现代牧业(01117)发布公告，自2025年10月1日起，温永平先生将获委任为非执行董事及可持续发展委员 会主席;李胜利先生及李港卫先生将获委任为提名委员会成员;及张平先生将不再担任可持续发展委员会 主席。 ...

智通财经APP讯，现代牧业(01117)发布公告，自2025年10月1日起，温永平先生将获委任为非执行董事 及可持续发展委员会主席;李胜利先生及李港卫先生将获委任为提名委员会成员;及张平先生将不再担任 可持续发展委员会主席。 ...

格隆汇9月29日丨现代牧业(01117.HK)宣布，自2025年10月1日起：(i) 温永平将获委任为非执行董事及可 持续发展委员会主席；(ii) 李胜利及李港卫将获委任为提名委员会成员；及(iii) 张平将不再担任可持续 发展委员会主席。 ...

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) 董事委任 董事會謹此宣佈，自二零二五年十月一日起： (i) 溫永平先生將獲委任為非執行董事及可持續發展委員會主席； (ii) 李勝利先生及李港衛先生將獲委任為提名委員會成員；及 (iii) 張平先生將不再擔任可持續發展委員會主席。 及 (2) 董事委員會組成變更 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. 董事委任 自 二 零 二 五 年 十 月 一 日 起，溫 永 平 先 生（「溫先生」）將 獲 委 任 為 非 執 行 ...

(Incorporated in the Cayman Islands with limited liability (Stock Code 股份代號: 1117) Dear non-registered shareholder(s), China Modern Dairy Holdings Ltd. (the "Company") – Notice of Availability - Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.moderndairyir.com and the HKEXnews website at www.hkexnews.hk. You may access the Current Corporate ...

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之有限公司） For the registered shareholders who have selected to receive the Company's Corporate Communications (the "Corporate Communications") (Note 1) in printed version, enclosed is the Current Corporate Communication in your selected language. If you have any difficulty in receiving or gaining access to the Current Corporate Communication posted on the Company's website for any reason or wish to receive the Current Corporate Communication in printed fo ...

2025 Interim Report 中期報告 INTERIM REPORT 2025 中期報告 CORPORATE PROFILE 公司簡介 China Modern Dairy Holdings Ltd. (the "Company" or "Modern Dairy", stock code: 1117), together with its subsidiaries (the "Group"), is a leading dairy farming operator and raw milk producer in the industry in the People's Republic of China (the "PRC"). We invest in and operate 47 farm companies in Chinese Mainland, spanning 13 provinces and autonomous regions, with approximately 472,000 dairy cows being raised by the end of the current ...

Core Insights - The article highlights the significance of the autumn equinox in the context of modern dairy farming, particularly focusing on the "silage battle" at the Ulan Buh and Yim牧 farm, which is crucial for preparing high-quality feed for dairy cattle [1][10]. Group 1: Silage Production Process - The autumn equinox marks the optimal period for silage production, with the farm harvesting whole corn with a starch content of 33% and moisture content controlled at 67% [3]. - The harvesting process involves cutting and crushing the corn into 2 cm pieces, which are then transported to silage storage [3][5]. - After transportation, the silage is compacted and sealed to ensure proper fermentation, which is essential for preserving the quality of the feed [8][10]. Group 2: Environmental and Agricultural Advantages - The farm benefits from significant environmental factors, including a large temperature difference between day and night, abundant sunlight (averaging 3000 hours annually), and fertile soil from the Yellow River alluvium, which contribute to the growth of high-quality forage [1]. - The natural ecological barriers, such as desert isolation, further enhance the farm's ability to produce organic feed that meets EU standards [1]. Group 3: Quality Assurance and Future Outlook - Quality control measures are in place, with professional equipment used to ensure the harvested silage meets the required standards before being stored [5]. - The fermentation process in the silage pits is expected to yield high-quality organic milk, reflecting the farm's commitment to sustainable practices and the integration of natural resources with human expertise [10].

Industry Rating - The industry rating is maintained at "Outperform the Market" [2] Core Insights - The dairy sector is experiencing a significant supply contraction, with the potential end of capacity reduction in sight. The milk price has been declining for four years, leading to an industry loss for 1.5 years, resulting in an approximate 8% reduction in dairy cow capacity as of August 2025. The upcoming third-quarter silage feed procurement season may accelerate the clearing of livestock due to increased funding needs [4][27] - The beef sector is at a turning point in a super cycle, with domestic beef cattle capacity being fully cleared. The prolonged loss cycle has driven a deep reduction in breeding cows, which is expected to lead to a decline in beef cattle inventory starting in 2024. The supply of beef is anticipated to enter a contraction phase in the second half of 2025 [5][50] Summary by Sections Dairy Sector - Supply contraction is nearing its end, with milk prices expected to rebound due to a tightening supply-demand balance. The reduction in capacity is expected to stabilize by the end of 2025 or the first half of 2026, supported by seasonal demand during the upcoming holidays and long-term improvements in consumption driven by child-rearing subsidies [4][27] - The financial performance of dairy companies varies, with some showing resilience against falling milk prices due to unique business advantages, while others face significant pressure [6] - The dairy industry is characterized by a longer production cycle compared to other livestock, leading to a more prolonged adjustment period in capacity [6][27] Beef Sector - The beef cattle market is experiencing a super cycle, with a significant reduction in domestic beef cattle capacity. The prolonged loss cycle has led to a decrease in breeding cows, which will impact beef supply in the coming years [5][50] - External factors affecting beef supply are diminishing, with a long-term global beef supply gap emerging due to various pressures on major production areas [5] - The demand for beef is expected to grow steadily, driven by rising income levels and health consciousness among consumers, with a notable reliance on imported beef to meet domestic demand [50][51] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the anticipated recovery in both the dairy and beef sectors. Specific companies to watch include China Shengmu, Guangming Meat Industry, and Fucheng Co., for beef, and Yuran Dairy, China Shengmu, and Modern Dairy for dairy [6][7]

Summary of the Conference Call on the Dairy Industry Industry Overview - The dairy sector is experiencing a rebound due to a decrease in feed costs, with companies like YouRan, New South Wood, and Gongji Dairy reporting a 10% year-on-year decline in sales costs, which has helped offset the impact of falling prices per ton. The gross profit margin for raw milk has increased by nearly 2 percentage points [1][4]. Key Points and Arguments - **YouRan Dairy Performance**: In the first half of 2025, YouRan's raw milk revenue grew approximately 8% to 8 billion yuan, driven by increased sales volume and the launch of three new farms. Sales costs decreased by 10%, and feed costs fell by 12%, leading to a gross margin increase of 2.4 percentage points. The reduction of heifer stock and an increase in the proportion of breeding cows also contributed to profit growth [1][5]. - **Modern Dairy Performance**: Modern Dairy has reduced its stock by about 20,000 heads to 18,700 heads by eliminating inefficient cows. Raw milk revenue remained stable at around 5 billion yuan, but the average selling price fell by 10% year-on-year. The solutions business revenue dropped by 23%. Despite a 23% increase in operating cash flow, net profit attributable to shareholders decreased due to biological asset losses [1][6][7]. - **Milk Price Trends**: In early September, milk prices slightly rebounded, ending a downward trend since April, indicating that demand is not as weak as expected. If milk prices stabilize in the fourth quarter, demand may stabilize next year. However, a significant reduction in breeding cow stock is anticipated due to mass culling, which may lead to a supply gap [1][8][10]. - **Supply and Demand Dynamics**: The dairy sector's stock structure has improved, with the proportion of breeding cows increasing by 2.3 percentage points to 53%. Major dairy companies have accelerated stock reduction, with Modern Dairy's heifer stock decreasing by over 20,000 heads [2][9]. - **Impact of Feed Prices**: The price of silage is expected to remain stable or slightly increase, which will affect overall milk prices. Unlike last year, silage prices have not further declined, which may impact the profitability of dairy farmers [12]. - **Meat Cycle Influence**: The meat cycle plays a crucial role, with companies like YouRan and Modern Dairy culling about 30% of their breeding cows annually. The income from culling has nearly doubled in the first half of 2025. The domestic beef supply gap is expected to continue until 2027 due to various market pressures [13]. - **International Market and Policy Changes**: The international market is seeing a decline in production from major exporters like Brazil and New Zealand due to drought and rising costs. Domestic policies are also tightening import regulations, which will increase transportation costs and affect the supply chain [14]. - **Profitability Outlook**: The reversal in milk prices and reduction in unit costs are expected to significantly enhance the profitability of dairy companies. If raw milk prices rebound and unit costs remain stable, leading companies could see gross margins improve by up to 10 percentage points [15]. Additional Important Insights - **Future Trends in Dairy Industry**: The current rebound in milk prices suggests better-than-expected demand. The supply side is also expected to perform well, with significant culling and replenishment of breeding cows. Valuation metrics indicate strong potential for profitability and growth in the dairy sector, with historical price-to-book ratios suggesting room for upward movement [16].