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[in the past few years, due to the decrease in the number of births, the total number of children aged 0 to 3 in china has dropped from 50.1 million in 2018 to 28.5 million in 2023. the overall shrinkage of the milk powder market is also one of the main reasons for the decline in performance of listed milk powder companies.]

after a continuous decline, the performance of mainstream domestic and foreign listed infant formula companies finally began to pick up in the first half of this year. the maternal and infant big data platform also shows that the sales of milk powder in domestic maternal and infant stores have also resumed growth in the first half of the year. however, in the industry's view, this round of performance recovery is mainly due to the increase in market concentration after the elimination round, and the industry recovery remains to be confirmed.

milk powder stocks' performance collectively rebounded

on the evening of august 28, china feihe (06186.hk), the largest listed milk powder company in china, announced its half-year results, achieving revenue of rmb 10.09 billion in the first half of the year, a year-on-year increase of 3.7%, and net profit attributable to the parent company of rmb 1.91 billion, a year-on-year increase of 18.1%. in 2022 and the first half of 2023, china feihe's revenue growth rate decreased by 16.2% and increased by 0.7%, respectively.

the situation of ausnutria dairy (01717.hk), which announced its results during the same period, was similar. its revenue in the first half of the year was rmb 3.68 billion, a year-on-year increase of 4.8%. among them, its core business, goat milk powder, achieved revenue of rmb 1.81 billion, a year-on-year increase of 20.2%. in 2022 and mid-2023, ausnutria's revenue decreased by 14.9% and 3.6%, respectively.

the a2 milk company's semi-annual report also showed that its total revenue reached nz$1.68 billion, of which infant formula revenue increased by 4.6% to nz$1.16 billion, and chinese-labeled infant formula increased by 9.5%, with its market share ranking also rising to fifth in the industry.