（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9858） 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 董事會會議通告 中國優然牧業集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025年 8月22日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考慮及批准本公司及其附屬公司 截 至2025年6月30日 止 六 個 月 的 中 期 業 績 及 其 發 佈，並 考 慮 派 發 中 期 股 息（如 有）。 承董事會命 中國優然牧業集團有限公司 主席兼執行董事 郝海軍 呼 和 浩 特，2025年8月7日 於 本 公 告 日 期，執 行 董 事 為 郝 海 軍 先 生、董 計 平 ...

Summary of Conference Call Notes Industry Overview - The dairy industry is characterized by its cyclical nature, influenced by the growth cycle of cattle, which takes approximately 13 months from calf to mature cow [1] - The industry has become increasingly large-scale since 2008, driven by food safety incidents and environmental regulations, leading to a consolidation of farms [2] - As of 2020, leading farms accounted for 43% of the market, although the overall competition remains fragmented with top companies holding less than 4% market share [2] Supply and Demand Analysis - Milk price fluctuations are influenced by both supply and demand factors [3] - Supply factors include the price of imported milk powder, which serves as a substitute for fresh milk when prices are lower abroad [3] - Demand factors are driven by population growth and per capita dairy consumption, which is affected by income levels and health awareness [5] - Feed costs constitute about 70% of the raw milk sales cost, making it a significant factor in dairy farming profitability [5] Historical Price Cycles - The industry has experienced three major cycles from 2008 to present: - **2008-2013**: Milk prices fell due to the melamine scandal, leading to reduced demand [6] - **2013-2018**: Prices rose due to supply constraints from disease outbreaks and rising feed costs, followed by a decline due to increased imports [7] - **2019-Present**: Prices have been rising due to supply reductions from farm exits and supportive policies, although a recent oversupply has led to price declines starting in 2021 [9] Current Market Conditions - Current milk prices are around 3203, showing a slight decline from the previous week [9] - The industry is in a phase of bottoming out, with many farms facing losses due to falling prices and rising feed costs [10] - Factors such as rising beef prices and seasonal procurement pressures are expected to increase financial strain on smaller farms [11] Future Outlook - The second half of the year may see a balance between supply and demand, aided by government subsidies and new standards reducing reliance on imported milk powder [12] - Companies like YouRan are expected to benefit from a rebound in milk prices, with potential profit increases linked to higher proportions of premium milk sales [13] - The integration of supply chains and cost management strategies are expected to enhance profitability for leading firms [17] Company-Specific Insights - YouRan's revenue is significantly supported by stable demand from major customers like Yili, which accounts for 95% of its raw milk income [16] - The company has a diversified product range, including organic and premium milk, which helps mitigate risks associated with falling milk prices [14] - The overall industry outlook suggests that leading companies will benefit from cost reductions and a potential rebound in milk prices, with historical price cycles indicating a strong likelihood of recovery [23][24] Conclusion - The dairy industry is currently navigating a challenging environment with fluctuating prices and rising costs, but there are signs of potential recovery driven by policy support and market adjustments. Leading companies are well-positioned to capitalize on these changes through strategic management and product differentiation.

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7月31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8月1日 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,892,727,833 | | 0 | | 3,892,727,833 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,892,727,833 | | 0 | | 3,892,727,833 | 第 2 頁 共 10 頁 v 1. ...

农业农村部办公厅发布《关于加快奶业纾困提升奶业高质量发展水平的通知》提出，各地要落实白名单 制度，及时向金融机构推送生产经营水平高、信用良好的奶牛养殖场名单，"点对点"做好金融政策对 接。 推动银行机构持续创新"青贮贷"等金融产品，保障养殖场青贮饲料收储资金需求。要将符合条件的项目 纳入农业农村基础设施融资项目库储备，探索采取贴息补助的办法给予支持。 国泰海通证券发布研报称，7月28日国家育儿补贴制度实施方案公布，"国补"正式进入生育领域，食饮 訾猛团队测算年均发放育儿补贴约千亿，有望发挥乘数效应且有加码可能，提振乳品等行业需求。考虑 到适龄人口发展趋势，国泰海通预计未来出生人口数将有所减少，单年度补贴额度也将随之降低，但仍 为一笔可观的财政支出。对乳制品行业而言，全国层面的育儿补贴有望拉动相关乳品消费，尤其是奶粉 等，有助于提振板块景气度，加速供需缺口收敛。 乳品行业涉及相关港股： 澳优（01717）、H&H国际控股(01112)、蒙牛乳业(02319)、现代牧业(01117)、中国飞鹤(06186)、优然 牧业(09858)、原生态牧业(01431)等。 加强银政企户精准有效对接，引导金融机构通过展期、续 ...

农业农村部办公厅发布《关于加快奶业纾困提升奶业高质量发展水平的通知》提出，各地要落实白名单 制度，及时向金融机构推送生产经营水平高、信用良好的奶牛养殖场名单，"点对点"做好金融政策对 接。 推动银行机构持续创新"青贮贷"等金融产品，保障养殖场青贮饲料收储资金需求。要将符合条件的项目 纳入农业农村基础设施融资项目库储备，探索采取贴息补助的办法给予支持。 国泰海通证券发布研报称，7月28日国家育儿补贴制度实施方案公布，"国补"正式进入生育领域，食饮 訾猛团队测算年均发放育儿补贴约千亿，有望发挥乘数效应且有加码可能，提振乳品等行业需求。考虑 到适龄人口发展趋势，国泰海通预计未来出生人口数将有所减少，单年度补贴额度也将随之降低，但仍 为一笔可观的财政支出。对乳制品行业而言，全国层面的育儿补贴有望拉动相关乳品消费，尤其是奶粉 等，有助于提振板块景气度，加速供需缺口收敛。 乳品行业涉及相关港股： 澳优（01717）、H&H国际控股(01112)、蒙牛乳业(02319)、现代牧业(01117)、中国飞鹤(06186)、优然 牧业(09858)、原生态牧业(01431)等。 加强银政企户精准有效对接，引导金融机构通过展期、续 ...

Group 1 - The national implementation of the childcare subsidy program is a groundbreaking policy aimed at directly providing cash subsidies to families with children under three years old, starting from January 1, 2025, with an annual subsidy of 3,600 yuan per child [1][2] - The subsidy program is expected to benefit over 20 million families annually, potentially stimulating birth rates, especially in lower-tier cities, where the impact of the subsidy may be more pronounced [2][3] - The recent changes in the dairy industry, including the development of deep processing products and exploration of export potential, are expected to create new demand dynamics for the infant formula sector [3][4] Group 2 - The demand for infant formula is anticipated to improve due to the stimulus from the new policy and the expected population growth driven by the 2024 zodiac preferences, leading to a potential recovery in demand by 2025 [3][4] - The overall dairy industry is likely to benefit from the positive trends in population issues and the recovery of the raw milk cycle, which will enhance profitability across the entire industry chain [4] - Recommended companies include China Feihe, H&H International Holdings, Yili, and Mengniu Dairy, which are expected to benefit from the improving market conditions and the recovery of raw milk prices [4]

Group 1 - The event "2025 Inner Mongolia Private Enterprises Top 100 Release Conference" was held, highlighting the achievements of private enterprises in the region [1][3] - Youran Dairy ranked 11th in the "2025 Inner Mongolia Private Enterprises Top 100" list with a revenue of 20.978 billion yuan, and it was the second-ranked private enterprise in Hohhot [1][2] - Youran Dairy was also included in the "2025 Inner Mongolia Top 30 Innovative Private Enterprises" list, showcasing its commitment to innovation [1][4] Group 2 - Dairy industry is a pillar industry in Inner Mongolia, with significant government support and policies aimed at revitalizing the sector [5] - Youran Dairy has become a major player, recognized as the largest raw milk supplier globally and the largest ruminant feed supplier in China [5] - The company has implemented a dual strategy of "technology empowerment and lean management," leading to advancements such as the fully automated "unmanned cattle shed" [6] Group 3 - Youran Dairy has achieved a record high milk yield per cow, with an average of 49 kg, setting a national record [6] - The company has developed proprietary breeding technology, producing high-index breeding bulls, thus enhancing the genetic quality of dairy cattle in China [6] - Youran Dairy's feed products have been exported to Mongolia, contributing to the modernization of local livestock farming [6]

Summary of the Conference Call for YouRan Dairy (优然牧业) Industry Overview - **Accelerated Culling in Dairy Industry**: Due to rising beef prices, financially pressured farms are accelerating the culling of dairy cows. It is expected that production capacity will clear more rapidly in Q3, although the overall raw milk output will not be significantly affected [2][3]. - **Consumer Recovery Expectations**: The upcoming Mid-Autumn Festival and National Day are anticipated to stimulate consumption, with social raw milk prices already showing an increase, indicating marginal supply-demand improvement. A moderate recovery in milk prices is expected by the end of the year to early next year [2][3]. Company Performance - **Stable Raw Milk Business**: In early July, the decline in raw milk prices narrowed. The company’s unique milk products account for a high proportion, leading to stable gross margins. Raw milk business revenue achieved mid-double-digit growth, outperforming the industry average [2][7]. - **Revenue Growth**: Overall revenue in the first half of the year showed steady growth, primarily driven by the raw milk business. However, the solutions business faced pressure due to the breeding cycle, impacting overall performance [2][8]. - **Gross Margin Improvement**: In the first half of 2025, the gross margin for the raw milk business increased by over 1 percentage point year-on-year, benefiting from a larger decline in feed and sales costs compared to raw milk prices [2][9]. Production and Capacity - **Stable Annual Production**: The company expects its annual raw milk production and sales to remain stable, with over 2 million tons produced in the first half of the year. The full-year target is set at 4 million tons, with a slight single-digit growth in stock expected by year-end [2][12][13]. - **Biological Asset Value Improvement**: The rise in beef prices has increased income from culling cows, reducing fair value fluctuations of biological assets. A positive profit trend is anticipated for the second half of the year, with a decrease in capital expenditures [2][14][15]. Market Trends and Pricing - **Raw Milk Demand and Pricing**: The first half of the year saw a 2% year-on-year decline in dairy product output, indicating weak consumption. However, seasonal factors and holiday consumption are expected to improve trends in the second half [5][6]. - **Collaboration with Yili**: YouRan Dairy is the largest producer of specialty milk in the country, with pricing based on cost-plus and profit contribution, collaborating with Yili to set prices annually. The company expects to increase the proportion of raw milk supplied to Yili to over 40% in 2025 [11][20][21]. Strategic Outlook - **Diversification of Downstream Clients**: YouRan Dairy has a three-year long-term agreement with Yili, ensuring a supply ratio of no less than 70%. The company is also open to expanding its customer base beyond Yili, with existing clients including Guangming and Junlebao [22]. - **Impact of Industry Policies**: Government policies have been supportive of both upstream and downstream sectors, with measures to assist small and medium-sized farms and subsidies for downstream dairy companies [24]. - **Long-term Demand from Deep Processing**: The domestic deep processing capacity for raw milk is expected to significantly enhance demand for raw milk, particularly as the consumption structure shifts from liquid milk to processed products [25]. Financial Considerations - **Capital Expenditure Trends**: Capital expenditures are expected to decrease this year, primarily due to reduced costs associated with new farm constructions and biological asset management [17][18]. - **Profitability and Dividend Plans**: The company will consider dividend distribution based on overall cash flow, prioritizing debt repayment due to high leverage. Shareholder returns will be a focus when appropriate [19]. Competitive Positioning - **Differentiation in Raw Milk Business**: YouRan Dairy's specialty milk accounts for nearly 30% of its raw milk business, significantly higher than competitors. The company offers a diverse range of specialty milk products, maintaining stable pricing and margins [26].

Group 1 - The core viewpoint is that the dairy industry in China is currently experiencing a downturn in milk prices, leading to a reduction in upstream breeding capacity and a wait-and-see approach from downstream dairy companies for demand recovery [1][2] - Huatai Securities predicts that the dairy industry is expected to return to supply-demand balance by 2026, driven by a decline in raw milk production and a moderate improvement in terminal demand for dairy products [1] - Data from the China Dairy Association indicates a year-on-year decrease in livestock numbers by 1.0/1.5 million heads in May-June 2025, confirming the trend of capacity reduction [1] Group 2 - Guosen Securities highlights that Youran Dairy, controlled by Yili Group, covers the entire supply chain from breeding, feed, to dairy cow farming [2] - The beef market is entering an upward cycle due to reduced production in major overseas beef-producing regions, with expectations of decreased import volumes and increased prices in the domestic market [2] - The domestic raw milk price has been in decline for nearly four years, leading to pressure for capacity reduction, while the meat-milk price ratio has reached historical highs, which may accelerate the elimination of dairy cows [2]

Group 1 - The dairy industry is facing pressure, and the company has established two "cost reduction and efficiency enhancement" innovative experimental farms in collaboration with the China Dairy Association to explore cost-effective dairy farming practices and enhance industry competitiveness [1] - On July 14, during the 16th China Dairy Conference, the company and the China Dairy Association held a ceremony to deliver the practical results of the innovative experimental farms, where the feed costs per kilogram of raw milk were reduced to 1.66 yuan and 1.70 yuan at the Qixian and Tongliao farms respectively [1] - The company has summarized 13 core measures for cost reduction and efficiency enhancement applicable to its large-scale farms with over 620,000 heads and ruminant feed customers, which have been implemented and promoted [1] Group 2 - The company drives "technological innovation" and deepens "lean management" methodologies through a dual-driven strategy of "technology + lean," providing replicable and promotable practical samples for high-quality industry development [3] - Among the 13 measures, one focuses on reducing feed costs by accurately calculating the nutritional needs of dairy cows and utilizing a self-established near-infrared nutritional database for feed material testing and cost-effectiveness evaluation [3] - Another measure involves constructing a cow elimination warning model that integrates big data on feeding costs, milk yield, and gestation days to achieve precise elimination and improve herd quality [3] Group 3 - The company enhances its ability to respond to industry cycles through technological innovation as a core driving force, providing a benchmark solution for "cost reduction and efficiency enhancement" for the entire industry [5]