产品结构拉低毛利率 智通财经APP获悉，国投证券国际发布研报称，下调澳优(01717)至"增持"评级。2025年出生人口为792 亿，同比下降17%，出生率为5.63‰，考虑国内奶粉行业竞争仍然激烈，并且明年还有竞争加剧的可 能，该行预期下半年公司的业务仍将承压，该行下调25/26/27年净利润至2.5/2.6/2.9亿元，对应每EPS收 益为0.16/0.16/0.18港元，下调目标价至2.3港元，较当前股价有9%的涨幅。 国投国际证券主要观点如下： 2025年出生人口大幅下滑 2025年出生人口为792亿，同比下降17%，出生率为5.63‰。2024年为龙年，因此出生人口出现了小幅 攀升，达到954万，因此在25年上半年奶粉行业出现了一定程度的竞争缓和。到25年下半年，随着出生 人口的影响逐渐显现，行业将继续面临较为激烈的竞争，并且有望持续到明年。 澳优上半年业绩实现增长 上半年实现总营业收入38.9亿元，同比增长5.6%;实现净利润1.81亿元，同比增长21.4%。其中海外羊奶 粉支撑增长，25年上半年羊奶粉收入18.6亿元，同比增长3.1%。其中海外羊奶粉收入4.8亿，同比增长 65.7%，占羊奶粉收 ...

Investment Rating - The investment rating for the company is downgraded to "Buy" with a target price of HKD 2.3, representing a potential upside of 9% from the current stock price of HKD 2.08 [1][6]. Core Insights - The domestic milk powder business continues to face pressure due to a significant decline in the birth rate, with the 2025 birth population projected at 79.2 million, a 17% year-on-year decrease [1][2]. - The company reported a revenue of RMB 3.89 billion for the first half of 2025, a 5.6% increase year-on-year, and a net profit of RMB 181 million, up 21.4% year-on-year, driven by overseas goat milk powder sales [2][3]. - The gross margin for the first half of 2025 was 41.9%, down 1.5 percentage points year-on-year, with goat milk powder and cow milk powder margins also declining [3]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are adjusted to RMB 2.5 billion, RMB 2.6 billion, and RMB 2.9 billion respectively, with corresponding EPS estimates of HKD 0.16, HKD 0.16, and HKD 0.18 [1][4]. - The company’s financial performance shows a decline in domestic goat milk powder revenue by 8.9% and cow milk powder revenue by 14.9% in the first half of 2025 [2][3]. - The average P/E ratio for comparable companies is estimated at 11.7x, with the company assigned a P/E of 13x due to its overseas business development [12]. Valuation Analysis - The DCF valuation method estimates a reasonable market value of HKD 2.4 based on a WACC of 7.2% and a short-term growth rate of 4% [12]. - The target price of HKD 2.3 is derived from a combination of comparable company analysis and DCF valuation, indicating a potential upside from the current market price [12].

普诺凯生物科技有限公司总经理刘永强。 图片为海 澳优海普诺凯进入中国时，国内乳业正处于行业焕新的发展阶段。澳优海普诺凯作为百年乳企，不仅携 独创的 P-59=全面营养+配方入场，更承袭百年精研基因，直接瞄准更接近母乳营养结构的科学研发方 向，自布局之初便秉持长期主义深耕市场，奠定了中国全面营养婴配奶粉的开创者地位。 从荷兰到中国，从蒸汽动力黄油工厂到全面营养+奶粉开创者，澳优海普诺凯不断向下扎根，深研中国 母乳。澳优海普诺凯始终认为，全面营养是科学喂养的第一性原理，并投入大量精力在母乳多样性、母 乳微观成分及协同作用等研究方向深入探索和持续攻坚。为此，澳优海普诺凯从2015年开始便与北京大 学医学部等顶尖机构长期合作开展"生命早期1000天"与"生命早期3000天"等长周期科研项目。 来源：环球网 【环球网消费综合报道】近日，澳优乳业旗下海普诺凯斩获艾媒咨询（iiMedia Research）"2025婴幼儿 全面营养奶粉全国销量第一"及"中国全面营养婴配奶粉开创者"双重认证。作为承载澳优全球化布局与 精研基因的重要载体，这已是其连续三年全面营养奶粉销量榜首，双认证不仅印证了海普诺凯的市场领 先优势，更肯定了 ...

长沙晚报掌上长沙1月24日讯（通讯员 戴承龙）良好的劳资关系是成就企业、员工与社会三赢的关键因素。1月21 日，由智联招聘发起，北京大学社会调查研究中心和北京大学国家发展研究院联合举办的"2025湖南年度最佳雇 主"颁奖典礼在长沙举行。凭借在雇主文化、雇主形象、薪酬福利、组织管理、成长发展及工作环境等六大维度的 系统化建设与卓越表现，澳优从众多优秀企业中脱颖而出，获得"湖南省最佳雇主"荣誉称号。 评委会指出，澳优在雇主品牌建设中展现出全面而系统的优势，尤其在文化引领、人才培养与员工关怀方面表现 突出。据了解，"中国年度最佳雇主"评选活动始于2005年，活动基于科学、多维的评估体系，旨在发现中国雇主 品牌标杆，并挖掘这些最佳雇主在企业管理和人力资本领域的发展趋势，从而为更多企业在管理及雇主品牌战略 方面提供咨询和服务。对于此次获评，澳优人力资源部负责人表示，这份沉甸甸的荣誉，属于每一位坚守岗位、 全心付出的澳优人，是大家的智慧、汗水与热忱，共同铸就了澳优卓越的雇主品牌形象。 作为一家总部位于湖南长沙望城区，在全球拥有完整产业链条的国际化、创新型健康产业集团。澳优凭借20余年 的稳健经营，行业地位与规模体量不断得 ...

Core Viewpoint - The article highlights the success of Aoyou in the infant formula market, emphasizing its significant market share and international expansion strategies, particularly in the sheep milk powder segment. Group 1: Company Overview - Aoyou has maintained over 60% market share in China's imported infant sheep milk powder market for seven consecutive years [6] - The company has evolved from a local enterprise in Wangcheng to a global health industry group with 11 factories worldwide, exporting to over 60 countries and regions [2][5] - Aoyou's product range includes infant formula, health foods, specialized medical foods, and personalized nutrition products, forming a comprehensive nutrition care system [5] Group 2: International Expansion and Acquisitions - Since its establishment in 2003, Aoyou has made strategic acquisitions to enhance its international presence, including the purchase of Dutch and Australian companies [4] - The company has established a strong supply chain and R&D capabilities in key dairy-producing regions, including the Netherlands and Australia [5] Group 3: Product Development and Innovation - Aoyou has developed a global R&D system, which includes multiple research centers and a team of over 200 experts, leading to significant advancements in product quality and innovation [9] - The company’s flagship product, the Kabrita infant formula, has recently passed FDA scrutiny, making it the first of its kind to meet U.S. nutritional and safety standards [6] Group 4: Quality Management and Consumer Trust - Aoyou implements a comprehensive quality management strategy, ensuring high standards throughout the production process, from ingredient selection to final product delivery [10] - The company has established a global product quality traceability system, enhancing consumer confidence in its products [10]

Group 1 - The article discusses the importance of infant complementary foods, which include various types of food beyond breast milk, such as juices, purees, and solid foods, emphasizing the need for balanced nutrition during the critical growth period of infants [2] - The report titled "2026-2032 China Infant Formula Market Panorama Survey and Investment Potential Analysis" consists of eleven chapters, covering the market development environment, operational status, competitive landscape, key enterprise analysis, and future trends in the infant food industry [2] - The report serves as a crucial tool for understanding the infant food industry and for potential investors looking to enter this market [2] Group 2 - The research data is primarily sourced from national statistics, customs data, survey data, and various market monitoring databases, ensuring a comprehensive analysis of the infant formula industry [3] - The report includes an overview of the infant formula industry, its development environment, and the current operational status, along with a competitive analysis of the market [3][4] - The analysis covers the macroeconomic environment in China, including population birth rates and the implications for the infant formula market from 2021 to 2025 [4] Group 3 - The report highlights the competitive landscape of the infant formula market, noting the increasing competition from foreign brands and the strategies domestic brands must adopt to maintain market share [5][6] - It discusses the significance of product quality and brand value as key factors for success in the high-end infant formula market, which is expected to see significant growth [10][11] - The report predicts that the infant formula market will experience a shift towards high-quality, natural products, with an emphasis on organic options [11]

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12月31日 狀態: 新提交 FF301 II. 已發行股份及/或庫存股份變動 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1月5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 HK ...

Core Viewpoint - Aoyou is committed to innovation throughout the entire chain from research to industrialization, aiming to elevate the Chinese dairy industry to a higher level by launching over 30 new and upgraded products by 2025 [1][2]. Group 1: Product Innovation - Aoyou's flagship product, Jia Bei Ai Te Yue Bai, utilizes the "An Min Yuan" whey protein optimization technology to significantly reduce allergenic risks, winning the "First Prize for Technological Progress" from the China Dairy Association [1][2]. - The company has established a "1+6+N" global R&D system and collaborates with renowned universities and research institutions to enhance product innovation and upgrade its product matrix [2][4]. - Aoyou's product offerings include various new and upgraded items in both the milk powder and nutritional supplement sectors, providing diverse health choices for consumers [2]. Group 2: Market Leadership - Jia Bei Ai Te has maintained a leading market share of over 60% in the imported infant goat milk powder market in China for seven consecutive years, and has achieved high double-digit compound growth rates in overseas markets for two years [3]. - The company has received the "China Patent Award Excellence Award" and has conducted over 40 studies on goat milk, validating the nutritional advantages of its products [3]. Group 3: Collaborative Innovation - Aoyou is focused on building a collaborative innovation ecosystem by deepening partnerships with universities and research institutions, which will help tackle key technological challenges in the dairy industry [4]. - Strategic cooperation agreements have been signed with Jiangnan University and Northeast Agricultural University to establish innovation centers aimed at advancing dairy product research and technology breakthroughs [4]. Group 4: Fundamental Research and Industry Advancement - Aoyou has made significant breakthroughs in basic research, launching four new goat milk raw materials that are commercially applicable globally, which will be integrated into various products such as formula milk and nutritional supplements [5]. - The company's approach to technological innovation is deeply rooted in consumer needs, driving collaborative research and development forward [5].

Group 1 - The core viewpoint of the article highlights a significant decline in Hong Kong food stocks, with several companies experiencing notable drops in their share prices [1] Group 2 - China Wangwang (00151.HK) saw a decline of over 6% [1] - Zhou Hei Ya (01458.HK) experienced a drop of over 4% [1] - Other companies such as Master Kong Holdings (00322.HK), Ausnutria Dairy Corporation (01717.HK), China Feihe (06186.HK), China Shengmu Organic Milk (01432.HK), and Mengniu Dairy (02319.HK) all fell by more than 1% [1]

Core Insights - The article highlights the innovative communication strategies employed by the company, Aoyou, through its brand, Kabrita, which has won the "Annual IP Innovation Brand" award at the Xiaohongshu Annual Conference, recognizing its efforts in engaging consumers and leading the goat milk category [1][5] Group 1: Consumer Engagement - Kabrita has identified that new-generation parents prioritize emotional resonance and interactive experiences when choosing infant formula, beyond just the scientific aspects of the formula [2] - The brand launched two innovative IP activities, "Early Knowledge Conference" and "Trace the World," to foster engagement and dialogue with consumers [4] Group 2: Innovative Communication - The "Early Knowledge Conference" redefined traditional educational models by facilitating open discussions between parents and experts, attracting thousands of consumers to participate [4] - The "Trace the World" initiative marked the first overseas traceability for a milk powder brand on Xiaohongshu, addressing parents' concerns about product safety through transparent live streaming from Dutch farms and factories [4][5] Group 3: Industry Impact - Kabrita's initiatives have led to the creation of the first industry report on infant formula feeding trends, developed in collaboration with Xiaohongshu, JD.com, and Kantar, which has sparked significant media coverage and industry discussions [5] - The brand aims to enhance consumer understanding of the nutritional benefits of goat milk formula, promoting its digestibility, absorption, and low allergenicity through real-life sharing experiences [5] Group 4: Future Commitment - The recognition received by Kabrita serves as both encouragement and motivation to continue innovating and providing high-quality products and experiences for consumers in the maternal and infant industry [6] - The company is committed to maintaining a focus on research and quality while engaging in meaningful communication to enhance the nutritional offerings of goat milk for families [6]