智通财经APP讯，中国飞鹤(06186)发布公告，于2025年11月4日斥资7610.84万港元回购1800万股股份。 ...

格隆汇11月4日丨中国飞鹤(06186.HK)发布公告，2025年11月4日耗资7610.84万港元回购1800万股，回 购价格每股4.21-4.26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： 中國飛鶴有限公司 呈交日期： 2025年11月4日 第 1 頁 共 6 頁 v 1.3.0 FF305 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) | 06186 | 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 ...

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 3, China Feihe repurchased 4.634 million shares at a price range of HKD 4.200 to HKD 4.220, totaling HKD 19.5428 million [2]. - The stock closed at HKD 4.220 on the same day, reflecting a 1.69% increase, with a total trading volume of HKD 131 million [2]. - Since October 24, the company has conducted share buybacks for six consecutive days, acquiring a total of 35.579 million shares for a cumulative amount of HKD 14.7 million, with the stock price increasing by 4.98% during this period [2]. Year-to-Date Buyback Activity - Year-to-date, China Feihe has executed eight buybacks, totaling 37.579 million shares and an aggregate buyback amount of HKD 15.7 million [3]. - A detailed breakdown of the buyback activities includes: - November 3: 463.40 million shares at a maximum price of HKD 4.220 and a total amount of HKD 19.5428 million - October 31: 200.00 million shares at a price of HKD 4.150, totaling HKD 8.3 million - October 30: 1,200.00 million shares at a maximum price of HKD 4.200, totaling HKD 50.2269 million - October 28: 517.40 million shares at a maximum price of HKD 4.200, totaling HKD 21.6293 million - October 27: 588.60 million shares at a maximum price of HKD 4.090, totaling HKD 24.0721 million - October 24: 588.50 million shares at a maximum price of HKD 4.030, totaling HKD 23.6977 million - July 23: 100.00 million shares at a price of HKD 4.700, totaling HKD 0.47 million - July 9: 100.00 million shares at a price of HKD 4.600, totaling HKD 0.46 million [3].

中国飞鹤(06186)发布公告，于2025年11月3日该公司斥资1954.28万港元回购463.4万股，回购价格为每 股4.20-4.22港元。 ...

智通财经APP讯，中国飞鹤(06186)发布公告，于2025年11月3日该公司斥资1954.28万港元回购463.4万 股，回购价格为每股4.20-4.22港元。 ...

格隆汇11月3日丨中国飞鹤(06186.HK)公告， 11月3日耗资1954.3万港元回购463.4万股。 ...

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3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) | 06186 | 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 ...

Core Viewpoint - On October 31, 33 Hong Kong-listed companies conducted share buybacks, totaling 21.84 million shares and an aggregate amount of HKD 152 million [1][2]. Group 1: Buyback Details - China COSCO Shipping Holdings (中远海控) repurchased 3 million shares for HKD 40.71 million, with a highest price of HKD 13.750 and a lowest price of HKD 13.350, bringing its total buyback amount for the year to HKD 4.447 billion [1][2]. - Guo Sheng Tang (固生堂) repurchased 582,000 shares for HKD 16.59 million, with a highest price of HKD 28.680 and a lowest price of HKD 28.340, totaling HKD 284 million in buybacks for the year [1][2]. - Sinopec Limited (中国石油化工股份) repurchased 3.652 million shares for HKD 15.12 million, with a highest price of HKD 4.170 and a lowest price of HKD 4.110, accumulating HKD 871 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on October 31 was from China COSCO Shipping Holdings at HKD 40.71 million, followed by Guo Sheng Tang at HKD 16.59 million [1][2]. - In terms of share quantity, Sinopec Limited led with 3.652 million shares repurchased, followed by China COSCO Shipping Holdings with 3 million shares and Linklogis Technology (联易融科技-W) with 2.34 million shares [1][2].

Core Insights - The Chinese infant formula market is experiencing a significant shift, with foreign brands showing strong growth despite an overall market increase of only 0.5% [1][3] - The return of foreign brands marks a new phase in the competitive landscape of the Chinese infant formula market, which has seen dramatic changes over the past two decades [3][5] Market Dynamics - In 2008, the melamine scandal led to a collapse in consumer trust for domestic brands, allowing foreign brands to capture up to 60% market share [3][5] - The following decade was dominated by foreign brands, with companies like Mead Johnson and Wyeth leading the market [5] - A turning point occurred in 2017 when domestic brands began to regain market share, culminating in Feihe surpassing Wyeth in 2019 [5][8] Current Performance - In the first half of 2025, Feihe reported a revenue decline of 9.36% and a net profit drop of 46.66%, while foreign brands like FrieslandCampina and A2 Milk Company continued to grow [8][9] - FrieslandCampina's brand, Friso, has become the leading international brand in the Chinese infant formula market, with its product becoming the best-selling SKU [8][11] Strategies of Foreign Brands - Foreign brands are leveraging a three-pronged strategy to reclaim market share: 1. **Premiumization**: Focusing on high-end products, with the ultra-premium segment accounting for 64.4% of the market [10][11] 2. **Channel Penetration**: Expanding into lower-tier cities through digital platforms, enhancing direct connections with retailers [15][16] 3. **Price Stability**: Maintaining price integrity amidst a domestic price war, ensuring profitability for retailers [16][17] Challenges for Domestic Brands - Domestic brands face significant challenges, including a fragmented pricing structure and declining consumer confidence [18][20] - The transition to new national standards has led to pricing chaos and reduced channel profitability [20] - Domestic brands are also struggling with cost competitiveness, as imported raw materials can be cheaper than local production [20] Strategic Shifts for Domestic Brands - Domestic companies are diversifying their product offerings and exploring international markets to counteract declining sales [21][23] - The focus is shifting towards all-age nutrition, expanding from infant formula to products for children, adults, and seniors [23][30] Future Outlook - The restructuring of the market is underway, with an increasing concentration of market share among leading brands [24][29] - The competition is evolving from basic nutrition to advanced ingredient development, with a focus on active components like HMO [26][30] - Foreign brands are localizing their supply chains to enhance competitiveness in the Chinese market [27][28] Conclusion - The infant formula industry in China is entering a new phase of refined competition, where trust and innovation will be key determinants of success [30][31]