A2 Milk Company expects revenue of NZ$1.97 billion in FY2026, up 12 percent year-on-year,

and an EBITDA margin of 14.0-14.5 percent. Supply tightness for its China-label infant formula has largely been resolved, with channel inventories returning to target levels. The company acquired Yashily's Pokeno plant for NZ$282 million and received Chinese approval for two new China-label formula registrations,

which are set to launch in Q4 2026.

A2 Milk's recent supply volatility and rapid recovery underscore the need for vertical integration in its supply chain. By acquiring the Yashily Pokeno plant, A2 is shifting from contract manufacturing to self-owned capacity, a rare move among New Zealand's mid-sized dairy companies. For local small and medium enterprises, this may reduce subcontracting opportunities in packaging, logistics and ancillary services, but also create niche openings in equipment maintenance and farm management outsourcing.

As China's new national formula registration standards tighten, A2's two new formula approvals strengthen its leading position in New Zealand's infant formula exports to China. Smaller players without self-owned capacity and registration qualifications may need to pivot to adult nutrition or cross-border channels. Once the new capacity comes online in Q4, A2's inventory stability will improve, offering regional distributors a potential restocking window.

However, amid overall market competition, profit margins warrant cautious assessment.

Keywords: a2 Milk Company, revenue growth, infant formula, Pokeno plant, China-label formula, supply chain, inventory improvement, acquisition, EBITDA, China market

a2牛奶公司2026财年预计营收19.7亿新西兰元，同比增长12%，EBITDA利润率14.0%-14.5%。此前中标婴配粉供应紧张问题已实质性解决，渠道库存回归目标。公司以2.82亿新西兰元收购雅士利Pokeno工厂，其两款新中标配方注册已获中国批准，将于2026年四季度上市。

a2牛奶的供应波动与快速恢复，凸显其供应链垂直整合的紧迫性。收购雅士利Pokeno工厂后，a2从依赖代工转向产能自主，这在新西兰中型乳企中尚属少见。对于本土中小企业主，此举可能挤压包装、物流等配套服务的分包空间，但也创造设备维护、奶源管理外包的细分机会。

中国市场新国标注册门槛抬升，a2两款新配方获批，巩固其在新西兰对华婴配出口中的头部地位，而小型厂商若缺乏自有产能和注册资质，可能需要转向成人营养或跨境渠道。新产能四季度投放后，a2库存回稳，区域分销商或迎补货窗口，但市场整体存量竞争下，利润空间值得谨慎评估。

关键词: a2牛奶公司, 营收增长, 婴幼儿配方奶粉, Pokeno工厂, 中标配方, 供应链, 库存改善, 收购, EBITDA, 中国市场

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Source: Sina