China Mengniu Dairy Co Ltd

02319: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Transfer Coverage of Mengniu With No-Moat Rating and HKD 22 Fair Value Estimate

Cheng Wang

Oct 2, 2026

Business Strategy and Outlook

Mengniu is China's second-largest dairy producer, after Yili. Revenue more than doubled in the decade to 2023 on rising Chinese dairy consumption but fell in 2024 and 2025 amid weak consumer demand. Despite recent headwinds, we remain optimistic about Mengniu’s long-term growth outlook given China’s dairy consumption per capita remains well below the global average and that of many Asian neighbors.

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China Mengniu Dairy Co Ltd

Transfer Coverage of Mengniu With No-Moat Rating and HKD 22 Fair Value Estimate

Business Strategy and Outlook

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