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Beijing News (Chief Reporter Guo Tie) On August 19, New Zealand's a2 Milk Company released its 2023-2024 fiscal year (ending June 30, 2024) report, showing that its total revenue increased by 5.2% to NZ$1.6755 billion, and net profit attributable to the company's owners after tax increased by 7.7% to NZ$167.6 million. Among them, revenue in China and other Asian regions increased by 14.1% to NZ$1.1431 billion, becoming the main factor driving the growth of a2 Milk Company's performance.

In the fiscal year, a2 Milk Company's infant formula revenue increased by 4.6% to NZ$1.1595 billion. Among them, the revenue of Chinese-labeled infant formula increased by 9.5%, while the overall English-labeled milk powder decreased by 0.3%, but sales in China and other Asian regions increased by 16% to NZ$447.8 million.

The financial report shows that due to the decline in the number of newborns in the past few years, intensified market competition, the transition from old to new standards, and product discount clearance, the Chinese infant formula market is still facing challenges, with the overall retail sales of the market falling by 10.7%. Despite this, a2 Milk Company continues to increase its investment in the Chinese market, and its brand ranks among the top five in the Chinese infant formula market. During the reporting period, a2 Milk Company achieved distribution growth in the transition from old to new national standard products, and the old national standard inventory was also cleared as planned. The number of offline distribution stores exceeded 29,000, mainly from the expansion of low-tier markets.

Under the "whole milk strategy", the a2 Milk Company's other nutritional products, including liquid milk, accelerated growth, mainly produced by its subsidiary Mataura Dairy, with total sales increasing by 36.7%. Among them, related sales in China and other Asian regions increased by 46.4% to NZ$82.9 million, while liquid milk in Australia and New Zealand and the United States increased by 3.3% and 7.4% respectively.

a2 Milk Company said that the company will promote supply chain transformation and, through cooperation with New Zealand dairy company Synlait, hopes to obtain additional Chinese-labeled infant formula registration quotas in December 2029 to achieve greater access to the Chinese market. David Bortolussi, general manager and CEO of a2 Milk Company, said that the company will thoroughly implement its growth strategy, first focusing on the Chinese market, achieve performance growth in fiscal 2024, and launch more new products in the new fiscal year.

Editor: Qin Shengnan

Proofread by Liu Baoqing