CHINA FEIHE (06186) announced its 2025 annual results, achieving a full-year revenue of 18.11 billion yuan and a net profit of 2.09 billion yuan, delivering stable performance during an industry adjustment period. According to Euromonitor data, Feihe's infant formula milk powder has ranked first in sales volume in China for seven consecutive years. The financial report indicates that Feihe is systematically transitioning from a leader in a single category to a "comprehensive nutrition leader for all ages."
Firstly, its core business continues to lead the market. Guided by the upgraded strategy of "More Suitable for Chinese Babies' Physique," Feihe's flagship product, Zhuorui, maintains the top position in the offline full-channel milk powder category. New high-end products, Jicui and Qicui, have gained consumer recognition since their launch.
Secondly, Feihe leads globally in milk protein technology. In early 2025, the company introduced the globally advanced "Fresh Extraction Technology for Milk Protein," which enables the direct extraction of multiple active protein components from its own fresh milk. Feihe has now achieved commercial production of 11 key milk protein raw materials. Simultaneously, the company released China's first applied comprehensive structural database of Human Milk Oligosaccharides (HMOs), which was evaluated by the Chinese Institute of Food Science and Technology as reaching an "international leading" level.
Thirdly, Feihe is accelerating its layout in comprehensive nutrition for all ages. For children, it launched a cheese product series centered on "Love to Eat Vegetables Cheese." For adults, it introduced the Aiben small molecule milk protein special dietary powder series.
Furthermore, the company is making new strides in overseas markets. Its Canadian factory obtained the first infant formula production license and commenced operations, with products now available in over 1,600 supermarkets. Having passed the preliminary review by the U.S. FDA, the products are expected to enter the U.S. market. Starting in the Philippines, Feihe is expanding into Southeast Asia with the launch of the high-end product AceKid pure fresh milk formula.
Looking ahead, Feihe will focus on independent innovation in milk protein as its core engine and comprehensive nutrition throughout the life cycle as its strategic mainline. The company aims to continue breaking through in high-end technologies and launch more nutritional products for all ages and scenarios.
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