Core Points - Mr. Cao Gaofeng has resigned as a non-executive director and member of the Environmental, Social and Governance (ESG) Committee, effective from October 21, 2025 [1] - Mr. Song Liang has been appointed as a member of the ESG Committee, effective from October 21, 2025 [1]

（於百慕達註冊成立之有限公司） （股份代號：506） 董事會名單、角色及職能 中國食品有限公司董事會（「董事會」）共有8名董事，每名董事的姓名、角色及職能載列如下： | 董事會委員會 | 審核 | 薪酬 | 提名 | 環境、社會 | 執行 | | --- | --- | --- | --- | --- | --- | | 董事會 | 委員會 | 委員會 | 委員會 | 及管治 委員會 | 委員會 | | 執行董事： | | | | | | | 展在中（董事總經理） | - | - | - | - | C | | 唐強 | - | - | - | C | M | | 非執行董事： | | | | | | | 慶立軍（主席） | - | - | C | - | - | | 陳剛 | - | - | - | - | - | | 宋亮 | - | - | - | M | - | | 獨立非執行董事： | | | | | | | 李鴻鈞 | C | M | M | - | - | | 莫衛斌 | M | C | M | M | - | | 梁家麗，銀紫荊星章 | M | M | M | - | - | 附註: M 相關 ...

Group 1 - The company announced the resignation of Cao Gaofeng as a non-executive director and member of the Environmental, Social, and Governance (ESG) Committee, effective from October 21, 2025 [1] - Song Liang has been appointed as a member of the ESG Committee, effective from October 21, 2025 [1]

董事會謹此衷心感謝曹先生在任期間為本公司及董事會作出的寶貴貢獻。 1 (1) 曹高峰先生辭任本公司非執行董事，環境、社會及管治委員會成員，自 2025 年 10 月 21 日起生效；及 (2) 非執行董事宋亮先生獲委任為為環境、社會及管治委員會成員，自 2025 年 10 月 21 日起生效。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 ( 於百慕達註冊成立之有限公司 ) （股份代號：506） 非執行董事的辭任 及董事會委員會組成的變動 董事會宣佈： 非執行董事的辭任 中國食品有限公司(「本公司」)董事會(「董事會」)宣佈，自 2025 年 10 月 21 日起，曹高 峰先生(「曹先生」)因工作調動，已辭任本公司非執行董事，環境、社會及管治委員會成員。 曹先生已確認彼與董事會並無意見分歧，亦無就彼的辭任有關的其他事宜需要知會本公司 股東。 於本公告日期，董事會成員包括：慶立軍先生為董事會主席及非執行董事；展在中先生及 唐强先生為執行董事；陳剛先生 ...

Core Insights - The meeting between Nanjing's Mayor Zhou Hongbo and COFCO's Chairman Li Guoqiang highlights the ongoing collaboration between Nanjing and COFCO, emphasizing the importance of deepening multi-faceted cooperation to enhance the local economy and food industry [1][2] Group 1 - Nanjing has expressed gratitude for COFCO's long-term support in its development, indicating a strong partnership with fruitful outcomes [1] - Both parties aim to use the 113th National Sugar and Wine Fair as a new starting point to further enhance cooperation, focusing on project construction and upgrading the consumer market [1] - COFCO plans to leverage its industrial advantages and increase market resource investment to contribute to Nanjing's high-quality development [1]

许峰说，全国糖酒会时隔十年再聚南京，既是对南京城市的充分认可，更为南京深化产业合作、建 设国际消费中心城市注入强劲动能。我们希望城市能级与行业盛会同频共振，以展城互融激活消费潜 能，以开放合作共拓发展空间，与海内外客商共绘"买全球、卖全球"开放新篇。 省、市相关部门单位负责人，部分国家级行业协会负责人，以及知名企业代表等参加。 10月15日，第113届全国糖酒商品交易会开幕专题活动举行。作为全国糖酒会70年历程中的首 个"秋糖季"，本届盛会以"展城融合、产销共赢"为主题，与南京共赴"十年之约"，汇聚全产业链力量，开 启会展经济与城市发展深度融合的崭新篇章。市人大常委会主任吕德明出席，中粮集团党组书记、董事 长李国强，市政府副市长许峰致辞。 全国糖酒会不仅是美食美酒的"大展会"，更是中外客商洽谈合作、畅叙友情的"大相会"。本届"秋糖 季"高标准呈现20万平方米专业展馆，重点商圈策划260余场"秋糖季"特色促消费活动，串联起中秋、国 庆和秋糖三大节点，组织了7场特色主题活动，搭建了"70+700"促消费场景，覆盖消费全链条，持续激 发市场活力。与会领导共同启动第113届全国糖酒会，全国糖酒会组委会与中国食品工业协 ...

Group 1 - Food security is a national priority, and stable supply chains are essential for ensuring food security. COFCO Group is accelerating the construction of a modern food logistics supply chain system to enhance the resilience and safety of food supply chains [1] - The grain terminal at Nansha Port in Guangzhou, designed by COFCO Technology, is the largest grain port logistics facility in South China, achieving a single silo unloading capacity of 2,000 tons per hour and a berth unloading capacity of 8,000 tons per hour, with an annual throughput capacity of nearly 16 million tons [1] - COFCO Technology has developed advanced equipment such as a non-destructive multi-point grain unloading device and a self-cleaning low-damage elevator, which reduce transportation losses and improve grain circulation efficiency. The automated control system enhances unloading efficiency by 20% and enables real-time information linkage with rail and road transport [1] Group 2 - Grain depots are critical nodes in the grain transportation chain. A new grain storage project in Huangpu District, Guangzhou, designed by COFCO Technology, utilizes next-generation tubular chain technology to address issues of low capacity and high material loss in traditional systems, filling a domestic technology gap [2] - The new tubular chain system has increased grain unloading efficiency from 50 tons per hour to 300 tons per hour, allowing for flexible layout and rapid transportation of grain to designated locations, thus improving the efficiency of the entire grain transportation network [2] - The project transforms traditional grain depots from static nodes into dynamic circulation hubs, facilitating seamless connections for subsequent transportation and creating a high-efficiency, clean, and coherent logistics loop [2] Group 3 - COFCO Group is driving the transformation of traditional industries towards high-end, green, and intelligent development. Innovations in storage include the development of six-sided active temperature control and autonomous temperature control smart storage technologies for precise and eco-friendly grain storage [3] - In processing, COFCO has developed an intelligent milling machine that overcomes key industry challenges such as automatic gap adjustment and online data monitoring [3] - The company is also exploring new growth avenues, including the launch of a new generation of healthy sugar substitute D-allohexose, which supports the Healthy China strategy, and is engaging in cutting-edge research in synthetic biology for future health industry applications [3]

Core Viewpoint - Morgan Stanley has revised its profit forecast for China Foods (00506), lowering the 2025 profit estimate by 4% while increasing the 2027 profit estimate by 2% [1] Summary by Relevant Sections - **Profit Forecast Adjustments** - The 2025 profit forecast has been decreased by 4% [1] - The 2027 profit forecast has been increased by 2% [1] - **Gross Margin Estimates** - The gross margin forecast for the years 2025 to 2027 has been raised by 1.2 percentage points [1] - This adjustment is driven by higher average selling prices following price increases in 2024 and a higher base effect [1] - **Target Price and Rating Changes** - The target price for China Foods has been raised from HKD 2.6 to HKD 2.9 [1] - The rating has been downgraded to "Underweight" [1]

Core Viewpoint - Morgan Stanley has adjusted its profit forecasts for China Foods (00506), lowering the 2025 profit estimate by 4% while increasing the 2027 profit estimate by 2% due to higher gross margin expectations [1] Summary by Category - **Profit Forecast Adjustments** - The 2025 profit forecast has been reduced by 4% [1] - The 2027 profit forecast has been increased by 2% [1] - **Gross Margin Expectations** - Gross margin forecasts for 2025 to 2027 have been raised by 1.2 percentage points [1] - The increase is driven by higher average selling prices following price hikes in 2024 and a higher base [1] - **Target Price and Rating Changes** - The target price for China Foods has been raised from HKD 2.6 to HKD 2.9 [1] - The rating has been downgraded to "Underweight" [1]

摩根士丹利发表报告，将中国食品2025年利润预测下调4%，2027年的利润预测上调2%；2025至27年毛 利率预测上调1.2个百分点，受2024年加价后更高的平均售价以及更高的基数驱动。该行将其目标价由 2.6港元上调至2.9港元，反映2027年及以后年度较高的盈利预测，评级"减持"。 ...