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China Mengniu Dairy Company Limited logo

China Mengniu Dairy Company Limited

2319.HK

HKSEConsumer DefensivePackaged Foods

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Latest quote

HK$18.73

−HK$0.09 · -0.48%

Aug 24, 3:20 PM HKT

2319.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

China Mengniu Dairy Company Limited, an investment holding company, manufactures and distributes dairy products under the MENGNIU brand in the People’s Republic of China and internationally. It operates in five segments: Liquid Milk Business, Ice Cream Business, Milk Formula Business, Cheese Business, and Others. The Liquid Milk Business segment offers ultra-high temperature milk, milk beverages, yogurt, and fresh milk. The Ice Cream Business segment manufactures and distributes dairy-based ice cream. The Milk Formula Business segment is involved in the manufacture and distribution of milk powder. The Cheese Business segment engages in the manufacture and distribution of cheese. The Other segment is involved in manufacturing raw materials for daily products; and trading business. It also produces and sells organic food and formula products for babies and toddlers; and provides commercial factoring and financing guarantee services. China Mengniu Dairy Company Limited was founded in 1999 and is based in Causeway Bay, Hong Kong.

Industry
Packaged Foods
Sector
Consumer Defensive
Headquarters
HK
CEO
Fei Gao
Listed since
Jun 10, 2004
Employees
38,301

Market position

Day range

Current HK$18.73

52-week range

Current HK$18.73

Open
HK$18.80
Previous close
HK$18.82
Volume
13.22M
0.59× average
Average volume
22.35M
Average daily volume
Market cap
72.41B HKD
Beta
0.29
Market reference 1
50-day average
HK$17.663
+6.04% above average
200-day average
HK$16.5202
+13.38% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
64.36B CNY
P/E (TTM)
41.17×
P/B (TTM)
1.51×
P/S (TTM)
0.75×
EV / EBITDA
8.48×
Earnings yield
2.95%
Free cash flow yield
12.02%
Dividend yield
3.19%

Profitability & efficiency

Gross margin
39.32%
Operating margin
6.41%
Net margin
1.88%
Return on equity
3.81%
Return on assets
1.60%
Return on invested capital
3.88%

Financial health

Debt / equity
0.63×
Current ratio
1×
Altman Z-score
3.22
Piotroski F-score
7 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends44%28%12%-4%Gross margin, FY2021: 36.75%Gross margin, FY2022: 35.30%Gross margin, FY2023: 37.15%Gross margin, FY2024: 39.57%Gross margin, FY2025: 39.32%Operating margin, FY2021: 5.27%Operating margin, FY2022: 5.37%Operating margin, FY2023: 6.82%Operating margin, FY2024: 8.67%Operating margin, FY2025: 6.41%Net margin, FY2021: 5.70%Net margin, FY2022: 5.73%Net margin, FY2023: 4.88%Net margin, FY2024: 0.12%Net margin, FY2025: 1.88%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 36.75%. Gross margin FY2022 35.30%. Gross margin FY2023 37.15%. Gross margin FY2024 39.57%. Gross margin FY2025 39.32%. Operating margin FY2021 5.27%. Operating margin FY2022 5.37%. Operating margin FY2023 6.82%. Operating margin FY2024 8.67%. Operating margin FY2025 6.41%. Net margin FY2021 5.70%. Net margin FY2022 5.73%. Net margin FY2023 4.88%. Net margin FY2024 0.12%. Net margin FY2025 1.88%.

Income trends

Revenue

82.24B CNY-7.25%

Operating income

5.27B CNY-31.44%

Net income

1.55B CNY+1378.70%
Income trends across reported periods108.48B CNY69.07B CNY29.66B CNY−9.75B CNYRevenue, FY2021: 88.14B CNYRevenue, FY2022: 92.59B CNYRevenue, FY2023: 98.62B CNYRevenue, FY2024: 88.67B CNYRevenue, FY2025: 82.24B CNYOperating income, FY2021: 4.64B CNYOperating income, FY2022: 4.97B CNYOperating income, FY2023: 6.73B CNYOperating income, FY2024: 7.68B CNYOperating income, FY2025: 5.27B CNYNet income, FY2021: 5.03B CNYNet income, FY2022: 5.3B CNYNet income, FY2023: 4.81B CNYNet income, FY2024: 104.51M CNYNet income, FY2025: 1.55B CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 88.14B CNY. Revenue FY2022 92.59B CNY. Revenue FY2023 98.62B CNY. Revenue FY2024 88.67B CNY. Revenue FY2025 82.24B CNY. Operating income FY2021 4.64B CNY. Operating income FY2022 4.97B CNY. Operating income FY2023 6.73B CNY. Operating income FY2024 7.68B CNY. Operating income FY2025 5.27B CNY. Net income FY2021 5.03B CNY. Net income FY2022 5.3B CNY. Net income FY2023 4.81B CNY. Net income FY2024 104.51M CNY. Net income FY2025 1.55B CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue82.24B CNY88.67B CNY98.62B CNY92.59B CNY88.14B CNY
Cost of goods sold49.91B CNY53.58B CNY61.98B CNY59.9B CNY55.75B CNY
Gross profit32.34B CNY35.09B CNY36.64B CNY32.69B CNY32.39B CNY
Research and development554.86M CNY512.64M CNY495.51M CNY465.88M CNY355.51M CNY
Selling, general, and administrative25.76B CNY27.32B CNY29.93B CNY26.79B CNY27.01B CNY
Operating expenses27.07B CNY27.41B CNY29.91B CNY26.77B CNY27.2B CNY
Interest income841.91M CNY1.41B CNY1.68B CNY1.39B CNY1.03B CNY
Interest expense970.75M CNY1.47B CNY1.57B CNY1.13B CNY743.07M CNY
Depreciation and amortization2.88B CNY3.41B CNY3.3B CNY2.88B CNY2.4B CNY
Operating income5.27B CNY7.68B CNY6.73B CNY4.97B CNY4.64B CNY
Net income1.55B CNY104.51M CNY4.81B CNY5.3B CNY5.03B CNY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
27%
3 beats, 8 misses, 0 met estimates
Average EPS surprise
-50.61%
11 comparable reports
Latest EPS result
-0.63
Estimate -0.14 · Miss by 338.24%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.030.44-0.16-0.76Q4 '22MissQ2 '23MissQ1 '24MissQ3 '24MissQ4 '24MissQ3 '25MissQ1 '26MissQ3 '26Estimate
Q4 2022, reported Dec 31, 2022: actual 0.445, estimate 0.623, surprise -28.56%, Miss. Q2 2023, reported Jun 30, 2023: actual 0.824, estimate 0.859, surprise -4.07%, Miss. Q1 2024, reported Mar 26, 2024: actual 0.495, estimate 0.655, surprise -24.41%, Miss. Q3 2024, reported Aug 28, 2024: actual 0.667, estimate 0.687, surprise -2.91%, Miss. Q4 2024, reported Dec 31, 2024: actual -0.634, estimate 0.729, surprise -186.95%, Miss. Q3 2025, reported Aug 27, 2025: actual 0.569, estimate 0.783, surprise -27.33%, Miss. Q1 2026, reported Mar 25, 2026: actual -0.634, estimate -0.145, surprise -338.24%, Miss. Q3 2026, reported Aug 26, 2026: actual —, estimate 0.911, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates59.1B53.62B48.14B42.66BQ4 '22BeatQ2 '23MissQ1 '24BeatQ3 '24MissQ4 '24MissQ3 '25MissQ1 '26BeatQ3 '26Estimate
Q4 2022, reported Dec 31, 2022: actual 51.1B HKD, estimate 50.4B HKD, surprise +1.40%, Beat. Q2 2023, reported Jun 30, 2023: actual 55.28B HKD, estimate 56.82B HKD, surprise -2.72%, Miss. Q1 2024, reported Mar 26, 2024: actual 52.26B HKD, estimate 51.65B HKD, surprise +1.18%, Beat. Q3 2024, reported Aug 28, 2024: actual 47.97B HKD, estimate 51.12B HKD, surprise -6.16%, Miss. Q4 2024, reported Dec 31, 2024: actual 46.81B HKD, estimate 48.71B HKD, surprise -3.89%, Miss. Q3 2025, reported Aug 27, 2025: actual 45.48B HKD, estimate 46.6B HKD, surprise -2.42%, Miss. Q1 2026, reported Mar 25, 2026: actual 45.27B HKD, estimate 44.93B HKD, surprise +0.76%, Beat. Q3 2026, reported Aug 26, 2026: actual —, estimate 51.12B HKD, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.5564

2025 complete year+70.7% since 2021

2026 partial: HK$0.5976

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Jun 9, 2026

HK$0.5976

Annual

Record Jun 10, 2026 · Payment Jun 24, 2026

Dividend

Ex-dividend Jun 16, 2025

HK$0.5564

Annual

Record Jun 17, 2025 · Payment Jun 27, 2025

Dividend

Ex-dividend Jun 14, 2024

HK$0.5369

Annual

Record Jun 17, 2024 · Payment Jun 26, 2024

Dividend

Ex-dividend Jun 8, 2023

HK$0.4433

Annual

Record Jun 9, 2023 · Payment Jun 21, 2023

Dividend

Ex-dividend Jun 10, 2022

HK$0.4486

Annual

Record Jun 13, 2022 · Payment Jun 22, 2022

Dividend

Ex-dividend Jun 4, 2021

HK$0.326

Annual

Record Jun 7, 2021 · Payment Jun 23, 2021

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ETFs holding 2319.HK

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Total International Stock ETF logoVanguard Total International Stock ETFVXUS
Market value
105.28M
Weight
0.02%
AUM
646.2B USD
Expense ratio
0.05%
Price / 1D
$87.71+0.78%
Vanguard FTSE Emerging Markets ETF logoVanguard FTSE Emerging Markets ETFVWO
Market value
99.83M
Weight
0.06%
AUM
162.3B USD
Expense ratio
0.06%
Price / 1D
$60.45+0.72%
iShares Core MSCI Emerging Markets ETF logoiShares Core MSCI Emerging Markets ETFIEMG
Market value
79.92M
Weight
0.05%
AUM
160B USD
Expense ratio
0.09%
Price / 1D
$81.57+0.64%
Avantis Emerging Markets Equity ETF logoAvantis Emerging Markets Equity ETFAVEM
Market value
38.93M
Weight
0.14%
AUM
27.89B USD
Expense ratio
0.33%
Price / 1D
$94.24+0.75%
Schwab Fundamental Emerging Markets Large Company Index ETF logoSchwab Fundamental Emerging Markets Large Company Index ETFFNDE
Market value
20.85M
Weight
0.20%
AUM
10.2B USD
Expense ratio
0.39%
Price / 1D
$41.87+0.92%
VanEck Agribusiness ETF logoVanEck Agribusiness ETFMOO
Market value
20.08M
Weight
2.04%
AUM
1B USD
Expense ratio
0.56%
Price / 1D
$85.19+2.01%
Vanguard FTSE All-World ex-US ETF logoVanguard FTSE All-World ex-US ETFVEU
Market value
17.4M
Weight
0.02%
AUM
95.9B USD
Expense ratio
0.04%
Price / 1D
$85.69+0.82%
iShares MSCI Emerging Markets ETF logoiShares MSCI Emerging Markets ETFEEM
Market value
17.33M
Weight
0.06%
AUM
31.22B USD
Expense ratio
0.72%
Price / 1D
$67.12+0.75%

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