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10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: 中糧家佳康食品有限公司 呈交日期: 2025年11月3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) | 01610 | 說明 | | | | | | | | | | | 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 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | 本月底法定 ...

Investment Rating - The report provides a positive outlook for the Hong Kong food and beverage sector, indicating potential investment opportunities in resilient companies within the industry [2][9]. Core Insights - The report outlines six phases of the Hang Seng Consumer Staples Index, highlighting the cyclical nature of the industry and the impact of external factors such as economic conditions and policy changes on consumer demand [3][4][28]. - The analysis emphasizes the importance of identifying resilient stocks in the food and beverage sector, particularly in the upstream farming and downstream dairy product industries, as they are expected to benefit from market dynamics and policy support [6][7][53]. Summary by Sections Phase Review of the Hang Seng Consumer Staples Index - Phase 1: Downward trend due to slowing GDP and reduced consumer demand, leading to a decline in the index [3]. - Phase 2: Strong recovery driven by global economic recovery and improved earnings of leading consumer staples companies [3]. - Phase 3: Period of volatility influenced by trade tensions and tightening global liquidity [3]. - Phase 4: Rapid increase in the index due to the rigid demand for essential consumption during the pandemic [3]. - Phase 5: Continuous decline influenced by repeated pandemic disruptions and rising raw material costs [4]. - Phase 6: Valuation recovery initiated by domestic consumption policies and inflow of long-term capital [4][28]. Investment Opportunities in the Food and Beverage Sector - Upstream farming opportunities are highlighted, with a focus on the dairy and beef sectors, where prices are expected to stabilize and rise due to supply constraints and recovering demand [6][44]. - Downstream dairy product opportunities are supported by recent policies aimed at boosting demand and improving market competition, which will benefit leading companies in the sector [7][53]. Investment Recommendations - Companies such as Yurun Agriculture (09858.HK) and Modern Farming (01117.HK) are recommended for their strong cash flow and potential to benefit from the anticipated recovery in raw milk prices [9][57]. - The report suggests that policy support will create upward momentum for companies like Mengniu Dairy (02319.HK) and H&H International Holdings (01112.HK), which are positioned to capitalize on market opportunities [10][57]. - The potential for industry restructuring and the emergence of leading companies is noted, particularly in the coconut water segment, with recommendations for IFBH (06603.HK) [11][58].

Core Viewpoint - The event organized by the Chifeng City Veterans Affairs Bureau aims to enhance employment opportunities for veterans by facilitating direct engagement with quality companies in the region [1][5]. Group 1: Employment Opportunities - The event included visits to three companies: Inner Mongolia Mengdu Sheep Industry, COFCO Jiajia Kang, and China Life Insurance, providing veterans with insights into potential job roles [1][3]. - Veterans were able to observe production processes, ask questions about job responsibilities, work intensity, and salary, thereby alleviating concerns about job compatibility [3][5]. Group 2: Company Engagement - Inner Mongolia Mengdu Sheep Industry showcased its meat processing, packaging, and storage processes, allowing veterans to understand the operational aspects of the industry [3]. - COFCO Jiajia Kang focused on roles related to breeding technology, supply chain management, and quality inspection, explaining job responsibilities and growth opportunities [3]. - China Life Insurance introduced its corporate culture and career paths in the financial sector, helping veterans gain a new perspective on financial industry roles [3]. Group 3: Future Initiatives - The Chifeng City Veterans Affairs Bureau plans to continue focusing on the employment needs of veterans by integrating more quality company resources and conducting personalized employment matching activities [5]. - The initiative aims to bridge the gap in veteran employment, ensuring they can successfully transition into new roles [5].

Core Viewpoint - The report indicates a continued decline in pig prices, leading to increased losses in pig farming, with expectations of short-term price stabilization after significant drops [1][4]. Group 1: Pig Price Trends - The national average selling price of live pigs in September 2025 was 13.10 yuan/kg, down 4.86% month-on-month and 30.90% year-on-year [1]. - The slaughter volume in September 2025 was 4.5608 million heads, an increase of 5.12% month-on-month and 4.05% year-on-year [1]. - The average price of 7kg piglets fell to 183 yuan/head as of October 10, 2025, down 110 yuan/head year-on-year, indicating a significant decline in the piglet market [4]. Group 2: Supply and Demand Dynamics - The proportion of large pigs (over 150kg) in the market decreased to 4.91% as of October 9, 2025, down 0.16 percentage points week-on-week and 0.79 percentage points year-on-year, suggesting a tightening supply of large pigs [2]. - The price difference between lean and fat pigs was 3.97 yuan/kg as of October 9, 2025, down 0.13 yuan/kg month-on-month and 1.01 yuan/kg year-on-year, indicating weaker demand [3]. Group 3: Profitability and Financial Performance - The average loss per head for self-bred pigs in September 2025 was 7.27 yuan, marking a shift from profit to loss due to declining prices [4]. - The total number of pigs sold by 12 listed pig companies in September 2025 was 13.7749 million heads, an increase of 22.47% year-on-year [5]. - The average selling prices for major listed pig companies fell month-on-month, with declines ranging from 3.4% to 9% across different companies [6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the price of live pigs has unexpectedly declined, leading to increased pressure on pig farming companies in October 2025. The average sales price of live pigs in September 2025 was 13.10 yuan/kg, down 4.86% month-on-month and 30.90% year-on-year. The slaughter volume in September was 4.5608 million heads, an increase of 5.12% month-on-month and 4.05% year-on-year [14][3][4] - The report indicates that the proportion of large pigs (over 150kg) in the market has decreased, suggesting a tightening supply in the future. As of October 9, 2025, the proportion of large pigs in the slaughter structure was 4.91%, down 0.16 percentage points week-on-week and 0.79 percentage points year-on-year [17][4] - The report notes that the profitability of pig farming has turned from profit to loss in September 2025, with an average loss of 7.27 yuan per head. The breeding stock has decreased by 0.46% month-on-month, indicating further potential for reduction in breeding stock [24][5] Summary by Sections Industry Overview - The report discusses the unexpected decline in pig prices and the resulting pressure on pig farming companies. The average sales price of live pigs in September 2025 was 13.10 yuan/kg, reflecting a significant decrease [14][3] - The report also mentions that the planned slaughter volume for October is expected to increase by 5.14% compared to September, indicating ongoing challenges in the market [14][3] Supply and Demand Dynamics - The proportion of large pigs in the market has decreased, which may lead to a tighter supply in the future. The proportion of pigs over 140kg has remained stable month-on-month [17][4] - The report highlights a short-term scenario of strong supply and weak demand, with the price difference for frozen products declining [19][4] Financial Performance of Companies - The report provides data on the sales performance of listed pig farming companies, with a total of 13.7749 million heads sold in September 2025, an increase of 22.47% year-on-year. However, the average sales price for these companies has decreased [29][6] - Specific companies such as Muyuan Foods and Wens Foodstuffs reported significant changes in their sales volumes and prices, with some companies experiencing a decline in average sales prices [34][39][45]

Company News - China Metallurgical Group Corporation (01618.HK) reported a new contract amount of 760.67 billion yuan for the first nine months, a year-on-year decrease of 14.7%. The overseas contract amount was 66.9 billion yuan, showing a year-on-year increase of 10.1% [1] - China General Nuclear Power Corporation (01816.HK) achieved a total power generation of approximately 182.822 billion kWh in the first nine months, representing a year-on-year growth of 2.67% [1] - "Jiao Ge Peng You" Holdings (01450.HK) recorded a cumulative GMV of approximately 9.53 billion yuan for the first three quarters, a year-on-year increase of 7.56%. However, the GMV for the third quarter was about 2.55 billion yuan, reflecting a year-on-year decline of approximately 12.07% [1] - China Resources Land (01109.HK) reported a cumulative contract sales amount of approximately 154.4 billion yuan for the first nine months, a year-on-year decrease of 10.4% [1] - Times China Holdings (01233.HK) reported cumulative contract sales of 3.933 billion yuan for the first nine months, a year-on-year decline of 37.1% [1] - ZhongAn Online P&C Insurance (06060.HK) achieved cumulative original insurance premium income of 26.934 billion yuan in the first nine months, a year-on-year increase of 5.64% [1] - COFCO Joycome (01610.HK) reported a pig slaughter volume of 468,000 heads in September, a month-on-month decrease of 6.02% [1] - Kingsoft Cloud Holdings (01548.HK) received a new payment under a licensing agreement related to PD-1 monoclonal antibodies, which will enhance cash reserves for new molecular discovery and development [2] - China National Building Material Group (03323.HK) expects a net profit of 2.95 billion yuan for the first three quarters, turning from loss to profit, mainly due to a decrease in sales costs of cement and ready-mixed concrete [2] - Lifen Holdings (01125.HK) issued a profit warning, expecting a year-on-year increase of no less than 50% in annual losses attributable to owners [2] - China Property Investment (00736.HK) signed a cooperation framework agreement to tokenize high-quality photovoltaic new energy assets [2] - Dali Pu Holdings (01921.HK) established a direct sales warehouse and sales office in Oman to strengthen its strategic layout in the Middle East [2] - Beijing Machinery Electric Co., Ltd. (00187.HK) faced bankruptcy liquidation application from creditors for its subsidiary Tianhai Cryogenic [2] Financing and Buyback Activities - Jihai Resources (02489.HK) successfully placed 400 million shares at 1.18 HKD per share, raising approximately 466 million HKD for potential gold mine acquisitions and general working capital [2] - China Galaxy Securities (06881.HK) was approved to issue short-term corporate bonds not exceeding 15 billion yuan [3] - Kuaishou Technology (01024.HK) repurchased 1.3146 million shares for approximately 98.4067 million HKD at prices ranging from 74.55 to 75.1 HKD [3] - Xiaomi Group (01810.HK) repurchased 4 million shares for approximately 19.5 million HKD at prices ranging from 48.44 to 49 HKD [4]

Group 1 - The core point of the article is that COFCO Joycome (01610) reported a decrease in pig output and provided key financial metrics for its pork business [1] Group 2 - In September 2025, the pig output was 468,000 heads, representing a month-on-month decrease of 6.02% [1] - The cumulative pig output for the year reached 4.321 million heads [1] - The average selling price of commercial pigs was 12.93 yuan per kilogram [1] - Fresh pork sales volume was 29,000 tons, with brand revenue accounting for 32.4% of the fresh pork business [1]

Core Viewpoint - COFCO Jiajia Kang (01610) reported a decrease in live pig output for September 2025, indicating potential challenges in production and sales dynamics in the pork industry [1] Group 1: Production and Sales Data - The live pig output for September 2025 was 468,000 heads, representing a month-on-month decrease of 6.02% [1] - The cumulative live pig output for the current year reached 4.321 million heads [1] - The average selling price of commercial pigs was 12.93 yuan per kilogram [1] Group 2: Fresh Pork Business Performance - The sales volume of fresh pork was 29,000 tons [1] - The brand revenue contribution from the fresh pork business accounted for 32.4% [1]

Group 1 - The core point of the article is that COFCO Joycome (01610.HK) reported its operational update for September 2025, highlighting significant figures in pig production and sales [1] Group 2 - In September 2025, the company reported a pig output of 468,000 heads [1] - The average selling price for commercial pigs was 12.93 RMB per kilogram [1] - Fresh pork sales reached 29,000 tons [1]

（股份代號：01610） 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份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。 （於開曼群島註冊成立的有限公司） 自願公告 2025年9月運營快報 此乃中糧家佳康食品有限公司（「本公司」）作出的自願公告。 本公司董事會（「董事會」）謹此宣佈，本公司及其附屬公司（「本集團」）2025年9月主要運營 數據（未經審核）如下： 承董事會命 中糧家佳康食品有限公司 高翔 主席兼執行董事 中國北京，2025年10月14日 於本公告日期，董事會成員包括：董事會主席兼執行董事高翔博士，執行董事張楠博士，非執行董 事陳志剛先生及王國新先生，獨立非執行董事傅廷美先生、李恆健先生及鞠建東博士。 2 | | 生豬出欄量（千頭） | | 商品大豬銷售均價 | 生鮮豬肉銷量 | 生鮮豬肉業務中 | | --- | --- | --- | --- | --- | --- | | | 當期值 | 本年累計 | （單位：人民幣元╱公斤） | （單位：千噸） | 品牌收入佔比(%)1 | | ...