"Blue Chip" MENGNIU DAIRY's annual net profit of 1.545 billion RMB increased 13.8 times, with a final dividend of 52 cents

MENGNIU DAIRY (02319.HK) announced its performance for the fiscal year 2025, achieving revenue of RMB 82.245 billion, a year-on-year decrease of 7.3%, mainly affected by changes in consumer demand, channel scenarios, and competitive environment. It recorded a net profit of RMB 1.545 billion, an increase of 13.79 times, with earnings per share of 39.6 cents. The final dividend is 52 cents, compared to 50.9 cents in the same period last year.

During the year, gross profit was RMB 32.808 billion, a decrease of 6.5%; the gross profit margin was 39.9%, an increase of 0.3 percentage points, mainly benefiting from the decline in raw milk prices and improvements in category structure. Total operating expenses were RMB 26.244 billion, a decrease of 5.7%, accounting for 31.9% of revenue, an increase of 0.5 percentage points.

Due to the decline in revenue, economies of scale were somewhat weakened, with operating profit of RMB 6.564 billion, a decrease of 9.5%, and the operating profit margin slightly decreased by 0.2 percentage points to 8%. However, due to a reduction in provision amounts, the full-year EBITDA increased by 42.6% to RMB 6.362 billion, with an EBITDA profit margin of 7.7%, an increase of 2.7 percentage points