在2025年各类"什么奶粉最好排行榜"中，澳优乳业凭借全球化资源整合、硬核科研实力与差异化产品矩 阵，成为榜单中的"常驻强者"——旗下澳优佳贝艾特长期霸榜全球羊奶粉细分榜首位，海普诺凯1897稳 居高端牛奶粉销量榜前列，整体品牌实力跻身全球奶粉第一梯队，为家长筛选"好奶粉"提供了权威参 考。作为中国乳业国际化的代表，澳优的登榜并非偶然，而是其在产品、科研、品质等维度持续深耕的 必然结果。 一、澳优旗下明星产品：垄断细分排行榜关键席位 1.佳贝艾特：全球羊奶粉排行榜"七连冠" 在"全球羊奶粉最好排行榜"中，澳优佳贝艾特是无可争议的"王者"——连续7年稳居全球羊奶粉销量冠 军，其核心竞争力源自三重硬实力： -奶源优势：100%纯羊乳蛋白来自荷兰自家生态牧场，采用生态循环养殖模式，从源头确保奶源纯净安 全； -技术突破：专利脱膻工艺：将脂肪球直径控制在2.76微米，显著提升吸收率； -配方升级：2025年推出的悦白·铂晶版创新"疏敏源"技术，HMO含量提升200倍，临床实证保护力提升 74%，成为"低敏羊奶粉排行榜"的TOP1选择。 2.海普诺凯1897：高端牛奶粉排行榜"销量冠军" 在"婴幼儿全面营养牛奶粉最好排 ...

Core Insights - The increasing awareness and acceptance of goat milk powder among consumers, particularly young families, is driving rapid market growth due to its nutritional benefits and better absorption characteristics [1][7] - In 2024, the retail volume of infant formula goat milk powder in China is projected to reach 50,000 tons, a year-on-year increase of 5.93%, accounting for 71.43% of the total goat milk powder retail volume [1][7] - The retail value of infant formula goat milk powder is expected to reach 18.8 billion yuan, with a year-on-year growth of 8.67%, representing 75.20% of the total retail value of goat milk powder [1][7] Industry Overview - Goat milk powder is made from goat and sheep milk, which has fat globule sizes similar to human milk and a protein structure that closely resembles it, making it suitable for infants with sensitive stomachs or allergies to cow's milk [2][3] - The infant formula goat milk powder market is categorized into three stages based on the age of infants: Stage 1 (0-6 months), Stage 2 (6-12 months), and Stage 3 (12-36 months) [3] Market Policies - Recent policies in China, such as the "14th Five-Year Plan for Dairy Industry Competitiveness Enhancement" and various guidelines for rural revitalization and high-quality development, provide a favorable environment for the growth of the infant formula goat milk powder industry [4] Industry Chain - The upstream of the infant formula goat milk powder industry includes milk source (goat and sheep farming), auxiliary materials, production equipment, and packaging materials, with high-quality milk sources being crucial for product quality [5][6] - Major goat milk farming regions in China include Shaanxi, Shandong, and Henan, with some companies establishing their own farms to ensure quality and safety [5] Competitive Landscape - The domestic brands dominate the infant formula goat milk powder market, accounting for over 90% of registered products, with a high market concentration where the top five companies hold a 60.8% market share [6][8] - Companies like Ausnutria and Yipin Nutrition are key players, with Ausnutria being the first infant formula company listed in Hong Kong and having a significant global presence [8][10] Development Trends - The importance of milk sources will continue to rise, with fresh milk becoming the mainstream raw material, and companies adopting short-chain processing techniques to retain natural nutrients [10] - Innovations in formulations will focus on enhancing nutritional elements such as DHA, ARA, and probiotics, while also addressing the needs of infants with allergies through low-allergen and easily digestible products [10][11]

Overview - The demand for high-quality dairy products, particularly goat milk powder, is increasing due to rising national income levels and health awareness. Goat milk powder is favored for its rich nutrition and easy absorption, especially among the aging population and those with lactose intolerance [1][9]. Market Statistics - In 2024, China's goat milk powder retail volume is projected to reach 70,000 tons, representing a year-on-year growth of 6.87%. The retail value is expected to reach 25 billion yuan, with a year-on-year increase of 9.17% [1][9]. Industry Development - The goat milk powder industry has evolved significantly since the establishment of New China, with key milestones including the 2008 melamine food safety incident that boosted goat milk powder's popularity as a safer alternative to cow milk powder. The industry entered a rapid growth phase post-2018 with the implementation of formula registration systems [7][9]. Market Policies - Recent policies such as the "14th Five-Year Plan for Dairy Industry Competitiveness Enhancement" and various guidelines for rural revitalization and high-quality development have created a favorable environment for the growth of the goat milk powder industry [8]. Industry Chain - The goat milk powder industry chain includes upstream sources like goat farming, midstream production processes, and downstream sales channels such as supermarkets and e-commerce platforms. The consumer base is expanding to include infants, the elderly, and pregnant women [8]. Competitive Landscape - Major dairy companies like Yili, Mengniu, and Ausnutria are entering the goat milk powder market, with significant acquisitions and investments. The market concentration is increasing, with the top five companies holding a 55.6% market share in 2024 [11]. Company Profiles - Ausnutria, established in 2003 and listed in Hong Kong, is a leading player in the goat milk powder sector, with a revenue of 3.887 billion yuan and a gross profit of 1.628 billion yuan in the first half of 2025 [11][12]. - Yipin Nutrition Technology Group focuses on providing high-nutrition, easily absorbed goat milk powder for all age groups, reporting a revenue of 806 million yuan in the first half of 2025, with infant formula accounting for 55.57% of sales [13]. Future Trends - The goat milk powder industry is expected to adopt "short-chain processing" techniques and fresh-keeping technologies to retain the natural nutrients of fresh goat milk. The demand for A2 milk sources and high whey protein products is anticipated to grow, emphasizing the importance of quality and scarcity of milk sources as core competitive advantages [14].

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9月30日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 FF301 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: 2025年10月2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 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0. ...

大和发表研究报告指，澳优(1717.HK)管理层透露今年羊奶婴儿配方粉(IMF)业务收入增长目标为低双位数，牛奶IMF 增幅预期达到中单位数，营养产品则料录得双位数强劲增长，更严格监管政策及出生率下降将推动行业加快整合，可 能有助于澳优取得更多市场份额。 该行将澳优2022至2023年每股盈利预测分别下调19%和23%，以反映今年牛奶IMF业务收入目标较低，目标价从14.5港 元下调至12.5港元，对应今年预测市盈率约14倍。大和表示，考虑到澳优在羊奶IMF市场的领导地位，以及从海外获 得原材料的渠道，对其在中国长期潜在市场份额增长看法更为乐观，并看好司与伊利享有原材料採购、共享分销渠道 和营销资源等的协同效应，维持"买入"评级。 大和指，澳优今年计划推出第四阶段儿童配方奶粉及羊奶细分市场的成人配方奶粉，目标在今年底前完成注册，并确 保产品符合新标准和要求，预期今年在外汇走势有利、较低拨备及产品组合改善下，毛利率可望提升。 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The overall cost indices for six categories of consumer goods showed mixed trends, indicating stability in the market. Spot cost indices for soft drinks, beer, instant noodles, dairy products, frozen foods, and seasonings changed by +0.97%, +0.51%, +0.26%, -0.13%, -0.44%, and -0.57% respectively, while futures cost indices changed by -1.08%, +1.06%, -1.06%, -1.67%, -0.78%, and -0.06% respectively [31][32][33][34][35][36][37]. Summary by Category Beer - The spot cost index for beer increased by 0.51% month-on-month, while the futures index rose by 1.06%. Year-to-date, the spot and futures indices have decreased by 3.71% and 4.95% respectively [12][32]. Seasonings - The spot cost index for seasonings decreased by 0.57% month-on-month, while the futures index fell by 0.06%. Year-to-date, the indices have changed by -2.41% and -6.71% respectively [15][33]. Dairy Products - The spot cost index for dairy products decreased by 0.13% month-on-month, while the futures index fell by 1.67%. Year-to-date, the indices have changed by -3.36% and -3.93% respectively [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.26% month-on-month, while the futures index decreased by 1.06%. Year-to-date, the indices have changed by -3.23% and -6.06% respectively [22][35]. Frozen Foods - The spot cost index for frozen foods decreased by 0.44% month-on-month, while the futures index fell by 0.78%. Year-to-date, the indices have changed by -2.3% and -3.37% respectively [25][36]. Soft Drinks - The spot cost index for soft drinks rose by 0.97% month-on-month, while the futures index fell by 1.08%. Year-to-date, the indices have changed by -4.19% and -10.86% respectively [28][37].

[Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides an overview of the company's mission, vision, board structure, and key contact details [Mission and Vision](index=4&type=section&id=%E5%AE%97%E6%97%A8%E8%88%87%E9%A1%98%E6%99%AF) Ausnutria Dairy Corporation's mission is "Global Nutrition, Nurturing Growth," with a vision to be the most trusted formula milk powder and nutritional health enterprise globally, committed to sustainable value creation for a healthy and happy life - Company Mission: Global Nutrition, Nurturing Growth[8](index=8&type=chunk) - Company Vision: To become the most trusted formula milk powder and nutritional health enterprise globally[9](index=9&type=chunk) - Sustainable Development Vision: Gathering global quality nutrition, providing premium choices for growth, committed to sustainably creating value, and building a healthy and happy life[10](index=10&type=chunk) [Board of Directors and Committees](index=6&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by audit, nomination, and remuneration committees to ensure sound and effective corporate governance - Board members include Mr. Ren Zhijian (CEO), Mr. Bartle van der Meer, Mr. Zhang Zhi as executive directors; Mr. Han Shixiu (Chairman), Ms. Yan Junrong, Mr. Zou Ying as non-executive directors; and Mr. Ma Ji, Mr. Chen Fuquan, Mr. Aidan Maurice Coleman as independent non-executive directors[12](index=12&type=chunk) - Mr. Ma Ji chairs the Audit Committee, Mr. Han Shixiu chairs the Nomination Committee, and Mr. Chen Fuquan chairs the Remuneration Committee[12](index=12&type=chunk) [Principal Offices and Contact Information](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E辦%E4%BA%8B%E8%99%95%E8%88%87%E8%81%AF%E7%B5%A1%E8%B3%87%E8%A8%8A) The company maintains principal places of business in Hong Kong, mainland China, the Netherlands, and Australia, providing stock code, investor relations email, and company website details - Principal places of business are located in Hong Kong, Changsha City (Hunan Province, China), Zwolle (Netherlands), and Keysborough (Australia)[13](index=13&type=chunk) - Stock code is **1717**, investor relations email is ir@ausnutria.com, and the company website is www.ausnutria.com.hk[13](index=13&type=chunk)[14](index=14&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews the group's business performance, financial results, and future outlook, highlighting key achievements and challenges [Business Review](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group achieved robust revenue growth of 5.6% in H1 2025, driven by strong overseas performance of self-branded goat milk formula (65.7% growth) and the strategic acquisition of the remaining 50% stake in Amalthea, alongside breakthroughs in the nutrition business 2025 Interim Key Financial Indicators | Indicator | 2025 Interim (RMB million) | 2024 Interim (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Overall Revenue | 3,886.8 | 3,681.1 | 5.6% | | Self-branded Goat Milk Formula Sales | 1,864.5 | 1,808.4 | 3.1% | | Self-branded Goat Milk Formula Overseas Sales | 483.4 | 291.7 | 65.7% | | Self-branded Goat Milk Formula China Sales | 1,381.1 | 1,516.7 | -8.9% | | Self-branded Cow Milk Formula Sales | 961.4 | 1,130.1 | -14.9% | | Nutrition Business Revenue | 155.5 | 145.3 | 7.0% | | Profit Attributable to Company Equity Holders | 180.5 | 145.4 | 24.1% | - Completed the strategic acquisition of the remaining **50%** stake in Amalthea Group B.V., a Dutch goat cheese company, adding a new cheese product line, enriching the business portfolio, and injecting new revenue growth momentum[17](index=17&type=chunk) - Implemented various cost control measures and improved supply chain efficiency to effectively manage costs[17](index=17&type=chunk) [Self-branded Goat Milk Formula (Kabrita)](index=7&type=section&id=%E8%87%AA%E5%AE%B6%E5%93%81%E7%89%8C%E9%85%8D%E6%96%B9%E7%BE%8A%E5%A5%B6%E7%B2%89%EF%BC%88%E4%BD%B3%E8%B2%9D%E8%89%BE%E7%89%B9%EF%BC%89) Kabrita's sales reached RMB 1,864.5 million in H1 2025, a 3.1% increase, with exceptional overseas market growth of 65.7% driven by strategic breakthroughs in the Middle East, North America, and CIS regions Kabrita Sales (H1 2025) | Market | Sales (RMB million) | YoY Growth (%) | % of Total Revenue | | :--- | :--- | :--- | :--- | | Overall | 1,864.5 | 3.1% | 48.0% | | Overseas | 483.4 | 65.7% | 25.9% (of goat milk formula business) | | China | 1,381.1 | -8.9% | 35.6% (of Group total revenue) | - Overseas market growth was primarily driven by the Middle East (**54.2% growth**), North America (**over 138.7% growth**), and CIS (**33.8% growth**), achieving significant progress through channel expansion, product innovation, and brand building[19](index=19&type=chunk)[20](index=20&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - China market sales declined mainly due to the launch of an internal code system upgrade and proactive channel inventory adjustments in Q2, but Nielsen IQ data showed market share steadily increased to **30.4%**, up **2.8 percentage points** from the prior year[25](index=25&type=chunk) - In product innovation, the flagship "Yuebai" product completed a comprehensive upgrade, adding "OPL structured lipids" and "Anminyuan" whey protein; the high-end "Jingzhan" product line, as the first organic goat milk formula in China, enhanced the brand's premium image[27](index=27&type=chunk) - Brand strategy upgrade focused on the differentiated advantage of "clinically proven feeding effects that are visible," enhancing brand influence and premium capability through retail terminal visual upgrades and digital marketing communication[28](index=28&type=chunk) [Self-branded Cow Milk Formula (Hyproca)](index=10&type=section&id=%E8%87%AA%E5%AE%B6%E5%93%81%E7%89%8C%E9%85%8D%E6%96%B9%E7%89%9B%E5%A5%B6%E7%B2%89%EF%BC%88%E6%B5%B7%E6%99%AE%E8%AB%BE%E5%87%B1%EF%BC%89) Hyproca's revenue in H1 2025 was RMB 961.4 million, a 14.9% decrease, primarily affected by the internal code system upgrade and channel inventory adjustments, yet its market share stabilized through product upgrades, brand marketing, and channel expansion Hyproca Sales (H1 2025) | Indicator | Sales (RMB million) | YoY Change (%) | % of Group Total Revenue | | :--- | :--- | :--- | :--- | | Revenue | 961.4 | -14.9% | 24.7% | - Sales decline was mainly due to the launch of an internal code system upgrade and proactive channel inventory adjustments in Q2, but Nielsen IQ data showed brand market share stabilized[29](index=29&type=chunk) - Brand positioning continued to focus on "high-end imported from the Netherlands," building differentiated advantages through "upgrading to premium Dutch A2 protein milk source" and "upgrading to more comprehensive self-protection nutrition"[30](index=30&type=chunk) - Newly upgraded and launched **7 products**, including **4 infant formulas** and **3 children's growth milk powders**, strengthening the dual core advantages of "comprehensive nutrition + comprehensive self-protection"[31](index=31&type=chunk) - In channel development, offline cooperation with core systems achieved high double-digit growth, online e-commerce sales increased by **59.96%** year-on-year, and the brand was awarded "Growth Pioneer Brand" by JD Supermarket[32](index=32&type=chunk) [Nutrition Business](index=11&type=section&id=%E7%87%9F%E9%A4%8A%E5%93%81%E6%A5%AD%E5%8B%99) The Group's nutrition business generated RMB 155.5 million in H1 2025, a 7.0% increase, with strong performance in both ToB Jinqi and ToC Ai Yisen segments, driven by market breakthroughs of star strains, precise channel strategies, and effective brand marketing synergy Nutrition Business Revenue (H1 2025) | Indicator | Revenue (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | | Nutrition Business | 155.5 | 7.0% | - Jinqi achieved channel breakthroughs by deepening cooperation in pharmaceutical channels, expanding into private domain e-commerce, and developing high-end overseas markets such as the US and France[34](index=34&type=chunk) - NC Ai Yisen focused on a comprehensive upgrade of infant and child nutrition categories, with star new products contributing **90% of revenue growth**, launching TGA-certified G13 Growth Capsules and EyeQ Brain Booster, and co-developing Shouhu PRO probiotics with "Dad's Spot Check"[35](index=35&type=chunk) - Brand building enhanced brand influence and credibility through cooperation with Beijing Satellite TV, co-research and co-creation with "Dad's Spot Check," and deep cultivation of the Xiaohongshu platform[36](index=36&type=chunk) [Scientific Research Achievements](index=12&type=section&id=%E7%A7%91%E7%A0%94%E6%88%90%E5%B0%B1) Ausnutria Dairy achieved significant progress in nutritional health research in H1 2025, participating in national key R&D programs, launching four new goat milk raw materials (three of which achieved global commercial application breakthroughs), and receiving multiple industry technology awards - Participated in the "14th Five-Year Plan" National Key R&D Program, including "Research and Demonstration of New-Generation Infant Formula Manufacturing Technology Based on Chinese Breast Milk Research" and "Creation of Special Medical Purpose Formula Foods for Specific Disease Populations" projects[37](index=37&type=chunk) - Launched four new goat milk raw materials: goat milk casein hydrolysate, hydrolyzed goat whey protein powder, goat lactoferrin, and goat colostrum powder, with the first three achieving global commercial application breakthroughs, filling market gaps[37](index=37&type=chunk) - Awarded the First Prize of the China Dairy Industry Association Science and Technology Award (Immune-Regulating Infant Formula Research), iSEE Global Food Innovation Award "Annual Innovation Technology" (Jinqi Weight Management Gold Standard Probiotic K56), and shortlisted for the World Food Innovation Awards (Kabrita Jingcui Yuebai)[37](index=37&type=chunk) [Sustainable Development and Corporate Social Responsibility](index=12&type=section&id=%E5%8F%AF%E6%8C%81%E7%BA%8C%E7%99%BC%E5%B1%95%E5%8F%8A%E4%BC%81%E6%A5%AD%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) The Group integrates sustainable development as a core strategy, guided by "Better Nutrition, Better Life, Better Environment," embedding ESG principles into corporate governance, and strengthening green management across the entire process - Guided by "Better Nutrition, Better Life, Better Environment," deeply integrating ESG principles into corporate governance and business decision-making processes[38](index=38&type=chunk) - Awarded four honors by the Wangcheng District Government of Hunan Province, China: "Enterprise with Outstanding Economic Performance," "Enterprise with Outstanding Contribution to Industrial Strength," "Enterprise with Outstanding Contribution to Scientific and Technological Innovation," and "Enterprise with Outstanding Contribution to Consumption Leadership"[38](index=38&type=chunk) - The newly invested Pallas factory in the Netherlands will achieve **100% nitrogen-free and CO2-free production processes**, and promote energy saving and emission reduction across the entire industry chain through measures such as reduced packaging and green procurement[39](index=39&type=chunk) [Outlook](index=13&type=section&id=%E5%89%8D%E6%99%AF) Looking ahead to H2 2025, the company faces challenges from declining birth rates in China, macroeconomic uncertainties, and the transition period of the internal code system, but remains confident in revising its five-year strategic plan to focus on key growth areas - Facing challenges such as declining infant birth rates in China, increased macroeconomic uncertainty, and the transition period of the internal code system upgrade[41](index=41&type=chunk) - Will iterate and optimize the Group's five-year strategic plan, focusing on seven key strategic initiatives, including continued focus on domestic self-branded goat milk formula and high-end cow milk formula businesses, seizing opportunities in the nutrition business, adhering to international market strategies, strengthening global supply chain quality control and efficiency improvement, building a globally integrated digital operation system, constructing an R&D innovation ecosystem, and continuing to strengthen corporate governance and internal controls[41](index=41&type=chunk) [Financial Review](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides an analysis of the Group's financial performance, including income statement, balance sheet, working capital, investments, treasury policy, risk management, capital commitments, and human resources [Condensed Consolidated Income Statement Analysis](index=14&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E5%88%86%E6%9E%90) In H1 2025, the Group's revenue increased by 5.6% to RMB 3,886.8 million, driven by strong overseas performance of Kabrita and contributions from Amalthea goat cheese business, with net profit increasing by 24.1% to RMB 180.5 million H1 2025 Revenue Composition and YoY Change | Product Category | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | H1 2025 Share (%) | H1 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cow Milk Formula (China) | 961.4 | 1,130.1 | (14.9) | 24.7 | 30.7 | | Goat Milk Formula (China) | 1,381.1 | 1,516.7 | (8.9) | 35.6 | 41.2 | | Goat Milk Formula (Other Regions) | 483.4 | 291.7 | 65.7 | 12.4 | 7.9 | | **Total Self-branded Formula Milk Powder** | **2,825.9** | **2,938.5** | **(3.8)** | **72.7** | **79.8** | | Cheese | 478.7 | – | – | 12.3 | – | | Private Label & Others | 426.7 | 597.3 | (28.6) | 11.0 | 16.2 | | **Total Cheese, Private Label & Others** | **905.4** | **597.3** | **51.6** | **23.3** | **16.2** | | Dairy Products & Related Products | 3,731.3 | 3,535.8 | 5.5 | 96.0 | 96.1 | | Nutrition Products | 155.5 | 145.3 | 7.0 | 4.0 | 3.9 | | **Total** | **3,886.8** | **3,681.1** | **5.6** | **100.0** | **100.0** | H1 2025 Gross Profit and Gross Margin | Product Category | H1 2025 Gross Profit (RMB million) | H1 2024 Gross Profit (RMB million) | H1 2025 Gross Margin (%) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Cow Milk Formula | 502.7 | 600.5 | 52.3 | 53.1 | | Goat Milk Formula | 1,028.1 | 1,011.2 | 55.1 | 55.9 | | **Total Self-branded Formula Milk Powder** | **1,530.8** | **1,611.7** | **54.2** | **54.8** | | Cheese | 32.7 | – | 6.8 | – | | Private Label & Others | 25.3 | (19.8) | 5.9 | (3.3) | | **Total Dairy Products & Related Products** | **1,588.8** | **1,591.9** | **42.6** | **45.0** | | Nutrition Products | 65.4 | 65.6 | 42.1 | 45.1 | | **Total (Before Inventory Provision)** | **1,654.2** | **1,657.5** | **42.6** | **45.0** | | Less: Inventory Provision | (26.5) | (59.8) | – | – | | **Total (After Inventory Provision)** | **1,627.7** | **1,597.7** | **41.9** | **43.4** | - Selling and distribution expenses as a percentage of revenue decreased from **29.9% to 26.1%**, mainly due to the launch of internal code products in the China market and optimization of distribution channels, leading to a short-term reduction in promotional activity expenses[50](index=50&type=chunk) - Net finance costs decreased from **RMB 31.1 million to RMB 16.8 million**, primarily due to lower bank borrowing interest rates and a reduction in the weighted average bank borrowing balance[53](index=53&type=chunk) - Profit attributable to equity holders of the Company was **RMB 180.5 million**, a **24.1% increase** year-on-year, benefiting from strong overseas performance of Kabrita, a decrease in selling and distribution expenses as a percentage of revenue, and improvements in the global supply chain[56](index=56&type=chunk) [Condensed Consolidated Statement of Financial Position Analysis](index=17&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E5%88%86%E6%9E%90) As of June 30, 2025, the Group's total assets increased to RMB 10,495.0 million, and net assets increased to RMB 6,185.8 million, primarily due to increases in cash, receivables, and property, plant, and equipment Financial Position as of June 30, 2025 | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Assets | 10,495.0 | 9,662.1 | | Net Assets | 6,185.8 | 5,783.5 | | Current Ratio | 1.03 times | 1.21 times | - The increase in total assets was mainly due to a net increase of **RMB 278.1 million** in cash and cash equivalents, time deposits, and long-term time deposits, an increase of **RMB 164.6 million** in trade and other receivables, and an increase of **RMB 337.6 million** in property, plant and equipment (primarily from the construction of a new factory in the Netherlands and the appreciation of the Euro)[58](index=58&type=chunk) - Net assets increased by **RMB 402.3 million**, mainly due to a net profit of **RMB 180.5 million** during the period and exchange differences of **RMB 329.2 million** from the translation of overseas operations[59](index=59&type=chunk) [Working Capital Turnover Period](index=18&type=section&id=%E7%87%9F%E9%81%8B%E8%B3%87%E9%87%91%E9%80%B1%E8%BD%89%E6%9C%9F) As of June 30, 2025, the Group's inventory turnover days decreased by 20 days to 155 days, attributed to continuous improvements in global supply chain production planning and logistics delivery times Working Capital Turnover Days | Indicator | June 30, 2025 (Days) | June 30, 2024 (Days) | Change (Days) | | :--- | :--- | :--- | :--- | | Inventory Turnover Days | 155 | 175 | (20) | | Trade Receivables Turnover Days | 36 | 37 | (1) | | Trade Payables Turnover Days | 43 | 49 | (6) | - The decrease in inventory turnover days was mainly due to continuous improvements in global supply chain production planning and logistics delivery times[61](index=61&type=chunk) [Material Investments and Future Plans](index=18&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The Group made no material investments, acquisitions, or disposals in H1 2025, with future plans focused on the construction of new infant formula base powder facilities in the Netherlands and expansion of the nutrition business - No material investments, acquisitions, or disposals during H1 2025[63](index=63&type=chunk) - Future plans primarily involve implementing the Group's strategy to construct new infant formula base powder facilities and other related facilities in the Netherlands, while also expanding the nutrition business[68](index=68&type=chunk) [Treasury Policy and Financial Resources](index=18&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96%E8%88%87%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group adopts a prudent treasury policy, investing surplus funds in low-risk financial instruments, and benefits from guarantees by its ultimate shareholder, Yili Group, for favorable bank financing to support business development - Prudent treasury policy, investing surplus funds in time deposits with reputable commercial banks or low-risk financial instruments[65](index=65&type=chunk) Financial Resources Overview | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Bank Borrowings | (2,610.5) | (2,137.7) | | Net Debt | (793.3) | (598.1) | | Total Assets | 10,495.0 | 9,662.1 | | Shareholders' Equity | 6,129.2 | 5,721.6 | | Gearing Ratio | 7.6% | 6.2% | | Solvency Ratio | 58.4% | 59.2% | - Ultimate shareholder Yili Group continues to provide corporate guarantees, enabling the Group to renew bank financing facilities on more favorable terms[68](index=68&type=chunk) - As of June 30, 2025, approximately **96.3%** of bank borrowings were denominated in Euro, and **RMB 2,553.9 million** of outstanding borrowings were guaranteed by Yili Group[53](index=53&type=chunk)[69](index=69&type=chunk) [Risk Management](index=20&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group actively manages foreign exchange risk through hedging policies, considers interest rate swaps for floating-rate borrowings, and mitigates credit risk by controlling receivables and diversifying customer portfolios - The Group faces foreign exchange risk from fluctuations in HKD, Euro, USD, AUD, or TWD against RMB, and actively manages this through hedging policies[70](index=70&type=chunk) - For bank borrowings bearing floating interest rates, the Group faces market interest rate change risk and will consider entering into interest rate swap or cap contracts to mitigate this risk[72](index=72&type=chunk) - Credit risk is minimized through strict control over outstanding receivables and diversification of the customer portfolio[73](index=73&type=chunk) [Capital Commitments and Contingent Liabilities](index=21&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E5%8F%8A%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had contracted but unprovided capital commitments totaling RMB 101.3 million, primarily for property, plant, and equipment, with no significant contingent liabilities at the period-end Capital Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Plant and Machinery | 98,899 | 108,583 | | Other Intangible Assets | 2,445 | 1,640 | | Land and Buildings | – | 1,201 | | **Total** | **101,344** | **111,424** | - As of June 30, 2025, the Group had no significant contingent liabilities[76](index=76&type=chunk) [Human Resources](index=21&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group had 3,259 full-time employees with total employee costs of RMB 729.4 million, offering competitive remuneration based on performance and market levels, along with various retirement benefit plans Full-time Employee Count | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mainland China | 2,281 | 2,345 | | Hong Kong | 8 | 8 | | Netherlands | 686 | 676 | | Australia | 93 | 87 | | Other | 191 | 172 | | **Total** | **3,259** | **3,288** | Employee Costs | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Total Employee Costs | 729.4 | 673.8 | - The company provides Mandatory Provident Fund for Hong Kong employees, defined benefit or defined contribution arrangements for Netherlands and Australia employees, and welfare plans as required by local laws and regulations for employees in China and other countries[77](index=77&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section details the company's adherence to corporate governance practices, securities trading codes, review of financial statements, and other relevant corporate matters [Corporate Governance Practices and Securities Dealing Code](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E8%88%87%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E5%AE%88%E5%89%87) The company is committed to enhancing corporate governance standards, adopting the Corporate Governance Code and the Model Code for Securities Transactions by Directors of Listed Issuers, and establishing internal guidelines for employee securities trading - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and believes it has complied with the relevant code provisions during H1 2025[78](index=78&type=chunk) - The Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules has been adopted, and all directors have confirmed compliance with the required standards[79](index=79&type=chunk) - A "Code for Employees' Dealings in Securities of the Company" has been established for senior management and employees who may possess unpublished inside information, with terms no less exacting than the Model Code[79](index=79&type=chunk) [Review of Interim Financial Statements](index=22&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The company's Audit Committee has reviewed this report and the unaudited condensed consolidated interim financial statements for H1 2025, raising no objections to the accounting treatments adopted - The Audit Committee has reviewed this report and the Group's unaudited condensed consolidated interim financial statements for H1 2025, with no objections to the accounting treatments adopted[80](index=80&type=chunk) [Delay in Publication of 2024 Annual Results Announcement and Internal Review](index=22&type=section&id=%E5%BB%B6%E9%81%B2%E7%99%BC%E8%A1%A8%E4%BA%8C%E9%9B%B6%E4%BA%8C%E5%9B%9B%E5%B9%B4%E5%85%A8%E5%B9%B4%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E5%85%A7%E9%83%A8%E6%AA%A2%E8%A8%8E%E6%83%85%E6%B3%81) The board conducted an internal review regarding the brief delay in the 2024 annual results announcement, attributing it to short-term staffing shortages and extensive data processing in the Dutch finance department, with corrective measures already implemented - The 2024 annual results announcement was briefly delayed (**seven business days**), and the auditor issued an unqualified audit opinion on the results[81](index=81&type=chunk)[83](index=83&type=chunk) - Root cause of delay: Short-term staffing shortage in the finance department of the Group's main subsidiary in the Netherlands, affecting the timely provision of audit documents[84](index=84&type=chunk) - Recommended measures: Emergency recruitment of finance staff in the Netherlands, expected to double full-time employees to **6** by October 2025; implementation of system updates and integration to unify all enterprise resource planning systems in the Netherlands for automated reconciliation, expected to be completed by Q1 2026[84](index=84&type=chunk)[86](index=86&type=chunk) - The Board believes the brief delay was an isolated incident, and the recommended measures are appropriate, effective, and sufficient to prevent similar incidents from recurring in the future[87](index=87&type=chunk) [Share Option Scheme](index=25&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company adopted a new share option scheme on May 26, 2022, to reward eligible participants, valid for ten years, with total shares issuable not exceeding 10% of the approved issued share capital, and no options granted as of June 30, 2025 - The new share option scheme was approved and adopted on **May 26, 2022**, valid until **May 25, 2032**[88](index=88&type=chunk) - The total number of shares that may be granted under the scheme shall not exceed **10%** of the total issued shares on the date of approval (i.e., **180,854,584 shares**), equivalent to approximately **10.17%** of the issued shares as of June 30, 2025[89](index=89&type=chunk) - As of June 30, 2025, no share options have been granted or agreed to be granted under the new share option scheme[90](index=90&type=chunk) [Directors' and Major Shareholders' Interests](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, company directors and chief executives held interests in the company's shares, with Mr. Bartle van der Meer holding approximately 5.38%, and major shareholders including Inner Mongolia Yili Industrial Group Co., Ltd. (60.18%) and Standard Foods Corporation (8.26%) Directors' Long Position in the Company's Ordinary Shares (as of June 30, 2025) | Director's Name | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Bartle van der Meer先生 | 95,696,230 | 5.38% | Major Shareholders' Long Position in the Company's Shares (as of June 30, 2025) | Name | Number of Shares | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Inner Mongolia Yili Industrial Group Co., Ltd. | 1,070,113,149 | 60.18% | | Standard Foods Corporation | 146,918,271 | 8.26% | | Dutch Dairy Investments HK Limited | 94,187,230 | 5.30% | | Dutch Dairy Investments B.V. | 94,187,230 | 5.30% | | Fan Deming B.V. | 94,187,230 | 5.30% | | Citagri Easter Ltd. | 92,400,738 | 5.20% | | Changsha Kunxin Xinao Equity Investment Partnership (Limited Partnership) | 92,400,738 | 5.20% | | Chengtong CITIC Agriculture Investment Fund | 92,400,738 | 5.20% | | China State-owned Enterprise Structural Adjustment Fund Co., Ltd. | 92,400,738 | 5.20% | | Citagri Nutrition Investment Co., Limited | 92,400,738 | 5.20% | | CITIC Agriculture Fund Management Co., Ltd. | 92,400,738 | 5.20% | | CITIC Agriculture Technology Co., Ltd. | 92,400,738 | 5.20% | | CITIC Limited | 92,400,738 | 5.20% | | CITIC Group Corporation | 92,400,738 | 5.20% | [Purchase, Redemption or Sale of the Company's Listed Securities](index=28&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In H1 2025, the company repurchased 1,394,000 shares on the Stock Exchange for a total consideration of HKD 2,674,790, aiming to enhance long-term shareholder value, with all repurchased shares cancelled within the reporting period H1 2025 Share Repurchase Details | Month of Repurchase | Total Number of Shares Repurchased | Highest Repurchase Price (HKD) | Lowest Repurchase Price (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | January | 118,000 | 1.89 | 1.84 | 220,190 | | April | 674,000 | 1.96 | 1.91 | 1,309,920 | | May | 602,000 | 1.95 | 1.85 | 1,144,680 | | **Total** | **1,394,000** | – | – | **2,674,790** | - Repurchased shares aim to enhance long-term shareholder value and were cancelled within the reporting period[96](index=96&type=chunk)[102](index=102&type=chunk) [Dividend Distribution](index=29&type=section&id=%E8%82%A1%E6%81%AF%E5%88%86%E6%B4%BE) The Board does not recommend the payment of an interim dividend for H1 2025 - The Board does not recommend the payment of an interim dividend for H1 2025[99](index=99&type=chunk) [Changes in Directors' Information and Post-Reporting Period Events](index=29&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95%E5%8F%8A%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) In H1 2025, Mr. Ma Ji resigned as CFO of "Yunquna" and joined Yuanli Juhe (Chongqing) Information Technology Co., Ltd. as CFO, with no other significant post-reporting period events affecting the Group - Mr. Ma Ji resigned as CFO of "Yunquna" in January 2025 and joined Yuanli Juhe (Chongqing) Information Technology Co., Ltd. as CFO in February 2025[100](index=100&type=chunk) - Save as disclosed elsewhere in this report, there have been no significant events affecting the Group subsequent to H1 2025 and up to the date of this report[101](index=101&type=chunk) [Unaudited Condensed Interim Financial Statements](index=28&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the unaudited condensed interim financial statements, including the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, and cash flow statement for the interim period [Condensed Consolidated Interim Income Statement](index=30&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue was RMB 3,886,787 thousand, a 5.6% increase, with profit attributable to equity holders of the Company at RMB 180,454 thousand and basic earnings per share of 10.14 RMB cents Summary of Condensed Consolidated Interim Income Statement | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 3,886,787 | 3,681,063 | | Cost of Sales | (2,259,102) | (2,083,374) | | Gross Profit | 1,627,685 | 1,597,689 | | Selling and Distribution Expenses | (1,013,103) | (1,099,080) | | Administrative Expenses | (299,645) | (260,445) | | R&D Expenses | (51,182) | (52,767) | | Operating Profit | 254,203 | 206,761 | | Net Finance Costs | (16,777) | (31,105) | | Profit Before Income Tax | 241,161 | 171,079 | | Income Tax Expense | (60,305) | (21,811) | | Profit for the Period | 180,856 | 149,268 | | Profit Attributable to Equity Holders of the Company | 180,454 | 145,392 | | Basic Earnings Per Share (RMB cents) | 10.14 | 8.17 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=31&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's profit for the period was RMB 180,856 thousand, with total other comprehensive income of RMB 329,232 thousand, primarily from exchange differences on translation of overseas operations, resulting in total comprehensive income of RMB 510,088 thousand Summary of Condensed Consolidated Interim Statement of Comprehensive Income | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 180,856 | 149,268 | | Exchange differences on translation of overseas operations | 372,483 | 49,875 | | Exchange differences on translation of the Company's financial figures | (43,251) | (70,212) | | Total other comprehensive income/(loss) for the period | 329,232 | (20,337) | | Total comprehensive income for the period | 510,088 | 128,931 | | Attributable to equity holders of the Company | 508,546 | 127,715 | [Condensed Consolidated Interim Statement of Financial Position](index=32&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were RMB 10,495,008 thousand, total liabilities were RMB 4,309,243 thousand, and total equity was RMB 6,185,765 thousand, with non-current assets mainly comprising property, plant, and equipment, and current assets primarily inventory and receivables Summary of Condensed Consolidated Interim Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 6,309,677 | 5,264,205 | | Total Current Assets | 4,185,331 | 4,397,941 | | **Total Assets** | **10,495,008** | **9,662,146** | | Total Non-current Liabilities | 254,314 | 252,472 | | Total Current Liabilities | 4,054,929 | 3,626,195 | | **Total Liabilities** | **4,309,243** | **3,878,667** | | Equity attributable to equity holders of the Company | 6,129,158 | 5,721,601 | | Non-controlling interests | 56,607 | 61,878 | | **Total Equity** | **6,185,765** | **5,783,479** | [Condensed Consolidated Interim Statement of Changes in Equity](index=34&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, equity attributable to equity holders of the Company increased from RMB 5,721,601 thousand at the beginning of the period to RMB 6,129,158 thousand at the end, mainly due to profit for the period and increased exchange fluctuation reserve, offset by share repurchases and dividends paid Summary of Condensed Consolidated Interim Statement of Changes in Equity | Item | 2025年6月30日 (RMB thousand) | | :--- | :--- | | Subtotal attributable to equity holders of the Company at beginning of period | 5,721,601 | | Profit for the year | 180,454 | | Exchange differences on translation | 328,092 | | Shares repurchased | (2,473) | | Final dividend paid for 2024 | (98,516) | | Subtotal attributable to equity holders of the Company at end of period | 6,129,158 | [Condensed Consolidated Interim Cash Flow Statement](index=35&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group generated net cash from operating activities of RMB 276,973 thousand, used net cash of RMB 689,780 thousand in investing activities, and generated net cash of RMB 91,473 thousand from financing activities, with cash and cash equivalents at period-end totaling RMB 945,078 thousand Summary of Condensed Consolidated Interim Cash Flow Statement | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 276,973 | 206,925 | | Net cash used in investing activities | (689,780) | (128,704) | | Net cash generated from financing activities | 91,473 | 52,000 | | Net (decrease)/increase in cash and cash equivalents | (321,334) | 130,221 | | Cash and cash equivalents at beginning of period | 1,214,703 | 2,037,602 | | Cash and cash equivalents at end of period | 945,078 | 2,185,267 | [Notes to the Condensed Consolidated Interim Financial Statements](index=36&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes to the condensed consolidated interim financial statements, covering company information, accounting policies, financial risk management, operating segment information, revenue from customer contracts, expenses by nature, other income/losses, income tax, earnings per share, non-current assets, inventory, receivables, payables, share capital, and related party transactions [Company Information and Basis of Preparation](index=36&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Ausnutria Dairy Corporation Ltd. was incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, primarily engaged in R&D, production, marketing, and distribution of dairy and nutrition products, with interim financial statements prepared under IAS 34 in RMB - The Company was incorporated in the Cayman Islands on **June 8, 2009**, and its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since **October 8, 2009**[115](index=115&type=chunk) - The Group is principally engaged in the research and development, production, marketing, and distribution of dairy products and related products, as well as nutrition products to its global customers[116](index=116&type=chunk) - The condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" issued by the International Accounting Standards Board and presented in RMB[117](index=117&type=chunk) [Changes in Accounting Policies and Estimates](index=36&type=section&id=%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95%E5%8F%8A%E4%BC%B0%E8%A8%88) The Group first adopted IAS 21 (amended) "Lack of Exchangeability" with no significant impact expected, and management's significant judgments and estimation uncertainties remain consistent with the prior year's consolidated financial statements - The Group first adopted IAS 21 (amended) "Lack of Exchangeability," with no significant impact expected on prior or future periods[118](index=118&type=chunk) - The significant judgments made by management in applying the accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2024[121](index=121&type=chunk) [Financial Risk Management](index=37&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces market risk (foreign currency and interest rate), credit risk, and liquidity risk, with no significant changes in risk management policies since the period-end, and manages liquidity risk through maturity analysis of financial liabilities - The Group is exposed to market risk (including foreign currency risk and interest rate risk), credit risk, and liquidity risk, with no significant changes in major risk management policies since the period-end[122](index=122&type=chunk)[123](index=123&type=chunk) Financial Liabilities Liquidity Risk Analysis (as of June 30, 2025) | Maturity Group | Less than 3 months (RMB thousand) | 3 months to less than 12 months (RMB thousand) | 1 to 5 years (RMB thousand) | Over 5 years (RMB thousand) | Total (RMB thousand) | Carrying Amount (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lease Liabilities | 6,720 | 20,159 | 45,934 | 47,042 | 119,855 | 115,240 | | Bank Borrowings and Accrued Interest | 16,835 | 2,651,958 | – | – | 2,668,793 | 2,610,485 | | Trade and Bills Payables | 541,536 | 34 | – | – | 541,570 | 541,570 | | Financial Liabilities from Other Payables and Accrued Expenses | 354,582 | 82,493 | – | – | 437,075 | 437,075 | | **Total** | **919,673** | **2,754,644** | **45,934** | **47,042** | **3,767,293** | **3,704,370** | - Fair value measurements of financial instruments use a three-level hierarchy, with financial assets measured at fair value through profit or loss classified as Level 3, whose fair value is determined based on the market approach[127](index=127&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) [Operating Segment Information](index=40&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates in two reportable segments: dairy products and related products, and nutrition products, with segment performance assessed based on reportable segment profit, excluding certain financial items and unallocated corporate expenses - The Group has two reportable segments: dairy products and related products segment (including formula milk powder products) and nutrition products segment (primarily including probiotic-related products and stomach-nourishing powder products)[131](index=131&type=chunk) H1 2025 Operating Segment Revenue | Segment | Sales to External Customers (RMB thousand) | | :--- | :--- | | Dairy Products and Related Products | 3,731,253 | | Nutrition Products | 155,534 | | **Total** | **3,886,787** | - Segment performance is assessed based on reportable segment profit, consistent with the Group's profit before tax, but excludes interest income, non-lease related finance costs, and unallocated head office and corporate expenses[131](index=131&type=chunk) - Non-current assets are primarily located in the Netherlands (**RMB 3,754,970 thousand**) and China (**RMB 2,029,434 thousand**)[137](index=137&type=chunk) [Revenue from Contracts with Customers](index=43&type=section&id=%E4%BE%86%E8%87%AA%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E4%B9%8B%E6%94%B6%E5%85%A5) In H1 2025, the Group's total revenue from customer contracts was RMB 3,886,787 thousand, primarily from goods sold and recognized at a point in time, with China contributing the largest share, followed by Europe and the Middle East H1 2025 Revenue Breakdown (by Goods/Service Category) | Category | Revenue (RMB thousand) | | :--- | :--- | | Sale of Goods | 3,879,809 | | Provision of Services | 6,978 | | **Total** | **3,886,787** | H1 2025 Revenue Breakdown (by Geographical Market) | Geographical Market | Revenue (RMB thousand) | | :--- | :--- | | China | 2,575,652 | | Europe | 721,412 | | Middle East | 295,817 | | North and South America | 182,858 | | Southeast Asia | 48,249 | | Australia | 38,520 | | Other | 24,279 | | **Total** | **3,886,787** | - Revenue recognition timing is primarily "at a point in time" for sale of goods revenue[140](index=140&type=chunk) [Expenses by Nature](index=45&type=section&id=%E6%8C%89%E6%80%A7%E8%B3%AA%E5%8A%83%E5%88%86%E4%B9%8B%E9%96%8B%E6%94%AF) In H1 2025, the Group's total expenses were RMB 3,623,032 thousand, with major components being raw materials, packaging, consumables, and purchased goods (RMB 1,792,126 thousand) and employee benefit expenses (RMB 729,386 thousand) H1 2025 Major Expenses | Expense Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw materials, packaging materials, consumables used and goods purchased | 1,792,126 | 1,580,822 | | Employee benefit expenses | 729,386 | 673,779 | | Advertising and promotion expenses | 551,807 | 673,898 | | Depreciation of property, plant and equipment | 87,297 | 74,571 | | Amortisation of other intangible assets | 55,143 | 42,447 | | Write-down of inventories to net realisable value | 26,543 | 59,800 | | **Total** | **3,623,032** | **3,495,666** | - Employee benefit expenses include wages, salaries, and staff costs (**RMB 494,461 thousand**), temporary staff costs (**RMB 123,207 thousand**), and contributions to retirement benefit schemes and other social security costs (**RMB 76,682 thousand**)[143](index=143&type=chunk) [Other Income, Other (Losses)/Gains, Net](index=46&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E5%85%B6%E4%BB%96%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8F%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) In H1 2025, the Group's total other income was RMB 37,696 thousand, mainly from interest income, government grants, and rental income, while net other losses of RMB 41,750 thousand were primarily due to net foreign exchange losses H1 2025 Other Income, Other (Losses)/Gains, Net | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income | 17,706 | 20,991 | | Government grants | 14,655 | 17,883 | | Rental income | 5,335 | 2,044 | | **Total Other Income** | **37,696** | **40,918** | | Net foreign exchange losses | (30,128) | (18,243) | | Charitable donations | (2,957) | (883) | | Other losses | (8,665) | (284) | | **Total Other Losses, Net** | **(41,750)** | **(19,410)** | [Income Tax](index=46&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) In H1 2025, the Group's effective income tax rate increased from 12.7% to 25.0%, mainly due to increased non-deductible expenses and Pillar Two rules, with Chinese subsidiaries enjoying a 15% preferential tax rate and Dutch subsidiaries a 9% rate on IP-related profits - The effective income tax rate increased from **12.7%** in H1 2024 to **25.0%** in H1 2025, mainly due to increased non-deductible expenses during the period and the impact of Pillar Two rules[55](index=55&type=chunk) - High-tech enterprises in mainland China (such as Ausnutria China, Jinqiao Biotechnology Co., Ltd., and Anhui Jinqiao Biotechnology Co., Ltd.) enjoy a **15%** preferential corporate income tax rate[147](index=147&type=chunk) - Dutch subsidiary Ausnutria B.V. Group enjoys a **9%** preferential tax rate on profits generated from eligible intellectual property[148](index=148&type=chunk) - The OECD Pillar Two legislative template became effective in the Netherlands and Australia from **January 1, 2024**, and will be effective in Hong Kong and the United Arab Emirates from **January 1, 2025**[150](index=150&type=chunk) H1 2025 Income Tax Expense | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | 32,306 | 22,298 | | Deferred income tax | 27,999 | (487) | | **Total tax expense for the period** | **60,305** | **21,811** | [Earnings Per Share Attributable to Equity Holders of the Company](index=48&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, profit attributable to equity holders of the Company was RMB 180,454 thousand, with basic and diluted earnings per share both at 10.14 RMB cents, higher than 8.17 RMB cents in H1 2024 Earnings Per Share Details | Indicator | 2025 (RMB thousand/share) | 2024 (RMB thousand/share) | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company used in calculating basic and diluted earnings per share | 180,454 | 145,392 | | Weighted average number of ordinary shares outstanding during the period used in calculating basic earnings per share | 1,778,964,503 | 1,780,111,841 | | Basic earnings per share (RMB cents) | 10.14 | 8.17 | | Diluted earnings per share (RMB cents) | 10.14 | 8.17 | [Property, Plant and Equipment, Right-of-Use Assets, Investment Properties, Goodwill and Other Intangible Assets](index=49&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E3%80%81%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E3%80%81%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E3%80%81%E5%95%86%E8%AD%BD%E4%BB%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's net book value of property, plant, and equipment was RMB 3,603,241 thousand, goodwill was RMB 399,221 thousand, and other intangible assets were RMB 513,762 thousand, with increases primarily due to additions and exchange adjustments Net Book Value of Non-current Assets (as of June 30, 2025) | Asset Category | June 30, 2025 (RMB thousand) | | :--- | :--- | | Property, Plant and Equipment | 3,603,241 | | Right-of-Use Assets | 183,122 | | Investment Properties | 142,873 | | Goodwill | 399,221 | | Other Intangible Assets | 513,762 | - During the period, additions to property, plant and equipment amounted to **RMB 144,734 thousand**, and were positively impacted by exchange adjustments of **RMB 291,801 thousand**[158](index=158&type=chunk) [Inventories](index=49&type=section&id=%E5%AD%98%E8%B2%A8) As of June 30, 2025, the Group's total inventories were RMB 1,926,895 thousand, slightly lower than December 31, 2024, with finished goods constituting the largest portion at RMB 1,323,868 thousand Inventory Composition (as of June 30, 2025) | Inventory Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Raw materials | 246,620 | 383,316 | | Finished goods | 1,323,868 | 1,282,496 | | Work-in-progress | 339,220 | 182,825 | | Other | 17,187 | 81,614 | | **Total** | **1,926,895** | **1,930,251** | [Trade and Bills Receivables](index=50&type=section&id=%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) As of June 30, 2025, the Group's net trade and bills receivables increased to RMB 854,176 thousand, with credit terms generally ranging from one to six months and strict control maintained over outstanding amounts Trade and Bills Receivables (as of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables from third parties | 808,836 | 636,973 | | Trade receivables from related parties | 83,856 | 87,834 | | Bills receivables | 6,920 | 5,339 | | Less: Impairment provision for trade receivables | (45,436) | (40,568) | | **Net** | **854,176** | **689,578** | - The Group generally grants credit terms of **one to six months** to customers and strives to maintain strict control over outstanding receivables[161](index=161&type=chunk) - Trade receivables are non-interest bearing and have no high concentration of credit risk[161](index=161&type=chunk) [Trade and Bills Payables](index=51&type=section&id=%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) As of June 30, 2025, the Group's total trade and bills payables were RMB 541,570 thousand, primarily due within twelve months, and are non-interest bearing and typically settled within twelve months Ageing Analysis of Trade and Bills Payables (as of June 30, 2025) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 12 months | 541,536 | 529,186 | | Over 12 months | 34 | 4,759 | | **Total** | **541,570** | **533,945** | - Trade payables are non-interest bearing and are normally settled within **twelve months**[164](index=164&type=chunk) [Share Capital](index=51&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued and fully paid share capital comprised 1,778,144,841 shares with a par value of HKD 0.10, totaling RMB 154,044 thousand, after repurchasing and cancelling 1,394,000 ordinary shares during the period Share Capital Overview (as of June 30, 2025) | Item | Number of Issued Shares (thousand shares) | Share Capital (RMB thousand) | | :--- | :--- | :--- | | December 31, 2024 (audited) | 1,779,539 | 154,173 | | Shares cancelled | (1,394) | (129) | | **June 30, 2025 (unaudited)** | **1,778,145** | **154,044** | - The Company repurchased and cancelled **1,394,000 ordinary shares** during H1 2025, totaling approximately **HKD 2,674,790** (equivalent to **RMB 2,473,185**)[166](index=166&type=chunk) [Related Party Transactions](index=52&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Group engages in various related party transactions with its ultimate holding company Yili Group and its subsidiaries, associates, and joint ventures, including product sales and purchases, service provision, and interest income, with Yili Group guaranteeing RMB 2,553,936 thousand of the Group's bank loans as of June 30, 2025 H1 2025 Major Related Party Transactions | Transaction Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Purchase of products from Yili Group's subsidiaries | 89,500 | 25,085 | | Sale of products to Yili Group's subsidiaries | 46,086 | 5,448 | | Provision of services to Yili Group's subsidiaries | 6,978 | 2,888 | | Purchase of products and services from the Group's associates and joint ventures | 63,617 | 168,808 | | Sale of products to the Group's associates and joint ventures | 17,703 | 160,985 | Amounts Due from/to Related Parties (as of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and bills receivables (related parties) | 83,856 | 87,834 | | Prepayments, other receivables and other assets (related parties) | 2,920 | 1,422 | | Short-term deposits with a subsidiary of Yili Group | 99,393 | 103,361 | | Trade and bills payables (related parties) | 47,753 | 31,837 | | Other payables and accrued expenses (related parties) | – | 5,000 | - As of June 30, 2025, **RMB 2,553,936 thousand** of bank loans were guaranteed by corporate guarantees executed by the ultimate holding company, Yili Group[172](index=172&type=chunk) Key Management Personnel Compensation | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 4,163 | 7,557 | | Retirement benefit contributions | 263 | 396 | | **Total** | **4,426** | **7,953** |

Core Insights - Aoyou Dairy's revenue for the first half of 2025 reached approximately 3.887 billion yuan, representing a year-on-year growth of 5.6% [1] - The company's EBITDA was about 398 million yuan, showing a significant increase of 29.7% year-on-year [1] - Net profit attributable to equity holders was around 181 million yuan, up 24.1% compared to the previous year [1] International Business Growth - Aoyou's international and nutrition businesses have become key growth drivers, with overseas revenue from Jiabeiaite increasing by 65.7% to approximately 483 million yuan [1] - The Middle East remains the largest overseas market, with revenue growth of 54.2%, driven by enhanced brand influence and market penetration in countries like Saudi Arabia and the UAE [1][2] - North America saw a remarkable revenue increase of over 138.7%, with Jiabeiaite achieving leadership in the goat milk infant formula category on Amazon and successfully entering Walmart [1][2] Product Line Expansion - The CIS market contributed stable revenue growth with a year-on-year increase of 33.8%, covering a full range of Jiabeiaite products [2] - Aoyou's nutrition business also grew by 7.0%, expanding into high-end overseas markets like the US and France [2] - The company launched seven new functional products in the To C segment, receiving positive market feedback [2] Domestic Market Performance - Despite a declining newborn population and increased competition in the infant formula market, Aoyou maintained stable growth, with its own brand milk powder revenue reaching approximately 2.826 billion yuan [2] - Goat milk powder revenue grew by 3.1%, with market share increasing by 2.8 percentage points to 30.4% [2] Strategic Acquisitions and Future Outlook - Aoyou completed the strategic acquisition of the remaining 50% stake in Amalthea Group B.V. to enhance its goat milk supply chain [3] - The company aims to strengthen its "milk powder + nutrition" strategy, focusing on product, brand, channel, digital, and organizational capabilities to ensure revenue and profit growth [3] - The company anticipates ongoing challenges from macroeconomic uncertainties and a declining infant formula market, but remains committed to consumer-centric strategies [3]

Core Viewpoint - The article highlights the commitment of Ausnutria to social responsibility and charity, emphasizing its various initiatives aimed at supporting maternal and child health, education, and disaster relief efforts in China [1][3][6]. Group 1: Charity Initiatives - Ausnutria Foundation, in collaboration with Xinhua News, released a public welfare short film on the 10th "Chinese Charity Day," promoting the idea of nurturing charity as a sustainable practice [1]. - The company has been involved in maternal and child care initiatives since its inception, launching projects like "Guarding the First Milk" and "Mother's Love 800g" [1]. - The "You Ai Action" project, initiated in 2013, has provided free goat milk powder and living supplies to underprivileged infants and children, benefiting over a million individuals and donating nearly 70,000 nutritional items [1]. Group 2: Mental Health and Education Support - In April 2023, Ausnutria expanded its charity efforts to include maternal mental health, organizing 120 public welfare activities across Hunan, Guangdong, and Sichuan provinces [3]. - The company has also engaged in educational support, donating computers and other resources to schools in rural areas, marking its fourth consecutive year of such initiatives [6]. Group 3: Disaster Relief Efforts - Ausnutria has established an emergency response mechanism to assist in disaster situations, such as providing aid after the earthquake in Shigatse, Tibet, in early 2025 [7]. - The company has donated cash and goods valued at over 300 million RMB through its foundation and related organizations by the end of 2024 [7]. Group 4: Future Commitment - Ausnutria aims to leverage its industry resources and collaborate with more social forces to continue providing support and warmth to those in need [7].

Core Viewpoint - The article emphasizes the importance of sustainable and systematic charitable actions, highlighting the efforts of Aoyou Foundation in promoting long-term social responsibility and community support through various initiatives [1][9]. Group 1: Charitable Initiatives - Aoyou Foundation, in collaboration with Xinhua News Agency, launched a public welfare campaign on September 5, calling for consistent and traceable charitable actions to support high-quality development in philanthropy [1]. - The "Yiqidian Liangxinhe" initiative was restarted in August, where Aoyou donated maternal and infant nutritional products to Xinhe County, Hebei, marking the fourth time the company has supported this area [2]. - Over the past three years, Aoyou has donated nearly 10 million yuan in total to Xinhe County, combining nutrition and education to foster sustainable development in the region [2]. Group 2: Focus on Maternal and Child Health - Aoyou launched the "Jiabei Love, Pregnant Women Without Worries" initiative in April, conducting 120 psychological health activities for pregnant women across three provinces [3]. - The company has been actively involved in improving children's health and education, donating essential supplies to schools in rural areas, such as computers and kitchen equipment [5][6]. Group 3: Long-term Commitment to Public Welfare - Aoyou has been addressing the question of how to make charity more enduring and effective for over 21 years, with initiatives like "Guarding the First Milk" and "Mother's Love 800g" [8]. - The "China Baby You Are More Beautiful" project has expanded its reach significantly, benefiting millions and donating nearly 70,000 items of nutritional supplies [8]. Group 4: Emergency Response and Disaster Relief - Aoyou has established an emergency response mechanism to assist in disaster relief, such as donating supplies after the earthquake in Tibet [8]. - The company has been recognized for its contributions to disaster relief and public welfare, showcasing its commitment to social responsibility [12]. Group 5: Sustainable Development and Future Plans - The "Haipinokai Gexianghua" project in Tibet has been running for nine years, providing extensive support and training to local healthcare workers, benefiting over 7,500 families [10][14]. - Aoyou Foundation aims to continue leveraging its resources to provide long-term support and warmth to those in need, emphasizing the importance of building a sustainable social infrastructure [17].