11 January 2026 | 12:34PM HKT Equity Research Mengniu Dairy (2319.HK): Consumer & Leisure Corporate Day: UHT milk still under pressure, with Chilled milk/IMF/Cheese driving growth; To We hosted Mengniu at our Consumer & Leisure Corporate Day on Jan 9, 2026. Key takeaways: 1) 2025 update: Mgmt reiterated the MSD%-HSD% sales decline guidance in FY25 (likely MSD%-HSD% decline in 2H25), and maintains its target for a flattish OPM yoy in 2025 despite some potential downside pressure in 2025 from liquid milk pres ...