Core Insights - Aoyou Dairy Co., Ltd. showcased six major imported brands and 61 products at the 8th China International Import Expo, emphasizing "hardcore innovation, industry empowerment, and internationalization" to highlight the globalization and innovative development of China's dairy industry [2][5] - The company launched several innovative products targeting specific consumer needs, including a series of probiotics for nasal health and a sleep aid probiotic, enhancing its product offerings for different age groups and lifestyles [2][3] Product Innovations - Nutrition Care introduced three new series of probiotics specifically designed for children and adults, marking a significant upgrade from single products to comprehensive health solutions [2] - The new NC sleep probiotic utilizes "endogenous GABA" technology to provide a natural approach to sleep, addressing stress and sleep quality [2] - Aoyou's brand Jiajiaite launched a high-calcium probiotic goat milk powder, featuring 1500mg of calcium and a combination of four probiotics, aimed at supporting bone health and digestion for the elderly [3] Market Position and Trends - Jiajiaite is recognized as the market leader in goat milk powder, with over 2 million positive reviews on JD.com, confirming its advantages in absorption and low sensitivity [4] - A report on infant formula feeding trends was released, revealing key insights into consumer behavior and preferences, which will aid the industry in identifying growth opportunities [3][4] Global Expansion and Strategy - Aoyou is expanding its global presence by establishing a supply chain in key dairy-producing regions like the Netherlands and Australia, with 11 factories worldwide, covering over 60 countries [5] - The company aims to leverage the insights gained from the Import Expo to enhance its research and development efforts and meet the evolving nutritional needs of global consumers [5]

Core Insights - The 8th China International Import Expo (CIIE) was held from November 5 to 10, showcasing 4,108 companies from 155 countries and regions, emphasizing China's commitment to high-level opening-up with the theme "New Era, Shared Future" [1] - Dairy companies are shifting their competition focus from traditional supply chains to technological research and precise nutrition, particularly targeting infant and elderly markets with functional product upgrades [2][3] Group 1: Innovation and Product Development - Dairy companies are increasingly investing in R&D to meet the specific nutritional needs of different age groups, with products like Nutrition Care's new probiotics for children and adults, and Aoyou's high-calcium goat milk powder for the elderly [2][3] - The infant nutrition market is seeing significant innovation, with companies like a2 Milk and Nestlé's Wyeth launching advanced formula products that incorporate Human Milk Oligosaccharides (HMO), reflecting a technological leap in infant formula [2][3] Group 2: Market Dynamics and Consumer Trends - The demand for infant formula in China has surpassed 200 billion yuan, with high-end functional products experiencing a compound annual growth rate of over 15% [3] - The aging population in China, with over 280 million people aged 60 and above, is driving the demand for health management products focused on bone health, cognitive function, and gut regulation [3] Group 3: Globalization and Industry Collaboration - Chinese dairy companies are actively pursuing global supply chain integration, with companies like Yili and Aoyou emphasizing the importance of international collaboration and innovation to enhance their global presence [5][6][7] - Aoyou has established a supply chain in key dairy-producing countries and operates 11 factories globally, aiming to meet the rising global demand for nutritional health products [7]

Core Insights - The eighth China International Import Expo (CIIE) took place from November 5 to 10, showcasing Australia's leading dairy company, Ausnutria, which presented six major imported brands and 61 products, emphasizing "hardcore innovation, industry empowerment, and internationalization" [1][3] Group 1: Product Launches and Innovations - Ausnutria launched six new products during the expo, including the probiotic product "NC Tian Sleep," which utilizes the CCFM1025 strain, marking a significant collaboration with Jiangnan University [3][6] - Nutrition Care introduced three series of nasal probiotics targeting specific needs for children and adults, representing a shift from single products to comprehensive health solutions [4] - The "NC Tian Sleep" probiotic product offers a natural approach to sleep improvement through the "gut-brain axis" method, enhancing safety and effectiveness for consumers [6] Group 2: Industry Reports and Insights - Ausnutria collaborated with Xiaohongshu, JD.com, and Kantar to release the "Feeding Trends 2026 Infant Formula Report," providing insights into consumer trends in the infant formula market [7][9] - The report indicates that the infant formula industry has entered a "high-value" era, with premiumization and functionality as core demands, highlighting the growing popularity of goat milk formula [9] Group 3: Internationalization and Strategic Development - Ausnutria has consistently participated in the CIIE for eight years, leveraging the event to enhance its international strategy and foster high-quality development [10][11] - The company has established a global R&D system and a diverse product matrix, including infant formula, health foods, and personalized nutrition products, to meet precise health service needs [11] - Ausnutria's revenue and profit have shown continuous growth, with overseas business increasing by 68.2% in 2024 and 65.7% in the first half of 2025, reflecting the effectiveness of its international strategy [11][12]

Core Insights - The eighth China International Import Expo (CIIE) showcased Aoyou's six major imported brands and 61 products, addressing precise nutritional needs throughout the life cycle, with six products making their debut at the event [1][2] - Aoyou's brand NC launched innovative probiotics targeting nasal sensitivity and emotional sleep, featuring the new "NC Relax" probiotic using the CCFM1025 strain [1] - The brand Kabrita introduced a new high-calcium probiotic goat milk powder aimed at the elderly for bone health and digestive needs [1] - The report "Feeding Trends to Know: 2026 Infant Formula Feeding Trends" released by Kabrita indicates that premiumization and functionality are core consumer demands, with goat milk powder gaining traction due to its absorption and low sensitivity advantages [1] - Aoyou holds 11 factories globally, with three in China, six in the Netherlands, and two in Australia, selling products in over 60 countries and regions, showing strong overseas market performance [1] - Aoyou's international business revenue is projected to grow by 68.2% in 2024 and 65.7% in the first half of 2025, driven by strategic breakthroughs in the Middle East, North America, and the CIS [1] Industry Impact - Aoyou has participated in the CIIE for eight consecutive years, leveraging the event as a platform to enhance its global image and showcase the international influence of China's dairy industry [2] - The CIIE has facilitated a shorter time-to-market for Aoyou's products, reduced operational costs, and provided opportunities for finding excellent partners and expanding business scope [2]

Group 1 - The China International Import Expo (CIIE) is a significant platform for industry trends and market insights, showcasing over 4,108 foreign enterprises and covering an exhibition area of more than 430,000 square meters, marking a new record in scale [1][5] - Changsha organized over 300 enterprises and 800 professional attendees to participate in the expo, aiming to connect with global quality resources and inject new momentum into local industry upgrades and consumption enhancement [5][6] - The event highlighted "new quality productivity" as a frequent topic among international exhibitors, showcasing Changsha's representative achievements in this area [8][12] Group 2 - Kefu Medical, a leading domestic home medical device company, made its debut at the expo with a new generation of bone conduction hearing aids, emphasizing high performance and affordability, priced at one-fifth of imported products [8][10] - Aoyou showcased its six major imported brands and launched four new nutritional products, demonstrating its commitment to global integration and innovation in the dairy industry [10][12] - The expo featured a variety of Changsha enterprises effectively linking domestic and international markets, enhancing mutual connectivity [10][17] Group 3 - The Hunan Pavilion prominently displayed "Changsha elements," including traditional crafts like Xiang embroidery and pottery, showcasing the blend of cultural heritage and modern vitality [12][15] - Local food products such as Changsha rice noodles and Sha Tian buns were highlighted as cultural ambassadors, while new tea brands like Ningji expanded their international presence [15][17] - Approximately 30 enterprises from Changsha participated in the Hunan Pavilion, covering various sectors including pharmaceuticals, new consumption, and intelligent manufacturing, providing a rich experience for attendees [17]

茲提述澳優乳業股份有限公司（「本公司」）日期為二零二五年十月三十一日之公告，內容有關（其中包 括）訂立益生菌供應框架協議（「該公告」）。除非文義另有指明，否則本公告所用之專有詞彙應具有該 公告所界定之相同涵義。 本公司謹此作出以下澄清（見下面畫線之修訂）： 有關截至二零二五年十二月三十一日、二零二六年十二月三十一日及二零二七年十二月三十一日止 財政年度各年根據益生菌供應框架協議擬進行交易之年度上限分別為人民幣10百萬元、人民幣40百萬 元及人民幣65百萬元。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 AUSNUTRIA DAIRY CORPORATION LTD 澳優乳業股份有限公 司 （於開曼群島註冊成立之有限公司） （股份編號：1717） 澄清公告－ 持續關連交易 除上述者外，該公告所載之所有其他資料維持不變。 承董事會命 澳優乳業股份有限公司 主席 韓石秀 中國，二零二五年十一月四日 於本公告日期，董事會包括執行董事任志堅先生（行政總裁） ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 澳優乳業股份有限公司 呈交日期: 2025年11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 | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | 本月底法 ...

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

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 AUSNUTRIA DAIRY CORPORATION LTD 澳優乳業股份有限公 司 （於開曼群島註冊成立之有限公司） （股份編號：1717） 持續關連交易 益生菌供應框架協議 於二零二五年十月三十一日，本公司與伊利股份（本公司之控股股東）訂立益生菌供應框架協議，據 此，伊利集團已同意於益生菌供應框架協議之有效期內不時向本集團採購該等益生菌及其相關產 品。 益生菌供應框架協議之主要條款 於二零二五年十月三十一日，本公司與伊利股份（本公司之控股股東）訂立益生菌供應框架協議，據 此，伊利集團已同意於益生菌供應框架協議之有效期內不時向本集團採購該等益生菌及其相關產品。 益生菌供應框架協議之主要條款概述於下文。 伊利股份，作為買方 2 日期： 二零二五年十月三十一日 訂約方： 本公司，作為賣方 年期： 由益生菌供應框架協議簽立日期起至二零二七年十二月三十一日止（包括 首尾兩天）。 交易性質： 買賣該等益生菌及 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for companies like China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights a rise in packaging material prices and an increase in the beer spot cost index by 2.96% year-on-year, indicating upward pressure on costs in the consumer staples sector [1][35]. - The cost indices for six categories of consumer goods monitored by HTI mostly increased, with notable changes in spot and futures indices across beer, frozen food, soft drinks, instant noodles, dairy products, and condiments [35]. Summary by Category Beer - The beer spot cost index is at 116.32, down 0.06% from last week, while the futures index is at 115.68, up 1.2% [13]. - Year-to-date, the spot index has decreased by 0.86%, and the futures index has decreased by 7.13% [14]. Condiments - The condiments spot cost index is at 100.51, down 0.1%, and the futures index is at 101.3, up 1.55% [17]. - Year-to-date, the spot index has decreased by 2.66%, and the futures index has decreased by 7.47% [17]. Dairy Products - The dairy products spot cost index is at 101.25, down 0.13%, and the futures index is at 91.04, up 0.69% [20]. - Year-to-date, the spot index has decreased by 2.89%, and the futures index has decreased by 3.28% [20]. Instant Noodles - The instant noodles spot cost index is at 103.62, down 0.23%, and the futures index is at 102.53, up 0.88% [23]. - Year-to-date, the spot index has decreased by 2.29%, and the futures index has decreased by 5.47% [24]. Frozen Food - The frozen food spot cost index is at 120.39, up 1.02%, and the futures index is at 119.44, up 1.72% [28]. - Year-to-date, the spot index has decreased by 0.17%, and the futures index has decreased by 1.35% [28]. Soft Drinks - The soft drinks spot cost index is at 109.39, up 0.22%, and the futures index is at 109.26, up 0.72% [31]. - Year-to-date, the spot index has decreased by 3.04%, and the futures index has decreased by 9.54% [31].