机构：中银国际 研究员：Andy CHEN Mengniu reported 16.4% YoY net profit decrease on 6.9% YoY revenue drop in 1H25, below expectations. Core OPM expansion of 1.5ppts YoY was still encouraging, thanks to lower raw milk cost and strict expenses control. For FY25, however, management has revised down guidance, now with MSD% or HSD% YoY revenue decline and YoY flat core OPM. However, long-term OPM expansion target of +30-50bps for each year is intact, given a still considerable room for mix upgrade and efficiency gain. Meng ...