Financial Report Observation Room丨International business boosts Ausnutria’s revenue growth, with overseas goat milk powder sales nearing 1 billion yuan

Ask AI · How Ausnutria’s International Business Can Grow Against the Tide Amid Global Uncertainty

On March 27, Ausnutria Dairy Corporation Ltd. (hereinafter referred to as “Ausnutria”) released its 2025 performance announcement showing revenue of approximately 7.49B yuan, up 1.2% year over year; EBITDA (earnings before interest, taxes, depreciation, and amortization) of approximately 518 million yuan; and, after excluding the impact of one-time non-recurring items, core EBITDA of approximately 616 million yuan.

In 2025, driven by two engines—nutrition at FamilyMart and international business—Ausnutria achieved revenue growth, making breakthroughs in both category structure and regional market expansion. Among them, the international business scale of its goat milk powder brand “Kabrita” (Jia Bei Ai Te) is close to 1 billion yuan, with a compound annual growth rate exceeding 50% for three consecutive years, as the acceleration of a new global business ecosystem takes shape.

Ausnutria’s global headquarters building. Corporate photo

Kabrita’s International Business Revenue Approaches 1 Billion

Over the past year, the global economy has been complex and volatile. Geopolitical dynamics, inflation, exchange-rate fluctuations, and other uncertainties have intensified. Coupled with increasingly fierce competition in China’s infant formula powder market as the market volume declines, the industry faces multiple severe challenges. Against this backdrop, Ausnutria has accelerated its pace of internationalization and strengthened capabilities in areas such as global supply chain layout, localized operations, and digital coordination to drive overseas business growth.

During the reporting period, Kabrita’s international business revenue grew 50.7% year over year to approximately 974 million yuan, making it the first Chinese goat-milk-infant-formula brand to reach nearly a 1 billion yuan sales scale in overseas markets, with a compound annual growth rate exceeding 50% for 3 consecutive years.

In the Middle East market, Ausnutria’s revenue grew 65.5% year over year, accounting for 45.7% of total overseas revenue, making it Ausnutria’s largest overseas sales market. This regional growth was mainly driven by strengthening promotion through medical professional channels in established markets such as Saudi Arabia, the UAE, Qatar, and Kuwait, continuously improving medical recognition of Ausnutria’s goat milk powder. Among them, the Saudi market performed especially strongly. Leveraging deep cooperation with local maternal-and-child and medical institutions, it improved consumer acceptance and market penetration, becoming the fastest-growing brand of Nahdi, the largest pharmacy retail chain in the region. The newly developed Oman market in 2025 also performed beyond expectations.

As one of the first overseas markets Ausnutria entered, the revenue of the Commonwealth of Independent States (CIS) market grew 40.1% year over year, accounting for 23.9% of total overseas revenue. It also achieved full-category coverage of infant and young child formula milk powder, cereals, fruit purees, biscuits, and other categories, meeting local consumers’ diverse needs. In North America, revenue grew 39.5% year over year, accounting for 22.2% of Ausnutria’s total overseas revenue. In 2025, Kabrita entered the largest retailer in the United States, Walmart; it has already reached 780 stores and expanded both online and offline channels.

In addition, in the Southeast Asian market, Ausnutria further strengthened product differentiation through formula upgrades, focused on advancing digital community operations, deepened cooperation with e-commerce channels and local platforms, and achieved 100% revenue growth.

Growth in the Nutrition Business

According to the announcement, the nutrition products business, as Ausnutria’s “second growth curve,” saw 2025 revenue grow 5.2% year over year. This was mainly driven by continuous innovation in star strains and products, precise implementation of channel strategies, and the ongoing release of brand effects.

On the R&D front, Ausnutria signed a 6-year strategic cooperation agreement with Jiangnan University, establishing a joint innovation center for microecology and functional milk, as well as a joint innovation center for probiotic collaboration. In the B-end business segment, Ausnutria achieved multiple key breakthroughs on probiotic strains. The long-type bifidobacterium infant subsp. YLGB-1496 was approved by China’s National Health Commission to be included in the list of edible probiotic strains for infants and young children. Its independently developed animal bifidobacterium infant subsp. CP-9 passed the U.S. FDA GRAS certification. In the C-end business segment, NC stomach-comforting powder and Shu Bi Yi probiotic products ranked among the top in search popularity on Xiaohongshu by category. After certification by Euromonitor International, the NC brand received dual recognition as “No. 1 Nationwide in Sales Volume for Allergy-Relief Probiotics with Australian Brands” and “No. 1 in Nationwide Sales Volume” (as stated in the announcement).

In terms of innovation, Ausnutria’s “Bao Yi Chang®” active lactic acid bacteria powder enhances the product’s look and feel with a mini space-capsule design. The Yi Li Chang Shi Yi probiotic, which adds the patented BL-99 strain, has landed on e-commerce best-seller charts. Multi-formulation solutions such as instant-soluble powder and micro-foaming tablets effectively enhance the competitive strength of partner products. NC launched 17 new products including G13 growth capsules and Tien Sleep probiotics, building a precise nutrition matrix covering areas such as the gastrointestinal tract, allergy relief, sleep, height growth, eye and brain health, liver and kidney health, and women’s health.

On the channel side, Ausnutria’s pharmacy channel scale and growth rate improved in parallel. Private-domain e-commerce grew rapidly, star strain applications expanded with brand customers, and breakthroughs were achieved in Europe and the U.S. markets. The NC brand saw steady growth on major e-commerce platforms such as Tmall and JD.com; in cross-border health categories, stomach-comforting and allergy-relief series products became leading brands on channels such as Sam’s Club and China Minmetals. Initial results were also seen in offline pharmacy channel pilot programs.

Improving Market Share in Domestic Infant Formula Milk Powder

Currently, the infant formula milk powder industry is in a period of deep adjustment and faces multiple pressures, including overall contraction in market volume, intensifying competition, and channel transformation. In response to industry challenges, Ausnutria’s self-owned brand infant formula business increased market share, with overall revenue of approximately 5.32B yuan.

Nielsen IQ and Xingtu data show that in 2025, Kabrita’s share in China’s nationwide all-channel goat milk formula market increased by 2.6 percentage points to 30.2%, and for eight consecutive years (2018–2025) maintained a market share of over 60% in China’s imported infant goat milk formula market. After confirmation by Frost & Sullivan, Kabrita ranked first as “No. 1 globally in sales volume and sales value of goat milk powder.”

Market share for milk powder business stabilized, indicating that the phase-by-phase effects caused by Ausnutria’s prior internal integration and channel adjustments had come to a complete end. As of the announcement period, Ausnutria’s Haipnuo Kai received dual recognition from iMedia Consulting: “No. 1 nationwide in sales volume for comprehensive nutrition infant formula milk powder in 2025” and “Pioneer of comprehensive nutrition infant formula milk powder in China.”

In 2025, Ausnutria advanced the registration of new national standard “secondary formulas” for 8 series and 24 products. It completed the development and launch of infant and young child formula milk powder in 2 series (6 SKUs) and 25 developed and launched developed reconstituted milk powder products, providing consumers with more functional and more finely segmented product choices. Kabrita, through “Research and Development of an Infant Formula Milk Powder That Helps with Immunoregulation and Alleviating Immune Stress,” won first prize in the “Science and Technology Award—Technology Progress Award.” Haipnuo Kai 1897 was rated “Quality 100% Product.”

Lean Management to Improve Quality and Efficiency

In 2025, Ausnutria achieved simultaneous improvement in organizational efficiency and development quality through measures including releasing the momentum of its global supply chain, strengthening internal management effectiveness, shaping the foundation of a culture of global collaboration, advancing the construction of a smart-data and digital-intelligence system, and enhancing its capability for sustainable development governance.

After Ausnutria acquired the Dutch goat cheese company Amalthea Group, it achieved self-sufficiency in core goat milk powder raw material whey from goat milk, and added a cheese category. In 2025, Ausnutria’s goat cheese business recorded revenue of 1.01B yuan. It launched products including goat cheese protein hydrolysates, hydrolyzed goat whey protein powder, goat lactoferrin, and goat colostrum powder. Among them, several core goat milk raw materials achieved breakthroughs in commercializable global applications from nothing to something.

From demand research, process design to on-the-ground execution, Ausnutria introduced digital intelligence across the full chain, enabling decisions to be traceable, processes to be monitored, and outcomes to be quantified. By building tools such as a data middle platform and intelligent analysis models, it turned data into the core lever for optimizing management and supporting business—fundamentally ensuring the sustained healthy development of the business. During the reporting period, Ausnutria’s provision for inventory impairment decreased by 0.9 percentage points year over year, inventory turnover days fell by 16 days, and the expense ratio decreased by 1.4 percentage points year over year, including a 2.4 percentage point decrease in marketing expense ratio year over year.

To better align with business development and strengthen Ausnutria’s strategic synergy of “one global plan for all,” Ausnutria released “Ausnutria Operating Philosophy (Overseas Version),” establishing management principles for overseas businesses. Around the vision of “Better Living, Better Nutrition, Better Environment,” it integrated sustainable development concepts into the operational management system and all links of the value chain. In 2025, Ausnutria carried out, for the ninth consecutive year, the “Haipnuo Kai Gai Sanghua Public Welfare Journey,” and launched activities such as the “Kabrita & Love—Pregnancy and Maternal Worries Free” mental health public welfare program for pregnant women and new mothers. It fulfilled corporate social responsibility in areas such as rural revitalization, education and teaching assistance, improving national nutrition, and responding to natural disaster relief.

Looking ahead to 2026, Ausnutria stated that the internal and external environment for the industry will remain complex and challenging. The company will continue to put consumers at the center, accelerate systematic capability building, develop through innovation-driven growth, improve operational effectiveness through management upgrades, and achieve long-term sustainable high-quality development.

By/Guo Tie

Edited by Tang Zheng

Proofread by Fu Chunying