China Mengniu Dairy Company Limited · HKEX:2319
China Mengniu Dairy — 1H2025 Earnings Presentation
25 slides from China Mengniu Dairy's earnings presentation, 2025
Slide 1: 2025 Interim Results
CHINA MENGNIU DAIRY COMPANY LIMITED (2319.HK) 2025 Interim Results
Slide 2: Legal Disclaimer
Legal Disclaimer The presentation is prepared by China Mengniu Dairy Company Limited (the "Company”) and is solely for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or to form any basis of invest
Slide 3: Management Team
Management Team Gao Fei / Chief Executive Officer & Executive Director Zhang Ping / Chief Financial Officer Shen Xinwen / Chief Financial Officer & Executive Director (Incoming) Chen Yiyi / Vice President Li Pengcheng / Vice President Chris Kwok / Company Secretary
Slide 4: Financial Review
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Slide 5: Financial Highlights
Financial Highlights RMB Million 1H2024 1H2025 YoY Revenue 44,671 41,567 -6.9% Gross Profit 17,985 17,352 -3.5% Gross Margin 40.3% 41.7% +1.4ppt Operating Profit(1) 3,119 3,538 13.4% Operating Margin 7.0% 8.5% +1.5ppt EBITDA 4,791 4,597 -4.1% EBITDA Margin 10.7% 11.1% +0.4ppt Profit Attributable to
Slide 6: Revenue Breakdown by Segment
Revenue Breakdown by Segment 1H2025 1H2024 1H2025 YoY YoY RMB Million % of Revenue Liquid Milk 36,262 32,192 -11.2% 77.4% -3.8ppt Ice Cream 3,371 3,879 15.0% 9.3% +1.8ppt Milk Formula 1,635 1,676 2.5% 4.0% +0.3ppt Cheese 2,114 2,374 12.3% 5.7% +1.0ppt Others 1,288 1,447 12.4% 3.5% +0.6ppt Total 44,6
Slide 7: SG&A Expenses
SG&A Expenses Selling & Distribution Expenses Administrative Expenses RMB Million RMB Million 28.4% 27.9% 4.7% 4.3% 12,680 11,614 1,941 1,947 1H2024 1H2025 1H2024 1H2025 7
Slide 8: Operational Efficiency
Operational Efficiency Inventory Turnover Receivables Turnover Payables Turnover (Days) (Days) (1) (Days) (2) 63.7 62.8 40.3 36.0 14.5 14.2 2024H1 2025H1 2024H1 2025H1 2024H1 2025H1 (1) Receivables Turnover = (Average Balance of Trade and Bills Receivables / Revenue) x Number of Days (2) Payables Tu
Slide 9: Cash Flow and CAPEX
Cash Flow and CAPEX Net Cash Inflows from Capital Expenditure -Property, Operating Activities Plant & Equipment （1） RMB Million RMB Million 2,806 1,920 1,583 1,010 2024H1 2025H1 2024H1 2025H1 (1) Capital Expenditure -Property, Plant & Equipment is reported on a cash flow basis 9
Slide 10: Enhancing Shareholder Returns
Enhancing Shareholder Returns Dividend Payout ~HKD500 million ⚫ Total Dividend for FY2024 ⚫ repurchased from September 2024 to ~RMB2.0 billion July 2025 ⚫ New repurchase program ⚫ Dividend per Share ~RMB0.509 per share Share Repurchase
Slide 11: Business Review
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Slide 12: Steadfast "One Core, Two Wings" Strategy
Steadfast “One Core, Two Wings” Strategy Mission Every Drop of Nutrition Makes Every Life Thrive From the Grasslands, Across the World, Mengniu Products Nourish and Are Loved by Vision Over 2 Billion Consumers around the World Goal Creating a New Mengniu Core “One Core, Nutrition & Health Dairy Busi
Slide 13: Strengthening "One Core" and Expanding "Two Wings"
Strengthening “One Core” and Expanding “Two Wings”
Slide 14: Room temperature business: Proactively embracing market changes
Room temperature business: Proactively embracing market changes, focusing on product innovation and RTM optimization ⚫ In 2025, the room temperature liquid milk business continued to face challenges such as supply-demand imbalance and channel shifts. ⚫ Milk Deluxe adhered to a full-industry-chain mi
Slide 15: Fresh milk business: Accelerating product innovation, upgrading channels
Fresh milk business: Accelerating product innovation, upgrading channels, and delivering growth significantly outpacing the industry ⚫ Shiny Meadow continued to build around its core 4.0 series, upgrading brand recognition under the theme of “Creating a Higher Standard for Premium Fresh Milk, A Tang
Slide 16: Milk formula business: Driving steady growth with brand leadership
Milk formula business: Driving steady growth with brand leadership, channel optimization, and R&D-driven innovation ⚫ Reeborne continued to strengthen its patented affinity formula R&D capabilities, launching the industry’s first infant formula featuring Sn-2 DHA. Through the NeZha 2 IP collaboratio
Slide 17: Expanding "Two Wings": Accelerating Towards "Greater Health" and the World
Expanding “Two Wings”: Accelerating Towards “Greater Health” and the World Nutrition & Health Platform Overseas Platform ⚫ Mengniu Dairy Professionals and deep processing of dairy products: Accelerated production ⚫ Accelerated overseas expansion of Aice: Aice extended its lead in Indonesia, capacity
Slide 18: Cultivating ESG Competitiveness, Inspiring Sustainable Business Value
Cultivating ESG Competitiveness, Inspiring Sustainable Business Value Maintaining Momentum on Key Initiatives Zero Deforestation ⚫ On track to achieving “zero deforestation” by 2030 ⚫ Jointly issued the Initiative on Building a Sustainable Supply Chain Green Packaging for the Global Dairy Industry G
Slide 19: Outlook
Outlook
Slide 20: Navigating Cycles, Embracing challenges, Creating New Opportunities
Navigating Cycles, Embracing challenges, Creating New Opportunities – Adapting to Evolving Market Conditions with Confidence Forging New Paths Driven by Inner Strength Creating New Industry Trough Continuous Efficiency Optimization + Opportunities via Lean Management 3x Pain Points of ⚫ Restarting w
Slide 21: Drink More: From Necessity to Indispensable Demands
Drink More: From Necessity to Indispensable Demands, Significant Opportunities to Arise Accessible & Affordable Drinkable for Everybody Indispensable & Essential
Slide 22: Drink Good: Milk Deluxe, Delivering Better Nutrition Today
Drink Good: Milk Deluxe, Delivering Better Nutrition Today for a Better Life Tomorrow “Better” for the Mind Better “Better” for the Body For 20 years, Milk Deluxe has pursued its vision as a “Nurturer of the Era,” supporting every pursuit of “Better” 2005 2016 2018 2019 2021 2025 Better · Brand Buil
Slide 23: Drink Good: A Future of Enjoying Milk in Both Drinkable and Edible Forms
Drink Good: A Future of Enjoying Milk in Both Drinkable and Edible Forms Develop Products with an Implement Green and Low- Drive the Expansion and Upgrading of Integrated Supply Chain Carbon Practices Throughout Product Categories Approach the Entire Value Chain
Slide 24: Drink Right: Targeting High Potential Segments, Building on First-Mover Advantages
Drink Right: Targeting High Potential Segments, Building on First-Mover Advantages Enhance Precise Nutrition Supply Develop Functional Products for Silver Economy and Sports Nutrition Expand Value-added Processing to Fuel Structural Upgrade of the Dairy Industry Value Chain MCC D90 胶束酪蛋白粉 脱盐乳清粉 乳铁蛋白
Slide 25: Nourishing a World of Excellence
Nourishing a World of Excellence
China Mengniu Dairy Company — 1H2025 Earnings Presentation on 6ix