Feihe International

What Feihe International does

Feihe International is a leading Chinese dairy company founded in 1962 in Heilongjiang province and listed on the Hong Kong Stock Exchange (06186.HK), with a primary operating entity of Heilongjiang Feihe Dairy Co., Ltd. The company is the dominant player in China's infant formula market — seven consecutive years as the #1 brand by volume and three consecutive years as the world's largest infant formula company by sales (Frost & Sullivan) — and has expanded into a full-lifecycle nutrition portfolio: flagship infant formula series (星飞帆 Xingfeifan and 星飞帆卓睿, China's first customized brain nutrition product), organic formulas, goat milk formulas, special medical formulas, children's nutrition (茁然 Zhuoran), pregnant women's formula, fresh active nutrition (迹萃/启萃), and adult functional nutrition (爱本 Aiben). Underlying the portfolio is a vertically integrated farm-pasture-factory value chain including 14 modern smart factories in China, ~1 million mu of dedicated farmland, a Kingston (Canada) production facility, China's first industrial-scale lactoferrin production line, the country's largest breast milk database (12 dietary regions, 3,000 maternal samples, 9,800+ component tests), and authorship of the international HMO detection standard — all anchored by 828 authorized patents and strategic research partnerships with Harvard Medical School Boston Children's Hospital, Peking University Health Science Center, and Tsinghua University.

Feihe's business model is a premium consumer packaged goods model with a 'farm-to-formula' vertical integration strategy. Pricing positions the company in the high-end and super-premium tiers; the planned Indonesia launch prices AceKid at Rp130,000-360,000 per unit. Distribution combines offline channels (distributors, maternity stores, and pharmacy chains such as Yifeng and Chongqing Heping for functional nutrition) with first-launch e-commerce partnerships (notably JD.com), backed by a 86+ million-member loyalty platform (星妈会) that drives repeat purchase and lifetime value. Revenue has been on a clear declining trajectory from a 2021 peak (227.8 billion CNY / ~$3.58B USD) to an H1 2025 run-rate of approximately 9.15 billion CNY (~$1.25B H1, full-year estimate ~$2.5-2.7B), driven by China's structural birth-rate decline and category-wide competition rather than loss of share — Feihe retains #1 market share. The strategic response includes geographic diversification (Canada plant, AceKid Indonesia launch in June 2026), product lifecycle extension (children's, adult functional, fresh active nutrition), and channel diversification (pharmacy, e-commerce-first launches).

Name

Feihe International

Legal name

黑龙江飞鹤乳业有限公司 (Heilongjiang Feihe Dairy Co., Ltd.)

Website

https://feihe.com

Company type

Public

Founded year

1962

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Feihe International is China's #1 infant formula brand (seven consecutive years) and the world's largest by sales, with a vertically integrated farm-to-formula value chain serving the full nutrition lifecycle from infants to elderly consumers across China, Canada, and Indonesia.

Ownership category

akta.pro rank

Product category

Infant Formula and Dairy Nutrition

NAICS

Dairy Product (except Frozen) Manufacturing (31151), Dry, Condensed, and Evaporated Dairy Product Manufacturing (311514)

SIC

Dairy Products (2020)

akta.pro primary industry

Infant Formula & Specialized Dairy Nutrition Manufacturing (AFAKAKAJ)

akta.pro secondary industries

Standard Infant Formula Manufacturing (Cow Milk–Based) (AFAHAHAA), Follow-On & Growing-Up Milk Formula Manufacturing (Stage 2/3+) (AFAHAHAB), Special Medical Purpose Infant Formula Manufacturing (FSMP/Medical Nutrition) (AFAHAHAC)

Keywords

• Infant formula
• Dairy nutrition products
• Children's nutrition
• Maternal nutrition
• Functional milk powder

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Technology or R&D, Personnel

Revenue model

1. 婴幼儿配方奶粉: 飞鹤核心业务板块，包括星飞帆系列、臻爱系列、羊奶粉系列、有机奶粉系列等，覆盖0-3岁婴幼儿营养需求。连续7年中国市场销量第一，星飞帆成为婴幼儿奶粉全球第一大单品。
2. 儿童及青少年营养: 包括茁然系列儿童配方奶粉，覆盖3岁以上儿童营养需求，赞助体育赛事培养儿童运动习惯。
3. 成人功能营养: 爱本系列高端成人奶粉，定位中老年乳蛋白功能营养市场，通过药店等专业渠道和电商平台销售。
4. 海外市场拓展: AceKid品牌在印尼等东南亚市场的婴幼儿配方奶粉销售，2026年6月启动印尼市场。

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels9 records

Core offering

Feihe International manufactures and sells infant formula and full-lifecycle dairy nutrition products through an integrated "agriculture-pasture-industry" value chain. Core offerings include the flagship 星飞帆 (Xingfeifan) infant formula series, organic formula, goat milk formula, special medical formula, children's formula, pregnant women's formula, and adult functional nutrition products under the 爱本 (Aiben) brand. The company operates a "2-hour ecosystem" delivering fresh raw milk from its own pastures to 14 intelligent factories.

Product overview

Feihe International (飞鹤) is a leading Chinese dairy company founded in 1962, offering a comprehensive full lifecycle product portfolio spanning mother-infant nutrition, children's and adolescent nutrition, functional nutrition, and adult milk protein products. The core infant formula portfolio includes the flagship 星飞帆 series (with 星飞帆卓睿 as China's first customized brain nutrition product), organic formula, 臻爱 series, goat milk formula, special medical formula for infants, children's formula including 茁然 brand, and pregnant women's formula. The fresh active nutrition line features 鲜萃 series with new products 迹萃 and 启萃, which introduced the industry's first raw material-level traceability system. Adult nutrition includes 爱本 functional nutrition brand with milk protein supplements. The company operates the 星妈会 one-stop member service platform with 86+ million members. Recent expansion includes AceKid children's nutrition brand launching in Indonesia in June 2026.

Differentiator

Problem solved

Functional benefit

Brands

• 星飞帆: 婴幼儿配方奶粉系列，全球第一大单品
• 星飞帆卓睿
• 迹萃
• 启萃
• 爱本
• 茁然
• AceKid
• 臻爱系列
• 有机奶粉

Products and services

• 星飞帆系列 (Xingfeifan Series) Flagship high-end infant formula series for 0-3 year old infants, positioned as "more suitable for Chinese babies' constitution." Continuous #1 best-selling brand in China for 7 years.
• 星飞帆卓睿 (Xingfeifan Zhuorui) Premium brain nutrition infant formula certified by Zhongjianke as China's first customized brain nutrition product for infants and young children, focusing on brain development during the first 1,000 days of life.
• 有机奶粉 (Organic Formula) Organic infant formula products certified under organic standards, part of the premium product portfolio positioned for high-end market.
• 臻爱系列 (Zhenai Series) Premium infant formula series targeting the high-end market segment.
• 羊奶粉 (Goat Milk Formula) Goat milk-based infant formula offering an alternative protein source for infants with specific dietary needs.
• 婴幼儿特殊医学产品 (Special Medical Formula for Infants) Specialized medical formula products for infants with specific health conditions or special nutritional requirements.
• 茁然 (Zhuoran) Children's Formula Children's formula brand for children aged 3 and above, focusing on growth and development nutrition including support for sports and physical activities.
• 孕妇奶粉 (Pregnant Women's Formula) Specialized nutritional formula designed for pregnant women to support maternal and fetal health.
• 迹萃 (Jicui) New generation fresh active nutrition infant formula featuring the industry's first fresh raw material traceability system allowing QR-code-based tracking of whey protein and lactoferrin sources.
• 启萃 (Qicui) New generation fresh active nutrition formula product featuring industry-leading raw material traceability and leading the industry into the 6.0 era of human milk formula + fresh active processing.
• 淳芮 A2 β-酪蛋白 (Chunrui A2 β-casein) Customized A2 β-casein formula product targeting infants requiring easier digestibility, launched in partnership with JD.com for the smart feeding 2.0 era.
• 爱本 (Aiben) Functional Nutrition Brand Functional nutrition brand for adults offering premium milk powder and milk protein supplements, positioned for middle-aged and elderly consumers with health benefits for muscle and bone health, developed with Capital Medical University.
• 经典1962 (Classic 1962) Adult Milk Powder Adult milk powder product successfully listed as a Shenzhen-certified product after passing strict quality, environmental, and traceability review.
• AceKid (Indonesia Market) Super-premium children's nutrition and infant formula brand launching in Indonesia in June 2026, featuring natural whole milk with traceable sources and flash dissolution technology.
• HMO Formula Milk Powder China's first domestic HMO (Human Milk Oligosaccharides) formula milk powder launched in 2023, incorporating human milk oligosaccharides based on Feihe's international HMO detection method standard.

Quantifiable outcome

• 飞鹤奶粉在中国婴幼儿配方奶粉市场连续7年销量第一，全球市场连续3年销量第一
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eleven partnerships are on record, tiered minor, core and major.

• 2026 Global Food Innovator Awards专家评审委员会minorStrategic or Co-development Partner · 28 April 20262026全球食品创新者大奖由Food Journey和Pennant Food组织，Feihe Dairy作为专家评审委员会成员之一参与评审，汇聚全球近800个参赛作品，推动食品行业创新。
• 菲仕兰（荷兰）有限公司coreStrategic or Co-development Partner · 5 September 2024黑龙江飞鹤乳业有限公司与菲仕兰荷兰有限公司在北京签署战略合作协议，双方在婴幼儿配方奶粉核心配料、技术研发、市场拓展等领域开展深度合作，共同推动中国乳业高质量发展。菲仕兰全球CEO范晏德等出席签约仪式。
• 首都医科大学coreStrategic or Co-development Partner · 28 August 2024飞鹤与首都医科大学达成功能营养战略合作，并联合发布了《中老年肌骨营养健康白皮书》，基于13400人大样本研究，为中老年营养补充提供科学依据。
• 清华大学coreStrategic or Co-development Partner · 14 May 2024清华大学脑与智能实验室与中国飞鹤签约，宣布启动'脑发育与认知'产学研深度融合专项，共同推动脑发育与认知领域的科学研究和成果转化。
• 哈佛医学院波士顿儿童医院coreStrategic or Co-development Partner飞鹤与哈佛医学院波士顿儿童医院深度合作，聚焦生命早期脑发育科学研究，该院是全球顶级儿童医疗机构，为飞鹤脑发育战略提供权威科研支撑。
• 北京大学医学部coreStrategic or Co-development Partner飞鹤与北京大学医学部建立深度合作，深耕大脑营养领域研究，并成立北大医学-中国飞鹤营养与生命健康发展研究中心，启动生命早期脑科学研究计划。
• 康比特majorStrategic or Co-development Partner中国飞鹤与康比特正式签署战略合作协议，围绕乳源蛋白原料供应、产品联合研发及技术协同创新展开深度合作，携手打造高品质运动营养产品，共同开拓中国优质乳蛋白与运动营养市场新空间。
• 孩子王minorChannel Partner/ Reseller/ Distributor飞鹤携手孩子王开启'全球0.1%珍稀奶源探索之旅'，邀请消费者深入北纬47度齐齐哈尔奶源地进行沉浸式溯源体验，增强消费者对飞鹤奶源品质的了解和信任。
• 迪士尼minorGTM or Marketing Partner飞鹤与迪士尼合作推出米奇系列联名产品，牵手迪士尼上海线下溯源活动，掀起育护宝宝'星潮流'，通过IP联名提升品牌年轻化和吸引力。
• 中国通用技术集团/重药控股majorChannel Partner/ Reseller/ Distributor飞鹤爱本与重庆和平药房（央企子公司）达成深度战略合作，在西南核心市场的药线渠道建设迈出关键一步，品牌全国化药线渠道布局再提速。
• 益丰大药房majorChannel Partner/ Reseller/ Distributor飞鹤爱本与国内头部连锁药房品牌益丰大药房深化合作，在南京、长沙等地开展系列健康公益服务活动，将专业的健康检测与功能营养科普引入药房及周边社区。

Scale indicators16 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Nestlé: Swiss-listed global F&B giant with major infant nutrition brands (NAN, illuma, Nestogen) sold in China. Competes with Feihe across premium and mid-tier infant formula; much broader global R&D and supply chain capabilities.
• Abbott Laboratories: NYSE-listed global healthcare major whose Nutrition segment (Similac, PediaSure) competes with Feihe in China across infant formula and pediatric nutrition. Significant global brand recognition and medical/nutrition channel access.
• Yili Industrial Group (伊利股份): Shenzhen-listed (600887.SH) China's largest dairy conglomerate with a diversified portfolio including the Pro-Kido infant formula sub-brand. Overlaps with Feihe in infant formula but also competes broadly in fluid milk, yogurt, and ice cream; backed by significantly larger R&D and distribution resources.
• Reckitt Benckiser (Mead Johnson): London-listed consumer health group that owns Mead Johnson Nutrition and its Enfamil/Enfagrow infant formula brands. Directly competes with Feihe in the China premium infant formula segment; long-standing international brand equity.
• Mengniu Dairy (中国蒙牛): Hong Kong-listed (2319.HK) major Chinese dairy group whose infant formula business was strengthened by the acquisition of Yashily and Ausnutria. Competes with Feihe across infant formula and broader dairy categories with a deeper capital base and wider product portfolio.
• Danone: Paris-listed multinational with a dedicated Essential Dairy and Plant-Based + Specialised Nutrition segment, including Aptamil and Nutrilon infant formula brands that compete with Feihe in the Chinese premium segment. Larger global footprint and R&D scale.

Emerging players

• FrieslandCampina: Dutch dairy cooperative and Feihe's strategic partner (signed cooperation in 2024) on whey protein supply and infant formula R&D. Comparable in ingredient technology and premium infant formula manufacturing, though primarily B2B supplier with overlapping branded interests.

Regional players

• HiPP (Hipp & Co.): Privately-held German premium organic infant formula producer. Comparable to Feihe in the super-premium positioning and clean-label narrative; primarily serves European markets with growing cross-border e-commerce presence in China.

Direct peers

• Beingmate (贝因美): Shenzhen-listed (002570.SZ) Chinese infant formula company with a long-standing domestic brand. Directly competes with Feihe across mass-to-mid-tier infant formula SKUs in China; similar channel structure (maternal/baby stores, distributors).
• Health and Happiness (H&H Group / Biostime): Hong Kong-listed (1112.HK) Chinese premium infant formula and nutrition company. Competes directly with Feihe in the Chinese 0-3 infant formula segment via Biostime and Swisse Plus+ brands; comparable product positioning and premium-tier focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Feihe International