中国飞鹤_初步分析_2024 年营收增长符合预期，但净利润因毛利率扩张放缓、销售与分销费用增加及政府补贴减少而未达预期；

29 March 2025 | 11:10AM HKT China Feihe Ltd. (6186.HK): First Take: In line 2024 topline growth, while NP behind on slower GPM expansion, higher S&D and lower Feihe reported 2024 results with revenue/reported net profit of Rmb20.7bn/3,570mn, implying 6.2%/5.3% yoy growth. The topline is largely in line with GSe at Rmb20.7bn and slightly below Visible Alpha consensus of Rmb20.9bn, while bottom line is lower than GSe at Rmb3,920mn and VA's Rmb3,874mn. In 2H24, revenue grew by 9% yoy (accelerated from 4% yoy i ...