China Mengniu Dairy stock reports 7.8 percent revenue growth

China Mengniu Dairy stock stood at HKD 17.72 on HKEX on September 24, 2026, down 1.12 percent from the previous close. The company reported CNY 44.795 billion in first-half revenue, up 7.8 percent year over year, according to China Daily Hong Kong.

Revenue growth reaches 7.8 percent

For the six months ended June 30, 2026, profit attributable to owners increased 15.9 percent to CNY 2.3715 billion. Operating profit reached CNY 3.6763 billion, up 3.9 percent year over year, while the operating margin was 8.2 percent.

The growth was broad across Mengniu's portfolio. Liquid milk revenue rose 5.2 percent to CNY 33.8654 billion, cheese revenue increased 32.6 percent to CNY 3.1483 billion, and milk formula revenue climbed 22.8 percent to CNY 2.0576 billion, according to DBS.

Margin recovery remains decisive

Revenue expansion came with a cost. Gross margin declined 0.9 percentage points year over year to 40.8 percent, as price reductions for basic products and higher packaging, coconut oil and protein powder costs offset product mix gains.

DBS said on August 31, 2026, that it upgraded revenue guidance to high-single-digit growth and expected a 40 basis point second-half margin gain. The bank also raised its fiscal 2026 and 2027 earnings forecasts by 2 percent and 4 percent, respectively, while setting a HKD 24.30 price target.

Stock trades below its yearly high

At HKD 17.72 on September 24, 2026, China Mengniu Dairy stock was HKD 1.95 below its 52-week high of HKD 19.67 and HKD 3.84 above its 52-week low of HKD 13.88. The current valuation therefore reflects a recovery from the yearly low while leaving margin execution as the key test for the earnings outlook.