FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國現代牧業控股有限公司(於開曼群島註冊成立的有限公司) 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01117 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 ...

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 1.91, representing a potential upside of 38.5% from the current price of HKD 1.38 [6]. Core Insights - The company is expected to benefit from a rebound in both meat and milk prices, leading to significant revenue growth and a turnaround in profitability by 2026. The projected net profits for 2026, 2027, and 2028 are estimated at HKD 5.8 billion, HKD 14.2 billion, and HKD 20.1 billion respectively [7]. - The company has demonstrated strong operational resilience despite a challenging industry environment, with a notable improvement in cash EBITDA, which grew by 2.6% to HKD 3.063 billion, and a gross margin increase of 1.4 percentage points to 27.4% [7]. - The report highlights the company's effective cost control measures, with the cost of milk sales per kilogram reduced to HKD 2.32, an 8.3% decrease year-on-year, and feed costs down by 9.2% to HKD 1.77 [7]. Financial Summary - Revenue for the fiscal year ending December 31, 2025, is reported at HKD 12.6 billion, a decline of 4.9% year-on-year. However, the company is expected to return to growth with projected revenues of HKD 13.5 billion in 2026, HKD 14.6 billion in 2027, and HKD 15.7 billion in 2028 [4][9]. - The net profit for 2025 is reported at a loss of HKD 12.04 billion, but a significant recovery is anticipated with a net profit of HKD 579 million in 2026 and HKD 1.42 billion in 2027 [4][9]. - The company's earnings per share (EPS) is projected to improve from a loss of HKD 0.14 in 2025 to a profit of HKD 0.07 in 2026, and further to HKD 0.18 in 2027 [4][9]. Industry Dynamics - The report indicates a significant restructuring in the supply-demand dynamics of the raw milk industry, with a continued decline in national dairy cow inventory expected to lead to potential supply shortages in 2026-2027 [7]. - The demand for domestic raw milk is increasing as imports of bulk powder have halved, and the growth in downstream processing capacity is gradually improving the supply-demand relationship [7]. - The report notes that the beef cycle is also showing signs of recovery, with the price of culled cows rebounding over 30% from its low in 2024, which is expected to provide additional revenue opportunities for the company [7].

Core Viewpoints - The pig prices have entered a bottom area, with a focus on the water product seedling situation in April [1] - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector [2] Market Review - In March 2026, the agricultural, forestry, animal husbandry, and fishery sector outperformed the CSI 300 index by 0.04 percentage points, with the sector declining by 4.38% compared to a 4.42% decline in the CSI 300 [18][19] - The livestock breeding sector experienced a smaller decline of 1.4% in March [18][22] Livestock Breeding - In March 2026, the national average price of live pigs was 10.06 CNY/kg, down 12.2% month-on-month and down 30.7% year-on-year [28][29] - The average loss for self-bred pigs in March was approximately 291 CNY per head, a decrease of 192 CNY month-on-month [31] - The average price of piglets was 23.6 CNY/kg, down 7.4% month-on-month [32] - The pig-to-feed ratio was 4.18, down 0.65 month-on-month [32] Feed and Animal Health - In March, the prices of aquatic products fluctuated, with a notable increase in feed prices due to rising raw material costs [6] - The report anticipates significant growth in the feed industry sales in March, driven by the upcoming spring seedling investment [6] - Leading feed companies are expected to expand their market share domestically and internationally due to their cost advantages [6] Dairy Cattle - As of March 19, 2026, the price of fresh milk in major production areas was 3.03 CNY/kg, down 1.9% year-on-year [6] - The industry is entering a destocking phase, with supply and demand expected to balance in the future [6] Key Company Valuation and Financial Analysis - The report highlights several key companies with strong financial metrics, including: - Wen's Foodstuffs Group (300498.SZ) with a target price of 18.55 CNY and a PE ratio of 21.41 for 2025E [7] - Muyuan Foods (002714.SZ) with a target price of 63.40 CNY and a PE ratio of 16.20 for 2025E [7] - Lihua Agricultural (300761.SZ) with a target price of 28.72 CNY and a PE ratio of 29.67 for 2025E [7]

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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1117） 根據限制性股份獎勵計劃授出獎勵股份 授出獎勵股份 董事會根據二零一八年股份獎勵計劃於二零二六年三月二十七日向本集團 173名中級及高級管理人員授出合共59,913,000股 獎 勵 股 份，相 當 於 本 公 司 於 本公告日期已發行股本約0.76%。 緒 言 中國現代牧業控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董 事 會」）欣 然 宣 佈，為 激 勵 管 理 團 隊 並 為 本 集 團 的 持 續 發 展 與 壯 大 及 挽 留 人 才，董 事 會 根 據 二 零 一 八 年 三 月 二 十 六 日 採 納 的 股 份 獎 勵 計 劃（「二零一八年股份獎勵 計 劃」）於 二 零 二 六 年 三 月 二 十 七 日 向 本 集 團173名中級及高級管理層人員授出合 共59,913,000股獎勵股份。 有 關 二 零 一 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.00, reflecting a valuation premium due to its leading position in the domestic livestock industry [6][5]. Core Insights - The company achieved revenue of RMB 12.6 billion, a net loss attributable to shareholders of RMB -1.13 billion, and cash EBITDA of RMB 3.06 billion for the year 2025, showing a year-on-year revenue decline of 4.9% but an improvement in cash EBITDA by 2.6% [1][6]. - The raw milk business saw a slight revenue increase of 0.1% to RMB 10.47 billion, with a stable gross margin of 31.2%, while the comprehensive breeding solutions business experienced a significant revenue decline of 23.8% to RMB 2.13 billion due to a strategic focus on high-quality clients [2][3]. - The company expects a rebound in milk prices in the second half of 2026, driven by accelerated industry capacity reduction and improved cost control measures [4][5]. Revenue Summary - The raw milk segment's revenue increased by 0.1% to RMB 10.47 billion, with sales volume rising by 8.5% to 3.139 million tons, attributed to a higher proportion of breeding cows and improved yield [2]. - The average selling price of raw milk decreased by 7.7% to RMB 3.33 per kilogram, reflecting market trends, but the decline was less severe than in the first half of the year [2]. Profit Summary - The overall gross margin improved by 1.4 percentage points to 27.4%, with the raw milk segment maintaining a gross margin of 31.2%, indicating effective cost management [3]. - The company reported a significant loss of RMB 3.108 billion from the fair value changes of biological assets, which is expected to narrow to approximately RMB 2 billion in 2026 [3]. Future Outlook - The industry is experiencing a decline in dairy cow inventory, leading to a faster supply-demand rebalancing, with expectations for a more pronounced recovery in milk prices in the second half of 2026 [4]. - The company has set clear plans for cost management, including locking in soybean meal prices and targeting a reduction in feed costs to below RMB 1.75 per kilogram [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2026 and 2027 are projected at RMB 0.10 and RMB 0.18, respectively, with a new forecast for 2028 introduced at RMB 0.20 [5][10]. - The company is valued at a price-to-earnings (PE) ratio of 18x for 2026, reflecting its strong market position and cost advantages [5][11].

Financial Performance - The total revenue for the year ended December 31, 2025, was RMB 12,601 million, a decrease of 4.9% compared to RMB 13,254 million in 2024[5] - The net cash generated from operating activities was RMB 2,502.4 million, an increase of 4.1% from the previous year, enhancing the company's core competitiveness[4] - The EBITDA for the year was RMB 3,063 million, representing a 2.6% increase from RMB 2,986 million in 2024[5] - The company recorded a net loss of RMB 1,204 million for the year, a decrease of 18.0% from RMB 1,469 million in 2024[5] - Total comprehensive income for the year was RMB (1,210,239) thousand, a decrease from RMB (1,482,019) thousand in 2024, indicating a 18.3% reduction in overall losses[11] - The group reported a loss before tax of RMB 1,192,346,000 for the year ended December 31, 2025, compared to a loss of RMB 1,474,212,000 in 2024[29] - The company reported a pre-tax loss of RMB 1,192,346,000 for 2025, an improvement from a loss of RMB 1,474,212,000 in 2024[43] - The basic and diluted loss per share for 2025 is RMB 14.41, compared to RMB 18.09 in 2024, indicating a reduction in losses per share[46] Revenue and Sales - The total sales volume of fresh milk was 313.9 thousand tons, an increase of 8.5% from 289.3 thousand tons in 2024[5] - Revenue from raw milk sales was RMB 10,466,158,000, slightly up from RMB 10,454,371,000 in 2024[24] - The total sales revenue for raw milk in 2025 was RMB 10,466.2 million, showing a slight increase from RMB 10,454.4 million in 2024, representing a year-on-year growth of approximately 0.1%[69] - The sales revenue from the integrated breeding solutions business decreased by 23.8% to RMB 2,134.6 million in 2025, down from RMB 2,800.0 million in 2024, mainly due to weak market demand[71] Assets and Liabilities - Non-current assets decreased to RMB 24,997,116 thousand in 2025 from RMB 25,861,893 thousand in 2024, reflecting a decline of 3.3%[12] - Current assets also saw a decline, totaling RMB 11,581,293 thousand in 2025 compared to RMB 8,078,657 thousand in 2024, an increase of 43.1%[12] - The company's total liabilities increased to RMB 12,048,338 thousand in 2025 from RMB 8,629,720 thousand in 2024, marking a significant rise of 39.5%[12] - The net asset value of the company decreased to RMB 9,818,372 thousand in 2025 from RMB 11,122,796 thousand in 2024, a decline of 11.7%[13] - The company’s equity attributable to shareholders decreased to RMB 8,294,413 thousand in 2025 from RMB 9,531,012 thousand in 2024, a drop of 13.0%[13] Operational Efficiency - The average milk yield per mature cow was 12.9 tons per year, reflecting a 0.8% increase compared to 12.8 tons in 2024[5] - The company implemented cost-saving measures and optimized herd structure, resulting in significant cost savings and enhanced core competitiveness[57] - The company aims to enhance operational efficiency through the "Five Good Dairy Cow" breeding principles, focusing on cow health and scientific feeding[56] Market and Industry Position - The company was awarded an A rating by MSCI Inc., ranking first in the Chinese dairy industry for ESG performance[4] - The company aims to become a global leader in the dairy industry through digital transformation and ecological development[3] - The company is actively exploring international expansion and aims to enhance its influence and competitiveness in the global dairy value chain[103] Employee and Social Responsibility - The total employee cost for the group is approximately RMB 1,088.3 million for the year, a decrease of 5.5% from RMB 1,152.3 million in 2024, with the number of employees increasing to approximately 9,178 from 9,007[97] - The group is focused on balancing business development with social responsibility, ensuring the provision of high-quality dairy products while supporting local economic development[100] Future Strategies - The company plans to optimize its dairy herd structure and improve milk yield and quality, focusing on increasing the proportion of specialty milk products such as organic and A2 milk[103] - The company is committed to a low-carbon transformation driven by digital innovation, while fulfilling social responsibilities and contributing to rural revitalization[104] - The company aims to acquire all issued shares of China Shengmu Organic Milk Limited, which will allow for business scale expansion and improved average selling prices[103] Financial Management - The group has implemented a strict financial risk management policy, focusing on foreign exchange, credit, and liquidity risks[95][96] - The company issued a sustainable development bond of $350 million in July 2025, with a maturity in 2030 and an interest rate of 4.875%[90]

China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） 董事名單及其角色與職能 中 國 現 代 牧 業 控 股 有 限 公 司 董 事（「董 事」）會（「董事會」）於 二 零 二 六 年 三 月 二 十 五 日生效的成員名單載列如下。 執行董事 孫玉剛先生 （總裁） 朱曉輝先生 （首席財務官） 非執行董事 陳易一先生 （董事會主席） 沈新文先生 溫永平先生 甘璐女士 董事會下設五個委員會。每個委員會組成載列如下： | 董事委員會 | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | 戰略及發展 | 可持續發展 | | 董 事 | 審核委員會 | 提名委員會 | 薪酬委員會 | 委員會 | 委員會 | | 陳易一先生 | | C | | C | | | 沈新文先生 | M | | M | | | | 溫永平先生 | | | | | C | | 孫玉剛先生 | | | | M | M | | 朱曉輝先生 | | | | | M | | 甘璐女士 | | M ...

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 或任何部分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。 China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） (1)董事辭任及委任 以 及 (2)董事會委員會組成變更 董事會謹此宣佈，自二零二六年三月二十五日起： (i) 張 平 先 生 將 辭 任 非 執 行 董 事 及 不 再 擔 任 審 核 委 員 會 及 薪 酬 委 員 會 成 員； 及 (ii) 沈新文先生將獲委任為非執行董事以及審核委員會及薪酬委員會成員。 II. 董事委任 自 二 零 二 六 年 三 月 二 十 五 日 起，沈 新 文 先 生（「沈先生」）將 獲 委 任 為 非 執 行 董事以及審核委員會及薪酬委員會成員。 中 國 現 代 牧 業 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」，各為一名「董事」）會（「董事會」）謹此宣佈以下董事會及 ...

– 1 – 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，概不就因本公告全部 或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） 本公司的非全資附屬公司 現 代 牧 業（集 團）有 限 公 司 於中國發行境內永續中期票據 本 公 告 乃 由 中 國 現 代 牧 業 控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）自 願 發 佈。 董 事 會 欣 然 宣 佈，本 公 司 的 非 全 資 附 屬 公 司 現 代 牧 業（集 團）有 限 公 司（「發行人」 或「現代牧業」）獲 中 國 銀 行 間 市 場 交 易 商 協 會 批 准 在 中 華 人 民 共 和 國（「中 國」）境 內以年利率2.50%發行本金額為人民幣5億 元 的 境 內 永 續 中 期 票 據（「中期票據」）， 期限為2+N年（指 初 始 年 期 為 兩 年，此 後 除 非 被 發 行 人 贖 回， ...

Investment Rating - The report suggests a neutral investment rating for the agricultural sector, indicating that the expected changes in the industry will be relatively stable compared to the broader market [70]. Core Insights - The agricultural sector index has underperformed compared to the Shanghai Composite Index, with a weekly decline of 4.50% [13]. - The report highlights ongoing pressures in the pig farming industry, with prices expected to continue declining due to supply-side pressures and a potential increase in slaughter volumes [3][21]. - In poultry farming, while white feather chicken prices remain under pressure, yellow feather chicken prices have shown resilience due to improved downstream demand [4][35]. - The beef market is anticipated to see price increases as it enters the consumption peak season, while dairy cow inventories are decreasing, indicating a potential recovery in milk prices [5][39][42]. - The planting sector is experiencing tight supply and demand dynamics, with corn prices showing slight upward movement amid external uncertainties [6][45][46]. - Feed prices have stabilized, and the aquaculture sector is showing signs of improvement in pricing [56]. Summary by Sections 1. Market Review - The agricultural index closed at 2928.56 points, down 4.50% week-on-week, underperforming the Shanghai Composite Index [13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average price of live pigs is 9.90 yuan/kg, with a weekly decline of 1.79%. The average weight of pigs at slaughter is 128.62 kg, indicating a slight increase [21][22]. - The report anticipates further price declines in the short term due to supply pressures and ongoing losses in the sector [3][22]. 2.2 Poultry Farming - The average price for white feather chickens is 7.33 yuan/kg, showing a weekly increase of 1.66%. The profitability of parent stock and broiler chickens has improved slightly [34][35]. 2.3 Livestock - Live cattle prices in Shandong are 27.03 yuan/kg, with a year-on-year increase of 13.86%. The report expects beef prices to rise as the consumption season approaches [5][40][42]. 2.4 Planting Industry - Domestic corn prices are 2332.86 yuan/ton, with a slight increase of 0.18% week-on-week. The report notes potential improvements in the planting sector if there are significant reductions in grain production [6][45][46]. 2.5 Feed & Aquaculture - Feed prices for fattening pigs are 3.36 yuan/kg, showing a weekly increase of 0.30%. Aquaculture prices for various species have remained stable [56].