Core Viewpoint - Yuran Agriculture has achieved a significant milestone by obtaining the carbon neutrality certificate for its Pingdingshan ranch, marking the first carbon-neutral dairy farm in China, which reflects the company's commitment to the national "dual carbon" goals [1][3] Group 1: Carbon Neutrality Certification - Yuran Agriculture's Pingdingshan ranch received the carbon neutrality certificate from CTC National Inspection Group, establishing it as the first carbon-neutral dairy farm in China [1] - The certification indicates that Yuran Agriculture has developed effective measures and pathways to achieve carbon neutrality in its operations [1] Group 2: Commitment to National Goals - The company actively responds to China's "dual carbon" goals, which aim to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060 [1] - Yuran Agriculture has implemented a "carbon neutrality" strategy, achieving 14 low-carbon results across its entire industry chain, including "zero-carbon feed factories" and "low-carbon dairy farming" [1] Group 3: Clean Energy Initiatives - The Pingdingshan ranch is advancing its clean energy initiatives by utilizing self-developed anaerobic fermentation technology and innovative high-temperature anaerobic fermentation processes to enhance biogas production while treating manure [3] - The company employs low-carbon feed and introduces electric milk transport vehicles and other new energy equipment to reduce fossil fuel usage, leading the industry in achieving carbon neutrality in dairy farming [3] Group 4: Industry Impact - Yuran Agriculture's successful achievement of carbon neutrality sets a benchmark for the industry's low-carbon transformation [3] - The company aims to support the industry in achieving sustainable and high-quality development through the iterative upgrade of green low-carbon technologies [3]

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11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: 中國優然牧業集團有限公司 呈交日期: 2025年12月1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 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | 本月底法 ...

Core Viewpoint - The raw milk price is stabilizing and expected to rise in 2026, benefiting from the reduction in supply-side expansion and a decrease in breeding stock, alongside the release of processing capacity on the demand side [2][3] Group 1: Raw Milk Price Trends - The raw milk price has shown signs of recovery in September due to seasonal supply-demand mismatches and the implementation of new sterilized milk standards, leading to a preliminary balance in the industry supply-demand structure [2] - The self-sufficiency rate of raw milk in China exceeds 70%, with imports of dry dairy products equivalent to 15 million tons of fresh milk in 2024, accounting for 37% of raw milk production [2] - Major companies like Yili and Mengniu are enhancing their processing capacity, which is expected to further boost raw milk demand as domestic substitution increases [2] Group 2: Beef Cattle Market Outlook - The stock of breeding cows continues to decline, with a year-on-year decrease of 2.4% in national cattle stock as of Q3 2025, indicating a sustained supply gap and a favorable market cycle expected to continue until 2027 [3] - The U.S. imposed a 40% tariff on Brazilian beef starting August 2025, leading to increased beef imports into China, with the impact of this tariff expected to diminish following policy relaxations in November [3] - Future import restrictions could further stimulate domestic beef demand, especially as the investigation into beef import measures concludes in January [3] Group 3: Profitability and Margin Improvements - Profitability for dairy farming leaders is expected to improve significantly, with gross margins potentially increasing by over 6% to 10% if milk prices rise by 10% to 20% [3] - The valuation of breeding cows and income from culling are anticipated to increase, with companies like Yuran and Modern Farming expected to see additional revenue of 240 million and 180 million yuan respectively from rising cattle prices [3] - The fair value of breeding cows is likely to benefit from the reversal in milk prices, reduced feeding costs, and optimized herd structures [3]

Group 1 - The stock of Youran Dairy (09858.HK) has increased by over 5% [1] - As of the time of reporting, the stock rose by 5.13%, reaching a price of 4.3 HKD [1] - The trading volume amounted to 105 million HKD [1]

Core Viewpoint - Yuran Agriculture (09858) has seen its stock price increase by over 20% this week, with a current rise of 5.13% to HKD 4.3, and a trading volume of HKD 105 million [1] Group 1: Cattle Prices - As of November 21, the price of calves is HKD 32/kg, reflecting a week-on-week increase of 0.63% and a year-to-date increase of 32.73% [1] - The price of fattened bulls is HKD 25.58/kg, showing a week-on-week decrease of 0.16% but a year-to-date increase of 8.25% [1] Group 2: Supply and Demand Outlook - Due to previous long-term losses, there has been a significant reduction in production capacity, leading to a gradual decrease in breeding cows, which is expected to tighten beef supply in the medium to long term [1] - It is anticipated that beef prices will enter an upward cycle between 2026 and 2027 [1] Group 3: Raw Milk Prices - The reduction in production capacity is expected to lead to a contraction in raw milk supply, with prices likely to stabilize and recover in the coming year [1] - Analysts expect a new cycle for beef prices to begin, with the sector's overall outlook improving [1]

Core Viewpoint - YouRan Agriculture (09858) has seen its stock price increase by over 20% this week, with a current price of 4.3 HKD, reflecting a 5.13% rise as of the latest report [1] Price Trends - The price of calves is reported at 32 CNY/kg, showing a week-on-week increase of 0.63% and a year-to-date increase of 32.73% [1] - The price of fattened bulls is at 25.58 CNY/kg, with a week-on-week decrease of 0.16% but a year-to-date increase of 8.25% [1] Supply and Demand Outlook - Due to previous long-term losses, there has been a significant reduction in production capacity, leading to a gradual decrease in the number of breeding cows. This effect is expected to tighten beef supply in the medium to long term, with beef prices anticipated to enter an upward cycle between 2026 and 2027 [1] - The reduction in production capacity is expected to stabilize and eventually increase raw milk prices in the coming year [1] Market Sentiment - Guojin Securities forecasts that as the supply-side capacity reduction continues, raw milk prices are likely to stabilize and recover next year [1] - Recent increases in calf and live cattle prices suggest the potential onset of a new beef cycle, indicating a positive outlook for the sector [1]

Group 1 - The Hang Seng Index experienced a slight increase, closing up by 0.07%, while the Hang Seng Tech Index fell by 0.36% [1] - Real estate stocks generally declined, with Vanke Enterprises dropping nearly 8%, reaching a historical low [1] - Technology stocks mostly retreated, with Alibaba Health decreasing by over 5% and Alibaba falling by nearly 3% [1] Group 2 - The new consumption sector showed resilience, with Youran Dairy surging by 12% and Pop Mart rising by nearly 7% [1]

Core Viewpoint - YouRan Dairy (09858) has seen a significant increase in stock price, rising over 9% to HKD 3.98, with a trading volume of HKD 106 million. The company is recognized as the largest raw milk supplier globally, with a comprehensive business model covering the entire dairy industry chain, including breeding, grass, feed, and dairy cattle farming, all leading in their respective sectors. Analysts predict a stabilization and gradual recovery of raw milk prices in the first half of 2026 due to improved supply and demand dynamics, which is expected to significantly boost revenue from raw milk sales. Additionally, the upward trend in beef prices is anticipated to benefit the company's profit margins [1]. Group 1 - YouRan Dairy is the largest raw milk supplier globally, with a complete coverage of the dairy industry chain [1] - Analysts expect raw milk prices to stabilize and recover in 2026, leading to increased revenue from raw milk sales [1] - The upward trend in beef prices is likely to continue, positively impacting the company's profits [1] Group 2 - CITIC Securities forecasts a reduction of over 10% in breeding cows since 2024, leading to a domestic shortage of cattle supply, which is a key driver for the current beef price increase [1] - The previous beef cycle saw an 11% decline in stock, resulting in a cumulative price increase of over 60% for fattening cattle, while the current cycle has seen only a 20% increase in live cattle prices [1] - The Ministry of Commerce's ongoing investigation into beef import measures does not affect the domestic cycle reversal logic, indicating a positive outlook for the beef and raw milk sectors [1]

Group 1: Semiconductor Industry - Semiconductor stocks showed an upward trend, with Huahong Semiconductor rising 1.24% and SMIC increasing by 1.02%. The semiconductor industry is expected to continue its upward trajectory through 2025, driven by U.S. export controls and China's "14th Five-Year Plan" emphasizing technological self-reliance [1][2] Group 2: Pharmaceutical Sector - Lakai Pharmaceutical saw a significant increase of over 15%, with a cumulative rise of over 40% this month. The company has granted rights for its breast cancer candidate drug LAE002 to Qilu Pharmaceutical for a total transaction amount of 2.045 billion yuan, along with a potential sales commission of 10% to 20% [1] Group 3: Technology and AI - Cambridge Technology experienced a nearly 10% rise, with reports indicating that Meta is in talks with Google to potentially purchase TPUs for its data centers starting in 2027, with a procurement scale potentially reaching several billion dollars [1] - Guohua Tong surged over 14% after Huawei announced the launch of its first chat robot, "Smart Hanhan," priced at 399 yuan, marking Huawei's entry into the smart companionship market [2] - Xiaoma Zhixing reported a revenue increase of 72% year-on-year to 25.4 million USD in Q3 2025, with Robotaxi services growing by 89% [3] Group 4: Consumer Goods and Entertainment - Pop Mart rose over 8% after Sony Pictures acquired the film adaptation rights for Pop Mart's popular IP "Labubu," with plans for a movie series already in development [3] - Yuran Agriculture increased by over 9%, being recognized as the world's largest raw milk supplier with a comprehensive business model covering the entire dairy industry chain [4] Group 5: U.S. Market Movements - Robinhood's stock rose over 10.93% as the company announced the launch of a futures and derivatives exchange, deepening its investment in predictive markets [5] - Oracle's stock increased by 4.02% after Deutsche Bank raised its target price based on the company's growth potential in cloud infrastructure and AI services [6]

Core Viewpoint - YouRan Agriculture (09858.HK) experienced a significant increase in stock price, rising over 9% to reach HKD 3.98, with a trading volume of HKD 106 million [1] Group 1 - The stock price of YouRan Agriculture rose by 9.04% [1] - The current trading price is HKD 3.98 [1] - The total trading volume reached HKD 1.06 billion [1]