On August 26, China Feihe Ltd (HKEX: 06117) released its interim results for the first half of fiscal year 2026. During the reporting period, the company achieved revenue of RMB 9.36 billion, representing a year-on-year increase of 2.3%, while net profit reached RMB 901 million. The company continues to demonstrate enhanced earnings quality and resilient operational stability amid industry cyclical fluctuations.
The core business maintains a solid foundation, with Euromonitor data showing that Feihe has ranked first in China's infant formula sales for seven consecutive years. The flagship Zhuorui series continues to lead market performance, while the ultra-premium Jicui and Qicui series have demonstrated outstanding results in feeding trials. Furthermore, Feihe has extended its quality competition to the entire industrial chain, establishing a comprehensive freshness system covering six key dimensions: milk sources, raw materials, formulations, products, traceability, and standards.
The milk protein raw materials business has become a key strategic direction in Feihe's industrial chain layout. The company has mastered globally leading "fresh milk protein extraction technology," achieving 100% self-research and self-production of 16 core milk protein raw materials, with three major milk raw material deep-processing bases now operational. This strategic arrangement effectively hedges against international raw material price volatility, stabilizes costs and product quality, enhances operational resilience, and supports the expansion of business boundaries.
Leveraging the efficient reuse of upstream milk protein deep-processing technology, Feihe continues to refine its full-lifecycle nutrition product portfolio. The company has deployed diversified offerings including adolescent cheese, Aiben PRO50 adult milk powder, fresh-extracted milk protein series nutritional powders, and slow-fermented cheese, driving the transformation from an infant formula leader into a full-age nutrition technology enterprise.
To advance the commercialization of milk protein raw material operations, Feihe has established a dedicated business division for global supply and launched a new protein raw material brand, "Zhicheng FURIMMO." The company unveiled six self-produced protein raw materials and formed strategic partnerships with leading sports nutrition and health industry players including Kangbite, Xizi Health, Baihe Biologics, and JD.com. Additionally, Feihe collaborated with Aker BioMarine, Yuxin Bio, Xiaozao Tech, Yuansheng Bio, and Zhongke Guanggu to launch five innovative protein compound raw materials, addressing protein raw material supply challenges.
Globalization efforts are advancing in parallel, with Feihe transitioning from product export to technology and system export. The business now reaches markets in North America, the Philippines, and Indonesia, unlocking overseas growth potential. Driven by the dual-engine model of "core milk protein raw materials plus full-age nutrition products," Feihe is steadily progressing from an infant formula leader toward becoming a comprehensive full-age nutrition health pioneer.