Ausnutria Dairy Corporation Ltd reported revenue of RMB7.49 billion for the year ended 31 December 2025, a year-on-year increase of 1.2%. The uptick was driven chiefly by stronger overseas sales of Kabrita goat-milk formula and a first full-year contribution from the Amalthea goat-cheese business, which offset softer demand for infant milk formula in mainland China.
Gross profit declined 6.9% to RMB2.89 billion, pulling the gross margin down 3.4 percentage points to 38.6%. Management attributed the margin contraction to higher raw-milk costs, Dutch inflationary pressures, and the lower-margin profile of the newly consolidated goat-cheese segment, which now accounts for 13.4% of group revenue.
EBITDA fell 14.8% to RMB518.10 million, while profit attributable to equity holders slid 24.8% to RMB177.51 million. The effective tax rate turned to a credit, reflecting Dutch Energy Investment Allowance benefits and deferred-tax recognition on reinvested PRC dividends.
Operating cash inflow rose to RMB372.44 million (2024: RMB299.37 million). Net cash used in investing activities narrowed to RMB721.45 million, primarily due to lower capital expenditure after major outlays on the Netherlands infant-formula base-powder facility in the prior year. Net debt increased to RMB0.77 billion, lifting the gearing ratio to 7.5% (2024: 6.2%).
Segment performance: • Own-brand goat-milk formula revenue dipped 3.9% to RMB3.55 billion; overseas sales surged 50.7% to RMB974.30 million, while domestic sales fell 15.5% amid intensified competition and in-can code upgrades. • Own-brand cow-milk formula sales declined 16.1% to RMB1.77 billion following channel adjustments and softer PRC demand. • Cheese, private-label and other dairy products contributed RMB1.85 billion, up 42.9%, reflecting the inclusion of the Amalthea Group from October 2024. • Nutrition products delivered revenue of RMB320.41 million, a 5.2% increase year on year.
Expenses: Selling and distribution costs dropped 7.3% to RMB1.93 billion, reducing the cost-to-sales ratio to 25.7% (2024: 28.1%) due to trimmed promotional spending. Administrative expenses rose 17.5% to RMB646.41 million, largely on higher staff and professional costs.
Dividend: The board proposes a final dividend of HK$0.05 per share, down from HK$0.06 the previous year, subject to shareholder approval on 28 May 2026. The payout will be funded from the share-premium account and, if approved, is scheduled for payment on or around 25 June 2026.
Balance sheet highlights: Total assets increased to RMB10.26 billion, while equity attributable to shareholders grew to RMB6.03 billion, supported by foreign-currency translation gains of RMB229.95 million. Current-ratio declined to 1.00x (2024: 1.21x) following higher short-term borrowings, all denominated in euros.
Management outlook (per chairman’s statement): The group plans to deepen its five-segment model—domestic cow and goat milk formulas, nutrition, international operations, and goat-milk ingredients/cheese—emphasising digitalised end-to-end management, overseas market expansion and cost control to support long-term growth.
No material post-balance-sheet events were reported.