Core Viewpoint - China Feihe (06186) announced a share buyback plan, investing HKD 23.6977 million to repurchase 5.885 million shares on October 24, 2025 [1] Group 1 - The company is engaging in a share repurchase, indicating confidence in its own stock value [1] - The total amount allocated for the buyback is approximately HKD 23.7 million [1] - The number of shares to be repurchased is 5.885 million [1]

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) | 06186 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 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 | | | | 於 ...

Group 1 - The core viewpoint of the article highlights that China Feihe is taking various measures to stabilize its position in the market amid pressure, including launching new products that replicate breast milk nutrition [1][2] - Feihe has introduced several new products, such as Qicui and Jicui, which are set to be launched soon, indicating the urgency of product innovation [1] - The company reported a revenue decline of 9.36% year-on-year to 9.151 billion yuan in the first half of the year, with specific product lines experiencing varying revenue changes [1] Group 2 - Feihe has achieved the status of the number one brand in national sales of infant formula for six consecutive years, but the growth momentum in the infant formula market is currently weak [2] - The decline in marriage registrations in China by over 20% in 2024 suggests a likely decrease in newborn numbers, intensifying the competition in the existing market [2] - Feihe possesses relative advantages in milk source, research and development, and production processes, which are crucial for maintaining its market position [2]

Core Viewpoint - China Feihe (06186.HK) has seen a stock price increase of over 3%, currently trading at 4.11 HKD with a transaction volume of 129 million HKD [2] Summary by Category - **Stock Performance** - The stock price of China Feihe has risen by 3.27% [2] - Current trading price is 4.11 HKD [2] - Total transaction volume reached 129 million HKD [2]

Core Viewpoint - China Feihe (06186) has seen a stock price increase of over 3%, currently trading at 4.11 HKD with a transaction volume of 129 million HKD, driven by the acceleration of local childcare subsidy approvals [1] Group 1: Company Performance - China Feihe is recognized as a leading player in the Chinese infant formula market, with a continuously increasing market share and solid brand and channel advantages [1] - The company is expected to experience a significant revenue recovery by the second half of 2025, aided by the completion of channel adjustments and the introduction of new products, alongside the positive impact of the childcare subsidy policy [1] Group 2: Market Context - Reports indicate that many parents in regions such as Sichuan and Chongqing have had their childcare subsidy applications approved, with local governments speeding up the review process [1] - Different regions have varying timelines for the disbursement of these subsidies, with places like Xining expected to issue the first batch of funds by the end of October, while others may do so in November or December [1]

Core Viewpoint - China Feihe (06186) shares rose over 3%, currently at 4.11 HKD with a trading volume of 129 million HKD, driven by the acceleration of local childcare subsidy approvals [1] Group 1: Company Performance - China Feihe's market share in the infant formula sector continues to increase, supported by strong brand and channel advantages [1] - The company is expected to see revenue recovery in the second half of 2025, aided by channel adjustments and new product launches, alongside the positive impact of the childcare subsidy policy [1] Group 2: Industry Context - Local childcare subsidy approvals are speeding up, with varying distribution timelines across regions; for instance, Xining plans to distribute the first batch of subsidies by the end of October, while other areas may do so in November or December [1]

Core Viewpoint - The 2025 World Dairy Summit held in Santiago, Chile, focused on sustainable development practices, technological advancements, artificial intelligence, market trends, and nutritional science in the dairy industry, with Feihe being the only Chinese brand invited to deliver a keynote speech [1][2][5]. Group 1: Feihe's Contributions and Innovations - Feihe showcased its upgraded Xingfeifan Zhuorui product during the summit, emphasizing its "symbiotic model" developed over years of practice, which offers valuable "Chinese wisdom" and solutions to the global dairy industry's challenges [5][6]. - The chairman of Feihe, Cold Youbin, highlighted the importance of building a "symbiotic" development model to address the dual challenges of growth and sustainability in the global dairy sector [6][19]. - Feihe has established a complete industrial chain since 2006, becoming a global leader with 13 modern core factories, 13 owned pastures, and over 115,000 high-quality dairy cows, ensuring product quality and safety [8][10]. Group 2: Research and Development - Feihe has actively engaged in global innovation networks, collaborating with top research institutions to develop a comprehensive "innovation community," particularly in breast milk research [14]. - The company has achieved 100% self-control over farms, owned pastures, and raw milk, creating a "symbiotic ecosystem" that enhances resource recycling and product quality [10][12]. - Feihe's new product lines, such as the "new generation more suitable" series, aim to replicate the nutritional ecology of breast milk, enhancing the nutritional value and absorption rates of their products [16][18]. Group 3: Commitment to Sustainability - Feihe integrates ESG principles into every aspect of its operations, promoting a "green industrial chain" that aligns environmental protection with industrial development [19]. - The company has implemented an ecological recycling project in China's high-altitude regions, significantly reducing carbon emissions and contributing to sustainable agricultural practices [19]. - Feihe's participation in the summit reflects not only its achievements but also the overall strength of the Chinese dairy industry, as it shares its sustainable development experiences with global dairy leaders [21].

Core Insights - The 2025 World Dairy Summit held in Santiago, Chile, focused on "Nourishing a Sustainable World," attracting industry representatives to discuss sustainable practices, technological advancements, market trends, and nutritional science in the dairy sector [1][4]. Company Highlights - China Feihe was the only Chinese brand invited to deliver a keynote speech at the summit, where Chairman Cold Youbin presented the company's "Symbiotic Model" as a valuable "Chinese wisdom" and solution to the challenges faced by the global dairy industry [4][6]. - Feihe's "Symbiotic Model" emphasizes collaboration with the industry foundation, global intelligence, and future environments to address the dual challenges of growth and sustainability in the dairy sector [6][10]. - Since 2006, Feihe has pioneered a complete supply chain in the infant formula industry, establishing the largest industrial cluster globally, with 13 modern factories, 13 owned pastures, and over 115,000 high-quality dairy cows [7][10]. - Feihe has achieved 100% self-control of farms, owned pastures, and raw milk, creating a "symbiotic ecosystem" where farms supply feed, pastures provide quality milk, and factory by-products return to the fields [10][12]. - The company has developed a "2-hour ecological circle" for rapid low-temperature transport of fresh milk to factories, ensuring high quality and safety [12][19]. Research and Innovation - Feihe is committed to open collaboration in research, having established partnerships with top global research institutions to advance breast milk research and develop formulas that closely resemble breast milk [13][15]. - The company has achieved self-sufficiency in key raw materials, enhancing the nutritional activity and absorption rates of its products through innovative technologies [15][17]. - Feihe's new product line, "New Generation More Suitable," aims to replicate the nutritional ecology of breast milk, further enhancing the potential of infants [15][17]. Sustainability Initiatives - Feihe integrates ESG principles into its operations, promoting a green transformation in the dairy industry by establishing a "green supply chain" and collaborating with partners to advance sustainable development [18][19]. - The company has implemented an ecological recycling project in China's high-altitude regions, significantly reducing carbon emissions and contributing to global agricultural development [19][21]. - Feihe's participation in the summit reflects the overall strength of the Chinese dairy industry, showcasing its commitment to sustainable practices and technological innovation on a global stage [21].

Core Viewpoint - The 2025 World Dairy Summit held in Santiago, Chile, focuses on sustainable development practices and innovations in the dairy industry, highlighting the importance of collaboration and technology in addressing global challenges [1][4][19]. Group 1: Company Highlights - Feihe is the only Chinese brand invited to deliver a keynote speech at the summit, showcasing its upgraded Xingfeifan Zhuorui product and sharing its "symbiotic model" as a solution to global dairy challenges [2][4]. - The company has established a robust full industry chain since 2006, creating the first complete industry chain in China's infant formula sector and the largest industrial cluster globally, with 13 modern factories, 13 owned pastures, and over 115,000 high-quality dairy cows [5][7]. - Feihe has achieved three 100% milestones: 100% farm control, 100% owned pastures and cows, and 100% owned raw milk, creating a "symbiotic ecosystem" that enhances resource circulation [7][10]. Group 2: Innovation and Research - Feihe emphasizes open collaboration in research, having established partnerships with top global universities and research institutions to advance breast milk research and develop formulas that closely mimic breast milk [11][14]. - The company has developed a unique "fresh nutrition system" that ensures the freshness and nutritional quality of its products, with significant improvements in nutritional activity and absorption rates in its new product lines [14][16]. - Feihe's commitment to sustainability is evident in its ecological projects, including a large-scale ecological recycling project in China's cold regions, which significantly reduces carbon emissions and has been recognized as a replicable solution by the United Nations [17][19]. Group 3: Market Position and Future Outlook - Feihe has maintained its position as the top seller in China's infant formula market for six consecutive years and continues to lead globally, reflecting strong consumer trust and product quality [16]. - The company aims to integrate ESG principles into its operations, promoting a green industry chain that aligns environmental protection with industrial development [17][19]. - Feihe's participation in the summit represents not only its achievements but also the overall advancement of China's dairy industry, as it shares its sustainable development model with global peers [19].

Core Insights - The 2025 Sustainable Global Leaders Conference was held in Shanghai, focusing on "Facing Challenges Together: Global Action, Innovation, and Sustainable Growth" [2] - China Feihe Limited, a leader in the green transformation of the dairy industry, emphasized the importance of sustainable development and collaboration for a better future [2][3] Company Initiatives - Feihe has actively responded to China's "dual carbon" strategy, developing a sustainable path that balances ecological and social benefits [2] - The company has implemented a "crop-livestock circular" ecological model, processing 40,000 tons of corn straw and 100,000 tons of manure annually, which enhances soil organic matter by 1% across 14,000 acres [2] - This model reduces carbon emissions by nearly 400,000 tons per year, equivalent to planting over 20 million trees, and has been recognized by the United Nations as a replicable solution for agriculture in high-altitude regions [2] Industry Collaboration - Feihe is working with partners across the entire industry chain to create a green packaging ecosystem, achieving 100% recyclable packaging materials [3] - The company has introduced an innovative "factory within a factory" model, which reduces transportation processes and costs while lowering carbon emissions and improving supply chain efficiency [3] - Feihe aims to deepen its green transformation by collaborating with industry partners, thereby injecting new momentum into sustainable development [3] Strategic Framework - Feihe has developed an effective model consisting of three key chains: a "green symbiosis" industry chain with partners, a "win-win sharing" chain with social forces, and an "innovation co-creation" chain with research institutions [3] - The company is committed to contributing to a sustainable world through collaboration and shared efforts with more partners in the future [3]