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Feihe, headquartered in Beijing, is the largest and most highly recognized Chinese brand infant milk formula company, according to the F&S Report. As the prominent market leader, our brand ranked first among domestic and international peers with a market share of 7.3% in terms of 2018 retail sales value, according to the F&S Report. Our company also ranked first among domestic infant milk formula groups with a market share of 15.6% in terms of 2018 retail sales value, and ranked second among overall domestic and international infant milk formula groups with a market share of 7.3% in terms of 2018 retail sales value. With longstanding expertise in the infant milk formula business, our brand has a unique value proposition as “More Suitable for Chinese Babies” (更適合中國寶寶體質). Our products are designed to closely simulate the composition of the breast milk of Chinese mothers through in-house research and development formulations, with the aim of achieving an optimal balance of key ingredients for Chinese babies based on their biological physique.
  • 57years

    Focus on Chinese babies’ constitution and breast nutrition research for 57 years
  • 70million items

    Over 70 milion items were chosen by Chinese mothers which is a miracle among Chinese Infant Formula brands
  • 109,000

    Retail stores consist of over 1,800 offline customers
Based on the Report from Frost & Sullivan

The retail sales value of infant milk formula in China is projected to steadily increase by a CAGR of 6.9% from 2018 to 2023, according to the F&S Report, of which the high-end segment, consisting of super-premium and premium infant milk formula products, is expected to continue as the driving force of the overall infant milk formula industry. This is underpinned by accelerating urbanization, rising disposable income, increasingly educated and health conscious consumers and growing demand for high quality infant milk formula products. Correspondingly, the high-end segment is forecasted to reach RMB199.8 billion by 2023, representing a CAGR of 16.6% from 2018 to 2023, according to the F&S Report. Capitalizing on the growth trend of the high-end segment that is expected to account for an increasing share of the overall infant milk formula industry, growing from 37.9% in 2018 to 58.3% in 2023, we started repositioning our product offering towards high-end products in the last few years. As of 2018, we are one of the leading players in the high-end segment, ranking second with a market share of 13.1% in terms of 2018 retail sales value. Within the super-premium segment, we ranked first amongst domestic and international infant milk formula groups with a market share of 24.7% in terms of 2018 retail sales value. Our growth in this segment is driven by our super-premium Astrobaby product series, the revenue of which grew from RMB711.5 million for the year ended December 31, 2016 to RMB5,108.2 million for the year ended December 31, 2018, representing a CAGR of 168.0%, and from RMB2,076.5 million for the six months ended June 30, 2018 to RMB2,760.3 million for the six months ended June 30, 2019, representing a growth rate of 32.9%. Our dairy products are primarily sold through an extensive distribution network nationwide of over 1,800 offline customers with more than 109,000 retail points of sale as of June 30, 2019. Our offline customers are distributors who sell our products to retail outlets, as well as maternity store operators, supermarkets and hypermarket chains themselves in some cases. Recognizing the importance and increasing significance of the maternity stores channel in our industry, we are one of the early movers in establishing partnerships with them. With the larger maternity store operators such as Kidswant (孩子王) and Aiyingdao (愛嬰島), we have also dedicated resources to develop and strengthen our relationship in order to narrow the gap with our end consumers. We believe our single-layer distribution approach, well-managed nationwide distribution channels and high penetration into maternity stores give us the competitive edge to maintain our profit margins as well as control over end product sales. Furthermore, our barcode scanning function enables customer inventory tracking thus giving good visibility over their inventory levels to avoid stock accumulation and ensuring highest product quality. To capture the rapid growth from e-commerce sales in China, particularly among younger generations of consumers, our products are also sold directly on some of the largest e-commerce platforms, such as Tmall, JD.com, and Suning.com, in addition to our own website and mobile application, such as WeChat.
Focus on Researching and Understanding Chinese Breast Milk

In addition, another key differentiation of our brand is our consistent dedication to researching and understanding Chinese women’s breast milk in order for our infant milk formula production to simulate the composition in breast milk as much as possible. We have established a comprehensive Chinese breast milk database, in which we have collected over 1,500 Chinese breast milk samples from Chinese mothers of various physique and diets across the region. Additionally, we have formed collaborative partnerships with leading national and international research institutions to continue conducting research on the nutrition of infants and adults. Moreover, we persistently source the highest quality fresh milk for all of our infant milk formula production. The close proximity of our production facilities to our dairy milk suppliers ensures the freshness is optimally preserved, whereby the milk is utilized within 24 hours of receipt. According to the F&S Report, we are the only infant milk formula provider that participated in the prestigious National 863 Program, also known as the State High-technology Development Plan (國家 高技術研究發展計劃), a PRC Government funded program intended to stimulate the development of advanced technologies. As of the Latest Practicable Date, we are in the process of further developing milk products for infants and adults, with more than ten products in the pipeline targeted to be launched over the next few years. As a result of our continuous efforts across these initiatives, we have solidified our reputation as a premium infant milk formula brand and have generated significant demand for our high-end products, subsequently driving our revenue growth during the Track Record Period. For the years ended December 31, 2016, 2017 and 2018, our revenue was RMB3,724.4 million, RMB5,887.3 million and RMB10,391.9 million, respectively, and for the six months ended June 30, 2018 and 2019, our revenue was RMB4,384.6 million and RMB5,891.7 million, respectively. Our profit for the years ended December 31, 2016, 2017 and 2018 was RMB406.2 million, RMB1,160.2 million and RMB2,242.3 million, respectively, and for the six months ended June 30, 2018 and 2019, our profit was RMB1,091.4 million and RMB1,750.8 million, respectively.
Our history traces back to 1962, when Hongguang Dairy Plant (紅光乳品廠) (“Hongguang Dairy”), the predecessor of Feihe HLJ, was founded as a state-owned enterprise. Our operating subsidiaries are located in the PRC, Hong Kong, the United States and Canada.
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