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Shanghai-based national dairy company known for fresh/low-temperature milk and yogurt, one of China's top dairy groups.
Shanghai-based national dairy company known for fresh/low-temperature milk and yogurt, one of China's top dairy groups.
Sells chilled milk and yogurt, which spoil quickly and so depend on a managed cold chain, through supermarkets, stores and online channels, with its home base in Shanghai and the surrounding region. Bright Food Group, a Shanghai state-owned food group, is its controlling shareholder.
In one line: A more fresh-milk-focused Chinese peer to Yili/Mengniu.
Moat: narrow (brand, distribution). Long-established Shanghai brand with strong cold-chain distribution in fresh dairy.
Headquarters: Shanghai, China · Employees: 10,760
Size Bright Dairy & Food (600597.SS) is a China Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $1.43B, the 1698th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.93 on 6 Nov 2026.
Performance Over six months the shares fell 6.3%, against -5.6% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 3.1% over the last twelve months (peer median +2.5%); the operating margin is -0.1% (peer median 2.6%).
Valuation It trades at 30.6× forward earnings against a peer median of 23.4× (5th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +20 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 5.6 points below its cost of capital (5.4% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥23.3B | CN¥23.9B | CN¥24.2B | CN¥26.4B | CN¥28.1B |
| Revenue growth | — | -2% | -8% | -6% | — |
| Gross profit | CN¥3.67B | CN¥3.90B | CN¥4.44B | CN¥4.94B | CN¥4.98B |
| EBITDA | CN¥1.32B | CN¥1.54B | CN¥1.89B | CN¥2.38B | CN¥2.00B |
| Net income | -CN¥116M | -CN¥149M | CN¥722M | CN¥967M | CN¥361M |
| Free cash flow | CN¥174M | CN¥119M | CN¥620M | CN¥556M | -CN¥714M |
| Capital expenditure | CN¥492M | CN¥496M | CN¥637M | CN¥908M | CN¥1.39B |
| Total debt | CN¥2.21B | CN¥3.35B | CN¥3.44B | CN¥4.12B | CN¥4.02B |
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 |
|---|---|---|---|---|---|---|
| Bright Dairy & Food 600597.SS | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% |
| Inner Mongolia Yili Industrial 600887.SS | $29.3B | +15% | +2% | 9% | 19.2× | -0.1% |
| Mengniu Dairy 2319.HK | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% |
| New Hope Dairy 002946.SZ | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% |
| Beijing Sanyuan Foods 600429.SS | $973M | -29% | 0% | -1% | 23.4× | 24.8% |
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 | 600597.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.0% | +1.0% | 11th highest of 21 |
| 6-month return | -6.3% | -5.6% | 11th highest of 21 |
| Distance from 52-week high | -21.9% | -23.3% | 10th highest of 21 |
| Revenue growth (TTM) | -3.1% | +2.5% | 2nd lowest of 20 |
| Operating margin | -0.1% | 2.6% | 7th lowest of 21 |
| Forward P/E | 30.6× | 23.4× | 5th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 18.8% | 5.2% | 2nd most demanding of 11 |
| Growth delivered (Del g) | -1.1% | +9.2% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | +19.9 pp | -2.3 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -5.6 pp | -1.5 pp | 6th lowest of 21 |
| EV / EBITDA | 7.7× | 7.8× | 5th cheapest of 10 |
| Net debt / EBITDA | -0.4× | 2.0× | 2nd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bright Dairy & Food 600597.SS | China | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% | -1.1% |
| Bega Cheese BGA.AX | Australia | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% | +12.7% |
| MEGMILK SNOW BRAND 2270.T | Japan | $1.36B | +12% | 0% | 3% | 7.5× | n/a | n/a |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 27.2× | 1.8% | +7.2% |
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | n/a | 0.1% | +4.8% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 13.2× | n/a | n/a |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| Zhejiang Yiming Food 605179.SS | China | $1.27B | +22% | 0% | 2% | n/a | n/a | n/a |
| Shandong Oriental Ocean Sci-Tech 002086.SZ | China | $1.17B | +94% | +6% | -35% | n/a | n/a | n/a |
| NewPrinces NWL.MI | Italy | $1.16B | +40% | +81% | 1% | n/a | 0.6% | +44.5% |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Umios 1333.T | Japan | $1.14B | -10% | +3% | 3% | n/a | n/a | n/a |
| Jinzi Ham 002515.SZ | China | $1.06B | -15% | -2% | -11% | 277.0× | n/a | n/a |
| HUANLEJIA Food 300997.SZ | China | $1.06B | -17% | +4% | 7% | 54.7× | n/a | n/a |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% | +1.0% |
| Beijing Sanyuan Foods 600429.SS | China | $973M | -29% | 0% | -1% | 23.4× | 24.8% | -2.8% |
| Zhejiang Huatong Meat Products 002840.SZ | China | $957M | -37% | -16% | -10% | n/a | n/a | n/a |
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% | +11.1% |
| Kwality Walls (India) KWIL.NS | India | $950M | +32% | n/a | -13% | n/a | n/a | n/a |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |