Core Insights - Lactoferrin, referred to as "liquid gold," is a crucial immune-active protein in breast milk essential for infant growth and development [1] - China's dairy industry has long relied on imported key ingredients like lactoferrin, hindering the country's ability to innovate independently in infant formula [1] Industry Developments - Under the support of the National Key R&D Program, Jiangnan University collaborated with Heilongjiang Feihe Dairy Co., Dalian Polytechnic University, and the Chinese Academy of Agricultural Sciences to address challenges in the extraction and purification of lactoferrin [1] - Innovative selective dynamic classification separation technology for fresh milk proteins has been developed, including key components such as α-lactalbumin, β-casein, milk fat globule membrane protein, and lactoferrin [1] Production Advancements - Heilongjiang Feihe has established and put into operation China's first large-scale automated lactoferrin production line using fresh milk as raw material, filling a technological gap in the domestic lactoferrin industry [1] - This development marks a significant breakthrough in the field of high-activity functional protein separation and purification in China, effectively alleviating the long-standing reliance on imports for lactoferrin [1] Application and Impact - The related technologies and core ingredients have been industrially applied in China's infant formula, enhancing the country's ability to control its production and supporting the development of a high-end dairy product industry chain [1]

Core Insights - A total of 30 companies conducted share buybacks on November 27, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.036 million shares for a total of 636 million [2]. - Midea Group (00300) repurchased 1.2524 million shares for approximately 99.9944 million [2]. - China Petroleum & Chemical Corporation (00386) repurchased 9.01 million shares for about 40.2765 million [2]. Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 78.922 million shares, representing 0.859% of its total share capital [2]. - China Flying Crane (06186) has a cumulative buyback of 18.7 million shares, accounting for 2.063% of its total share capital [2]. - VITASOY International (00345) has a cumulative buyback of 13.93 million shares, which is 1.327% of its total share capital [2].

Summary of Key Points Core Viewpoint - China Feihe has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value and confidence in its stock performance [2][3]. Share Buyback Details - On November 27, China Feihe repurchased 4 million shares at a price range of HKD 4.120 to HKD 4.230, totaling HKD 16.6763 million [2]. - The stock closed at HKD 4.150 on the same day, reflecting a 0.48% increase, with a total trading volume of HKD 128 million [2]. - Since October 24, the company has conducted buybacks for 24 consecutive days, acquiring a total of 185 million shares for a cumulative amount of HKD 79.1 million [2]. - During this period, the stock price has increased by 3.23% [2]. - Year-to-date, the company has executed 26 buybacks, totaling 187 million shares and an aggregate buyback amount of HKD 800 million [2]. Buyback Transaction Summary - A detailed table of buyback transactions shows the number of shares repurchased, highest and lowest prices, and total amounts for each transaction from October 24 to November 27 [2][3]. - Notable transactions include: - November 13: 20 million shares at a maximum price of HKD 4.400, totaling HKD 87.858 million [2]. - November 21: 12.3 million shares at a maximum price of HKD 4.200, totaling HKD 51.4041 million [2]. - November 24: 7.233 million shares at a maximum price of HKD 4.170, totaling HKD 29.9668 million [2].

Performance Summary - Virginie (02199.HK) reported revenue of HKD 3.84 billion for the six months ending September 30, 2025, a decrease of 3.45% year-on-year; net profit increased by 114.25% to HKD 145 million [1] - Huagang United (01001.HK) achieved revenue of HKD 1.023 billion, up 3.34% year-on-year; profit decreased by 3.64% to HKD 52.9 million [1] - Disen Creation (00113.HK) reported revenue of HKD 973 million, a year-on-year increase of 1.2%; net profit rose by 14.02% to HKD 150 million [1] - Sanhe Construction Group (03822.HK) generated revenue of HKD 470 million from customer contracts, a 20.8% increase year-on-year; net profit surged by 1364.7% to HKD 47.41 million [1] - Bojun Education (01758.HK) reported revenue of HKD 379 million for the year ending August 31, 2025, a decrease of 11.9%; losses increased by 227.6% to HKD 130 million [1] - Jiahua Holdings (00064.HK) reported revenue of HKD 172 million, down 21.01% year-on-year; profit increased by 57.59% to HKD 49.51 million [2] - Tiande Real Estate (00266.HK) reported revenue of HKD 152 million, a decrease of 2.5%; losses narrowed by 72.9% to HKD 75.43 million [3] - Kairun International Hotel (00105.HK) reported revenue of HKD 148 million, down 2.34%; losses decreased by 69.77% to HKD 148 million [4] - Safe Warehouse (00237.HK) reported revenue of HKD 84.1 million, down 9.97%; the company recorded a loss of HKD 17.56 million, shifting from profit to loss [4] Company News - Xinchen Power (01148.HK) established a strategic alliance with Sichuan Hongpeng Aerospace Equipment Intelligent Manufacturing in the field of aviation piston engines [5] - Qingdao Beer Co., Ltd. (00168.HK) plans to engage in wealth management investment activities with a maximum single-day balance of RMB 10 billion over the next 12 months [5] - Junshi Biosciences (01877.HK) plans to use up to RMB 2.4 billion of temporarily idle raised funds for cash management [5] - China Anshun Energy (02399.HK) signed a memorandum of understanding with Guo Heng for further investment and participation in energy-related projects [6] - Yanzhou Coal Mining (01171.HK) subsidiary plans to acquire 100% equity of a high-end support company for HKD 345 million [7] - Beijing Qingniao Huanyu (08095.HK) intends to invest approximately HKD 130 million to acquire the remaining 30% equity of Shanghai Shengjin Venture Capital Co., Ltd., focusing on new materials, energy conservation, and high-end equipment manufacturing [7] Financing and Buyback Activities - China Smart Technology (00464.HK) completed the issuance of a total of 11.7 million shares, raising approximately HKD 10.3 million [8] - Tencent Holdings (00700.HK) repurchased 1.036 million shares for HKD 636 million, with repurchase prices ranging from HKD 609 to HKD 620 [9] - China Petroleum & Chemical Corporation (00386.HK) repurchased 9.01 million shares for HKD 40.2765 million, with repurchase prices between HKD 4.42 and HKD 4.52 [10] - China Feihe (06186.HK) repurchased 4 million shares for HKD 16.6763 million, with repurchase prices ranging from HKD 4.12 to HKD 4.23 [10]

格隆汇11月27日丨中国飞鹤(06186.HK)公告，11月27日耗资1667.6万港元回购400万股，每股回购价 4.12-4.23港元。 ...

中国飞鹤(06186)发布公告，于2025年11月27日，该公司斥资1667.63万港元回购400万股。 ...

智通财经APP讯，中国飞鹤(06186)发布公告，于2025年11月27日，该公司斥资1667.63万港元回购400万 股。 ...

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： 中國飛鶴有限公司 呈交日期： 2025年11月27日 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 若購回/贖回股份將於期終結存日期之後購回/贖回結算完成之時予以註銷，則該等購回/贖回股份仍屬A部所述期終結存當日的已發行股份的一部分。該等購回/贖回股份的詳情應在B部作 出披露。 第 2 頁 共 6 頁 v 1.3.0 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 | ...

Core Insights - The conference held by Economic Observer focused on how Chinese enterprises can align with national strategies and innovate to overcome challenges in the digital economy and new production forces [1][2] - The honored companies were selected based on extensive research across thousands of enterprises and key industries, emphasizing their significant impact on China's economy and society [1] - The event highlighted the importance of high-quality development and the role of respected enterprises in driving growth across various sectors, particularly in high-end manufacturing and hard technology [1][2] Group 1: Respected Enterprises - The "2024-2025 Respected Enterprises" and "Respected Leading Enterprises" were recognized for their contributions to the economy, social trust, and innovation [1] - Notable companies included Anta, BYD, Huawei, JD.com, Meituan, Qingdao Beer, China Ping An, and China Feihe, reflecting a diverse range of industries from consumer goods to technology [1] - Companies like Haier Smart Home, Tianqi Lithium, and Prologis China were acknowledged for their special contributions in their respective fields [1] Group 2: Role of Enterprises in Society - Enterprises are seen as vital components of the market economy, contributing not only to economic growth but also to addressing social issues and creating value [2] - The concept of "respected" enterprises now includes a focus on long-termism and the overall welfare of stakeholders, beyond just shareholder returns [2] Group 3: Innovation and Quality - High-quality products and services are fundamental to the reputation of respected enterprises, reflecting their management capabilities and ethical standards [6] - The need for a supportive environment for innovation, including tolerance for failure and encouragement of strategic investments, is emphasized [5] Group 4: Financial Sector Insights - Beijing Bank reported significant growth in technology and green loans, indicating a commitment to supporting the real economy [8] - China Ping An highlighted the transformative potential of AI in the financial sector, focusing on customer-oriented strategies and the integration of advanced technologies [12] Group 5: Regulatory Environment - The importance of antitrust compliance in enhancing product quality and driving industries towards higher standards was discussed [13] - Antitrust laws are seen as catalysts for innovation and quality improvement, helping to eliminate market stagnation caused by monopolistic practices [13] Group 6: Future Outlook - The development of new productive forces through technological self-reliance and innovation is identified as a strategic foundation for enterprises [18] - China's advancements in computing infrastructure and AI technology are expected to disrupt various industries and create new growth opportunities [18]

Core Viewpoint - China Feihe has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value and confidence in its stock performance [2][3] Summary by Category Share Buyback Activity - On November 26, China Feihe repurchased 2.3 million shares at a price range of HKD 4.120 to HKD 4.140, totaling HKD 9.49 million [2] - Since October 24, the company has conducted share buybacks for 23 consecutive days, acquiring a total of 181 million shares with a cumulative expenditure of HKD 774 million [2] - The stock price has increased by 2.74% during the buyback period [2] Year-to-Date Buyback Performance - Year-to-date, China Feihe has completed 25 buyback transactions, repurchasing a total of 183 million shares for a total amount of HKD 784 million [2] Daily Buyback Details - The buyback details include various dates, share quantities, highest and lowest prices, and total amounts spent, showcasing a consistent strategy in share repurchase [2][3]