公司名稱： 中國蒙牛乳業有限公司 呈交日期： 2025年10月27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 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | ...

Core Viewpoint - Multiple companies, including China Feihe and Lianyi Rong Technology, conducted share buybacks on October 24, 2025, with China Feihe leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 5.885 million shares for a total of 23.6977 million yuan, representing 0.087% of its total share capital [2]. - Lianyi Rong Technology (09959) repurchased 2.4 million shares for 7.3782 million yuan, accounting for 3.516% of its total share capital [2]. - Beike-W (02423) repurchased 1.1784 million shares for 7 million yuan, which is 1.722% of its total share capital [2]. Group 2: Other Notable Buybacks - Yum China (09987) repurchased 17,800 shares for 6.2549 million yuan, representing 2.830% of its total share capital [2]. - Mengniu Dairy (02319) repurchased 400,000 shares for 5.7447 million yuan, which is 0.545% of its total share capital [2]. - Kangsong Pharmaceutical (01681) repurchased 100,000 shares for 1.5180 million yuan, accounting for 8.582% of its total share capital [2].

Core Insights - The concept of "super brands" is dynamic and evolves with consumer expectations and market conditions [2][5] - The transition from "buying domestic products" to "daily consumption of domestic brands" raises questions about what defines a "Chinese super brand" in a competitive landscape [3][6] - The growth logic of domestic brands is diversifying, moving beyond price competitiveness to focus on cultural resonance and technological innovation [6][9] Brand Evolution - In the past, "super brands" were defined by visibility and market dominance, but today they must establish a deeper connection with consumers [5][6] - The current market demands brands to have both "hard technology" and "soft power" to succeed [6][9] Trends Defining Future Super Brands - **Trend 1: Influence as a Core Asset** The focus has shifted from mere visibility to being chosen by consumers, emphasizing the importance of brand value in consumer decision-making [9][10] - **Trend 2: Agile Growth Strategies** New brands are finding opportunities in niche markets by addressing specific consumer needs and adapting quickly to feedback, contrasting with the previous "big and comprehensive" approach [11][12] - **Trend 3: Cultural Resonance and Value Expression** Modern consumers seek brands that offer meaningful experiences and emotional connections, transforming products into vehicles for personal expression [12][13] Brand Rankings and Insights - The "Influential Brand List" highlights established brands like Moutai and Yili, showcasing their strong market presence and consumer recognition [16][19] - Emerging brands are also recognized for their growth potential, indicating a shift in consumer preferences towards brands that resonate culturally and emotionally [8][11] Research Methodology - The evaluation of brands was based on a combination of consumer survey data and retail performance metrics, providing a comprehensive view of brand influence in the market [44][45] - The collaboration between 36Kr and NielsenIQ aims to identify brands with long-term value and future impact, reflecting the evolving landscape of Chinese consumer goods [44][46]

Core Points - Mengniu Dairy has been actively repurchasing its shares, with a total of 500,000 shares bought back over the past seven days, amounting to HKD 71.79 million [1] - The stock price has seen a decline of 1.44% during this repurchase period, closing at HKD 14.340 on October 24 [1] - Year-to-date, the company has conducted 98 repurchase transactions, totaling 29.768 million shares and an expenditure of HKD 474 million [2] Summary by Category Share Repurchase Activity - On October 24, Mengniu Dairy repurchased 40,000 shares at a price range of HKD 14.340 to HKD 14.370, with a total repurchase amount of HKD 5.7447 million [1] - The company has executed a total of 98 repurchase transactions this year, acquiring 29.768 million shares for a total of HKD 474 million [2] Stock Performance - The stock closed at HKD 14.340 on October 24, reflecting a decrease of 0.42% for the day [1] - The cumulative decline in stock price during the recent repurchase period is 1.44% [1]

呈交日期： 2025年10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 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) ...

Core Insights - BlackRock's stake in Mengniu Dairy's H-shares decreased from 6.02% to 5.97% as of October 20 [1] Company Summary - BlackRock's ownership in Mengniu Dairy has seen a slight reduction, indicating potential shifts in investment strategy or market conditions [1]

Core Insights - The HICOOL2025 Global Entrepreneur Summit was held in Beijing, focusing on creating a global innovation and entrepreneurship ecosystem, with Mengniu Group showcasing its initiatives [1][3] - Mengniu's Vice President Li Pengcheng emphasized the company's commitment to innovation, digital transformation, and green transition to enhance productivity and support the dairy industry's modernization [3][4] Group 1: Innovation Initiatives - Mengniu is implementing a "one body, two wings" strategy, focusing on innovation, digital upgrades, and green transformation to develop new productivity [4] - The company has cultivated six domestic alfalfa varieties at its Inner Mongolia research base, achieving over 90% import substitution [4] - Mengniu is executing a "Million Dairy Cattle Genetic Improvement Plan" and has established two national core breeding farms [4] Group 2: Digital Transformation - Mengniu is advancing a dual "digital flywheel" strategy, embracing AI and accelerating the application of IoT, digital twins, and smart detection technologies [4] - The establishment of smart factories and pastures in regions like Ningxia and Wuhan aims to enhance industrial efficiency and lead the digital transformation of the industry [4] - The company is also focusing on channel innovation and product traceability through digital applications, achieving efficiency, cost reduction, and precision [4] Group 3: Green Transition - Mengniu is committed to sustainable development across the entire industry chain, promoting green organic pastures and transforming over 200 square kilometers of desert into an oasis [4] - The company has built 37 national-level green factories and two zero-carbon factories, emphasizing environmental responsibility [4] - Initiatives such as packaging recycling and beach clean-up campaigns are part of Mengniu's efforts to encourage broader participation in green practices [4] Group 4: Health and Nutrition Focus - Mengniu has successfully incubated several health and nutrition projects, focusing on precision nutrition, sports nutrition, and special medical foods [4] - The company aims to collaborate with the HICOOL platform and various societal forces to develop new productivity and enhance the dairy growth curve [4]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Summary of Key Points Core Viewpoint - Mengniu Dairy has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [2]. Share Buyback Details - On October 23, 2025, Mengniu Dairy repurchased 700,000 shares at a price range of HKD 14.330 to HKD 14.400, totaling HKD 10.0692 million [2]. - The stock closed at HKD 14.400 on the same day, reflecting a 0.42% increase, with a total trading volume of HKD 138 million [2]. - Since October 16, 2025, the company has conducted buybacks for six consecutive days, acquiring a total of 4.6 million shares for HKD 66.0454 million, despite a cumulative stock price decline of 1.03% during this period [2]. Year-to-Date Buyback Activity - Year-to-date, Mengniu Dairy has executed 97 buybacks, acquiring a total of 29.368 million shares for a total expenditure of HKD 468 million [2].

Core Viewpoint - Mengniu Dairy (02319) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Company Actions - The company plans to repurchase 700,000 shares at a total cost of HKD 10.0692 million [1] - The buyback price per share ranges from HKD 14.33 to HKD 14.40 [1]