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China Mengniu Dairy Co Ltd - Stock Quote 02319

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Morningstar's China Mengniu Dairy Co Ltd Stock Analysis

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Economic Moat


Capital Allocation


2021 Results Broadly as Expected, Growth Story Remains Intact; FVE Maintained at HKD 44

Jacky Tsang Equity Analyst

Analyst Note

| Jacky Tsang |

Narrow-moat Mengniu reported 2021 revenue that was largely in line with our estimate, but gross margin and net profit margin slightly missed our forecasts. Liquid milk, ice cream, and cheese categories drove top line strength for the year, whereas liquid milk continued to drive profits for Mengniu, more than offsetting losses in milk powder.

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China Mengniu Dairy Co Ltd's Company Profile

Business Description

China Mengniu Dairy, or Mengniu, is China's second- largest dairy product manufacturer by market share. The company produces a wide range of dairy products including liquid milk, ice cream, milk formula and cheese. Liquid milk, composed of milk, milk beverages and yogurt, contributed close to 90% of Mengniu's revenue in 2020. Flagship lineups include Deluxe, Mengniu Pure Milk, Just Yogurt and Yoyi C. Mengniu also owns two infant formula brands including Yashili and Bellamy.

262 Gloucester Road, Causeway Bay, 32nd Floor, COFCO Tower
Hong Kong, Hong Kong
T +852 21809050
Sector Consumer Defensive
Industry Packaged Foods
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 44,629