---
title: "Citi: The mainland's birth population decreased by 17% last year, expected to create headwinds for infant formula stocks"
description: "Citi's research report pointed out that the number of newborns in China in 2022 was 7.92 million, a decrease of 17% year-on-year, lower than expected, which may pose headwinds for infant formula stock"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/273043221.md"
published_at: "2026-01-20T07:08:31.000Z"
---

# Citi: The mainland's birth population decreased by 17% last year, expected to create headwinds for infant formula stocks

> Citi's research report pointed out that the number of newborns in China in 2022 was 7.92 million, a decrease of 17% year-on-year, lower than expected, which may pose headwinds for infant formula stocks. Despite the government's introduction of measures to encourage childbirth, the birth rate remains low, facing challenges in population structure. Citi's ratings for related stocks are: CHINA FEIHE neutral, target price of 4.3 yuan; H&H INTL HLDG buy, target price of 18.8 yuan

Citigroup's research report pointed out that data from the National Bureau of Statistics of China shows that the number of newborns in the mainland last year was only 7.92 million, a significant decrease of over 1.6 million compared to 2024, a year-on-year decline of 17%. This data falls short of Citigroup's expectations and may pose headwinds for infant formula stocks.

Citigroup noted that although the government has introduced several measures to encourage childbirth, such as extending maternity and paternity leave, relaxing marriage registration regulations, and raising the retirement age, this situation still persists. The low birth rate poses an increasingly severe demographic challenge for China. The government may introduce more incentive measures in the future to promote marriage and childbirth.

The following are Citigroup's ratings and target prices for infant formula stocks:

Stock | Investment Rating | Target Price (HKD)

CHINA FEIHE (06186.HK) | Neutral | 4.3

H&H INTL HLDG (01112.HK) | Buy | 18.8

(hc/)

### Related Stocks

- [01112.HK - H&H INTL HLDG](https://longbridge.com/en/quote/01112.HK.md)
- [06186.HK - CHINA FEIHE](https://longbridge.com/en/quote/06186.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.