Group 1 - Modern Dairy (01117.HK) announced changes in its board of directors effective September 1, 2025 [1] - Mr. Zhao Jiejun will resign as a non-executive director and will no longer serve as the chairman of the board, chairman of the nomination committee, and chairman of the strategy and development committee [1] - Mr. Chen Yiyi will be appointed as the chairman of the board, chairman of the nomination committee, and chairman of the strategy and development committee [1] - Mr. Li Gangwei will no longer be a member of the nomination committee, and Ms. Gan Lu will be appointed to replace him [1]

NOMINATION COMMITTEE TERMS OF REFERENCE 提名委員會職權範圍 – 1 – China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） 1 Constitution The nomination committee (the "Committee") of the board of directors (the "Board") of China Modern Dairy Holdings Ltd. (the "Company") was established pursuant to a resolution passed by the Board on 16 April 2012. The terms of reference of the Committee have been revised and approved by the Board on 1 September 2025. ...

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 五 年 九 月 一 日 生 效的成員名單載列如下。 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 | | | 張平先生 | M | | M | | C | | 孫玉剛先生 | | | | M | M | | 朱曉輝先生 | | | | | M | | 甘璐女士 | | M | | M | | | 李勝利先生 | | | C | M | M | | 李港衛先生 | C | | | | M | | 周明笙先生 | M | M | M | | | 附註： ...

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 (2)董事會主席變更 及 (3)董事委員會組成變更 董事會謹此宣佈，自二零二五年九月一日起： 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董事委員會組成變更。 – 1 – (i) 趙傑軍先生將辭任非執行董事及不再擔任董事會主席、提名委員會主席 以及戰略及發展委員會主席； (ii) 陳易一先生將獲委任為董事會主席、提名委員會主席以及戰略及發展委 員會主席；及 (iii) 李港衛先生將不再擔任提名委員會成員，而甘璐女士將獲委任接替其職位。 董 事 會 ...

本报记者 梁傲男 8月26日晚间，现代牧业（集团）有限公司（以下简称"现代牧业"）发布2025年上半年业绩报告。报告期内，公司实现营 收60.73亿元，核心现金流指标"现金EBITDA"与去年同期基本持平，为14.77亿元。 对于上半年业绩表现，现代牧业在半年报中表示，主要由于国内原料奶处于阶段性供过于求的情况没有明显改善，国内原 料奶市场售价处于低位运行而造成的。 坚持成本领先战略 具体来看，原料奶业务上半年实现营收50.69亿元，养殖综合解决方案营收10.04亿元，原料奶产量166万吨，同比增长 14.6%，单产总产突破新高。 上半年，现代牧业继续坚持降本增效策略，其中，公斤奶销售成本2.32元/公斤，同比下降10.1%；公斤奶饲料成本为1.79 元/公斤，同比下降11.4%；公斤奶其他现金成本为0.41元/公斤，同比下降6.8%。 在原奶价格下行及调整牛群结构的背景下，现代牧业亏损主要是非现金损失，因此，在报告期内，公司的现金流量净额保 持在4.9亿元，同比增加23.3%。 现代牧业表示，截至6月30日，集团乳牛总数预期较2024年末会略为减少，但成乳牛占乳牛总数比例达到54.1%，平均年化 成乳牛单产 ...

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The report anticipates a resonance between the meat and dairy cycles, which is expected to reveal profit elasticity for the company [1] - The company has experienced a decline in revenue and increased net losses in the first half of 2025, but there are signs of potential recovery in the dairy and beef markets [1][4] Revenue and Performance Summary - In the first half of 2025, the company's revenue was 6.07 billion RMB, a year-on-year decrease of 5.4%, with a net loss of 980 million RMB compared to a net loss of 210 million RMB in the same period last year [1] - Raw milk revenue decreased by 0.8% year-on-year to 5.07 billion RMB, with sales volume increasing by 10.3% but average price per kilogram dropping by 10.1% to 3.29 RMB/kg [2] - The company has improved its core herd ratio and increased the annual average yield per lactating cow to 13.2 tons per head, a year-on-year increase of 1.5% [2] Profitability and Margin Analysis - The gross margin for the first half of 2025 increased by 0.3 percentage points to 26.4%, while the cash EBITDA was 1.48 billion RMB, a year-on-year decrease of 2.5% [3] - The company expects a reduction in biological asset impairment losses in the second half of 2025, which could improve profitability [3] Future Outlook and Valuation - The report maintains earnings forecasts, projecting EPS of -0.17, 0.08, and 0.14 RMB for 2025 to 2027, respectively [4] - The target price is set at 1.58 HKD, based on a 18x PE ratio for 2026, indicating potential upside from the current market price [4][5]

Core Viewpoint - Modern Dairy (01117) reported a revenue of 6.073 billion yuan for the six months ending June 30, 2025, with a loss of 984 million yuan, resulting in a loss per share of 0.1167 yuan [1] Group 1: Financial Performance - The company achieved a net cash inflow from operating activities of 490 million yuan, an increase of 23.3% compared to the same period in 2024, enhancing its core competitiveness and resilience against industry cycles [1] - The total loss for the period was 984 million yuan, indicating challenges in profitability despite revenue growth [1] Group 2: Business Strategy and Operations - The company aims to become a global leader in the dairy industry through a vision of "layout of the industrial chain, digital innovation," focusing on raw milk production as its core business [1] - The business model encompasses a full value chain in the dairy industry, including seed research and development, pasture planting, feed, dairy cattle breeding, and a digital platform for the industry chain [1] Group 3: Livestock and Production Metrics - As of June 30, 2025, the company raised 472,500 dairy cows, a year-on-year increase of 6.2%, with the proportion of mature dairy cows at 54.1%, up 3.5 percentage points [1] - The average annualized yield per mature dairy cow reached 13.2 tons, a year-on-year increase of 1.5%, maintaining a leading position in the industry [1] - The total raw milk production for the period was 1.661 million tons, reflecting a year-on-year growth of 14.6% [1]

格隆汇8月26日丨现代牧业(01117.HK)公告，截至2025年6月30日止6个月的中期业绩，集团录得销售收 入人民币60.7亿元，同比减少5.4%。期内亏损9.8亿元；每股亏损(基本)11.67人民币分；董事会并不就截 至2025年6月30日止6个月宣派中期股息(截至2024年6月30日止6个月：无)。 集团以"布局产业链，数智创新，做全球牧业引领者"为企业愿景，以原料奶生产为核心业务，通过数智 化转型和生态化发展双轮驱动，构建覆盖乳业全价值链的业务体系。目前业务范围涵盖：种业研发、牧 草种植、饲料、奶牛养殖及产业链数智平台。通过全产业链协同发展模式，集团业务保持稳健增长态 势。 ...

智通财经APP讯，现代牧业(01117)发布截至2025年6月30日止6个月中期业绩，该集团取得收入60.73亿 元，期内亏损9.84亿元，每股亏损11.67分。 本集团以"布局产业链，数智创新，做全球牧业引领者"为企业愿景，以原料奶生产为核心业务，通过数 智化转型和生态化发展双轮驱动，构建覆盖乳业全价值链的业务体系。目前业务范围涵盖：种业研发、 牧草种植、饲料、奶牛养殖及产业链数智平台。通过全产业链协同发展模式，集团业务保持稳健增长态 势。 健康牛群结构：截止2025年6月30日，本集团共饲养47.25万头乳牛，同比增长6.2%，其中成乳牛占比为 54.1%，同比提升3.5个百分点，符合本集团的整体牛群管理策略。 原料奶业务持续增长：期内，成乳牛平均年化单产及总产奶量双双创历史新高。成乳牛平均年化产量达 13.2吨，同比增长1.5%，居于行业领先水平。期内，原料奶总产量达166.1万吨，同比增长14.6%。 强劲经营现金流：本集团持续推动提质增效，期内成本节约取得显著成效，取得经营活动所得现金净额 4.9亿元，较2024年同期增加23.3%，增强了企业核心竞争力和行业周期的抵御能力。 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]