Each fortnight Stockhead wraps up the news from the hottest ASX small cap themes. Today we take a look at the infant formula exporter gang and their recently released 2018 financials.

Almost all infant formula stocks have made strong share price gains over the past year on the back of increased regulatory stability in China.

But only a third are making a profit based on full-year results released in recent weeks.

The five profitable infant formula stocks in the past financial year are A2 Milk ($180m), Synlait ($74m), Bellamy’s ($43m), Clover ($7.6m) and newly listed Keytone Dairy ($146,000).

Clover Corp (ASX:CLV) — which is one of the best share price performers over the past year with a 250 per cent share price gain — posted a $7.6m profit.

The company points to China’s enthusiasm for nutrient-rich additives as a reason for doubling its profit year-on-year.

Keytone, the sector’s newest member, this week lost its chairman two months after listing.

At the other end of the scale Bubs — which has been heavily investing in product and distribution for China — lost $65 million, which included a $48.2m goodwill impairment on the acquisition of goat milk producer NuLac Foods.

“We are now well placed to enter our next phase of product and market development, turning the focus to bringing the company into profitability,“ said Bubs founder and boss Kristy Carr a few weeks ago when releasing the results.

Jatenergy — which is up 240 per cent over the past year — lost $1.2 million.

Wattle Health, Beston Global and AuMake also posted losses of $19.8m, $12.6m and $11.1m respectively.

Only Longreach Oil — which has been in suspension since May last year as it attempts to ditch its mining leases for infant formula — is revenue-free.

The 15 stocks together booked about $2.2 billion in revenue.

Over the past fortnight, Bioxyne (ASX:BXN) has been the greatest gainer in the sector, rising 18 per cent to hit 3.9c on Tuesday. The company recently announced a deal with an Indonesian reseller.

>> Scroll down for a list of ASX infant formula stocks and their recent performance

Increased stability in China’s regulatory regime in the past 12 months “has allowed Australian listed companies to plan ahead and seek partnerships and distribution in China”, Paul Jensz, executive director of research at PAC Partners, told Stockhead earlier this month.

“We had a situation where it was in flux a lot of last year, and the Chinese authorities, quite rightly, tried to bring down the number of brands and provide differentiation between the thousands of products,” he said.

“It was very confusing for the authorities and for customers.

“Since then they have brought in rules to better regulate it — both for products that are internally generated and also the imported products.

Here’s a table of 15 ASX infant formula stocks showing revenue, profit and recent share price changes:

Swipe or scroll for full table. Click headings to sort:

ASX code Company FY18 revenue $ FY18 profit/(loss) $ Two-week price change 12-month price change Price Sep 25 (intraday) Market Cap $
WHA Wattle Health 1.6M (19.8M) 4 57 $1.14 196.4M
SM1 Synlait Milk 879M 74M -14 105 $10.33 1.9B
LON Longtable Group 8.7M (6.7M) -1 -40 43.5c 55.2M
LGO Longreach Oil (suspended) 0 na na na 0.8c 9.7M
KTD Keytone Dairy 2.2M 146,000 -22 na 57c 87.0M
JAT Jatenergy 2.4M (1.2M) -13 242 4.1c 26.3M
HRL HRL Holdings 27.3M (1.5M) 0 121 17c 83.9M
CLV Clover Corp 63M 7.6M 8 255 $1.56 258.5M
BXN Bioxyne 2.3M (1.3M) 18 56 3.9c 23.7M
BUB Bubs Australia 17M (65M) -5 20 64c 282.6M
BFC Beston Global 48.2M (12.6M) -3 -19 17.5c 77.6M
BAL Bellamy's 328.7M 43.3M 5 26 $10 1.1B
AU8 AuMake 21.5M (11.1M) 7 na 29.5c 80.1M
AHF Australian Dairy Farms 19.5M (4.2M) -10 22 14c 35.6M
A2M A2 Milk 847M 180M -1 88 $10.77 8.0B