China Mengniu Dairy, the mainland’s largest producer of dairy products, said profit climbed 44 per cent last year to 2.35 billion yuan (HK$2.95 billion).

Revenues hit 50 billion yuan, while financing costs soared by about 111 per cent to 340 million yuan.

During 2014, Danone Asia bought a 25 per cent per cent stake in Yashili, which is controlled by Mengniu. Investors responded cooly to the deal, doubting that the partnership would yield results.