蒙牛乳业-2025 财年初步解读：核心营业利润符合预期；公布 3 年股东回报计划；买入

26 March 2026 | 1:41AM HKT Equity Research Mengniu Dairy (2319.HK): FY25 First Take: Sales/Core OP in line; announces 3Y shareholder return plan; Buy Mengniu reported 2025 results on 25 Mar, with sales at Rmb82.2bn, down 7.3% yoy, in line with GSe at Rmb81.4mn and at the mid point of prelim results at Rmb81.682.5bn. Reported NP came at Rmb1.55bn close to the higher end of pre-results at Rmb1.41.6bn, under the impact of Rmb2.3bn provisions on idle capacity and certain financial assets as a matter of pruden ...