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China's largest domestic infant-formula maker, selling premium milk powder for babies and toddlers.
China's largest domestic infant-formula maker, selling premium milk powder for babies and toddlers.
Controls milk supply through its own dairy farms and plants in Heilongjiang and sells mainly through maternity and baby shops and online, so the premium end of formula carries the earnings. Demand follows China's birth numbers and families' willingness to trade up.
In one line: China's Mead Johnson, a domestic-brand infant-nutrition leader.
Moat: narrow (brand, regulatory licence, distribution). Leading trusted domestic infant-formula brand, with formula-registration approvals that are a barrier to new entrants.
Headquarters: Heilongjiang, China · Founded: 1962 · Employees: 9,480
Size China Feihe (6186.HK) is a Hong Kong Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $3.16B, the 331st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.73 on 6 Nov 2026.
Performance Over six months the shares fell 19.8%, against -3.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue fell 4.2% over the last twelve months (peer median +6.2%); the operating margin is 14.9% (peer median 6.1%).
Valuation It trades at 11.8× forward earnings against a peer median of 17.2× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.4 points above its cost of capital (10.6% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$20.5B | HK$19.6B | HK$22.5B | HK$21.6B | HK$24.8B |
| Revenue growth | — | -13% | +4% | -13% | — |
| Gross profit | HK$13.3B | HK$12.8B | HK$14.9B | HK$14.0B | HK$16.2B |
| EBITDA | HK$3.85B | HK$3.71B | HK$5.93B | HK$5.30B | HK$7.40B |
| Net income | HK$1.98B | HK$2.10B | HK$3.87B | HK$3.75B | HK$5.75B |
| Free cash flow | HK$2.00B | HK$697M | HK$2.91B | HK$2.88B | HK$4.42B |
| Capital expenditure | HK$2.91B | HK$1.70B | HK$1.63B | HK$1.70B | HK$2.88B |
| Total debt | n/a | HK$953M | HK$1.15B | HK$1.80B | HK$1.69B |
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 |
|---|---|---|---|---|---|---|
| China Feihe 6186.HK | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% |
| 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% |
| Reckitt Benckiser RKT.L | $47.6B | +22% | -2% | 28% | 16.4× | 1.6% |
| China Youran Dairy 9858.HK | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% |
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 | 6186.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.2% | +1.2% | 9th lowest of 21 |
| 6-month return | -19.8% | -3.6% | 2nd lowest of 20 |
| Distance from 52-week high | -39.0% | -18.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | -4.2% | +6.2% | lowest of 21 |
| Operating margin | 14.9% | 6.1% | 2nd highest of 21 |
| Forward P/E | 11.8× | 17.2× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -14.7% | 7.6% | least demanding of 15 |
| Growth delivered (Del g) | -1.2% | +10.4% | lowest of 15 |
| Hurdle (Req g minus delivered) | -13.5 pp | -2.3 pp | least demanding of 15 |
| ROIC minus cost of capital | +6.4 pp | -0.9 pp | 4th highest of 21 |
| EV / EBITDA | 2.5× | 9.4× | cheapest of 17 |
| Net debt / EBITDA | -4.5× | 1.8× | least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| 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% |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |
| Hatsun Agro Product HATSUN.NS | India | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% | +12.4% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| Want Want China 0151.HK | Hong Kong | $4.43B | -32% | +6% | 18% | 9.7× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% | +11.1% |
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% | +1.0% |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Yakult Honsha 2267.T | Japan | $5.15B | +3% | -1% | 9% | 17.0× | n/a | n/a |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Emmi EMMN.SW | Switzerland | $6.32B | +16% | +4% | 7% | 21.8× | 0.3% | +5.1% |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 13.2× | n/a | n/a |
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | n/a | 0.1% | +4.8% |
| 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% |