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%用于补充营运资金并用作一般公司用途。 智通财经APP获悉，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。 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。 ...

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。 智通财经APP讯，优然牧业(09858)公布，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。 ...

| 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 09858 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | | 已發行股份總數 | | | 已發行股份（不包括庫存股份）數 目 | 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) 2025年12月31日 | 3,892,727,833 | | | 0 | | | 3,892,727,833 | | 1). 配售/認購 - 涉及新股 | 299,250,000 | | 7.69 % | | HKD | 3.92 | | | 根據日期為2026年1月16日之配售及認購協議進行的先舊後新 ...

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。 优然牧业(09858)公布，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。 ...

Core Viewpoint - The company, YouRan Agriculture (09858.HK), has entered into a placement and subscription agreement to issue approximately 299 million shares at a price of HKD 3.92 per share, which represents an 8.84% discount to the last closing price of HKD 4.30 [1][2]. Group 1: Placement and Subscription Agreement - The placement agent, Morgan Stanley and CITIC Securities, has agreed to facilitate the purchase of the placement shares by at least six subscribers [1]. - The estimated net proceeds from the placement are expected to be approximately HKD 11.59 billion [1]. - The placement shares represent about 7.69% of the company's existing issued share capital as of the announcement date [1][2]. Group 2: Special Authorization Subscription - The company has entered into a special authorization subscription agreement with the seller, which allows the seller to subscribe for approximately 299 million new shares at the same price of HKD 3.92 per share [2]. - The estimated net proceeds from the special authorization subscription are expected to be approximately HKD 11.72 billion [2]. - The number of special authorization subscription shares also represents about 7.69% of the company's existing issued share capital as of the announcement date [2]. Group 3: Completion of Transactions - The placement has been completed as of January 20, 2026, with the placement agent successfully placing the shares to independent third-party subscribers [2]. - Following the completion of the placement and special authorization subscription, the seller's shareholding in the company remains unchanged [3].

配售事項之配售代理 董 事 會 欣 然 宣 佈，配 售 事 項 已 根 據 配 售 及 認 購 協 議 的 條 款 及 條 件 於2026年1月20 日 完 成，配 售 代 理 按 盡 力 基 準 成 功 向 不 少 於 六 名 承 配 人 配 售 合 共299,250,000股 配 售 股 份，配 售 價 為 每 股 配 售 股 份3.92港 元。據 董 事 作 出 一 切 合 理 查 詢 後 所 深 知、 全 悉 及 確 信，承 配 人 及 其 最 終 實 益 擁 有 人 均 為 獨 立 第 三 方。 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 Limi ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is currently at a low position in terms of fundamentals and valuations, presenting significant investment opportunities as the peak season approaches [4][12] - The food and beverage index experienced a decline of 1.4% from January 19 to January 23, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 0.8 percentage points [12][13] - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, indicating a mild recovery trend, and has returned to relatively high levels compared to recent years [4][12] - The upcoming Spring Festival is expected to catalyze performance in the sector, with strong demand for consumer goods, particularly in the snack segment, which continues to show upward momentum [4][12] Summary by Sections Weekly Insights - The food and beverage sector is positioned for a recovery as it approaches the peak season, with a notable increase in demand expected during the Spring Festival [4][12] - The sector's current valuation aligns with policy support aimed at boosting consumption, providing a safety margin for investments [4][12] Market Performance - The food and beverage index's performance was weaker than the broader market, with specific sub-sectors like snacks (+6.1%), processed foods (+4.9%), and baked goods (+4.3%) showing relative strength [12][13] Upstream Data - Recent data indicates a decline in some upstream raw material prices, with whole milk powder prices down 13.5% year-on-year as of January 20, 2026 [19][21] - The price of fresh milk was reported at 3.03 CNY per kilogram, reflecting a year-on-year decrease of 2.6% [19][21] Alcohol Industry Data - In December 2025, the production of liquor (65-degree equivalent) decreased by 12.1% year-on-year, with a total production of 354.9 million liters for the year [42][43] Recommended Investment Targets - Key investment opportunities identified include raw milk/dairy products, the snack sector, and the restaurant supply chain, with specific companies highlighted for their growth potential [4][5][12]

Summary of Youran Dairy (9858.HK) Conference Call Company Overview - Youran Dairy is the largest raw milk provider globally in terms of dairy cow herd size and raw milk production volume as of December 31, 2020. It is also the largest ruminant feed provider in China and the leading dairy breeding company in the country [doc id='26'][doc id='27']. Industry Insights - The raw milk price in major production regions has stabilized, with a mild recovery expected in 2026 due to a gradual reduction in herd size and improved supply-demand balance [doc id='2'][doc id='11']. - The dairy product production volume in China has seen a decline of 0.9% in 10M25, primarily driven by liquid milk, while solid dairy products like cheese and butter have maintained decent growth [doc id='14'][doc id='15']. Financial Performance - Youran Dairy reported a net profit of Rmb -739 million in 2023, with a projected recovery to Rmb 1,319 million in 2026, reflecting a significant turnaround [doc id='5']. - The company expects earnings per share (EPS) to grow from Rmb -0.195 in 2023 to Rmb 0.297 in 2026, indicating a strong recovery trajectory [doc id='5']. Operational Strategy - Management plans to prioritize balance sheet deleverage and technology investments to enhance operational efficiency, viewing these as core competitive advantages in a challenging industry environment [doc id='1']. - The company has no plans to add capacity due to sluggish demand but is closely monitoring M&A opportunities as asset values are perceived to be at a low point [doc id='1'][doc id='4']. Cost Management - Feed costs are expected to decline slightly in 2026, contributing to gross profit margin (GPM) expansion. The company aims to invest in technology and digital transformation to improve cost efficiency [doc id='3'][doc id='4']. - China's raw milk production cost is lower than that of the US and Europe but remains higher than New Zealand, indicating room for improvement in cost management [doc id='4']. Market Outlook - The herd size in China is projected to stabilize, with raw milk production volume expected to grow at a mid- to high-single digit rate in 2026 due to yield improvements [doc id='3']. - The company anticipates that downstream players' development of solid dairy product processing will boost raw milk demand in the long term, as the import replacement rate improves from the current 70% [doc id='2']. Investment Recommendation - Youran Dairy is rated as a "Buy" with a target price of HK$5.40, representing a potential return of 23.3% from the current price of HK$4.38 [doc id='6'][doc id='10']. - The company is viewed as having solid earnings trends and undemanding share valuations, given its growth potential and strong return on equity (ROE) [doc id='27']. Risks - Key risks include lower-than-expected raw milk prices, weaker business performance from key customers, potential disease outbreaks at dairy farms, trade frictions affecting forage imports, and unexpected food safety issues [doc id='29']. Conclusion - Youran Dairy is positioned to navigate a challenging industry landscape through strategic investments in technology and operational efficiency, while also exploring M&A opportunities to enhance its market position. The expected recovery in financial performance and favorable market dynamics present a compelling investment case.

优然牧业 20260122 摘要 悠然牧业通过分两次配售发行，旨在更快吸引海外长线机构投资者，迅 速达成交易，并确保募集资金尽快到位，以实现各项既定目标。本次募 资吸引了国内头部投资机构和海外长线基金的认可，市场对其投资价值 表示肯定。 公司计划将募集资金的一半用于偿还高息美元债，优化整体债务结构， 预计 2026 年度可节省融资费用约 1 亿元。同时，公司将储备更多现金， 以便在行业恢复向好时把握未来机会。 悠然牧业通过规模化、集约化牧场的数字化改造提升经营效益。新建万 头牧场在建设初期就匹配数字化设备，并对早期小规模牧场进行技术革 新，从而在生产效率和成本控制上取得明显优势。 公司通过大规模集采、小批量备货以及提升饲料转化吸收率等措施控制 成本。2025 年上半年饲料成本降至 1.9 元/公斤，下半年进一步降至 1.66-1.71 元/公斤，预计 2026 年仍有 2%-3%的下降潜力。 悠然牧业已在全国范围内布局 100 座牧场，未来两到三年将致力于现有 产能的达产和核心牛群的提升，保持畜群总数平稳，提高成母牛比例， 实现生鲜乳产量高个位数增长，暂无新建牧场计划，关注行业内优质标 的。 Q&A 悠然牧业 ...

Core Viewpoint - The recent appreciation of the RMB is expected to benefit the food and beverage sector through reduced import costs, improved domestic demand, and increased foreign investment allocation [1][2]. Group 1: Recent Developments - The RMB has accelerated its appreciation, breaking the 7 mark offshore on December 25 and reaching 6.96 onshore by January 22, indicating enhanced economic momentum and improved export competitiveness [1]. - Historical analysis shows that during previous RMB appreciation cycles (May-November 2020 and November-December 2022), the food and beverage sector outperformed the CSI 300 index by 18% and 12%, respectively [2]. Group 2: Cost, Demand, and Valuation Dynamics - Cost: The appreciation of the RMB reduces the converted prices of imported raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2]. - Demand: The recovery of domestic demand is a fundamental support for the strong RMB, which will further lower companies' restocking costs, shifting the industry from passive destocking to active restocking, thus reinforcing demand resilience [2]. - Valuation: The liquidity remains ample during the RMB appreciation cycle, enhancing the inflow of foreign capital into A-shares, which is expected to bring liquidity premiums to the food and beverage sector, known for its high foreign ownership [2]. Group 3: Investment Recommendations - The report highlights three main lines of focus for investment: 1. Cost benefits, recommending companies such as Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3]. 2. Demand recovery, recommending companies like Anjijia Food, Qianwei Central Kitchen, Youran Dairy, Modern Farming, New Dairy, and Wancheng Group [3]. 3. Valuation recovery, recommending companies including Yili Group, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3].