（文章来源：证券时报网） 5月27日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 97.90 | 50029.83 | 514.000 | 507.000 | 2452900.34 | | 03690 | 美团-W | 301.87 | 39179.19 | 132.400 | 122.600 | 39179.19 | | 01919 | 中远海控 | 617.35 | 8984.14 | 14.820 | 14.280 | 440646.07 | | 01299 | 友邦保险 | 32.50 | 2112.68 | 65.400 | 64.500 | 923385.41 | | 02142 | 和铂医药-B | 79.40 | 677.74 | 8.640 | 8.300 | 10277.66 | | 01483 | 网誉科技 ...

蒙牛乳业 20250527 摘要 蒙牛乳业收入长期保持增长，虽受外部事件冲击，但新业务拓展有望实 现稳健增长。商誉减值计提曾导致利润波动，但公司现金流稳健，分红 坚挺，显示出较强的财务韧性。 总裁高飞上任后，对蒙牛进行改革调整，短期内渠道趋于平稳。预计调 整完成后，经营效能将提升，收入增速有望回补，经营效率也将提高， 2025 年有望实现双重改善。 中国乳制品行业销量增长平稳，受人口结构和原奶价格下跌影响，出现 量价双跌。原奶价格下跌顺利传导至终端售价，反映出原奶成本占比大 且品质同质化的特点。 液态奶是蒙牛的支柱业务，冰淇淋和奶酪业务是潜在增长点。中粮集团 的控股股东地位提供稳定支持，贝拉米、雅士利等业务单元以及海外布 局为未来增长奠定基础。 城乡消费差异和冷链物流发展为中国乳制品市场带来增长机会。农村居 民收入提升和南方地区西式饮食习惯普及可能驱动奶制品消费量增加。 Q&A 蒙牛乳业的基本情况及其在中国乳制品行业中的地位如何？ 蒙牛乳业是中国乳制品行业的双龙头之一，长期专注于液态奶产品。其主要产 品包括常温液态奶如特仑苏、纯真，以及低温鲜奶每日鲜语等。此外，蒙牛还 通过另一家上市公司妙可蓝多进行业务扩展， ...

行 业 研 究 [Table_Reportdate] 2025年05月22日 [table_invest] 超配 行 业 深 度 食 品 饮 -40% -29% -18% -7% 4% 15% 24-05 24-08 24-11 25-02 申万行业指数:食品饮料(0734) 沪深300 [相关研究 table_product] [Table_NewTitle 产能加快]调整，2025年奶价有望企稳 ——乳制品行业深度报告 [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 料 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_stockTrend] 26% 1.白酒底部区间，大众品关注高成长 性赛道 — — 食 品 饮 料 行 业 周 报 （2025/5/12-2025/5/18） 2.白酒压力释放，关注高景气品类— —食品饮料行业周报（2025/5/5- 2025/5/11） 3.安井食品（603345）：经营稳健， 方向明确——公司 ...

低温酸奶，在经历了5年低迷后迎来了回暖，其消费者数量从202 4年下半年开始同比持续 提升，并带动品类消费量和销售额的正向增长。这与带有健康属性加持的酸奶产品息息相 关。 如何能把握住这个健康赛道，让品类持续增长，成为各品牌需要进一步研究的课题。消费 者指数(Wo rl d p a n e l)认为可以 从三大健康差异化战略着手，深挖消费者之需，激活低温酸 奶的消费群体 。 益生菌、无糖、低脂等是在低温酸奶品类中主流的健康属性，其渗透率在持续增长。品牌 通常通过包装正面的文字标识传递产品属性，但随着消费者决策日趋理性，对单纯"健康宣 称"的信任度逐渐下降。2024年消费者指数《Wh o Ca r e s Who Doe s》研究显示， 46% 的 消费者"经常/总是会"查看食品成分表及营养成分，凸显对真实成分的关注。 今年3月国家卫健委与市场监督管理总局发布新规，明确禁止食品标识使用"零添加"等模 糊宣传用语，倒逼行业以具体成分含量和第三方权威认证与消费者建立信任。因此，在消 费者健康关注度与监管力度双提升的背景下，以 成分透明化+专业背书 替代营销话术，是 低温酸奶持续建立消费者信任的首要任务，也是切入健康 ...

Summary of Key Points Core Viewpoint - On May 21, 33 Hong Kong-listed companies conducted share buybacks, totaling 31.50 million shares and an aggregate amount of HKD 672 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 963,000 shares for HKD 500 million, with a highest price of HKD 524.00 and a lowest price of HKD 516.00, bringing its total buyback amount for the year to HKD 22.53 billion [1][2]. - China COSCO Shipping Holdings repurchased 5.57 million shares for HKD 82.33 million, with a highest price of HKD 14.90 and a lowest price of HKD 14.56, totaling HKD 3.99 billion in buybacks for the year [1][2]. - AIA Group repurchased 543,800 shares for HKD 36.05 million, with a highest price of HKD 67.30 and a lowest price of HKD 65.55, accumulating HKD 9.10 billion in buybacks for the year [1][2]. Group 2: Other Notable Buybacks - Other companies with significant buybacks on May 21 include Times Electric with 365,400 shares for HKD 12.02 million and China Eastern Airlines with 250,000 shares for HKD 670,240 [2][3]. - The buyback activity indicates a trend among companies to utilize excess cash for share repurchases, potentially signaling confidence in their future performance [1][2].

Group 1 - The article discusses the stock buybacks conducted by various companies on May 21, 2025, highlighting the total amounts and quantities repurchased [1][2] - Bilibili-W (09626) had the largest buyback amount, repurchasing 5.5881 million shares for a total of 783 million [1][2] - Other notable buybacks include Tencent Holdings (00700) with 963,000 shares repurchased for 500 million, and China COSCO Shipping Holdings (01919) with 5.57 million shares for 82.33 million [2][3] Group 2 - The cumulative buyback amounts for the year show Bilibili-W (09626) has repurchased a total of 839,200 shares, representing 0.203% of its total share capital [2] - China COSCO Shipping Holdings (01919) has the highest cumulative buyback percentage at 9.129%, with a total of 29.2 million shares repurchased [2] - Other companies with significant buyback percentages include AIA Group (01299) at 5.398% and Time Electric (03898) at 9.689% [2]

Core Viewpoint - Mengniu Dairy is positioned as a leading player in the domestic dairy industry, leveraging its partnership with COFCO Group to drive growth through new product categories and international expansion [1] Company Overview - Mengniu Dairy's revenue composition for 2024 is projected to be 82.40% from liquid milk, 5.84% from ice cream, 3.74% from milk powder, 4.87% from cheese, and 3.15% from other dairy products, indicating a stable performance in its core liquid milk business [1] - The company has established six production bases overseas, contributing to its international business growth, with overseas revenue share increasing since 2019 [1] - Mengniu has over a thousand cooperative farms in China, with daily milk collection exceeding 20,000 tons, ensuring a solid supply chain [3] Industry Trends - The raw milk supply and demand are expected to rebalance, with a 24.53% decline in average raw milk prices from the end of 2021 to July 2023, indicating a potential price stabilization [2] - The industry is witnessing a shift towards high-quality and health-oriented products, with innovations such as low-temperature short-shelf-life milk and sugar-free yogurt gaining traction [2] Product Development and Strategy - Mengniu is expanding its product matrix beyond liquid milk to include fresh milk, cheese, ice cream, and milk powder, with increasing revenue contributions from these categories [3] - The company has implemented a "deep distribution" strategy since 2017, enhancing its penetration in rural markets and improving operational efficiency through digitalization [3] Financial Outlook - The company's net profit margin is relatively high compared to regional dairy companies, with expectations for improved profitability as raw milk prices stabilize and product upgrades continue [4] - Projected net profits for 2025 and 2026 are estimated at 5.08 billion and 5.69 billion respectively, with current PE ratios around 13 times and 12 times, indicating significant upside potential [4]

| 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 97.10 | 50022.46 | 517.000 | 512.500 | 2202672.67 | | 01299 | 友邦保险 | 200.00 | 13363.56 | 67.650 | 65.650 | 905885.42 | | 01919 | 中远海控 | 556.00 | 8035.93 | 14.640 | 14.200 | 391168.19 | | 03898 | 时代电气 | 38.45 | 1247.13 | 32.500 | 32.250 | 132422.11 | | 01483 | 网誉科技 | 462.00 | 554.40 | 1.200 | 1.200 | 2677.78 | | 00670 | 中国东方航 空股份 | 200.00 | 527.34 | 2.67 ...

儿童牛奶赛道再添新选手。 南都湾财社记者留意到，近期"618"购物节已经开始，一众儿童牛奶在电商平台开启促销活动，价格比 平常更低，但不同品牌之间的儿童牛奶产品单价差别较大，从2元以下到6元左右，新老品牌混战，儿童 牛奶也在打"价格战"？ 认养一头牛入局儿童牛奶市场 与伊利、蒙牛等乳企同台竞争 据了解，此次"哞星人"发布的A2型儿童纯牛奶系列新品，包含A2型儿童纯牛奶、A2型有机儿童纯牛奶 以及A2型娟姗儿童纯牛奶3个系列，适合儿童年龄段为1岁-12岁。 值得注意的是，目前"哞星人"新品已于5月13日发售，每100ml牛奶价格为2元-3元。据品牌方介绍，认 养一头牛自有牧场的A2型有机儿童纯牛奶已通过了中欧有机双认证，A2型娟姗儿童纯牛奶乳蛋白含量 为4.0g/100ml。 在渠道上，认养一头牛表示，"哞星人"通过线上、线下渠道双发力的市场战略，会入驻天猫、京东、抖 音等平台，以及主流商超等线下渠道。意味着其将与伊利、蒙牛、光明等头部乳企在儿童牛奶这一细分 市场同台竞争。 早在2006年，伊利就推出了QQ星儿童成长牛奶，此后儿童牛奶市场持续扩容，并逐渐迎来更多选手。 2008年，蒙牛紧随其后也在推出未来星儿童 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [9]. Core Views - The company is expected to benefit from a recovery in profitability as raw milk supply and demand approach balance, leading to a slowdown in price competition. The ongoing product upgrades, particularly in high-end segments like fresh milk and cheese, are anticipated to positively contribute to overall profitability [3][9]. Company Overview - The company is a leading player in the domestic dairy industry, backed by COFCO Group, and is diversifying its product categories. In 2024, the revenue breakdown is projected to be 82.40% from liquid milk, 5.84% from ice cream, 3.74% from milk powder, 4.87% from cheese, and 3.15% from other dairy products [6][14]. - The liquid milk segment remains the core business, with stable growth, while ice cream and cheese segments are expected to see further revenue increases, with cheese showing a year-on-year growth of 0.45 percentage points [6][26]. Industry Analysis - The raw milk supply and demand are expected to rebalance, with a potential price turning point on the horizon. Since 2018, milk production has increased for six consecutive years, but recent demand pressures have led to a 24.53% decline in average raw milk prices from late 2021 to July 2023. The stabilization of milk prices is anticipated to improve the profitability of dairy companies [7][9]. - The trend towards high-quality and health-oriented products is expected to drive long-term demand growth in the dairy sector. Innovations in product offerings, such as low-temperature short-shelf-life milk and sugar-free yogurt, align with the health-conscious consumer trend [7]. Business Strategy - The company is enhancing its upstream milk source through investments in farms and strategic partnerships. It currently collaborates with over a thousand farms, ensuring that 100% of its fresh milk comes from large-scale, intensive farms [8]. - The company is also focusing on digital transformation to improve operational efficiency and expand its distribution channels, particularly in rural areas [8][30]. Financial Performance - The company’s revenue is projected to reach 886.75 million in 2024, with a year-on-year decline of 10.09%, while the net profit is expected to be 1.05 billion, down 97.83% year-on-year. The revenue drop is attributed to weak industry demand, but ongoing product innovation and channel expansion are expected to enhance market presence [23][26].