蒙牛：2026 年净利润复苏的周期性或强于同行》

Vi e w p o i n t | 26 Jan 2026 19:51:10 ET │ 13 pages Mengniu (2319.HK) Likely more cyclical 26E NP recovery than peers CITI'S TAKE Among big-cap China consumer staple names, we expect Mengiu's cyclical NP recovery in 26E to be more substantial than peers. With the stabilized pace of YoY sales decline in 4Q25 (-HSD), we expect its 2025E full-year OPM to fall 30bps YoY, only slightly below its guidance (YoY flat). Positively, we expect its group sales to revert to HSD growth in Jan-Feb 2026E and 5% growth in ...