8 月 17 日，a2 牛奶公司正式发布 2026 财年（2025 年 7 月‑2026 年 6 月）财报，各项数据基本符合此前发布的业绩预告，业绩表现稳健兑现。数据显示，公司全年实现营收 19.75 亿新西兰元，同比增长 12.4%，在全球乳品市场波动、国内婴配粉行业整体承压的背景下，依然保持稳健双位数增长。
On 17 August, The a2 Milk Company released its full-year financial report for Fiscal Year 2026 (July 2025 – June 2026). All metrics largely aligned with the previously issued earnings guidance, delivering solid operational performance. The company posted full-year revenue of NZD 1.975 billion, representing a 12.4% year-on-year increase. It maintained robust double-digit growth amid volatility across the global dairy market and widespread pressure on China’s infant formula sector.
a2 营收及息税折旧摊销前利润变化（2024-2026财年）
Revenue and EBITDA Trend of The a2 Milk Company (FY2024–FY2026)
分区域来看，中国及其他亚洲地区作为核心营收阵地，全年营收达 14.476 亿新西兰元，同比增长 11.2%，成为集团增长核心支柱，其中英标跨境婴配粉、全家营养产品是拉动区域增长的核心动力。
By region, China and other Asian markets stood as the core revenue hub, generating full-year revenue of NZD 1.4476 billion, up 11.2% year on year and serving as the group’s primary growth driver. UK-standard cross-border infant formula and whole-family nutrition products fueled regional growth.
品类端整体表现亮眼，多点开花实现增长。财报数据显示，a2 牛奶婴配粉整体营收同比增长 4.7%；液态奶业务增速迅猛，营收同比增长 21.8%；全家营养产品系列成为最大增长亮点，营收大幅上涨 59.9%，主要是由于儿童奶粉、中老年奶粉持续放量，叠加儿童 UHT 新品、a2 至奕营养支持系列新品上市落地，全面推动全家营养赛道高速扩容。值得关注的是，本财年新品贡献了超 50% 的销售增量，成为品牌增长的核心引擎。a2 牛奶官方透露，2027 上半财年将开启品牌史上最大规模新品发布周期，持续在婴幼儿配方奶粉、全家营养、液态奶三大核心赛道布局新品，为后续长期增长蓄力。
Financial data shows a2 Milk’s infant formula revenue rose 4.7% year on year; liquid milk business achieved rapid growth with revenue climbing 21.8% year on year. The whole-family nutrition range emerged as the standout growth driver, with revenue surging 59.9%, supported by rising sales of children’s milk powder and senior milk powder. The rollout of new SKUs including children’s UHT milk and the a2 Platinum Care nutrition support series further accelerated expansion of the whole-family nutrition track. Notably, newly launched products contributed more than 50% of total sales increment during the fiscal year, acting as the brand’s core growth engine. a2 Milk disclosed that the first half of Fiscal Year 2027 will see its largest-ever new product launch campaign, with continuous new product rollouts across three core segments: infant formula, whole-family nutrition and liquid milk, to underpin long-term growth ahead.
【乳界链观察】DairyLink Insight
本次 a2 牛奶财报呈现出鲜明的结构性分化：国行婴配粉的短期下滑完全源于供应链外部扰动，并非市场需求疲软，而跨境婴配、液态奶、全家营养多板块的高速增长，充分印证中国 A2 型蛋白乳品赛道需求旺盛、增量空间广阔，长期发展潜力突出。
The latest financial results of The a2 Milk Company reveal obvious structural divergence. The short-term decline in officially imported infant formula stemmed purely from external supply chain disruptions rather than weak market demand. Meanwhile, rapid growth across cross-border infant formula, liquid milk and whole-family nutrition segments fully demonstrates strong demand and ample upside potential for China’s A2 beta-casein dairy category, promising solid long-term prospects.
随着新生代消费者乳品认知升级，A2β-酪蛋白更易吸收、适配全年龄段体质的优势深入人心，A2 品类已从早年的高端小众细分品类，迭代为国内乳品消费升级的核心赛道，渗透率持续攀升，市场规模增速远超国内婴配粉市场平均增速，结构性增长优势显著。
As new-generation consumers deepen their understanding of dairy nutrition, the merits of A2 β-casein — easier digestibility and suitability for consumers of all age groups — have gained wide recognition. Evolving from a high-end niche segment in the early stage, A2 dairy products have become a core track of consumption upgrading in China’s dairy market, with rising penetration and market size expanding far faster than the average growth rate of China’s infant formula market, boasting prominent structural growth advantages.
当前 A2 赛道已摆脱单一婴幼儿奶粉依赖，呈现全人群、全场景扩容态势，儿童成长奶粉、中老年营养奶粉、常温液态 A2 奶等品类持续爆发，打开全新增长曲线。从行业格局来看，a2 凭借深耕 A2 赛道的先发优势，跨境婴配粉市场份额已逼近 19.5%。与此同时，国内主流乳企纷纷加码 A2 奶源布局、完善全品类产品矩阵，赛道竞争持续升温。
Breaking reliance on infant formula alone, the A2 category is now expanding to cover all consumer groups and consumption scenarios. Children’s growth milk powder, senior nutrition milk powder, ambient A2 liquid milk and other products are seeing robust sales, unlocking new growth curves. From an industry competition perspective, leveraging its first-mover advantage in the A2 segment, a2 Milk holds nearly 19.5% market share in China’s cross-border infant formula market. At the same time, leading domestic dairy enterprises are ramping up investment in A2 milk source development and enriching full-category product portfolios, intensifying competition within the track.
整体而言，中国 A2 蛋白乳品市场正处于高速扩容、结构升级的黄金发展期，需求端红利持续释放。对于品牌而言，供应链稳定保障、本土化产品创新、全人群品类延伸，将是未来抢占 A2 赛道核心红利、巩固市场地位的关键核心。
Overall, China’s A2 beta-casein dairy market is entering a golden era of rapid expansion and structural upgrading with sustained demand dividends. For market players, stable supply chain assurance, localized product innovation and category extension targeting all consumer groups will be the key to capturing A2 category opportunities and consolidating market standing in the future.
本文所述专家观点仅供参考，不构成投资/运营建议。
All expert views herein are reference-only and not investment or operational recommendations.
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