Core Insights - The 10th China Special Food Conference was held in Xi'an from October 23 to 26, 2025, where Aoyou and Jiangnan University signed a six-year strategic cooperation agreement to enhance their collaboration in research and development [1][2] Group 1: Strategic Collaboration - Aoyou aims to leverage technology-driven strategies by establishing two innovation centers with Jiangnan University, marking a new phase in their partnership focused on deep integration of industry, academia, and research [1][2] - The collaboration will enhance Aoyou's development in microecology, functional dairy, and probiotics, providing a strong impetus for the upgrade of China's health food industry [1][2] Group 2: Research and Development Focus - Jiangnan University, recognized as a top institution in food science, will contribute its expertise to Aoyou, which has a global presence in the dairy industry, covering over 60 countries [2][8] - The partnership will focus on "basic research + application development + industrial transformation," creating a new paradigm for innovation collaboration [2][8] Group 3: Innovation Centers - The establishment of the "Jiangnan University-Aoyou Microecology and Functional Dairy Joint Innovation Center" and the "Jiangnan University-Jinqi Biological Probiotics Collaborative Innovation Center" aims to explore new models for raw material development, product innovation, and market promotion [2][8] Group 4: Technology Transfer - Jiangnan University transferred two patented strains, CCFM1025 and CCFM1074, to Jinqi Biological, which will lead to their industrialization and commercial application [10][15] - CCFM1025 has shown significant improvements in sleep quality and cognitive function, while CCFM1074 has been proven to regulate gut microbiota and immune responses [10][15] Group 5: Industry Impact - The collaboration is expected to address the growing demand for functional and precise nutrition products, driven by the increasing health consciousness among consumers [9][10] - Aoyou's partnership with Jiangnan University is seen as a model for integrating research and industry, contributing to the high-quality development of the dairy sector in China [15]

Core Viewpoint - Company maintains an "outperform" rating for Ausnutria (01717), projecting steady revenue growth and significant profit increases from 2025 to 2027 [1][2] Financial Projections - Expected revenue for Ausnutria in 2025, 2026, and 2027 is 7.67 billion, 7.88 billion, and 8.04 billion CNY, reflecting year-on-year growth of 3.6%, 2.8%, and 2.1% respectively [1] - Projected net profit attributable to shareholders for the same years is 310 million, 340 million, and 390 million CNY, with growth rates of 21.0%, 8.0%, and 15.0% [1] - Earnings per share (EPS) are forecasted to be 0.18, 0.19, and 0.22 CNY [1] Market Performance - The overseas market has become the second growth engine for Ausnutria, with revenue growth of 54.2% in the Middle East and 138.7% in North America during the first half of 2025 [1][2] - The company has initiated an internal code system upgrade and inventory adjustments, which, while reducing short-term shipments, are expected to enhance product freshness and channel transparency [2] Strategic Focus - Ausnutria is advancing its internationalization strategy, particularly in the sheep milk powder segment, which is gaining traction in overseas markets [2] - The company has launched brands like Nutrition Care and 爱益森 in the nutrition segment, leveraging scientific strength for category breakthroughs [2] - The dual focus on cow and sheep milk products, along with a comprehensive nutrition strategy, positions Ausnutria for resilient growth in a complex market environment [2]

Core Viewpoint - Haitong International maintains an "outperform" rating for Ausnutria (01717), projecting revenue growth and significant profit increases from 2025 to 2027 [1][2] Financial Projections - Expected revenue for Ausnutria in 2025, 2026, and 2027 is 7.67 billion, 7.88 billion, and 8.04 billion CNY, reflecting year-on-year growth of 3.6%, 2.8%, and 2.1% respectively [1] - Projected net profit attributable to shareholders for the same years is 310 million, 340 million, and 390 million CNY, with growth rates of 21.0%, 8.0%, and 15.0% respectively [1] - Earnings per share (EPS) are forecasted to be 0.18, 0.19, and 0.22 CNY [1] Market Performance - The overseas market has become the second growth engine for Ausnutria, with revenue growth of 54.2% in the Middle East and 138.7% in North America during the first half of 2025 [1][2] Strategic Initiatives - The company initiated an internal code system upgrade and inventory adjustment in the first half of 2025, which, while reducing short-term shipments, improved product freshness and channel transparency [2] - Ausnutria is focusing on deepening its international strategy, leveraging its dual focus on cow and goat milk products to drive growth [2] - The goat milk powder business is making significant strides in overseas markets, with the brand Kabrita being the first goat milk infant formula approved by the US FDA, now available in Walmart and other channels in North America [2] Product Innovation - The company is enhancing its "milk powder + nutrition products" strategy, improving global supply chain management for efficiency and product innovation [2] - New nutrition products like Nutrition Care and Ai Yisen are being introduced, supported by strong research capabilities, contributing to category breakthroughs and injecting new momentum into the company [2] Resilience and Growth Outlook - Ausnutria demonstrates strong corporate resilience, with expectations to maintain steady growth in a complex and changing market environment, driven by rapid overseas market growth, synergies between cow and goat milk products, and a robust nutrition product segment [2]

Core Insights - The 10th China Special Food Conference is being held in Xi'an from October 23 to 26, 2025, marking the 10th anniversary of the China Nutrition and Health Food Association, focusing on the achievements and future development paths of the nutrition and health food industry in China [1] Company Collaboration - Aoyou has signed a strategic cooperation agreement with Jiangnan University to establish two innovation centers, enhancing the integration of production, learning, research, and application [1][3] - The collaboration aims to inject stronger momentum into Aoyou's micro-ecology, functional dairy, and probiotic business development, while providing continuous power for the upgrade of China's health food industry [1][3] Research and Development - The strategic cooperation agreement spans six years, focusing on "basic research + application development + industrial transformation," creating a new paradigm for collaborative innovation [3][5] - Aoyou and Jiangnan University have established the "Jiangnan University-Aoyou Dairy Micro-ecology and Functional Dairy Joint Innovation Center" to deliver safer and more precise nutritional solutions to global consumers [3][5] Achievements and Future Plans - Since the first strategic agreement in 2017, the partnership has expanded research areas and upgraded cooperation models, leading to significant breakthroughs in functional dairy and probiotics [5] - The collaboration has resulted in the establishment of a national-level probiotic demonstration production line, the only one in the industry, which commenced operations in 2023 [5] Product Innovation - Jiangnan University has transferred two strains and their patents to Aoyou, initiating the industrialization and commercial application of these strains [10] - The strains CCFM1025 and CCFM1074 have shown significant potential in improving sleep quality, emotional regulation, and immune balance, with multiple patents and publications supporting their efficacy [10][11] Industry Context - The global nutrition food industry is experiencing unprecedented growth opportunities, driven by the increasing demand for precise nutrition and functional products [10] - Aoyou aims to leverage its global industrial chain advantages to overcome key technological challenges and accelerate product innovation and market expansion [7][10]

Core Insights - The 10th China Special Food Conference is held from October 23 to 26, 2025, in Xi'an, focusing on the achievements and future development of the nutrition and health food industry in China [1] - Aoyou Dairy Co., Ltd. has signed a strategic cooperation agreement with Jiangnan University to establish two innovation centers, marking a new phase of deep integration between industry, academia, and research [1][2] - Jiangnan University has transferred two strains and their patents to Aoyou, which will be responsible for industrialization and commercial application [1] Group 1 - Jiangnan University's Food Science and Engineering discipline is a national "Double First-Class" discipline and has ranked first in the world for six consecutive years in the ShanghaiRanking [2] - Aoyou, as a leading representative in China's dairy industry, operates under the philosophy of "Technology Leading, Sharing Globally," with a global presence in over 60 countries and regions [2] - The six-year strategic cooperation agreement focuses on "basic research + application development + industrial transformation," creating a new paradigm of collaborative innovation [2] Group 2 - The establishment of the "Jiangnan University-Aoyou Dairy Microecology and Functional Dairy Joint Innovation Center" aims to provide safer and more precise nutritional solutions for global consumers [2][3] - Aoyou's collaboration with Jiangnan University will enhance the development of its microecology and functional dairy, as well as probiotic business, injecting stronger momentum into the health food industry in China [3] - The partnership will leverage both parties' resources to continuously drive the upgrade of China's health food industry [3]

Investment Rating - The report maintains an "Outperform" rating for Ausnutria Dairy [2][14]. Core Insights - The overseas market is experiencing sustained high growth, becoming a significant growth engine for the company, with notable revenue increases in regions such as North America and the Middle East [5][12]. - The introduction of a childcare subsidy policy in China is expected to alleviate some pressures on the infant formula industry, although a full recovery will require more robust local stimulus measures [4][11]. - Ausnutria is actively expanding its international presence and enhancing its product offerings through a dual focus on goat and cow milk products, which is expected to drive long-term growth [6][13]. Financial Performance Summary - For the fiscal year 2025, the company is projected to achieve revenues of RMB 7.67 billion, with a year-on-year growth of 3.6% [7][14]. - Net profit attributable to shareholders is expected to reach RMB 310 million in 2025, reflecting a growth of 21.0% [7][14]. - The diluted EPS is forecasted to be RMB 0.18 for 2025, with continued growth expected in subsequent years [7][14]. Market Position and Strategy - Ausnutria's Kabrita brand has maintained over 60% market share in China's imported infant goat milk formula market for seven consecutive years, solidifying its position as a market leader [5][12]. - The company is leveraging its strategic partnership with Yili to enhance its product positioning and market layout, particularly in the cow milk segment [5][12]. - The nutritional products segment is also expanding, with new product launches contributing to revenue growth [5][12].

Core Insights - Aoyou Dairy has established itself as a leading brand in the global milk powder market, particularly noted for its strong performance in various rankings due to its global resource integration, robust research capabilities, and differentiated product matrix [1] Group 1: Star Products of Aoyou - Aoyou's contribution to the "Best Milk Powder Rankings" is significant, with multiple brands effectively covering different consumer needs, ensuring top positions in their respective categories [3] - Aoyou's Jia Bei Ai Te has maintained its position as the global leader in sheep milk powder for seven consecutive years, attributed to its advantages in milk source, technological breakthroughs, and formula upgrades [3] - The core strengths of Jia Bei Ai Te include 100% pure sheep milk protein sourced from its own ecological farms in the Netherlands, a patented deodorization process enhancing absorption, and a new formula launched in 2025 that significantly increases HMO content and clinical protection [3][4] - Aoyou's Hai Pu Nuo Kai 1897 ranks as the top-selling high-end cow milk powder, leveraging a unique comprehensive nutrition formula that includes a high content of lactoferrin and other essential nutrients [4] Group 2: Research and Quality as Competitive Advantages - Aoyou's sustained presence in the "Best Milk Powder Rankings" is supported by its global research system and stringent quality control, distinguishing it from competitors [6] - The company has established a "1+6+N" global R&D network focused on breast milk research, involving collaboration with multiple research centers and over 200 experts [7] - Aoyou operates 11 modern factories worldwide, utilizing IoT technology for full traceability from farm to packaging, ensuring product freshness and sustainability [8] Group 3: Social Responsibility and Brand Reputation - Aoyou's high scores in the "Best Milk Powder Reputation Rankings" stem not only from product quality but also from its commitment to social responsibility [10] - The company has engaged in various charitable initiatives, including supporting families in Tibet and promoting nutritional education among mothers and infants [10] - This dual approach of combining product excellence with social responsibility enhances Aoyou's brand image, making it a trusted choice for parents [10]

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. ...