New Hope Dairy

What New Hope Dairy does

New Hope Dairy (新希望乳业) is a Chinese dairy producer founded in 1982 and headquartered in Chengdu, Sichuan, publicly listed on the Shenzhen Stock Exchange (szse:002946) and filing for a Hong Kong IPO in April 2026. It operates as a subsidiary of New Hope Group, the diversified agribusiness conglomerate founded by Liu Yonghao, and ranks fifth in China's liquid dairy market with a national share below 5%, well behind the dominant duopoly of Yili (30.3%) and Mengniu (27.2%). The company serves mass-market Chinese consumers through branded dairy products distributed via traditional retail, modern grocery, and incremental digital channels, with a workforce of 5,001–10,000 employees.

The company's core business is dairy processing and sale of consumer dairy products, with a particular emphasis on the low-temperature (fresh) dairy segment, which is higher-margin and faster-growing than the UHT milk categories dominated by the top two players. It has expanded its sourcing footprint through acquisitions such as Ningxia Huanmei Dairy Development (May 2020, ~$241 million), giving it raw milk coverage in Northwest China to supplement its Sichuan base. Revenue is generated primarily through B2C retail sales of branded fresh milk, yogurt, and related dairy SKUs, with disclosed revenue of approximately 11.23 billion yuan (~$1.46 billion USD) and profit of 754 million yuan for the most recent fiscal year.

Beyond its core dairy business, New Hope Dairy has signaled a strategic interest in adjacent opportunities via a joint venture with Lightwheel AI and Boton Technology (2026) focused on Physical AI infrastructure and real-world industrial data accumulation. It has also authorized a share repurchase program with a maximum price of 45.50 yuan per share, executed alongside the Hong Kong listing effort. These moves indicate a company pursuing both capital-markets optionality and operational/technological diversification while remaining firmly a regional-scale dairy operator relative to its national competitors.

Name

New Hope Dairy

Legal name

New Hope Dairy Co. Ltd.

Website

https://newhopedairy.cn

Company type

Private

Founded year

1982

Operating status

Ipo

Headcount range

5,001–10,000 employees

Short description

New Hope Dairy (新希望乳业) is a Chengdu-based Chinese dairy producer founded in 1982, serving mass-market Chinese consumers via branded liquid and low-temperature dairy products. It is a subsidiary of New Hope Group and ranks fifth in China's dairy market with sub-5% national share.

Ownership category

akta.pro rank

Product category

Dairy Products

NAICS

Dairy Product (except Frozen) Manufacturing (31151), Fluid Milk Manufacturing (311511)

SIC

Dairy Products (2020)

akta.pro primary industry

Dairy-Based Beverages Manufacturing (Flavored Milk, Lassi, Drinkable Yogurt) (AFAKAKAH)

akta.pro secondary industries

Private Label/Co-Manufactured Fluid Milk Processing (AFAHAAAI), Drinkable Yogurt & Kefir Manufacturing (AFAHADAC)

Keywords

• Liquid dairy products
• Dairy manufacturing
• Low-temperature dairy
• Milk and yogurt production
• Consumer dairy brands

Headquarters

HQ city

Chengdu

HQ country

China

HQ region

Asia

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Liquid Dairy Products: Revenue generated from production and sale of liquid dairy products including milk, yogurt, and related dairy offerings. The company ranks fifth in China's liquid dairy market with less than 5% market share and generated 11.23 billion yuan in revenue last year.

Go-to-market motion1 record

Core offering

New Hope Dairy manufactures and sells liquid dairy products, including milk, yogurt, and low-temperature dairy offerings, to Chinese consumers. The company is the dairy division of New Hope Group (founded by Liu Yonghao), generates 11.23 billion yuan in revenue, and ranks fifth in China's liquid dairy market with less than 5% share.

Product overview

New Hope Dairy Co. Ltd. is the dairy division of New Hope Group, operated by Chinese entrepreneur Liu Yonghao. The company operates as a single unified dairy product offering with liquid dairy products as its core business. It ranks fifth in China's liquid dairy market with less than 5% market share, reporting revenue of 11.23 billion yuan ($1.46 billion) last year. The company is regionally concentrated in Sichuan province and is seeking a Hong Kong IPO to enhance its financing capabilities to compete against Yili Industrial (30.3% market share) and Mengniu (27.2% market share).

Differentiator

Problem solved

Functional benefit

Products and services

• Liquid Dairy Products New Hope Dairy's primary product line, consisting of liquid dairy products including milk, yogurt, and a low-temperature dairy segment, sold to Chinese consumers and positioned as a competitor to Yili Industrial and Mengniu. The company ranks fifth in China's liquid dairy market with less than 5% share and generated 11.23 billion yuan in revenue last year.

Quantifiable outcome

• Revenue of 11.23 billion yuan ($1.46 billion) with profit of 754 million yuan achieved last year

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Lightwheel AIcoreStrategic or Co-development Partner · 1 June 2026Lightwheel AI has formed a joint venture with New Hope and Boton Technology to accumulate real-world industrial data. This partnership positions New Hope as part of Physical AI infrastructure development, combining dairy operations with AI data collection initiatives for industrial applications.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Others

• China Modern Dairy Holdings:

Direct peers

• China Mengniu Dairy: China's #2 liquid dairy player with 27.2% share, offering a near-identical product mix to New Hope across UHT milk, yogurt, and chilled dairy. Compares directly on regional/national expansion, brand investment, and cold-chain execution.
• Bright Dairy (光明乳业): Shanghai-based liquid dairy and yogurt producer competing in the same categories as New Hope, including a strong low-temperature dairy presence. Highly comparable mid-tier Chinese dairy with similar geographic concentration dynamics.
• Inner Mongolia Yili Industrial Group: China's #1 liquid dairy producer with 30.3% market share (vs New Hope's <5%). Directly comparable product portfolio spanning fluid milk, yogurt, and low-temperature dairy, competing head-to-head for the same Chinese consumer in the same retail channels.
• China Youran Dairy Group: China-focused raw milk and dairy producer linked to Yili's upstream ecosystem. Comparable on raw milk production economics, herd management, and Chinese dairy supply-chain integration relevant to New Hope's fluid milk processing.
• Beijing Sanyuan Foods: Beijing-based regional liquid dairy and yogurt producer serving northern China. Comparable as a sub-scale Chinese dairy challenger competing against Yili and Mengniu in a specific geography, with similar product portfolio and channel mix.

Broad incumbents

• Nestlé: Global packaged food and beverage incumbent with significant dairy exposure (milk powder, fluid milk, yogurt via joint ventures in Greater China). Comparable on the cross-category dairy strategy and multinational consumer-brand execution New Hope must emulate to grow share.
• Danone: Global dairy and plant-based beverage major with a meaningful China presence (including the Mengniu stake historically). Comparable as a broad incumbent in fluid milk, yogurt, and dairy beverages operating across multiple geographies including China.
• Fonterra Co-operative Group: World's largest dairy exporter supplying ingredients, raw milk, and consumer dairy products globally, including into China. Comparable on raw milk sourcing economics and dairy ingredient/processing capabilities relevant to New Hope's supply chain.

Regional players

• Want Want China Holdings: Taiwan/China-headquartered packaged food and dairy beverage company with strong distribution across Greater China. Comparable as a regional Asian challenger brand competing against national FMCG giants across multiple categories, with similar brand-building and channel execution challenges to New Hope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments2 records

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

Frequently asked questions about New Hope Dairy