China Mengniu Dairy Company Limited (HKG:2319)

HKG:2319 Financials Overview

Financials in millions CNY. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	85,473	82,245	88,675	98,624	92,593	88,141
Revenue Growth	3.92%	-7.25%	-10.09%	6.51%	5.05%	15.92%
Gross Profit Gross Profit Growth	33,301	32,339	34,179	36,316	32,452	32,206
Operating Income Operating Income Growth	4,994	4,712	5,948	5,455	4,600	4,255
Net Income Net Income Growth	1,871	1,545	104.51	4,809	5,303	5,026
Earnings Per Share EPS Growth	0.48	0.40	0.03	1.22	1.34	1.27
EPS Growth	21.69%	1384.13%	-97.81%	-8.98%	5.45%	42.04%

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Elimination of Intersegment Elimination of Intersegment Growth	-1,493	-1,415	-1,152	-1,849	-2,156	-2,032
Milk Formula Business Milk Formula Business Growth	4,089	3,759	3,369	3,826	4,016	4,964
Cheese Business Cheese Business Growth	6,078	5,292	4,326	4,380	1,321	-
Liquid Milk Business Liquid Milk Business Growth	67,651	65,869	73,902	83,198	79,256	77,057
Ice Cream Business Ice Cream Business Growth	5,761	5,432	5,229	6,082	5,703	4,286
Others Others Growth	3,387	3,306	3,001	2,987	4,453	3,866
Total Total Growth	85,473	82,245	88,675	98,624	92,593	88,141

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	25,977	22,327	22,433	18,517	18,208	14,976
Total Debt Total Debt Growth	30,733	25,391	34,675	37,415	39,109	27,058
Net Cash (Debt) Net Cash Growth	-4,756	-3,064	-12,243	-18,898	-20,901	-12,082
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-1.22	-0.78	-3.12	-4.78	-5.27	-3.05

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	-	8,751	8,332	8,349	8,333	7,545
Capital Expenditures CapEx Growth	-	-2,307	-3,247	-3,863	-4,836	-6,105
Free Cash Flow Free Cash Flow Growth	-	6,443	5,086	4,487	3,497	1,440
Free Cash Flow Growth	-	26.70%	13.35%	28.30%	142.87%	19.52%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	38.96%	39.32%	38.55%	36.82%	35.05%	36.54%
Operating Margin	5.84%	5.73%	6.71%	5.53%	4.97%	4.83%
Pretax Margin	4.35%	3.54%	1.13%	6.40%	7.02%	6.66%
Profit Margin	2.19%	1.88%	0.12%	4.88%	5.73%	5.70%
FCF Margin	-	7.83%	5.73%	4.55%	3.78%	1.63%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	0.607	0.520	0.509	0.489	0.402	0.381
Dividend Per Share Growth	7.40%	2.16%	4.09%	21.64%	5.51%	42.16%
Dividend Yield	3.42%	4.03%	3.31%	2.86%	1.46%	1.21%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 4, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	32.87	33.63	618.63	15.59	23.36	28.33
Forward PE	11.68	10.30	13.03	11.60	19.15	23.78
P/FCF Ratio	-	8.07	12.71	16.71	35.42	98.86
PS Ratio	0.72	0.63	0.73	0.76	1.34	1.62

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Sep 1, 2026

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