Goldman Sachs has issued a research report following a recent meeting with MENGNIU DAIRY (02319). Management expressed increased confidence in an industry recovery by 2026, supported by stabilizing demand, improving pricing dynamics, and continued penetration of emerging sales channels. The company noted that raw milk prices have largely bottomed out, and retail pricing competition is expected to gradually ease compared to 2025. For 2026, MENGNIU DAIRY reiterated its target of achieving mid-single-digit revenue growth. In the first quarter of this year, the liquid milk segment returned to positive growth, driving overall revenue to a high-single-digit increase. Goldman Sachs maintains a 'Buy' rating on MENGNIU DAIRY with a 12-month target price of HK$21.4.