China Feihe Limited reported 1H26 revenue of RMB9.36 billion, up 2.3% year-on-year, driven by higher sales of selected infant-formula lines and other dairy products.
Gross profit rose 2.9% to RMB5.80 billion, lifting gross margin to 62.0% (1H25: 61.6%), while consolidated net profit fell 12.7% to RMB0.90 billion, reflecting lower other income and higher selling as well as administrative expenses.
Selling and distribution costs increased 7.9% to RMB3.43 billion, mainly on higher advertising spend. Administrative expenses climbed 14.2% to RMB0.88 billion, attributed to higher staff costs. Interest expenses dropped 42.7% to RMB9.37 million as borrowings declined.
The dairy products and nutritional-supplements segment contributed RMB9.22 billion of external sales, whereas raw-milk operations generated RMB145.66 million. Canada-based Kingston Plant and U.S. subsidiary Vitamin World USA together delivered RMB127.48 million of revenue.
Cash and cash equivalents stood at RMB7.07 billion at period-end. Net gearing remained negative at –0.27, with interest-bearing bank borrowings trimmed to RMB0.42 billion, 90% of which mature within one year. Capital commitments totalled RMB230.72 million, aimed mainly at capacity upgrades.
The board declared an interim dividend of HK$0.0828 per share, equivalent to approximately RMB0.63 billion and representing about 70% of first-half net profit. The record date is 11 September 2026 with payment expected around 22 September 2026.
Management reiterated a long-term focus on milk-protein research, high-end product innovation and full life-cycle nutrition expansion, supported by ongoing government childbirth incentives and dairy-industry policies.
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