1. Yili H1 Revenue 47.528 Billion Yuan On August 27, Yili Co., Ltd. released its 2020 H1 performance report. Despite macroeconomic uncertainty and the ongoing impact of COVID-19, Yili's H1 performance showed counter-trend growth exceeding expectations, with total operating revenue of 47.528 billion yuan and non-GAAP net profit of 3.766 billion yuan, up 7.02% year-on-year. The report indicated that the main reason for growth was the strong recovery in Q2, with revenue of 26.88 billion yuan, a year-on-year increase of 79.28%, far exceeding the industry average. Among them, core indicators such as total operating revenue, net profit, comprehensive market share, and total asset turnover continued to rank first in Asia's dairy industry. In the first half of 2020, Yili successively launched new products including "Ambrosial" cheese bubble ball ambient yogurt, "Jindian" low-temperature milk, "Changqing" fresh cheese yogurt, "QQ Star" children's growth formula, "Yiran" milk mineral sparkling water, "Zhixuan" sugar-free soy milk, and "Miaozhi" pocket cheese adult cheese sticks. During the reporting period, new product sales accounted for 15.3% of revenue.
2. Mengniu H1 Revenue 37.5 Billion Yuan, Down 5.8% On August 26, Mengniu Dairy released its 2020 interim results. In the first half of 2020, Mengniu achieved revenue of approximately 37.5335 billion yuan, a decrease of about 5.8% compared with 39.8572 billion yuan in the same period of 2019. Excluding the revenue from Shijiazhuang Junlebao Dairy Co., Ltd. (Junlebao) disposed of in 2019 and Bellamy's Australia Limited (Bellamy) acquired in 2019, Mengniu's comparable business revenue in H1 2020 was 36.8877 billion yuan, an increase of about 9.4% compared with 33.7154 billion yuan in H1 2019. Among them, the flagship product Telunsu continued to consolidate its high-end brand position through continuous innovation and upgrades, with a year-on-year growth of 19% in H1 and over 30% in Q2, demonstrating strong strength. Mengniu's high-end fresh milk "Daily Fresh" achieved nearly triple-digit growth, firmly ranking as the No.1 high-end fresh milk brand and becoming a star product in the "milk drinking trend".
3. Bright Dairy H1 Revenue 12.146 Billion Yuan On August 24, Bright Dairy released its 2020 semi-annual performance report. During the reporting period, total operating revenue was 12.146 billion yuan; net profit was 486 million yuan; net profit attributable to parent company shareholders was 308 million yuan; and return on net assets was 5.37%. In Q1 2020, Bright Dairy's net operating cash flow was -477 million yuan, a year-on-year decrease of 293.85%. After efforts in Q2, in H1 2020, Bright Dairy achieved net operating cash flow of 653 million yuan, a year-on-year increase of 36.61%, with operating cash flow continuously improving. At the same time, Bright Dairy's overseas business gradually expanded, with Synlait achieving sales revenue of 3.174 billion yuan in H1, a year-on-year increase of 32.64%. This year, Bright Dairy launched a "Fresh Pasture" milk product. Pu Shaohua said, "This product not only gives consumers more choices, but also serves as a weapon for Bright to block competitors, with daily sales reaching over 3 million at peak." In 2020, Bright Dairy launched many new products such as Youbei fresh milk ice cream, Jianeng JCAN Liangjing Gaoshou, Youjia Yigu milk, and Bright Changyou Yijunduo. It also created cross-border innovative products with high-quality IPs like White Rabbit and Le Le Cha, successfully launching several hit products such as White Rabbit ice cream, becoming the most fashionable internet-famous products this year.
4. Feihe H1 Revenue Up 48% Year-on-Year Feihe announced its 2020 interim report. The report showed that the company achieved operating revenue of 8.707 billion yuan, up 47.8% year-on-year, and net profit of 763 million yuan, up 105.3% year-on-year. Feihe stated that the revenue growth was mainly due to the growth in revenue from the high-end infant formula series, the growth in revenue from the standard infant formula series due to increased brand power, and the rapid response to the pandemic to minimize its impact on production, logistics, and sales. The financial report showed that in H1, Feihe's high-end infant formula achieved revenue of 6.773 billion yuan, a 73% increase from 3.916 billion yuan in the same period last year. The proportion of high-end infant formula revenue to total revenue increased from 66.5% in mid-2019 to 77.8% in mid-2020, becoming the main engine of Feihe's revenue growth.
5. Ausnutria H1 Revenue 3.859 Billion Yuan On the evening of August 13, Ausnutria officially released its 2020 interim results announcement. The announcement showed that during the reporting period, revenue was 3.859 billion yuan, an increase of 22.6% from 3.148 billion yuan in the same period of 2019, and adjusted net profit attributable to shareholders increased 32.1% to 575 million yuan. The announcement pointed out that the self-owned brand formula milk powder business remained the main driver, with revenue of 3.411 billion yuan, a year-on-year increase of 25.0%, accounting for 88.4% of the company's total revenue. The Hyproca 1897 business unit (which owns Hyproca Hezhi, Hyproca Cuihu, and Youlan), focusing on the ultra-high-end market, recorded revenue of 1.155 billion yuan in H1, a year-on-year increase of 66.4%, making it the fastest-growing business unit of the group. At the same time, the goat milk powder business continued to grow steadily, with sales of self-owned brand goat milk powder (Kabrita) reaching 1.656 billion yuan, an increase of 25.5% from approximately 1.319 billion yuan in the same period of 2019.
6. Modern Dairy H1 Sales Revenue 2.828 Billion Yuan On August 24, China Modern Dairy Holdings Ltd. announced its 2020 interim results. Sales revenue was 2.828 billion yuan, up 10% year-on-year. Net profit was 226 million yuan (including a one-time disposal gain of approximately 72 million yuan from transferring equity in an energy assets company to a joint venture), up 69% year-on-year (profit in the same period of 2019 was approximately 134 million yuan, including a one-time reversal of provision for accounts receivable of approximately 108 million yuan). Excluding one-time gains in both periods, profit increased significantly by 492% year-on-year.
7. New Hope Dairy H1 Net Profit 76.67 Million Yuan, Down 26.27% On August 27, New Hope Dairy released its semi-annual report. The report showed that in H1 2020, New Hope Dairy achieved operating revenue of 2.55601 billion yuan, with net profit attributable to listed company shareholders of 76.67 million yuan. Affected by the early stage of the pandemic, the company experienced slight pressure in Q1, achieving operating revenue of 1.05516 billion yuan, a year-on-year decrease of 13.66%; but in Q2, both revenue and net profit achieved positive year-on-year growth, with a month-on-month recovery. Q2 revenue grew about 1%, and net profit grew 26.75%. With the improvement in Q2 performance, New Hope Dairy actively initiated innovation and transformation, firmly and orderly advanced the "Fresh Strategy" layout, and strived to release the fresh vitality of dairy in the pandemic predicament.
8. Yashili International Revenue Declines, Net Profit Increases On August 27, Yashili International published its interim results announcement for the six months ended June 30, 2020. Revenue declined year-on-year, but net profit increased slightly. Data showed that in H1 2020, Yashili International achieved revenue of approximately 1.6449 billion yuan, down 5.9% from 1.7474 billion yuan in the same period last year; profit attributable to equity holders of the company was approximately 35.6 million yuan, up about 3.8% from 34.3 million yuan in H1 2019. Among them, milk powder sales were 1.29 billion yuan, down 7.8% from 1.399 billion yuan last year, mainly due to channel and product adjustments offsetting sales growth.
9. Beingmate Profitable for 4 Consecutive Quarters, H1 Net Profit Soars 135% On August 25, Beingmate's 2020 H1 performance report showed that for the six months ended June 30, 2020, Beingmate achieved revenue of 1.487 billion yuan, up 14.78% year-on-year; net profit attributable to listed company shareholders was 42.8962 million yuan, up 135.22% year-on-year. Performance continued to maintain high growth, laying the foundation for steady growth throughout the year. The semi-annual report showed that milk powder still dominated Beingmate's overall revenue, with the "Aijia" product contributing the most to revenue. During the reporting period, milk powder products contributed over 90% of revenue, up 16.10% year-on-year, and "Aijia" product revenue growth exceeded the average level, reaching 20.57%.
10. China Shengmu Turns Profitable in H1, Net Profit 140 Million Yuan China Shengmu announced its 2020 interim results. The company achieved sales revenue of approximately 1.251 billion yuan, a year-on-year decrease of 11.9%; profit for the period was 166 million yuan, compared with a loss of 20.758 million yuan in the same period last year; earnings per share attributable to ordinary shareholders of the parent company was 0.022 yuan, with no dividend declared. The announcement stated that during the 2020 interim period, profit attributable to owners of the parent company was 142.9 million yuan, compared with a loss of 73.5 million yuan in the 2019 interim period, a net increase of 216.4 million yuan. This was mainly due to the steady increase in the selling price of raw milk compared with the same period last year; and the completion of the acquisition of minority interests in 12 joint venture pastures at the end of November 2019.
11. Milkground H1 Net Profit Up 727.87% Year-on-Year On August 21, Milkground disclosed its 2020 semi-annual report, showing that the company achieved revenue of approximately 1.083 billion yuan in H1, up 51.74% year-on-year; net profit was approximately 32.2221 million yuan, up 727.87% year-on-year. Milkground stated that in H1 2020, the company achieved operating revenue of approximately 852 million yuan, 144 million yuan, and 86.1929 million yuan through distribution, direct sales, and trade channels, respectively; among them, cheese sales revenue was approximately 795 million yuan, and liquid milk sales revenue was approximately 202 million yuan.
12. "King of Water Buffalo Milk" Royal Group Faces Difficulties Again On the evening of August 24, Royal Group released its 2020 semi-annual report. The company achieved operating revenue of 1.014 billion yuan in H1, up 3.09% year-on-year. Net profit attributable to listed company shareholders was 789,000 yuan, down 94.68% year-on-year. With Q1 sales revenue of 350 million yuan and a net loss of 44.4172 million yuan, Royal Group's Q2 performance grew, achieving sales revenue of 664 million yuan, up 89.71% quarter-on-quarter and 28.68% year-on-year, with net profit exceeding 45 million yuan, up 958.7% year-on-year, completely reversing the adverse impact of the pandemic. Royal Group was established in 2001 and is a regional dairy enterprise in Southwest China, focusing on the relatively scarce water buffalo milk in the market, known as the "King of Chinese Water Buffalo Milk." In January 2010, it was listed on the Shenzhen Stock Exchange, becoming the fourth listed dairy company in China. In recent years, Royal Group has made multiple diversification attempts, successively entering cultural industry, information services, and other fields. However, the diversification path has not been smooth. Royal Group's revenue has declined year by year, net profit performance is not ideal, debt ratio has risen, and the sequelae of cross-industry obstacles have become prominent. Now, its return to the main business may be difficult to achieve significant breakthroughs.
13. Tianrun Dairy H1 Net Profit 80.1378 Million Yuan, Up 3.32% On August 20, Tianrun Dairy released its 2020 semi-annual report. From January to June this year, the company achieved operating revenue of 883 million yuan, up 7.22% year-on-year; net profit attributable to listed company shareholders was 80.1378 million yuan, up 3.32% year-on-year.
14. Yantang Dairy H1 Net Profit Down 9.61% On July 28, Yantang Dairy released its 2020 semi-annual report. Data showed that in H1 this year, Yantang Dairy achieved revenue of 702.5 million yuan, up 0.53% year-on-year; net profit attributable to shareholders fell 9.61% to 60.114 million yuan. Data showed that in Q1 2020, Yantang Dairy achieved revenue of 258 million yuan, down 8.13% year-on-year; net profit was 854,600 yuan, down 92.19% year-on-year. According to rough calculations by reporters, Yantang Dairy's Q2 single-quarter operating revenue was 444 million yuan, up 6.36% year-on-year; net profit was 59.2594 million yuan, up 6.64% year-on-year. Yantang Dairy's H1 revenue mainly came from lactic acid bacteria beverage and liquid milk categories, with revenues of 267 million yuan and 242 million yuan respectively, up 8.10% and 6.87% year-on-year, accounting for 37.98% and 34.45% of total revenue respectively; fancy milk and ice cream products achieved revenues of 182 million yuan and 6.8351 million yuan, down 11.05% and 37.34% year-on-year respectively.
15. Western Pastoral H1 Net Profit 2.06 Million Yuan, Up 9.97% On the evening of August 26, Western Pastoral released its 2020 semi-annual report, showing that H1 operating revenue was 352 million yuan, up 2.61% year-on-year; net profit was 2.0609 million yuan, up 9.97% year-on-year. Regarding performance growth, Western Pastoral stated that in H1, subsidiary Huayuan Dairy continuously expanded markets outside Xinjiang, developed products adapted to local markets, and enhanced differentiated competitiveness in product strategy. Data showed that Huayuan Dairy achieved revenue of 218 million yuan in H1, up 25.34% year-on-year, and net profit increased 138.85% to 11.1119 million yuan. By business segment, in H1 2020, the company's dairy products operating revenue was 257.2397 million yuan, accounting for 73.07% of operating revenue; feed operating revenue was 87.6148 million yuan, accounting for 24.89%; other operating revenue was 7.1787 million yuan, accounting for 2.04%.
16. Zhuangyuan Pastoral H1 Revenue 325 Million Yuan, Net Profit -1.9751 Million Yuan On August 10, Zhuangyuan Pastoral, a leading dairy company in Northwest China, released its 2020 semi-annual report. During the reporting period, operating revenue was 325 million yuan, and net profit attributable to parent company shareholders was -1.9751 million yuan. The company stated that the sudden outbreak of COVID-19 at the beginning of 2020 led to a loss of 10.3573 million yuan in Q1 2020. In Q2, as the pandemic eased, the company actively adjusted marketing strategies and strengthened market maintenance, achieving profitability in Q2, but the overall H1 2020 still failed to achieve profitability. Zhuangyuan Pastoral stated that due to the pandemic, the company lost 10.3573 million yuan in Q1 this year. In Q2, as the pandemic eased, the company actively adjusted marketing strategies and strengthened market maintenance, achieving profitability in Q2, but the overall H1 this year still failed to achieve profitability. As of the end of June, Zhuangyuan Pastoral's production and sales had fully recovered. The company expects net profit of 6 million to 8 million yuan for January-September 2020, a year-on-year decrease of 84.27% to 79.03%. The company stated: "Although it is still a decline compared with the same period last year, this performance is a significant improvement compared with H1 this year, and the decline is expected to narrow significantly."
17. Qish Dairy H1 Net Profit Growth Exceeds 400% On August 5, Inner Mongolia Qish Dairy Group Co., Ltd., a NEEQ-listed dairy company, released its 2020 semi-annual report. From January to June this year, the company's revenue was 264 million yuan, up 14.11% year-on-year; net profit was 27.3585 million yuan, up 415.28% year-on-year, achieving double growth in revenue and profit. Among them, fresh milk sales were an important part of the company's revenue, accounting for 33.45% in H1 2020. At the same time, in H1, Qish Dairy's five main business segments - raw milk, yogurt products, white sugar, contract processing milk powder, and milk powder products - achieved revenues of 83.6306 million yuan, 66.6909 million yuan, 33.4008 million yuan, 25.8679 million yuan, and 14.9118 million yuan respectively, with growth rates of 94.51%, 11.59%, -5.52%, -19.45%, and -1.97%. Regarding the reason for the 435.14% year-on-year increase in net profit, the report showed that first, in 2020, the company strengthened expense control, and financial expenses and administrative expenses decreased compared with the same period last year; second, last year's poor futures operations led to more losses.
18. Kedi Dairy Revenue and Profit Both Decline On August 26, Henan Kedi Dairy Co., Ltd. (ST Kedi) released its 2020 semi-annual report. During the reporting period, the company achieved operating revenue of 186 million yuan, a decrease of 70.67% from the same period last year; total profit was -64.7187 million yuan, a decrease of 170.53% from the same period last year; net profit attributable to listed company shareholders was -5.0155 million yuan, a decrease of 171.47% from the same period last year.
19. Danone H1 Sales Revenue Approximately 12.2 Billion Euros On July 30, Danone Group released its Q2 and H1 sales performance for 2020. In H1, Danone achieved sales revenue of approximately 12.2 billion euros, a slight year-on-year decrease of 1.1%, with sales volume remaining stable, up 0.1% year-on-year. From a business composition perspective, there were significant differences in performance across product categories and channels in H1. Among them, the essential dairy and plant-based products and specialized nutrition businesses, which account for about 80% of the company's revenue, both achieved steady growth. In H1, specialized nutrition business sales revenue increased 2.7% year-on-year. In Q2, specialized nutrition business sales revenue in the Chinese market was basically flat compared with the previous quarter. Essential dairy and plant-based products sales revenue increased 3.1% year-on-year in H1. In Q2, the essential dairy business, as a daily consumer product, continued to show resilience, with steady performance in European and North American markets, achieving low single-digit year-on-year growth in sales revenue. In May, plant-based sports nutrition supplement VEGA ONE was officially introduced to China for the first time, causing quite a stir.
20. Nestlé H1 Revenue 300.095 Billion Yuan Nestlé's total sales in H1 fell 9.5% to 41.15 billion Swiss francs (approximately 300.095 billion yuan), below market expectations of 41.5 billion Swiss francs. "Business divestitures and foreign exchange factors reduced sales by 12.3%," Nestlé said, with divestitures reducing sales by 5.3%, mainly related to the divestiture of Nestlé Skin Health and the US ice cream business. Nestlé mentioned in its financial report that China's H1 sales recorded a double-digit decline, but due to the easing of travel restrictions, "growth improved to almost flat in Q2." Media reported that Nestlé expects full-year internal revenue growth of 2% to 3%, below expectations of 2.7%, with H1 internal revenue growth of 2.8%, beating expectations of 2.3%, and H1 actual internal growth rate of 2.6%, beating expectations of 2.3%.
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