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China Mengniu Dairy Company Limited (2319) investor relations material
China Mengniu Dairy Company Limited H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for H1 2025 was RMB41,567.2 million, down 6.9% year-over-year due to persistent raw milk oversupply and weak consumer demand recovery.
Gross profit margin rose by 1.4–1.5 percentage points to 41.7%, driven by lower raw milk prices.
Operating profit increased 13.4% year-over-year to RMB3,538.3 million, with margin up to 8.5%.
Net profit attributable to owners fell 16.4% to RMB2,045.5 million, mainly due to higher losses from associates and absence of prior year disposal gains.
Over 100 new products launched, with growth in chilled yogurt, fresh milk, milk formula, cheese, and ice products.
Financial highlights
EBITDA decreased 4.1% to RMB4,596.7 million, but EBITDA margin improved to 11.1%.
Net cash inflow from operating activities rose 46.2% to RMB2,806.1 million.
Capital expenditure dropped 40.3% to RMB1,010.4 million, with strengthened control to enhance free cash flow.
Debt-to-equity ratio improved to 61.8% from 72.1% at year-end 2024.
Dividend yield exceeded 4% through cash dividends and share repurchases, though no interim dividend was declared for H1 2025.
Outlook and guidance
Industry faces ongoing supply-demand imbalance, weak consumption, and slow recovery in core liquid milk, but macroeconomic and consumer confidence are expected to recover.
Strategic focus on product innovation, category diversification, and supply chain efficiency to capture new growth.
Continued investment in R&D, digitalization, and green initiatives to drive long-term value.
Emphasis on international expansion and technological breakthroughs.
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