当飞鹤发布其2025年上半年业绩报告并宣布大规模回购分红计划时，我们看到的不仅是一份稳健的财 报，更是一家行业龙头对其未来发展路径的强烈自信宣言。 这份信心，深深植根于其核心战略——"新一代更适合中国宝宝体质"的全面进化之中。飞鹤正以一 种"技术驱动价值"的新范式，向市场展示其如何将扎实的科研创新转化为可持续的财务回报和股东价 值。 飞鹤交出的上半年成绩单堪称底气十足，营收91.5亿元，净利润10.3亿元，而高达64.8亿元的现金及现 金等价物，为其一切战略行动提供了坚实的后盾。 最引发市场关注的是，飞鹤宣布拟动用不少于10亿元进行股份回购，并计划实施总额约20亿元的年度分 红。在当下市场环境中，如此力度的股东回报计划，无疑是一剂强心针。 它清晰地传递出管理层对企业现金流健康状况的自信，以及对未来盈利能力的乐观预期。这并非短期行 为，而是建立在飞鹤婴配粉全渠道市场份额及销量持续稳居市场第一的稳固基本盘之上。这份底气，来 源于飞鹤构建的是一条难以复制的、集产、研、验于一体的系统性护城河。 这条护城河的核心引擎，便是正在深入推进的"新一代更适合"战略，这远不止于一句营销口号，而是一 场围绕"鲜活营养"的技术革命。 ...

2025年12月12日，中国飞鹤（06186.HK，下称"飞鹤"）在港交所回购超565万股。该公司已连续回购合 计超2.36亿股，累计回购金额超过9亿港元。 近期，飞鹤还发布了迹萃、启萃两款新品，这不仅是产品的升级，更是飞鹤"新一代更适合"的具象化落 地。以这两款新品为载体，飞鹤在婴配粉行业内率先将"原料鲜活"纳入奶粉新鲜度标准，引领行业迈 进"母乳化配方+鲜萃活性工艺"的6.0时代。 作为国内奶粉行业龙头企业，除了行业的引领，飞鹤一直秉持高度的社会责任感，积极投身公益事业， 构建了多元且立体的公益行动体系，涵盖医疗、教育和母婴关爱等多个重要领域，截至2024年底，累计 捐赠款物达8.4亿元。而从2022年开始，飞鹤更是启动"助力龙江教育公益行动"，三年投入6500余万 元，通过"精英种子培养计划"等项目，定向支持教师校长综合素质提升，惠及超330万师生。 在公益事业积极投入的同时，飞鹤更将"科技创新"作为企业发展的重要驱动力。从2018年到2024年，公 司研发投入年均复合增长率超过30%。2025年1月，飞鹤发布"乳蛋白鲜萃提取科技"；5月，飞鹤还建成 HMOs（母乳低聚糖）全谱系结构数据库，技术达到国际 ...

2025年12月12日，中国飞鹤（06186.HK，下称"飞鹤"）在港交所回购超565万股。该公司已连续回购合 计超2.36亿股，累计回购金额超过9亿港元。 （飞鹤2025年7月份公告"股份购回计划"部分） 此前，飞鹤在2025年7月4日的中期业绩预告中宣布拟动用不少于10亿元用于回购股份，最多回购总股份 的10%。在此预告中，飞鹤同时宣布将维持稳定分红政策，预期2025年分派股息总额不少于20亿元。飞 鹤的密集回购与持续分红，离不开稳定的经营现金流，也反映了管理层对公司未来稳健发展的信心。 作为国内奶粉行业龙头企业，除了行业的引领，飞鹤一直秉持高度的社会责任感，积极投身公益事业， 构建了多元且立体的公益行动体系，涵盖医疗、教育和母婴关爱等多个重要领域，截至2024年底，累计 （飞鹤"新一代更适合"新品迹萃） 捐赠款物达8.4亿元。而从2022年开始，飞鹤更是启动"助力龙江教育公益行动"，三年投入6500余万 元，通过"精英种子培养计划"等项目，定向支持教师校长综合素质提升，惠及超330万师生。 在公益事业积极投入的同时，飞鹤更将"科技创新"作为企业发展的重要驱动力。从2018年到2024年，公 司研发投入年 ...

11月28日，中国飞鹤2025年合作伙伴大会在湖北武汉召开，大会以"征途·阔步向春光"为主题。来 自全国各地的千余名合作伙伴齐聚一堂，共同回顾丰硕成果，共话中国乳业高质量发展新篇章。 "飞鹤做的是妈妈的事业，是良心的事业，是民族的事业。"中国飞鹤董事长冷友斌表示，过去几十 年，飞鹤一直以科技创新引领行业发展，未来飞鹤会继续与行业共生、与合作伙伴共生、与环境共生、 与消费者共生，让更多中国家庭受益。 稳健领跑，聚势共赢，飞鹤与伙伴再创佳绩 全球权威消费者研究与监测机构尼尔森IQ在会上发布最新行业洞察报告，报告显示，当前母婴市 场整体趋稳，超高端市场持续增长，消费升级趋势显著。在生育政策鼓励与经济稳中向好的背景下，中 国依然是全球最大的婴配粉市场，消费潜力稳步释放。 穿越周期，共生共荣，飞鹤携手伙伴共赴新程 知名管理学者陈春花在大会演讲中，以《共生：在不确定中创造确定的力量》为主题，深入阐释了 企业穿越周期、持续发展的核心逻辑。她表示，行业的确定性来源于真实的产品、真实的服务、真实的 关系、真实的价值创造。飞鹤作为科技企业中的领先者，以营养科学和生物技术的突破为产品提供了无 限的可能。 一直以来，飞鹤将"共生"的 ...

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 Insights - The Chinese milk powder industry is still struggling with overall sluggishness in consumer spending despite a recovery phase after four years of price wars and market restructuring [2][3] - China Feihe, a leading domestic milk powder brand, has made a strategic adjustment by reintroducing its classic positioning of being "more suitable for Chinese babies," signaling a proactive approach to seize market opportunities during this recovery period [2][3][4] Industry Overview - The milk powder industry has been mired in price wars, with many companies sacrificing profit margins through aggressive promotions, which has negatively impacted overall profitability and hindered the high-end market development of domestic brands [3][4] - A recovery in the industry began in the second half of last year, supported by a rebound in birth rates and a collective push from domestic and foreign companies to stabilize pricing strategies [3][4] Company Strategy - On October 14, China Feihe held a large-scale launch event to unveil its "new generation more suitable" strategy and several new products, marking a significant shift in its marketing approach [3][5] - The return to the classic positioning comes after a brief period of shifting focus to a different brand message, highlighting the importance of strategic adaptability in a competitive landscape [3][4][5] Competitive Landscape - The competition in the milk powder industry is evolving from price-based competition to value-based positioning, with factors such as policy benefits, research capabilities, and comprehensive service channels becoming critical [7] - In 2024, China Feihe reported revenue of 20.749 billion yuan, a year-on-year increase of 6.2%, and a net profit of 3.57 billion yuan, reflecting resilience in a challenging market [7] Market Dynamics - The competitive differentiation is evident, with foreign brands showing strong performance in general trade and cross-border sales, while domestic brands are experiencing slower growth and a decline in market share [5][6] - China Feihe's strategic return to its classic positioning is seen as urgent to rebuild its value barriers and maintain its competitive edge against rising foreign brands [5][6] Future Outlook - The introduction of a government subsidy policy for families with children under three years old starting January 1, 2025, has triggered a "subsidy war" among leading dairy companies, with China Feihe committing 1.2 billion yuan to attract new families [7][8] - The launch of new products under the "new generation more suitable" strategy aims to target the high-end market and reactivate growth momentum in the infant formula segment [8]

Core Viewpoint - The company Feihe has launched a new generation of infant formula products under the strategy "New Generation More Suitable," focusing on comprehensive upgrades across the entire industry chain, breast milk-based formulas, fresh nutrition, and feeding effectiveness [2][10]. Group 1: Product Innovation - Feihe introduced the globally unique "Fresh Nutrition System," which emphasizes fresh milk sources, fresh ingredients, and fresh processing techniques to ensure the delivery of fresh nutrition [3]. - The company has established a "2-hour ecological circle" for rapid low-temperature transportation of fresh milk to factories, maximizing the retention of fresh nutrients [3]. - Feihe has achieved self-sufficiency in key raw materials for infant formula, ensuring traceability and quality control from milk source to production [5]. Group 2: Clinical Research and Development - Feihe has conducted clinical feeding studies since 2010, with the latest results showing that its "Star Flying" formula closely matches the growth and development outcomes of breastfed infants [8][10]. - The company has developed a "Chinese Mother Source Bionic Formula," closely aligning with the nutritional profile of Chinese breast milk, including a high proportion of Sn-2 DHA [10]. - Feihe's research efforts have led to three significant certifications, including being the first in China for breast milk research and infant formula patents [12]. Group 3: Market Leadership and Consumer Trust - Feihe has maintained the highest sales in the infant formula market in China for six consecutive years and globally for four years [10][12]. - The company has established the "Star Mom Club," a trusted platform for over 85 million Chinese mothers, providing scientific feeding guidance from pregnancy to age six [13]. - Feihe's initiatives, such as the "China Baby Day" and developmental self-assessment tools, aim to support parents in understanding their children's growth [13].

Core Insights - The company Feihe has launched a new generation of products aimed at providing fresher and more suitable options for infants, emphasizing a comprehensive upgrade across the entire supply chain, breast milk formula, fresh nutrition, and feeding effectiveness [1][2] - Feihe's brand ambassador, Zhang Ziyi, highlighted the company's commitment over 63 years to cater to the nutritional needs of Chinese babies, continuously evolving to protect their health [1] - The rising health awareness among the public and the evolving parenting demands have led to a greater emphasis on "fresh" and "precise" nutrition for infants [1] Product Innovations - Feihe introduced multiple new products under the "New Generation More Suitable" line, including Qicui and Jicui, which replicate the nutritional ecosystem of breast milk and fresh ecology [2] - The company has established itself as a pioneer in clinical feeding research for infants, having conducted clinical trials since the launch of its flagship product, Xingfeifan, in 2010 [2] - Recent clinical evidence shows that Xingfeifan Zhuorui formula can achieve 100% similarity in growth and development effects compared to breast milk [2] Scientific Advancements - Feihe's Chief Scientist, Jiang Shilong, shared the latest clinical results, indicating a formula upgrade that includes HMOs, 100 times more probiotics, and GOS, along with the introduction of a proprietary "Brain Matrix" for brain nutrition [2] - The company announced three major authoritative certifications, including being the leader in Chinese breast milk research results, the number of patents in infant formula, and being the top brand for maternal source formula nutrition [2]

Core Viewpoint - The event highlighted the launch of "New Generation More Suitable" infant formula by Feihe, emphasizing its commitment to innovation and quality tailored for Chinese babies [1][3]. Group 1: Product Innovation - Feihe introduced the "Fresh Nutrition System," which focuses on fresh milk sources, raw materials, and processes to enhance the nutritional quality of its products [3][4]. - The company has developed a "Mother Source Bionic Formula" that closely mimics the nutritional profile of breast milk, including a significant upgrade in the Sn-2 DHA ratio to 52.5%, aligning closely with the average level found in breast milk [8]. Group 2: Research and Development - Feihe has been a pioneer in clinical feeding research for infants, with recent studies showing that its Star Flying Fan Zhuo Rui formula promotes infant growth and development similarly to breast milk [5][9]. - The company has participated in national research initiatives, including the "863 Program" and the "14th Five-Year Plan," to advance the understanding of Chinese breast milk [7][8]. Group 3: Industry Leadership - Feihe aims to lead the industry in establishing fresh nutrition standards and enhancing the overall quality of infant formula in China [3][4]. - The company emphasizes its responsibility as a leading brand to continue innovating and improving consumer services for the benefit of Chinese babies [8].