Core Viewpoint - YouRan Agriculture (09858) experienced a stock price increase of over 5%, closing at HKD 4.58 with a trading volume of HKD 45.49 million following the completion of a share placement and subscription agreement [1] Group 1: Share Placement Details - On January 26, YouRan Agriculture announced the completion of a share placement, successfully placing a total of 299.25 million shares at a price of HKD 3.92 per share to no less than six subscribers [1] - The net proceeds from the placement are approximately HKD 1.158 billion [1] Group 2: Fund Utilization - After the completion of the placement and subscription, the estimated net proceeds are expected to be around HKD 2.33 billion [1] - Approximately 35% of the proceeds will be allocated to advanced technology empowerment and digital transformation to enhance operational efficiency [1] - About 55% will be used to repay interest-bearing debts and optimize the capital structure, providing flexibility for potential acquisitions or investment opportunities [1] - Approximately 10% will be allocated to replenish working capital and for general corporate purposes [1]

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 ...

Core Viewpoint - YouRan Agriculture (09858) has successfully completed a placement of 299.25 million shares at a price of HKD 3.92 per share, raising approximately HKD 1.158 billion in net proceeds [1] Group 1: Placement and Subscription Details - The placement was completed on January 20, 2026, with shares allocated to no fewer than six subscribers [1] - Following the completion of the placement, the company will issue 299.25 million shares under the old and new subscription agreement at the same price of HKD 3.92 per share on January 26, 2026 [1] Group 2: Use of Proceeds - The estimated net proceeds from the placement and subscription are expected to be approximately HKD 2.33 billion [1] - About 35% of the proceeds will be used for advanced technology empowerment and digital transformation to enhance operational efficiency [1] - Approximately 55% will be allocated to repay interest-bearing debts and optimize the capital structure, providing flexibility for potential acquisitions or investment opportunities [1] - Around 10% will be used to supplement working capital and for general corporate purposes [1]

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.

Summary of Yuran Dairy's Conference Call Company Overview - **Company**: Yuran Dairy (悠然牧业) - **Industry**: Dairy Farming Key Points Fundraising and Financial Strategy - Yuran Dairy raised approximately HKD 2 billion through a two-phase placement to attract long-term overseas institutional investors and ensure quick capital availability for strategic goals [2][4][6][7] - Half of the raised funds will be used to repay high-interest USD debt, expected to save around CNY 100 million in financing costs in 2026 [2][4][8] - The company aims to maintain cash reserves to seize future opportunities as the industry recovers [2][4] Operational Efficiency and Cost Control - Yuran Dairy is enhancing operational efficiency through digital transformation of large-scale, intensive farms, with new farms equipped with digital technology from the outset [2][10] - Feed costs decreased to CNY 1.9 per kg in H1 2025 and further to CNY 1.66-1.71 per kg in H2 2025, with a potential 2%-3% decrease in 2026 [2][11] - The company employs large-scale procurement and improved feed conversion rates to control costs effectively [2][11] Production and Capacity Plans - Yuran Dairy operates 100 farms nationwide and plans to focus on achieving full capacity and improving core herd quality over the next 2-3 years, with no new farm construction planned [2][14] - The company anticipates a high single-digit growth in fresh milk production, maintaining a stable total herd size while increasing the proportion of breeding cows [2][14] Market Position and Pricing - The average milk price for Yuran Dairy in H1 2025 was CNY 3.87 per kg, higher than the main production area average of CNY 3.08 per kg, attributed to premium fresh milk offerings [4][29] - The company expects the premium pricing gap to narrow in the future, with 72% of premium fresh milk prices adjusting based on base price fluctuations [4][29] Industry Dynamics - The dairy industry is experiencing a reduction in cow inventory, impacting supply dynamics, while Yuran Dairy's operational strategies are designed to mitigate risks associated with price volatility [2][21][27] - The company is exploring the potential for beef cattle operations as a supplementary growth avenue, leveraging existing resources for efficiency [2][19][20] Future Outlook - Yuran Dairy's long-term strategy includes maintaining a balanced approach to herd management and production efficiency, with a focus on core breeding strategies to enhance overall productivity [2][18][34] - The company is positioned to adapt to market changes and capitalize on opportunities as the dairy sector evolves, with a cautious outlook on pricing trends influenced by macroeconomic factors [2][22][23][32] Additional Insights - The company is not currently planning new farm constructions but is open to acquiring existing farms that complement its operational strategy [2][15] - Yuran Dairy's operational decisions are informed by real-time market conditions, ensuring a responsive approach to industry challenges [2][16][21]