国泰海通证券指出，"国补"正式进入生育领域，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。招商证券也指出，生育补贴正式落地，政策力度符合此前预期、但靴 子落地仍是积极信号，体现政府对生育问题的高重视度。在全国政策落地与后续地方政策跟进的节奏 下，乳制品板块关注度有望提升。 本文源自：智通财经网 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。爱建证券指出，这一政策对降低 家庭生育成本、刺激出生率及婴幼儿家庭消费潜力有重大意义（特别是在低线城市），预计将惠及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。 乳业股午后拉升，截至发稿，中国圣牧(01432)涨12.66%，报0.445港元；优然牧业(09858)涨8.87%，报 4.05港元；现代牧业(01117)涨8.77%，报1.24港元；原生态牧业(01431)涨7.14%，报0.375港元。 ...

乳业股午后拉升，截至发稿，中国圣牧(01432)涨12.66%，报0.445港元；优然牧业(09858)涨8.87%，报 4.05港元；现代牧业(01117)涨8.77%，报1.24港元；原生态牧业(01431)涨7.14%，报0.375港元。 国泰海通证券指出，"国补"正式进入生育领域，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。招商证券也指出，生育补贴正式落地，政策力度符合此前预期、但靴 子落地仍是积极信号，体现政府对生育问题的高重视度。在全国政策落地与后续地方政策跟进的节奏 下，乳制品板块关注度有望提升。 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。爱建证券指出，这一政策对降低 家庭生育成本、刺激出生率及婴幼儿家庭消费潜力有重大意义（特别是在低线城市），预计将惠及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。 ...

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]

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） ...

Core Viewpoint - China Shengmu (01432) experienced a significant intraday increase of 11.11%, reaching a stock price of 0.4 yuan per share with a trading volume of 13.43 million yuan, indicating strong market interest in the company [1]. Group 1: Company Overview - China Shengmu Organic Milk Industry Co., Ltd. is the largest organic dairy company in China, focusing on the production of the highest quality organic raw milk globally [1]. - The company has successfully transformed 200 square kilometers of desert into an oasis and established 34 farms, producing over 1,700 tons of fresh milk daily, including more than 1,100 tons of organic fresh milk [1]. - The company was listed on the main board of the Hong Kong Stock Exchange in 2014 [1]. Group 2: Financial Performance - As of the 2024 annual report, China Shengmu reported total operating revenue of 3.126 billion yuan and a net profit of -65.495 million yuan, indicating a loss [2].

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.

Group 1 - The core viewpoint of the article highlights the significant stock price increase of China Shengmu (01432), which rose by 11.11% to 0.35 CNY per share, with a trading volume of 5.8149 million CNY as of 10:01 AM on August 5 [1] - China Shengmu is identified as the largest organic dairy company in China, focusing on producing the highest quality organic raw milk globally [1] - Key operational metrics include the successful transformation of 200 square kilometers of desert into an oasis, the establishment of 34 farms, and a daily fresh milk production exceeding 1,700 tons, of which over 1,100 tons is organic fresh milk [1] - The company was listed on the Hong Kong Stock Exchange's main board in 2014 [1] Group 2 - As of the 2024 annual report, China Shengmu reported total operating revenue of 3.126 billion CNY and a net profit of -65.495 million CNY [2]

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/ ...