Mengniu is eager to rebuild its brand and capitalise on China’s robust dairy product demand.
While we expected to see a sales recovery, no-moat China Mengniu Dairy’s second-half 2017 results were better than our expectations, with revenue increasing 15.7% year on year to CNY 30.7 billion and net income turning around to CNY 910 million from a loss of CNY 1.83 billion in the prior-year period, thanks to promising sales growth for high-end products. Gross margin improved 290 basis points year on year to 34.8%, mainly attributable to improving product mix, along with the lower price of raw...China Mengniu Dairy is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing and distribution of dairy products including liquid milk products (such as ultra-high temperature (UHT) milk, milk beverages and yogurt), ice cream, milk formula and other products (such as cheese) in China. Co.'s core brand is MENGNIU. Co.'s segments include liquid milk products, which manufactures and distributes UHT milk, milk beverages and yogurt; ice cream products, which manufactures and distributes ice cream; milk powder, which manufactures and distributes milk powder; and other products, which includes Co.'s cheese, plant-based nutrition product and trading business.
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