Dairy annual report inventory: leading advantage expansion upstream is still showing fatigue.

Original title: Dairy enterprise annual report inventory: leading advantage expansion upstream is still showing fatigue
The fierce competition of homogeneity and the upgrading of demand bring challenges and opportunities to dairy enterprises respectively. And by the impact of low domestic raw milk prices, upstream dairy industry is still showing fatigue.
The three major dairy enterprises, Yili shares industry leading edge further expanded: the company achieved total operating income of 60.609 billion yuan, an increase of 0.41% year-on-year, net profit of 5.669 billion yuan, an increase of 21.80% year-on-year, to achieve basic earnings per share of 0.93 yuan.
Bright Dairy achieved operating income of RMB20,207 million, up 4.30% YoY, operating profit of RMB975 million, up 45.88% YoY, and net profit attributable to the parent company of RMB563 million, up 34.63% YoY.
dairy industry achieved revenue of 53.78 billion yuan, an increase of 9.7% year-on-year. Compared with the substantial increase in revenue, its net loss was RMB751 million, compared with a net profit of RMB2.367 billion for the same period in 2015.
, Yili and Guangming account for 38.33 percent of the total sales revenue of dairy enterprises, according to Chen Bairu, an analyst at Minsheng Securities. Mengniu, Yili, Guangming is a three-legged trend, dairy oligopoly pattern highlighted.
smaller dairy companies have had mixed results: some have benefited from low milk price dividends and last year's rise in net profits. The upstream aquaculture industry, on the other hand, is still suffering from low raw milk prices.
, Yantang Dairy achieved operating income of RMB1.101 billion, up 6.62% YoY, and net profit attributable to listed companies was RMB106 million, up 10.44% YoY. Tianrun Dairy achieved operating income of RMB875 million, up 48.70% YoY, while net profit attributable to shareholders of listed companies was RMB 0.78 billion, up 53.90% YoY.
Cody Dairy achieved total operating income of RMB802 million, up 17.42% YoY, and net profit attributable to shareholders of listed companies was RMB89.96 million, down 6.94% YoY. Bain-U.S. operating income was RMB2,772 million, down 38.87 percent YoY, total profit was RMB637 million, down 542.81 percent YoY, and net profit attributable to shareholders of listed companies was RMB798 million, down 869.94 percent YoY.
, the challenges of the dairy industry remain in the face of increased domestic homogeneity competition. This will continue in 2017.
2017, due to the short-term recovery of domestic milk prices is not obvious, the upstream enterprises are expected to benefit from the original milk sales business is limited, downstream enterprises in the cost of the increase is more obvious for overseas large packets of powder. COC expects that the recovery of upstream dairy profits will continue to recover in domestic milk prices, downstream dairy enterprises in the short term import powder procurement costs will be increased due to rising international milk prices, and after the recovery of domestic milk prices, downstream enterprises price war is expected to weaken, in order to pass on the cost of rising profit pressure. (Chen Aeping)