$11.233 billion! New Dairy Industry hits new revenue high in 2025, five-year strategy bears fruit

On the evening of March 22, 2026, New Hope Dairy released its 2025 annual report. During the reporting period, the company achieved operating revenue of 11.233 billion yuan, a year-on-year increase of 5.33%; net profit attributable to shareholders of 731 million yuan, up 35.98%; net profit after non-recurring gains and losses attributable to shareholders of 774 million yuan, up 33.76%; sales net profit margin increased by 1.57 percentage points year-on-year; asset-liability ratio was 56.51%, down 8.10 percentage points from the beginning of the period, with continuous optimization of operational quality. In Q4 2025, the company’s revenue grew by double digits, with net profit attributable to shareholders increasing by 69% year-on-year.

In terms of shareholder returns, the company continues to focus on its main business, constantly improving operational and governance levels, and enhancing the sustainability and stability of dividend policies through steady performance. The total dividends for the mid-year and annual distributions in 2024, implemented in 2025, increased by 90% compared to the previous year. The company plans to continue increasing total dividends for the full year of 2025, sharing development dividends with investors, and promoting a virtuous cycle of “governance improvement—performance growth—value sharing.”

This is a remarkable achievement for New Hope Dairy during the industry’s deep adjustment period. It not only marks solid progress and steady growth in the company’s “Five-Year Strategic Plan” but also clearly demonstrates a systematic innovation centered on the “Fresh Cube Strategy.” Through product innovation, technological empowerment, channel transformation, and brand upgrading, the company has opened new growth paths in a market where industry growth is slowing, continuously optimizing corporate governance and value enhancement, and achieving high-quality development with excellent efficiency.

1

The Power of “Fresh” Transcending Cycles

Anchoring Growth in Consumer Drive and Policy Favorability

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According to the National Bureau of Statistics, in 2025, the national milk production was 40.91 million tons, a slight increase of 0.3%. China’s dairy industry is shifting toward deep competition focused on quality, structure, and efficiency. The consumer market shows significant differentiation: on one hand, becoming more rational, paying attention to product value-for-money; on the other hand, the demand for health, nutrition, and functionality continues to upgrade, providing broad space for structural upgrades in the industry.

On the macro policy level, positive signals continue to be released. Seven departments jointly issued the “Guiding Opinions on Promoting Growth in Dairy Product Consumption,” and twelve departments released the “Special Action Plan for Promoting Healthy Consumption,” emphasizing the need to improve healthy eating consumption levels and expand the supply of high-quality health foods. Recently, agricultural officials further proposed the “Add Milk” initiative, encouraging increased dairy consumption to improve national nutrition and health. These policy directions align well with New Hope Dairy’s long-term focus on “freshness” as its core value, emphasizing freshness, nutrition, and health, creating a favorable policy environment to consolidate and enhance its “Fresh” advantage.

Against this backdrop, New Hope Dairy’s persistent and upgraded “Fresh Cube” strategy has achieved exemplary results. During the reporting period, the company’s core low-temperature business segments—fresh milk and low-temperature yogurt—both achieved double-digit growth, directly confirming its forward-looking focus on the high-quality fresh track. The company’s continuous improvement in profitability and shareholder returns demonstrates excellent growth quality and operational capability, also aligning with the “14th Five-Year Plan” requirements to improve governance efficiency and promote high-quality development.

2

User-Centric Approach

Product Innovation and Channel Deepening as Dual Engines

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The growth engine of New Hope Dairy is rooted in the systematic construction of the “fresh” value, with a user-centered approach. It has established a comprehensive “freshness assurance system” covering the entire chain from “fresh milk source, fresh orders, fresh production, fresh distribution, to fresh delivery,” as well as the brand value dimensions of “Fresh Seen (customer experience), Fresh Enjoy (scene penetration), and Fresh Move (user interaction).” This forms the “Eight Fresh Capabilities,” creating a complete operation system from product innovation to terminal reach, making “freshness” visible, tangible, and perceptible to users.

Precise focus and continuous innovation in the product matrix directly connect users with freshness and are the primary driving force for enterprise development. During the period, New Hope Dairy continued to promote the “Fresh and Acid Dual Strength” strategic categories, deeply exploring their value. Through product innovation and multi-dimensional channel cultivation, market share steadily increased. In 2025, high-end fresh milk and “Today’s Fresh Milk Shop” both achieved double-digit growth; specialty yogurt grew over 30% year-on-year, with functional yogurt brand “Huorun” series leveraging trends like value-for-money, meal replacement, and zero sugar for continuous iteration and innovation. Asahi Weipin launched several best-selling new products, driving rapid growth. Notably, new product revenue has maintained double-digit proportions for five consecutive years, becoming a key engine for stable business growth.

Deep transformation and full-domain breakthroughs in channels are crucial to ensuring “fresh” reaches consumers directly. During the period, New Hope Dairy promoted a multi-layered channel transformation centered on DTC: on one hand, subscription penetration and mode innovation drove growth, with self-commissioned subscription business refining flexible supply chains and delivery systems to build an integrated advantage of “product—delivery—service—brand”; on the other hand, offline “Milk-Drinking” stores restore the “fresh” ritual of “freshly poured and freshly drunk,” transforming product purchase into lifestyle interaction, becoming an important offline traffic activation point. Online, the company rapidly built a live broadcast matrix for efficient exposure; the membership operation platform laid a solid foundation for refined user management and full lifecycle value mining.

In emerging channels, the company seized the development opportunity of O2O (online-to-offline) instant retail, using agile models like “Lightning Warehouse” to strengthen the “fresh + instant” advantage, achieving rapid growth and becoming a new growth engine. Meanwhile, refined operations in membership stores, snack discounts, and deeper cooperation with tea and catering channels have also yielded significant results, leading emerging channels in sales growth.

3

Strengthening the Foundation for Development

Technological Empowerment and Brand Resonance to Enhance Long-term Value

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During the period, New Hope Dairy continued to invest in foundational technological R&D and top-level brand building, laying a solid foundation for long-term development and ensuring sustainable growth. In 2025, the company’s lactic acid bacteria R&D team led the formulation of three industry standards, applied for 39 patents, and won the first prize for technological progress from the China Dairy Industry Association, along with multiple provincial science and technology awards.

With the vision of “a technological and nutritional food enterprise,” New Hope Dairy deepened its biological innovation strategy, focusing on basic research in biological fermentation, enzyme engineering, and precise nutrition. It has established a resource bank of over 2,100 strains of special lactic acid bacteria, with self-developed strains stably applied in strategic products like Huorun and Chuxin, driving excellent performance of products like “Light Food Bottle” and “Milk Skin Yogurt.” Additionally, the company’s self-cultivated strains successfully carried out space mutation experiments aboard the “Practice No. 19” satellite, returning with results—marking a leap from ground screening to space breeding in core strain R&D, and reserving strategic resources for developing more differentiated functional products.

To accelerate the “digital-intelligent” transformation of new quality productivity, New Hope Dairy adheres to the principles of “data-driven operations” and “value-oriented, scene-based implementation,” connecting “business—data—finance” closed loops. The integration of “digital industry” improves quality and efficiency, with pilot intelligent tools in marketing, supply chain, and finance, continuously improving management mechanisms, optimizing customer experience, and enhancing operational efficiency.

On the brand communication front, New Hope Dairy has adopted a more youthful approach, continuously integrating brand values into consumers’ lifestyles. It has shifted from functional messaging to leading lifestyle attitudes, creating emotional connections and cultural resonance, achieving simultaneous improvements in communication breadth, emotional depth, and user stickiness. The company’s internal MCN system produces high-quality content with total views exceeding hundreds of millions, forming an efficient flexible communication network connecting with users.

In November 2025, world champion and Olympic medalist Tang Qianting was invited to become the brand ambassador, linking “fresh vitality” with health and the sports spirit of perseverance; the “Chinese-style Freshness” micro-series focuses on daily scenes, becoming a new “mouthpiece” for users; the “24-Hour Fresh Milk Festival” advocating “living fresh,” the “Qiao Bridge Flight” jointly created with Chuxin Yogurt, and the “Intangible Cultural Heritage New National Trend” launched with the non-heritage inheritors, along with collaborations with IP characters like “Siam Reep,” and the unique memory symbols of Helan Mountain, Yellow River, and Western Xia, as well as Asahi Weipin’s lifestyle advocating “Respect Nature, Love Heaven and Humanity,” form a series of innovative communications and emotional resonances. These efforts make “fresh” and “adding milk” not just passive marketing or nutrition supplements but active, joyful lifestyles, stimulating more lasting market vitality from demand.

The 2025 performance confirms the effectiveness and resilience of New Hope Dairy’s “Fresh Strategy” amid complex market environments, aligning deeply with the national “14th Five-Year Plan” for consumption-driven and innovation-driven new growth. Through product innovation focusing on low-temperature value, channel reform deepening user links, technological R&D solidifying quality, and brand communication shaping emotional identity, New Hope Dairy demonstrates quality, sustainable growth. With the further promotion of “Add Milk” and other healthy eating initiatives, the dairy market, especially high-quality low-temperature dairy, is expected to usher in new development space.

Looking ahead to 2026, as a key year in New Hope Dairy’s five-year strategic plan, the company has clearly stated it will continue to “stay true to core values and create long-term growth,” uphold the “Fresh Cube Strategy,” focus on strategic tracks, actively explore the second growth curve, and strive for sustained revenue growth and further improvement in net profit margin. Under the guidance of health consumption policies and evolving market demand, leveraging the unique “fresh” power, the company aims to walk steadily on the path of high-quality development, continuously creating value for consumers, shareholders, and the overall competitiveness of China’s dairy industry.

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