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。 中華人民共和國，二零二五年八月七日 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。 AUSNUTRIA DAIRY CORPORATION LTD 澳優乳業股份有限公司 (「本公司」) 之董事會 (「董事會」) 謹此公告，董事會將於二零二五年八月 二十七日 (星期三) 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 年六月三十日止六個月之中期業績公告；及 (ii) 考慮建議派發中期股息 (如有)。 承董事會命 澳優乳業股份有限公司 主席 韓石秀 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) 董事會會議通告 ...

Core Viewpoint - The 2025 Aoyou Foundation and Haipinokai's "Gekanshua Public Welfare Action" aims to enhance maternal and infant nutrition and health in Tibet through a series of innovative and collaborative initiatives, marking the ninth year of the project [1][4]. Group 1: Project Overview - The project will take place from August 6 to 16, covering five locations in Tibet, including Lhasa and Gongga, and will involve health education, training for village doctors, academic exchanges, free medical consultations, and family visits [2]. - The initiative focuses on delivering scientific nurturing knowledge to parents in Tibet and improving local medical service levels through collaboration with health institutions [2][4]. Group 2: Innovations and Collaborations - The project introduces four major innovations to attract more attention and participation in improving maternal and infant nutrition in Tibet [4]. - A theme song titled "The Watch of Gekanshua" has been created to reflect the project's nine-year journey, highlighting key moments in maternal and infant health care [4]. - Various professional organizations, including the Chinese Nutrition Society and Peking University Health Science Center, are collaborating to establish academic bridges and embed scientific nurturing knowledge into the local healthcare system [4][5]. Group 3: Impact and Achievements - Since its inception in 2017, the project has donated over 11.1 million yuan, benefiting more than 6,500 maternal and infant families, and has conducted 59 training sessions for village doctors and healthcare professionals [5]. - The initiative has trained over 1,100 healthcare workers in Tibet, creating a comprehensive maternal and infant health service network [5]. - The project emphasizes the importance of sustainable and long-term support for maternal and infant health, moving from short-term aid to lasting care [5].

Core Insights - The introduction of two significant childcare support policies in China is expected to positively impact the infant formula market, leading to structural benefits for companies in the sector [1][2][6] Policy Implementation - The childcare subsidy policy, effective from January 1, 2025, will provide families with 3,600 yuan annually for each child under three years old, significantly enhancing the purchasing power of families with infants [2][6] - The policy is projected to release approximately 54 billion to 86 billion yuan annually for childcare, with a substantial portion likely directed towards infant formula consumption [2][6] Market Reaction - Following the announcement of the policies, major infant formula companies such as Yili and Beingmate experienced notable stock price increases, indicating a positive market response [4][5] - Yili's stock rose to 27.57 yuan per share, while Beingmate saw a peak increase of 9.97% shortly after the policy announcement [4][5] Short-term Opportunities - The policies are expected to create new opportunities for sales in the infant formula sector, particularly for products targeting infants aged 0-3 years, with potential for both volume and price increases [6][10] - Companies like Yili and Feihe are likely to benefit from increased demand for their premium products, such as organic and specialized formulas [6][10] Strategic Shifts - The subsidy policies are anticipated to shift the strategic focus of infant formula companies towards deeper market penetration in lower-tier cities, where the impact of subsidies is expected to be more pronounced [10][12] - Companies are adjusting their product offerings and marketing strategies to cater to the subsidized demographic, with initiatives like Yili's "town station" plan and Mengniu's "subsidy selection" series [10][12] Competitive Landscape - The competition among infant formula companies is expected to intensify as they vie for the benefits of the subsidy policies, leading to increased investment in lower-tier markets [10][12] - Companies must also adapt to potential disparities in subsidy distribution and consumer demand fluctuations, necessitating flexible supply chain strategies [12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 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8月4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 | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | 本月底法 ...

Group 1 - The Ministry of Agriculture and Rural Affairs has issued a notice to accelerate the relief and high-quality development of the dairy industry, emphasizing the implementation of a whitelist system for dairy farms with good credit and operational levels [1] - Financial institutions are encouraged to innovate financial products like "silage loans" to meet the funding needs for silage feed storage, and eligible projects will be included in the agricultural infrastructure financing project reserve [1] - The notice also calls for effective connections between banks, government, and enterprises, promoting credit support through extensions and renewals, and ensuring that dairy cows and facilities can be used as collateral [1] Group 2 - CITIC Securities reports that dairy prices have been at historical lows for nearly four years, leading to widespread losses in the industry, with strong de-stocking intentions [2] - The report anticipates a gradual stabilization of dairy prices in the second half of the year, driven by increased demand for silage and rising culling prices, with a positive outlook for the dairy sector's valuation [2] - Guotai Junan Securities highlights the implementation of a national childcare subsidy program, estimating an annual issuance of around 100 billion, which is expected to boost demand for dairy products, particularly milk powder [2] Group 3 - Relevant Hong Kong stocks in the dairy industry include Ausnutria (01717), H&H International Holdings (01112), Mengniu Dairy (02319), Modern Dairy (01117), China Feihe (06186), Yurun Dairy (09858), and Original Ecology Dairy (01431) [3]

Group 1 - The Ministry of Agriculture and Rural Affairs has issued a notice to accelerate the relief and high-quality development of the dairy industry, emphasizing the implementation of a whitelist system for dairy farms with good credit and operational levels [1] - Financial institutions are encouraged to innovate financial products like "silage loans" to meet the funding needs for silage feed storage, and eligible projects will be included in the agricultural infrastructure financing project library [1] - The notice aims to strengthen the precise connection between banks, government, and enterprises, guiding financial institutions to provide credit support through extensions and renewals without blindly withdrawing or limiting loans [1] Group 2 - CITIC Securities reports that dairy prices have been at historical lows for nearly four years, leading to widespread losses in the industry, with a strong desire for de-stocking [2] - The demand for funding during the silage season is expected to be high, and the price of culling cows is rising, prompting weaker credit-qualified farms to accelerate de-stocking by trading cows for feed [2] - Guotai Junan Securities anticipates that the national childcare subsidy program, which is expected to distribute around 100 billion annually, will boost demand for dairy products, particularly milk powder, despite a projected decline in birth rates [2] Group 3 - Relevant Hong Kong stocks in the dairy industry include Ausnutria (01717), H&H International Holdings (01112), Mengniu Dairy (02319), Modern Dairy (01117), China Feihe (06186), Yurun Dairy (09858), and Original Ecological Dairy (01431) [3]

Core Viewpoint - The implementation of the "Childcare Subsidy System" is expected to stimulate the dairy industry, leading to increased subsidies from companies and potentially alleviating family economic pressures and improving birth rates, although long-term recovery in the dairy sector remains to be observed [1][3][8]. Group 1: Market Reaction - On July 29, the dairy sector experienced a significant rise, with Sunshine Dairy hitting the daily limit, Knight Dairy up 5.05%, Ausnutria up 3.67%, and Beingmate up 3.54% [3]. - The "Childcare Subsidy System" will provide annual subsidies of 3,600 yuan per child for families with children under three years old, benefiting over 20 million families annually [3][4]. Group 2: Company Initiatives - Companies like Feihe and Yili have already launched substantial subsidy programs, with Feihe offering 1.5 billion yuan and Yili increasing their subsidy to 1.6 billion yuan, aiming to support families during pregnancy and early childhood [4][5]. - Other dairy companies, including Junlebao, Beingmate, and Mengniu, are also following suit with similar subsidy initiatives [4]. Group 3: Industry Outlook - Analysts believe the new subsidy policy will boost demand for infant formula and high-end dairy products, with a projected annual subsidy total of around 100 billion yuan [4][6]. - The high-end infant formula market is showing signs of recovery, with companies like Danone and FrieslandCampina reporting revenue growth in their specialized nutrition segments [6][7]. Group 4: Competitive Landscape - The competition among dairy companies has evolved into a comprehensive approach, focusing on research innovation, supply chain management, and consumer engagement [7]. - The trend towards premiumization in the infant formula sector is becoming a key growth driver, with Feihe's ultra-premium product series seeing significant revenue increases [7]. Group 5: Policy Impact - The national childcare subsidy policy is expected to enhance domestic demand, improve birth rates, and increase willingness to raise children, contributing positively to the sustainable development of the dairy industry [8].

Core Viewpoint - The introduction of the national childcare subsidy policy is expected to boost the dairy industry, enhancing consumer confidence and increasing demand for infant formula products [2][3][4]. Group 1: Policy Impact on Dairy Industry - The newly implemented childcare subsidy will provide annual support of 3,600 yuan per child for families with children under three years old, starting from January 1, 2025 [2]. - Following the announcement of the subsidy, several dairy companies saw significant stock price increases, indicating positive market sentiment [2][3]. - Industry experts believe that the subsidy will encourage local governments to introduce complementary measures in areas such as housing and education, further supporting the dairy sector [3]. Group 2: Company Responses and Strategies - Major dairy companies like Feihe, Yili, and Junlebao have announced substantial investments in subsidies for eligible families, with Feihe committing 1.2 billion yuan and both Yili and Junlebao pledging 1.6 billion yuan each [4]. - Companies are focusing on enhancing consumer education and engagement throughout the entire lifecycle of motherhood, from pregnancy to early childhood [3][4]. - The dairy industry is facing challenges such as overproduction of raw milk and a lagging consumer market, prompting calls for innovation and new product development to stimulate growth [4]. Group 3: Market Projections - According to research, the implementation of the childcare subsidy is expected to lead to a significant increase in newborns, with projections indicating an additional 520,000 newborns in 2024, which will positively impact the demand for infant formula [4][5]. - The first quarter of 2025 is anticipated to show a 2.3% year-on-year increase in infant formula sales, a notable improvement compared to previous periods [4].

Summary of Conference Call on National Childcare Subsidy Policy Industry Overview - The conference call discusses the impact of the national childcare subsidy policy on various industries, particularly focusing on the maternal and infant products market, including companies like Feihe, Jianhe International, Aoyou Dairy, and Mengniu Dairy [1][3][5]. Key Points and Arguments 1. **Childcare Subsidy Policy Implementation**: Starting January 1, 2025, the government will provide a monthly subsidy of 300 yuan for children under three years old, applicable to those born after January 1, 2022 [2][6]. 2. **Impact on Maternal and Infant Products Market**: The subsidy is expected to enhance family consumption capacity, benefiting retail companies like Aiyingshi and Haiziwang significantly [1][5]. 3. **Feihe's Financial Performance**: Feihe anticipates a revenue of 20.7 billion yuan in 2024, a 6.2% increase year-on-year, with a net profit of 3.65 billion yuan, up 11% [1][3]. 4. **Jianhe International's Strategy**: The company has diversified its product offerings, with infant nutrition accounting for about half of its revenue. It has expanded its market presence, particularly in lower-tier cities, and aims to increase customer acquisition through promotional events [7][10]. 5. **Aoyou Dairy's Market Position**: Aoyou Dairy leads in the goat milk powder segment and has secured 70% of its raw milk costs, ensuring stable profit margins amid the new policy [8][4]. 6. **Mengniu Dairy's Growth Potential**: Although Mengniu's infant formula business is relatively small, its organic milk powder products are expected to benefit from the subsidy, potentially increasing sales and profitability [9][4]. 7. **Retail Sector Dynamics**: The retail sector, especially maternal and infant products, is poised for growth due to the subsidy, with companies like Aiyingshi and Haiziwang expanding their store networks and product offerings [10][5]. 8. **Consumer Electronics Impact**: Companies like Bear Electric are expected to benefit from the subsidy, with significant growth in maternal and infant appliances, projecting over 40% growth in related product sales [18][3]. 9. **Clothing Market Influence**: The subsidy is likely to boost clothing consumption, particularly in the children's apparel sector, with an estimated increase in spending on children's clothing due to the financial support [19][20]. 10. **Healthcare and Medical Products**: The conference also highlights the potential benefits for healthcare products related to infants, including vaccines and medical services, as the demand for these products is expected to rise with the increase in newborns [16][17]. Other Important Insights - The national subsidy policy represents a significant shift from previous local pilot programs, providing a more inclusive and direct financial support mechanism for families [6][12]. - The policy is expected to stimulate demand across various sectors, including retail, healthcare, and consumer electronics, creating a ripple effect in the economy [12][18]. - Companies are adapting their strategies to leverage the new policy, focusing on expanding product lines and enhancing customer engagement through innovative marketing approaches [7][10]. This summary encapsulates the key discussions and insights from the conference call regarding the national childcare subsidy policy and its implications across various industries.

Core Viewpoint - The 7th China Grain Trade Conference will be held from July 12 to 14 at the Shenyang International Exhibition Center, serving as a significant platform for promoting high-quality development in the grain industry and ensuring national food security [1][2] Group 1: Event Overview - The conference is recognized as the highest standard, largest scale, and most influential national-level trading event in the domestic grain industry [1] - The theme of this year's conference is "Grain Security for All, Promoting Development through Production and Sales Integration," aimed at solidifying the foundation of national food security and facilitating leapfrog development in the grain industry [1] Group 2: Participation and Activities - Government delegations from 31 provinces (regions, municipalities) and the Xinjiang Production and Construction Corps will participate, with an expected attendance of over 100,000 people [2] - The event will feature six main components, including an opening ceremony, an exhibition of high-quality grain and oil products, promotional activities, investment negotiations, and specialized grain trading [2] Group 3: Exhibition Details - The exhibition will consist of 13 themed areas, including sections for poverty alleviation, high-quality grain and oil products, machinery and equipment, international exhibits, and financial services [2] - Shenyang will showcase over 2,200 square meters of specially designed exhibition space, featuring 115 key enterprises from the entire grain industry chain, including Shenyang Grain and Oil Group and October Rice Field [2]