澳优2025年业绩前瞻：因内码调整进度偏慢拖累，预计25H2业绩承压

光大证券02-02

一、公司2025年业绩预期不佳报告指出，澳优(1717。HK)在2025年的业绩预计不及预期。内码调整进度缓慢拖累了国内奶粉业务的发展，导致收入增速放缓，归母净利润同比基本持平。而行业竞争加剧以及消费者提前囤货等因素进一步影响了下半年的业绩表现。二、内码切换滞后与外部竞争压力公司在2025年4月启动内码切换并同步涨价，但因消费者提前囤货，使得切换完成时间从三季度延迟至四季度，打乱了核心业务的增长...

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