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 認購金融產品 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 五 月 八 日、二 零 二 五 年 五 月 十 四 日、二 零 二 五 年 五 月 二 十 日、二 零 二 五 年 八 月 四 日、二 零 二 五 年 九 月 十 日、二 零 二 五 年 九 月 十 七 日、二 零 二 五 年 十 月 二 十 七 日、二 零 二 五 年 十 一 月 五 日、二 零 二 五 年 十 一 月 二 十 六 日 及 二 零 二 五 年 十 二 月 八 日 的 公 告，內 容 有 關 本 集 團 認 購 若 干 浦 發 銀行的理財及結構性存款金融產品（「認購浦發銀行金融產品」）。 於 ...

格隆汇12月22日线上举办"科技赋能·资本破局"分享会。备受瞩目的卓越公司评选榜单隆重揭晓。其中，格隆汇"金格奖"年度卓越公司评选中，中国飞鹤 (6186.HK)荣获"年度ESG先锋"奖项。 "年度ESG先锋奖"旨在寻找经济效能与社会责任并重的绿色企业与先进企业。该奖项是对公司在环境（Environmental）、社会（Social）、公司治理 （Governance）三方面工作的高度认可，获奖公司在其推广ESG理念、追求高质量可持续发展上均做出了突出贡献。 在全球乳业绿色转型的浪潮中，飞鹤将ESG理念视为乳业通向未来的行动指南，并积极融入从"种草养牛"到"一杯奶粉"的每一个产业链环节。目前，飞鹤已 建成中国高寒地区规模最大的生态循环项目，并打造了全球首个生态循环产业集群。通过创新的"粪肥还田"模式，每年可实现二氧化碳减排近40万吨，相当 于种植超过2000万棵树。该模式已被联合国作为可复制的解决方案收录，为全球高寒地区的农业发展提供了"中国智慧"。 ...

Group 1 - The core viewpoint of the article highlights the positive movement in Hong Kong dairy stocks, with companies like Modern Dairy (01117.HK) and China Wangwang (00151.HK) both rising over 2% [1] - Other dairy stocks such as China Shengmu (01432.HK) and China Feihe (06186.HK) also experienced gains, indicating a broader positive trend in the sector [1] - Citic Securities stated that the EU's anti-subsidy ruling is favorable for domestic dairy product substitutes, suggesting a potential boost for local companies in the industry [1]

Core Viewpoint - Feihe has launched a milk powder traceability system, allowing consumers to scan and verify the production dates and sourcing information of key ingredients, enhancing transparency and safety in product selection [1][5]. Group 1: Product Innovation - The launch of the traceability system coincides with the introduction of two new products, Jicui and Qicui, which utilize fresh ingredients sourced within 30 days, aligning with the company's philosophy of being "more suitable for Chinese babies" [1][5]. - Feihe's proprietary "fresh extraction active technology" enables 100% self-sourcing of 11 key ingredients, significantly improving the freshness and quality of the products [3][8]. Group 2: Consumer Insights - A survey by iResearch indicates that 85% of mothers prioritize "freshness" when selecting milk powder, highlighting the importance of ingredient freshness in product quality [3]. - Consumers have expressed increased confidence in product selection due to the ability to verify ingredient freshness through the traceability system [5][12]. Group 3: Nutritional Advancements - The new products emphasize not only individual nutrient content but also nutritional synergy and scientific formulation, enhancing the overall nutritional ecosystem [7]. - Clinical trials have shown that Jicui and Qicui closely replicate the nutritional benefits of breast milk, with significant improvements in key immune and brain development indicators [7][10]. Group 4: Industry Leadership - Feihe has established a new standard for "freshness" and "active nutrition" in the industry, moving from reliance on imported ingredients to self-sourcing, thereby ensuring safety and quality [8][12]. - The company has a long history of innovation, having built its first self-sourcing dairy farm in 2006 and leading the establishment of fresh milk powder standards in collaboration with the China Standardization Research Institute [8][10].

Group 1 - Dairy stocks showed significant activity in early trading, with Modern Dairy (01117) up 3.42% at HKD 1.51, Original Ecology Dairy (01431) up 2.88% at HKD 0.25, Mengniu Dairy (02319) up 1.5% at HKD 15.56, and China Feihe (06186) up 1.42% at HKD 4.28 [1] - The Ministry of Commerce announced that starting from December 23, 2025, temporary countervailing duties will be imposed on imported dairy products from the EU, which is expected to benefit domestic dairy producers [1] - Changjiang Securities indicated that with the growth in domestic product demand and low-cost domestic milk prices, the domestic substitution of deep-processed products is likely to accelerate [1] Group 2 - Zhongyou Securities noted that the government is releasing policies to stimulate demand, including the National Healthcare Security Administration's goal for "no out-of-pocket" expenses for childbirth by 2026, along with local childcare subsidies [1] - The Ministry of Commerce and other departments are working to enhance coordination between commerce and finance to boost consumption [1] - After previous capacity adjustments and accelerated reduction in dairy cow inventory, raw milk prices have stabilized, and a supply-demand turning point is expected in 2026, increasing the certainty of rising milk prices [1]

Core Viewpoint - The dairy sector is experiencing active trading, with several companies showing positive stock performance amid new government policies aimed at boosting domestic demand and stabilizing prices [1] Group 1: Stock Performance - Modern Dairy (01117) increased by 3.42%, trading at HKD 1.51 [1] - Original Ecology Dairy (01431) rose by 2.88%, trading at HKD 0.25 [1] - Mengniu Dairy (02319) saw a 1.5% increase, trading at HKD 15.56 [1] - China Feihe (06186) gained 1.42%, trading at HKD 4.28 [1] Group 2: Government Policies - The Ministry of Commerce announced temporary countervailing measures on dairy products imported from the EU, effective December 23, 2025 [1] - Jiangsu Securities noted that the domestic demand for related products is increasing, and low domestic milk prices are expected to accelerate the domestic substitution of deep-processed products [1] Group 3: Market Outlook - Zhongyou Securities highlighted that policy measures are being released to stimulate demand, including a goal for "no out-of-pocket" expenses for childbirth by 2026 and local subsidies for childcare [1] - After previous capacity adjustments, the reduction in dairy cow inventory is accelerating, and raw milk prices have stabilized, indicating a potential supply-demand turning point in 2026 [1]

Group 1 - The "Annual ESG Pioneer Award (Large Market Capitalization)" recognizes companies that balance economic efficiency with social responsibility, highlighting their contributions to environmental, social, and governance (ESG) practices [1] - Ten companies, including Aier Eye Hospital, Beike, Bosideng, Mengniu Dairy, CATL, Tongcheng Travel, Weichai Power, China Feihe, China State Construction International, and Sinotruk, received the award [1] - The evaluation process involved quantitative data analysis and expert review to determine the final results of the award [1] Group 2 - The "Golden Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including HKEX, SSE, SZSE, NYSE, and NASDAQ [2]

Core Viewpoint - Feihe has launched the world's first raw material-level traceability system for infant formula, enhancing transparency and consumer confidence in product safety and freshness [1][3]. Group 1: Product Innovation - The launch of the traceability system coincides with the introduction of two new products, Jicui and Qicui, allowing consumers to trace the production information of key ingredients like whey protein and lactoferrin through a simple mobile scan [1][3]. - Feihe's new products utilize raw materials sourced within 30 days, significantly reducing the freshness measurement from "years" to "days," ensuring nutritional safety and freshness from the source [3][5]. Group 2: Market Insights - According to iResearch, 85% of mothers prioritize "freshness" as one of the top three factors when purchasing infant formula, highlighting the importance of ingredient freshness in product quality [3]. - Industry experts note that the freshness of core ingredients, such as whey protein, which often constitutes over 50% of infant formula, directly impacts the final product's quality [3]. Group 3: Technological Advancements - Feihe employs a leading "fresh extraction active process" to achieve 100% self-sourcing of 11 key ingredients, addressing issues related to long transportation times and nutrient loss associated with imported raw materials [3][4]. - The traceability system allows consumers to verify the freshness of each can of formula, enhancing trust in product quality [4]. Group 4: Clinical Validation - Both Jicui and Qicui have undergone rigorous clinical trials, including RCT (Randomized Controlled Trials), and have received compliance certification from the U.S. FDA, demonstrating their effectiveness in key health indicators [4]. - Clinical results indicate that Jicui closely matches the breastfeeding effect on nine key immune indicators, while Qicui aligns with breastfeeding levels on nine critical brain development indicators [4]. Group 5: Industry Leadership - Feihe's commitment to "new generation more suitable for Chinese babies" reflects its dedication to continuous innovation and setting new standards in the industry, moving from reliance on imported "bulk powder" to fresh milk-to-powder processes [5]. - The introduction of the raw material-level traceability system represents a significant advancement in the industry, showcasing Feihe's ability to define standards rather than merely follow them [5].

Core Insights - The "Golden Award" annual excellence company selection by Gelonghui will reveal a list of notable companies, highlighting those recognized for their contributions to ESG (Environmental, Social, Governance) principles [1][2] Group 1: Award Winners - Ten companies have been awarded the "Annual ESG Pioneer Award (Large Market Capitalization)," including Aier Eye Hospital, Beike, Bosideng, Mengniu Dairy, CATL, Tongcheng Travel, Weichai Power, China Feihe, China State Construction International, and Sinotruk [1] - The award aims to identify companies that balance economic efficiency with social responsibility, recognizing their outstanding contributions to promoting ESG concepts and pursuing high-quality sustainable development [1] Group 2: Evaluation Process - The selection process for the awards involved quantitative data analysis and evaluation by an expert review panel to determine the final results [1] - The "Golden Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Core Viewpoint - Feihe has launched the world's first raw material traceability system for infant formula, allowing consumers to trace the production information of key ingredients like whey protein and lactoferrin through a simple scan, enhancing transparency and safety in product selection [1][6]. Group 1: Product Innovation - The introduction of the raw material traceability system is a significant innovation aligned with Feihe's philosophy of providing products better suited for Chinese infants [1][10]. - Feihe's new products, Jicui and Qicui, utilize raw materials produced within 30 days, emphasizing freshness and safety [6][8]. - The traceability system allows consumers to verify the freshness of ingredients, addressing concerns about the quality of infant formula [6][8]. Group 2: Industry Context - A survey by iResearch indicates that 85% of mothers prioritize "freshness" when selecting infant formula, highlighting the importance of ingredient freshness in product quality [3]. - The industry typically relies on imported raw materials, which can lead to safety concerns due to long transportation times and nutrient loss [3][10]. - Feihe's approach of 100% self-sourced key ingredients and the use of advanced extraction techniques significantly enhances the freshness of their products, with some ingredients being 23 to 47 times fresher than traditional sources [3][5][10]. Group 3: Nutritional Advancements - Feihe's proprietary extraction process has resulted in a 98% reduction in certain components while improving protein purity and nutritional quality [3][10]. - The new products feature advanced formulations that closely mimic the nutritional profile of breast milk, with clinical trials showing promising results in immune and brain development indicators [8][10]. - The company has established a robust research foundation, including a national team focused on breast milk research, to support its commitment to high-quality nutrition for infants [10][13].