Mengniu Dairy (02319) Expects Full-Year 2025 Revenue to Fall by 7.00%–8.00%, Operating Margin to Slightly Decrease

Bulletin Express03-06

China Mengniu Dairy Company Limited anticipates its total revenue for 2025 will decrease by approximately 7.00% to 8.00% compared to the previous year. The operating profit margin is projected to be between 7.90% and 8.10%, slightly lower than the 8.20% recorded in 2024 but still above levels prior to that period.

The company expects to recognize impairment provisions totaling about RMB 2.20 billion to RMB 2.40 billion in 2025 due to idle production facilities with no short-term resumption plans and uncertain repayment ability of certain financial and contract assets. Despite these factors, profit attributable to owners of the company is forecast at RMB 1.40 billion to RMB 1.60 billion for the year ended 31 December 2025, compared with RMB 104.50 million in 2024 (after impairment provisions).

According to management, fresh milk, milk powder, and cheese products posted double-digit growth throughout 2025, supporting a more diversified business structure. The company projects a stable year-on-year operating cash flow performance and plans to release its audited results by the end of March 2026.

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