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。 ...

Summary of Key Points from the Conference Call Industry Overview - **Agriculture Sector**: The focus is on enhancing the comprehensive regulation of pig production capacity, consolidating the relief achievements in beef and dairy industries, and promoting supply-demand balance and healthy development [1][5]. Core Insights and Arguments - **Livestock Industry**: - Emphasis on strengthening pig production capacity regulation and consolidating the relief of beef and dairy industries to ensure a balanced supply and demand [1][5]. - Introduction of multiple measures to promote dairy product consumption [2][6]. - **Crop Production**: - Stability in grain and oil production is prioritized, with efforts to enhance soybean production capacity and expand the production space for oilseed crops such as rapeseed, peanuts, and tea oil [3][7]. - Promotion of stable development in cotton, sugar, and natural rubber industries [4][8]. - **Seed Industry**: - Implementation of seed industry revitalization actions, accelerating the breeding and promotion of breakthrough varieties, and advancing the industrialization of biotechnology [9]. - **Agricultural Technology**: - Development of new agricultural productivity tailored to local conditions, integrating artificial intelligence with agriculture, and expanding application scenarios for drones, IoT, and robotics [10]. - **Agricultural Trade**: - Coordination between agricultural trade and production is encouraged, with a push for diversification in agricultural imports [11][12]. - Cultivation of internationally competitive agricultural enterprises and support for expanding exports of advantageous specialty agricultural products [13][14]. Additional Important Insights - **Investment Focus**: Attention is drawn to the effectiveness of livestock production capacity regulation, the cyclical reversal of beef and dairy industries, and the orderly advancement of seed industry revitalization [15]. - **Key Investment Targets**: Notable companies include YouRan Agriculture, Modern Animal Husbandry, Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Longping High-Tech, and Denghai Seeds [16]. - **Smart Agriculture**: The company TopCloud Agriculture is highlighted as a noteworthy entity in the smart agriculture sector [17].

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].

（作者｜周琦 编辑｜张广凯） 1月中旬，一则资本市场公告在平静的乳业界激起涟漪。 中国乳业龙头伊利宣布，将以"先卖后买再加仓"的操作，增持上游核心伙伴优然牧业。 一进一出，伊利掏出11.73亿港元，对优然牧业的持股比例仅从33.93%微升至36.07%。 2025年10月，原料奶均价3.04元/公斤，较去年同期下跌9.2%，截至2025年12月第三周，主产省份生鲜乳平均价格已跌至3.03元/公斤，价格水平跌回2010 年，创下十年新低。 这已是奶价磨底的第四年，行业哀嚎遍野，伊利为何甘愿在周期谷底加码优然牧业？ 挣钱不易 优然牧业并非传统意义上的牧场公司，而是一个覆盖从牧草种植、饲料加工到奶牛育种、规模化养殖、鲜奶生产的全产业链上游综合服务商。 这种纵向一体化的业务结构，使优然牧业成为国内乳业上游的独特存在。 2025年前6个月，公司营收为102.84亿元，较去年同期增长2.3%；股东应占溢利亏损2.97亿元，亏损同比收窄10.4%。 优然牧业分为"原料奶业务""反刍动物养殖系统化解决方案业务"两大业务。 "反刍动物解决方案业务"是优然牧业的独特优势。 该解决方案包含饲料业务、育种业务及奶牛超市，即向牧场供应 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The food and beverage sector is currently at a low position in terms of valuation and fundamentals, presenting significant layout value. The CPI in December 2025 increased by 0.8%, indicating a mild recovery trend. The policy focus on expanding domestic demand and promoting consumption is becoming clearer, signaling a potential bottoming out of industry demand. The current valuation and policy bottom are resonating, gradually releasing pessimistic expectations and providing a safety margin for investment [7][35] - The upcoming Spring Festival is expected to catalyze performance in the sector, with resilient demand for consumer goods and a continuous upward trend in the snack sector. The mismatch in the timing of the Spring Festival is anticipated to lead to a concentrated release of stocking demand. The sector is expected to achieve rapid growth in Q1 2026 [7][35] Summary by Sections Fund Positioning - In Q4 2025, the allocation ratio for food and beverage in the overall market funds dropped to a new low of 6.1%, down from 6.4% in Q3 2025. The allocation ratio for active equity funds was 4.0%, slightly down from 4.1% in the previous quarter, indicating a continued reduction in food and beverage allocations by active equity funds [4][13] - The overall number of shares held by funds in the food and beverage sector decreased in Q4 2025, with a general trend of reduced allocation to food and beverage companies. Notably, companies like Yurun Agriculture, Yili, and West Wheat Food saw an increase in market value held by funds, while companies like Wuliangye, Shanxi Fenjiu, and Kweichow Moutai experienced significant decreases [6][29][32] Investment Recommendations - The report suggests focusing on two main lines for investment: first, consider companies like Shede Liquor that have undergone sufficient adjustments and possess high elasticity; second, allocate to industry leaders such as Kweichow Moutai and Shanxi Fenjiu, which have strong performance stability and risk resistance. The Spring Festival stocking is expected to be a core catalyst for the sector's performance [7][34] - Specific investment opportunities are highlighted in three sub-sectors: raw milk/dairy products, the snack sector, and the catering supply chain. Companies such as Wei Long, Gan Yuan Food, Yan Jin Pu Zi, West Wheat Food, and Yili are identified as key investment targets, with beneficiaries including Yurun Agriculture, Mengniu Dairy, Anjixin Food, and Guoquan [7][38]

连续亏损两年半的优然牧业，即将等到大股东伊利的"输血"。 1月16日早间，优然牧业宣布，公司拟以不同方式向伊利股份全资子公司博源投资合计发行5.985亿股股份，合计募集资金约23.46亿港元。 作为全球最大原料奶供应商，优然牧业运营着100座现代化牧场。尽管背靠伊利，但依然无法逃脱乳业进入下行周期所带来的冲击，公司已经出现了超150 亿元的短期资金缺口。 对于优然牧业来说，能够在这个时候配股融资，犹如雨旱逢甘霖，但资本市场的态度似乎并不热情。 Wind数据显示，宣布配股后的3个交易日里（1月16日至20日），优然牧业股价不涨反跌，累计微跌0.9%。在此之前的1月15日，公司股价则直接暴跌 10.42%。 在股价下滑之外，优然牧业还面临着业绩压力。自2022年来，其利润持续亏损，2年半累计亏损超20亿元。 只是，等到伊利"输血"后，优然牧业能否"破局"？如果无法修复盈利能力，这笔资金又能维持多久？优然牧业又将如何熬过原奶价格下行周期？ 1 低价配股，伊利拟出手"输血" | 作者 | 王亚静 | 编辑 | 蛋总 | | --- | --- | --- | --- | | 美编 | 邢静 | 审核 | 颂文 | 一 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 优然牧业（09858）盘中涨超5%，截至发稿，股价上涨4.13%，现报4.54港元，成交额6286.53万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 优然牧业（09858）盘中涨超5%，截至发稿，股价上涨4.13%，现报4.54港元，成交额6286.53万港元。 1月26日，优然牧业发布公告，配售事项已根据配售及认购协议的条款及条件于2026年1月20日完成，配 售代理按尽力基准成功向不少于六名承配人配售合共2.9925亿股配售股份，配售价为每股配售股份3.92 港元。 由于完成先旧后新认购事项的所有条件已达成，公司于2026年1月26日根据配售及认购协议的条款及条 件按每股先旧后新认购股份3.92港元向卖方配发及发行2.9925亿股先旧后新认购股份。净筹约11.58亿港 元。 于配售事项及先旧后新认购事项以及特别授权认购事项完成后，估计所得款项净额预期约为23.3亿港 元。约35%用于先进技术赋能及数字化转型，以提升营运效能；约55%用于偿还计息债务并优化资本结 构，为潜在收购或投资机会提供灵活性；及约10%用于 ...

Group 1 - Wangshan Wangshui-B (02630) surged over 14%, reaching a new high, following the announcement of significant antiviral research against Nipah virus by a team including researchers from the Wuhan Institute of Virology and Shanghai Institute of Materia Medica [1] - Zhaoyi Innovation (03986) increased by over 5.6%, with a forecasted revenue of approximately 9.2 billion yuan for 2025, representing a year-on-year growth of about 25%, and a projected net profit of around 1.61 billion yuan, up 46% [1] - Youran Dairy (09858) rose over 4% after completing a placement of 299.25 million shares at a price of 3.92 HKD per share [1] Group 2 - Yijun Group Holdings (02442) experienced a decline of over 39%, despite a previous surge of 4.4 times since its relisting on December 3, 2022 [2] - Alibaba-W (09988) saw a rise of 1.82% after the launch of its Qwen3-Max-Thinking model, which has over 1 trillion parameters and 36 trillion tokens of pre-training data [2][3] - Junda Co., Ltd. (02865) fell nearly 11%, with a drop of over 30% from its recent peak, following an announcement of a strategic investment in Shanghai Xingyi Xinneng Technology Co., Ltd. [2] Group 3 - WanGuo Data-SW (09698) increased by over 6%, also in response to the launch of Alibaba's Qwen3-Max-Thinking model [3] - MicroPort Scientific Corporation-B (02160) dropped 11% after announcing a proposed share consolidation [3] - Valiant Pharmaceuticals-B (09887) rose nearly 4% after receiving orphan drug designation from the European Commission for its core product [4] Group 4 - AI application software stocks in the US saw significant gains, with Cloudflare (NET.US) up 9.17% and Zoom Communications (ZM.US) up 11.28% [5] - Apple (AAPL.US) rose 2.97% ahead of its Q1 2026 earnings report, with expected revenue growth of 11.3% year-on-year to 138.42 billion USD [5] - Intel (INTC.US) continued its decline, falling 5.72% after a previous drop, with revenue expectations for Q1 2026 significantly below market forecasts [5] Group 5 - Kingsoft Cloud (KC.US) increased by 8.1% following a strategic upgrade of its AI training and deployment platform [6] - Precious metals stocks saw pre-market gains, with First Majestic Silver (AG.US) up 1.1% as gold prices reached historical highs [6]

消息面上，1月26日，优然牧业发布公告，配售事项已根据配售及认购协议的条款及条件于2026年1月20 日完成，配售代理按尽力基准成功向不少于六名承配人配售合共2.9925亿股配售股份，配售价为每股配 售股份3.92港元。 优然牧业(09858)涨超5%，截至发稿，涨5.05%，报4.58港元，成交额4549.89万港元。 于配售事项及先旧后新认购事项以及特别授权认购事项完成后，估计所得款项净额预期约为23.3亿港 元。约35%用于先进技术赋能及数字化转型，以提升营运效能；约55%用于偿还计息债务并优化资本结 构，为潜在收购或投资机会提供灵活性；及约10%用于补充营运资金并用作一般公司用途。 由于完成先旧后新认购事项的所有条件已达成，公司于2026年1月26日根据配售及认购协议的条款及条 件按每股先旧后新认购股份3.92港元向卖方配发及发行2.9925亿股先旧后新认购股份。净筹约11.58亿港 元。 ...