Loading…
China's second-largest dairy company, selling liquid milk, yogurt, ice cream and infant formula nationwide.
China's second-largest dairy company, selling liquid milk, yogurt, ice cream and infant formula nationwide.
Sells packaged dairy mainly through distributors, supermarkets and online platforms, with liquid milk the main line and ice cream and formula supplementing it. State-owned food group COFCO is the largest shareholder, which helps with farm and milk-supply links.
In one line: China's Danone, backed by state grain giant COFCO.
Moat: narrow (scale, brand, distribution). National distribution and cold-chain scale versus fragmented regional dairies.
Headquarters: Hohhot, China · Founded: 1999 · Employees: 38,000
Size Mengniu Dairy (2319.HK) is a Hong Kong Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $10.5B, the 162nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$21.40 on 6 Nov 2026.
Performance Over six months the shares gained 27.8%, against -2.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd highest of 18 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +2.9%); the operating margin is 5.3% (peer median 7.6%).
Valuation It trades at 14.7× forward earnings against a peer median of 17.0× (9th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.8 points below its cost of capital (8.1% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$95.6B | HK$89.2B | HK$96.1B | HK$109B | HK$108B |
| Revenue growth | — | -7% | -12% | +1% | — |
| Gross profit | HK$37.7B | HK$35.6B | HK$38.0B | HK$40.5B | HK$38.0B |
| EBITDA | HK$8.65B | HK$8.17B | HK$10.2B | HK$9.76B | HK$9.04B |
| Net income | HK$2.16B | HK$1.68B | HK$113M | HK$5.31B | HK$6.17B |
| Free cash flow | HK$8.38B | HK$8.01B | HK$6.09B | HK$6.37B | HK$5.37B |
| Capital expenditure | HK$2.16B | HK$2.66B | HK$3.77B | HK$4.57B | HK$5.77B |
| Total debt | n/a | HK$28.3B | HK$36.9B | HK$41.2B | HK$43.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mengniu Dairy 2319.HK | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% |
| Inner Mongolia Yili Industrial 600887.SS | $29.3B | +15% | +2% | 9% | 19.2× | -0.1% |
| Bright Dairy & Food 600597.SS | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% |
| Nestle NESN.SW | $266B | +11% | -2% | 16% | 19.0× | 1.3% |
| Danone BN.PA | $48.3B | +8% | 0% | 15% | 17.0× | -0.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2319.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +23.7% | +3.6% | highest of 18 |
| 6-month return | +27.8% | -2.0% | 2nd highest of 18 |
| Distance from 52-week high | -1.6% | -17.4% | highest of 18 |
| Revenue growth (TTM) | +3.5% | +2.9% | 9th highest of 18 |
| Operating margin | 5.3% | 7.6% | 4th lowest of 18 |
| Forward P/E | 14.7× | 17.0× | 9th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 6.7% | 0.6% | 6th most demanding of 15 |
| Growth delivered (Del g) | +0.9% | +4.7% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +5.8 pp | -3.8 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -1.8 pp | +3.7 pp | 3rd lowest of 18 |
| EV / EBITDA | 11.1× | 9.4× | 6th most expensive of 16 |
| Net debt / EBITDA | 0.6× | 1.7× | 5th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mengniu Dairy 2319.HK | Hong Kong | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% | +0.9% |
| Wh Group 0288.HK | Hong Kong | $10.8B | -31% | +6% | 9% | 8.4× | -16.4% | +1.9% |
| Hormel Foods HRL | United States | $12.1B | +7% | +1% | 7% | 14.4× | 0.9% | +4.7% |
| Magnum Ice Cream MICC.AS | Netherlands | $12.1B | +35% | +1% | 8% | 17.9× | 10.9% | +1.8% |
| Saputo SAP.TO | Canada | $12.4B | +7% | -5% | 6% | 21.2× | -1.9% | +4.2% |
| Mowi MOWI.OL | Norway | $12.4B | +12% | +10% | 13% | 17.8× | 7.5% | +10.7% |
| Henan Shuanghui Investment & Development 000895.SZ | China | $12.7B | -12% | -4% | 11% | 17.3× | -4.6% | -4.3% |
| JBS JBS | United States | $13.4B | -23% | +334% | 4% | 11.8× | -6.5% | n/a |
| Smithfield Foods SFD | United States | $7.60B | -26% | -2% | 7% | 13.0× | -11.5% | +1.9% |
| Emmi EMMN.SW | Switzerland | $6.32B | +16% | +4% | 7% | 21.8× | 0.3% | +5.1% |
| Tyson Foods TSN | United States | $20.6B | -13% | +3% | 3% | 17.4× | 6.7% | +4.7% |
| Yakult Honsha 2267.T | Japan | $5.15B | +3% | -1% | 9% | 17.0× | n/a | n/a |
| Want Want China 0151.HK | Hong Kong | $4.43B | -32% | +6% | 18% | 9.7× | n/a | n/a |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| Bakkafrost P/F BAKKA.OL | Norway | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% | +10.1% |
| Leroy Seafood LSG.OL | Norway | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% | +11.5% |