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Large-scale dairy-farming company producing raw milk for Chinese dairy processors.
Large-scale dairy-farming company producing raw milk for Chinese dairy processors.
In one line: An upstream raw-milk producer, like a scaled Dairy Farmers of America supplier.
Moat: narrow (scale, installed base). Large modern dairy farms and long-term supply contracts with major processors such as Mengniu.
Headquarters: Heilongjiang, China · Employees: 13,863
Size China Youran Dairy (9858.HK) is a Hong Kong Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $2.15B, the 403rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.75 on 6 Nov 2026.
Performance Over six months the shares fell 3.6%, against -2.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +4.7%); the operating margin is -2.0% (peer median 5.1%).
Valuation It trades at 8.0× forward earnings against a peer median of 17.4× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +7 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 8.0 points below its cost of capital (7.1% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$23.5B | HK$22.4B | HK$21.8B | HK$20.7B | HK$21.0B |
| Revenue growth | — | +3% | +5% | -2% | — |
| Gross profit | HK$1.25B | HK$1.23B | HK$1.42B | HK$1.32B | HK$1.27B |
| EBITDA | HK$414M | HK$391M | HK$597M | HK$377M | HK$218M |
| Net income | HK$770M | -HK$469M | -HK$749M | -HK$1.16B | HK$482M |
| Free cash flow | HK$1.00B | -HK$199M | -HK$1.65B | -HK$5.00B | -HK$7.73B |
| Capital expenditure | HK$5.63B | HK$5.86B | HK$7.07B | HK$8.90B | HK$10.1B |
| Total debt | n/a | HK$29.0B | HK$28.7B | HK$31.8B | HK$27.2B |
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 Youran Dairy 9858.HK | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% |
| China Modern Dairy 1117.HK | $1.37B | +3% | +5% | -15% | 12.5× | n/a |
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 | 9858.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | +0.9% | 6th lowest of 21 |
| 6-month return | -3.6% | -2.0% | 10th lowest of 20 |
| Distance from 52-week high | -29.1% | -18.0% | 5th lowest of 21 |
| Revenue growth (TTM) | +7.0% | +4.7% | 7th highest of 21 |
| Operating margin | -2.0% | 5.1% | lowest of 21 |
| Forward P/E | 8.0× | 17.4× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 17.8% | 6.6% | 4th most demanding of 15 |
| Growth delivered (Del g) | +11.1% | +9.8% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | +6.7 pp | -3.7 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | -8.0 pp | -0.9 pp | lowest of 21 |
| Net debt / EBITDA | 58.5× | 1.8× | most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% | +11.1% |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| 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% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| Hatsun Agro Product HATSUN.NS | India | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% | +12.4% |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Leroy Seafood LSG.OL | Norway | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% | +11.5% |
| Bakkafrost P/F BAKKA.OL | Norway | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% | +10.1% |
| 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% |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| 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 |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 27.2× | 1.8% | +7.2% |
| Zhejiang Yiming Food 605179.SS | China | $1.27B | +22% | 0% | 2% | n/a | n/a | n/a |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |