NDR takeaways: Strong 2B sales momentum into 2H with margin opportunities on other dairy product amid prolonged cycle; Buy | | | 1 September 2025 | 9:49PM HKT Mengniu Dairy (2319.HK) We hosted Mengniu NDR in Singapore on Sep 1st. Key takeaways include: 1) Management guided MSD-HSD % top line decline in FY25, but expected overall liquid milk to decline slightly with narrowing trend in 2H25 vs. 1H25 (-11%). The company remains cautious on the gifting demand trend for mid autumn festival in 3Q and also for 4Q ...