Group 1 - Dairy stocks experienced a significant rise, with China Shengmu (01432) up 12.66% to HKD 0.445, YouRan Dairy (09858) up 8.87% to HKD 4.05, Modern Dairy (01117) up 8.77% to HKD 1.24, and Original Ecology Dairy (01431) up 7.14% to HKD 0.375 [1] - The implementation of the "Childcare Subsidy Implementation Plan" starting January 1, 2025, will provide a subsidy of HKD 3,600 per child per year for families with children under three years old, significantly reducing family childcare costs and stimulating birth rates and consumption potential in infant families, especially in lower-tier cities [1] - The annual distribution of childcare subsidies is estimated to be around HKD 100 billion, which is expected to have a multiplier effect and potentially increase demand in the dairy industry [1] Group 2 - The formal introduction of the national subsidy into the fertility sector reflects the government's high emphasis on fertility issues, with the dairy sector likely to see increased attention as national policies are implemented and followed by local policies [1] - The policy's alignment with previous expectations and its positive signal upon implementation indicate a strong governmental commitment to addressing fertility challenges, which is anticipated to boost the dairy product sector, particularly infant formula consumption [1]

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: 2025年7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: 原生態牧業有限公司 呈交日期: 2025年8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) | 01431 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD ...

农业农村部办公厅发布《关于加快奶业纾困提升奶业高质量发展水平的通知》提出，各地要落实白名单 制度，及时向金融机构推送生产经营水平高、信用良好的奶牛养殖场名单，"点对点"做好金融政策对 接。 推动银行机构持续创新"青贮贷"等金融产品，保障养殖场青贮饲料收储资金需求。要将符合条件的项目 纳入农业农村基础设施融资项目库储备，探索采取贴息补助的办法给予支持。 国泰海通证券发布研报称，7月28日国家育儿补贴制度实施方案公布，"国补"正式进入生育领域，食饮 訾猛团队测算年均发放育儿补贴约千亿，有望发挥乘数效应且有加码可能，提振乳品等行业需求。考虑 到适龄人口发展趋势，国泰海通预计未来出生人口数将有所减少，单年度补贴额度也将随之降低，但仍 为一笔可观的财政支出。对乳制品行业而言，全国层面的育儿补贴有望拉动相关乳品消费，尤其是奶粉 等，有助于提振板块景气度，加速供需缺口收敛。 乳品行业涉及相关港股： 澳优（01717）、H&H国际控股(01112)、蒙牛乳业(02319)、现代牧业(01117)、中国飞鹤(06186)、优然 牧业(09858)、原生态牧业(01431)等。 加强银政企户精准有效对接，引导金融机构通过展期、续 ...

Group 1 - The Ministry of Agriculture and Rural Affairs has issued a notice to accelerate the relief and high-quality development of the dairy industry, emphasizing the implementation of a whitelist system for dairy farms with good credit and operational levels [1] - Financial institutions are encouraged to innovate financial products like "silage loans" to meet the funding needs for silage feed storage, and eligible projects will be included in the agricultural infrastructure financing project library [1] - The notice aims to strengthen the precise connection between banks, government, and enterprises, guiding financial institutions to provide credit support through extensions and renewals without blindly withdrawing or limiting loans [1] Group 2 - CITIC Securities reports that dairy prices have been at historical lows for nearly four years, leading to widespread losses in the industry, with a strong desire for de-stocking [2] - The demand for funding during the silage season is expected to be high, and the price of culling cows is rising, prompting weaker credit-qualified farms to accelerate de-stocking by trading cows for feed [2] - Guotai Junan Securities anticipates that the national childcare subsidy program, which is expected to distribute around 100 billion annually, will boost demand for dairy products, particularly milk powder, despite a projected decline in birth rates [2] Group 3 - Relevant Hong Kong stocks in the dairy industry include Ausnutria (01717), H&H International Holdings (01112), Mengniu Dairy (02319), Modern Dairy (01117), China Feihe (06186), Yurun Dairy (09858), and Original Ecological Dairy (01431) [3]

Sales and Revenue Performance - In 2024, the total sales volume of raw milk increased by 23.2% to 566,704 tons compared to 459,950 tons in 2023[10]. - Revenue from raw milk sales reached RMB 2,550.0 million, a 15.8% increase from RMB 2,201.9 million in 2023[10]. - Total fresh milk sales revenue reached RMB 2,552 million, a 15.5% increase from the same period in 2023[17]. - The total sales of raw milk increased by 15.5% to RMB 2,551.9 million for the year ending December 31, 2024, compared to RMB 2,208.6 million in 2023[29]. - The sales volume of raw cow milk rose by 23.2% to 566,704 tons, while the sales volume of raw sheep milk decreased by 67.2% to 306 tons[29]. Production and Livestock Management - China's milk production in 2024 was 40.79 million tons, a decrease of 2.8% year-on-year, indicating effective supply control[9]. - The average annual milk production per cow increased by 9.5% to 12.7 tons from 11.6 tons in 2023[21]. - The total number of dairy cows increased by 4.7% to 107,296 from 102,497 in 2023[23]. - The number of breeding cows rose by 23.8% to 49,330 from 39,861 in 2023[24]. - The company reported a total milk production of approximately 587,515 tons in 2024, up from 476,284 tons in 2023[168]. Financial Performance - Gross profit increased by 59.9% to RMB 944.6 million, with a gross margin improvement from 26.7% in 2023 to 37.0% in 2024[31]. - Other income and gains rose by 10.2% to RMB 158.7 million, attributed to increased interest income, government subsidies, and gains from the sale of a subsidiary[32]. - Administrative expenses decreased by approximately 17.4% to RMB 115.1 million, primarily due to reduced maintenance costs[33]. - The net profit for the year was RMB 296.7 million, a significant recovery from a net loss of RMB 339.7 million in 2023, with basic earnings per share of RMB 6.32[37]. - Cash inflow from operating activities was RMB 1,013.8 million, up from RMB 745.3 million in 2023[40]. Market and Industry Outlook - The outlook for 2025 suggests that milk prices may remain under pressure due to supply-side inventory issues despite improved consumer confidence[12]. - The dairy industry in China is expected to see gradual growth in consumption due to rising living standards and health awareness[26]. - The overall economic growth in China is projected at 5.0% for 2024, supporting the dairy sector's development[16]. - The company aims to enhance its competitive advantage in the dairy industry while optimizing production management efficiency[12]. Corporate Governance and Management - The board expresses gratitude to shareholders and acknowledges the contributions of the management team and employees over the past year[12]. - The company has a robust management team with diverse backgrounds in finance, production, and supply chain management[63][64]. - The board is responsible for overseeing business management and overall performance, ensuring necessary financial and human resources are in place[85]. - The company has a clear strategy for monitoring and improving corporate governance practices[81]. - The board has implemented an independence assessment mechanism to ensure strong independence and effective decision-making for shareholder protection[88]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an environmental, social, and governance (ESG) working group to manage ESG matters, with the board of directors responsible for identifying and assessing related risks[151]. - The company aims to enhance transparency and accountability in its ESG efforts, regularly reviewing performance against ESG-related goals[151]. - The company has committed to expanding its disclosure requirements in the ESG report, including key performance indicators and comparative data[149]. - The company emphasizes the importance of stakeholder engagement in identifying significant ESG issues[150]. - The company has implemented measures to comply with environmental regulations, focusing on reducing greenhouse gas emissions and waste management[164]. Employee and Workplace Management - The total number of full-time employees as of December 31, 2024, is 2,375, a slight decrease from 2,389 in 2023[186]. - The overall employee turnover rate for 2024 is approximately 47%, up from 34% in 2023[186]. - Employee training hours significantly increased to 3,030 hours in 2024 from 245 hours in 2023, with the percentage of trained employees rising to 15% from 3%[195]. - The company provided competitive compensation and benefits to attract and retain talent, including free meals and accommodation[196]. - The company has implemented strict health and safety measures, including regular disinfection and monitoring of production areas[191]. Technology and Innovation - The company emphasizes the importance of technological innovation and operational efficiency to strengthen its market position[12]. - The company plans to leverage technology and digital solutions to optimize production and reduce breeding costs, while also focusing on sustainable development[28]. - The company has invested in new technologies and product development to improve operational efficiency and product quality[65]. - The company aims to enhance digital breeding management to improve profitability and adapt to market demand changes[21]. Risk Management and Compliance - The board is responsible for maintaining an effective risk management and internal control system, assessing risks related to operations, environment, society, and governance (ESG)[129]. - The company has established strict internal control procedures and risk management systems, including annual risk assessments and audit plans[130]. - The independent auditor has confirmed their responsibility in the independent auditor's report for the consolidated financial statements[128]. - The company has established procedures to ensure the reliability of financial information and compliance with relevant laws and regulations[129]. - The company has implemented a whistleblowing policy for employees, customers, and suppliers to report misconduct confidentially, reviewed by the audit committee[133].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 2,551,898,000, representing an increase of 15.5% compared to RMB 2,208,581,000 in 2023[4] - Gross profit for the same period was RMB 944,554,000, up 60% from RMB 590,739,000 in the previous year[4] - The company reported a profit before tax of RMB 295,438,000, a significant recovery from a loss of RMB 337,241,000 in 2023[4] - Net profit for the year was RMB 296,670,000, compared to a loss of RMB 339,699,000 in the prior year[4] - The basic earnings per share for the year was RMB 0.0632, recovering from a loss of RMB 0.0724 in the previous year[4] - Other income and gains totaled RMB 158,738,000 in 2024, compared to RMB 144,008,000 in 2023, marking an increase of about 10.2%[20] - The net profit for the year was RMB 296.7 million, a significant recovery from a net loss of RMB 339.7 million in 2023[63] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 6,252,010,000, a decrease from RMB 6,393,250,000 in 2023[6] - Current liabilities decreased to RMB 1,911,522,000 from RMB 2,166,232,000 in the previous year, indicating improved liquidity[6] - The company’s cash and cash equivalents were RMB 637,594,000, down from RMB 959,068,000 in 2023[6] - Total bank borrowings amounted to RMB 884,269,000, down from RMB 1,347,676,000 in the previous year, reflecting a reduction in leverage[35] - The company’s trade payables and notes payable totaled RMB 445,332,000, a decrease from RMB 476,602,000 year-on-year[32] - The company’s bank loans are secured by livestock and other assets, with a total of RMB 510,000,000 in guarantees provided by related parties[36] Operational Efficiency - The company continues to assess its operational cash flow and believes it can meet its financial obligations in the foreseeable future[9] - Trade receivables decreased significantly to RMB 35,048,000 from RMB 82,593,000 year-on-year, indicating improved collection efficiency[29] - The company maintained a strict credit control policy, with trade receivables primarily on a one-month credit term[29] - The company’s cash flow management appears to be effective, as evidenced by the reduction in both trade receivables and total borrowings[29][35] Production and Sales - In 2024, the total sales volume of raw milk increased by 23.2% to 566,704 tons compared to 459,950 tons in 2023[39] - The total revenue from fresh milk sales reached RMB 2,552 million, representing a 15.5% increase year-on-year[39] - The average annual milk production per cow increased by 9.5% to 12.7 tons from 11.6 tons in 2023[45] - The total number of dairy cows increased by 4.7% to 107,296 heads from 102,497 heads in 2023[46] - The number of breeding cows rose by 23.8% to 49,330 heads compared to 39,861 heads in 2023[47] - The average selling price of raw milk decreased by 6.0% to RMB 4,500 per ton from RMB 4,787 per ton in the previous year[48] Strategic Initiatives - The company aims to enhance its digital farming management to improve profitability and adapt to market demand changes[45] - The company plans to continue adjusting its herd size and production strategies to improve operational efficiency and profitability[39] - The company plans to leverage big data and AI technologies to optimize production and reduce overall farming costs[52] Governance and Compliance - The board is committed to high standards of corporate governance and has adhered to the corporate governance code throughout the year[86] - The audit committee, consisting of four independent non-executive directors, has reviewed the annual consolidated performance of the company[89] - The independent auditor has confirmed that the financial figures in the preliminary announcement are consistent with the company's annual financial statements[90] - The board includes four executive directors and four independent non-executive directors, ensuring a diverse governance structure[92] Capital and Investments - Major capital expenditures during the year were related to the construction of new pastures and maintenance of existing ones, with future capital expenditures expected to be funded through operational cash flow, debt financing, or bank loans[69] - The total amount raised from the initial public offering (IPO) was approximately HKD 3,298.0 million, with a net amount of approximately HKD 2,564.0 million after deducting listing fees and underwriting commissions[71] - As of December 31, 2024, the actual use of net proceeds from the IPO was HKD 2,216.2 million, with HKD 347.8 million remaining unutilized, expected to be used for upstream operations by the end of 2025[72] - The group's capital commitments as of December 31, 2024, were RMB 10.8 million, down from RMB 75.5 million as of December 31, 2023, used for new pasture construction and facility upgrades[79]

Dairy Farm Lim YuanShengTai Dairy Farm Limited 原 生 態 牧 業 有 限 公 司 ( 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ) 股票代號：1431 0 目 錄 2 公司資料 3 管理層討論與分析 13 企業管治及其他資料 17 獨 立 審閱報告 18 中期簡明綜合損益及其他全面收益表 19 中期簡明綜合財務狀況表 21 中期簡明綜合權益變動表 22 中期簡明綜合現金流量表 23 中期簡明綜合財務資料附註 公司資料 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------- ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,204,776,000, an increase of 11.3% compared to RMB 1,081,881,000 for the same period in 2023[2] - Gross profit for the period was RMB 445,732,000, representing a significant increase from RMB 257,096,000 in the previous year, reflecting a gross margin improvement[2] - The company reported a profit before tax of RMB 125,667,000, a turnaround from a loss of RMB 264,077,000 in the same period last year[2] - Total comprehensive income for the period was RMB 130,761,000, compared to a loss of RMB 270,036,000 in the prior year[2] - Basic earnings per share for the period was RMB 0.028, a recovery from a loss per share of RMB 0.056 in the previous year[2] - Other income and gains increased to RMB 105,458,000 from RMB 58,323,000, contributing to overall profitability[2] - The company reported a profit attributable to ordinary equity holders of RMB 128,996,000 for the six months ended June 30, 2024, compared to a loss of RMB 264,077,000 for the same period in 2023[20] - Net profit for the reporting period was RMB 129.0 million, compared to a net loss of RMB 264.1 million for the six months ended June 30, 2023[65] Assets and Liabilities - The net asset value increased to RMB 4,895,602,000 as of June 30, 2024, up from RMB 4,764,841,000 at the end of 2023[3] - Current liabilities decreased to RMB 1,820,386,000 from RMB 2,166,232,000, improving the company's liquidity position[3] - The group has available credit facilities of approximately RMB 312,566,000 that remain undrawn, supporting future operational needs[7] - Trade receivables as of June 30, 2024, amounted to RMB 512,000, a significant decrease from RMB 82,563,000 as of December 31, 2023[27] - Cash and cash equivalents increased to RMB 1,037,797,000 as of June 30, 2024, compared to RMB 959,068,000 as of December 31, 2023[27] - Deferred income rose to RMB 453,640,000 as of June 30, 2024, up from RMB 405,737,000 as of December 31, 2023[29] - The company's total liabilities for property and equipment contracts were RMB 69,134,000 as of June 30, 2024, down from RMB 75,465,000 as of December 31, 2023[33] Production and Sales - Customer contract revenue from raw milk sales for the six months ended June 30, 2024, was RMB 1,204,776,000, an increase of 11.3% from RMB 1,081,881,000 in the same period of 2023[12] - The production cost of raw milk was RMB 202,063,000 for the six months ended June 30, 2024, slightly down from RMB 206,442,000 in 2023[14] - The company recorded fresh milk sales volume of 259,180 tons, an increase of 17% compared to the same period last year[47] - Total fresh milk sales revenue reached RMB 1,204.8 million, up 11.4% year-on-year[47] - Sales volume of cow milk raw materials was 259,180 tons, up 17.0% from 221,707 tons for the six months ended June 30, 2023[56] Market Conditions - The dairy industry is facing challenges with a surplus in the raw milk market, as consumption growth is lagging behind production increases[45] - The group anticipates that the raw milk industry will face more severe challenges, entering a deeper adjustment phase in its industrial structure[45] - The average price of fresh milk in May 2024 was RMB 3.38 per kilogram, a month-on-month decrease of 2.3% and a year-on-year decrease of 12.9%[45] Management and Governance - The board is committed to maintaining high standards of corporate governance and believes it has complied with all corporate governance codes during the reporting period[82] - The company has adopted the standard code for securities trading by directors and all directors confirmed compliance during the reporting period[83] - Mr. Zhang Yongji was appointed as the executive director and CEO effective February 23, 2024, while Mr. Fu Wenguo resigned from these positions on the same date[84] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited condensed consolidated interim results for the reporting period[85] Future Outlook - The company aims to achieve positive cash flow in the next twelve months, indicating confidence in operational performance[7] - The company plans to continue expanding sales channels and enhancing cooperation with downstream dairy enterprises to improve raw milk sales and achieve sustainable profitability[55] - The company plans to optimize feeding formulas to further reduce feed costs[47]

Revenue and Sales Performance - The expected revenue for the breeding farm is RMB 25,344,000 based on a projected sales volume of 3,168,000 kg of goat milk at an average price of RMB 8.00 per kg[4]. - Actual sales of raw goat milk in 2023 were 932,000 kg at an average price of RMB 7.15 per kg, a significant decrease from 1,463,265 kg sold in 2022[5]. - The actual sales volume of raw goat milk decreased from 1,463,265 kg in 2022 to 932,000 kg in 2023, attributed to lower birth rates and slower economic recovery post-COVID-19[5]. - The average price of raw goat milk in the first half of 2023 was RMB 5.87 per kg, a 14% decrease compared to the same period in 2022[16]. Production and Operational Challenges - The average daily milk production per mother goat is expected to be 2.2 kg, but the actual production was only 1.65 kg due to weather conditions and feed quality[6]. - The company recognized an impairment loss of RMB 85,925,000 due to significant losses incurred in the first half of 2023[15]. - The fair value of biological assets as of June 30, 2023, and December 31, 2023, is approximately RMB 22,992,000 and RMB 17,486,000, respectively[6]. - The valuation report indicates that the company's operational performance is expected to decline due to falling raw milk prices and increased costs[17]. Strategic Plans and Management Outlook - The company plans to import approximately 1,500 goats to expand its herd size, but this plan was postponed due to rising import prices and economic slowdown[4]. - The company’s management is not optimistic about the future development of the goat milk business due to declining demand and increased operating costs[15]. - The management team is committed to driving growth and innovation in the agricultural sector[19]. - The company aims to expand its market presence and explore new strategic initiatives[19]. - Future outlook includes potential investments in new technologies and product development[19]. - The company is actively seeking opportunities for mergers and acquisitions to enhance its competitive edge[19]. Governance and Board Composition - The board of directors includes four executive directors: Zhao Hongliang (Chairman), Zhang Yongjiu (CEO), Chen Xiangqing (CFO), and Liu Gang[19]. - The company has three non-executive directors: Leng Youbin, Liu Hua, and Cai Fangliang[19]. - There are four independent non-executive directors: Meng Jingzong, Zhang Yuezhou, Zhu Zhanbo, and Liu Jinping[19]. - The company is focused on enhancing its governance structure with a diverse board composition[19]. - The board emphasizes the importance of sustainable practices in its operations[19]. - The management is dedicated to maintaining transparency and accountability in its financial reporting[19].

Revenue Forecast and Sales Performance - The company forecasts revenue of RMB 25,344,000 for the year ending December 31, 2023, based on an expected sales volume of 3,168,000 kg of goat milk at an average price of RMB 8.00 per kg[6]. - Actual sales volume of raw goat milk in 2023 was 932,000 kg, with an average price of RMB 7.15 per kg, significantly lower than the forecast due to economic slowdown and increased import goat prices[6]. - Goat milk sales volume decreased from 1,463,265 kg in 2022 to 932,000 kg in 2023, attributed to lower birth rates in China and slower-than-expected economic recovery post-COVID-19[20]. Price Trends - The average price of goat milk in the first half of 2023 was RMB 5.87 per kg, a 14% decrease compared to the same period in 2022, indicating a downward trend in market prices[13]. - The company plans to import approximately 1,500 goats to expand its herd size, but this plan was postponed due to rising import prices[6]. Operational Challenges - The company reported a significant impairment loss of RMB 85,925,000 on property, plant, and equipment related to the goat milk cash-generating unit due to substantial losses incurred in the first half of 2023[25]. - The actual average daily milk yield per mother goat in 2023 was 1.65 kg, lower than the expected 2.2 kg due to weather conditions and feed quality[14]. - The company anticipates facing significant challenges at the end of 2023 and into 2024, leading to a reassessment of its operations and strategies in the goat milk industry[25]. - 瑞祥诚达预计2023年经营业绩下滑，主要由于羊奶原料价格下跌和中国出生率低导致需求减弱[27]. - 由于COVID-19疫情后经济复苏停滞，瑞祥诚达面临经营成本增加的挑战[27]. - 每头母羊的每日产奶量低于预期，进一步影响了公司的业绩[27]. Biological Assets Valuation - The fair value of biological assets as of June 30, 2023, and December 31, 2023, was approximately RMB 22,992,000 and RMB 17,486,000, respectively[8]. - 生物资产的公平值估值在2023年6月30日和2023年12月31日大幅减少[27]. Acquisition Due Diligence - The company conducted due diligence on the acquisition of Green Energy Ecology, including financial and operational assessments[5].