China Shengmu - PF (01432) announced interim results. Profit attributable to shareholders of 640.77 million yuan turned a year-on-year loss into a profit

According to the Zhitong Finance App, China Shengmu-PF (01432) announced interim results for the six months ended June 30, 2026. The group achieved sales revenue of 1,546 billion yuan, an increase of 7.1% over the previous year; profit attributable to owners of the parent company was 64.07 million yuan, with a loss of 48,322 million yuan in the same period last year; profit per share was 0.008 yuan.

During the reporting period, the Group continued to promote herd structure optimization and breeding technology upgrading, and continuously improve the health level and production efficiency of adult dairy cows by selecting high-quality herds, improving breeding systems, iterative nutritional formulations, and strengthening refined breeding management. In the first half of 2026, the Group's annual yield of adult dairy cows reached 13.14 tons, an increase of 0.87 tons over the same period last year, an increase of 7.1% over the previous year, reaching another record high. Among them, the annual yield of adult dairy cows on organic ranches reached 13.38 tons, an increase of 1.00 tons over the previous year; the annual yield of adult dairy cows on conventional ranches reached 12.47 tons, an increase of 0.39 tons over the previous year. Yield increases are mainly due to improved herd quality, optimized nutrition plans, and refined on-site management. The Group dynamically adjusts nutritional plans according to the different lactation stages and health conditions of dairy cows, continuously strengthens TMR production, diet uniformity, feeding timing and food intake management, and enhances the timeliness of heat stress management through tools such as environmental control data platforms, cow collars, and thermal imaging. During the reporting period, the Group further optimized the feed conversion and nutritional input structure, and the yield of adult dairy cows and major indicators such as milk fat and milk protein were effectively improved, reflecting further improvements in breeding technology and lean management capabilities.

Driven by increased yield and increased demand from core customers, the Group's raw milk sales reached 424,902 tons in the first half of the year, an increase of 51,929 tons over the previous year, an increase of 13.9%. The increase in sales volume is mainly due to increased production efficiency and an increase in the share of efficient dairy cows. It does not simply rely on inventory expansion, reflecting the Group's quality-and efficiency-oriented business strategy. Among them, sales of raw milk sold to core customers maintained a relatively rapid growth rate, while sales to other customers also achieved year-on-year increases. In terms of product structure, the Group continues to give full play to the advantages of organic and specialty milk sources. Sales of organic raw milk have maintained steady growth. Functional raw milk ingredients such as DHA and organic A2 continue to enrich the product matrix. High-end raw milk sales account for 79.5% of total sales. Thanks to quality standards, customer structure and scarcity of resources, organic and specialty raw milk maintained relatively strong profitability during the low price operation period of the industry, providing important support for the Group's business improvement.