近日，由中国飞鹤出品，秦昊、范伟、史彭元和脱口秀演员王勉共同出演的《东北 真行》系列微电影 引发全网热议，截至10月9日，《东北 真行》系列微电影全网曝光量达到8.48亿。继《漫长的季节》之 后，秦昊、范伟、史彭元三人再度携手，以三个温暖故事为引，娓娓道来黑土地上人们的坚守与新生， 也串联起飞鹤六十三年如一日，扎根于此、践行"更适合"承诺的动人篇章。 以企业发展担振兴之责，飞鹤打造"更适合东北孩子的offer" 三部微电影《寻找刘博魁》《老范的心事》《烤肉的秘密》，分别聚焦东北产业变迁中坚守黑土地 的"留卜奎(齐齐哈尔旧称)"精神，"让种地的挺直腰板"的乡村振兴新希望，以及烤肉香气中"以心为 料"的东北精神：真诚、实在、精益求精。 "他们在大雪里用梦想当柴火，烧出了一片又一片赤诚"，影片《寻找刘博魁》中，秦昊的这句感叹背 后，是东北黑土地之上每一份扎根乡土、不忘初心的赤子之情——正如飞鹤63年来坚持"中国宝宝的奶 瓶要掌握在中国人自己的手中"，依托北纬47°黄金奶源带的天然优势，打造了集牧草种植、饲料加工、 规模化养殖、生产加工、物流仓储于一体的"农牧工"三位一体产业集群，实现从源头到终端全程自主管 控，以全 ...

9月16日，第五届中国质量奖获奖名单正式公布，中国飞鹤乳业凭借"产业链、创新链双链融合智能 制造质量管理模式"荣获第五届中国质量奖提名奖，成为婴幼儿奶粉行业中唯一获此殊荣的企业。这一 荣誉不仅是对飞鹤63年来坚守质量初心的高度认可，更是中国乳业质量管理水平迈向新台阶的重要标 志。 此次获得中国质量奖提名奖，既是对飞鹤长期坚持高质量发展路线的充分肯定，更是对中国乳业质 量提升成果的重要见证。业内专家认为，飞鹤的创新质量管理模式不仅为乳制品行业树立了标杆， 其"双链融合"的理念和实践对推动中国制造业高质量发展也具有重要借鉴意义。 63年安全生产0事故，成就质量领域最高荣誉 质量是兴国之道、强国之策。中国质量奖是经中央批准设立、由国家市场监督管理总局主办的政府 在质量管理领域的最高荣誉，代表了中国质量管理的顶尖水准。该奖项旨在表彰在质量管理模式、方法 和管理制度领域取得重大创新成就的组织和个人。自2013年至今已举办五届，往届获奖企业包括中国航 天科技集团、中铁工程装备集团、美的集团、华为、格力电器、上海振华重工等行业巨头。 在本届评选中，飞鹤与成飞、哈飞、宁德时代、一汽解放等航天军工、新能源、重工业领域的"大 国 ...

Core Viewpoint - China Feihe Dairy has been awarded the nomination for the 5th China Quality Award, becoming the only infant formula company to receive this honor, which signifies a significant advancement in the quality management level of China's dairy industry [1][4][6] Group 1: Quality Management Achievements - The China Quality Award is the highest honor in quality management, established by the central government, aimed at recognizing significant innovations in quality management models and methods [4] - Feihe's innovative quality management model has set a benchmark for the dairy industry and is seen as a vital reference for promoting high-quality development in China's manufacturing sector [1][4][6] - Feihe has maintained a record of zero accidents in safety production for 63 years, emphasizing its commitment to quality as the lifeline of the enterprise [5][7] Group 2: Technological Innovations - Feihe has developed a comprehensive industrial cluster that integrates grass planting, feed processing, large-scale breeding, production, and logistics, ensuring quality control from source to end [5][6] - The company has established a rigorous quality assurance system, including a 10,000-level cleanroom standard and innovative detection methods that significantly enhance efficiency and accuracy [7] - Feihe's AI-based production management system allows for real-time monitoring of the entire milk powder production process, improving supply chain efficiency by 40% [7] Group 3: Market Position and Recognition - Feihe has ranked first in the Chinese infant formula market for six consecutive years and has been the global leader in sales for four years [8][10] - The brand has achieved a recognition rate of 99% among consumers, solidifying its position in the market [8] - Feihe has received numerous awards, including the World Food Quality Award and the National Technology Innovation Demonstration Enterprise title, reflecting its commitment to quality and innovation [10][11] Group 4: Future Directions - The company aims to continue its focus on quality and technological innovation, enhancing its quality management system to lead the high-quality development of the dairy industry [13]

Core Viewpoint - China Feihe Dairy has been awarded the nomination for the 5th China Quality Award, becoming the only infant formula company to receive this honor, which signifies a significant advancement in the quality management level of China's dairy industry [1][4][6]. Group 1: Award Significance - The China Quality Award is the highest honor in quality management, established by the central government and organized by the State Administration for Market Regulation, aimed at recognizing significant innovations in quality management [4]. - Feihe's nomination is a testament to its long-standing commitment to high-quality development and serves as a benchmark for the dairy industry [1][4]. Group 2: Quality Management Practices - Feihe has maintained a record of zero accidents in safety production for 63 years, emphasizing its core principle that quality should not be compromised [6][12]. - The company has developed a comprehensive quality management system, including 1,322 quality management regulations covering all processes from farming to production [12]. Group 3: Innovation and Research - Feihe has established an integrated industrial chain model that combines agriculture, animal husbandry, and manufacturing, ensuring quality control from source to end product [7][10]. - The company leads national research on breast milk, creating the largest maternal and infant health database in China, which supports the development of infant formula tailored to Chinese babies [10][15]. Group 4: Market Position and Recognition - Feihe has been the top seller in the Chinese infant formula market for six consecutive years and ranks first globally in sales [13][15]. - The brand has achieved a recognition rate of 99% among consumers, solidifying its position as a market leader [13]. Group 5: Future Directions - Feihe aims to continue its commitment to quality and innovation, enhancing its quality management system to lead the high-quality development of the dairy industry [16].

Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Views - The company experienced a revenue decline of 9.4% year-on-year in the first half of 2025, with total revenue reaching 9.15 billion yuan and a net profit of 1.03 billion yuan, down 46% [1][2] - The decline in revenue is attributed to competitive pressures in the industry, consumer subsidies for childbirth, and inventory reduction efforts [2] - The gross margin decreased to 61.6%, down 6.3 percentage points, primarily due to an increased proportion of sales from raw milk products [3] - The company has a strong commitment to shareholder returns, distributing a mid-term dividend of 1 billion yuan, representing a 100% payout ratio [4] Financial Summary - Revenue projections for 2025-2027 are 19.04 billion, 19.99 billion, and 20.83 billion yuan, with year-on-year changes of -8.2%, +5.0%, and +4.2% respectively [5] - The forecasted net profit for the same period is 2.31 billion, 2.60 billion, and 2.98 billion yuan, with year-on-year changes of -35.4%, +13.0%, and +14.6% respectively [5] - The company’s earnings per share (EPS) for 2025 is projected at 0.25 yuan, with a price-to-earnings (P/E) ratio of 15.71 [7]

Core Viewpoint - The company reported a decline in revenue and profit for the first half of 2025, attributed to intensified competition and proactive inventory reduction measures [1] Financial Performance - The company achieved a main revenue of 9.151 billion yuan in H1 2025, a year-on-year decrease of 9.36% [1] - The net profit attributable to shareholders was 1 billion yuan, down 46.66% year-on-year [1] - The gross profit margin was 61.58%, a decrease of 6.3 percentage points year-on-year [1] - The net profit margin was 10.93%, down 7.64 percentage points year-on-year [1] Revenue Breakdown - Revenue from ultra-high-end, high-end, ordinary, and adult milk powder was 6.19 billion, 1.69 billion, 330 million, and 290 million yuan respectively, with year-on-year changes of -13%, -14%, +3%, and -4% [1] - Online sales performed better than offline, with offline revenue at 6.58 billion yuan (down 15%) and online revenue at 2.57 billion yuan (up 10%) [1] Cost and Expenses - Selling expense ratio was 34.69%, a slight decrease of 0.33 percentage points year-on-year [1] - Management expense ratio increased to 8.46%, up 1.14 percentage points year-on-year due to reduced economies of scale and increased employee compensation [1] - Other income and gains decreased, primarily due to reduced government subsidies and interest income [1] Market Position and Strategy - The company faced significant operational pressure due to intensified market competition and slow approval of new ultra-high-end products [1] - The market share declined by over 1 percentage point to 18.2% in June 2025 [1] - The company is actively adjusting its operations, with inventory levels reaching healthy targets and plans to launch three customized products in the second half of the year [1] Future Outlook - The company aims to improve its operational performance through product launches and inventory adjustments, with expectations for revenue growth [1] - The target price for 2026 is set at 5.1 HKD, with a recommendation to monitor the performance of new products [2]

Core Viewpoint - The company experienced a decline in revenue and net profit in the first half of 2025, attributed to various market pressures, but maintained its leading market position in the industry [1][2]. Group 1: Financial Performance - In 25H1, the company achieved revenue of 9.15 billion yuan, a year-on-year decrease of 9.4% [1]. - The net profit attributable to shareholders was 1 billion yuan, down 46.7% year-on-year [1]. - The overall gross margin for 25H1 was 61.6%, a decrease of 6.3 percentage points, primarily due to an increase in sales of lower-margin raw materials [2]. - The net profit margin for 25H1 was 11.3%, down 7.7 percentage points year-on-year [2]. - The company plans to invest no less than 1 billion yuan in share buybacks and distribute dividends of at least 2 billion yuan in 2025 [2]. Group 2: Market Position and Strategy - Despite the revenue decline, the company maintained the top market share in the infant formula sector, with an 18.2% market share as of June 2025 [1]. - The company launched a 1.2 billion yuan fertility subsidy plan in response to national policies, with most of the subsidies utilized in the second quarter [3]. - The company is expanding its overseas business, with overseas revenue of approximately 110 million yuan in 25H1, and plans to enter the U.S. market by the end of the year [3]. Group 3: Channel Development - The company operates through over 2,700 offline clients, covering about 70,000 retail points, and has conducted over 380,000 face-to-face activities to enhance consumer engagement [2]. - Online engagement has also been significant, with over 430 million visits to the membership platform and more than 22 million interactions on public accounts [2].

Investment Rating - The report maintains a "Recommended" rating for China Feihe (06186.HK) with a target price of HKD 5.1 [1][4]. Core Views - The company reported a 9.36% year-on-year decline in revenue for H1 2025, totaling CNY 9.151 billion, and a 46.66% drop in net profit to CNY 1 billion. The interim dividend declared is HKD 0.1209 per share, amounting to CNY 1 billion [1][4]. - The company is facing significant operational pressure due to intensified competition and proactive inventory reduction, which has led to a decrease in market share [4]. - The gross margin for H1 2025 was 61.58%, down 6.3 percentage points year-on-year, primarily due to changes in sales structure and losses from raw milk powder [4]. - The company is implementing various measures to adjust operations, including inventory management and the introduction of new customized products, aiming for a recovery in performance [4]. Financial Summary - **Revenue Forecasts**: - 2024A: CNY 20.749 billion - 2025E: CNY 18.792 billion - 2026E: CNY 19.835 billion - 2027E: CNY 20.469 billion - Year-on-year growth rates: 5.6%, -9.4%, 5.5%, 3.2% [1][10]. - **Net Profit Forecasts**: - 2024A: CNY 3.570 billion - 2025E: CNY 2.190 billion - 2026E: CNY 3.001 billion - 2027E: CNY 3.384 billion - Year-on-year growth rates: 5.3%, -38.7%, 37.1%, 12.8% [1][10]. - **Earnings Per Share (EPS)**: - 2024: CNY 0.39 - 2025: CNY 0.24 - 2026: CNY 0.33 - 2027: CNY 0.37 [1][10]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios for 2025E: 17 - Price-to-Book (P/B) ratios for 2025E: 1.4 [1][10]. Market Performance - The current share price is HKD 4.39, with a market capitalization of HKD 39.8 billion [2]. - The stock has experienced a 12-month high of HKD 6.80 and a low of HKD 3.34 [2]. Strategic Adjustments - The company is focusing on health-oriented strategies and actively promoting reforms to address operational challenges, including inventory adjustments and the launch of new products [4]. - The company aims to improve channel profitability and market presence through these strategic initiatives [4].

在扎龙湿地沉浸式"醉氧"，体验无限接近母乳的鲜活品质，探秘营养"鲜活"背后的硬核科技……近日，飞鹤(06186)2025鲜活营养见证之旅盛大开启。活动期 间，央视明星主播、大国文化学者、世界青年人才、社交网络红人、权威媒体观察团等多方领衔的鲜活营养见证团，深度探访飞鹤哈尔滨智能产业园、齐齐 哈尔克山牧场及克东工厂等地，通过线下实地溯源、线上矩阵直播联动，全方位、沉浸式体验飞鹤"农牧工"全产业链鲜活图景。 智通财经APP获悉，8月17日，央视新闻率先开启飞鹤寻找鲜活之旅，通过奶牛选美大赛、鲜活科技大揭秘、鲜活营养真验证等趣味环节，打造2小时 寻"鲜"接力综艺感溯源直播。直播中，飞鹤董事长冷友斌与央视主持人朱广权、影视演员祝绪丹、脱口秀演员庞博、知名博主老爸评测等嘉宾，组成飞鹤鲜 活营养见证团，深入飞鹤克山牧场、克东工厂、哈尔滨智慧工厂等地，带大家一起寻找更适合中国宝宝的鲜活营养，全方位见证飞鹤新鲜高品质生牛乳从源 头牧场、冷链运输到奶粉成罐的鲜活营养直达过程。 在首批央视新闻领衔的顶配直播阵容镜头之下，从环境、奶源到工艺、产品、ESG，飞鹤鲜活营养全产业链图景得以全面呈现；同时，鲜活营养见证团深入 飞鹤工厂、牧 ...

Core Viewpoint - China Feihe held its 2024 Partner Conference in Harbin, emphasizing collaboration with partners to shape the future of the dairy industry and maintain market leadership [1][2]. Group 1: Market Performance and Product Innovation - Feihe has maintained its market leadership and increased its share in the domestic milk powder market through strong collaboration with partners and continuous innovation [2]. - The product "Xingfeifan Zhuorui," launched two years ago, has quickly become a billion-level product and is now the top-selling milk powder across all channels, significantly boosting the ultra-premium market [2]. - Feihe has invested in research and development since 2009, undertaking nearly 40 national and provincial key research projects, and leading the "14th Five-Year" key research project on "new generation infant formula" [2]. Group 2: Technological Advancements and Digital Transformation - Feihe has pioneered a fully digitalized supply chain for infant milk powder, implementing a system that allows for millisecond-level online monitoring and cell-level online testing of the production process [6]. - The company has achieved breakthroughs in key raw material preparation technologies and has established the first automated production line for lactoferrin in China, promoting high-quality development in the industry [6]. Group 3: Long-term Vision and Global Expansion - Feihe aims to build a century-old enterprise by focusing on long-term partnerships and contributions to the industry, transitioning from a pioneering company to a leading brand [8]. - The company has successfully launched its first locally produced infant formula in Canada, which is now available in 403 Walmart stores, indicating its commitment to international expansion [9]. - Feihe is also diversifying its product offerings to include youth cheese and adult functional nutrition products, targeting the multi-trillion-dollar food industry [9].