蒙牛围绕"喝上奶、喝好奶、喝对奶"三大核心举措，通过产品创新、渠道升级和精益管理三大引擎创新 求变——当乳制品同质化严重，蒙牛2025年上半年推出超百款新品，响应不同年龄人群的多元化需求； 当传统商超乏力时，全力构建"全域渠道生态"打通线上线下（300959）场景；周期压力下，更跳出传统 模式，以创新激活品牌韧性。 正如蒙牛总裁兼执行董事高飞在8月28日的业绩交流会上所言，蒙牛将以信心与奋斗直面挑战——这不 仅是企业穿越周期的增长密码，更成为乳业低谷期破局、引领中国乳业高质量发展的标杆实践。 引领全品类价值升级 面对乳制品行业同质化竞争的核心痛点，蒙牛将产品创新作为破局关键。 2025年上半年蒙牛推出超百款新品，构建覆盖常温奶、低温酸奶、鲜奶、冰淇淋、功能乳、婴配粉的全 品类矩阵，以"喝上奶、喝好奶、喝对奶"战略锚定不同人群需求，不仅夯实自身产品壁垒，更引领行业 从"规模供给"向"价值供给"转型。 "喝上奶"夯实行业基础盘，蒙牛常温板块推出72款新品强化基础营养，以极致 "质价比"扩大消费覆盖 面；同时针对乳糖不耐受等痛点推出零乳糖双蛋白产品，解决行业长期存在的"消费门槛"问题。 8月27日，蒙牛乳业（023 ...

8月27日，蒙牛乳业（2319.HK）发布2025年中期成绩单：在消费复苏缓慢、原奶价格持续低迷的行业 背景下，蒙牛上半年实现营业收入415.7亿元，经营利润35.4亿元，同比增长13.4%。值得关注的是，其 经营现金流同比大幅增长46.2%，经营利润率提升1.5个百分点至8.5%，凸显出较强的盈利质量与运营效 率。 凭借"逆周期"布局能力，蒙牛的中期表现展现出了龙头企业应对行业波动的高质量增长韧性，为整个乳 业板块的企稳回升注入信心。 01 以产品创新打破同质化困局 蒙牛的业绩增长，是其持续推进产品创新与结构优化的直接体现。 面对乳制品同质化竞争，蒙牛选择以产品创新破局。2025年上半年，蒙牛响应不同年龄人群的多元化需 求，推出超百款新品，覆盖常温奶、低温酸奶、鲜奶、冰淇淋、功能牛奶及婴配粉等全品类矩阵，引领 消费者"喝上奶、喝好奶、喝对奶"。同时，蒙牛加速品类多元化升级，在低温酸奶、鲜奶、奶粉、奶酪 和冰品等细分赛道均呈增长趋势。 为了让消费者"喝上奶"，蒙牛常温板块一举推出72款新品，全面强化基础营养，打造极致"质价比"；为 了让消费者"喝好奶"，"特仑苏"不仅推出A2β-酪蛋白等新品，还汇聚"山水林田 ...

Core Viewpoint - In the first half of 2025, Mengniu Dairy (02319) demonstrated resilience in its operations by advancing its "One Body, Two Wings" strategy, optimizing channels, and enhancing operational efficiency, resulting in a revenue of 41.567 billion RMB [1] Financial Performance - Mengniu achieved a revenue of 41.567 billion RMB in the first half of 2025, with a gross margin improvement of 1.4 percentage points to 41.7% and an operating profit of 3.538 billion RMB, reflecting a year-on-year growth of 13.4% [1] - The company's operating profit margin increased by 1.5 percentage points to 8.5% [1] - Cash inflow from operating activities surged by 46.2% year-on-year to 2.806 billion RMB, supported by lower raw milk prices and improved working capital management [3] Strategic Initiatives - The "One Body, Two Wings" strategy is closely linked to Mengniu's resilient performance, focusing on solidifying its core dairy business while diversifying product categories and accelerating key technological breakthroughs in the nutrition and health sector [4] - In the first half of 2025, Mengniu launched over 100 new products across various categories, including low-temperature yogurt, fresh milk, milk powder, cheese, and ice cream, enhancing its product structure towards higher value-added offerings [4] Business Segments - The liquid milk segment, accounting for 77.4% of total revenue, generated 32.192 billion RMB, with a focus on optimizing product structure and enhancing quality and efficiency [5] - The low-temperature business maintained its market leadership, with yogurt sales outperforming the category, while fresh milk business achieved double-digit growth, significantly outpacing industry growth rates [7] - The milk powder segment generated 1.676 billion RMB, with infant formula experiencing double-digit growth, and the cheese segment contributed 2.374 billion RMB, maintaining its leading position in the industry [8] - The ice cream business reported a revenue of 3.879 billion RMB, achieving double-digit growth through innovative and health-focused product offerings [9] International Expansion and Innovation - Mengniu is enhancing its international business, with significant growth in overseas markets, particularly in Southeast Asia, where its ice cream brand Aisle has captured a 34% market share in Indonesia [13] - The company is also focusing on nutritional health, with innovations such as the domestically developed cream product and a strong presence in the sports nutrition sector [11] Future Outlook - The dairy industry is expected to recover in the second half of 2025, with Mengniu poised to leverage its leadership position to optimize product structures and expand high-value categories [15] - The company plans to continue its share repurchase program, reflecting confidence in long-term growth and aiming to enhance shareholder returns [15]

7月13日至 15 日，第十六届奶业大会、奶业20强（D20）论坛暨2025中国奶业展览会在福建省厦门市举行。蒙牛集团作为大会支持单位，深度参与大会 活动系列活动，并分享了作为领军企业的经验与见解，全面助力行业创新破局、加快迎来"第二次呼吸"。 创新破局：多举措共促行业"第二次呼吸" 在13日举办的中国奶业发展战略研讨会上，蒙牛乳业党委副书记，高级执行总裁李鹏程呼吁，面向"十五五"，要通过创新破局，突破极点，加快迎来中 国奶业的"第二次呼吸"：一要打造奶业的"中国芯片"，着力破解"卡脖子"问题。二要将牛奶"吃干榨净"，向精细化深加工转型升级。三要向AI要未来，打造 新质生产力，实现行业革命性变革，四要绿色转型，实现可持续发展。 作为行业龙头，蒙牛率先垂范，以创新为核心驱动，积极引领行业破局突围：为破解上游的"卡脖子"问题，蒙牛通过自主科研攻关，培育出6个国产苜 蓿品种，建成了2座国家级核心育种场；为推动产业链纵深转型，蒙牛全面投产奶油、奶酪、乳铁蛋白、乳清粉等深加工项目；为加快数智化升级，蒙牛在 宁夏建成全球首座液态奶"灯塔工厂"，不断打造灯塔群和智慧牧场；为实现绿色转型，蒙牛坚持全产业链减碳，将200多平方 ...