Core Viewpoint - The impact of the baby boom in the Year of the Dragon (2024) on the infant formula market is gradually diminishing, leading to intensified competition among leading dairy companies, which are now focusing more on technological advancements rather than price wars [1][3]. Market Trends - In the first eight months of 2025, the overall sales of infant formula in China showed a growth of 1.6%, primarily driven by a 13.5% increase in Stage 2 formula, while Stage 3 formula sales declined by 6.5% [4]. - The sales of Stage 1 formula increased by 9.4%, but this growth rate was lower than that of Stage 2 [5]. Industry Dynamics - The birth rate in China reached 9.54 million in 2024, an increase of 520,000 from the previous year, marking a temporary recovery in the maternal and infant industry [5]. - Despite the market recovery, there are concerns about the sustainability of growth, as the momentum for Stage 1 and overall infant formula sales is beginning to weaken [5]. Competitive Landscape - Leading infant formula brands are leveraging their research and technological advantages to squeeze out smaller brands, with companies like China Feihe announcing new product upgrades aimed at precise nutrition [1][7]. - The number of registered formula series has decreased, but there is still room for market concentration to increase, with 93 dairy companies having 426 formula series registered by the end of August 2025 [7]. Future Outlook - Analysts predict that the competition pressure on infant formula companies will intensify in the second half of the year and into 2026, as the effects of the birth boom wane [6][7]. - The focus on research and brand investment by leading companies is expected to attract new consumers, further accelerating market consolidation and reshuffling [7].

Core Insights - The impact of the baby boom in the Year of the Dragon (2024) on the infant formula market is gradually diminishing, leading to intensified competition among major brands focusing on technological advancements rather than price wars [1] - Major infant formula brands, including China Feihe, are launching upgraded products aimed at precise nutrition, reflecting a shift in strategy to maintain market share amid concerns over insufficient recovery momentum [1][2] - Despite a temporary increase in newborn population and sales growth in certain segments, the overall growth momentum for infant formula is weakening as the newborn bonus fades [2][4] Industry Trends - Data from Nielsen IQ indicates that from January to August 2025, the overall sales of infant formula in China grew by 1.6%, primarily driven by a 13.5% increase in Stage 2 formula, while Stage 3 saw a decline of 6.5% [2] - The newborn population in 2024 reached 9.54 million, an increase of 520,000 from the previous year, contributing to a brief recovery in the maternal and infant industry [2] - Market observations suggest a renewed decline in sales, with increasing brand differentiation and competition pressures, particularly for smaller brands facing challenges from larger competitors [4][5] Competitive Landscape - Major brands are leveraging their research and development capabilities to further squeeze the market share of smaller brands, with a focus on differentiated products tailored to specific age groups and dietary needs [5] - The number of registered infant formula brands has decreased, but there is still potential for increased market concentration, with 93 companies having 426 formula series registered by August 2025 [5] - Analysts predict that the competitive pressure on infant formula companies will intensify in the coming months, with the sustainability of recovery for leading brands remaining uncertain [4][5]

（文章来源：北京商报） 北京商报讯10月14日，飞鹤在京发布"新一代更适合"，并发布多款新品，为消费者带来更鲜活、更适合 的产品与服务。中国飞鹤总裁蔡方良表示，飞鹤"新一代更适合"，是从全产业链、母乳化配方、鲜活营 养、喂养效果四大维度的全面突破与升级。"63年坚守初心，我们迎来了新一代的更适合。我们始终以 科研创新夯实产业根基，为消费者带来更优质的产品、更安心的选择。"发布会上，飞鹤还公布全球独 创的"鲜活营养系统"，从鲜活奶源、鲜活原料到鲜活工艺实现系统性突破，真正将"鲜活营养"落到实 处。 ...

中國飛鶴有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6186） 持續關連交易 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Feihe Limited 北緯四十七度採購框架協議 北緯四十七度採購框架協議 於2025年10月14日，黑 龍 江 飛 鶴 與 北 緯 四 十 七 度 訂 立 北 緯 四 十 七 度 採 購 框 架 協 議。據 此，黑 龍 江 飛 鶴 同 意 從2025年10月14日 至2027年12月31日 期 間，通 過 其 附 屬 公 司 直 接 或 間 接 向 北 緯 四 十 七 度 及╱或 其 附 屬 公 司 採 購 若 干 農 產 品。 上市規則的涵義 於 本 公 告 日 期，北 緯 四 十 七 度 主 要 由 本 公 司 執 行 董 事、董 事 會 主 席 兼 行 政 總裁及控股股東（定 義 見 上 市 規 則）冷 ...

Core Viewpoint - The launch of "New Generation More Suitable" by Feihe Milk Powder emphasizes the company's commitment to developing products tailored to the physical needs of Chinese babies, showcasing significant advancements in research and product offerings [1][3]. Group 1: Product Innovation - Feihe has introduced a unique "Fresh Nutrition System," which focuses on fresh milk sources, raw materials, and production processes to enhance the nutritional quality of its products [5]. - The company has established a "2-hour ecological circle" for rapid low-temperature transportation of fresh milk to factories, ensuring the preservation of active nutrients [5]. - Feihe's new products, including Qicui and Jicui, aim to replicate the nutritional ecosystem of breast milk, enhancing the potential of infants [8]. Group 2: Research and Development - Feihe has been a pioneer in clinical feeding research for infants since 2010, with its flagship product, Xingfeifan, demonstrating growth and development outcomes comparable to breastfed infants [10]. - The company has developed a "Chinese Maternal Source Bionic Formula," closely aligning with the composition of Chinese breast milk, including a significant proportion of Sn-2 DHA [13]. - Feihe has received multiple authoritative certifications, including being the top brand in Chinese maternal source formula nutrition and infant formula patents [14]. Group 3: Market Position and Consumer Trust - Feihe has achieved the highest sales in the infant formula market in China for six consecutive years and globally for four years [14]. - The company has built a trusted platform, "Xingma Club," which provides scientific feeding guidance to over 85 million Chinese mothers [14]. - Feihe's commitment to addressing the needs of mothers has been recognized, with initiatives like "China Baby Day" and financial support for families [14][17].

Core Insights - The "Northeast Really Works" microfilm series produced by Feihe has gained significant attention, achieving an online exposure of 848 million by October 9, showcasing the company's commitment to its roots and the "more suitable" promise for Chinese babies [1][3]. Group 1: Company Commitment and Initiatives - Feihe emphasizes its responsibility in revitalizing the Northeast by creating "more suitable offers for Northeast children," reflecting its dedication to local development and community support [3][8]. - The company has created 170,000 jobs and helped over 160,000 farmers increase their income, contributing to the appreciation of over one million acres of farmland in Heilongjiang [8]. - Feihe has invested 1.2 billion in a fertility subsidy program and has donated 650 million to support education in Heilongjiang, demonstrating its commitment to corporate social responsibility [8]. Group 2: Technological and Operational Advancements - Feihe has established the first modern dairy farm in China and the first large-scale automated production line for lactoferrin, showcasing its commitment to technological innovation and domestic production [4]. - The company has integrated AI systems for real-time monitoring of milk powder production, achieving full digital operation across its processes [4][12]. - Feihe's proprietary milk sources have a bacterial index that is 20 times better than EU standards, ensuring high product quality from the source [10]. Group 3: Product Development and Research - Feihe leads national key research projects and has established the largest maternal and infant health cohort in China, pushing the boundaries of infant formula research [12]. - The company has developed innovative formulas with a DHA to ARA ratio of 1:1.7 and significantly enhanced nutrient absorption rates, making its products more suitable for Chinese infants [12][14]. - Feihe has maintained its position as the top seller in the Chinese infant formula market for six consecutive years and ranks first globally, with a brand recognition rate of 99% as of Q2 2025 [15].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2025年9月30日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 中國飛鶴有限公司 呈交日期: 2025年10月6日 第 1 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06186 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000,000 | USD | 0.000000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000,000 | USD | 0 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, and others, indicating a positive outlook for these stocks [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, with notable decreases in prices for Guizhou Moutai and Wuliangye, while prices for most consumer goods remain stable [4][10]. - The report highlights a significant drop in the discount rates for liquid milk products, indicating a shift in consumer purchasing behavior [6][18]. - Overall, the report suggests that the impact of funds is greater, advising attention to low-position stocks and heavyweight stocks in the consumer staples sector [8]. Summary by Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) are 1790 and 1770 yuan, respectively, reflecting a decrease of 55 and 70 yuan from the previous month [4][37]. - Wuliangye's eighth-generation price is 895 yuan, down 25 yuan from last month [4][37]. - Luzhou Laojiao's Guojiao 1573 price increased by 10 yuan to 850 yuan [4][37]. Consumer Goods Pricing - The average discount rate for liquid milk products decreased from 74.8% to 69.4% since the end of August [6][21]. - Discount rates for soft drinks, condiments, instant foods, and beer remained stable, with slight variations in average and median values [19][35]. - The report notes that the discount rate for infant formula products also showed a minor decrease from 89.5% to 88.7% [21][35]. Investment Strategy - The report emphasizes the importance of monitoring low-position stocks and heavyweight stocks due to the greater impact of funds on the market [8].

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The overall cost indices for six categories of consumer goods showed mixed trends, indicating stability in the market. Spot cost indices for soft drinks, beer, instant noodles, dairy products, frozen foods, and seasonings changed by +0.97%, +0.51%, +0.26%, -0.13%, -0.44%, and -0.57% respectively, while futures cost indices changed by -1.08%, +1.06%, -1.06%, -1.67%, -0.78%, and -0.06% respectively [31][32][33][34][35][36][37]. Summary by Category Beer - The spot cost index for beer increased by 0.51% month-on-month, while the futures index rose by 1.06%. Year-to-date, the spot and futures indices have decreased by 3.71% and 4.95% respectively [12][32]. Seasonings - The spot cost index for seasonings decreased by 0.57% month-on-month, while the futures index fell by 0.06%. Year-to-date, the indices have changed by -2.41% and -6.71% respectively [15][33]. Dairy Products - The spot cost index for dairy products decreased by 0.13% month-on-month, while the futures index fell by 1.67%. Year-to-date, the indices have changed by -3.36% and -3.93% respectively [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.26% month-on-month, while the futures index decreased by 1.06%. Year-to-date, the indices have changed by -3.23% and -6.06% respectively [22][35]. Frozen Foods - The spot cost index for frozen foods decreased by 0.44% month-on-month, while the futures index fell by 0.78%. Year-to-date, the indices have changed by -2.3% and -3.37% respectively [25][36]. Soft Drinks - The spot cost index for soft drinks rose by 0.97% month-on-month, while the futures index fell by 1.08%. Year-to-date, the indices have changed by -4.19% and -10.86% respectively [28][37].

Core Viewpoint - The article highlights the revitalization of Northeast China through the stories depicted in the microfilm series "Northeast Really Works," showcasing the resilience and transformation of the region and its people [1][27]. Group 1: Resilience and Transformation - The microfilm "Searching for Liu Bo Kui" illustrates the journey of discovering the essence of those who stayed in Qiqihar, emphasizing their contributions as workers and their evolution into modern roles [3][4]. - The character "Liu Bo Kui" symbolizes the collective spirit of the people who have remained in Qiqihar, showcasing their dedication and adaptability in various professions [3][4]. - The growth of companies like Feihe reflects the Northeast spirit, demonstrating a commitment to local development and innovation despite challenges [4][6]. Group 2: Economic and Social Impact - Feihe's initiatives have led to significant advancements in the infant formula industry, including the establishment of a national research team focused on maternal health and infant nutrition [6][10]. - The company has created 170,000 jobs and increased the income of over 160,000 farmers, contributing to local economic growth and community welfare [10][11]. - Feihe's commitment to social responsibility is evident through its various philanthropic efforts, including healthcare initiatives that enhance local medical capabilities [11][13]. Group 3: Cultural Significance - The microfilm "The Secret of Barbecue" explores the cultural identity of Qiqihar through its culinary traditions, emphasizing the genuine and heartfelt approach of local businesses [14][15]. - The article draws parallels between the local food culture and Feihe's dedication to quality, portraying both as representations of the Northeast spirit [17][24]. - Feihe's recognition, such as the China Quality Award, underscores its commitment to excellence and its role as a leading brand in the infant formula market [19][20][22]. Group 4: Future Prospects - The stories in "Northeast Really Works" encapsulate the ongoing journey of revitalization, highlighting the importance of both the older generation's experience and the younger generation's return to their roots [27]. - The collaboration between traditional values and modern innovation is seen as a pathway for sustainable development in Northeast China [9][24]. - Feihe's focus on creating products tailored to the needs of Chinese infants positions it as a key player in the global dairy industry, contributing to the narrative of Northeast revitalization [24][27].