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]

Core Viewpoint - China Feihe (06186.HK) has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value and confidence in its stock performance [1] Summary by Sections Share Buyback Activity - On October 31, China Feihe repurchased 2 million shares at a price of HKD 4.15 per share, totaling HKD 8.3 million [1] - The stock closed at HKD 4.15 on the same day, with a total trading volume of HKD 150 million [1] - Since October 24, the company has conducted buybacks for five consecutive days, acquiring a total of 30.945 million shares for a cumulative amount of HKD 128 million [1] - The stock has increased by 3.23% during this buyback period [1] Year-to-Date Buyback Summary - Year-to-date, China Feihe has executed seven buybacks, totaling 32.945 million shares and a cumulative buyback amount of HKD 137 million [1] Detailed Buyback Information - A detailed table of buyback activities shows the number of shares repurchased, highest and lowest prices, and total amounts for each transaction [1]

Investment Rating - The report provides a positive outlook for the Hong Kong food and beverage sector, indicating potential investment opportunities in resilient companies within the industry [2][9]. Core Insights - The report outlines six phases of the Hang Seng Consumer Staples Index, highlighting the cyclical nature of the industry and the impact of external factors such as economic conditions and policy changes on consumer demand [3][4][28]. - The analysis emphasizes the importance of identifying resilient stocks in the food and beverage sector, particularly in the upstream farming and downstream dairy product industries, as they are expected to benefit from market dynamics and policy support [6][7][53]. Summary by Sections Phase Review of the Hang Seng Consumer Staples Index - Phase 1: Downward trend due to slowing GDP and reduced consumer demand, leading to a decline in the index [3]. - Phase 2: Strong recovery driven by global economic recovery and improved earnings of leading consumer staples companies [3]. - Phase 3: Period of volatility influenced by trade tensions and tightening global liquidity [3]. - Phase 4: Rapid increase in the index due to the rigid demand for essential consumption during the pandemic [3]. - Phase 5: Continuous decline influenced by repeated pandemic disruptions and rising raw material costs [4]. - Phase 6: Valuation recovery initiated by domestic consumption policies and inflow of long-term capital [4][28]. Investment Opportunities in the Food and Beverage Sector - Upstream farming opportunities are highlighted, with a focus on the dairy and beef sectors, where prices are expected to stabilize and rise due to supply constraints and recovering demand [6][44]. - Downstream dairy product opportunities are supported by recent policies aimed at boosting demand and improving market competition, which will benefit leading companies in the sector [7][53]. Investment Recommendations - Companies such as Yurun Agriculture (09858.HK) and Modern Farming (01117.HK) are recommended for their strong cash flow and potential to benefit from the anticipated recovery in raw milk prices [9][57]. - The report suggests that policy support will create upward momentum for companies like Mengniu Dairy (02319.HK) and H&H International Holdings (01112.HK), which are positioned to capitalize on market opportunities [10][57]. - The potential for industry restructuring and the emergence of leading companies is noted, particularly in the coconut water segment, with recommendations for IFBH (06603.HK) [11][58].

Core Viewpoint - China Feihe (06186) announced a share buyback plan, intending to repurchase 2 million shares at a total cost of HKD 8.3 million, with a buyback price of HKD 4.15 per share [1] Summary by Category Company Actions - The company will spend HKD 8.3 million to buy back 2 million shares [1] - The repurchase price is set at HKD 4.15 per share [1]

Group 1 - The company China Feihe (06186) announced a share buyback plan, intending to repurchase 2 million shares at a total cost of HKD 8.3 million [1] - The buyback price is set at HKD 4.15 per share [1]

Group 1 - The company China Feihe (06186.HK) announced a share buyback plan, intending to repurchase 2 million shares at a total cost of HKD 8.3 million [1] - The buyback price is set at HKD 4.15 per share, indicating a strategic move to enhance shareholder value [1]

確認 不適用 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10月31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 | ...

Summary of Key Points Core Viewpoint - On October 30, 32 Hong Kong-listed companies conducted share buybacks, totaling 34.66 million shares and an aggregate amount of HKD 155 million [1][2]. Group 1: Buyback Details - China Feihe repurchased 12 million shares for HKD 50.23 million, with a highest price of HKD 4.200 and a lowest price of HKD 4.170, bringing its total buyback amount for the year to HKD 129 million [1][2]. - China Petroleum & Chemical Corporation repurchased 4.78 million shares for HKD 19.72 million, with a highest price of HKD 4.220 and a lowest price of HKD 4.100, accumulating a total buyback amount of HKD 794 million for the year [1][2]. - Stone Four Pharmaceutical Group repurchased 5 million shares for HKD 15.41 million, with a highest price of HKD 3.130 and a lowest price of HKD 3.030, totaling HKD 14.81 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on October 30 was from China Feihe at HKD 50.23 million, followed by China Petroleum & Chemical Corporation at HKD 19.72 million [1][2]. - In terms of share quantity, China Feihe led with 12 million shares repurchased, followed by Stone Four Pharmaceutical Group with 5 million shares and China Petroleum & Chemical Corporation with 4.78 million shares [1][2]. Group 3: Additional Buyback Information - Other notable companies involved in buybacks include Lianlian Digital and Guosheng Tang, with varying amounts and share quantities [1][2]. - The data also includes a detailed table of buybacks from various companies, highlighting their respective share counts, amounts, and price ranges [2][3].