China Dairy ›› 2026, Vol. 0 ›› Issue (3): 2-9.doi: 10.12377/1671-4393.26.03.01

• MANAGEMENT • Previous Articles     Next Articles

Analysis of the Financial Performance of China's Dairy Enterprises under the Background of Digital Transformation

ZENG Yaorui1, YANG Ziyi2, FENG Yuan3, XING Kaiqi4   

  1. 1. School of Management,Wuhan Textile University,Wuhan Hubei 430200;
    2. School of Accounting,Chongqing Technology and Business University,Chongqing 400067;
    3. School of Mathematics and Statistics,Sichuan University of Science & Engineering,Yibin Sichuan 644002;
    4. Rutgers University Newark Institute,Northeast Normal University,Changchun Jilin 130117
  • Online:2026-03-25 Published:2026-04-09

PDF (PC)

4

Abstract: Under the background of the deep integration of the digital economy and the real economy,digital transformation has become a crucial pathway for China's dairy enterprises to achieve high-quality development. This paper employed a mixed-method approach combining empirical research and case study analysis to systematically investigate the impact of digital transformation on the financial performance of China's dairy enterprises. Using panel data from 24 A-share and H-share listed dairy companies in China from 2016 to 2024,a two-way fixed effects model is constructed for empirical testing. The results revealed a significant U-shaped nonlinear relationship between digital transformation and long-term corporate financial performance. In the initial stage of transformation,the high costs of digital construction exert a negative impact on financial performance; however,as digital transformation deepens,its positive effects gradually emerge,significantly enhancing financial performance. Heterogeneity analysis indicates that the impact of digital transformation on financial performance is more pronounced in state-owned enterprises. Furthermore,this study conducted a horizontal comparative analysis of four leading dairy enterprises—Yili Group,Mengniu Dairy,Bright Dairy,and Tianrun Dairy—using DuPont financial analysis,Palip financial analysis,and operating cash flow analysis to assess their financial performance in 2023 and 2024. The findings showed that factors such as improper post-merger integration,asset impairment provisions,high tax burdens,and low conversion efficiency of operating cash flow contribute to significant fluctuations in financial performance. Based on these findings,this paper proposed policy recommendations including strengthening post-merger integration management,promoting product diversification and brand building,and improving ESG governance. This study provided theoretical insights and practical guidance for optimizing digital transformation pathways and enhancing financial performance in China's dairy industry.

Key words: digital transformation, financial performance, dairy enterprise, DuPont financial analysis system, Palippe financial analysis system, financial sustainable growth rate

[1] 曾德麟,蔡家玮,欧阳桃花.数字化转型研究:整合框架与未来展望[J].外国经济与管理,2021,43(5):63-76.
[2] 王欣月. 乳制品企业数字化转型的路径及绩效研究[D].苏州:苏州大学,2023.
[3] 何帆,秦愿.创新驱动下实体企业数字化转型经济后果研究[J].东北财经大学学报,2019(5):45-52.
[4] 何帆,刘红霞.数字经济视角下实体企业数字化变革的业绩提升效应评估[J].改革,2019(4):137-148.
[5] 戚聿东,蔡呈伟.数字化对制造业企业绩效的多重影响及其机理研究[J].学习与探索,2020(7):108-119.
[6] 王开阳,孙倬,陈鹏程.数字化转型对企业财务绩效的影响:企业动态能力的中介作用和调节作用[J].管理评论,2024,36(12):249-262.
[7] 易露霞,吴非,徐斯旸.企业数字化转型的业绩驱动效应研究[J].证券市场导报,2021(8):15-25,69.
[8] 梁琳娜,张国强,李浩,等.企业数字化转型经济效果研究——基于市场绩效和财务绩效的分析[J].现代管理科学,2022(5):146-155.
[9] 高硕唯. 基于改进杜邦分析法的福田汽车财务绩效评价[D].石家庄:河北师范大学,2023.
[10] 徐心艺. 帕利普分析体系下江铃汽车可持续增长能力研究[J].国际商务财会,2022(3):68-73.
[11] 何淋,曾耀锐,胡谣,等.五粮液财务绩效评价[J].合作经济与科技,2024(12):149-151.
[12] 张晶. 基于Z-score模型的蒙牛乳业财务风险研究[D].武汉:武汉轻工大学,2020.
[13] 周欣宇. 伊利集团连续并购财务绩效研究[D].沈阳:沈阳大学,2024.
[14] 范文清,曾耀锐.粮食安全观下我国农业企业海外并购案例研究——以中粮集团和西王食品为例[J].商展经济,2025(2):16-19.
[15] 徐晨雯. 蒙牛乳业ESG治理对企业业绩的影响及路径研究[D].杭州:浙江工商大学,2023.
[1] HU Xinrui. Working Capital Management of Liziyuan: A Value Chain Perspective [J]. China Dairy, 2026, 0(2): 10-16.
[2] FANG Ruixin. Analysis of Working Capital Management in Manor Ranch Based on Channel Theory [J]. China Dairy, 2025, 0(8): 30-36.
[3] NIU Yajuan, HUANG Jiaxin. Research on Fine Control of Dairy Enterprise Costs under the Background of Industry-Finance Integration [J]. China Dairy, 2025, 0(6): 38-43.
[4] ZHANG Junjie. Research on the Path and Performance of Digital Transformation of Bright Dairy Industry [J]. China Dairy, 2025, 0(5): 19-24.
[5] YAO Jia. Research on Internal Control Optimization of Dairy Enterprises under Financial Sharing Mode [J]. China Dairy, 2025, 0(3): 33-38.
[6] HE Yanping, YANG Aijun, HE Ying, JI Kunfa, CHEN Xin, LIAO Simin, CHEN Xiaodong. Practice and Innovation of JIT Management in Dairy Plant Warehouses Based on Quality and Safety [J]. China Dairy, 2025, 0(12): 43-51.
[7] ZHOU Chenchen. Research on the Legal Regulation and Internal Control of Production Compliance Risks in Dairy Enterprises--An Empirical Analysis Based on the Milkground Propylene Glycol Incident [J]. China Dairy, 2025, 0(12): 124-130.
[8] YAN Chi, ZHAO Airong. The Improvement of Punitive Damage System Enables Intellectual Property Protection of Dairy Enterprises [J]. China Dairy, 2025, 0(1): 111-115.
[9] GUO Yiyang. Study on the Current Situation and Optimization Strategies of Production and Inventory Management in Dairy Enterprises [J]. China Dairy, 2025, 0(1): 9-15.
[10] DAI Wenbo. Financial Performance Evaluation of ROYAL GROUP Based on Factor Analysis [J]. China Dairy, 2024, 0(7): 21-27.
[11] ZHAO Yingying, ZHANG Shenglei. Analysis of Financial Performance Evaluation of Dairy Enterprises Based on Entropy Weight TOPSIS——Taking Bright Dairy as an Example [J]. China Dairy, 2024, 0(5): 24-29.
[12] ZHANG Jiuru. Analysis of the Copyright Issues of AI-generated Products in Dairy Enterprises [J]. China Dairy, 2024, 0(4): 111-114.
[13] SUN Fang. Legal Risks and Countermeasures of the Application of Artificial Intelligence Products in Dairy Enterprises under the Background of Digital Transformation [J]. China Dairy, 2024, 0(4): 106-110.
[14] XU Xiaojun. The Judicial Dilemma of Data Property Rights in Dairy Enterprises from the Perspective of Legal Methods [J]. China Dairy, 2024, 0(4): 101-105.
[15] MA Yuxiao. Research on Financial Performance of Dairy Industry Based on Factor Analysis [J]. China Dairy, 2024, 0(2): 14-19.
Viewed
Full text


Abstract

Cited
  Shared   
  Discussed   
No Suggested Reading articles found!
Copyright © 2018 Editorial Board of China Dairy
Powered by Beijing Magtech Co. Ltd