一年亏掉97%利润！蒙牛深陷并购泥潭，可持续债券能解燃眉之急？

新浪财经2025-07-25

在乳制品行业的激烈竞争格局中，蒙牛乳业曾经是一颗耀眼的明星，然而如今却面临着诸多严峻挑战，陷入了发展困境。业绩暴跌，利润几近“腰斩”2024年对于蒙牛乳业而言，是极为艰难的一年。从其发布的业绩报告来看，全年实现营业收入886.75亿元，同比下降10.09%，归属母公司净利润更是仅为1.05亿元，同比下降幅度高达97.83%。这样的业绩表现，无疑让市场大为震惊。与曾经的辉煌相比，蒙牛乳业如今的...

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Mengniu is mired in mergers and acquisitions. Can sustainable bonds solve the urgent need?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CIADY":0.9,"02319":0.9},"content_text":"在乳制品行业的激烈竞争格局中， 蒙牛乳业 曾经是一颗耀眼的明星，然而如今却面临着诸多严峻挑战，陷入了发展困境。业绩暴跌，利润几近“腰斩”2024年对于蒙牛乳业而言，是极为艰难的一年。从其发布的业绩报告来看，全年实现营业收入886.75亿元，同比下降10.09%，归属母公司净利润更是仅为1.05亿元，同比下降幅度高达97.83%。这样的业绩表现，无疑让市场大为震惊。与曾经的辉煌相比，蒙牛乳业如今的业绩就像是坐了过山车，一落千丈。曾经，蒙牛乳业在市场上高歌猛进，营收和利润持续增长，是行业内的佼佼者，如今却陷入了业绩的泥沼。蒙牛乳业业绩暴跌的背后，“贝拉米”商誉和相关无形资产减值拨备以及联营公司“ 现代牧业 ”的问题成为关键因素。2019年，蒙牛乳业豪掷15亿澳元收购贝拉米，本期望借此在奶粉业务领域大展宏图，打造“澳洲有机婴幼儿 食品 领导者”，拓展澳洲、新西兰及 东南亚 等国家的市场。但事与愿违，自收购以来，贝拉米经营业绩始终不及预期，2021 - 2022年就已分别计提商誉减值6.2亿元和7.42亿元，而2024年情况更是恶化，相关减值对业绩影响巨大。同样，2017年蒙牛以18.73亿港元增持现代牧业股权并成为实控人，虽解决了奶源供应问题，可现代牧业却成了业绩拖累。2024年现代牧业全年亏损14.17亿元，预计2025年上半年净亏损将扩大至8亿- 10亿元，蒙牛乳业相应录得应占该联营公司亏损8.271亿元，其中商誉减值亏损影响为3.487亿元。债务结构不合理，偿债压力大在债务方面，蒙牛乳业的情况也不容乐观。《小债看市》分析其债务结构发现，公司主要以流动负债为主，占总债务的64%。截至2024年末，蒙牛乳业流动负债高达370.07亿元，其中一年内到期的短期债务有166.62亿元。尽管账上现金及现金等价物有173.39亿元，看似能覆盖短债，短期偿债压力不大，但这只是表象。财务弹性方面，虽然蒙牛乳业 银行 授信总额有860.64亿元，未使用授信额度为664.22亿元，可备用资金丰富并不意味着没有风险。长期来看，其非流动负债212.61亿元，主要为长期借贷，长期有息负债合计179.76亿元，刚性债务总规模达346.38亿元，有息负债占比59%，比例颇高。2023年和2024年，蒙牛乳业的融资成本分别为15.69亿和14.68亿元，这对公司盈利空间形成了严重侵蚀。此外，蒙牛乳业的融资活动产生的净现金流在2023年因偿还债务及收购非控股股东权益影响由正转负为- 68.02亿元，2024年该指标为- 63.25亿元。持续的负现金流表明公司在融资方面面临着较大压力，需要不断地寻找资金来填补缺口。资产质量堪忧，商誉减值风险高悬蒙牛乳业的资产质量问题也十分突出。公司 其他金融 资产规模较大，主要为短期投资存款、长期定期存款、委托贷款、应收保理款等，这些资产对资金形成了一定占用，降低了资金的使用效率。更令人担忧的是其商誉规模，截至2024年末达88.29亿元。由于部分被并购企业经营业绩表现不佳，像贝拉米和现代牧业，公司存在较大的商誉减值风险。一旦市场环境进一步恶化或者被并购企业业绩持续低迷，蒙牛乳业可能需要再次计提商誉减值，这将对公司业绩造成进一步的冲击。在奶粉业务方面，蒙牛乳业也面临着困境。近年来，受市场竞争加剧、出生率走低等因素影响，其奶粉业务持续承压，呈亏损状态。尽管蒙牛乳业试图通过收购贝拉米来提升在奶粉业务领域的竞争力，但目前看来，这一策略并未取得成功。蒙牛乳业如今正处于困境之中，业绩暴跌、债务压顶、资产质量问题突出以及奶粉业务的困境，都给公司的未来发展蒙上了一层阴影。蒙牛乳业若想摆脱困境，实现业绩的反转和可 持续发展 ，就必须要妥善解决这些问题，优化债务结构，降低融资成本，加强对被并购企业的整合和管理，提升资产质量，同时还要在奶粉业务等薄弱环节寻求突破。否则，在竞争激烈的乳制品市场中，蒙牛乳业的处境将愈发艰难。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2554700737","isCrawlerRequest":true}