Core Viewpoint - Aoyou (1717.HK) has successfully developed its international and nutrition businesses as a second growth engine, achieving steady overall performance in the first half of 2025 with significant revenue and profit growth [1][3]. Financial Performance - In the first half of 2025, Aoyou reported revenue of approximately RMB 38.87 billion, a year-on-year increase of 5.6% - EBITDA reached approximately RMB 3.98 billion, up 29.7% year-on-year - Profit attributable to equity holders of the parent company was approximately RMB 1.81 billion, reflecting a 24.1% year-on-year growth [1][3]. International Business Growth - Aoyou's international business experienced explosive growth, with revenue from the overseas market increasing by 65.7% to approximately RMB 4.83 billion - The Middle East market remains the largest overseas market for Aoyou, with a revenue increase of 54.2% - North America saw a revenue increase of over 138.7%, becoming the second-largest revenue source for Aoyou [3][6][7]. Nutrition Business Development - The nutrition business achieved a revenue growth of 7.0% year-on-year and successfully expanded into overseas markets - The To B segment saw significant improvements in the fermentation process and stability of probiotics, contributing to a revenue increase - The To C segment launched several new functional products that gained popularity among consumers [7][8][10]. Market Position and Brand Strength - Aoyou's own brand milk powder business generated approximately RMB 28.26 billion in revenue, with the goat milk powder business growing by 3.1% - The market share of Aoyou's goat milk powder increased by 2.8 percentage points to 30.4% - Aoyou's cow milk powder business stabilized, with significant growth in e-commerce sales [12][14][15]. Strategic Initiatives - Aoyou has implemented a digital can code system to enhance product freshness and transparency, laying a solid foundation for sustainable growth - The company has also focused on improving operational efficiency and reducing sales and distribution costs, achieving a 3.8% decrease in the sales and distribution expense ratio [10][15][16]. Research and Innovation - Aoyou has strengthened its research capabilities, hosting international conferences and launching new products based on scientific research - The company received several awards for its innovative products and research achievements, enhancing its reputation in the industry [17][19][20]. Future Outlook - Despite uncertainties in the macro environment and a declining trend in the infant formula market, Aoyou remains confident in its market position and future development - The company aims to strengthen its second growth curve and enhance management efficiency through innovation and research [21].

8月27日，澳优乳业股份有限公司（股份代号：1717.HK，以下简称"澳优"或"公司"）发布2025年上半年 业绩公告。公告显示：2025年1—6月，澳优实现营业收入约人民币38.87亿元，同比增长5.6%；实现 EBITDA（息税折旧及摊销前利润）约人民币3.98亿元，同比增长29.7%；归属于母公司权益持有人应占 利润约人民币1.81亿元，同比增长24.1%，实现营收利润持续韧性双增长。 值得注意的是，澳优羊奶粉业务海外市场在过去两年保持高双位数复合增长率的基础上，于上半年再攀 高峰，实现同比增长65.7%；营养品业务战略布局全面起势，成为驱动公司发展的重要动力。 来源：环球网 2025年上半年，面对复杂多变的全球经济形势及竞争加剧的中国婴配粉市场环境，澳优稳步推进"奶粉 +营养品"全家营养战略，进一步打造产品力、品牌力、渠道力、数智力及组织力，在消费者的信任、 社会各界的支持和全体澳优人的共同努力下，营收、利润继续保持双增长趋势，以坚韧不拔的毅力和稳 健扎实的步伐迈向高质量发展新阶段。 第二增长引擎强劲发力，海外市场劲涨65.7% 自成立以来，澳优坚持全球化发展路线不动摇。历经多年的战略深耕，国际业务和 ...