On March 27, leading domestic dairy upstream company YOURAN DAIRY (09858) released its 2025 performance report, showcasing strong core financial data. Total revenue reached RMB 20.65 billion, a year-on-year increase of 2.8%, marking five consecutive years of growth since its listing. Cash EBITDA grew 4.9% year-on-year to RMB 5.59 billion, indicating a continued recovery in profitability. The overall gross profit margin reached 29.8%, an increase of 1 percentage point compared to the previous year, setting a new record for operational quality. Free cash flow and net cash flow from operating activities surged 688.8% and 1.8% year-on-year to RMB 1.901 billion and RMB 5.95 billion respectively, providing ample funding for future development.
The company has established a comprehensive upstream dairy industry chain covering "forage planting - feed production - dairy cattle breeding - production of high-quality specialty raw milk." Leveraging the synergistic effects across its business segments, it has demonstrated robust risk resilience amidst industry cyclical fluctuations. Its cost control effectiveness is industry-leading, achieving dual improvements in operational quality and efficiency.
The raw milk business, as the core foundation, performed strongly in 2025. The company operates 100 modern farms located in high-quality dairy farming belts, raising 619,000 dairy cattle. The proportion of mature cows increased by 2.7 percentage points year-on-year to 55%, indicating continuous optimization of the herd structure. The annualized yield per mature cow reached 12.8 tons, up 1.6% year-on-year, while annual raw milk output reached 4.233 million tons, an increase of 12.9% year-on-year. The feed cost per kilogram of raw milk decreased by 10.5% year-on-year, positioning it as a leader in the industry.
Concurrently, the company has deepened its presence in the high-value-added specialty milk segment, having developed eight types of specialty milk. It has become the enterprise with the most diverse product range and the largest output of specialty milk in China, providing strong support for earnings growth.
The solutions business achieved breakthroughs across multiple areas, fully unleashing synergistic effects. Revenue from the breeding business increased 9.0% year-on-year, and sales of dairy cattle sexed embryos grew 45.1% year-on-year. Its self-developed "Breeding No. 1 Chip" broke foreign monopolies, and achievements in breeding bulls were notable, contributing to self-sufficiency and control of domestic dairy cattle genetic resources.
The feed business has built a unique competitive advantage, with sales of beef cattle and mutton sheep concentrate feed increasing 46.7% year-on-year, accelerating the realization of new growth drivers. Revenue from the dairy cattle supermarket business grew 8.9% year-on-year. The forage business achieved effective substitution of imported forage with domestic supply, strengthening upstream security capabilities.
Multiple policy benefits continue to be implemented, injecting momentum into industry growth. The Ministry of Agriculture and Rural Affairs has provided clear guidance for boosting dairy consumption, indicating broad potential for domestic dairy market expansion. The Customs Tariff Commission of the State Council has confirmed the imposition of countervailing duties on relevant dairy products imported from the EU for 2026-2031, and the implementation of tariff safeguard measures on imported beef for 2026-2029. These measures are expected to promote a recovery in raw milk prices and alleviate breeding cost pressures.
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