China Modern Dairy reports wider loss as cow fair value drops

China Modern Dairy Holdings Ltd. reported a loss attributable to owners of RMB913.5 million for the six months ended June 30, 2025, a substantial increase from the RMB228.3 million loss in the same period of 2024. This was largely due to a RMB1,822.9 million loss from changes in the fair value of dairy cows, an increase of 58.4% year-on-year. Basic loss per share also rose to RMB11.67 cents from RMB2.91 cents.

The Group's total revenue for the period decreased by 5.4% year-on-year to RMB6,072.5 million, with raw milk sales slightly down by 0.8% to RMB5,068.9 million. This was despite a 10.3% increase in sales volume, offset by a 10.1% decline in the average selling price of raw milk to RMB3.29/kg. Integrated dairy farming solutions revenue fell by 23.2% to RMB1,003.6 million.

Despite the losses, the Group saw positive operating cash flow of RMB490.0 million, up 23.3% from 2024, and increased its herd size by 6.2% to 472,480 dairy cows. The average annualized milk yield per milkable cow grew by 1.5% to 13.2 tons, contributing to a 14.6% increase in total raw milk yield to 1.661 million tons. The board did not declare an interim dividend for the period.