聯合公告 （於開曼群島註冊成立的有限公司） China Modern Dairy Holdings Ltd. China Shengmu Organic Milk Limited 中國現代牧業控股有限公司 中國聖牧有機奶業有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） （股份代號：1432） 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聯合公告的內容概 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，概不對因本聯合 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。 本 聯 合 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 現 代 牧 業 控 股 或 中 國 聖 牧 證 券 的 邀 請 或 要 約，亦 不 在 任 何 司 法 權 區 構 成 任 何 投 票 或 批 准 的 招 攬。本 聯 合 公 告不會於或向構成違反相關司法權區相關法律的任何司法權區發佈、刊發或派發。 – 1 – 茲提述(i)中 國 現 代 牧 業 控 股 有 限 公 司（「現代牧業控股」）於 二 零 二 五 年 十 月 三 十 日 刊 發 的 公 告，內 容 ...

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 SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1432） 持續關連交易 二零二六年大北農產品及服務供應框架協議 及二零二四年加工服務框架協議 與二零二五年益嬰美乳業奶粉 採購框架協議的終止 二零二六年大北農產品及服務供應框架協議 茲提述：(1)本公司日期為二零二三年八月十五日的公告，內容有關（其中包括）期 限至二零二五年十二月三十一日止的二零二三年大北農集團物料供應框架協議； (2)本公司日期為二零二四年三月二十八日的公告，內容有關（其中包括）期限自二 零二四年三月二十八日至二零二六年十二月三十一日止的二零二四年加工服務框 架協議；及(3)本公司日期為二零二五年八月二十七日的公告，內容有關期限自二 零二五年八月二十八日至二零二六年十二月三十一日止的二零二五年益嬰美乳業 奶粉採購框架協議。 一般事項 本公司預期， ...

Core Viewpoints - The pig farming sector is experiencing a favorable configuration opportunity due to accelerated breeding stock reduction driven by market and policy resonance, with current prices at a relatively low level [18][43]. - The beef industry is in a cyclical uptrend, with demand increasing and supply constraints expected to continue until 2027, making it a favorable time to invest in beef-related companies [18][51]. - The poultry sector is seeing improved investment logic as it enters a demand peak season, despite challenges from disease outbreaks and production capacity reductions [19][4]. Pig Farming - The supply pressure in pig farming is gradually increasing, leading to continued downward pressure on prices, with the national average price at 11.87 yuan/kg as of November 11, 2025, down 4.85 yuan/kg year-on-year [20][23]. - Policy measures are focused on reducing breeding stock, particularly among large enterprises, while smaller farms are expected to reduce stock due to losses and disease impacts [29][41]. - The current market conditions suggest a significant opportunity for investment in the pig farming sector, with recommended companies including Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [18][43]. Beef Industry - The beef supply is tightening, with a decrease in stock levels and an expected cyclical uptrend in demand, particularly as domestic beef consumption continues to rise [46][51]. - The average beef price in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [51]. - Recommended companies in the beef sector include Bright Dairy, Fucheng Co., and several Hong Kong-listed firms such as Modern Farming and China Shengmu [18][51]. Poultry Sector - The white chicken market is entering a peak demand season, with prices expected to rise due to reduced production capacity and increased demand [19][4]. - The supply of white feather chicken breeding stock is projected to decline, supporting a price increase for meat chickens in 2026 [19][4]. - Recommended companies in the poultry sector include Shennong Development and Hefeng Co. [19][4]. Seed Industry - The grain price cycle is at a low point, with expectations for upward trends supported by food security policies and the acceleration of genetically modified seed commercialization [19][5]. - Recommended companies in the seed industry include Dabeinong Technology, Longping High-Tech, and Denghai Seeds [19][5]. Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong growth in the sector [19][7]. - Domestic pet consumption is expected to continue growing, driven by emotional value and increasing market share of domestic brands [19][7]. - Recommended companies in the pet sector include Guibao Pet, Zhongchong Co., and Petty Co. [19][7].

完 2025 年 11 月 11 日 可能強制全面要約 就中國聖牧有機奶業有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | | 交易性質 | 買入／賣出 | 涉及的股份 | 已支付／已收取 | 已支付或已收 | | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 的總金額 | 取的最高價 | 取的最低價 | | | | | | | | | | | | | （H） | （L） | | | CITIC Securities | 2025 | 年 11 | 月 | Delta 1 | 產品 | 將因客戶主動發出且由客戶需求帶動的交易而產生的 | 買入 | 868,000 | $290,780.0000 | $0.3350 | $0.3350 | | | International | 10 日 | | | | | 自營交易持倉清結 ...

2025 年 11 月 11 日 可能強制全面要約 完 註： CITIC Securities International Capital Management Limited 是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 CITIC Securities International Capital Management Limited 是最終由中信証券股份有限公司擁有的公司。 交易披露 就中國聖牧有機奶業有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | | 有關證券的 | 產品說明 | 交易性質 | 與衍生工具 | 到期日或清結日 | | 參考價 | | 已支付／已收 | 交易後數額（包括 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 說明 | | | 有關的參照 | | | | | 取的總金額 | 與其訂有協議或 | ...

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。 本公告僅供參考，其目的並非亦不構成或成為任何司法權區收購、購買或認購本公司證券的要約或 邀約，亦不構成任何投票或批准的招攬。本公告不會於或向構成違反相關司法權區相關法律的任何 司法權區發佈、刊發或派發。 CHINA SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1432） 中信里昂證券有限公司代表中國現代牧業控股有限公司 提出的可能強制有條件現金要約 以收購中國聖牧有機奶業有限公司 的 全 部 已 發 行 股 份（ 中 國 現 代 牧 業 控 股 有 限 公 司 及 START GREAT H O L D I N G S L I M I T E D 已 擁 有 或 同 意 收 購 部 分 除 外 ）； 成 立 獨 立 董 事 委 員 會； 及 委任獨立財務顧問 中國聖牧獨立董事委員會的中國聖牧獨立財務顧問 茲提述中國現代牧 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

Core Viewpoint - The integration of planting, breeding, and processing industries, known as the "plant-breed-process integration," is gaining traction in China, projected to reach a market value of 3.2 trillion yuan in 2024 and 6.8 trillion yuan by 2030, driven by increasing consumer demand for healthy and organic products and government support for sustainable agriculture [1][10]. Industry Overview - The plant-breed-process integration model combines planting, breeding, and processing to achieve ecological and economic benefits through resource recycling and efficient industry chain connections [3][9]. - The model enhances resource utilization efficiency, reduces costs, and promotes sustainable agricultural development [1][9]. Industry Policies - Recent government policies support the integration model as a means to boost agricultural transformation and rural prosperity, including guidelines for optimizing livestock development and promoting ecological farms [4][5]. - The Ministry of Agriculture and Rural Affairs has issued directives to encourage standardized and ecological farming practices [4][5]. Current Industry Status - The total sown area of crops in China has been increasing, reaching 173 million hectares by 2024, driven by rising consumer demand for staple agricultural products [6][7]. - The livestock sector has also seen growth, with the pig population reaching 424.47 million heads in the first half of 2025, a 2.2% increase year-on-year [7][8]. Competitive Landscape - The industry features a diverse competitive landscape, including large enterprises, small and medium-sized enterprises, and farmer cooperatives, each leveraging unique strengths to capture market share [10]. - Key players include China Shengmu Organic Milk, Hunan New Wufeng, and Modern Farming Group, which are integrating various stages of the agricultural value chain [10][11]. Industry Development Trends - The rapid advancement of modern agricultural technologies, such as biotechnology and smart equipment, is expected to enhance production efficiency and product quality within the integration model [14]. - Increasing market demand for high-quality, organic agricultural products is anticipated to drive further adoption of the integration model, as it aligns with consumer preferences for safety and sustainability [16].

2025 年 11 月 5 日 中信証券股份有限公司是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | 有關證券的說明 | 產品說明 | 交易性質 | 與衍生工具 | 到期日或清結日 | | | 參考價 | | 已支付／已收 | 交易後數額（包括 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 有關的參照 | | | | | | 取的總金額 | 與其訂有協議或 | | | | | | | | 證券數目 | | | | | | | 達成諒解的任何 | | | | | | | | | | | | | | | 人士的證券） | | | 中信証券股份有 | 2025年11月 | 衍生工具 | 其他類別產品 | 更改衍生工具 | 1,000,000 | 2025 年 月 | 11 | 4 日 | | $0.3400 | $340,000 ...

2025 年 11 月 5 日 可能強制全面要約 就中國聖牧有機奶業有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： 註： CITIC Securities International Capital Management Limited 是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 CITIC Securities International Capital Management Limited 是最終由中信証券股份有限公司擁有的公司。 交易披露 | 交易方 | 日期 | | | 有關證券的 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結日 | | 參考價 | | 已支付／已收 | 交易後數額（包括 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 說明 | | | 關的參照證券 | | | | | 取的總金額 | 與其訂有協議或 | | | | | | ...