Chinese dairy giant Mengniu sees profit, revenue growth in 2023

China Mengniu Dairy Company Limited reported an operating profit of 6.17 billion yuan (about 870 million U.S. dollars) in 2023, up 13.8 percent year on year, the company said in its annual report.

The company's revenue totaled 98.62 billion yuan last year, marking a year-on-year increase of 6.5 percent, according to the report.

Its liquid milk business contributed 82.07 billion yuan in revenue, followed by contributions from ice cream, cheese and milk powder businesses.

China's dairy industry faced challenges such as a short-term slowdown in growth and declining raw milk prices in 2023 but demands for dairy products remain resilient thanks to rising public awareness of nutrition and health in the post-pandemic era, according to the company.