HK Stock Market Move | MENGNIU DAIRY (02319) falls by over 4% in the afternoon, Citigroup said demand in the fourth quarter of last year was lower than expected, lowering the company's profit forecast.

MENGNIU DAIRY (02319) fell more than 4% in the afternoon, with a decline of 4.24% to HK$15.36, with a turnover of HK$2.56 billion as of the time of writing. Citigroup released a research report indicating that MENGNIU DAIRY's demand in the fourth quarter of last year was lower than expected, leading to a 5% to 6% downward revision in the group's revenue forecast. Net profit forecasts for 2024 to 2026 were correspondingly reduced by 5%, 6%, and 6%. Debon Securities previously pointed out that in the first half of the year, Yili and Mengniu both slowed down their shipment pace, maintaining a reasonable level of channel and terminal inventory. It is expected that the freshness of terminal products will improve in Q3, and sales are expected to gradually recover. It is recommended to pay attention to the situation of Q4 Spring Festival stocking.