Group 1 - The company, Mengniu Dairy (02319.HK), announced a share buyback plan on September 24, 2025, involving an expenditure of HKD 7.2761 million to repurchase 500,000 shares [1] - The buyback price range is set between HKD 14.49 and HKD 14.63 per share [1]

表格類別： 股票 狀態： 新提交 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) 公司名稱： 中國蒙牛乳業有限公司 呈交日期： 2025年9月24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 | 佔有關事件 ...

Summary of Key Points Core Viewpoint - Multiple companies, including Tencent Holdings and Anta Sports, conducted share buybacks on September 23, 2025, with Tencent leading in terms of buyback amount and quantity [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 867,000 shares for a total of 550 million [2]. - Anta Sports (02020) repurchased 2.12 million shares for a total of 200 million [2]. - Hang Seng Bank (00011) repurchased 200,000 shares for a total of 23.57 million [2]. - China Petroleum & Chemical Corporation (00386) repurchased 5.51 million shares for a total of 22.44 million [2]. - Stone Four Pharmaceutical Group (02005) repurchased 5 million shares for a total of 14.67 million [2]. Group 2: Cumulative Buyback Data - Tencent's cumulative buyback for the year reached 61.59 million shares, accounting for 0.670% of its total share capital [2]. - Anta Sports' cumulative buyback for the year reached 4.24 million shares, accounting for 0.151% of its total share capital [2]. - China Hongqiao Group (01378) had a cumulative buyback of 15.2 million shares, accounting for 1.620% of its total share capital [2]. - Coolpad Group (02369) had a significant cumulative buyback of 27.25 million shares, accounting for 6.653% of its total share capital [2].

Summary of Key Points Core Viewpoint - Mengniu Dairy has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2]. Share Buyback Details - On September 23, 2025, Mengniu Dairy repurchased 700,000 shares at a price range of HKD 14.630 to HKD 14.820, totaling HKD 10.27 million [2]. - The stock closed at HKD 14.630 on the same day, reflecting a decrease of 2.73%, with a total trading volume of HKD 403 million [2]. - Since September 10, 2025, the company has conducted buybacks for 10 consecutive days, acquiring a total of 2.518 million shares for a cumulative amount of HKD 37.91 million, during which the stock has also seen a decline of 2.73% [2]. - Year-to-date, Mengniu Dairy has executed 82 buybacks, totaling 20.568 million shares and an aggregate amount of HKD 341 million [2]. Buyback Transaction Table - A detailed table of buyback transactions shows the number of shares repurchased, highest and lowest prices, and total amounts for each transaction from September 1 to September 23, 2025 [2][3][4].

北京大学公共卫生学院教授许雅君系统阐述了乳品的健康摄入对改善糖脂代谢、肥胖、糖尿病等的辅助 效应。中国农业科学院农产品加工所研究员、首席科学家逄晓阳针对乳品深加工行业痛点，分享了乳蛋 白和乳脂肪的深加工和分离技术的相关成果。 针对行业科学用糖指导空白等问题，论坛发布《科学用糖白皮书》，提出乳品行业"减糖不减味"技术路 径。 围绕酸奶品质升级，论坛发布《中国酸奶营养白皮书》，明确酸奶分类、营养构成及健康价值，梳理行 业标准演进并给出行动建议。在此基础上，蒙牛提出"5A好酸奶标准"，5A好酸奶标准体系涵盖五大核 心维度，分别是优质奶源、专利菌种、优质营养、严选食材和卓越品质。 江南大学教授王兴国表示，母乳ARA对胎儿神经发育、血管功能调节等意义重大，高sn-2位ARA可显著 提升生物利用率，推动配方奶粉从总量达标迈向结构仿生。 围绕母乳低聚糖（HMO），蒙牛奶粉事业部研发管理中心负责人刘正冬分享了HMO"端到端全产业链 技术"。该技术实现全流程自主化，填补国内空白，打破技术垄断，已应用于瑞哺恩系列产品。 蒙牛集团全球研发创新中心临床与功能研究负责人逄金柱针对全龄人群骨关节肌健康给出"蒙牛方案"， 提出通过人群营养 ...

Group 1 - The company, Mengniu Dairy (02319.HK), announced a share buyback on September 23, spending HKD 10.27 million to repurchase 700,000 shares [1] - On September 22, the company also repurchased 200,000 shares for HKD 3.004 million [1]

Group 1 - The company, Mengniu Dairy (02319), announced a share buyback plan, spending HKD 10.27 million to repurchase 700,000 shares [1] - The buyback price per share ranged from HKD 14.63 to HKD 14.82 [1]

Core Viewpoint - Mengniu Dairy (02319) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 700,000 shares at a total cost of HKD 10.27 million [1] - The buyback price per share ranges from HKD 14.63 to HKD 14.82 [1]

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23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 | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 ...

Investment Rating - The report does not explicitly state an investment rating for the dairy products industry Core Insights - The dairy products industry in China has experienced rapid growth due to economic development and a large population, evolving through six distinct phases from its inception to the present recovery period post-pandemic [12][15] - The overall fast-moving consumer goods (FMCG) market is recovering, but the dairy products segment is projected to decline by 3.1% in sales in 2024 [15][18] - The market size of the dairy products sector is expected to reach approximately 5,216.70 billion yuan by 2022, with projections of 5,966.60 billion yuan by 2026 [26][20] Summary by Sections Industry Overview - The dairy products industry connects agriculture and food processing, producing various products such as liquid milk, milk powder, cheese, butter, and ice cream [9][11] Historical Development - The industry has evolved from a period of scarcity (1949-1978) to a recovery phase (2020-present), with significant milestones including the introduction of UHT technology and the impact of the melamine scandal [12][13] Current Industry Status - The FMCG market is stabilizing, but the dairy segment is facing a decline, with a projected sales drop of 3.1% in 2024 [15][16] Market Size - The retail scale of the dairy products market has shown fluctuations, with a slight decline in production expected due to overcapacity and reduced demand [20][22] Policy Environment - Recent policies focus on quality improvement and consumption stimulation, aiming to address overcapacity and promote high-value-added products [27][29] Industry Chain - The dairy industry features a long supply chain, including raw milk supply, processing, and retail, with strong interdependencies among various segments [31] Upstream Supply - China relies on imported milk powder to supplement its domestic raw milk production, which is insufficient to meet demand [34][36] Midstream Processing - The processing segment is the most profitable, with significant value addition through technology and innovation [39][41] Downstream Retail - Traditional retail channels dominate, but online sales are growing, reflecting changing consumer preferences [42][44] Consumption Patterns - Per capita dairy consumption in China is low compared to developed countries, indicating substantial growth potential in the market [47][51] Competitive Landscape - The market is primarily dominated by two major players, Yili and Mengniu, which together hold over 50% of the market share [60][62] Case Study: Yili Group - Yili Group is a leading player with a diverse product range and significant market presence, achieving substantial revenue from liquid milk and milk powder [64][66] Future Challenges - The industry faces challenges such as supply chain risks, changing consumer perceptions, and technological limitations in deep processing [70][72] Future Opportunities - There are growth opportunities in the B2B dairy market, driven by increasing demand for cheese and butter in various sectors [76][78]