Revenue distribution by sectors:

• Infant nutrition: 85%
• Dairy products: 10%
• Other products: 5%

TOP 3 markets and their percentage shares:

1. China: 92%
2. Hong Kong: 5%
3. Southeast Asia: 3%

China Feihe Limited generates the majority of its revenue from the infant nutrition sector, with the Chinese market accounting for 92% of the dominant sales market share. The focus on the domestic market is characteristic of the company, which has specialized in meeting the needs of Chinese consumers.

Hong Kong and Southeast Asia are smaller but growing markets, together accounting for 8% of revenues. In the future, the company could benefit from further internationalization to increase its market share outside of China.

Production Sites: Mainly in China (as of 2023)

China Feihe Limited, a leading manufacturer of infant formula, mainly produces its products in China. The company operates several production facilities in different provinces of the country to efficiently serve the demand in the domestic market. This strategic placement enables Feihe to optimize logistics costs and ensure product availability.

There is no current information indicating that Feihe has established significant production capacities outside of China.

Revenue Growth: Estimated 10-12% annually (2025) Market Expansion: Focus on international markets

China Feihe Limited pursues a growth strategy that heavily targets expansion into international markets. The company plans to strengthen its presence outside of China, especially in Southeast Asia and selected European countries. This expansion is supported by strategic partnerships and the establishment of local production facilities.

In addition, Feihe is investing in research and development to develop innovative products that align with changing consumer preferences. The focus is on developing premium dairy products and exploring new product categories to increase market share.

Another key aspect of the growth strategy is digitalization. Feihe is increasingly leveraging e-commerce platforms and digital marketing strategies to expand reach and enhance direct customer engagement. This is intended not only to boost revenue but also to strengthen brand awareness internationally.

Main raw materials: Milk powder, whey protein, lactose

Main importing countries: New Zealand, Australia, USA, Europe

China Feihe Limited mainly imports milk powder, whey protein, and lactose, which are essential components for the production of baby food. These raw materials are mainly sourced from countries such as New Zealand and Australia, known for their high-quality dairy products. Additionally, raw materials are also imported from the USA and various European countries to ensure product quality and variety.

The dependence on imports from these regions is due to the high quality and strict safety standards required for the production of baby food.

Market share in China: 15% (estimated for 2025)
Gross margin: 55% (2024)
R&D expenses: 5% of revenue (2024)

China Feihe Limited has a significant competitive advantage in the Chinese infant nutrition market. With an estimated market share of 15% in 2025, the company is one of the leading providers in this sector. The high gross margin of 55% indicates that Feihe is able to sell its products at a premium price, reflecting strong brand perception and customer loyalty.

Additionally, Feihe invests about 5% of its revenue in research and development, enabling the company to develop innovative products and differentiate itself from the competition. These investments in R&D are crucial to meet changing consumer preferences and continuously improve product quality.

China Feihe's competitive advantage is further strengthened by its strong distribution infrastructure and the ability to cater to local preferences. This allows the company to quickly respond to market changes and solidify its position as a market leader.

Institutional Investor Share: Approximately 45% (2025, estimated)
Insider Buys/Sells: No significant transactions in the last 12 months (2025, estimated)

The institutional investor share in China Feihe Limited is around 45%, indicating a strong trust from institutional investors in the company. These investors could include pension funds, investment funds, or other large financial institutions.

Regarding insider transactions, there have been no significant buys or sells in the past year, suggesting that the management and other insiders are currently not making significant changes to their holdings. This could be interpreted as a sign of stable confidence in the company's future development.

Market share of China Feihe Limited: 15% (2025, estimated)

Top competitors and their market shares:

1. China Mengniu Dairy Company Limited: 18%
2. Yili Group: 16%
3. China Feihe Limited: 15%
4. Beingmate Baby & Child Food Co., Ltd.: 10%
5. Ausnutria Dairy Corporation Ltd: 8%
6. Synutra International, Inc.: 7%
7. H&H Group: 5%
8. Biostime International Holdings Ltd: 4%
9. Wondersun Dairy Co., Ltd.: 3%
10. Yashili International Holdings Ltd: 2%

Moat of China Feihe Limited:

China Feihe Limited has a significant moat due to its strong brand presence and extensive distribution network in China, allowing it to reach a wide range of consumers. Additionally, the company benefits from strong research and development, enabling it to bring innovative products to the market tailored to the specific needs of Chinese consumers.

Compared to competitors, China Mengniu Dairy has a slightly stronger moat due to its diversification in various dairy products and international expansion, providing greater stability and market resistance. Yili Group is also well-positioned, particularly due to its comprehensive product range and strong brand awareness.

Overall, China Feihe Limited has a solid moat, but Mengniu Dairy and Yili Group may be better equipped to withstand market fluctuations due to their size and diversification.

Revenue Growth: 8.2% (2024)
Profit Growth: 10.5% (2024)
Market Share in China: 15% (2024)

China Feihe Limited recorded a revenue growth of 8.2% in 2024. The company was able to increase its profit by 10.5%, attributed to improved efficiency and cost-cutting measures. With a market share of 15%, Feihe is one of the leading providers in the Chinese baby food industry.

The company benefits from a strong brand presence and a wide distribution network in China. Furthermore, Feihe has diversified its product range in recent years and continuously invests in research and development to bring innovative products to the market.

Demographic trends in China, such as the increasing birth rate and growing awareness of high-quality baby food, continue to offer growth opportunities for Feihe. Despite intense competition in the industry, Feihe has a competitive advantage due to its strong market position and brand loyalty.

Overall, the solid fundamental data and positive market development indicate that China Feihe Limited represents a promising investment, especially for investors looking to benefit from long-term growth trends in the Chinese baby food industry.

Dividend yield: 4.2% (2024) Dividend growth: 5% (2024)

China Feihe Limited recorded a dividend yield of 4.2% in 2024. The company has pursued a consistent dividend policy in recent years, with dividend growth reaching 5% in 2024.

The reliability of the payout is supported by China Feihe's stable financial performance and strong market position. The company has regularly distributed dividends in the past, indicating a solid earnings situation and a strategic focus on long-term growth.