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。 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） 有關買賣反芻動物營養與健康技術研究中心之 關連交易之最新情況 茲 提 述 該 公 告。董 事 會 宣 佈，因 項 目 執 行 需 要，賣 方（本 公 司 之 全 資 附 屬 公 司）已 於2025年8月22日 簽 訂 若 干 協 議，以 促 進 伊 利 的 另 一 間 附 屬 公 司 收 購 及 營 運 研 究 中 心。該 等 協 議 如 下： 新研究中心買賣協議的條款和條件與原研究中心買賣協議的條款和條件完全相 同，唯 一 的 例 外 是 買 方 身 份 及 相 關 描 述 有 所 變 更。 伊 利 為 本 ...

董 事 會 宣 佈，於2025年8月22日，本 公 司 與 伊 順 訂 立 物 流 與 營 運 支 持 服 務 框 架 協 議，據 此，伊 順 集 團 將 向 本 集 團 提 供 物 流 與 營 運 支 持 服 務。 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。 China Youran Dairy Group Limited 中國優然牧業集團有限公司 （於 曼 群 島 冊 成 立 的 有 公 司） 開 註 限 （股 份 代 號：9858） 有關物流與營運支持服務框架協議之 持續關連交易 物流與營運支持服務框架協議 上市規則的涵義 伊 利 為 本 公 司 的 控 股 股 東，故 根 據 上 市 規 則 為 本 公 司 的 關 連 人 士。伊 順 為 伊 利 的 全 資 附 屬 公 司，故 根 據 上 市 規 則 為 伊 利 的 聯 ...

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。 China Youran Dairy Group Limited 中國優然牧業集團有限公司 上市規則的涵義 伊 利 為 本 公 司 的 控 股 股 東，故 根 據 上 市 規 則 為 本 公 司 的 關 連 人 士。由 於 伊 利 財 務 公 司 為 伊 利 的 全 資 附 屬 公 司，故 根 據 上 市 規 則 為 伊 利 的 聯 繫 人，因 而 亦 為 本 公 司 的 關 連 人 士。根 據 上 市 規 則 第14A.54條，倘 本 公 司 擬 修 訂 現 有 金 融 服 務 框 架 協 議 項 下 的 年 度 上 限，則 須 重 新 遵 守 上 市 規 則 第14A章 的 規 定。 由於上市規則項下有關經修訂年度上限的一項或多項適用百分比率超過5%，故 伊利財務公司根據現有金融服務 ...

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。 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） 截 至2025年6月30日止六個月之 中期業績公告 | 摘 | 要 | 截 | 至6月30日止六個月 | 同比變動 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024年 | 2025年 | (%) | 人民幣千元 | 人民幣千 ...

Core Viewpoint - The report from Guotai Junan indicates that the beef and dairy industries are entering a phase of supply-demand balance due to reduced supply pressures and improved demand conditions in the second half of 2025 [1][2]. Beef Industry Insights - The beef price has begun to reverse from low levels, with a projected increase in 2025 driven by supply reduction and decreased import pressures. Since the beginning of 2025, beef and live cattle prices have risen approximately 10% and 20% respectively from previous lows [1][4]. - The supply of beef cattle is expected to decrease due to ongoing losses in ranching, with a reported 2.1% year-on-year decline in national cattle inventory as of Q2 2025, totaling 99.92 million heads [4]. - The reduction in imported beef, which saw a 9.5% year-on-year decline in the first half of 2025, is anticipated to further support domestic beef prices [4]. Dairy Industry Insights - The price of raw milk has continued to decline, but a supply-demand balance is expected in the second half of 2025, aided by reduced dairy cow restocking and a recovery in demand [2]. - The implementation of a fertility subsidy policy in July 2025 is expected to boost dairy product consumption, alongside the introduction of new national standards for UHT milk, which will limit the use of reconstituted milk [2]. - The dairy industry is projected to see a strong upward trend in prices in 2026 due to the fading effects of previous expansion and a reduction in lactating cow restocking [2]. Profitability and Market Dynamics - The cyclical nature of the meat and dairy industries is expected to enhance the profitability of leading agricultural companies. A hypothetical 10% to 20% increase in milk prices could improve the gross margin of leading dairy companies by 6 to 10 percentage points [5]. - The valuation of breeding cattle and income from culling are expected to increase with a 20% to 40% rise in cattle prices, potentially adding 200 to 400 million yuan to the total income of leading ranching companies [5]. - Companies involved in both beef and dairy sectors, such as Aoyuan Group and China Shengmu, are likely to benefit directly from the recovery in live cattle prices and the reversal of milk prices [5].

Group 1 - The core viewpoint is that raw milk prices continue to decline, and there is potential for supply-demand balance in H2 2025 due to accelerated herd reduction and improved demand during peak seasons [2][3] - The report suggests that the dairy industry is likely to see a price increase in 2026, driven by reduced dairy cow replenishment and a recovery in demand, supported by new policies aimed at boosting dairy consumption [2][3] - The beef market is expected to enter an upward cycle in 2025, as low beef prices have started to reverse, benefiting from reduced supply and diminished import pressures [3][4] Group 2 - The report highlights strong profit elasticity for livestock companies due to the resonance of meat and milk cycles, with potential improvements in gross margins driven by rising milk prices and cost reductions [4] - The valuation of breeding cows and income from culling are expected to increase with rising beef prices, which could enhance total revenue for leading livestock companies [4] - Companies like YouRan Dairy and Modern Farming are recommended for investment, while China Shengmu and Aoyuan Group are noted as companies to watch due to their involvement in the livestock sector [1][4]

Group 1 - The core viewpoint is that raw milk prices continue to decline, and by the second half of 2025, supply and demand are expected to balance, benefiting the dairy industry [1] - In the procurement season of August-September, the financial pressure on farms is significant, leading to an accelerated reduction in livestock numbers [1] - The implementation of the fertility subsidy policy in July 2025 is expected to boost dairy product consumption demand [1] Group 2 - Beef prices are reversing from low levels, entering an upward cycle in 2025 due to reduced supply and diminished import impacts [2] - The beef market has experienced three cycles, with the current cycle characterized by a decline in beef prices since 2023, primarily due to low-priced imported beef and increased domestic production [2] - The national cattle inventory decreased by 2.1% year-on-year to 99.92 million heads in Q2 2025, indicating a tightening supply [2] Group 3 - The resonance of the meat and dairy cycles provides strong profit elasticity for livestock companies, with potential gross margin improvements of 6% to 10% for leading dairy firms if milk prices increase by 10% to 20% [3] - The valuation of breeding cows and income from culling are expected to improve with a 20% to 40% increase in beef prices, potentially adding 200 million to 400 million yuan to total income for leading livestock companies [3] - Companies involved in beef operations, such as Australia Asia Group and China Shengmu, are likely to benefit directly from the rebound in live cattle prices [3]

Core Insights - The genetic evaluation results for dairy bulls in China for 2025 have been released, with the bull No. 15522027 from YouRan MuYe SaiKeXing achieving the highest score of 2905 in the Chinese Cow Genomic Performance Index (GCPI) among 803 evaluated bulls, ranking first nationally [1] - YouRan MuYe SaiKeXing demonstrated significant advantages in the evaluation, securing 3 out of the top 5 positions, 5 out of the top 20, and 12 out of the top 50 bulls, continuing to lead the industry [1] - Among the top 100 Holstein young bulls in China, YouRan MuYe SaiKeXing has the highest representation with 28 bulls [1] Investment and Development - In recent years, YouRan MuYe SaiKeXing has increased investments in research facilities, high-end talent development, and core technology research and innovation, establishing a comprehensive and efficient dairy cattle breeding technology system and innovative management mechanism [1] - These efforts have laid a solid foundation for cultivating world-class dairy bulls [1]

Key Points - The top three companies with net inflows from southbound funds are Xinda Biopharmaceutical (01801) with 835 million, China Life (02628) with 403 million, and AIA Insurance (01299) with 373 million [1][2] - The top three companies with net outflows are the Tracker Fund of Hong Kong (02800) with -6.679 billion, Hang Seng China Enterprises (02828) with -2.584 billion, and Anta Sports (02020) with -782 million [1][2] - In terms of net inflow ratio, Canggang Railway (02169) leads with 66.05%, followed by Bosideng (03998) with 49.50%, and Zhengzhou Bank (06196) with 48.61% [1][2] - The companies with the highest net outflow ratios include Skyworth Group (00751) at -52.19%, Anta Sports (02020) at -50.20%, and Ruipu Lanjun (00666) at -44.79% [1][2] Net Inflow Rankings - The top ten companies by net inflow include: - Xinda Biopharmaceutical (01801) with 835 million and a closing price of 95.000 (+8.82%) [2] - China Life (02628) with 403 million and a closing price of 22.800 (+0.71%) [2] - AIA Insurance (01299) with 373 million and a closing price of 76.400 (+3.03%) [2] - Other notable companies include Ideal Automotive (02015) with 365 million and a closing price of 97.150 (+3.30%) [2] Net Outflow Rankings - The top ten companies by net outflow include: - Tracker Fund of Hong Kong (02800) with -6.679 billion and a closing price of 26.080 (+2.35%) [2] - Hang Seng China Enterprises (02828) with -2.584 billion and a closing price of 93.760 (+2.76%) [2] - Anta Sports (02020) with -782 million and a closing price of 90.000 (+0.22%) [2] - Other significant outflows include Alibaba (09988) with -267 million and a closing price of 123.700 (+6.09%) [2] Net Inflow Ratio Rankings - The top companies by net inflow ratio include: - Canggang Railway (02169) with 66.05% and a closing price of 1.310 (-0.76%) [3] - Bosideng (03998) with 49.50% and a closing price of 4.600 (+0.66%) [3] - Zhengzhou Bank (06196) with 48.61% and a closing price of 1.410 (-2.08%) [3] Net Outflow Ratio Rankings - The top companies by net outflow ratio include: - Skyworth Group (00751) with -52.19% and a closing price of 3.260 (+1.24%) [3] - Anta Sports (02020) with -50.20% and a closing price of 90.000 (+0.22%) [3] - Ruipu Lanjun (00666) with -44.79% and a closing price of 12.160 (+5.28%) [3]

Core Insights - A transformative agricultural and animal husbandry revolution is underway in Hohhot, driven by a strategy focused on "large industries and large parks" [1] - The green agricultural and livestock product processing industry cluster is expanding, with seven leading industries and their respective supply chains being established [1] Industry Development - The Biquqi Town's Youran Animal Husbandry has seen the establishment of 110 large-scale enterprises, with 28 new additions in 2024, representing 29.8% of the city's total in six major industrial clusters [3] - The "Youan Animal Husbandry Saikexing Research Institute" is utilizing genomic data to enhance dairy cattle breeding, marking a significant technological advancement in China's dairy industry [3][4] Technological Advancements - The "Breeding No. 1 Chip" has been developed, which integrates advanced sequencing and high-throughput gene detection technologies, enabling precise selection of high-quality local dairy cattle [3][4] - The chip has been successfully applied to over 300 dairy cattle, achieving an accuracy level that meets international standards [4] Economic Impact - The advancements in breeding technology are expected to significantly improve the genetic quality of cattle, extend their productive lifespan, and promote cost reduction and green transformation in farms [5] - The full industrial chain development is becoming crucial for enhancing the competitiveness of the agricultural and livestock sectors [6] Strategic Initiatives - The dairy industry is identified as the leading industry in Hohhot, with a focus on upgrading the industry as a core engine of transformation [8] - The local government is pursuing three key development directions: establishing green agricultural product processing parks, creating digital industry clusters, and building technology-driven clusters to address critical challenges in agriculture [8] Future Outlook - The integration of technology in farming practices, such as smart weather management for alfalfa cultivation, is enhancing efficiency and resource management [6] - The overall vision for Hohhot's modern agricultural and livestock industry is becoming clearer, characterized by technological empowerment, ecological friendliness, and a complete supply chain [10]