今年以来该股累计进行85次回购，合计回购2176.80万股，累计回购金额3.59亿港元。（数据宝） 蒙牛乳业回购明细 证券时报·数据宝统计，蒙牛乳业在港交所公告显示，9月29日以每股14.820港元至14.850港元的价格回 购40.00万股，回购金额达593.59万港元。该股当日收盘价14.850港元，上涨0.95%，全天成交额2.78亿 港元。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.09.29 | 40.00 | 14.850 | 14.820 | 593.59 | | 2025.09.25 | 30.00 | 14.350 | 14.240 | 429.64 | | 2025.09.24 | 50.00 | 14.630 | 14.490 | 727.61 | | 2025.09.23 | 70.00 | 14.820 | 14.630 | 1027.02 | | 2025.09.22 | 20.00 | 15.050 | 14.990 | 300.39 | ...

蒙牛乳业(02319)发布公告，于2025年9月29日斥资593.59万港元回购40万股股份。 ...

格隆汇9月29日丨蒙牛乳业(02319.HK)发布公告，2025年9月29日耗资593.6万港元回购40万股，回购价 格每股14.82-14.85港元。 ...

智通财经APP讯，蒙牛乳业(02319)发布公告，于2025年9月29日斥资593.59万港元回购40万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國蒙牛乳業有限公司 呈交日期： 2025年9月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02319 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關 ...

Core Viewpoint - The Chinese dairy industry is undergoing structural adjustments, with an overall sales decline of 3.1% in 2024, contrasting with the general recovery in the fast-moving consumer goods market. The market is currently dominated by a duopoly of Yili and Mengniu, which together hold over 50% market share [5][23][59]. Industry Overview - The dairy industry connects agriculture and food processing, producing various dairy products such as liquid milk, milk powder, cheese, and butter [8][9][11]. - The industry has experienced rapid growth due to China's economic development and large population, evolving through six historical phases from scarcity to recovery [14][19]. Current Industry Status - The overall fast-moving consumer goods market is recovering, with a growth rate of 3.0%, while the dairy sector is projected to decline by 3.1% in 2024 [23]. - The retail scale of the dairy market is expected to reach approximately 5,216.70 billion yuan in 2024, with a projected increase to 5,966.60 billion yuan by 2026 [29]. Market Structure - The dairy industry is characterized by a strong bargaining power in the midstream processing segment, while upstream raw milk supply faces profit pressure. Approximately 10.5% of raw milk supply relies on imported milk powder [6][40]. - The consumption structure is primarily composed of liquid milk (44.0%) and milk powder (32.5%), with significant differences in per capita consumption between urban and rural areas [56]. Future Outlook - The industry faces both opportunities and challenges, including rising feed costs, technological bottlenecks in deep processing, and systemic overcapacity [7][67]. - The B-end market for cheese and butter is expected to grow significantly, with a projected market size of 703 billion yuan by 2028, driven by demand in the catering and baking sectors [75]. - The digitalization of cold chain logistics is anticipated to enhance the low-temperature milk market, reducing waste and improving distribution efficiency [76]. Policy Environment - Recent policies have shifted focus from safety reconstruction to enhancing quality and competitiveness, with strict quality regulations and support for industry integration [33][35]. - Key policies include the "Dairy Quality Safety Enhancement Action Plan" and initiatives to improve milk source bases and promote digital management in dairy farming [35]. Competitive Landscape - The market is dominated by Yili and Mengniu, which together account for over 50% of the dairy market share, showcasing significant scale advantages and brand influence [59]. - Yili Group, established in 1993, is a leading player with a diverse product portfolio and substantial revenue from liquid milk and milk powder [63][64].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The consumer sector experienced a decline across all segments, with notable drops in sectors such as home appliances, beauty care, food and beverage, textile and apparel, retail, and social services, with weekly declines of -0.66%, -2.25%, -2.49%, -2.59%, -4.32%, and -5.92% respectively [2] - The upcoming Mid-Autumn Festival and National Day holidays are expected to boost tourism, with significant increases in orders for cross-province travel, car rentals, and self-driving tours, with Ctrip reporting a 45% year-on-year increase in cross-province orders for the National Day period [2][14] - The home appliance export sector continues to face challenges, with a 3.6% year-on-year decline in the number of units exported in August 2025, although the decline rate has narrowed [2] Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive decline, with specific sectors like food and beverage and home appliances showing significant fluctuations in stock performance [2][12][13] Industry News and Key Company Announcements - The report highlights the launch of a global cruise service ecosystem by Zhongxin Tourism, which has seen a 130% increase in cruise orders this year [14] - The Ministry of Commerce and other departments issued guidelines to promote digital consumption, focusing on enhancing supply and fostering digital consumption enterprises [15] - Haier's air conditioning production base in Thailand has commenced operations, with an annual capacity of 6 million units [14] - Ctrip reported a 125% increase in orders from South Korean tourists visiting China in the first half of 2025 [14]

Core Viewpoint - The dairy sector is experiencing a collective rebound in stock prices, driven by the implementation of a nationwide cash subsidy for child-rearing families, which is expected to benefit the dairy products segment significantly [1] Group 1: Stock Performance - Mengniu Dairy (02319) shares increased by 3.78%, reaching HKD 14.84 [1] - China Feihe (06186) shares rose by 3.36%, trading at HKD 4 [1] - China Shengmu (01432) shares gained 1.69%, priced at HKD 0.3 [1] Group 2: Policy Impact - On July 28, the national child-rearing subsidy scheme was announced, providing direct cash subsidies to families across the country [1] - Starting from January 1, 2025, a subsidy of CNY 3,600 per child will be issued annually until the child turns three years old [1] - On September 18, the National Health Commission and the Ministry of Finance issued a notice regarding the management norms for the child-rearing subsidy system [1] Group 3: Market Conditions - According to Citic Securities, the implementation of the child-rearing subsidy is expected to benefit the dairy products sector first [1] - Huafu Securities noted that the current raw milk prices are at a cyclical low, with prices at CNY 3.03 per kilogram as of September 12, remaining stable week-on-week and down 31% from the cyclical peak [1] - The ongoing losses in raw milk and cash flow pressures are anticipated to lead to continued capacity reduction, which may stabilize and eventually increase raw milk prices as supply contracts [1]

Core Viewpoint - The dairy sector is experiencing a collective rebound, driven by the implementation of a nationwide cash subsidy for child-rearing families, which is expected to benefit the dairy products segment significantly [1] Group 1: Market Reaction - Mengniu Dairy (02319) shares rose by 3.78%, reaching HKD 14.84 - China Feihe (06186) shares increased by 3.36%, reaching HKD 4 - China Shengmu (01432) shares grew by 1.69%, reaching HKD 0.3 [1][1][1] Group 2: Policy Impact - On July 28, the national child-rearing subsidy implementation plan was announced, providing direct cash subsidies to families across the country - Starting from January 1, 2025, a subsidy of CNY 3,600 per child will be issued annually until the child turns three years old - On September 18, the National Health Commission and the Ministry of Finance issued a notice regarding the management norms for the child-rearing subsidy system (trial) [1][1][1] Group 3: Industry Analysis - According to Caitong Securities, the dairy products sector is expected to benefit first from the child-rearing subsidies - Huafu Securities noted that the current raw milk prices are at the bottom of the cycle, with prices dropping to CNY 3.03 per kilogram as of September 12, remaining stable week-on-week, and down 31% from the cycle peak - The ongoing losses in raw milk and cash flow pressures are expected to drive continued capacity reduction, which may lead to a stabilization and recovery of raw milk prices in the future [1][1][1]

Group 1 - Recent rebound in Hong Kong dairy stocks, with China Feihe and Mengniu Dairy both rising by 3.36%, and other companies like Yuan Ecological Agriculture and Ausnutria also showing positive growth [1] - CITIC Securities highlights a shift in the domestic dairy industry from "drinking milk" to "processing milk," indicating a new phase of development in deep processing products, with future capacity expected to exceed 700,000 tons [1] - The B-end deep processing demand is projected to exceed 26 billion yuan, driven by high demand in baking, ready-to-drink beverages, and Western fast food sectors [1] Group 2 - Domestic raw milk prices show signs of bottoming out after a period of low performance, with supply-side reductions in dairy cow inventory due to previous losses and improving demand as consumption recovers [1] - The supply-demand relationship in the dairy market is gradually moving towards balance, indicating potential for future growth [1]