周一，中国飞鹤大跌超17%，股价创去年9月以来新低。公司发布2025年上半年利润警告，预计收入按年下降8%至10%至91亿至93亿元人民币，净利润按年下降37%至47%至10亿至12亿元人民币。
瑞银指出，飞鹤收入未达预期主要归因于其生育补贴计划的推出，减少了消费者支出并影响销售；为支持公司“新鲜、萃取、活性营养”计划而进行的跨渠道战略库存削减，旨在提升产品质量和货架新鲜度。在盈利能力方面，纯利进一步受政府补贴减少、奶粉产品相关减值费用以及生育补贴计划相关的高额销售费用的压力。该行予公司“买入”评级，目标价7.4元。
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