Summary by Moomoo AI
China's mengniu dairy limited ("mengniu") unaudited consolidated financial statements for the six months ended June 30, 2024 showed that the company's revenue was RMB 44,670.5 million, a decrease of 12.6% compared to the same period last year. Gross profit was RMB 17,984.7 million, with a gross margin increasing by 1.9 percentage points to 40.3% compared to the same period last year. Operating profit was RMB 3,119.3 million, with an operating profit margin of 7.0%, an increase of 0.6 percentage points compared to the same period last year. Net profit for the period was RMB 2,532.0 million, a decrease of 19.0% compared to the same period last year. Basic earnings per share were RMB 0.623. Mengniu stated that the decrease in revenue was mainly due to lower-than-expected demand in the dairy product industry. Mengniu continues to drive brand building and digital transformation, actively addressing industry challenges, and promoting high-quality development. Mengniu did not recommend the distribution of interim dividends for the six months ended June 30, 2024.
