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China Feihe (6186) investor relations material

China Feihe H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary28 Aug, 2025

Executive summary

  • Revenue for the six months ended 30 June 2025 was RMB9,150.5 million, down 9.4% year-over-year, mainly due to reduced channel inventory and childbirth subsidies to consumers.

  • Net profit for the period was RMB1,032.5 million, a 46.0% decrease compared to the same period last year, with basic and diluted EPS at RMB0.11.

  • Gross profit margin declined to 61.6% from 67.9% year-over-year, reflecting higher raw material costs and increased sales of raw material powders.

  • The company declared an interim dividend of HK$0.1209 per share, totaling approximately RMB1.0 billion, representing 100% payout of net profit for the period.

Financial highlights

  • Revenue: RMB9,150.5 million (down 9.4% year-over-year).

  • Gross profit: RMB5,634.9 million (down 17.8% year-over-year).

  • Cost of sales increased 8.4% to RMB3,515.7 million, driven by higher production costs for raw material powders.

  • Other income and gains, net, decreased 37.4% to RMB540.1 million, mainly due to lower government grants and interest income.

  • Selling and distribution expenses decreased 10.2% to RMB3,174.7 million, while administrative expenses rose 4.7% to RMB773.7 million.

Outlook and guidance

  • The company will focus on core business, promote independent innovation, optimize product formulas and production processes, and support high-quality development in China's dairy industry.

  • Remaining net proceeds from the Global Offering are expected to be fully utilized by 31 December 2025.

  • Plans to maintain a dividend payout of no less than 30% of net profit annually, subject to future investment plans.

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Frequently asked questions

China Feihe Limited is an investment holding company specializing in the production and sale of dairy products, primarily targeting the infant nutrition market. The company offers a variety of dairy products including infant milk formula, adult milk powder, liquid milk, and goat milk formula. China Feihe also engages in the retail of nutritional supplements such as vitamins, minerals, and herbs. Their products are distributed through multiple channels including e-commerce platforms like Tmall and JD.com, as well as through a vast network of offline customers. The company is headquartered in Beijing, China, and its shares are listed on the Hong Kong Stock Exchange.

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