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<Research>Citi: CN 2025 Births Drop 17% YoY, Expected to Create Headwinds for Infant Formula Stocks
Data from the National Bureau of Statistics (NBS) shows that China's births in 2025 reached only 7.92 million, significantly declining by over 1.6 million from that in 2024, re...
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<Research>Citi: CN 2025 Births Drop 17% YoY, Expected to Create Headwinds for Infant Formula Stocks
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Data from the National Bureau of Statistics (NBS) shows that China's births in 2025 reached only 7.92 million, significantly declining by over 1.6 million from that in 2024, representing a 17% YoY drop, Citi Research issued a research report saying. This figure missed the broker's expectations and may pose headwinds for infant formula stocks.

Despite the government's introduction of multiple measures to encourage childbirth, such as extending maternity and paternity leave, relaxing marriage registration requirements, and raising the retirement age, this situation persists, Citi Research added.

The low birth rate poses increasingly severe demographic challenges for China. The government may introduce more incentives in the future to stimulate marriages and births.

The following table shows the broker's ratings and target prices for infant formula stocks:

Stock | Rating | TP (HK$)

CHINA FEIHE (06186.HK)  +0.020 (+0.602%)    Short selling $12.50M; Ratio 27.802%   | Neutral | 4.3
H&H INTL HLDG (01112.HK)  -0.230 (-1.679%)    Short selling $4.23M; Ratio 19.898%   | Buy | 18.8
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.)

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