.83 亿元。其中，中东市场收入同比增长54.2%，继续保持澳优海外最大销售市场的地位，领跑国际业务； 北美市场收入同比提升逾138.7%，成为澳优海外市场第二大营收来源；独联体市场收入同比增长 33.8%，继续为澳优海外市场贡献稳定的营收及利润。财报数据显示，2025年上半年营养品收入同比增 长7.0%，并同步将业务拓展至海外市场。 澳优坚持"健康经营""价值经营"的营运理念，2025年第二季度启动了奶 ...

格隆汇8月27日丨澳优(01717.HK)发布公告，2025年中期期间集团整体收入达人民币3,886.8百万元，较 2024年同期人民币3,681.1百万元增长人民币205.7百万元或5.6%。增长主要源于集团自家品牌配方羊奶 粉（自家羊奶粉或佳贝艾特）海外市场表现优异，同比大幅增长65.7%，再次超越市场预期。其次， 2024年10月，集团完成对荷兰羊乳酪公司Amalthea Group B.V.余下50%股份的战略收购。这一重要布局 不仅实现了佳贝艾特核心产品原料的自主可控，更通过新增奶酪产品线进一步丰富集团业务版图，为营 收增长注入新动力。此外，营养品业务的突破亦带来上半年营收的增量。截至2025年上半年，集团录得 公司权益持有人应占利润为人民币180.5百万元，较2024年同期实现24.1%的反弹。 ...

经过历时两年的战略调整与业务优化，本集团收入持续保持稳健增长态势。2025年中期期间本集团整体 收入达38.87亿元，较2024年同期的36.81亿元增长2.06亿元或5.6%。增长主要源于本集团自家品牌配方 羊奶粉("自家羊奶粉"或"佳贝艾特")海外市场表现优异，同比大幅增长65.7%，再次超越市场预期。其 次，2024年10月，本集团完成对荷兰羊乳酪公司 Amalthea Group B.V.(Amalthea)余下50%股份的战略收 购。这一重要布局不仅实现了佳贝艾特核心产品原料的自主可控，更通过新增奶酪产品线进一步丰富本 集团业务版图，为营收增长注入新动力。此外，营养品业务的突破亦带来上半年营收的增量。 于成本费用方面，2025年中期期间，本集团在奋力拼搏业绩的同时，更加精进业务，并同时实施多项费 用管控措施。另一方面，在奶价上涨、欧元升值等多重压力下，本集团持续提升供应链效率，从而达到 有效的成本管控。截至2025年上半年，本集团录得本公司权益持有人应占利润为 1.8亿元，较2024年同 期实现24.1%的反弹。 澳优(01717)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币3 ...

经过历时两年的战略调整与业务优化，本集团收入持续保持稳健增长态势。2025年中期期间本集团整体 收入达38.87亿元，较2024年同期的36.81亿元增长2.06亿元或5.6%。增长主要源于本集团自家品牌配方 羊奶粉("自家羊奶粉"或"佳贝艾特")海外市场表现优异，同比大幅增长65.7%，再次超越市场预期。其 次，2024年10月，本集团完成对荷兰羊乳酪公司 Amalthea Group B.V.(Amalthea)余下50%股份的战略收 购。这一重要布局不仅实现了佳贝艾特核心产品原料的自主可控，更通过新增奶酪产品线进一步丰富本 集团业务版图，为营收增长注入新动力。此外，营养品业务的突破亦带来上半年营收的增量。 于成本费用方面，2025年中期期间，本集团在奋力拼搏业绩的同时，更加精进业务，并同时实施多项费 用管控措施。另一方面，在奶价上涨、欧元升值等多重压力下，本集团持续提升供应链效率，从而达到 有效的成本管控。截至2025年上半年，本集团录得本公司权益持有人应占利润为 1.8亿元，较2024年同 期实现24.1%的反弹。 智通财经APP讯，澳优(01717)发布截至2025年6月30日止6个月中期业绩，该集 ...

近年来，我国出台了一系列生育支持政策，受到育儿家庭欢迎。在政府统筹引领下，澳优乳业等企业也 陆续推出创新举措，助力营造生育友好社会氛围。此次澳优乳业与京东集团紧密协作，让高品质的营养 产品，以更便捷的方式、更实惠的价格，惠及更多母婴家庭。 望城区委常委、区人民政府副区长蔡哲表示，京东集团是电商领军者，以"正品行货"赢得信赖，"小时 达"刷新速度；澳优乳业是从望城走向世界的标杆企业，其智慧工厂与总部扎根望城。两大品牌强强联 手，政企协同，点燃母婴消费新引擎，这不仅是利民惠民的实举，更是"电商+实体"融合发展的生动实 践。 作为中国乳业的头部企业，澳优乳业始终致力于携手合作伙伴打造合作共赢新生态，为消费者提供超越 期待的产品和服务。澳优乳业（中国）有限公司党委书记、执行总裁魏燕青表示，澳优乳业以"全球营 养，呵护成长"为使命，京东集团以"技术为本，让生活更美好"为使命，双方理念相融、初心相通。相 信"澳优品质+京东速度"将为众多母婴家庭按下幸福的"加速键"，为消费者带来更优质的产品和服务。 8月19日，"夏之礼・惠聚长沙"望城区暑期消费季之京东&澳优母婴焕新活动在澳优太阳城盛大启幕。 这场由中共长沙市望城区委、望 ...

Core Viewpoint - The dairy industry in China is facing significant challenges in 2024 due to oversupply, weak demand, and high inventory levels, leading to a continuous decline in fresh milk prices and worsening competition among companies [1][3]. Group 1: Company Performance - In 2024, major dairy brands such as Yili, Mengniu, and Guangming reported revenue declines of 8.24%, 10.09%, and 8.33% respectively, with net profits dropping by 18.94%, 97.83%, and 25.36% [1][3]. - Yili's revenue for 2024 was 1157.80 billion yuan, marking its first negative growth since its listing, with a significant drop in liquid milk revenue, which accounts for over 60% of total revenue [3][5]. - Yili's liquid milk revenue fell by 12.32% to 750.03 billion yuan, while its ice cream revenue decreased by 18.41% to 87.21 billion yuan; however, its milk powder and dairy products segment saw a 7.53% increase in revenue [3][5]. Group 2: Market Dynamics - The Chinese dairy market has entered a prolonged adjustment period since 2022, with retail sales growth turning negative and ongoing weak demand [3][13]. - The supply of raw milk has outpaced demand, resulting in an imbalance that has driven down retail prices for dairy products [3][13]. - The overall consumption of liquid milk in China has been declining, with a notable 8.6% drop in 2022 [13]. Group 3: Strategic Initiatives - Yili has implemented cost-cutting measures, reducing sales and management expenses by 2.61% and 13.37% respectively, saving a total of 1.279 billion yuan [5][6]. - The company is diversifying its product offerings, with a focus on milk powder, which has shown growth, and has ventured into new markets such as high-end bottled water and pet food [8][10]. - Yili's recent product launches include sugar-free tea and functional nutrition products targeting the elderly, indicating a strategic shift to reduce reliance on traditional dairy products [10][11]. Group 4: Future Outlook - The dairy industry is at a crossroads, with companies needing to explore new growth avenues in a saturated market, as seen with Yili's efforts to expand into non-dairy segments [11][15]. - The competition in emerging markets such as pet food and health-focused products is intensifying, requiring established players like Yili to adapt quickly to maintain market leadership [15][16]. - The transformation journey for Yili and other dairy giants is expected to be challenging but essential for their survival and growth in the evolving consumer landscape [16].

Core Insights - Yili and Mengniu are transitioning away from high growth models, facing significant goodwill impairments from past acquisitions, particularly in the infant formula market [1][3][4] Financial Performance - In 2024, Yili reported revenue of 115.78 billion yuan, a year-on-year decline of 8.24%, and a net profit of 8.453 billion yuan, down 18.94%, primarily due to a 3.037 billion yuan impact from goodwill impairment related to Aoyou [1][6] - Mengniu's revenue for 2024 was 88.675 billion yuan, a decrease of 10.1%, with a net profit of 105 million yuan, a staggering drop of 97.8%, largely due to a 3.9814 billion yuan impact from goodwill impairment related to Bellamy [1][5] Market Trends - The focus of goodwill impairments for both companies is centered on the infant formula market, which has been experiencing a downturn since 2022 [3][4] - The infant formula market is facing challenges, with offline sales down 9.8% and sales volume down 9.4% in 2024, indicating a shift towards a saturated market [5][10] Strategic Moves - Yili's acquisition of Aoyou and Mengniu's acquisition of Bellamy were strategic moves aimed at entering the high-end infant formula market, despite the declining market conditions [3][5] - Both companies are now focusing on high-margin products, with Yili's milk powder and dairy products achieving a gross margin of 41.02% in 2024, compared to lower margins in liquid milk and ice cream [8][11] Future Outlook - Yili and Mengniu are adjusting their strategies to improve profitability, with Yili aiming for a diversified product portfolio and Mengniu targeting revenue growth by 2025 [22][23] - The competition in the infant formula market is expected to intensify as companies strive for profitability amidst a shrinking market [24][25]

Core Insights - Yili Group reported a total revenue of 115.78 billion yuan for 2024, with a net profit of 11.539 billion yuan, marking a 12.2% year-on-year growth, maintaining its position as the largest dairy company in Asia [2] - In Q1 2025, the company achieved a revenue of 33.018 billion yuan, a 1.35% increase year-on-year, and a net profit of 4.629 billion yuan, reflecting a 24.19% growth, indicating strong performance despite market challenges [2] Business Segments - Liquid Milk: The liquid milk segment generated 75.003 billion yuan in revenue in 2024, holding the largest market share in the industry, with significant growth in high-end low-temperature products [3] - Ice Cream: The ice cream business achieved 8.721 billion yuan in revenue, maintaining its position as the national leader for 30 consecutive years through product innovation and targeted marketing strategies [3] - Milk Powder and Dairy Products: This segment reached a revenue of 29.675 billion yuan, a 7.53% increase, with strong performance in adult and infant milk powder markets, and leading positions in global sheep milk powder sales [4] - Cheese: The cheese business showed robust growth, with a revenue increase of over 20%, and a retail market share of approximately 19.1% [4] Health and Nutrition Focus - The adult milk powder market has seen a compound annual growth rate of 23.6% over the past three years, with Yili capturing a 24% market share, emphasizing its strong competitive position [6] - Yili is expanding into the health food sector, launching functional products in collaboration with Tongrentang, integrating traditional Chinese medicine with modern dairy technology [7] Innovation and Technology - Yili increased its R&D expenditure by 2.33% in 2024, achieving significant breakthroughs in protein extraction and probiotic technology, enhancing product functionality [8][9] - The company has received 973 patents, reflecting its commitment to innovation and product development, and has been recognized with multiple awards for product innovation [9] Shareholder Value - Yili plans to distribute a cash dividend of 1.22 yuan per share, totaling 7.726 billion yuan, with a distribution ratio of 91.4%, marking a record high [10] - The company has a history of substantial dividends, with a total of 50.8 billion yuan distributed since its market entry, showcasing strong cash flow and management confidence [10] Market Outlook - Yili is well-positioned for future growth, benefiting from an improving supply-demand balance in the dairy industry and a focus on health-conscious consumer trends [11] - The company aims to leverage its strong performance and diverse business portfolio to continue leading the dairy sector and expand into the health food market [11]

Core Insights - The annual report of Yili Group for 2024 shows a total revenue of 115.78 billion yuan, with a net profit of 11.539 billion yuan, reflecting a year-on-year growth of 12.2% after excluding goodwill impairment [1][2] - The first quarter report for 2025 indicates a revenue of 33.018 billion yuan, a 1.35% increase year-on-year, and a net profit of 4.629 billion yuan, up 24.19%, demonstrating improved profitability [1][2] - Yili's dividend payout for 2024 reached a record high of 7.726 billion yuan, with a payout ratio of 91.4%, and total shareholder returns equating to 100.4% of net profit [4] Industry Overview - The dairy industry faces challenges in 2024, including increased raw milk production and insufficient consumer demand, yet Yili maintains a leading position in Asia with stable revenue growth [2] - Yili's gross margin has improved by 377 basis points from 2020 to 2024, indicating strong operational efficiency and resilience against market risks [2] Product Performance - Yili's liquid milk business generated 75.003 billion yuan in revenue, maintaining its industry leadership, while the high-end low-temperature milk segment saw over 30% growth [3] - The infant formula and dairy products segment achieved a revenue of 29.675 billion yuan, a 7.53% increase, with the "Golden Crown" brand experiencing double-digit growth [3] Strategic Initiatives - Yili plans to develop a new five-year strategic plan in the second half of 2025, with a focus on internationalization as a key agenda [1][7] - The company aims to enhance its growth logic through a "dual-wheel drive" strategy, expanding into the health food sector and building a non-dairy business framework [6][7] Future Outlook - Yili is optimistic about maintaining a positive profit margin trend, targeting a 9% profit margin for 2025, and plans to uphold a dividend payout ratio of no less than 70% [8]

Core Viewpoint - The dairy giant Yili (600887.SH) has ended its 30-year growth streak due to unprecedented industry pressures, with significant declines in revenue and profit expected in 2024 [1][2]. Financial Performance - Yili's 2024 revenue is projected to be 115.78 billion yuan, a year-on-year decline of 8.24%, while net profit is expected to drop to 8.45 billion yuan, down 18.9% [2]. - In Q4, Yili made a substantial impairment provision of 5.2 billion yuan, resulting in a quarterly loss of 2.42 billion yuan, further pressuring annual profits [3]. Impairment and Asset Valuation - A major component of the impairment was a goodwill write-down of 3.04 billion yuan related to the acquisition of Ausnutria (1717.HK), which has seen a significant decline in performance [4]. - Other impairment provisions included 1.23 billion yuan for inventory and 370 million yuan for fixed assets due to market demand changes and technological obsolescence [5]. Industry Challenges - The dairy industry has faced negative retail growth since 2022, with a 2.7% decline in overall sales in 2024, exacerbating supply-demand imbalances [9][10]. - Yili's liquid milk segment saw a revenue drop of 12.3% in 2024, with a decrease in both sales volume and price [11]. Market Strategy - To protect distributor profits, Yili began channel inventory clearance in Q2 2024, leading to a significant revenue drop of 16.5% in Q2, which narrowed to 6.7% in Q3 [12][13]. - By Q3, Yili completed channel clean-up, stabilizing sales during peak seasons [14]. Future Outlook - Yili anticipates a potential turnaround in 2025, with Q1 revenue showing a slight increase of 1.35% and net profit rising by 24.19% [17]. - The company remains cautious about demand recovery, projecting only a 2.8% increase in full-year revenue for 2025 [18]. Market Share and Growth Engines - Yili's liquid milk revenue has stagnated, with a slight increase to 85.54 billion yuan in 2023, but its market share in this segment is declining [21][22]. - Conversely, the infant formula segment is experiencing growth, with a 7.53% increase in revenue to 29.675 billion yuan in 2024, driven by rising birth rates [26][29]. Diversification Efforts - Yili is exploring diversification beyond dairy, including launching new tea and mineral water products, while also focusing on functional dairy products [40][43]. - The company is also investing in health-related sectors and has established a venture capital fund targeting high-tech innovations in the health industry [48].