证券研究报告 中国飞鹤 (6186 HK) 港股通 生育政策加码，婴配粉龙头有望迎来利好 华泰研究 动态点评 2025 年 3 月 14 日│中国香港 食品 今年以来，生育刺激政策正在加速落地：3 月 6 日财政部部长蓝佛安表示今 年加大对民生领域的投入力度，让居民收入更稳定，同时提出对幼儿发放育 儿补贴，建立学前教育国家资助制度；3 月 7 日国家卫生健康委员会主任雷 海潮指出今年将发放育儿补贴，国家卫健委正在会同有关部门起草相关的育 儿补贴的操作方案（据第一财经）；3 月 13 日内蒙古呼和浩特发布育儿补贴 细则（对于生育一孩/二孩/三孩及以上分别发放补贴 1/5/10 万元），3 月 1 日起实施，提供产妇 "一杯奶"生育关怀，同时，义务教育阶段二孩入学 "幼随长走、就近择优"&三孩及以上家庭孩子入学可在全市自由选择。政 策端多措并举、居民生育意愿有望提升，公司作为婴配粉龙头企业迎来利好， 维持"买入"评级。 24 年新生人口数量同比增加，生育刺激落地有望带来发展新机遇 伴随着新国标出台后中小品牌促销及去库存已步入尾声，婴配粉行业竞争趋 于理性，整体价盘逐步企稳，据国家统计局数据，24 年我国出生人口数 ...

证券研究报告 中国飞鹤 (6186 HK) 港股通 生育政策加码，婴配粉龙头有望迎来利好 华泰研究 动态点评 2025 年 3 月 14 日│中国香港 食品 今年以来，生育刺激政策正在加速落地：3 月 6 日财政部部长蓝佛安表示今 年加大对民生领域的投入力度，让居民收入更稳定，同时提出对幼儿发放育 儿补贴，建立学前教育国家资助制度；3 月 7 日国家卫生健康委员会主任雷 海潮指出今年将发放育儿补贴，国家卫健委正在会同有关部门起草相关的育 儿补贴的操作方案（据第一财经）；3 月 13 日内蒙古呼和浩特发布育儿补贴 细则（对于生育一孩/二孩/三孩及以上分别发放补贴 1/5/10 万元），3 月 1 日起实施，提供产妇 "一杯奶"生育关怀，同时，义务教育阶段二孩入学 "幼随长走、就近择优"&三孩及以上家庭孩子入学可在全市自由选择。政 策端多措并举、居民生育意愿有望提升，公司作为婴配粉龙头企业迎来利好， 维持"买入"评级。 24 年新生人口数量同比增加，生育刺激落地有望带来发展新机遇 伴随着新国标出台后中小品牌促销及去库存已步入尾声，婴配粉行业竞争趋 于理性，整体价盘逐步企稳，据国家统计局数据，24 年我国出生人口数 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [2]. Core Insights - The company reported a 3.7% year-on-year increase in revenue for H1 2024, reaching 10.095 billion, and a 10.5% increase in net profit, amounting to 1.875 billion [2]. - A mid-term dividend of 0.16 HKD per share was announced, with a payout ratio of 72% [2]. - The company has adjusted its profit forecasts for 2024 downwards due to declining birth rates and intense industry competition, projecting net profits of 3.69 billion, 3.86 billion, and 4.02 billion for 2024, 2025, and 2026 respectively [2][4]. - The company maintains a leading market share in the infant formula sector, with a total market share of 19.2% and offline market share of 22.7% [3]. Summary by Sections Financial Performance - For H1 2024, the company achieved a gross margin of 67.9%, up 2.56 percentage points year-on-year, contributing to a net profit margin of 18.6%, an increase of 1.15 percentage points [3]. - The revenue for 2024 is projected to be 20.476 billion, with a year-on-year growth rate of 5% [4]. - The net profit for 2024 is expected to be 3.691 billion, reflecting a 9% increase compared to the previous year [4]. Market Position - The ultra-premium infant formula segment saw a revenue increase of 19.6% to 7.14 billion, driven by the growth of the Star Flying series [3]. - The company has effectively managed its channel inventory, positioning itself to capture market share as smaller brands exit the market [3]. Profitability Metrics - The report indicates a decrease in sales expense ratio to 35%, down 0.52 percentage points, due to optimized marketing strategies [3]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 10x, 10x, and 9x respectively, compared to an average PE of 12x for comparable companies [2][4].

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 10,094.9 million, a 3.7% increase compared to the same period in 2023[4] - Gross profit increased by 7.8% to RMB 6,852.5 million in the first half of 2024, up from RMB 6,359.3 million in 2023[4] - Net profit attributable to shareholders rose by 18.1% to RMB 1,911.5 million in the first half of 2024, compared to RMB 1,618.7 million in the same period last year[4] - Basic and diluted earnings per share increased by 10.5% to RMB 0.21 in the first half of 2024, up from RMB 0.19 in 2023[4] - Revenue increased by 3.7% to RMB 10,094.9 million in the first half of 2024 compared to RMB 9,735.2 million in the same period of 2023[14] - Gross profit rose by 7.8% to RMB 6,852.5 million, with gross margin improving from 65.3% to 67.9% due to growth in the Starry Flight product series[16] - Net profit attributable to shareholders increased by 18.1% to RMB 1,911.5 million, with a profit margin of 18.9%[13] - Pre-tax profit increased by 24.4% from RMB 2,435.0 million in the first half of 2023 to RMB 3,029.4 million in the first half of 2024[22] - Net profit for the period grew by 18.1% from RMB 1,618.7 million in the first half of 2023 to RMB 1,911.5 million in the first half of 2024[24] - Revenue for the six months ended June 30, 2024, increased to RMB 10,094,947 thousand, up 3.7% from RMB 9,735,225 thousand in the same period last year[88] - Gross profit rose to RMB 6,852,455 thousand, a 7.8% increase compared to RMB 6,359,266 thousand in 2023[88] - Net profit attributable to owners of the parent company reached RMB 1,875,011 thousand, up 10.6% from RMB 1,695,913 thousand in the previous year[88] - Total comprehensive income for the period was RMB 1,886,699 thousand, compared to RMB 1,747,812 thousand in 2023[89] - Earnings per share (basic and diluted) for the period were RMB 0.21, compared to RMB 0.19 in the same period last year[88] - The company's profit before tax for the six months ended June 30, 2024, was RMB 3,029,435,000, an increase from RMB 2,435,048,000 in the same period in 2023[93] - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 1,567,971,000, up from RMB 1,136,562,000 in the same period in 2023[93] - The company's pre-tax profit for the six months ended June 30, 2024, was RMB 3,242,492 thousand, compared to RMB 3,375,959 thousand in the same period in 2023, reflecting a decrease of 3.9%[108] - The company's profit attributable to ordinary equity holders for the six months ended June 30, 2024, was RMB 1,875,011 thousand, compared to RMB 1,695,913 thousand in the same period in 2023[115] Market and Industry Trends - The number of newborns in China decreased to approximately 9.0 million in 2023, down from 10.94‰ in 2018, with the number of children aged 0-3 dropping to 28.5 million[5] - China's per capita disposable income reached RMB 39,218 in 2023, with a compound annual growth rate of 6.8% from 2018 to 2023, driving demand for premium infant formula products[5] - The Chinese government's supportive policies, such as the "Three-Child Policy" and stricter national safety standards for infant formula, are expected to stabilize the market[6][7] - The premium infant formula segment is expected to grow due to urbanization, rising disposable income, and increased health awareness[5] Operational Highlights - The company's offline sales network generated 76.8% of total dairy product revenue, with over 2,800 distributors covering more than 80,000 retail outlets[9] - The company's production capacity reached over 363,000 tons annually, supported by 11 production facilities, including a newly licensed infant formula facility in Canada[10] - The company acquired over 1,430,000 new customers through approximately 460,000 face-to-face seminars held in the first half of 2024[11] - Nutritional supplement revenue from Vitamin World USA contributed RMB 81.3 million, accounting for 0.8% of total revenue[12] - Sales cost decreased by 4.0% to RMB 3,242.5 million, mainly due to lower raw material prices[15] - Sales and distribution expenses increased by 2.2% to RMB 3,535.4 million, driven by higher online and promotional activity costs[18] - Administrative expenses decreased by 2.5% to RMB 738.7 million, primarily due to reduced R&D costs[19] - The company's inventory decreased by RMB 102,725,000 in the six months ended June 30, 2024, compared to a decrease of RMB 14,134,000 in the same period in 2023[93] - Trade receivables and bills receivable decreased by RMB 123,240,000 in the six months ended June 30, 2024, compared to an increase of RMB 88,937,000 in the same period in 2023[93] - The company's depreciation of property, plant, and equipment increased to RMB 298,677,000 in the six months ended June 30, 2024, from RMB 259,403,000 in the same period in 2023[93] - The company's interest income increased to RMB 180,525,000 in the six months ended June 30, 2024, from RMB 151,047,000 in the same period in 2023[93] - The company's income tax paid increased to RMB 1,555,491,000 in the six months ended June 30, 2024, from RMB 1,317,360,000 in the same period in 2023[93] - Investment activities resulted in a net cash outflow of RMB 363.866 million in the first half of 2024, compared to a net cash inflow of RMB 2.311 billion in the same period of 2023[94] - The company purchased structural deposits worth RMB 4.645 billion in the first half of 2024, a significant increase from RMB 2.42 billion in the same period of 2023[94] - Redemption of structural deposits generated RMB 4.05 billion in cash inflow in the first half of 2024, down from RMB 5.263 billion in the same period of 2023[94] - The company's cash and cash equivalents decreased by RMB 203.744 million in the first half of 2024, compared to an increase of RMB 2.014 billion in the same period of 2023[94] - The company's cash and cash equivalents balance stood at RMB 7.21 billion as of June 30, 2024, down from RMB 7.581 billion as of June 30, 2023[94] - The company operates in two reportable segments: raw milk production and sales, and dairy products and nutritional supplements production and sales[98] - Total revenue for the six months ended June 30, 2024, reached RMB 10,094,947 thousand, compared to RMB 9,735,225 thousand in the same period in 2023, representing a 3.7% increase[99][104] - Revenue from external customers in Mainland China increased to RMB 9,987,364 thousand in 2024 from RMB 9,629,346 thousand in 2023, a 3.7% growth[102][105] - Revenue from the United States decreased to RMB 81,305 thousand in 2024 from RMB 105,879 thousand in 2023, a 23.2% decline[102][105] - Revenue from Canada was RMB 26,278 thousand in 2024, compared to no revenue reported in 2023[102][105] - Segment profit for the dairy products and nutritional supplements segment increased to RMB 2,894,421 thousand in 2024 from RMB 2,561,633 thousand in 2023, a 13% growth[99][101] - Total assets as of June 30, 2024, were RMB 35,609,185 thousand, slightly lower than RMB 36,194,678 thousand as of December 31, 2023[99][101] - Total liabilities as of June 30, 2024, decreased to RMB 8,565,478 thousand from RMB 9,860,332 thousand as of December 31, 2023, a 13.1% reduction[99][101] - Bank interest income increased to RMB 138,364 thousand in 2024 from RMB 112,069 thousand in 2023, a 23.5% increase[99][106] - Government grants related to income decreased to RMB 401,255 thousand in 2024 from RMB 517,622 thousand in 2023, a 22.5% decline[106] - The company recognized an impairment loss of RMB 85,925 thousand on property, plant, and equipment, and right-of-use assets due to losses incurred by a subsidiary[109] - Financial costs for the six months ended June 30, 2024, amounted to RMB 26,236 thousand, a slight decrease from RMB 27,347 thousand in the same period in 2023[110] - The company's tax expense for the six months ended June 30, 2024, was RMB 1,117,984 thousand, up from RMB 816,366 thousand in the same period in 2023[112] - The company acquired property, plant, and equipment worth RMB 332,733 thousand during the six months ended June 30, 2024, slightly lower than RMB 342,296 thousand in the same period in 2023[117] - The total number of dairy cows owned by the company as of June 30, 2024, was 109,696, an increase from 102,497 as of December 31, 2023[119] - The total value of dairy cows as of June 30, 2024, was RMB 2,304,520 thousand, compared to RMB 2,235,220 thousand as of December 31, 2023, showing an increase of RMB 69,300 thousand[123][124] - The value of lactating cows increased to RMB 1,230,810 thousand as of June 30, 2024, from RMB 969,000 thousand as of December 31, 2023, reflecting a growth of RMB 261,810 thousand[124] - The total inventory as of June 30, 2024, was RMB 2,139,247 thousand, a decrease from RMB 2,258,059 thousand as of December 31, 2023, primarily due to a reduction in feed and raw materials[128] - Trade receivables and bills receivable decreased to RMB 308,472 thousand as of June 30, 2024, from RMB 431,184 thousand as of December 31, 2023, indicating improved collection efficiency[129] - The fair value of biological assets classified as Level 3 was RMB 2,304,520 thousand as of June 30, 2024, compared to RMB 2,252,706 thousand as of December 31, 2023[127] - The company no longer held any dairy goats as of June 30, 2024, following the sale of a subsidiary, compared to a total of 4,752 dairy goats as of December 31, 2023[121][122] - The value of work-in-progress inventory increased significantly to RMB 1,054,892 thousand as of June 30, 2024, from RMB 676,838 thousand as of December 31, 2023, reflecting higher production activity[128] - The fair value change minus sales costs resulted in a loss of RMB 331,732 thousand for dairy cows in the first half of 2024, compared to a loss of RMB 731,461 thousand in the same period of 2023[124] - The company's trade receivables aged over three months decreased to RMB 33,058 thousand as of June 30, 2024, from RMB 25,766 thousand as of December 31, 2023, indicating better credit management[130] - Biological assets worth RMB 389,207 thousand were pledged for interest-bearing bank loans as of June 30, 2024, slightly down from RMB 391,283 thousand as of December 31, 2023[127] - Trade payables and bills payable decreased to RMB 1,642,060 thousand as of June 30, 2024, from RMB 1,838,223 thousand as of December 31, 2023[131] - Within trade payables and bills payable, 91.7% (RMB 1,505,086 thousand) were due within three months as of June 30, 2024[132] - Deferred revenue increased to RMB 672,501 thousand as of June 30, 2024, from RMB 632,893 thousand as of December 31, 2023[133] - Contract liabilities decreased to RMB 422,006 thousand as of June 30, 2024, from RMB 683,327 thousand as of December 31, 2023[133] - Capital commitments for construction and purchase of property, plant, and equipment increased to RMB 460,158 thousand as of June 30, 2024, from RMB 294,011 thousand as of December 31, 2023[136] - Sales of raw milk to companies controlled by the controlling shareholder increased to RMB 7,607 thousand in the first half of 2024, compared to RMB 3,183 thousand in the same period of 2023[137] - The total remuneration of key management personnel was RMB 21,913 thousand in the first half of 2024, slightly down from RMB 22,048 thousand in the same period of 2023[139] - Structured deposits increased to RMB 9,405,533 thousand as of June 30, 2024, from RMB 8,670,910 thousand as of December 31, 2023[140] - Interest-bearing bank and other borrowings decreased to RMB 1,267,805 thousand as of June 30, 2024, from RMB 1,377,750 thousand as of December 31, 2023[140] - The fair value of financial assets measured at fair value through other comprehensive income was RMB 1,800 thousand as of June 30, 2024, unchanged from December 31, 2023[143] - The fair value of structured deposits increased to RMB 9,405,533 thousand as of June 30, 2024, up from RMB 8,670,910 thousand as of December 31, 2023[143] - The fair value of interest-bearing bank and other borrowings decreased to RMB 1,260,282 thousand as of June 30, 2024, down from RMB 1,377,054 thousand as of December 31, 2023[145] - A 20% increase or decrease in the price-to-book ratio of comparable companies would result in a corresponding increase or decrease of approximately RMB 360,000 in the fair value of financial assets measured at fair value through other comprehensive income[144] Shareholder and Equity Information - Cold Youbin holds 587,516,458 shares, representing 6.48% of the company's total issued shares, through his controlled company Dasheng Limited[36][37] - Cold Youbin is deemed to have an interest in 3,889,911,881 shares held by Garland Glory Limited through the Cold Family Trust, representing 42.90% of the company's total issued shares[36][37] - Liu Hua holds 345,681,920 shares, representing 3.81% of the company's total issued shares, through the Liu Hua Family Trust[36][37] - Cai Fangliang holds 101,647,734 shares, representing 1.12% of the company's total issued shares, through his controlled company Adroit Shipping Limited[36][37] - Tu Fang'er holds 23,717,804 shares, representing 0.26% of the company's total issued shares, through the J.T. Living Trust[36][38] - Harneys Trustees Limited holds 4,461,740,357 shares, representing 49.21% of the company's total issued shares, as the trustee of the Cold Family Trust and Liu Hua Family Trust[41] - LYB International Holding Limited holds 3,889,911,881 shares, representing 42.90% of the company's total issued shares, through Garland Glory Holdings Limited[41] - Liu Shenghui holds 813,663,014 shares, representing 8.97% of the company's total issued shares, through controlled companies and as the founder of a discretionary trust[41] - Dasheng Limited holds 587,516,458 shares, representing 6.48% of the company's total issued shares, as the beneficial owner[41] - Harneys Trustees Limited holds interests in a total of 4,461,740,357 shares, including 3,889,911,881 shares held by the Leng Family Trust, 345,681,920 shares held by the Liu Hua Family Trust, and 226,146,556 shares held by the Liu Family Trust[42] - The company declared an interim dividend of HKD 0.1632 per share, totaling approximately HKD 1,479,775,478, to be paid by September 30, 2024[48] - The company maintains a dividend policy of distributing no less than 30% of the annual net profit to shareholders, subject to future investment plans[49] - The maximum number of shares that can be issued under the Pre-IPO Share Option Plan is 190,190,704 shares, representing approximately 2.10% of the company's total issued shares as of the date of this interim report

浦银国际研究 浦银国际 公司研究 中国飞鹤 （6186.HK） 公司研究 | 消费行业 中国飞鹤（6186.HK）：产品结构高端化 趋势 2H24 有望持续，重申加大派息力度 尽管行业竞争环境依然不容乐观，但经过两年的渠道改革，飞鹤基本 面已大幅改善：渠道库存回到健康水平，终端价盘大幅回升，超高端 新品卓睿销量涨势喜人，整体品牌力与市场份额稳步提升，毛利率同 比大幅扩张。我们预测公司基本面同比改善的趋势将在 2H24 持续。 结合公司依然较低的估值水平以及管理层承诺持续加大的派息力度， 我们认为飞鹤当前股价依然有较高的性价比和吸引力。上调 2024-2026 盈利预测，上调目标价至 5.21 港元，维持"买入"评级。 收入增速好于行业，管理层对 2H24 预期乐观：飞鹤 1H24 的婴配粉 收入同比增长 5%（线下 3%，线下 9%），一定程度上归功于公司加大 了渠道补货力度。管理层表示 1H24 飞鹤终端销售同比小幅正增长（线 下小幅下跌，线上大幅增长），依然好于行业整体表现。我们预计公 司当前渠道库存为一个半月（相较年初半个月），依然处于较为健康 的水平。管理层预计 2H24 收入将加速增长，2024 全 ...

高端系列带动利润率提升，但未来利润增长空间或有限；维持中性 上半年收入利润均获提升。飞鹤于 2024 上半年实现了远好于行业的表 现。上半年收入 100.9 亿元（人民币，下同），同比增 3.7%，而其主营业 务行业—婴幼儿配方奶粉行业，则呈双位数下降；受产品结构优化以及高 端系列的持续增长，毛利率提升 2.6 个百分点至 67.9%。经营利润 30.6 亿 元，经营利润率同比提升近 5 个百分点至 30.3%。在 2022 年和 2023 年连 续下跌后，飞鹤 2024 上半年净利润重返增长，同比增 18.1%至 19.1 亿 元，对应净利润率 18.9%。飞鹤拟派发中期股息每股 0.1632 港元，同比增 长 21%，对应派息率 72%（去年同期为 66%），股东回报持续提升。 高端系列推动收入增长和利润率提升；收入端未来增长动力逐渐清晰。飞 鹤一直进行产品结构的改造和升级，去除大量低端产品线并大力发展高端 和超高端系列（如星飞帆、臻稚有机）。受益于高端产品的持续升级，以 及在消费者购买力较强的沿海省份及高线级城市的渠道渗透和营销力度的 加强，飞鹤上半年毛利率显著提升至 67.9%（去年同期为 65.3% ...

Investment Rating - The investment rating for the company is Neutral [3][7]. Core Insights - The company's high-end product series has driven profit margin improvements, but future profit growth may be limited. The company reported a revenue of 10.09 billion RMB in the first half of 2024, a year-on-year increase of 3.7%, while the infant formula industry experienced a double-digit decline. Gross margin improved by 2.6 percentage points to 67.9% due to product structure optimization and the continued growth of high-end series [1][2]. - The company plans to distribute an interim dividend of 0.1632 HKD per share, a year-on-year increase of 21%, with a payout ratio of 72% [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a net profit of 1.91 billion RMB, a year-on-year increase of 18.1%, corresponding to a net profit margin of 18.9%. Operating profit was 3.06 billion RMB, with an operating profit margin of 30.3%, up nearly 5 percentage points year-on-year [1][2]. - Revenue projections for the upcoming years are as follows: 20.8 billion RMB for 2024E, 22.2 billion RMB for 2025E, and 23.3 billion RMB for 2026E, with expected growth rates of 6.5%, 6.5%, and 5.0% respectively [3][8]. Market Dynamics - The growth drivers for the company include increasing consumer confidence in domestic infant formula quality, the release of new national standards raising industry entry barriers, and the growth of the high-end market segment [2]. - The company has been removing low-end product lines and focusing on high-end and ultra-high-end series, which has contributed to the significant increase in gross margin [2]. Valuation - The target price has been adjusted to 4.00 HKD, based on a price-to-earnings ratio of 7.7 times the 2025 earnings, reflecting a conservative outlook due to ongoing industry pressures and limited profit growth potential [2].

2024 年 9 月 2 日 中国飞鹤（6186.HK） 业绩逆势增长，投资价值显现 中国飞鹤（6186.HK）2024 年上半年收入为 100.9 亿，同比增长 3.7%，净利润为 19.1 亿，同比增长 18%。 24 年出生人口有望恢复，行业最差时期即将过去。公司 维持高分红策略，股息率预期将超过 7%。我们预期 24/25/26 年净利润为 36.5/38.4/39.4 亿元，对应每 EPS 收益为 0.44/0.47/0.48 港元。维持"买入"评级。 我们综合考虑市场情绪及估值，维持目标价 4.9 港元，较当前股价有 17%的上涨空 间。 报告摘要 产品结构持续升级。24 年公司上半年收入为 100.9 亿，同比增长 3.7%，其中超高 端产品收入 71.4 亿，同比增长 19%。星飞帆卓睿系列收入增长 80%，高端产品和 普通产品的收入及占比持续下滑，产品结构向着高端化持续升级。未来公司也将坚 定的定位超高端市场，比如上半年推出了早产儿奶粉蓓舒维、卓然倍高儿童奶粉、 臻稚卓蓓有机奶粉等，下半年预计上线比卓睿更高端的奶粉系列。行业在出生人口 下滑的背景下面临较大压力，尤其行业内新老国标产品过渡，竞 ...

公 司 研 究 日期 2024/8/30 当前股价(港元) 4.190 一年最高最低(港元) 5.130/3.390 总市值(亿港元) 379.92 流通市值(亿港元) 379.92 总股本(亿股) 90.67 流通港股(亿股) 90.67 近 3 个月换手率(%) 9.8 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 股价走势图 -30% -20% -10% 0% 10% 20% 2023-08 2023-12 2024-04 中国飞鹤 恒生指数 数据来源：聚源 相关研究报告 《库存持续优化，数字化赋能—港股 公司信息更新报告》-2023.8.31 中国飞鹤（06186.HK） 2024 年 08 月 31 日 投资评级：增持（维持） 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 2024H1 业绩超预期，持续分红提升股东回报 公司 2024H1 实现收入 100.95 亿元，同比增 3.7%；实现归母净利润 18.75 亿元， 同比增 1 ...

[Table_Title] 渠道改革显成效，H1 业绩+11% ——中国飞鹤 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现收入 100.95 亿元（+3.70%），归母 净利 18.75 亿元（+10.56%）。公司拟派发中期股息，每股拟派发 0.1632 港元， 合计拟派发现金红利 14.80 亿港元，约合人民币 13.53 亿元，分红率 72.15%。 渠道改革见效，境内收入同比+3.72% 1）乳制品线上收入占比同比+1.00pct。2024H1，公司线下、线上收入分别为 77.53、23.42 亿元，同比+2.36%、+8.37%，线上收入占比为 23.20%，同比 +1.00pct，线下收入增长稳健，24H1 末公司拥有 2,800 多名线下客户，覆盖超 8 万个零售销售点。 2）境内收入增长稳健。2024H1，公司在中国、美利坚合众国、加拿大的收入 分别为 99.87、0.81、0.26 亿元，同比+3.72%、-23.21%、NA。2023 年，公 司提前去渠道库存、积极推动渠道改革，并于 2024/2/26 上线电子 ...