Gelonghui, April 2 | China Feihe (6186.HK) recently announced an annual report showing that 2023 revenue was 19.532 billion yuan, and net profit to mother was 3.290 billion yuan. Everbright Securities released a research report commenting on China's Feihe 2023 report. In 2023, the company ranked first in China's infant formula industry. As of January 2024, Feihe's omnichannel/offline/online revenue market share was 20.2%/22.8%/14.4%, respectively. According to Everbright Securities, as of the end of December 2023, the company had more than 2,800 channel providers, covering more than 83,000 retail terminals. In 2024, the company plans to digitally upgrade channels, improve control over terminals, and maintain price stability. Currently, Feihe terminal inventory is at a healthy level. According to tracking, since February 2024, the prices of some large single product terminals have rebounded, and terminal compatibility is high. Everbright Securities maintained China's Feihe “gain” rating.