Core Viewpoint - The new chapters of the "Northeast True Action" series, "Where to Go" and "Frozen Pears Home," highlight the stories of ordinary people in Northeast China, showcasing their resilience and dedication to family and homeland, while emphasizing the commitment of Feihe as a leading player in the Chinese dairy industry [1][3][5]. Group 1: Film Overview - "Where to Go" features Zhang Wanyi as the lead, while "Frozen Pears Home" stars Lin Gengxin and Zhao Daniu, both films express Feihe's craftsmanship and commitment to high-quality dairy production [3][5]. - The narratives capture the spirit of perseverance and craftsmanship inherent in Northeast culture, reflecting the emotional ties of Chinese people to their homeland and the significance of family reunions during the New Year [5][7]. Group 2: Company Commitment - Feihe has established itself as a standard-bearer in the global infant formula industry, having built a robust research foundation over 64 years, leading innovations in "fresh nutrition" [9]. - Since 2006, Feihe has achieved 100% self-owned farms and dairy cows, ensuring the freshness and safety of its milk supply, and has set industry standards for infant formula production [9]. - In 2022, Feihe led a national key project on breast milk research, establishing the largest maternal and infant health database in China, which supports the development of infant formula tailored to Chinese babies [11]. Group 3: Product Development - Feihe is expanding its product offerings beyond infant formula to include products for all age groups, leveraging its expertise in dairy production to address the health needs of the entire population [11]. - The company aims to provide scientifically validated products that are suitable for Chinese consumers, reinforcing its commitment to safeguarding public health [11].

Core Viewpoint - The new chapters of the "Northeast True Action" series, "Where to Go" and "Frozen Pears Home," highlight the stories of ordinary people in Northeast China, showcasing the themes of perseverance and cultural heritage through artistic expression [1][6][9]. Group 1: Film Overview - "Where to Go" features Zhang Wanyi as the lead, while "Frozen Pears Home" stars Lin Gengxin and Zhao Daniu, both films emphasize the craftsmanship and commitment of Feihe as a leading enterprise in the Chinese dairy industry [3][5]. - The films utilize metaphors such as the "frozen pear" to represent the longing for home and family reunions during the New Year, capturing universal emotional memories related to dedication and the anticipation of returning home [6][9]. Group 2: Company Commitment and Innovation - Feihe has established itself as a pioneer in the infant formula industry, defining new standards for freshness and safety by owning 100% of its dairy farms and milk sources since 2006 [10][13]. - The company has developed 11 key raw material production capabilities and launched the world's first fresh raw material traceability system, enhancing transparency and safety in the supply chain [10][13]. - Feihe's commitment to research includes leading a national team for breast milk studies and creating a comprehensive database for HMOs, ensuring that its products are tailored to the needs of Chinese infants [13].

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]

Core Insights - The event "Seeking Traces · Fresh Vitality Ceremony" held by Feihe in collaboration with Harper's Bazaar showcased the launch of two new products, "Jilu" and "Qicui," which represent a new standard of "fresh nutrition" [1][10][23] Group 1: New Product Launch and Innovations - Feihe introduced the world's first fresh raw material traceability system for infant formula, marking a significant advancement in the industry and redefining the standard for "freshness" [2][5][9] - The traceability system allows consumers to access detailed production information of key ingredients like whey protein and lactoferrin through a simple QR code scan, enhancing transparency and safety [5][6][10] - The new products "Jilu" and "Qicui" utilize Feihe's self-produced fresh raw materials, achieving a freshness improvement of at least 23 times compared to traditional imported ingredients [10][20] Group 2: Industry Impact and Standards - Feihe's initiatives are seen as leading the third "freshness revolution" in the infant formula industry, with a focus on self-sourced, high-quality raw materials to mitigate risks associated with imported ingredients [6][9][23] - The company has established a comprehensive control over its supply chain, ensuring that the core nutritional ingredients are produced domestically, thus enhancing the overall quality and safety of its products [9][17] - Feihe's commitment to research and development is evident, having built the largest breast milk database in China and leading in multiple categories such as breast milk research and infant formula patents [17][19] Group 3: Consumer Engagement and Brand Ambassadors - The event featured brand ambassadors like Zhu Zhu and Xi Mengyao, who shared their personal experiences and emphasized the importance of transparency and quality in choosing infant formula [12][13][16] - The discussions among mothers at the event highlighted the growing recognition of Feihe's "fresh nutrition" philosophy and its practical implications for infant feeding [16][23] - Feihe's focus on scientific validation through rigorous clinical trials ensures that its products meet the highest standards of efficacy and safety, further solidifying its position in the market [20][23]

Summary of China Feihe Conference Call Company Overview - **Company**: China Feihe (飞鹤) - **Industry**: Infant Formula Milk Powder Key Points and Arguments Product Structure and Market Demand - Over 50% of Feihe's infant formula product structure consists of Stage 3 milk powder, which caters to children aged 1-3 years, reflecting high market demand [2][6] - The company is actively launching new products, upgrading formulas, and introducing high-end products to stabilize profit levels and meet consumer needs [2][10] Channel Distribution - The current distribution of sales channels is approximately 30% online and 70% offline, with offline maternal and infant stores being the primary revenue source [2][7] - There is a noticeable trend towards chain store development, requiring brands to offer customized products to meet channel demands [2][7] Market Competition and Strategies - The industry is facing intensified competition due to a declining population, leading to increased market pressure [2][8] - Feihe is responding by expanding into overseas markets (Canada, Vietnam, Philippines), exploring dairy raw materials and health food sectors, and continuously investing in brand development [2][8] Inventory Management - By the second half of 2025, Feihe aims to maintain channel inventory at around one month of sales, with terminal inventory at a five-year low [2][11] - The company has initiated a de-inventory process starting in mid-2025, which is expected to stabilize prices [11][16] Financial Performance - The company expects a total revenue of 21 billion yuan for 2025, a year-on-year decline [2][14] - Gross profit margin decreased in the first half of 2025 due to product structure issues and the introduction of a 1.2 billion yuan subsidy, which impacted operating expenses but not gross profit [5][18] - Net profit declined primarily due to a decrease in revenue and ongoing reductions in government subsidies [5][19] Future Outlook - Feihe anticipates a stable market share of around 18% in the second half of 2025, with plans to launch high-end new products [2][14] - The company is expected to "lighten its load" in 2026, with new products contributing positively to revenue [3][15] - Detailed plans for 2026, including revenue guidance, will be announced in March [3][15] Dividend and Share Buyback Plans - Feihe has committed to a dividend of 2 billion yuan for 2026, with 1 billion yuan already distributed in the first half of the year [5][26] - The company completed a share buyback of at least 1 billion yuan by the end of 2025, with shares held as treasury stock for employee incentive plans [5][26] Challenges and Adjustments - The company faces challenges in maintaining profitability due to the competitive landscape and the need for continued investment in customer acquisition and brand development [25][26] - Future net profit margin targets are not yet disclosed, as the company is still adjusting to current market conditions [25] Additional Important Information - The expected number of newborns in 2026 is projected to drop to over 800,000 from approximately 950,000 in 2025, which may impact industry growth [4] - The overseas business and dairy processing segments are currently at breakeven, with limited profitability due to low capacity utilization [23] - The infant formula segment is expected to recover, with improved margins anticipated for specific products [24]

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 ...