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<Research>CLSA Keeps Outperform on YILI/ H&H INTL HLDG/ CHINA FEIHE; CN Childcare Subsidy Shows Clear Support Despite Limited Amt
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China's State Council announced its latest plan to provide an annual subsidy of RMB3,600 per child aged 0-3, according to CLSA's report. While limited in amount, the plan sends a clear policy signal in support of childbirth, aligning with market expectations. The broker interpreted the policy as being more focused on boosting consumption (about 0.2% of total retail sales) rather than directly stimulating births, though it is still expected to have a limited positive impact on the number of newborns in the short term. Essentially, this subsidy is a regulatory response to the ongoing decline in birth rates and aims to ease the financial pressure on families raising children. Within CLSA's research coverage, YILI (600887.SH) demonstrated strong growth momentum and continued to gain market share; H&H INTL HLDG (01112.HK) has also seen its market share rebound in the ultra-premium segment; and CHINA FEIHE (06186.HK)'s short-term focus remained on channel inventory reduction and effectiveness of retail price controls. CLSA kept an Outperform rating for YILI, H&H INTL HLDG, and CHINA FEIHE, with target prices of RMB33, HKD13.5, and HKD6, respectively. AAStocks Financial News |
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