Summary by Moomoo AI
Mengniu Dairy announced its interim performance as of the end of June in 2024, with a revenue of RMB 44.6705 billion, a year-on-year decrease of 12.6%. Despite facing weak demand in the dairy industry, the company's gross margin increased by 1.9 percentage points to 40.3%, and the operating profit margin also slightly increased to 7.0%. In addition, the company announced plans to repurchase up to HKD 2 billion of shares within the next twelve months. Mengniu continues to promote sustainable development strategies, including the 'GREEN' strategy and the 'dual-carbon' strategy, and has released China's first TNFD report on the dairy industry. The company is also actively promoting digital transformation to improve production efficiency and market competitiveness. Mengniu stated that it will continue to firmly implement its strategic initiatives, fully promote high-quality development, and lead China's dairy industry into a new stage of high-quality development.