Mengniu Dairy reports revenue of US$11.92B in full year 2025

CHINA – Mengniu Dairy has reported revenue of US$11.92 billion (82.25 billion yuan), a 7.3% year-on-year decrease from 2024, according to its annual financial statement.

Operating cash flow reached US$1.27 billion (8.75 billion yuan), and free cash flow stood at US$912.87 million (6.3 billion yuan), both hitting record highs.

Annual net profit reached US$224 million (RMB 1.545 billion), a massive 1378.9% increase from RMB 104 million (approximately USD 15.1 million) in 2024.

Net cash inflow from operating activities reached RMB 8.7505 billion (approximately USD 1.27 billion), an increase of 5.0% from 2024.

Fresh milk, cheese, and domestic ice cream business segments all recorded double-digit growth for the full year. Among them, the cheese business revenue increased by more than US$13.56 million (93.6 million yuan) from the previous year to US$762.17 million (5.26 billion yuan), representing a growth of 21.9 per cent.

Gao Fei, the company’s Chief Executive Officer and Executive Director, said that due to category price declines and intense industry competition, the company’s full-year sales volume fell 4% in 2025, dragging down overall revenue.

He noted that prices across the overall dairy industry stabilized in the second half, with clear signs of recovery. At the same time, he said that the dairy industry should not rely entirely on low-price competition but instead focus on product innovation to tap into incremental markets opportunities.

He pointed out that Mengniu is accelerating its overseas expansion in categories including milk formula and cheese, covering markets such as Southeast Asia, Australia, and the Middle East. In 2025, Mengniu’s ice cream brand Aice maintained its leading market position in Indonesia.

Overseas revenue accounted for less than 10 percent of the 2025 total, but Mengniu’s overseas business has outpaced the group’s average growth rate every year recently, said company vice president Chen Yiyi. He said that overall risks in the overseas business are controllable and demand remains strong. Therefore, the company will continue to develop its overseas operations.

Chief Financial Officer Shen Xinwen said that the dividend per share will steadily increase over the next three years, while maintaining the share repurchase pace of 2024 and 2025 to further enhance shareholder returns. Mengniu plans to pay a final dividend of 0.52 yuan per share, up 2.2 % year-on-year.

Looking ahead, Shen predicted the company’s revenue will rebound this year, achieving mid-single-digit growth for the full year, and said it will continue to focus on revenue growth and margin expansion.

To receive our email newsletters with the latest news and insights from Africa, the Middle East and around the world, SUBSCRIBE HERE