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 | | | FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 06186 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 8,807,664,704 259,587,000 9,067,251,704 增加 / 減少 (-) 本月底結存 8,807,664,704 259,587,000 9,067,251,704 致：香港交易及結算所有限公司 公司名稱: 中國飛鶴有限公司 呈交日期: 2026年2月4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) | 06186 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 ...

Core Insights - The 2026 Functional Food Health Summit (FFWS 2026) held in Bangkok, Thailand, gathered over 150 industry leaders from more than 20 countries to discuss technological innovations in the functional food sector [1][3] - Feihe won a total of 10 awards at the summit, recognizing its outstanding product innovation and research capabilities across various fields, including infant nutrition and functional ingredients [1][3] Group 1: Awards and Recognition - Feihe received recognition as one of the most awarded companies at the summit, highlighting its transition from a leader in infant formula to a comprehensive provider of all-age nutrition [3][10] - The awarded products included Feihe's infant formula and functional foods, which were acknowledged for their scientific solutions to early-life nutrition and health needs [12][18] Group 2: Innovation and Strategy - Feihe's Vice President, Zhang Xuguang, emphasized the company's commitment to unlocking a new era of lifecycle nutrition through market-driven integrated research and development [10][22] - The company has established a comprehensive product matrix that addresses nutritional needs from infancy to old age, showcasing its technological advancements and commitment to quality [27][22] Group 3: Product Highlights - Specific awards included the "Breast Milk Affinity Formula Technology Innovation Award" and the "Active Immune Protein Excellence Product Award," reflecting Feihe's focus on tailored nutrition for different age groups [12][18] - Feihe's liquid milk protein was recognized for its innovative raw material technology, marking it as the only company to receive an award in this category [18][22] Group 4: Future Directions - Feihe plans to continue its focus on lifecycle functional nutrition, leveraging its full supply chain advantages and technological innovations to drive high-quality development in the functional food industry [27][22] - The company has introduced a fresh raw material traceability system, enhancing transparency in the supply chain and ensuring product safety and freshness for consumers [23][22]

1月18日，由飞鹤携手《时尚芭莎》打造的"寻迹而来·鲜活盛典"在北京隆重举行。活动现场，新晋品牌 大使暨鲜活寻迹官朱珠、飞鹤品牌大使奚梦瑶、明星妈妈苗苗、中国珠宝设计师孙何方、星妈会众多宝 妈们一道，分享了对飞鹤"新一代更适合"两大新品迹萃、启萃，及其所代表的全新"鲜活营养"的认可与 感悟。 （飞鹤全球首个奶粉新鲜原料溯源系统） 小小二维码 引领婴配粉行业的第三次"新鲜革命" （飞鹤"寻迹而来·鲜活盛典"活动现场） 一个二维码有啥新鲜的？但是在本次鲜活盛典上，用户仅需要手机扫下二维码，不仅可以查询产品生产 日期，还可以追溯乳清蛋白、乳铁蛋白等核心原料的生产信息。这就是飞鹤上线的全球首个奶粉新鲜原 料溯源系统。 该系统首次将奶粉产品品质转化为透明、可感知的数据，让"安全、鲜活"清晰可见，为消费者实现真正 意义上的"放心选购"，提供了全新的专属路径。该系统的上线，标志着中国婴配粉行业鲜活标准的再次 升级，意味着婴配粉行业第三次"新鲜革命"的开始。 "婴配粉的核心构成逻辑，本质是'生牛乳'与'关键营养原料'的科学配比。但长期以来，国内婴配粉核心 营养原料多依赖进口，漫长的跨国运输和储存，存在原料受潮、污染的潜在风险 ...

中国飞鹤 20260116 目前对新生儿及 0-3 岁儿童数量的展望如何？行业规模是否会受到影响？ 2025 年和 2026 年的行业规模基本持平，去年（2025 年）新生儿数量约为 950 万，今年（2026 年）预计降至 800 多万。尽管母乳喂养比例下降，但出 生人口的减少将对行业规模产生压力。整体来看，未来几年行业增速可能会受 到影响。 2025 年上半年毛利率下降主要由于产品结构问题，公司涉足乳原料等 毛利水平较低的产品，拉低了整体毛利率。此外，公司推出 12 亿补贴， 这部分费用记在销售经营费用中，不影响毛利。净利润下降主要是收入 端下降导致，同时政府补贴持续走低。 公司承诺 2026 年分红 20 亿元，上半年已派发 10 亿元，下半年还将派 发 10 亿元。2025 年底完成了不低于 10 亿人民币的股份回购，这些股 份现作为库存股，将用于员工激励计划等长期项目。未来分红比例大致 在 40%以上。 摘要 飞鹤婴幼儿配方奶粉产品结构中，三段奶粉占比超过 50%，主要由于其 服务周期长，覆盖 1-3 岁年龄段，市场需求量大。公司正积极通过新品 推出、配方升级和高端产品搭配等策略，稳定利润水平并满足 ...

Group 1 - The core viewpoint of the news is that the dairy industry is entering a new phase characterized by "structural differentiation," with companies facing performance pressures in 2025 and a slowdown in liquid milk business growth [1] - The market is experiencing a significant shift, with traditional liquid milk consumption declining due to changing consumption scenarios, leading to intense price wars as a survival strategy for companies [1] - High-value segments such as premium milk powder, low-temperature fresh milk, and life-cycle nutrition products are rapidly emerging, creating new growth trajectories for the industry [1] Group 2 - Companies are now competing on a broader scale, moving beyond simple size and price comparisons to a systematic contest involving technology, supply chain, and brand value [1] - The industry is expected to see new development prospects by 2026 amid structural adjustments and transformations [1] Group 3 - In the stock market, dairy stocks in Hong Kong saw a rebound, with Yurun Dairy leading with a nearly 8% increase, followed by Modern Dairy with over 5%, and Australia Asia Group with a 2.3% rise [2] - Other companies such as Original Ecology Dairy, Mengniu Dairy, and China Feihe also experienced gains, albeit smaller, indicating a positive market response [2]

Group 1 - The core viewpoint of the news highlights a rebound in Hong Kong dairy stocks, with significant gains in companies like Yurun Agriculture, Modern Farming, and Australia Asia Group, amidst a challenging performance outlook for the dairy industry in 2025 [1] - The dairy industry is entering a new phase characterized by "structural differentiation," with liquid milk business growth slowing down and intense price competition becoming a survival strategy for companies [1] - High-value segments such as premium milk powder, low-temperature fresh milk, and life-cycle nutrition products are emerging rapidly, creating new growth trajectories for the industry [1] Group 2 - The competitive landscape has shifted from simple scale and price competition to a comprehensive contest involving technology, supply chain, and brand value [1] - Structural adjustments and transformations are expected to lead to new development prospects for the industry by 2026 [1] Group 3 - Specific stock performance includes Yurun Agriculture rising by 7.91% to 4.640, Modern Farming increasing by 5.37% to 1.570, and Australia Asia Group up by 2.30% to 2.670 [2] - Other companies such as Original Ecology Agriculture, Mengniu Dairy, and China Feihe also experienced slight increases in their stock prices [2]

Group 1 - The core viewpoint of the article emphasizes the growing importance of ESG (Environmental, Social, and Governance) as a key metric for high-quality corporate development and a vital link between corporate value and social value [1][2] - The "2025 China ESG Top 100" list was released by Sina Finance, evaluating over 5,000 A-share listed companies and mainland companies listed in Hong Kong using 18 industry-specific ESG evaluation models and over 150 ESG indicators [1][2] - The list serves as a benchmark for industry development and provides valuable decision-making references for investors [1][2] Group 2 - China Feihe was recognized for its outstanding ESG performance, ranking 77th on the "2025 China ESG Top 100" list, highlighting its commitment to sustainable development practices [2] - The publication of the list is seen as an authoritative recognition of the sustainable development practices of the listed companies and promotes the core values of ESG across the industry [2] - Companies are encouraged to integrate ESG principles into their strategic planning, operations, and supply chain collaboration to achieve a balance between commercial and social value [2] Group 3 - The top companies in the "2025 China ESG Top 100" list include major players such as China Construction Bank, China Mobile, Agricultural Bank of China, Tencent, and Bank of China, all receiving a five-star rating [4][5] - The list reflects a diverse range of industries, including finance, telecommunications, information technology, and consumer goods, indicating a broad commitment to ESG practices across sectors [4][5][6] Group 4 - The Sina Finance ESG Rating Center is the first Chinese platform dedicated to ESG information and ratings, aiming to promote sustainable development and responsible investment [11] - The center also aims to establish ESG evaluation standards suitable for China's unique characteristics and to foster the development of ESG investment in the asset management industry [11]

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12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: 中國飛鶴有限公司 呈交日期: 2026年1月6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) | 06186 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000,000 | USD | 0.000000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000,000 | USD | 0.000000025 | USD | | 50,000 | 本月底法定/註冊股本總額： U ...

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.30 | 883.70 | 4.120 | 4.070 | 3634.24 | | 2025.12.19 | 852.90 | 4.200 | 4.070 | 3577.02 | | 2025.12.18 | 304.60 | 4.050 | 4.020 | 1232.69 | | 2025.12.17 | 294.50 | 4.040 | 4.020 | 1186.89 | | 2025.12.12 | 565.50 | 4.100 | 4.090 | 2317.90 | | 2025.12.11 | 196.90 | 4.080 | | 803.35 | | 2025.12.10 | 547.00 | 4.200 | 4.120 | 2293.91 | | 2025.12.09 | 800.70 | 4.120 | 4.070 | 3292.83 | | 2025.12.08 | 700.00 | 4.130 | 4 ...

Group 1 - The company China Feihe (06186) announced a share buyback plan, committing to repurchase 8.837 million shares at a cost of HKD 36.3424 million [1] - The buyback is scheduled to take place on December 30, 2025 [1] - This move indicates the company's strategy to enhance shareholder value through share repurchase [1]