1月18日，由飞鹤携手《时尚芭莎》打造的"寻迹而来·鲜活盛典"在北京隆重举行。活动现场，诸多明星和星妈会众多宝妈们一道，分享了对飞鹤"新一代更 适合"两大新品迹萃、启萃，及其所代表的全新"鲜活营养"的认可与感悟。 会上，奶粉新鲜原料溯源系统成为热议焦点，飞鹤宣布率先实现新鲜原料自产、可追溯。至此，"原料新鲜"正式成为奶粉新鲜度的核心评价维度。飞鹤不仅 推动了奶粉的第三次新鲜革命，也重新定义了行业"鲜活"标准。 小小二维码 引领婴配粉行业的第三次"新鲜革命" 一个二维码有啥新鲜的？但是在本次鲜活盛典上，用户仅需要手机扫下二维码，不仅可以查询产品生产日期，还可以追溯乳清蛋白、乳铁蛋白等核心原料的 生产信息。这就是飞鹤上线的奶粉新鲜原料溯源系统。 "婴配粉的核心构成逻辑，本质是'生牛乳'与'关键营养原料'的科学配比。但长期以来，国内婴配粉核心营养原料多依赖进口，漫长的跨国运输和储存，存在 原料受潮、污染的潜在风险，且会导致营养成分的流失。"飞鹤副总裁，飞鹤研究院院长张旭光，分享了飞鹤围绕安全与品质布局，通过自建产线，实现核 心新鲜原料自产可控，引领行业实现三次新鲜革命的历程。 2006年，飞鹤率先自建牧场，打造全产 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月18日，由飞鹤携手《时尚芭莎》打造的"寻迹而来·鲜活盛典"在北京隆重举行。活动现场，新晋品牌 大使暨鲜活寻迹官朱珠、飞鹤品牌大使奚梦瑶、明星妈妈苗苗、中国珠宝设计师孙何方、星妈会众多宝 妈们一道，分享了对飞鹤"新一代更适合"两大新品迹萃、启萃，及其所代表的全新"鲜活营养"的认可与 感悟。 飞鹤"寻迹而来·鲜活盛 典"活动现场 会上，全球首个奶粉新鲜原料溯源系统成为热议焦点，飞鹤宣布率先实现新鲜原料自产、可追溯。至 此，"原料新鲜"正式成为奶粉新鲜度的核心评价维度。飞鹤不仅推动了奶粉的第三次新鲜革命，也重新 定义了行业"鲜活"标准。 原料溯源系统 飞鹤全球首个奶粉新鲜 小小二维码 引领婴配粉行业的第三次"新鲜革命" 一个二维码有啥新鲜的？但是在本次鲜活盛典上，用户仅需要手机扫下二维码，不仅可以查询产品生产 日期，还可以追溯乳清蛋白、乳铁蛋白等核心原料的生产信息。这就是飞鹤上线的全球首个奶粉新鲜原 料溯源系统。 2006年，飞鹤率先自建牧场，打造全产业链自控模式，从奶源端解决"新鲜"的源头问题，为后续国产奶 粉企业自建牧场、全产业链布局 ...

中国飞鹤 20260116 目前对新生儿及 0-3 岁儿童数量的展望如何？行业规模是否会受到影响？ 2025 年和 2026 年的行业规模基本持平，去年（2025 年）新生儿数量约为 950 万，今年（2026 年）预计降至 800 多万。尽管母乳喂养比例下降，但出 生人口的减少将对行业规模产生压力。整体来看，未来几年行业增速可能会受 到影响。 2025 年上半年毛利率下降主要由于产品结构问题，公司涉足乳原料等 毛利水平较低的产品，拉低了整体毛利率。此外，公司推出 12 亿补贴， 这部分费用记在销售经营费用中，不影响毛利。净利润下降主要是收入 端下降导致，同时政府补贴持续走低。 公司承诺 2026 年分红 20 亿元，上半年已派发 10 亿元，下半年还将派 发 10 亿元。2025 年底完成了不低于 10 亿人民币的股份回购，这些股 份现作为库存股，将用于员工激励计划等长期项目。未来分红比例大致 在 40%以上。 摘要 飞鹤婴幼儿配方奶粉产品结构中，三段奶粉占比超过 50%，主要由于其 服务周期长，覆盖 1-3 岁年龄段，市场需求量大。公司正积极通过新品 推出、配方升级和高端产品搭配等策略，稳定利润水平并满足 ...

Core Viewpoint - China Feihe (06186.HK) has been actively repurchasing shares, indicating strong confidence in its future growth and stability in cash flow [1][3]. Group 1: Share Buyback and Financial Strategy - On December 12, 2025, Feihe repurchased over 5.65 million shares, bringing the total repurchased shares to over 236 million, with a cumulative buyback amount exceeding 900 million HKD [1]. - In its mid-year earnings forecast on July 4, 2025, Feihe announced a plan to utilize no less than 1 billion HKD for share repurchases, targeting up to 10% of total shares [3]. - Feihe aims to maintain a stable dividend policy, expecting to distribute no less than 2 billion HKD in dividends for 2025, reflecting its robust operational cash flow [3]. Group 2: Product Innovation and Market Leadership - Feihe has maintained its position as the market leader in China's infant formula sector for six consecutive years, showcasing its role as a benchmark for high-quality development in the dairy industry [3]. - The company recently launched the "New Generation More Suitable" initiative, which includes a comprehensive upgrade across four dimensions: full industry chain, breast milk-based formula, fresh nutrition, and feeding effectiveness [3]. - Feihe introduced two new products, "Jicui" and "Qicui," which embody the "New Generation More Suitable" concept and set new freshness standards in the infant formula industry [5]. Group 3: Commitment to Social Responsibility and Innovation - Feihe has actively engaged in public welfare, contributing a total of 840 million RMB by the end of 2024, with a focus on medical, educational, and maternal-infant care initiatives [6]. - Since 2022, the company has invested over 65 million RMB in the "Support Longjiang Education Public Welfare Action," benefiting over 3.3 million teachers and students [6]. - Feihe's R&D investment has seen a compound annual growth rate of over 30% from 2018 to 2024, emphasizing its commitment to technological innovation [6].

Core Viewpoint - China Feihe (06186.HK) has been actively repurchasing shares, indicating strong confidence in its future growth and stability, alongside a commitment to maintaining dividends [4][7]. Group 1: Share Buyback and Financial Commitment - On December 12, 2025, China Feihe repurchased over 5.65 million shares, bringing the total repurchased shares to over 236 million, with a cumulative buyback amount exceeding 900 million HKD [1]. - In July 2025, the company announced a share buyback plan with a minimum of 1 billion HKD allocated for repurchases, targeting up to 10% of total shares [4]. - The company plans to maintain a stable dividend policy, expecting to distribute at least 2 billion HKD in dividends for 2025 [4]. Group 2: Market Leadership and Product Innovation - China Feihe has maintained its position as the leading brand in China's infant formula market for six consecutive years, reflecting its role as a benchmark for high-quality development in the dairy industry [4]. - The company launched a new product line, "New Generation More Suitable," which emphasizes breakthroughs in four dimensions: full industry chain, breast milk-like formula, fresh nutrition, and feeding effectiveness [4]. - The introduction of the "Fresh Nutrition System" ensures a comprehensive quality assurance system from raw milk to finished products, with 100% control over 11 core raw materials and full traceability [4]. Group 3: Social Responsibility and Technological Innovation - China Feihe has actively engaged in social responsibility initiatives, contributing 840 million CNY in donations and launching the "Support Longjiang Education Public Welfare Action," investing over 65 million CNY since 2022 [6][7]. - The company has prioritized technological innovation, with an average annual growth rate of over 30% in R&D investment from 2018 to 2024 [7]. - In 2025, China Feihe introduced "乳蛋白鲜萃提取科技" and established an international-leading database for HMOs, further enhancing its R&D capabilities [7]. Group 4: International Expansion - China Feihe is accelerating its internationalization efforts, having obtained a production license for infant formula in Canada, with products already available in over 1,500 North American retail stores [7].

Core Insights - China Feihe held its 2025 Partner Conference in Wuhan, focusing on high-quality development in the dairy industry and emphasizing the company's commitment to innovation and collaboration with partners [1][2]. Group 1: Market Position and Growth - The global infant formula market is stabilizing, with significant growth in the ultra-premium segment, driven by consumption upgrades and supportive fertility policies in China, which remains the largest market for infant formula [2]. - Feihe has established itself as a market leader by pioneering the first complete industrial chain in the industry in 2006 and leading various initiatives, including the national "14th Five-Year Plan" key projects [2][3]. Group 2: Innovation and Product Development - Feihe's "New Generation More Suitable" strategy aims to address evolving consumer needs through comprehensive breakthroughs in the supply chain, breast milk-based formulas, and active nutrition systems [3]. - The company has introduced the "Fresh Nutrition System," which utilizes fresh milk extraction technology to ensure 100% self-sufficiency in key nutrients and traceability of raw materials [3]. Group 3: Collaboration and Ecosystem - The company emphasizes a "coexistence" philosophy, fostering a win-win ecosystem with partners and aligning closely with consumer needs to drive industry progress [4]. - Feihe has recognized outstanding partners at the conference, highlighting collaborative achievements in channel expansion, marketing innovation, and service upgrades [2][4]. Group 4: International Expansion - Feihe has accelerated its internationalization, obtaining the first infant formula production license in Canada and expanding its presence in over 1,500 major supermarkets in North America, with a 270% increase in store numbers in the first half of 2025 [5]. - The company is also advancing its product offerings in Southeast Asia and focusing on adult nutrition and functional products to enhance its product matrix [5].

Group 1 - The core viewpoint of the article highlights that China Feihe is taking various measures to stabilize its position in the market amid pressure, including launching new products that replicate breast milk nutrition [1][2] - Feihe has introduced several new products, such as Qicui and Jicui, which are set to be launched soon, indicating the urgency of product innovation [1] - The company reported a revenue decline of 9.36% year-on-year to 9.151 billion yuan in the first half of the year, with specific product lines experiencing varying revenue changes [1] Group 2 - Feihe has achieved the status of the number one brand in national sales of infant formula for six consecutive years, but the growth momentum in the infant formula market is currently weak [2] - The decline in marriage registrations in China by over 20% in 2024 suggests a likely decrease in newborn numbers, intensifying the competition in the existing market [2] - Feihe possesses relative advantages in milk source, research and development, and production processes, which are crucial for maintaining its market position [2]

Core Viewpoint - China Feihe is taking various measures to stabilize its position in the market amid sales pressure, including launching new products that replicate the nutritional ecology of breast milk [1][2]. Group 1: Product Development and Market Strategy - Feihe has introduced several new products, including Qicui and Jicui, which are set to launch soon, indicating the urgency of product innovation [1]. - The company has over 85 million members in its "Star Mom Club" and plans to offer a free developmental self-assessment tool tailored to Chinese babies [1]. Group 2: Financial Performance - In the first half of the year, Feihe's revenue declined by 9.36% year-on-year to 9.151 billion yuan, attributed to increased competition and a proactive reduction in milk powder channel inventory [2]. - Revenue breakdown shows that ultra-high-end, high-end, regular, and adult milk powder segments generated 6.19 billion, 1.69 billion, 0.33 billion, and 0.29 billion yuan respectively, with declines of 13%, 14%, 3% growth, and a 4% decline [2]. Group 3: Market Dynamics - The infant formula market is experiencing weak growth momentum, with a projected decline of over 20% in marriage registrations in 2024, likely leading to a decrease in newborn numbers [3]. - Feihe emphasizes its position as the top seller in the infant formula market for six consecutive years, despite facing pressure from both leading brands and emerging mid-tier brands [2][3]. Group 4: Competitive Landscape - The competitive landscape in the infant formula market is intensifying, with major brands like Yili, New Dihua, and FrieslandCampina expanding their market presence [2][6]. - Feihe's advantages in milk sourcing, research and development, and production processes are crucial for maintaining its market position [5].

Core Viewpoint - Under market pressure, China Feihe is taking various measures to stabilize its position, including launching new products that replicate the nutritional ecology of breast milk [1][2]. Company Performance - Feihe's revenue for the first half of the year decreased by 9.36% year-on-year to 9.151 billion yuan, with sales pressure attributed to increased competition and a deliberate reduction in milk powder channel inventory [3]. - The revenue breakdown shows that ultra-high-end, high-end, regular, and adult milk powder segments generated revenues of 6.19 billion, 1.69 billion, 330 million, and 290 million yuan, respectively, with declines of 13%, 14%, 3% growth, and 4% decline year-on-year [3]. Market Dynamics - The infant formula market is experiencing intensified competition, with leading brands like Yili, Nutricia, and FrieslandCampina expanding, while mid-tier brands like a2 are also showing strong growth potential [3][7]. - Feihe has maintained its position as the top seller in the infant formula market for six consecutive years, but the growth momentum in the market appears weak, with a projected decline in newborn numbers due to a significant drop in marriage registrations [4][5]. Membership and Tools - Feihe's "Star Mom Club" membership has surpassed 85 million, and the company plans to offer a free developmental self-assessment tool tailored to Chinese babies through this platform [2].

Core Insights - The 2025 World Dairy Summit held in Santiago, Chile, focused on sustainable development practices, technological advancements, artificial intelligence, market trends, and nutritional science within the dairy industry [1] - China Feihe was the only Chinese brand invited to deliver a keynote speech at the summit, showcasing its upgraded Star Flying Fan Zhaorui product and sharing its "symbiotic model" as a solution to global dairy challenges [4][7] Industry Developments - The summit emphasized the importance of a "symbiotic" development model to address the dual challenges of growth and sustainability in the global dairy industry [7] - Feihe has established a comprehensive supply chain since 2006, becoming a leader in the infant formula sector in China and creating the largest industrial cluster globally [8] - Feihe's supply chain includes 13 modern factories, 13 owned pastures, 1 million acres of exclusive farms, and over 115,000 high-quality dairy cows, achieving a bacterial count in raw milk that exceeds EU standards by 20 times [8] Company Achievements - Feihe has achieved three 100% milestones: 100% farm control, 100% owned pastures and cows, and 100% owned raw milk [9] - The company has developed a "2-hour ecological circle" for rapid low-temperature transport of fresh milk to factories, ensuring high quality and safety [14] - Feihe has successfully entered the Canadian market, obtaining the first license for foreign infant formula production and reaching over 1,500 supermarkets [9] Research and Innovation - Feihe emphasizes open collaboration in research, having established partnerships with top global research institutions to advance breast milk research and develop closer-to-breast milk formulas [15] - The company has developed a unique "fresh nutrition system" that enhances the nutritional activity and absorption rate of its products [16] - Feihe has maintained its position as the top seller in China's infant formula market for six consecutive years and leads globally in sales [19] Sustainability Initiatives - Feihe integrates ESG principles into its operations, promoting a green supply chain and sustainable practices [20] - The company has implemented an ecological recycling project in China's high-altitude regions, significantly reducing carbon emissions [20] - Feihe's participation in the summit reflects the overall strength of the Chinese dairy industry and its commitment to sustainable development [22]