交银国际认为，中国飞鹤高端系列推动收入增长和利润率提升；收入端未来增长动力逐渐清晰。受益于高端产品的持续升级，飞鹤上半年毛利率显着提升。未来的增长动力主要包括国产品牌市占率扩大；市场集中度的提升；高端细分市场的增长。China's Feihe (06186) rose more than 3%. As of press release, it rose 3.14% to HK$4.27, with a turnover of HK$34.6034 million.
The Zhitong Finance App learned that China's Feihe (06186) rose more than 3%. As of press release, it had risen 3.14% to HK$4.27, with a turnover of HK$34.6034 million.
UBS released a research report saying that China's Feihe's performance in the first half of the year was better than expected. The bank believes that Feihe's channel inventory remained healthy and gross margin increased in the first half of the year, mainly due to continuous product upgrades, channel penetration in coastal provinces where consumers have strong purchasing power, and increased promotion efforts. It is expected that in the second half of the year, gross margin will expand further as Feihe's ultra-high-end products continue to be launched and the penetration rate of high-end cities and online channels continues to increase.
BOC International believes that China's Feihe high-end series will drive revenue growth and profit margins; the revenue side's future growth momentum is gradually becoming clear. Benefiting from the continuous upgrading of high-end products, Feihe's gross margin increased significantly in the first half of the year. Future growth drivers mainly include the expansion of domestic brand market share; increased market concentration; and the growth of high-end market segments.
