Last year, the country's milk output was 41.97 million tons, a record high, a year-on-year increase of 6.7%, and an increase of more than 6% for the fourth consecutive year. However, due to the consumption environment, according to Kantar Worldpanel, the sales of domestic liquid dairy products (including room temperature liquid milk, room temperature milk drinks, room temperature yogurt, low temperature milk, low temperature yogurt, and active lactic acid bacteria drinks), room temperature dairy products, and low temperature dairy products decreased by 1.5%, 0.4%, and 6.1% year-on-year respectively. This has had a great impact on the performance of listed dairy companies, and "excess milk", "declining milk prices" and "slow market recovery" have become high-frequency words in financial reports.
Despite many challenges, Yili still delivered a brilliant report card, with revenue growing for more than 31 consecutive years, and net profit exceeding 10 billion yuan for the first time. As the largest dairy company in China with the most complete product categories, it has liquid milk, milk drinks, milk powder, yogurt, frozen drinks, cheese, milk fat, packaged drinking water and other products.
Last year, the liquid milk business achieved a revenue of 85.540 billion yuan, ranking first in market share, and the revenue of the cold drink business (Qiaolezi, Ice Factory, Yili Ranch, Zhenxi) was 10.688 billion yuan, a year-on-year increase of 11.72%, ranking the leading position in the national cold beverage industry for 29 consecutive years. The revenue of milk powder and milk products was 27.598 billion yuan, a year-on-year increase of 5.09%, and the overall milk powder sales jumped to the first place in the Chinese market. Among them, the market share of retail sales of adult milk powder was 23.3%, ranking first in the industry for nine consecutive years, and the market share of retail sales of infant formula milk powder was 16.2%, an increase of 1.6 percentage points over the previous year.
As early as 2017, Mengniu put forward the goal of "double 100 billion", but repeatedly failed to make the appointment. In the past 2023, revenue will increase by 6.5% year-on-year to 98.624 billion yuan, which is still one step away from the scale of 100 billion yuan. On March 26, Mengniu announced that the 47-year-old Gao Fei succeeded Lu Minfang as the new helmsman. This is an "old Mengniu man", who has joined the company for 25 years, and has been the vice president and head of the room temperature business department since 2016, and has led the team to successfully build the high-end brand "Telunsu".
As a regional leading dairy enterprise, Bright Dairy achieved revenue of 26.485 billion yuan, a year-on-year decrease of 6.13%, a decline for two consecutive years, and a net profit of 967 million yuan, a year-on-year increase of 168.19%. Its predecessor was established in 1911 Shanghai Kedi Milk Company, has a history of 113 years, based in Shanghai locally, mainly producing and selling fresh milk, fresh yogurt, room temperature white milk, room temperature yogurt, lactic acid bacteria drinks, cold drinks, infant and middle-aged and elderly milk powder, cheese, butter and other products, with bright cold drinks, Zhiyou, Youbei, Changyou, Jianneng Jcan, Moslian, Youjia and other brands.
Last year, a total of 63 new products were developed and marketed, such as Guangming Changyou 0 belly dan flavored fermented milk, raw DHA milk, Guangming x White Rabbit crispy ice cream, and Jianneng Zhaoyue probiotic powder. According to Nielsen data, Bright Dairy's share of the national fresh milk market continues to rank first.
Although China Feihe sits firmly on the throne of "the first brother of domestic milk powder", it is also inevitably affected by the market downturn, with revenue of 19.532 billion yuan and net profit of 3.390 billion yuan last year, down 8.35% and 31.40% year-on-year respectively. This is a far cry from its sales target of 35 billion yuan in 2023.
In fact, not only Feihe, but also Ausnutria Dairy has experienced a "double decline" in revenue and net profit, and Mengniu's milk powder business has continued to decline in the past five years, falling to less than 4 billion yuan. At present, many companies have extended their tentacles to adult milk powder, special formula milk powder and other fields, trying to cultivate the second growth curve.
Compared with milk powder companies, the upstream enterprises of milk sources are having a worse time, affected by factors such as rising feed costs, falling raw milk prices, and oversupply of raw milk, most of the raw milk companies are in a state of loss. Australasia Group, Saikexing, Original Ecological Animal Husbandry, and Western Animal Husbandry have turned from profit to loss, and Modern Animal Husbandry and China Shengmu have increased their income without increasing profits.
Youran Dairy, the world's largest raw milk supplier, saw a 26.5% year-on-year increase in raw milk sales to 2.9458 million tons last year, and the average unit price decreased by 6.0% to 4.38 yuan/kg. The company's revenue was 18.694 billion yuan, an increase of 3.56% year-on-year, and the net loss was 1.05 billion yuan, compared with a profit of 415 million yuan in the same period last year.
Write at the end
Last year, the mainland's per capita milk consumption was 41.3 kilograms, down 1.7% year-on-year. The Dietary Guidelines for Chinese Residents recommend a daily intake of 300 grams to 500 grams of milk and dairy products per person, equivalent to 110 kg to 183 kg per year, and the current per capita consumption of dairy products is only equivalent to 22.6%-37.6% of the recommended amount. Internationally, the global per capita milk consumption in the world is 140 kilograms, and it is not difficult to see that the mainland's milk consumption is still at a low level, and there is huge room for growth in the future.