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。 AUSNUTRIA DAIRY CORPORATION LTD 澳優乳業股份有限公 司 （於開曼群島註冊成立之有限公司） （股份編號：1717） (1)有關二零二六年金融服務框架協議之 主要交易及持續關連交易 及 (2)有關修改二零二五年生產服務框架協議項下之 現有年度上限之持續關連交易 二零二六年金融服務框架協議 茲提述本公司日期為二零二三年八月二十九日之公告，內容有關訂立二零二三年金融服務框架協 議。 由於二零二三年金融服務框架協議將於二零二六年八月二十八日屆滿，故於二零二六年三月三十一 日（交易時段後），本公司與伊利財務訂立二零二六年金融服務框架協議，據此，伊利財務同意按照 根據二零二三年金融服務框架協議擬進行者之類似條款及條件，繼續向本集團提供一系列金融服 務，即存款服務、借貸服務、結算服務及其他金融服務，年期由生效日期起為期三年。 二零二六年生產服務框架協議 茲提述本公司日期為二零二四年十二月 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 7.49 billion yuan in 2025, a year-on-year increase of 1.2%, while the net profit attributable to shareholders was 178 million yuan, a decrease of 24.6% year-on-year [4][10] - The company's domestic milk powder business faced pressure due to the internal code adjustment, while overseas goat milk powder and cheese businesses showed significant growth [5][8] - The company is expected to recover domestic revenue growth in 2026, driven by the completion of internal code adjustments and a low base in 2025, while overseas markets are projected to maintain high double-digit growth [8] Summary by Sections Revenue and Profit Performance - In 2025, the company reported revenues of 7.49 billion yuan, with a net profit of 178 million yuan, reflecting a decline in profitability due to internal adjustments [4][10] - The second half of 2025 saw revenues of 3.6 billion yuan, a decrease of 3.2% year-on-year, with a net loss of 3 million yuan [4] Product Performance - Revenue breakdown for 2025 includes: cow milk powder (1.767 billion yuan, -16.1%), domestic goat milk powder (2.579 billion yuan, -15.5%), overseas goat milk powder (974 million yuan, +50.7%), nutrition products (320 million yuan, +5.2%), and cheese (1.006 billion yuan, +448.1%) [5] - The overseas goat milk powder business emerged as a key growth driver, with significant revenue increases in the Middle East (45.7% of overseas revenue, +65.5% year-on-year) and North America (39.5% growth) [5][6] Cost and Margin Analysis - The overall gross margin for 2025 was 38.6%, down 3.3 percentage points year-on-year, primarily due to lower margins from the newly consolidated cheese business and rising raw material costs [7] - The company expects an improvement in gross margin in 2026, driven by the completion of internal code systems and an increase in high-margin overseas business [7] Future Outlook - The completion of internal code adjustments is anticipated to stabilize domestic revenue, with expectations for single-digit growth in 2026 [8] - The company is well-positioned for long-term growth, supported by strong brand and channel barriers, particularly in the goat milk powder segment [8]

EF001 免責聲明 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於2026年3月27日，董事會包括執行董事任志堅先生（行政總裁）、Bartle van der Meer先生及張志先生；非執行董事韓石秀先生 （主席）、閆俊榮女士及鄒贏先生；以及獨立非執行董事馬驥先生、陳福泉先生及Aidan Maurice Coleman先生。 | | 第 2 頁 共 2 頁 v 1.1.1 | 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，概不對因 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 澳優乳業股份有限公司 | | 股份代號 | 01717 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | ...

Financial Performance - Revenue for the year ended December 31, 2025, increased by RMB 85.6 million or 1.2% compared to the previous year[4] - Gross profit decreased by RMB 214.7 million or 6.9%, resulting in a gross margin of 38.6%, down from 42.0%[3][4] - EBITDA declined by RMB 89.7 million or 14.8%, indicating a decrease in operational efficiency[4] - Profit attributable to equity holders decreased by RMB 58.5 million or 24.8%, with earnings per share dropping to RMB 9.98 from RMB 13.26[4][5] - The company reported a total comprehensive income of RMB 419.0 million for the year, significantly higher than RMB 132.5 million in the previous year[6] - For the fiscal year ending December 31, 2025, total revenue from external customers reached RMB 7,487,957,000, an increase from RMB 7,402,439,000 in 2024, representing a growth of approximately 1.15%[30] - The company reported a pre-tax profit of RMB 169,553,000 for the fiscal year ending December 31, 2025, compared to RMB 312,515,000 in 2024[26] - The company reported a basic earnings per share of RMB 9.98 for the fiscal year ending December 31, 2025, down from RMB 13.26 in 2024, reflecting a decrease of approximately 24.5%[43] - The profit attributable to equity holders for the fiscal year 2025 is RMB 177.5 million, a decrease of RMB 58.5 million or 24.8% compared to 2024, primarily due to intense competition in the Chinese formula milk powder market and temporary impacts from product updates[92] Assets and Liabilities - Total assets increased to RMB 10,255.7 million, up from RMB 9,662.1 million, indicating growth in the company's asset base[8][9] - Total liabilities rose to RMB 4,169.3 million from RMB 3,878.7 million, reflecting an increase in financial obligations[9] - Non-current assets increased to RMB 6,340.9 million, up from RMB 5,264.2 million, driven by investments in property and equipment[8] - Cash and cash equivalents decreased to RMB 907.6 million from RMB 1,214.7 million, indicating a reduction in liquidity[8] - The company’s total liabilities increased slightly to RMB 537,711,000 in 2025 from RMB 533,945,000 in 2024, indicating a marginal increase of about 0.5%[46] - As of December 31, 2025, the total assets and net assets of the group are RMB 10,255.7 million and RMB 6,086.4 million, respectively, compared to RMB 9,662.1 million and RMB 5,783.5 million in 2024[93] Cash Flow - Net cash flow from operating activities for the year ended December 31, 2025, was RMB 372,436,000, an increase of 24.4% compared to RMB 299,374,000 in 2024[10] - Cash used in investing activities for the year ended December 31, 2025, was RMB 721,453,000, a decrease of 19.8% from RMB 899,165,000 in 2024[10] - The company reported a net decrease in cash and cash equivalents of RMB 325,544,000 for 2025, compared to a net decrease of RMB 873,379,000 in 2024[10] - The company’s cash flow from operating activities showed a positive trend, reflecting improved operational efficiency and revenue generation[10] Dividends - The board proposed a final dividend of HKD 0.05 per share, down from HKD 0.06 in the previous year, reflecting a 16.7% reduction[3] - The total dividend proposed for the fiscal year 2025 is RMB 78,559,000, which corresponds to a dividend of HKD 0.05 per share, compared to RMB 97,152,000 for the previous year[41] Market and Segment Performance - The Dairy Products and Related Products segment generated revenue of RMB 7,167,544,000, while the Nutrition segment contributed RMB 320,413,000 for the year ending December 31, 2025[26] - The total segment profit for the Dairy Products and Related Products was RMB 234,823,000, whereas the Nutrition segment reported a loss of RMB 35,145,000, leading to an overall segment profit of RMB 199,678,000[26] - The overall nutrition business segment recorded revenue of RMB 320.4 million in 2025, an increase of RMB 15.8 million or 5.2% from RMB 304.6 million in 2024, driven by market breakthroughs and effective channel strategies[69] - The company’s cheese segment saw a remarkable growth of 448.1% to RMB 1,006.4 million, contributing 13.4% to total revenue[76] Strategic Initiatives - The company aims to deepen its mother-baby channel strategy in the infant formula sector, focusing on consumer engagement to drive business recovery[51] - A five-year strategic plan emphasizes enhancing organizational capabilities and operational efficiency, with a focus on cost control and systematic operations to build industry competitiveness[52] - The company is committed to consumer-centric innovation, leveraging global R&D resources to develop functional products that meet diverse nutritional needs[53] - The company plans to enhance operational efficiency and reduce costs through digital member management systems and production optimization[57] - The company aims to increase R&D investment and strengthen intellectual property protection to enhance overall competitiveness in the industry[57] Challenges and Risks - In 2025, the domestic infant formula market faced intensified competition, with newborn numbers dropping below 8 million, leading to a focus on high-quality products and a shift towards a more structured competitive advantage[50] - The company experienced a net foreign exchange loss of RMB 17,986 thousand in 2025, compared to a loss of RMB 5,993 thousand in 2024, indicating increased volatility in currency exchange rates[34] - The company has recognized an income tax expense of approximately RMB 6,309,000 due to the implementation of the OECD Pillar Two legislation, which will take effect in various jurisdictions starting January 1, 2024[39] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules, ensuring compliance and enhancing shareholder value[123] - The audit committee consists of three independent non-executive directors, who reviewed the audited financial statements for the fiscal year 2025[126] - The audit firm PwC confirmed that the financial figures in the announcement align with the audited financial statements for the fiscal year 2025[125] Operational Efficiency - The group’s inventory turnover days decreased from 171 days in 2024 to 155 days in 2025, attributed to faster clearance of outdated inventory and improved global supply chain logistics[97] - System updates and integration have been completed to reduce manual workload and improve overall efficiency, with successful automation of reconciliation processes[131] Innovation and Product Development - The company launched 14 new upgraded products throughout the year, focusing on diverse market needs in infant and children's formula categories[67] - The company established a strategic partnership with Jiangnan University to create the "Jiangnan University - Jinqi Biological Probiotic Collaborative Innovation Center," enhancing its research capabilities[70] - The company filed 20 patent applications and registered 31 new effective patents during the year, enhancing its intellectual property portfolio[75]

澳優乳業股份有限公司 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依賴該等內容而 引致的任何損失承擔任何責任。 AUSNUTRIA DAIRY CORPORATION LTD ( 於開曼群島註冊成立之有限公司 ) (股份編號: 1717) 董事會會議通告 澳優乳業股份有限公司 (「本公司」) 之董事會 (「董事會」) 謹此公告，董事會將於二零二六年三月 二十七日 (星期五) 舉行會議，藉以 (其中包括) (i) 考慮及批准宣佈本公司及其附屬公司截至二零二五 年十二月三十一日之全年業績公告；及 (ii) 考慮建議派發末期股息 (如有)。 承董事會命 澳優乳業股份有限公司 主席 韓石秀 中華人民共和國，二零二六年三月十三日 於本公告日期，董事會包括執行董事任志堅先生（行政總裁）、 Bartle van der Meer 先生及張志先生； 非 執行董事韓石秀先生（主席）、閆俊榮女士及鄒贏先生；以及獨立非執行董事馬驥先生、陳福泉先生 及 Aidan Maurice Coleman 先生。 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 澳優乳業股份有限公司 呈交日期: 2026年3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) | 01717 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | 本月底法定/ ...

Group 1 - The overall profitability of the company is under temporary pressure due to market channel adjustments and the expansion of low-margin new businesses, leading to a downward revision of revenue and profit forecasts for the years 2025-2027 [1] - The company's revenue forecast for 2025-2027 has been adjusted from 7.83/8.24/8.62 billion to 7.49/7.90/8.26 billion, and the net profit forecast has been revised from 300/360/430 million to 240/270/320 million [1] - The earnings per share (EPS) forecast for 2025-2027 has been lowered from 0.17/0.20/0.24 to 0.13/0.15/0.18, with a current price-to-earnings (P/E) ratio of 14/12/10 times based on the closing price of HKD 1.96 on February 9, 2026 [1] Group 2 - The domestic milk powder market continues to face challenges, while overseas markets are leading growth, with a significant increase in revenue from overseas markets, particularly in the Middle East, North America, and the CIS [2] - The company expects a decline in domestic goat and cow milk powder business in 2025, but anticipates improvement in 2026 as domestic channels become more streamlined [2] - The company remains optimistic about future market developments and plans to continue expanding in the Middle East and other channels like Walmart in the U.S. to create a clear growth blueprint [2] Group 3 - The company has achieved significant recognition in the milk powder sector, with its brand being recognized as the top-selling nutritional milk powder for three consecutive years [3] - The approval of a new strain of probiotics for infant use marks a significant milestone for the company, enhancing its core technological capabilities and supporting the industrialization of "Chinese bacteria" [3] - The company aims to solidify its market position and expand its growth curve through consumer-centric strategies and research innovation, aspiring to become the most trusted formula milk and nutrition health company globally [3]

Group 1 - The overall profitability of Ausnutria (01717) is expected to face temporary pressure due to market channel adjustments and the expansion of low-margin new businesses, leading to a downward revision of revenue and profit forecasts for 2025-2027 [1] - Revenue forecasts for 2025-2027 have been adjusted from 7.83/8.24/8.62 billion to 7.49/7.90/8.26 billion, while net profit forecasts have been revised from 300/360/430 million to 240/270/320 million [1] - The earnings per share (EPS) estimates for 2025-2027 have been lowered from 0.17/0.20/0.24 to 0.13/0.15/0.18, with a current P/E ratio of 14/12/10 times based on the closing price of HKD 1.96 on February 9, 2026 [1] Group 2 - The domestic milk powder market continues to face challenges, with a decline in the birth rate impacting growth; however, the overseas milk powder market is showing significant growth, particularly in the Middle East, North America, and the CIS regions [2] - In the first half of 2025, Ausnutria's milk powder business experienced a temporary reduction in shipment volumes due to system upgrades and inventory adjustments, leading to a forecasted decline in domestic sheep and cow milk powder business for the year [2] - The company remains optimistic about future growth, planning to expand its presence in the Middle East and continue developing offline channels like Walmart in the U.S. to create a diversified growth engine [2] Group 3 - The infant formula segment has seen success, with Haipinokai being recognized as the top-selling nutritional milk powder for three consecutive years, while Ausnutria's sheep milk powder brand, Jia Bei Ai Te, has gained recognition for its innovative marketing strategies [3] - The approval of a new strain of probiotics for infants by the National Health Commission marks a significant milestone for Jinqi Biotechnology, enhancing its reputation and technological capabilities in the infant nutrition sector [3] - The company aims to solidify its market position and expand its growth trajectory by focusing on consumer needs and leveraging research and innovation to achieve its vision of becoming the most trusted formula milk and nutrition health company globally [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The domestic milk powder market continues to face challenges, while overseas markets are expected to drive growth [3] - The company has experienced a decline in domestic sales due to a decrease in newborn population and competitive pressures, but there is optimism for recovery in 2026 [3] - The company is focusing on expanding its overseas market presence, particularly in the Middle East and North America, to create a diversified growth engine [3] Summary by Sections Company Overview - The company is identified as Ausnutria Dairy Corporation Ltd (1717.HK) with a market capitalization of HKD 34.70 billion [1] Market Trends - In 2025, the birth rate in China dropped to 5.63‰, with a total of 7.92 million newborns, reflecting a 17% year-on-year decline [2] - The domestic milk powder industry is experiencing intense competition, with only a few brands like Yili, Biostime, and Mengniu showing growth [2] Financial Performance - The company's revenue forecast for 2025-2027 has been revised down from HKD 78.3 billion to HKD 74.9 billion for 2025, with net profit estimates also reduced [5] - The earnings per share (EPS) forecast for 2025-2027 has been adjusted from HKD 0.17 to HKD 0.13 for 2025 [5] Growth Strategies - The company aims to enhance its product offerings and market presence through strategic initiatives, including channel expansion and product innovation [4] - The approval of a new probiotic strain for infant use marks a significant milestone for the company, reinforcing its technological capabilities [4] Financial Projections - The projected revenue for 2025 is HKD 74.9 billion, with a net profit of HKD 2.4 billion, reflecting a decrease from previous estimates [5] - The company expects to achieve a net profit margin of approximately 3.19% in 2024, with gradual improvements in subsequent years [8]

Core Insights - The approval of Bifidobacterium longum subsp. infantis YLGB-1496 for inclusion in the list of probiotics for infant food marks a significant advancement in ensuring the health of infants in China, showcasing the technical strength of the company involved, Ausnutria [1][2][3] Group 1: Product Approval and Significance - The strain YLGB-1496 has been officially recognized for its safety and efficacy, meeting stringent national standards for probiotics used in infant food [2][3] - This approval positions the company as a leader in the infant probiotic market, having two nationally recognized strains, reinforcing its commitment to high-quality infant nutrition [1][5] Group 2: Research and Clinical Evidence - YLGB-1496 has demonstrated significant clinical benefits, including a reduction in the incidence of eczema in infants and improvements in immune function, as evidenced by increased levels of immunoglobulins [3][5] - The strain has also shown positive effects on weight gain and digestive health in children aged 1-3 years, indicating its role in enhancing nutrient absorption and overall health [3][5] Group 3: Industry Collaboration and Market Impact - The collaboration between Ausnutria and Yili Group has been pivotal in the successful commercialization of YLGB-1496, with a well-established model for production and marketing of probiotics [6][9] - The strain has been integrated into various products within Yili's portfolio, demonstrating its versatility and potential for broad application across different food categories [8][9] Group 4: Future Prospects and Strategic Goals - The company aims to continue exploring the functional mechanisms of YLGB-1496 and expand its applications in diverse food forms, maintaining a focus on high standards for infant probiotics [9] - Ongoing collaboration with industry partners is expected to drive innovation and enhance the competitiveness of the Chinese probiotic industry, contributing to public health, particularly for infants [9]