Core Viewpoint - Yuran Dairy has announced a share placement to raise approximately HKD 2.33 billion, equivalent to around RMB 2.07 billion, primarily supported by its major shareholder, Yili [1] Group 1: Company Overview - Yuran Dairy, headquartered in Hohhot, is the largest raw milk supplier globally, covering the entire industry chain from pasture planting, feed processing to dairy cattle breeding [1] - The company has over 100 modern farms and raises more than 620,000 dairy cows, producing 2.08 million tons of raw milk in six months [1] Group 2: Financial Impact - The capital injection from Yili is expected to significantly improve Yuran Dairy's financial condition, with approximately 55% of the raised funds allocated for repaying interest-bearing debts and optimizing the capital structure [1] - Following the transaction, Yili's stake in Yuran Dairy will increase from 33.93% to 36.07%, indicating strong support from the major shareholder during a cyclical low in the raw milk industry [1] Group 3: Strategic Collaboration - The increase in shareholding by Yili is anticipated to deepen the strategic collaboration between the two companies, enhancing their operational synergy [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The dairy industry is expected to see investment opportunities in 2026, driven by industrial upgrades that may boost raw milk demand and a potential upward turning point in milk prices, which could help leading dairy companies recover market share [4][8] - Supply-side dynamics indicate that raw milk prices are likely to rise, benefiting upstream farming companies. The price of fresh milk has declined for over four years, reaching 3.04 RMB/kg, a 30.6% drop from the 2021 peak of 4.38 RMB/kg. It is anticipated that the price stabilization will occur in the second half of 2025, with a turning point expected in 2026, significantly improving the performance of upstream farming companies [5] - On the demand side, there are structural opportunities in dairy product consumption, with potential for deep processing and domestic substitution to create new growth curves for dairy companies. The per capita consumption of dairy products in China is projected to be 40.6 kg in 2024, still below the 47 kg target set for 2030. The consumption structure is primarily focused on liquid milk, with low proportions of dairy solids [6] Summary by Sections - **Supply-Side Analysis**: The prolonged downturn in milk prices has been influenced by macroeconomic disturbances and the expansion led by large-scale enterprises during the previous price upturn. The ongoing losses in upstream farming companies are expected to lead to a supply-side contraction, with a price turning point anticipated in 2026 [5] - **Demand-Side Analysis**: The increasing health awareness among consumers is expected to drive the growth of low-temperature milk and cheese products, which will enhance raw milk demand. Regulatory changes are also expected to support the upgrade of the dairy industry by clarifying standards for deep-processed products and improving market access [6] - **Investment Recommendations**: Based on the positive outlook for the raw milk cycle and domestic substitution of deep-processed products, leading dairy companies are expected to benefit from the recovery of market share during the price upturn. Recommended companies include Yili Group and China Shengmu, with a focus on modern farming practices [8]

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之內容概不負責， 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 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 本 公 告 僅 供 參 考，並 不 構 成 接 納、購 買 或 認 購 本 公 司 任 何 證 券 的 邀 請 或 要 約。 China Youran Dairy Group Limited 中國優然牧業集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9858） 延遲寄發通函 (1)有 關 根 據 特 別 授 權 認 購 新 股 份 之 關 連 交 易； 及 (2)申請清洗豁免 本公司關於特別授權認購事項之財務顧問 獨立財務顧問 茲提述中國優然牧業集團有限公司（「本公司」）日期為2026年1月16日的公告（「該 公 告」），內 容 有 關（其 中 包 括）特 別 授 權 認 購 事 項 及 清 洗 豁 免。除 文 義 另 有 所 指 外，本 公 ...

每经AI快讯，优然牧业(09858.HK)尾盘涨近5%，截至发稿涨4.84%，报4.98港元，成交额1.08亿港元。 （文章来源：每日经济新闻） ...

消息面上，优然牧业近日发布公告，以"先旧后新"方式配售股份，加上特别授权认购，合计募资约23.3 亿港元，折合人民币约20.7亿元。这笔注资，主要来自其大股东伊利。交易完成后，伊利持有的优然牧 业股权将由33.93%增至36.07%。 国泰海通证券发布研报称，公司此次募集资金净额为23.3亿港元，将用于偿还贷款及数字化转型建设 等，公司持续推动降本增效与资产结构优化。此外，周期底部资产收购性价比较高，公司未来或进一步 整合优化牧场布局。 优然牧业(09858)尾盘涨近5%，截至发稿，涨4.84%，报4.98港元，成交额1.08亿港元。 ...

消息面上，优然牧业近日发布公告，以"先旧后新"方式配售股份，加上特别授权认购，合计募资约23.3 亿港元，折合人民币约20.7亿元。这笔注资，主要来自其大股东伊利。交易完成后，伊利持有的优然牧 业股权将由33.93%增至36.07%。 国泰海通证券发布研报称，公司此次募集资金净额为23.3亿港元，将用于偿还贷款及数字化转型建设 等，公司持续推动降本增效与资产结构优化。此外，周期底部资产收购性价比较高，公司未来或进一步 整合优化牧场布局。 智通财经APP获悉，优然牧业(09858)尾盘涨近5%，截至发稿，涨4.84%，报4.98港元，成交额1.08亿港 元。 ...

优然牧业总部位于呼和浩特，是全球最大的原料奶供应商，从牧草种植、饲料加工到奶牛养殖，覆盖了 整个产业链。而且，其原料奶销售额，超过九成来自伊利。截至2025年6月末，其坐拥100座现代化牧 场，养着超过62万头奶牛，半年就能产出208万吨原料奶。 此次伊利注入的20多亿元，将大为改善优然牧业的财务状况。据公告披露，约55%的募集资金，将用 于"偿还计息债务并优化资本结构"。而大股东的注资，提升股权比例的同时，也有望加深两家的战略协 同。编辑：王亚茹 牧业龙头，到手一笔超20亿的融资款。 近日，优然牧业发布公告，以"先旧后新"方式配售股份，加上特别授权认购，合计募资约23.3亿港元， 折合人民币约20.7亿元。这笔注资，主要来自其大股东伊利。 交易完成后，伊利持有的优然牧业股权将由33.93%增至36.07%。目前，原料奶行业处于周期低谷，此 举可视为大股东对优然的支持行动。 ...

一号文件发布，重点内容梳理！(0203) 畜牧业：强化生猪产能综合调控，巩固肉牛、奶牛产业纾困成果，促进供求平衡、健康发展。 首次提出多措并举促进乳制品消费。 种植业：稳定发展粮油生产，巩固提升大豆产能，拓展油菜、花生、油茶等生产空间，扩大油料多元化供给。 推动棉花、糖料、天然橡胶等产业平稳发展。 种业：深入实施种业振兴行动，加快选育和 一号文件发布，重点内容梳理！(0203) 畜牧业：强化生猪产能综合调控，巩固肉牛、奶牛产业纾困成果，促进供求平衡、健康发展。 首次提出多措并举促进乳制品消费。 种植业：稳定发展粮油生产，巩固提升大豆产能，拓展油菜、花生、油茶等生产空间，扩大油料多元化供给。 推动棉花、糖料、天然橡胶等产业平稳发展。 种业：深入实施种业振兴行动，加快选育和推广突破性品种，推进生物育种产业化。 （与25年提法基本一致） 农业科技：因地制宜发展农业新质生产力，促进人工智能与农业发展相结合，拓展无人机、物联网、机器人等应 用场景，加快农业生物制造关键技术创新。 农产品贸易：促进农产品贸易和生产相协调。 推进农产品进口多元化。 培育具有国际竞争力的农业企业。 支持扩大优势特色农产品出口。 建议关注养殖产 ...

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: 2026年1月31日 狀態: 新提交 本月底法定/註冊股本總額： USD 100,000 第 1 頁 共 10 頁 v 1.2.0 FF301 致：香港交易及結算所有限公司 公司名稱: 中國優然牧業集團有限公司 呈交日期: 2026年2月3日 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) | 09858 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with several companies rated as "Outperform" and one as "Neutral" [1]. Core Insights - The report indicates that price hikes in the consumer staples sector are weaker than expected, while costs remain low [1]. - The monitored spot cost indices for six consumer goods categories have declined, while futures cost indices have primarily increased [34]. Summary by Category Beer - The spot cost index decreased by 1.87% month-on-month, while the futures index increased by 3.15%. Year-to-date, the spot index has changed by -0.6% and the futures index by +1.81% [35]. - Glass prices have shown a month-on-month decrease of 1.2% for spot prices and an increase of 3.4% for futures prices [35]. Condiments - The spot cost index decreased by 1.37% month-on-month, while the futures index increased by 3.03%. Year-to-date changes are -0.42% for spot and +2.23% for futures [36]. - Soybean prices have decreased by 2.4% month-on-month for spot prices, while futures prices increased by 6.7% [36]. Dairy Products - The spot cost index decreased by 1.93% month-on-month, while the futures index increased by 1.58%. Year-to-date changes are -0.43% for spot and +1.68% for futures [37]. - Fresh milk prices rose to 3.04 yuan/kg, with corn prices increasing by 0.4% month-on-month [37]. Instant Noodles - The spot cost index decreased by 0.51% month-on-month, while the futures index increased by 3.31%. Year-to-date changes are +0.79% for spot and +3.46% for futures [38]. - Palm oil prices increased by 9.6% month-on-month for spot prices [38]. Frozen Food - The spot cost index decreased by 1.74% month-on-month, while the futures index decreased by 0.61%. Year-to-date changes are -1.44% for spot and -0.14% for futures [39]. - Vegetable prices fell by 1.8% month-on-month [39]. Soft Drinks - The spot cost index decreased by 3.71% month-on-month, while the futures index remained unchanged. Year-to-date changes are -1.12% for spot and -0.19% for futures [40]. - PET chip prices increased by 5.4% month-on-month [40].