港股奶制品股震荡回升，现代牧业涨超3%，蒙牛乳业跌幅收窄至0.9%。 本文源自：金融界AI电报 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Insights - In the first three quarters of 2025, the Chinese fast-moving consumer goods (FMCG) market exhibited distinct characteristics of "price reduction, volume increase, structural differentiation, and channel reshaping." The overall market average price decreased by 2.4% year-on-year, but the decline has narrowed, indicating price stabilization. Third to fifth-tier cities have become the main drivers of sales recovery, while competition in first and second-tier cities has intensified. Notably, packaged food sales led with a growth rate of 3.4%, although the momentum is slowing due to price sensitivity. Beverages are the only category to experience a decline, significantly impacted by price wars and competition from freshly brewed tea drinks [2][4][27]. Summary by Sections Market Overview - The FMCG market in China is characterized by a "price reduction, volume increase" trend, with a 2.4% year-on-year decline in average prices, which is stabilizing. Sales growth in lower-tier cities contributed approximately 80% to market growth, with a year-on-year increase of 4-6% [17][21][27]. Category Performance - Packaged food sales grew by 3.4% year-on-year, driven by stable demand for core and snack food categories. However, growth momentum is slowing, with quarterly growth rates of 4.6%, 4.2%, and 2.9%. In contrast, the beverage category saw a 1.1% decline in sales, despite a 3.6% increase in volume, primarily due to a 4.6% drop in average prices [21][25][27]. Channel Dynamics - The channel landscape is evolving, with traditional offline channels continuing to shrink. Emerging formats such as warehouse membership stores and snack collection stores are experiencing rapid growth, with increases of approximately 40%, 51%, and 92% respectively. E-commerce channels also showed resilience with a growth rate of about 7% [22][27]. Subsector Performance - The food and beverage sector has seen a mixed performance, with the overall index down 3.66% since the beginning of the year, lagging behind the CSI 300 index. However, subsectors like snack foods, food composites, and soft drinks have shown relative strength in recent weeks [29][35]. Industry Trends - The liquor industry is undergoing strategic adjustments, with major companies like Kweichow Moutai and Wuliangye implementing market reforms. Fast food and coffee brands are leveraging price adjustments and co-branding initiatives to attract consumers. The soft drink sector is focusing on product innovation and brand exposure, while the dairy sector is investing in capacity expansion and governance changes [35][36][37].

Moojing Market Intelligence 2025年线上肠胃健康保健品&肠胃益生菌 市场机会洞察 SPEAKER: 高峰 DATE: 2025年12月 保健食品市场|稳步增长，细分赛道各有机遇，肠胃稳中有进 • 2025年前三季度，线上（指淘天、京东、抖音加总，下同）保健品市场规模超870亿元，较2024年同期增长近19%。从功效类型看，基础免疫市 场以超150亿规模领跑，口服美容、骨骼健康次之，规模均接近100亿。三大核心细分市场外，睡眠管理延续24年高增长趋势，继续以87.4%的增 幅快速扩张，高压生活导致睡眠问题日益严重，持续推动相关保健食品需求大幅提升；慢病养护、补充脑力、改善贫血等其他多个细分市场增也高 于市场平均水平；肠胃健康市场小幅回暖，累计销售额规模近39亿元。 2025年1月-9月 线上保健食品市场规模（亿元） 2025年1月-9月 保健食品 各细分功效市场规模&增速（气泡大小代表均价） 733.9 871.1 2024年1月-9月 2025年1月-9月 口服美容 骨骼健康 体重管理 三高慢病 补充脑力 护肝养肝 运动营养 肠道健康 增强免疫力 护眼 睡眠管理 女性健康 男性健 ...

无论是儿童青少年生长发育所需的蛋白质与钙，还是成人维持肌肉与骨骼健康，以及中老年人预防骨量流失，牛奶都能发挥长期而稳定的作 用。正因为这种"易获取、易坚持、易吸收"的特性，牛奶被视为构建国民营养底盘、推动全民健康的重要基础性食物。 但从现实情况看，中国饮奶水平仍有明显提升空间。《中国奶业质量报告（2025）》当中的数据显示，目前中国年人均奶类消费量约为 40.5kg，显著低于《中国居民膳食指南》所推荐的 110—183kg。换句话说，"喝奶"这件事并非小习惯，而是关乎国民营养结构能否真正升级的 一道基础题。 近期，国家发布《促进健康消费专项行动方案》，明确提出通过优化健康食品供给、改善膳食结构，引导形成更加科学、可持续的营养消费方 式。这进一步明确了乳业在其中的新角色，不只是推动"有奶喝"，更要推动"更多人能喝、长期喝、科学喝"，在全民营养升级中发挥更为关键 的支撑作用。 随着"健康中国"战略持续深化，如何让优质营养高效触达大众，成为亟待破解的民生课题。在众多营养食材中，牛奶凭借优质蛋白含量稳定、 摄入便捷经济的优势，成为规模化普及营养的重要载体，早已深度融入国民日常营养需求之中。 然而，乳糖不耐受的普遍存在 ...

证券时报·数据宝统计，蒙牛乳业在港交所公告显示，12月19日以每股15.260港元至15.340港元的价格回 购20.00万股，回购金额达306.43万港元。该股当日收盘价15.340港元，上涨0.66%，全天成交额3.69亿 港元。 自11月14日以来公司已连续26日进行回购，合计回购520.00万股，累计回购金额7689.77万港元。 其间 该股累计上涨1.32%。 今年以来该股累计进行132次回购，合计回购3906.80万股，累计回购金额6.09亿港元。（数据宝） 蒙牛乳业回购明细 | 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） | | --- | --- | --- | --- | --- | | 2025.12.19 | 20.00 | 15.340 | 15.260 | 306.43 | | 2025.12.18 | 20.00 | 15.240 | 15.140 | 304.72 | | 2025.12.17 | 20.00 | 15.120 | 15.100 | 302.27 | | 2025.12.16 | 20.00 | 14.870 ...

格隆汇12月19日丨蒙牛乳业(02319.HK)发布公告，2025年12月19日耗资306.43万港元回购20万股，回购 价格每股15.26-15.34港元。 ...

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12月19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 | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（ ...

日前，第一财经记者多方采访中外企业，各大企业在明年围绕坚持内需主导提出了最新发展计划。 蒙牛集团党委副书记、高级执行总裁李鹏程对第一财经记者表示，中央经济工作会议既实事求是、正视 当前困难，又对未来发展亮明了信心，提出了针对性的规划和举措，释放了积极的信号，也让我们对未 来的发展更有底气和信心。"中央经济工作会议提出，明年要持续扩大内需、优化供给，做优增量、盘 活存量，因地制宜发展新质生产力。作为乳业'国家队'，蒙牛积极应对周期挑战，反求诸己、向内而 生，全面打造乳业新质生产力，打造新产品、提供新场景、拓展新赛道，突破行业'内卷式'竞争，不断 满足消费者的营养健康需求。" 李鹏程认为，我国乳业市场广、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变。面向未来， 将推进"一体两翼"战略，在夯实核心产业的基础上，通过科技创新引领新质生产力发展，以全产业链的 高质量发展，助力中国式现代化建设。 中央经济工作会议将"坚持内需主导，建设强大国内市场"作为重点任务，中外企业积极响应并提出了相 关发展计划。 近期，中央经济工作会议在部署新一年经济工作时，将"坚持内需主导，建设强大国内市场"作为重点任 务。学习贯彻中央经济 ...

Core Insights - The article emphasizes the increasing importance of Corporate Social Responsibility (CSR) as a strategic component for companies, influenced by the United Nations' Sustainable Development Goals (SDGs) and ESG investment mechanisms [1] Group 1: Key News - Anta Group collaborates with the UN Refugee Agency to provide humanitarian aid to 300,000 displaced youth [3] - The "One Kilometer River Protection" public welfare project successfully concludes, showcasing cross-sector collaboration for environmental protection [3] Group 2: Environmental Protection - The "One Kilometer River Protection" project, initiated by FedEx and the China Environmental Protection Federation, successfully concludes with activities across 15 cities, involving over 3,000 volunteers [4] Group 3: Education Charity - Anta Group's humanitarian project "Moving for Change" benefits 300,000 displaced youth in Africa and will continue for another three years [6] - ECCO's "Dream Journey" initiative provides support to children in Heilongjiang, emphasizing companionship and community engagement [8] - Yili and Lenovo launch the "Eco Solutions" initiative, donating 160,000 boxes of student milk to support nutrition for students in Inner Mongolia [10] Group 4: Public Health - Shanghai Auntie concludes its "Five Colors Slow Nourishment" program, promoting mental and physical well-being through a series of courses [12] - Mengniu's Yili C brand receives a health certification, reinforcing its commitment to gut health through professional nutrition [14] Group 5: Pet-Friendly Initiatives - Champion's premium brand ACANA launches a new cat food line, contributing to the development of a pet-friendly ecosystem [18] - Xiaoxianyu's "Help Stray Cats Find Homes" initiative is recognized as an outstanding case for responsible practice in 2025 [19] Group 6: Other - Anta Group and the Min Foundation are awarded the highest 5A rating for social organizations, reflecting their operational standards and public trust [20]

Group 1 - The article reports on share buybacks conducted by various companies on December 18, 2025, with Tencent Holdings leading in both the number of shares repurchased and the total amount spent [1] - Tencent Holdings repurchased 1.055 million shares for a total of 636 million yuan, representing 1.030% of its total share capital for the year [2] - Other notable companies involved in the buyback include Xiaomi Group, which repurchased 3.75 million shares for 151 million yuan, and China National Petroleum Corporation, which repurchased 254,000 shares for 116.38 million yuan [3] Group 2 - The total number of shares repurchased by companies varied significantly, with China National Petroleum Corporation having a cumulative buyback of 230 million shares, which is 0.190% of its total share capital [3] - Companies like IGG and VITASOY also participated, with IGG repurchasing 182,000 shares for 68.49 million yuan and VITASOY repurchasing 122,000 shares for 77.94 million yuan [3] - The buyback activity reflects a strategic move by these companies to enhance shareholder value and manage their capital structure effectively [1][2]