JP-MNIU@EC2609A

UNI HEALTH

QUANTGROUP

NANFANG COMM

KINTOR PHARMA-B

ILUVATAR COREX

ZIJING INTL FIN

PUTIAN COMM

AE LOGISTICS

JST GROUP

XL2CSOPHYNIX

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159736

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Morgan Stanley released a report stating that MENGNIU DAIRY's sales in 2025 are in line with expectations, and operating profit is roughly in line with forecasts. It is expected that liquid milk will gradually recover in the second half of 2025, with a median net profit of RMB 3.8 billion, slightly below market consensus. The market is focused on the pace of recovery in 2026 and changes in raw milk prices. Morgan Stanley has given MENGNIU a "Buy" rating, with a target price of HKD 19

AASTOCKS

MENGNIU DAIRY

Tianhong CSI Food and Beverage ETF

China Merchants Guozheng Food and Beverage ETF

Hwabao WP CSI Food & Beverage Sub-Industry ETF

ChinaAMC CSI Food & Beverage Sub-Industry ETF

Morgan Stanley: MENGNIU DAIRY's operating profit last year was roughly in line with expectations, rating "Overweight"

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The research report from Jefferies indicates that the provisioning concerns for MENGNIU DAIRY have passed, with a projected net profit between RMB 1.4 billion and 1.6 billion in 2025, which is below market expectations. Although the provisioning amount is higher than expected, the price of raw milk has stabilized, and the performance of liquid milk is strong. The market will focus on the recovery of liquid milk and business diversification in the future. Jefferies maintains a "Buy" rating on MENGNIU, with a target price of HKD 24.3, but prefers YILI due to its robust recovery trajectory and expanding net profit margin

YILI

Credit Suisse expects that the provisioning concerns for Mengniu Dairy have passed and prefers YILI

CIADY

CICC released a research report stating that Mengniu Dairy's performance during the Spring Festival exceeded expectations, and demand is expected to stabilize by 2026. Although revenue is projected to decline by 7.1% to 9.1% in the second half of 2025, mainly due to weak demand and intensified competition, the cheese and milk powder businesses are expected to achieve double-digit growth. The company will adjust its sales structure and reduce the ex-factory price of Telunsu to improve profits, expecting good sales during the Spring Festival, healthy inventory, and enhanced terminal services. CICC maintains a "outperform the industry" rating for Mengniu Dairy, with a target price of 23 yuan

Invesco Food & Beverage ETF

iShares US Consumer Staples ETF

SPDR FD Consumer Staples

Mengniu Dairy

First Trust NASDAQ Food & Beverage

VG Consumer Stap

In "Major Banks," China International Capital Corporation: Mengniu Dairy's performance during the Spring Festival exceeded expectations, and the fundamentals are expected to gradually improve this year

China Mengniu Sets March 2026 Board Meeting to Approve 2025 Results and Consider Dividend

Tip Ranks

China Mengniu Sets March 2026 Board Meeting to Approve 2025 Results and Consider Dividend

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On March 9, 2026, the three major indices of the Hong Kong stock market collectively closed lower, with the Hang Seng Index down 1.35%, hindered by previous high resistance. On the market, the internet content and retail sectors showed weakness due to declining consumer demand, while the oil and gas exploration sector strengthened against the trend, with CNOOC rising 3.31% and Shandong Molong surging 25.06%. Market trading was active, with Tencent, Alibaba, and leading oil and gas companies topping the trading volume, but short-term sentiment leaned towards caution

- On March 9, 2026, Hong Kong's major indices declined, with the Hang Seng Index falling 1.35% to 25,408.46 points, unable to break the peak from March 6.  
- The oil and gas exploration sector outperformed, driven by rising international oil prices, while the retail sector faced declines due to concerns over consumer demand.  
- Investor focus remains on economic recovery indicators, with macro policy developments and improvement in economic data being key variables for market momentum.

Market Heartbeat

CNOOC

CHK OIL

SHANDONG MOLONG

TENCENT

BABA-W

SENSETIME-W

JD-SW

MNSO

CHINA COAL

LI AUTO-W

GANFENGLITHIUM

China Universal CSI Oil & Gas Resources ETF

Guotai CSI Oil & Gas Industry ETF

Yinhua CSI Oil & Gas Resources ETF

Bosera CSI Oil & Gas Resources Index ETF

Shandong Molong

Hong Kong Stock Market Closing | The Hang Seng Index fell 1.35%, the oil and gas sector rose against the trend, Shandong Molong increased by 25%

Citi released a report stating that Mengniu's sales and adjusted net profit last year were basically in line with expectations. The market is focused on the sales performance in 2026 and the possibility of a rebound from a low base. If fresh milk prices stabilize and the demand for liquid milk rebounds, Mengniu's profit recovery will outperform its peers. The rating is "highly confident to outperform the market," with a target price of 21.1 yuan. Surveys show that Mengniu's sales volume of ambient liquid milk in January-February 2026 increased compared to the same period last year

In "The Big Banks," Citigroup: Mengniu's sales and adjusted net profit last year were basically in line with expectations

Citi released a report stating that Mengniu Dairy's worst moments are over, expecting core net profit to be between RMB 3.6 billion and 4 billion in 2025, exceeding expectations. The company will account for a one-time impairment provision of RMB 2.2 billion to 2.4 billion, alleviating financial pressure. Liquid milk sales are expected to stabilize and recover in the second half of 2025, with sales returning to high single-digit growth in 2026, an annual growth of about 5%. Citi maintains a "Buy" rating on Mengniu with a target price of HKD 21.1

"Major Banks" Citigroup: Mengniu's core net profit last year exceeded expectations, the worst moment has passed

China Mengniu Dairy Forecasts Higher Profit in 2025

marketscreener

China Mengniu Dairy Forecasts Higher Profit in 2025

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As of noon on March 9, 2026, all three major indices of the Hong Kong stock market fell, with the Hang Seng Index down 2.55% and the Technology Index down 2.34%. The oil and gas exploration sector strengthened against the trend due to rising oil prices, with CNOOC rising 6.99% leading the trading volume. The internet and retail sectors were generally under pressure, with market risk appetite clearly declining and overall market sentiment being cautious

- As of March 9, 2026, Hong Kong's major stock indices faced pressure, with the Hang Seng Index falling 2.55% to 25,101.16, and other indices similarly declined.  
- The oil and gas exploration sector gained, with CNOOC up 6.99%, while tech stocks like Tencent and Baidu experienced losses due to high valuation pressures.  
- Investor sentiment remains cautious, heavily influenced by external economic changes, as trading activity focuses on defensive sectors despite overall weak market conditions.

BIDU-SW

KUAISHOU-W

UNITEDENERGY GP

KINGSOFT CLOUD

CHINA OILFIELD

YANCOAL AUS

Hong Kong Stock Market Mid-Review | Hang Seng Index down 2.55%, CNOOC up 6.99%

Goldman Sachs released a report stating that Mengniu Dairy's preliminary performance for the fiscal year 2025 is in line with expectations, with annual revenue projected to be between RMB 81.6 billion and RMB 82.5 billion, a year-on-year decrease of 7% to 8%. The core operating profit margin is basically in line with market expectations, with net profit expected to be between RMB 1.4 billion and RMB 1.6 billion. Looking ahead to 2026, Goldman Sachs expects shipment volume to achieve high single-digit percentage growth, with sales in the first quarter expected to strengthen quarter by quarter, a target price of RMB 20.5, and a rating of "Buy."

Goldman Sachs: Mengniu's core operating profit margin is roughly in line with expectations

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On March 9th, during intraday trading of Hong Kong stocks, the three major indices collectively fell, with the Hang Seng Index dropping over 3.1% and falling below the key level of 25,000 points. Overall market sentiment was weak, with the internet and retail sectors leading the decline, and core stocks such as Alibaba and Baidu showing significant losses. In stark contrast, the oil and gas exploration sector surged across the board, with CNOOC rising over 6%, and many industry stocks recording significant gains, indicating a clear intention for capital to seek safety

- As of March 9, major indexes in Hong Kong have collectively declined, with the Hang Seng Index down 3.13% to 24,950.56 points, failing to surpass previous highs.  
- The oil and gas exploration sector rose significantly, with China National Offshore Oil Corporation increasing by 6.46%, while tech stocks like Baidu fell by 5.36%.  
- Overall market sentiment is weak, with investor risk appetite decreasing amid uncertain macroeconomic conditions, affecting liquidity and economic outlook.

HSBC HOLDINGS

CNOOC F03 N3305

CNOOC F13 N2909

Hong Kong Stock Market Update | The Hang Seng Index falls below 25,000 points, while the oil and gas sector rises against the trend by over 6%

DBS has maintained a Buy rating for China Mengniu Dairy Co (CIADF) with a price target of HK$20.40. Analyst Clement Xu, a 4-star analyst with a 43.21% success rate, covers the Consumer Defensive sector. The overall analyst consensus for China Mengniu Dairy Co is a Moderate Buy, with an average price target of HK$20.02.

DBS Sticks to Their Buy Rating for China Mengniu Dairy Co (CIADF)

Today’s Key News Recap

0225 | Dolphin Research Key Watch: 🐬 Macro/Industry 1) Today, Hong Kong Financial Sec. Paul Chan unveiled the FY2026/27 Budget, focused on I&amp;T and finance, with measures to support the AI industry, advance RMB internationalization, improve livelihoods, and develop the Northern Metropolis. On hard tech, the HKSAR Gov. will set up a HK$10 bn I&amp;T Industry Co-investment Fund, targeting strategic areas including life sciences &amp; healthcare, AI and robotics. The Budget projects Hong Kong GDP growth of 2.5%-3.5% in 2026...

Meta Platforms

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These consumer sector stocks are really laid back: Nongfu Spring, Mengniu, and Anta are as stable as a rock, with gains relying solely on a snail's pace, and occasional news stimulation barely makes a ripple.I thought Weilong might bring something new to the table, but it still couldn't escape the fate of following the market's flat trend.Honestly, the atmosphere in Hong Kong stocks is quite discouraging, but I'm used to it. No matter how much the food and beverage sector fluctuates, it won't fall too far.

WL DELICIOUS

NONGFU SPRING

ANTA SPORTS

ANTA SPORTS-R

JP-MNIU@EC2609A(26747.HK)

Morgan Stanley: MENGNIU DAIRY's operating profit last year was roughly in line with expectations, rating "Overweight"

Credit Suisse expects that the provisioning concerns for Mengniu Dairy have passed and prefers YILI

In "Major Banks," China International Capital Corporation: Mengniu Dairy's performance during the Spring Festival exceeded expectations, and the fundamentals are expected to gradually improve this year

China Mengniu Sets March 2026 Board Meeting to Approve 2025 Results and Consider Dividend

Hong Kong Stock Market Closing | The Hang Seng Index fell 1.35%, the oil and gas sector rose against the trend, Shandong Molong increased by 25%