靠联营公司“输血” 蒙牛净利增长15.9%

国际金融报08-28

蒙牛利润大增，主要得益于现代牧业等联营公司从上年同期的亏损5.85亿元转为盈利0.4亿元，一进一出差距超6亿元。　　8月26日晚间，蒙牛乳业（02319.HK）发布2026年中期业绩，公司上半年收入447.95亿元，同比增长7.8%；归母净利润23.71亿元，同比增长15.9%。　　这是2022年乳制品行业进入深度调整期以来，蒙牛中报第一次营收、利润双增长，但资本市场并未给出积极的反馈。　　财报...

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href=http://finance.eastmoney.com/a/202608283858826724.html><strong>国际金融报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>蒙牛利润大增，主要得益于现代牧业等联营公司从上年同期的亏损5.85亿元转为盈利0.4亿元，一进一出差距超6亿元。　　8月26日晚间，蒙牛乳业（02319.HK）发布2026年中期业绩，公司上半年收入447.95亿元，同比增长7.8%；归母净利润23.71亿元，同比增长15.9%。　　这是2022年乳制品行业进入深度调整期以来，蒙牛中报第一次营收、利润双增长，但资本市场并未给出积极的反馈。　　财报...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202608283858826724.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1439103000.SGD","symbol_name":"Fidelity Greater China Multi Asset Growth & Income 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ventures.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02319":1},"content_text":"蒙牛利润大增，主要得益于现代牧业等联营公司从上年同期的亏损5.85亿元转为盈利0.4亿元，一进一出差距超6亿元。　　8月26日晚间，蒙牛乳业（02319.HK）发布2026年中期业绩，公司上半年收入447.95亿元，同比增长7.8%；归母净利润23.71亿元，同比增长15.9%。　　这是2022年乳制品行业进入深度调整期以来，蒙牛中报第一次营收、利润双增长，但资本市场并未给出积极的反馈。　　财报发布后第二天（8月27日），蒙牛股价高开后迅速跳水，盘中最多跌超6%，收盘仅上涨0.48%。　　利润主要由联营公司贡献　　在乳制品行业整体仍处于周期调整的背景下，蒙牛这份成绩单看起来颇为亮眼。　　数据显示，今年上半年规模以上乳制品产量同比增长5.8%，需求端还尚未跟上，5月和6月乳品全渠道销售额分别下降9.7%和8.6%，超市牛奶酸奶还在频繁打折促销。　　细看财报，蒙牛利润大增，主要得益于现代牧业等联营公司从上年同期的亏损5.85亿元转为盈利0.4亿元，一进一出差距超6亿元。 　　现代牧业是上游牧场企业，去年同期大幅亏损主要受原奶价格下行、主动淘汰低产奶牛影响，“奶牛贬值”产生了生物资产公允价值变动损失。　　若抛开联营公司的影响，蒙牛自身业务带来的真实利润增速需要打个问号。　　财报显示，上半年蒙牛经营利润率为8.2%，下滑0.3个百分点；整体毛利率为40.8%，同比下降0.9个百分点，主要由于包装材料、椰子油等原材料成本上涨以及对部分产品价格进行调整。　　“第二增长曲线”仍较为薄弱　　近两年，蒙牛提出“一体两翼”战略。所谓“一体”，是指常温奶、低温奶、鲜奶、冰品、奶粉、奶酪六大核心业务，“两翼”则是创新业务和国际业务。　　从当前的收入结构看，蒙牛仍然高度依赖液态奶基本盘，其他业务组成的“第二增长曲线”还较为薄弱。　　财报显示，蒙牛上半年液态奶收入338.65亿元，占总收入的75.6%。　　被寄予厚望的奶酪和奶粉板块分别营收31.48亿元和20.58亿元，同比增长超32%、22%，合计营收约52亿元，占公司总营收的11.6%；冰淇淋收入42.07亿元，占比9.4%；鲜奶业务实现超30%增长，但财报并未单独披露具体数字。　　与另一家头部乳企伊利对比来看，蒙牛的营收结构缺陷更加直观。　　根据伊利披露的财报，上半年公司营收643.31亿元，其中液态奶营收365.90亿元，占比57%；其他业务合计约259亿元，占比约43%，“第二增长曲线”已为公司带来可观贡献。　　其中，冷饮收入90.73亿元，占比14%；奶粉及奶制品收入168.45亿元，占总营收的26%，仅该板块营收就超蒙牛液态奶以外所有品类之和。　　乳制品行业已经经历了长达4年的调整。多家券商认为，行业的周期拐点正逐步确认，今年下半年奶价将温和回升，财报发布后有机构小幅上调了蒙牛全年利润预期。　　上游奶价的改善已经开始了。　　农业农村部监测数据显示，截至6月底，国内奶牛存栏量约577.2万头，比2023年最高峰时期减少约83万头，产能收缩推动奶价企稳。7月第三周，主产省生鲜乳均价升至3.05元/公斤，同比增速由负转正。（文章来源：国际金融报）","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":"dataReport","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 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