A2 Milk’s China-label infant formula sales drop 14% year-on-year

Summary

The a2 Milk Company reported revenue of approximately NZ$1.97 billion for FY2026, up more than 12% year-on-year. However,

sales of its China-label infant formula fell 14% year-on-year, primarily due to a supply chain crisis that led to acute spot inventory shortages in the fourth quarter. The company said the factors affecting supply have been resolved,

with new products expected to launch in the fourth quarter of calendar 2026.

Commentary

a2's China-label infant formula sales dropped 14% due to supply chain issues, highlighting the pressure on imported brands in China from tighter regulations and quality control upgrades. Domestic brands now account for 60% of China's infant formula market, making differentiation a key survival factor. For New Zealand SMEs, supply chain resilience and local compliance spending directly impact market share.

While the Pokeno plant gained registration and boosted capacity, regaining consumer confidence remains critical.

Keywords: a2 Milk Company, supply chain crisis, China-label infant formula, sales decline, FY2026, revenue, Pokeno plant, infant formula, China market

Summary in Chinese | 摘要

a2牛奶公司2026财年营收约19.7亿新西兰元，同比增长超12%，但中国版婴配粉销售额同比下滑14%，主因供应链危机导致第四季度现货供给严重不足。公司称影响供应的因素已解决，新产品预计2026年四季度上市。

Commentary in Chinese | 评论

a2中国版婴配粉因供应链问题销售额下滑14%，反映进口品牌在华面临政策与品控升级压力。中国婴配粉市场国产占六成，差异化是生存关键。NZ SME应关注：供应链弹性与本土合规投入直接影响市场份额。

Pokeno工厂获注册虽增产能，但需快速挽回消费者信心。

关键词: a2牛奶公司, 供应链危机, 中国版婴配粉, 销售额下滑, 2026财年, 营收, 黎笑, Pokeno工厂, 婴幼儿配方奶粉, 中国市场

Source: East Money Network