China's Low Birthrate Isn't Doomsday for Formula Milk

中国低出生率并非奶粉供应商的末日

By Ben Westcott

作者:Ben Westcott

January 26, 2026 at 7:58 AM GMT+8

2026年1月26日 7:58 GMT+8

China's shockingly low birthrate isn't quite the calamity for overseas milk suppliers that some recent stock moves might suggest. Foreign firms that make baby formula, from Swiss giant Nestle SA to France's Danone SA, saw their shares fall after Beijing revealed last week that births in 2025 fell to the lowest since at least 1949. Worst hit was New Zealand's a2 Milk Co., which plunged 14% immediately after the news as investors dumped a company notable for its bullishness on China. Chinese dairy companies, which are less keyed to the formula market, were relatively undisturbed.

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