（黄兴利 摄影） 本报（chinatimes.net.cn）记者黄兴利 北京报道 在消费疲软的乳制品市场中，当下步入任何一家超市的乳品区，映入眼帘的往往是显眼的促销标签，无 声却有力地映照出市场的真实态势。 终端市场火热的促销场景，与乳业龙头企业披露的业绩形成了呼应。蒙牛乳业于8月27日发布的2025年 中期报告显示，上半年实现营业收入415.7亿元，同比下降6.9%。在次日召开的业绩说明会上，公司管 理层直言："上半年销量和综合价格均出现低个位数下降。" 市场低迷的核心，是一场比预期更漫长的原奶下行周期：生乳价格自2021年高点以来已跌近三成，但行 业产能出清却显著慢于以往，导致供需再平衡一再推迟。在业绩会上，蒙牛高层更是直言"全面复苏还 需要时间"。如今，行业仍在等待真正拐点的到来，而在此之前，企业必须找到能够穿越周期的增长路 径。 液态奶拖累营收 对于蒙牛而言，业绩压力的核心来源仍是占营收主导地位的液态奶业务。半年报数据显示，2025年上半 年该业务实现收入321.917亿元，同比下滑超10%，在总营收中的占比也从2024年同期的81.2%降至 77.4%。 这一表现源于两重因素：从行业层面看，当前乳制 ...

Core Viewpoint - Modern Dairy (01117) announced significant changes in its board of directors, effective September 1, 2025, which may impact the company's strategic direction and governance structure [1]. Group 1: Board Changes - 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 new chairman of the board, chairman of the nomination committee, and chairman of the strategy and development committee [1]. - Mr. Li Gangwei will step down from the nomination committee, with Ms. Gan Lu appointed to replace him [1].

Core Viewpoint - The company reported a revenue of 6.07 billion yuan in H1 2025, a year-on-year decrease of 5.4%, with a net loss of 980 million yuan compared to a net loss of 210 million yuan in the same period last year. The cash EBITDA was 1.48 billion yuan, down 2.5% year-on-year, aligning with previous performance forecasts [1][3]. Revenue and Sales Performance - In H1 2025, raw milk revenue decreased by 0.8% to 5.07 billion yuan, with sales volume increasing by 10.3% but average price declining by 10.1% to 3.29 yuan/kg due to weak domestic demand and falling market prices [2][3]. - The company has improved its herd management by eliminating low-yield cows and focusing on enhancing the core herd ratio, resulting in a total herd size of 472,000 heads, up 6.2% year-on-year, and a lactating cow count of 256,000 heads, up 13.4% year-on-year [2]. Profitability and Financial Metrics - The gross margin increased by 0.3 percentage points to 26.4%, while the gross margin for the raw milk business decreased by 0.1 percentage points to 30.2% [3]. - The company experienced a fair value loss of biological assets amounting to 1.82 billion yuan, an increase in loss of 670 million yuan year-on-year, primarily due to increased culling and declining raw milk prices [3]. Future Outlook - The company anticipates a recovery in the dairy product industry by 2026, expecting a return to supply-demand balance, which could lead to rising raw milk prices and improved profitability for upstream dairy farms [1][3]. - The company maintains its earnings forecast, projecting EPS of -0.17, 0.08, and 0.14 yuan for 2025-2027, respectively, and sets a target price of 1.58 HKD based on a 26-year PE of 18x [3].

Investment Rating - The report assigns an "Outperform" rating to several companies including China Feihe, Huazhu, and others, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report indicates a slight rebound in spot costs for essential consumer goods, with most indices showing an increase, while futures indices generally declined [35]. - The overall trend in the consumer goods sector reflects a mixed performance, with some categories experiencing cost increases while others face declines [8][35]. Summary by Category Beer - The spot cost index for beer increased by 0.39% month-on-month, while the futures index decreased by 6.06%. Year-to-date changes show a decline of 4.17% for spot and 6.16% for futures [36][13]. - Glass prices initially rose but later fell, with month-on-month changes of +0.3% for spot and -13.9% for futures [12]. Seasonings - The spot cost index for seasonings decreased by 0.16% month-on-month, while the futures index fell by 5.93%. Year-to-date changes are -1.76% for spot and -6.01% for futures [37]. - Domestic soybean prices have increased due to supply contraction, while imported soybeans remain weak [16]. Dairy - The spot cost index for dairy products increased by 0.7% month-on-month, while the futures index decreased by 1.44%. Year-to-date changes are -3.2% for spot and -2.11% for futures [38]. - Fresh milk prices have declined to 3.02 yuan/kg, with various factors contributing to price pressures [19]. Instant Noodles - The spot cost index for instant noodles increased by 1.3% month-on-month, while the futures index decreased by 2%. Year-to-date changes are -3.01% for spot and -4.21% for futures [39]. - Palm oil prices have risen, impacting overall costs [23]. Frozen Foods - The spot cost index for frozen foods increased by 1.15% month-on-month, while the futures index rose by 0.97%. Year-to-date changes are -1.83% for spot and -2.74% for futures [40]. - Vegetable prices have shown significant fluctuations due to seasonal demand [27]. Soft Drinks - The spot cost index for soft drinks increased by 0.78% month-on-month, while the futures index decreased by 5.63%. Year-to-date changes are -4.99% for spot and -8.6% for futures [41]. - PET prices are stable to weak, reflecting changes in demand and inventory levels [31].

Group 1 - The company, Modern Dairy (01117), announced a significant change 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 new 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]

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 ...

Core Viewpoint - Modern Dairy (Group) Co., Ltd. reported its performance for the first half of 2025, indicating stable cash flow but challenges due to oversupply in the domestic raw milk market, leading to low prices [1][3]. Financial Performance - The company achieved revenue of 6.073 billion yuan, with cash EBITDA remaining stable at 1.477 billion yuan compared to the same period last year [1]. - Raw milk business revenue was 5.069 billion yuan, while comprehensive breeding solutions generated 1.004 billion yuan [2]. - The raw milk production reached 1.66 million tons, a year-on-year increase of 14.6% [2]. Cost Management - The company maintained a cost-leading strategy, with the cost of milk sales decreasing to 2.32 yuan per kilogram, down 10.1% year-on-year [2][3]. - Feed costs were 1.79 yuan per kilogram, a decrease of 11.4%, and other cash costs were 0.41 yuan per kilogram, down 6.8% [2]. - The net cash flow remained at 490 million yuan, an increase of 23.3% year-on-year, despite non-cash losses impacting profitability [2][3]. Market Conditions - The domestic raw milk market continues to experience oversupply, with prices significantly lower than in 2024 [3]. - The company anticipates a potential recovery in raw milk prices by the end of this year or next year as supply-demand dynamics change [3]. Capital Market Activity - Modern Dairy successfully issued a $350 million five-year senior unsecured sustainable development bond, receiving strong interest from over 120 institutional investors, with a subscription peak exceeding $2.3 billion [4]. - This marks the company's return to the offshore bond market after four years and is its first sustainable development bond [4]. Sustainable Development Initiatives - The company has established a FRESH sustainable development strategy, focusing on green innovation and carbon reduction technologies [5]. - Modern Dairy has achieved ISO 14064 certification for greenhouse gas emissions and has improved its MSCI rating to A, ranking first in China's livestock industry [5]. - The company aims to explore new business models in dairy farming services and expand into overseas markets while collaborating with research institutions [5].