Core Viewpoint - China Shengmu (01432.HK) will hold a board meeting on August 27, 2025, to approve the unaudited consolidated financial statements and interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend [1] Group 1 - The board meeting is scheduled for August 27, 2025 [1] - The meeting will include the approval of unaudited consolidated financial statements [1] - The interim results for the six months ending June 30, 2025, will be announced [1]

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 香港，二零二五年八月十一日 於本公告日期，董事會由執行董事張家旺先生；非執行董事陳易一先生、張平先生、趙傑軍先生、 孫謙先生及邵麗君女士；以及獨立非執行董事王立彥先生、吳亮先生及孫延生先生所組成。 （股份代號：1432） 董事會會議日期 中國聖牧有機奶業有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二 零二五年八月二十七日（星期三）舉行董事會會議，藉以（其中包括）批准本公司及其 附屬公司的未經審核綜合財務報表及截至二零二五年六月三十日止六個月的中期業 績公告及其發佈，並酌情考慮派發中期股息的建議。 承董事會命 中國聖牧有機奶業有限公司 公司秘書 李國發 （於開曼群島註冊成立的有限公司） ...

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。 本文源自：金融界 8月6日，中国圣牧(01432)盘中上涨11.11%，截至15:42，报0.4元/股，成交1343.01万元。 作者：行情君 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。 本文源自：金融界 8月6日，中国圣牧(01432)盘中上涨9.72%，截至15:43，报0.395元/股，成交1424.26万元。 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。 作者：行情君 ...

Summary of China Shengmu's Conference Call Industry Overview - The dairy industry is experiencing weak raw milk demand and excess upstream capacity, but a price turning point is expected next year, potentially accelerated by improved downstream demand or large-scale upstream clearance [2][3] - Beef prices have significantly increased since the end of 2024 and are expected to continue rising in the second half of the year, reflecting optimistic market expectations [2][3] Company Strategy and Focus - China Shengmu is focusing on the organic dairy sector, aiming to increase its market share, with organic milk accounting for 80% of its products, while phasing out regular milk [2][10] - The company plans to enhance its specialty milk offerings, including A2 and DHA milk, which have a stable price premium of around 30% compared to regular products [2][10][12] - The company aims for a slight increase in livestock numbers and a production target of nearly 12.5 tons per cow in 2025, emphasizing animal welfare and sustainable practices [2][13] Financial Performance - The company has a strong financial position, having increased long-term loans and cash reserves to navigate the industry downturn effectively [4][23] - The average valuation of dairy cows is approximately 21,000 yuan, which is among the lowest in the industry, providing potential for increased profitability as beef prices rise [4][17] Market Position - Shengmu is a core supplier of organic milk to Mengniu, providing 80% of its organic raw milk needs, and holds a significant market share in the organic milk sector [4][9] - The company currently holds about 35% to 40% of the overall organic raw milk market, with a competitive landscape that includes other suppliers like Youyuan and several smaller firms [8][9] Pricing and Cost Structure - The current selling price for organic milk is around 4.4 to 4.45 yuan per kilogram, with a cost of approximately 3.1 yuan, resulting in a gross margin of about 29% for 2024 [22] - The company expects a slight decrease in gross margin for 2025, but overall profitability is anticipated to remain stable due to declining costs [22] Beef Business Development - The beef business is seen as a secondary focus, with plans to increase investment in specialty beef to enhance profit margins [5][28] - The company has begun to see profitability in its beef operations, with expectations for further improvement as beef prices continue to rise [26] Future Outlook - The company is optimistic about the growth potential of the organic milk market, despite a potential slowdown in growth rates compared to previous years [6][8] - Shengmu plans to maintain its focus on specialty milk and improve production efficiency to meet rising consumer demand [7][10] Challenges and Considerations - The company faces challenges in expanding its organic tea production capacity due to higher barriers compared to regular tea, but it has resources and systems in place to facilitate this transition [42][43] - Shengmu does not plan to expand its scale or import more cows during the current market downturn, focusing instead on optimizing its herd structure [35] Conclusion - China Shengmu is strategically positioned in the organic dairy market with a strong focus on specialty products and a solid financial foundation, while also navigating challenges in the beef sector and overall market conditions. The company is optimistic about future growth opportunities in the organic segment and is committed to sustainable practices.

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。 本文源自：金融界 作者：行情君 8月5日，中国圣牧(01432)盘中上涨11.11%，截至10:01，报0.35元/股，成交581.49万元。 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。 ...

致：香港交易及結算所有限公司 公司名稱: 中國聖牧有機奶業有限公司 呈交日期: 2025年8月4日 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 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) | 01432 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.00001 | HKD | | 300,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.00001 | HKD | | 300,000 | 本月底法定/ ...

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之內容概不負責，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） 內幕消息 訴訟更新 本公告乃由中國聖牧有機奶業有限公司（「本公司」）根據上市規則第13.09(2)(a)條及 香港法例第571章證券及期貨條例第XIVA部之內幕消息條文（定義見上市規則）作 出。 茲提述本公司日期為二零二一年九月十六日及二零二一年十月二十二日的公告，內 容有關中國法院就一名據稱根據投資協議收購本公司股份的原告人向聖牧高科及前 董事提出的申索作出判決（「該等公告」）。除非另有界定，否則本公告所使用的詞彙 與該等公告所界定者具有相同涵義。 – 1 – 根據最終判決，聖牧高科及前董事被下令共同承擔： 於本公告日期，中國法院尚未解除凍結結餘（包括聖牧高科的若干銀行賬戶總結餘 約人民幣85.7百萬元及聖牧高科所持有的附屬公司巴彥淖爾市聖牧六和牧業 ...

Summary of China Shengmu's Conference Call Company Overview - **Company**: China Shengmu - **Industry**: Organic Dairy Market in China Key Points and Arguments Market Demand and Growth - The demand for organic milk in China is growing, benefiting Shengmu as the largest organic farm in the country due to consumer preference for high-end, healthy products [2][3] - The optimistic market outlook is supported by rising per capita consumption levels, which will further drive the organic milk market [2] Raw Milk and Beef Prices - Raw milk prices have been declining since 2021, but the rate of decline has slowed, with prices expected to stabilize as production capacity nears clearance [2][4] - Beef prices have rebounded since 2023 due to anti-dumping policies and supply shortages, significantly improving Shengmu's profit performance [2][4] Financial Projections - Shengmu is expected to incur losses in 2025 but conservatively estimated to achieve a profit of approximately 400 million yuan in 2026, corresponding to a PE ratio of about 5 times, indicating significant valuation upside compared to peers [2][6] - The company maintains a gross margin of around 30% and exhibits strong financial metrics, including cash ratios [2][4] Competitive Advantages - Shengmu's raw milk sales price has consistently remained around 4 yuan, with a high proportion of specialty milk (organic, A2, etc.) enhancing its defensive and operational resilience during price downturns [2][24] - The geographical advantage of being located in the Ulan Buh Desert provides ample underground water and fertile soil, supporting feed crop cultivation [2][25] - The partnership with Mengniu ensures stable milk supply, with a structure requiring over 80% of milk to be supplied to Mengniu [2][22] Industry Dynamics - The Chinese dairy processing industry is characterized by a fragmented upstream supply of dairy farms, while midstream and downstream sectors are dominated by major players like Yili and Mengniu [2][7] - The scarcity of upstream breeding resources is pushing the industry towards larger-scale operations, with only about 2% of farms having over 100 cows as of 2022 [2][8][9] Future Trends - The global organic food market is valued at hundreds of billions, with China's market expected to continue double-digit growth, indicating a strong future for high-end organic products [2][21] - Shengmu's unique position as the first brand to receive dual organic certification from China and the EU enhances its market standing [2][23] Profitability and Valuation - The stabilization and potential rebound of milk prices will significantly enhance the fair value of biological assets, with a potential increase of 240 million yuan if each cow appreciates by 1,000 yuan [2][27] - The beef business, which was previously a loss-maker, is expected to contribute positively to profits in 2025 due to rising beef prices [2][28] Challenges and Risks - The industry faces challenges such as high costs associated with feed crop cultivation and environmental management for large-scale farms [2][11] - Socialized farms are under pressure due to low profitability and high debt levels, leading to a potential wave of exits from the market [2][16][17] Conclusion - Shengmu's focus on high-margin organic products, strategic partnerships, and favorable market conditions position it well for future growth, despite short-term challenges and expected losses in 2025 [2][26][30]

Group 1 - The core viewpoint is that China Shengmu, as a leading organic raw milk producer, is well-positioned to benefit from the growing demand for high-end organic milk driven by rising consumer spending levels [1][2] - China Shengmu is the first brand in China to obtain dual certification for organic standards from both China and the EU, covering the entire dairy industry value chain from pasture planting to high-end liquid milk production [1] - The company has a significant geographical advantage, operating in the Ulan Buh Desert of Inner Mongolia, recognized as a prime milk source, which enhances its competitive edge in ensuring milk quality and safety [1] Group 2 - Current raw milk prices have declined from a peak of 4.38 RMB/kg to 3.04 RMB/kg, but the decline has narrowed, indicating a potential stabilization in milk prices [2] - Beef prices have also stabilized after a decline in 2023, which, along with the expected recovery in milk prices, is anticipated to significantly improve the company's profit performance [2] - The company forecasts net profits for 2025-2027 to be -0.47 billion, 4.36 billion, and 7.09 billion RMB respectively, with a projected PE ratio of 5.5 for 2026, which is significantly lower than the average PE of comparable companies [2]