为缓解原奶行业周期持续下行压力，本公司积极开拓原奶销售渠道的同时亦稳固奶粉销售渠道，并于 2025年8月份推进奶粉出口贸易业务，同时益婴美乳业生产的奶粉品质已获得国际客户的认可并同意与 本公司签订奶粉采购订单。故本集团将与益婴美乳业订立新益婴美乳业奶粉采购框架协议，据此，本集 团可向益婴美乳业采购符合本公司出口贸易业务标准的奶粉。本集团从而能够向国际客户分销高质量奶 粉，有效满足彼等的需求，藉此提升客户满意度，并增强客户对本集团产品的忠诚度。 大北农（002385）集团的产业版图涵盖多个领域。该集团于2010年成为中国农牧行业上市公司中市值最 高的农业高新技术企业之一。作为大北农集团的附属公司，益婴美乳业专注于婴幼儿奶粉生产，致力打 造世界级优质产品。其行业领先的生产工艺、尖端生产设备以及经国家认证认可监督管理委员会批准设 立的CNAS实验室，均符合本集团对产品质量的最高要求。 中国圣牧(01432)发布公告，由于本公司预期对益婴美乳业奶粉的需求将会增加，圣牧高科(为其本身及 代表本公司及其附属公司)与益婴美乳业(为其本身及代表其附属公司)于2025年8月27日订立新益婴美乳 业奶粉采购框架协议，内容有关本集 ...

为缓解原奶行业周期持续下行压力，本公司积极开拓原奶销售渠道的同时亦稳固奶粉销售渠道，并于 2025年8月份推进奶粉出口贸易业务，同时益婴美乳业生产的奶粉品质已获得国际客户的认可并同意与 本公司签订奶粉采购订单。故本集团将与益婴美乳业订立新益婴美乳业奶粉采购框架协议，据此，本集 团可向益婴美乳业采购符合本公司出口贸易业务标准的奶粉。本集团从而能够向国际客户分销高质量奶 粉，有效满足彼等的需求，藉此提升客户满意度，并增强客户对本集团产品的忠诚度。 大北农集团的产业版图涵盖多个领域。该集团于2010年成为中国农牧行业上市公司中市值最高的农业高 新技术企业之一。作为大北农集团的附属公司，益婴美乳业专注于婴幼儿奶粉生产，致力打造世界级优 质产品。其行业领先的生产工艺、尖端生产设备以及经国家认证认可监督管理委员会批准设立的CNAS 实验室，均符合本集团对产品质量的最高要求。 中国圣牧(01432)发布公告，由于本公司预期对益婴美乳业奶粉的需求将会增加，圣牧高科(为其本身及 代表本公司及其附属公司)与益婴美乳业(为其本身及代表其附属公司)于2025年8月27日订立新益婴美乳 业奶粉采购框架协议，内容有关本集团于新益婴美乳业 ...

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，概不就因本公告全部或任何部分內容而產生或因依賴該等內 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 新益嬰美乳業奶粉採購框架協議 新益嬰美乳業奶粉採購框架協議 茲提述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）聖牧 高科（為其本身及代表本公司及其附屬公司）（本公司的間接全資附屬公司）與益嬰 美乳業（為其本身及代表其附屬公司）（大北農集團的非全資附屬公司）訂立日期為 二零二四年三月二十八日的現有奶粉採購框架協議，內容有關本集團向益嬰美乳 業採購奶粉，期限自二零二四年三月二十八日起至二零二六年十二月三十一日止。 由於本公司預期對益嬰美乳業奶粉的需求將會增加，聖牧高科（為其本身及代表本 公司及其附屬公司）與益嬰美乳業（為其本身及代表其附屬公司）於二零二五年八月 二十七日訂立新益嬰美乳業奶粉採購框架協議，內容有關本集團於新益嬰 ...

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]

Group 1 - The core viewpoint is that raw milk prices continue to decline, and there is potential for supply-demand balance in H2 2025 due to accelerated herd reduction and improved demand during peak seasons [2][3] - The report suggests that the dairy industry is likely to see a price increase in 2026, driven by reduced dairy cow replenishment and a recovery in demand, supported by new policies aimed at boosting dairy consumption [2][3] - The beef market is expected to enter an upward cycle in 2025, as low beef prices have started to reverse, benefiting from reduced supply and diminished import pressures [3][4] Group 2 - The report highlights strong profit elasticity for livestock companies due to the resonance of meat and milk cycles, with potential improvements in gross margins driven by rising milk prices and cost reductions [4] - The valuation of breeding cows and income from culling are expected to increase with rising beef prices, which could enhance total revenue for leading livestock companies [4] - Companies like YouRan Dairy and Modern Farming are recommended for investment, while China Shengmu and Aoyuan Group are noted as companies to watch due to their involvement in the livestock sector [1][4]

8月19日，中国圣牧(01432)盘中下跌6.82%，截至13:01，报0.41元/股，成交1171.49万元。 中国圣牧有机奶业有限公司是中国最大的有机乳品公司，主营业务为生产全球最高品质的有机原奶。关 键经营数据包括：成功改造200平方公里沙漠为绿洲，建成34座牧场，日产鲜奶1700多吨，其中有机鲜 奶1100多吨，2014年在香港联交所主板上市。 截至2024年年报，中国圣牧营业总收入31.26亿元、净利润-6549.5万元。 8月27日，中国圣牧将披露2025财年中报。 本文源自：金融界 作者：行情君 ...

国信证券则表示，看好2025年肉牛大周期反转，肉价上涨预计持续到2027年；2025年下半年国内原奶供 需格局或改善，价格有望回暖。对于奶牛养殖标的，原奶行情改善利好主业盈利修复，同时肉牛大周期 上行有望明显增厚其奶牛淘汰和犊牛外销收益，肉奶共振背景下具备较高业绩修复弹性，推荐优然牧 业、现代牧业、中国圣牧。 消息面上，7月28日，《育儿补贴制度实施方案》出台，方案为2025年1月1日起，对符合法律法规规定 生育的3周岁以下婴幼儿发放每孩每年3600元的补贴，至其年满3周岁。爱建证券表示，预计政策将惠及 2000多万婴幼儿家庭，有望直接拉动乳制品特别是婴幼儿奶粉消费。 乳业股延续近期强势表现，截至发稿，中国圣牧(01432)涨9.09%，报0.48港元；优然牧业(09858)涨 3.53%，报4.4港元；蒙牛乳业(02319)涨1.46%，报16.67港元；澳优(01717)涨1.19%，报2.55港元。 ...

Group 1 - Dairy stocks continue to show strong performance, with China Shengmu (01432) up 9.09% to HKD 0.48, Yurun Dairy (09858) up 3.53% to HKD 4.4, Mengniu Dairy (02319) up 1.46% to HKD 16.67, and Ausnutria (01717) up 1.19% to HKD 2.55 [1] - The implementation plan for the childcare subsidy system was released on July 28, which will provide a subsidy of HKD 3,600 per child per year for children under three years old starting from January 1, 2025, benefiting over 20 million families [1] - The policy is expected to directly boost the consumption of dairy products, particularly infant formula [1] Group 2 - Guosen Securities is optimistic about the reversal of the beef cycle in 2025, predicting that meat prices will continue to rise until 2027 [1] - The domestic raw milk supply and demand situation is expected to improve in the second half of 2025, leading to a potential price recovery [1] - The improvement in raw milk prices is favorable for the profitability of dairy farming, and the upward trend in the beef cycle is expected to significantly enhance the income from culling dairy cows and selling calves, recommending Yurun Dairy, Modern Dairy, and China Shengmu for their high performance recovery potential [1]

Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

港股市场乳业股全线飙升，其中，澳亚集团涨超37%，现代牧业涨15%，原生态牧业、中国圣牧涨超 10%，优然牧业涨超8%，澳优涨近5%。 消息面上，国务院新闻办公室将于2025年8月13日(星期三)上午10时举行新闻发布会，请财政部副部长 廖岷和商务部、中国人民银行、金融监管总局有关负责人介绍个人消费贷款贴息政策和服务业经营主体 贷款贴息政策有关情况，并答记者问。 另外，华泰证券最新报告指，在全球供应链调整和消费升级的共同推动下，中国乳制品行业正迎来 从"规模扩张"向"价值提升"的战略转型，奶酪、黄油等固体乳制品凭借高营养价值和广泛的用途，正成 为推动餐饮业创新和健康食品发展的重要力量。该机构测算得24年B端乳制品行业规模已超400亿，预 计28年市场规模有望达703亿元。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02425 | 澳亚集团 | | 37.67% | 2.010 | 19.71亿 | | 01117 | 现代牧业 | | 15.08% | 1.450 | 114.78亿 | | 01431 ...