China Feihe Limited 06186.HK
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About UsMILK POWDERWisable Babies Drink FeiheNo.1 Sales all over the World
Feihe, headquartered in Beijing, is the largest and most highly recognized Chinese brand infant milk formula company, according to the Frost & Sullivan (F&S) Report. As the prominent market leader, our brand ranked first among domestic and international peers according to the F&S Report in 2020. According to AC Nielsen Report, our market share in China’s infant milk formula market is 18.6% as the date of May 31, 2025.
With longstanding expertise in the infant milk formula business, our brand has a unique value proposition as “More Suitable for Chinese Babies” (更适合中国宝宝体质). Our products are designed to closely simulate the composition of the breast milk of Chinese mothers through in-house research and development formulations, with the aim of achieving an optimal balance of key ingredients for Chinese babies based on their biological physique.
With longstanding expertise in the infant milk formula business, our brand has a unique value proposition as “More Suitable for Chinese Babies” (更适合中国宝宝体质). Our products are designed to closely simulate the composition of the breast milk of Chinese mothers through in-house research and development formulations, with the aim of achieving an optimal balance of key ingredients for Chinese babies based on their biological physique.
China is the world’s most populous country and one of the fastest growing infant milk formula markets in the world. With continued urbanization and the rise in the number of women in the workplace, an increasing number of mothers in China have grown to accept the convenience and nutritional benefits offered by infant milk formula products as a supplement to and/or substitute for breast milk for their infants. With the continuous premiumization trend, the market share of super premium + and super premium segments increased steadily. 
The Group’s revenue increased slightly by 6% from RMB9,735.2 million for the six months ended 30 June 2023 to RMB10,094.9 million for the six months ended 30 June 2024. The Group primarily sells its products through an extensive nationwide distribution network of over 2,800 offline customers with more than 77,000 retail points of sale as at 31 December 2024.The Group’s offline customers are distributors who sell its products to retail outlets as wellas maternity store operators, supermarkets and hypermarket chains in some cases. Recognizing the importance and increasing significance of the maternity stores channel in our industry, we are one of the early movers in establishing partnerships with them. With the larger maternity store operators such as Kidswant (孩子王) and Aiyingdao (爱婴岛), we have also dedicated resources to develop and strengthen our relationship in order to narrow the gap with our end consumers. By the end of 2019, Feihe established partenership with Babemax Shanghai, the last major Chinese maternity brand which Feihe had not partnered up with. We believe our single-layer distribution approach, well-managed nationwide distribution channels and high penetration into maternity stores give us the competitive edge to maintain our profit margins as well as control over end product sales. Furthermore, our barcode scanning function enables customer inventory tracking thus giving good visibility over their inventory levels to avoid stock accumulation and ensuring highest product quality. To capture the rapid growth from e-commerce sales in China, particularly among younger generations of consumers, our products are also sold directly on some of the largest e-commerce platforms, such as Tmall, JD.com, Pinduoduo, and Tik Tok, in addition to our own website and mobile application, such as WeChat.
The Group’s revenue increased slightly by 6% from RMB9,735.2 million for the six months ended 30 June 2023 to RMB10,094.9 million for the six months ended 30 June 2024. The Group primarily sells its products through an extensive nationwide distribution network of over 2,800 offline customers with more than 77,000 retail points of sale as at 31 December 2024.The Group’s offline customers are distributors who sell its products to retail outlets as wellas maternity store operators, supermarkets and hypermarket chains in some cases. Recognizing the importance and increasing significance of the maternity stores channel in our industry, we are one of the early movers in establishing partnerships with them. With the larger maternity store operators such as Kidswant (孩子王) and Aiyingdao (爱婴岛), we have also dedicated resources to develop and strengthen our relationship in order to narrow the gap with our end consumers. By the end of 2019, Feihe established partenership with Babemax Shanghai, the last major Chinese maternity brand which Feihe had not partnered up with. We believe our single-layer distribution approach, well-managed nationwide distribution channels and high penetration into maternity stores give us the competitive edge to maintain our profit margins as well as control over end product sales. Furthermore, our barcode scanning function enables customer inventory tracking thus giving good visibility over their inventory levels to avoid stock accumulation and ensuring highest product quality. To capture the rapid growth from e-commerce sales in China, particularly among younger generations of consumers, our products are also sold directly on some of the largest e-commerce platforms, such as Tmall, JD.com, Pinduoduo, and Tik Tok, in addition to our own website and mobile application, such as WeChat.Scientific Leadership Through Innovation In addition, another key differentiation of our brand is our consistent dedication to researching and understanding Chinese women’s breast milk in order for our infant milk formula production to simulate the composition in breast milk as much as possible. We have established a comprehensive Chinese breast milk database, in which we have collected over 1,500 Chinese breast milk samples from Chinese mothers of various physique and diets across the region. Additionally, we have formed collaborative partnerships with leading national and international research institutions to continue conducting research on the nutrition of infants and adults. Moreover, we persistently source the highest quality fresh milk for all of our infant milk formula production. The close proximity of our production facilities to our dairy milk suppliers ensures the freshness is optimally preserved, whereby the milk is utilized within 24 hours of receipt. According to the F&S Report, we are the only infant milk formula provider that participated in the prestigious National 863 Program, also known as the State High-technology Development Plan (国家高技术研究发展计划), a PRC Government funded program intended to stimulate the development of advanced technologies. 
As a result of our continuous efforts across these initiatives, we have solidified our reputation as a premium infant milk formula brand and have generated significant demand for our high-end products, subsequently driving our revenue growth during the Track Record Period.For the years ended December 31, 2019, 2020 and 2021, our revenue was RMB13,722million, RMB18,592 million and RMB22,776 million respectively. Our profit for the years ended December 31, 2019, 2020 and 2021 was RMB3,935 million, RMB7,437 million and RMB6,914 million respectively.
As a result of our continuous efforts across these initiatives, we have solidified our reputation as a premium infant milk formula brand and have generated significant demand for our high-end products, subsequently driving our revenue growth during the Track Record Period.For the years ended December 31, 2019, 2020 and 2021, our revenue was RMB13,722million, RMB18,592 million and RMB22,776 million respectively. Our profit for the years ended December 31, 2019, 2020 and 2021 was RMB3,935 million, RMB7,437 million and RMB6,914 million respectively.