机构：华创证券 研究员：欧阳予/范子盼/董广阳 公司发布2025 年报。25 年实现主营收入181.13 亿元，同比-12.7%；净利润19.39 亿元，同比-45.7%。 25H2 实现主营收入89.62 亿元，同比-15.9%；净利润9.39 亿元，同比-44.6%。公司拟派发末期股息每股 0.129 港元，叠加0.1209港元的中期股息，25 年分红总额合计20.3 亿元，分红率达104.85%。 评论： 需求偏弱竞争加剧，主业婴配粉承压下滑，新兴业务培育中。公司25H2 实现主营收入89.62 亿元，同 比-15.9%，降幅环比H1 有所扩大，一方面新生儿数量经历24 年短暂回暖后进一步下跌至792 万人，需 求偏弱行业竞争加剧；另一方面公司主动推进渠道库存优化。分产品看，核心大单品星飞帆经典/卓睿/ 卓耀全年实现营收43/65/7.1 亿元，卓睿销售同降3%表现较为坚挺。伴随公司战略转型至"全生命周期营 养布局"，其他业务实现稳健增长，营养补充品实现收入1.8 亿，同增6%；其他乳制品包括成人奶粉、 液奶、奶酪等表现较为亮眼，25 年实现营收20.6 亿，同比增长36.1%，新兴业务持续培育中。 毛 ...

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].