Feihe's 2025 revenue reaches 18.11 billion yuan; infant formula sales continue to be the best-selling in China for seven consecutive years.

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On March 26, China Feihe (stock code: 06186.HK) released its full-year results for 2025. The report shows that Feihe achieved revenue of 18.11 billion yuan and a net profit of 2.09 billion yuan, delivering a solid performance amid a deep adjustment cycle in industry demand.

Facing increasingly complex industry changes and deep segmentation of consumer structures, Feihe continues to ramp up R&D investment, strengthen its milk protein technical barriers, optimize its channel structure, and deepen user operations, solidifying its position as a leading brand in infant formula. In terms of incremental business, it is accelerating the full-age nutritional layout with core proprietary milk protein technology. At the same time, it is accelerating penetration into overseas markets, opening up new growth spaces. Feihe is systematically transforming from a single-category leader to a “full-age nutrition leader.”

Leading position in infant formula, ranking first in China for seven consecutive years

In core business, Feihe’s market position in infant formula continues to solidify. According to Euromonitor research, Feihe has ranked first in sales in China for seven consecutive years.

Feihe’s flagship product, Zhuorui, has been significantly upgraded, adding HMO and Sn-2 DHA, featuring a comprehensive nutritional formula that emphasizes “absorption + self-protection + brain development,” demonstrating nine major feeding effects, more suitable for the constitution of Chinese babies. Multiple scientific studies indicate that its active nutritional components (N-sugars) reach twice that of regular formula, and the absorption rate of DHA increases to 6.4 times that of regular formula, with significantly leading efficiency in the absorption of key nutrients. Since its launch, Zhuorui has rapidly grown into a product with over ten billion yuan in sales and remains the top product in the offline all-channel formula category.

Image: Feihe ranks first in sales in China for seven consecutive years

By the end of 2025, Feihe launched the world’s first milk powder fresh raw material tracing system, allowing users to scan and check the production information of core ingredients like whey protein and lactoferrin. This system transforms product quality into transparent and perceivable data, making “safety and freshness” clear and redefining the industry’s “fresh” standards. The introduction of this raw material tracing system is not only an important innovation of Feihe’s concept of “new generation more suitable for Chinese babies” in the fresh track but also provides Chinese families with a more reassuring basis for choosing milk and parenting support through transparency across the entire industry chain and technological innovation.

Image: Consumers scan to experience the world’s first milk powder fresh raw material tracing system

In 2025, Feihe launched its top-end new products, Jicui and Qicui, which became the first products to apply this system. Feihe Jicui adds 500mg of lactoferrin, eight types of HMOs (human milk oligosaccharides), and 1.5 billion probiotics, emphasizing “mother-source self-protection ceiling, fresh raw materials for better absorption”; Qicui adds top-end levels of Sn-2 DHA, five major phospholipids, and eight types of HMOs, closely resembling the nutritional structure of breast milk to promote neuron growth, focusing on “brain development.”

Image: “New generation more suitable” new products Jicui and Qicui

Consumers have also given positive feedback on the two ultra-high-end new products, stating “good absorption, stable gut health, strong constitution with fewer illnesses, fewer burps, regular bowel movements, and golden stools.” Clinical trial data shows that babies fed with Qicui had approximately 62% fewer nighttime awakenings, sleep rhythms improved by approximately 3.6 times, cognitive abilities increased by 7.7%, attention improved by 20.7%, and developmental speed of intelligence increased by approximately 1.2 times. In terms of taste, brand, trust, and service experience, the two new products, Jicui and Qicui, have formed a positive feedback loop.

In user operations, Feihe conducted 700,000 “Mom’s Love” activities throughout the year, with membership in the Star Mom Club exceeding 88 million. Feihe’s milk powder has become a trusted choice for over 100 million mothers, accumulating a highly sticky user asset.

In the overseas market, Feihe’s Canadian factory obtained the first local production license for infant formula and officially began production, becoming the only infant formula manufacturing plant in Canada, with products entering over 1,600 supermarkets including Walmart. At the same time, Feihe products have passed the preliminary review by the US FDA and collaborated with American brand Munchkin to lay the foundation for entering the US market. In the Southeast Asian market, Feihe launched its high-end AceKid pure fresh milk formula in the Philippines and plans to replicate its successful experience in potential markets such as Vietnam and Indonesia.

Top-notch R&D barriers establish global leadership in milk protein

Currently, high-quality milk protein is the core and most easily absorbed basic nutrient for the human body, key to health throughout the life cycle, which has become a global consensus on dietary nutrition. However, the international market for milk protein raw materials is experiencing sustained high volatility, with unstable supply chains and rigid cost increases posing common challenges for the industry.

In the face of opportunities and challenges, Feihe is focusing on the independent development of milk protein raw materials and technological leadership, promoting full-age business and global market expansion, driving high-quality and stable development through independent innovation.

In early 2025, Feihe officially launched its globally leading “milk protein fresh extraction technology,” which revolutionizes traditional cheese production processes, allowing precise extraction and activation of various active protein components directly from its quality fresh milk. It has achieved the commercial production of eleven key milk protein raw materials, including lactoferrin, colostrum powder, casein, demineralized whey protein, casein phosphopeptides, hydrolyzed casein peptides, hydrolyzed whey protein, concentrated milk protein, concentrated whey protein, sodium caseinate, and milk alkaline protein. To date, Feihe’s core technology has 100% independent intellectual property rights, with over 80% localization of equipment.

Image: China’s first lactoferrin production line

Feihe has established an R&D advantage in milk protein that is difficult for the industry to replicate through high-intensity R&D investment: the purity of lactoferrin is stable at above 97%, achieving higher antibacterial activity; simultaneously, it has reserved nine advanced milk protein technologies, including milk fat globule membrane protein, α-lactalbumin, β-lactoglobulin, hydrolyzed β-lactoglobulin peptides, human milk oligosaccharides (HMOs), milk mineral salts, cheese curds, lactose, and oligosaccharides. Feihe has released the first domestic application-oriented full-spectrum structural database of human milk oligosaccharides (HMOs), which has been evaluated by the Chinese Institute of Food Science and Technology to reach “international leading” levels; core patents such as nanometer-level biomembrane chromatography, targeted enzyme hydrolysis, and membrane separation have significantly surpassed international standards in terms of nutritional activity, absorption rate, and quality stability; and it has partnered with over 40 top research institutions across seven countries, including Boston Children’s Hospital at Harvard University, Tsinghua University’s Brain and Intelligence Laboratory, and Peking University Medical School, to build a cross-border industry-academia-research collaborative innovation network.

Full-age nutrition accelerates implementation, “one old and one young” opens up new spaces

Based on its globally leading milk protein R&D and self-production capabilities, Feihe is expanding from its core business of infant formula to cover children, adolescents, and the elderly, providing a one-stop nutritional solution covering the entire life cycle, opening up a second growth curve.

In the field of children and adolescents, Feihe is promoting product innovation around the dual demand of “delicious + nutritious,” launching a cheese series centered on “loving to eat vegetables,” and winning the 2025 World Dairy Innovation Award, with two products receiving both “Best Cheese” and “Best Dairy Snack” awards, further extending brand influence to a broader age range.

In the adult nutrition sector, Feihe has also launched several products. Feihe’s Aiben focuses on the core pain points of elderly individuals such as reduced mobility and digestive absorption capability due to muscle loss, launching a series of special nutrient powders centered on “small molecule milk protein” with a differentiated approach of “supplementing both muscle and bone,” and offering different specifications such as Pro 30 and Pro 40. This product breaks down large molecule milk protein into smaller, more easily absorbed forms, addressing the absorption efficiency issues of traditional protein powders. Additionally, small molecule milk protein contains rich branched-chain amino acids that nourish muscles, scientifically combining milk calcium and vitamin D to achieve synergistic care for muscles and bones, helping more people move with strength. At the 2026 Functional Foods Health Summit (FFWS 2026), the “Aiben small molecule milk protein special nutrient powder series” won the International Award for Innovation in Muscle and Bone Health.

Image: Feihe product line “family portrait”

It is reported that Feihe’s fresh milk protein nutritional powder will soon be launched, targeting all age groups, combining fresh extraction with patented enzymatic hydrolysis technology to create more easily absorbed small molecule fresh milk protein; applying ten-layer membrane filtration technology to completely separate lactose, it won the “New Generation 0 Lactose Milk Protein Innovation Breakthrough Award,” achieving a technological breakthrough in protein nutrition solutions for lactose-intolerant individuals.

Feihe Chairman Leng Youbin stated: “In the future, Feihe will continue to adhere to independent innovation in milk protein as the core engine, with life-cycle nutrition as the strategic main line, continuously tackling high-end milk protein technology, expanding cost and quality advantages. We will launch more milk protein nutritional products suitable for all ages and all scenarios.”

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Editor: Chang Fuqiang