Group 1 - The company China Feihe (06186) announced a share buyback plan, committing to repurchase 8.837 million shares at a cost of HKD 36.3424 million [1] - The buyback is scheduled to take place on December 30, 2025 [1] - This move indicates the company's strategy to enhance shareholder value through share repurchase [1]

Core Viewpoint - China Feihe (06186) announced a share buyback plan, committing to repurchase 8.837 million shares for a total cost of HKD 36.3424 million, scheduled for December 30, 2025 [1] Group 1 - The company plans to repurchase shares as part of its capital management strategy [1] - The total number of shares to be repurchased is 8.837 million [1] - The total expenditure for the buyback is HKD 36.3424 million [1]

Group 1 - The core announcement is that China Feihe (06186.HK) has repurchased 8.837 million shares at a total cost of HKD 36.342 million [1] - The repurchase price per share ranges from HKD 4.07 to HKD 4.12 [1]

FF305 第一章節註釋： 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12月30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 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the essential consumer goods sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - Wholesale prices of Baijiu have mostly stabilized, with specific brands showing varied price changes. For instance, the price of Feitian Moutai (case) is 1600 yuan, down by 50 yuan from last month, while the price of Wuliangye has increased by 20 yuan to 820 yuan [3][38]. - Discounts on liquid milk have significantly increased, while discounts on seasoning and soft drink products have narrowed compared to the end of November. The average discount rate for seasonings rose from 85.9% to 87.1%, and for soft drinks from 85.6% to 86.7% [5][17][35]. Summary by Sections Baijiu Pricing - The report details the wholesale prices of key Baijiu brands, noting that Feitian Moutai's prices have decreased by 640 yuan year-to-date compared to the previous year. Other brands like Wuliangye and Luzhou Laojiao have also shown price stability or slight increases [9][38]. Discount Trends - Discounts on liquid milk products have widened, with the average discount rate dropping from 66.0% to 62.8%. In contrast, discounts on convenience foods have decreased from 95.8% to 94.8% [19][21][36]. - The report highlights that infant formula and beer products have maintained stable discount rates, with slight changes observed [18][35]. Company Ratings - The report lists several companies rated as "Outperform," including Guizhou Moutai, Wuliangye, and others, indicating strong expected performance relative to the market [1].

Industry Dynamics - The 2025 version of the "Encouragement Directory for Foreign Investment Industries" has been released, effective from February 2026, promoting foreign investment in the health industry, particularly in the central and northeastern regions of China [1] - A total investment of 377 million yuan has been initiated for the modern sheep milk industry park project, aiming to create a closed-loop industrial chain, with the first phase expected to be operational by November next year [2] - The 2025 Hurun China Food Industry Top 100 list includes 11 dairy companies and 3 health food companies, with notable growth in the cheese business of Miaokelando, which saw a 63% increase in value [3] Brand Dynamics - Yili Group's Jin Hao factory has received a "five-star" rating for on-site management from the China Quality Association, marking it as the first dairy factory in China to achieve this recognition [4] - Jianhe Group has signed a new strategic cooperation agreement with JD Health, targeting a combined business goal of 10 billion yuan over the next three years, covering various nutrition brands [5] - Mengniu has launched the "Inner Mongolia Flavor" 2026 plan, showcasing innovative products and aiming to promote domestic raw material substitution in the dairy industry [6] Channel Dynamics - Gao Ge Dairy has initiated the "Student Nutrition Service Station" strategy to address declining foot traffic in traditional maternal and infant channels, targeting families with children aged 3-15 [7] - ThaiBev is shifting its strategic focus towards dairy products and soft drinks, planning to invest in expanding its halal dairy production base in Malaysia as part of its 2030 strategy [8] - Kidswant Ultra has opened its first store in Beijing, integrating cultural elements and popular global IPs to establish a competitive edge in the market [9] - The "Xiaofeixiang" Sichuan-Chongqing branch has been launched, marking a significant step in deepening regional market penetration and resource integration [10]

Group 1 - The "2025 Securities Market Annual Conference" was held in Beijing, focusing on the theme of "Reform and Innovation in Capital Markets" [1] - The conference awarded the "Golden Horse Industry Leader" award to China Feihe Limited, recognizing its significant contributions to the healthy development of the capital market [1] - China Feihe has maintained the largest market share in the infant formula market in China for six consecutive years and has been the top seller globally for four years [1] Group 2 - Technological innovation is the core driving force behind China Feihe's leadership in high-quality development, with collaborations with over 20 top research institutions across seven countries [2] - In the first half of 2025, China Feihe launched significant research outcomes, including the "Fresh Milk Protein Extraction Technology" and the first domestic application of a comprehensive database for human milk oligosaccharides [2] - China Feihe's global strategy has accelerated, with its products now available in over 1,500 major supermarkets in North America, marking a 270% increase in store presence [2] - The company has initiated a 1.2 billion yuan maternity subsidy plan, benefiting over 800,000 newborn families [2]

Group 1 - The core viewpoint of the article highlights a significant decline in Hong Kong food stocks, with several companies experiencing notable drops in their share prices [1] Group 2 - China Wangwang (00151.HK) saw a decline of over 6% [1] - Zhou Hei Ya (01458.HK) experienced a drop of over 4% [1] - Other companies such as Master Kong Holdings (00322.HK), Ausnutria Dairy Corporation (01717.HK), China Feihe (06186.HK), China Shengmu Organic Milk (01432.HK), and Mengniu Dairy (02319.HK) all fell by more than 1% [1]

Group 1 - The core point of the article is that China Feihe (06186.HK) announced a significant investment in a financial product issued by Shanghai Pudong Development Bank, amounting to RMB 300 million [1] - The financial product is named "Shangxin Xinyue Fengli Collective Fund Trust Plan EL2001 Phase 191," with an expected annual yield of 2.60% and a maturity date of October 14, 2026 [1] - The investment is categorized as a non-principal guaranteed floating income type, focusing on fixed-income assets [1] Group 2 - As of the announcement date, the total amount of unexpired principal that the group has invested in financial and structured deposit products with Shanghai Pudong Development Bank is RMB 2.9 billion [1] - The board believes that this investment aligns with general commercial terms and serves the overall interests of the company and its shareholders [1]

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 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） 須予披露交易 認購金融產品 – 1 – 釐定代價的基準 認購金融產品 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 九 月 二 十 四 日、二 零 二 五 年 十 二 月 十 六 日 及 二 零 二 五 年 十 二 月 十 九 日 的 公 告，內 容 有 關（其 中 包 括）本集團認購若干中信銀 行的理財及結構性存款金融產品（「認購中信銀行金融產品」）。 董 事 會 宣 佈，於 二 零 二 五 年 十 二 月 二 十 六 日，本 公 司 全 資 附 屬 公 司 黑 龍 江 飛 鶴 以其閑置資金認購若干中信銀行發售的金額為人民幣600百萬元的理財金融產 品（「認購信銀產品」）。下 表 載 列 認 ...