公司研究 [公Ta司ble点_Re评po报rtT告ype] [蒙Ta牛bl乳e_业Sto(c2k3A1n9dR.aHnKk)] 投资评级 上次评级 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 邮 箱：zhaolei@cindasc.com 证券研究报告 [经Tab营le_利Titl润e] 率同比提升，静待供需好转 [Table_ReportDate] 2025 年 8 月 31 日 [T事ab件le：_S公um司ma公ry布] 2025 年上半年业绩。25H1，公司实现收入人民币 415.67 亿元，同比-6.95%；实现经营利润 35.38 亿元，同比+13.43%；实现归母 净利润 20.46 亿元，同比-16.37%。 点评： 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_Author] 液奶承压影响收入，产品结构更趋多元。上半年由于需求不及预期， 原奶阶段性供给过剩，公司收入承压。分版 ...

Core Viewpoint - Mengniu Dairy is effectively implementing its "One Body, Two Wings" strategy, leading to resilient performance in the first half of 2025, despite challenges in the dairy industry [1][2]. Financial Performance - In the first half of 2025, Mengniu achieved revenue of 41.567 billion RMB, with a gross margin improvement of 1.4 percentage points to 41.7% [1]. - Operating profit reached 3.538 billion RMB, a year-on-year increase of 13.4%, with an operating profit margin up by 1.5 percentage points to 8.5% [1]. - The net cash inflow from operating activities grew significantly by 46.2% year-on-year to 2.806 billion RMB, supported by lower raw milk prices [1]. Strategic Implementation - The "One Body, Two Wings" strategy focuses on solidifying core dairy business while diversifying product categories and accelerating international growth [2][6]. - Over 100 new products were launched in the first half of 2025, enhancing the product mix towards high-value categories [2]. Business Segments - Liquid milk remains the main revenue driver, generating 32.192 billion RMB, accounting for 77.4% of total revenue, with a focus on optimizing product structure [2][3]. - The yogurt segment maintained market leadership for 21 consecutive years, with innovative products driving sales growth [3]. - The fresh milk segment saw double-digit growth, significantly outpacing industry growth rates [3]. - The milk powder segment generated 1.676 billion RMB, with infant formula experiencing double-digit growth [4]. - The cheese segment achieved revenue of 2.374 billion RMB, maintaining its leading position in the market [4][5]. - Ice cream revenue reached 3.879 billion RMB, reflecting double-digit growth [5]. International Expansion - Mengniu's international business is rapidly growing, with significant market penetration in Southeast Asia, particularly through the Aisle brand [7][8]. - The company is leveraging its high-end products and channel advantages to expand its presence in overseas markets [8]. Future Outlook - The dairy industry is expected to recover, with Mengniu poised to enhance its market share through continued optimization of its product structure and expansion in high-value categories [9]. - The company plans to strengthen its operational efficiency through digital transformation and cost control measures [9]. - Mengniu intends to continue its share repurchase program, reflecting confidence in long-term growth [9].

Core Insights - The 2025 China Dairy Technology Expo highlighted the rapid growth of precision nutrition solutions in the dairy industry, with companies like Yili, Mengniu, Feihe, and Miaokelando launching targeted products [1][3][4] - The demand for dairy products is shifting from basic nutrition to functional segmentation, with a focus on high-protein, probiotic, and low-sugar options [3][5] - The Chinese dairy industry is seeking structural transformation due to declining milk prices and oversupply, with a trend towards quality, health, branding, and premiumization [5][6] Group 1: Industry Trends - Precision nutrition is expected to reach a peak by 2028, with market size projected to hit between 1000 billion to 1500 billion [9] - The dairy industry is experiencing a shift towards cheese production, which is seen as a significant opportunity to consume excess raw milk [6][7] - The market for special medical foods in China is projected to exceed 48 billion by 2025, with a compound annual growth rate of 30% [9] Group 2: Company Innovations - Yili has introduced a range of functional nutrition products inspired by traditional wisdom, addressing health needs such as gut health and blood sugar management [3][5] - Mengniu is focusing on scientific innovation to create customized products for various demographics, including seniors and fitness enthusiasts [3][5] - Feihe launched the first domestic database for human milk oligosaccharides (HMOs), enhancing research capabilities in maternal nutrition [4] Group 3: Market Dynamics - The Chinese dairy market is currently dominated by foreign brands in the special medical food sector, but domestic companies are increasing their product offerings [8][9] - The cheese market in China is underdeveloped compared to other countries, presenting a significant growth opportunity as consumer preferences evolve [6][7] - The overall dairy consumption per capita in China is declining, indicating a need for innovative products to stimulate demand [5]