Core Insights - The eighth China International Import Expo (CIIE) showcased Aoyou's six major imported brands and 61 products, addressing precise nutritional needs throughout the life cycle, with six products making their debut at the event [1][2] - Aoyou's brand NC launched innovative probiotics targeting nasal sensitivity and emotional sleep, featuring the new "NC Relax" probiotic using the CCFM1025 strain [1] - The brand Kabrita introduced a new high-calcium probiotic goat milk powder aimed at the elderly for bone health and digestive needs [1] - The report "Feeding Trends to Know: 2026 Infant Formula Feeding Trends" released by Kabrita indicates that premiumization and functionality are core consumer demands, with goat milk powder gaining traction due to its absorption and low sensitivity advantages [1] - Aoyou holds 11 factories globally, with three in China, six in the Netherlands, and two in Australia, selling products in over 60 countries and regions, showing strong overseas market performance [1] - Aoyou's international business revenue is projected to grow by 68.2% in 2024 and 65.7% in the first half of 2025, driven by strategic breakthroughs in the Middle East, North America, and the CIS [1] Industry Impact - Aoyou has participated in the CIIE for eight consecutive years, leveraging the event as a platform to enhance its global image and showcase the international influence of China's dairy industry [2] - The CIIE has facilitated a shorter time-to-market for Aoyou's products, reduced operational costs, and provided opportunities for finding excellent partners and expanding business scope [2]

Core Viewpoint - Company maintains an "outperform" rating for Ausnutria (01717), projecting steady revenue growth and significant profit increases from 2025 to 2027 [1][2] Financial Projections - Expected revenue for Ausnutria in 2025, 2026, and 2027 is 7.67 billion, 7.88 billion, and 8.04 billion CNY, reflecting year-on-year growth of 3.6%, 2.8%, and 2.1% respectively [1] - Projected net profit attributable to shareholders for the same years is 310 million, 340 million, and 390 million CNY, with growth rates of 21.0%, 8.0%, and 15.0% [1] - Earnings per share (EPS) are forecasted to be 0.18, 0.19, and 0.22 CNY [1] Market Performance - The overseas market has become the second growth engine for Ausnutria, with revenue growth of 54.2% in the Middle East and 138.7% in North America during the first half of 2025 [1][2] - The company has initiated an internal code system upgrade and inventory adjustments, which, while reducing short-term shipments, are expected to enhance product freshness and channel transparency [2] Strategic Focus - Ausnutria is advancing its internationalization strategy, particularly in the sheep milk powder segment, which is gaining traction in overseas markets [2] - The company has launched brands like Nutrition Care and 爱益森 in the nutrition segment, leveraging scientific strength for category breakthroughs [2] - The dual focus on cow and sheep milk products, along with a comprehensive nutrition strategy, positions Ausnutria for resilient growth in a complex market environment [2]

Core Viewpoint - Haitong International maintains an "outperform" rating for Ausnutria (01717), projecting revenue growth and significant profit increases from 2025 to 2027 [1][2] Financial Projections - Expected revenue for Ausnutria in 2025, 2026, and 2027 is 7.67 billion, 7.88 billion, and 8.04 billion CNY, reflecting year-on-year growth of 3.6%, 2.8%, and 2.1% respectively [1] - Projected net profit attributable to shareholders for the same years is 310 million, 340 million, and 390 million CNY, with growth rates of 21.0%, 8.0%, and 15.0% respectively [1] - Earnings per share (EPS) are forecasted to be 0.18, 0.19, and 0.22 CNY [1] Market Performance - The overseas market has become the second growth engine for Ausnutria, with revenue growth of 54.2% in the Middle East and 138.7% in North America during the first half of 2025 [1][2] Strategic Initiatives - The company initiated an internal code system upgrade and inventory adjustment in the first half of 2025, which, while reducing short-term shipments, improved product freshness and channel transparency [2] - Ausnutria is focusing on deepening its international strategy, leveraging its dual focus on cow and goat milk products to drive growth [2] - The goat milk powder business is making significant strides in overseas markets, with the brand Kabrita being the first goat milk infant formula approved by the US FDA, now available in Walmart and other channels in North America [2] Product Innovation - The company is enhancing its "milk powder + nutrition products" strategy, improving global supply chain management for efficiency and product innovation [2] - New nutrition products like Nutrition Care and Ai Yisen are being introduced, supported by strong research capabilities, contributing to category breakthroughs and injecting new momentum into the company [2] Resilience and Growth Outlook - Ausnutria demonstrates strong corporate resilience, with expectations to maintain steady growth in a complex and changing market environment, driven by rapid overseas market growth, synergies between cow and goat milk products, and a robust nutrition product segment [2]