Financial Performance - The group's revenue for the year ended December 31, 2025, was RMB 18,112.6 million, a decrease of 12.7% compared to the previous year[2]. - The group's gross profit for the same period was RMB 11,775.4 million, down 14.5% year-over-year[2]. - The net profit for the year was RMB 2,093.8 million, representing a significant decline of 42.7% from the previous year[2]. - Basic and diluted earnings per share were both RMB 0.21, compared to RMB 0.39 in 2024[2]. - The company reported a total comprehensive income of RMB 1,918.5 million for the year, down from RMB 3,570.1 million in 2024[5]. - The pre-tax profit for 2025 is RMB 6,337,185 thousand, down from RMB 6,983,747 thousand in 2024, indicating a decrease of about 9.3%[35]. - The company's net profit for the year dropped by 42.7% from RMB 3,654.1 million in 2024 to RMB 2,093.8 million in 2025[71]. - The pre-tax profit decreased by 39.6% from RMB 5,549.7 million in 2024 to RMB 3,352.2 million in 2025[69]. - The infant formula product revenue decreased by 16.8% from RMB 19,061.6 million in 2024 to RMB 15,868.3 million in 2025, representing 87.6% of total revenue[59]. Assets and Liabilities - Total assets as of December 31, 2025, were RMB 27,289.4 million, a decrease from RMB 29,134.7 million in 2024[6]. - Current assets decreased to RMB 20,257.2 million from RMB 22,248.6 million in the previous year[6]. - The total liabilities increased slightly to RMB 6,749.3 million from RMB 6,591.0 million in 2024[6]. - Non-current liabilities decreased from RMB 1,727,291 thousand in 2024 to RMB 1,167,941 thousand in 2025, a reduction of approximately 32.3%[7]. - Net asset value decreased from RMB 27,407,385 thousand in 2024 to RMB 26,121,488 thousand in 2025, a decline of about 4.7%[7]. - Total equity decreased from RMB 27,407,385 thousand in 2024 to RMB 26,121,488 thousand in 2025, representing a decrease of approximately 4.7%[7]. - The total liabilities for the year ending December 31, 2025, are RMB 7,917,258, a decrease from RMB 8,318,321 in 2024, representing a decline of approximately 4.8%[22][24]. Cash Flow and Capital Expenditure - The net cash flow from operating activities for the group in 2025 was RMB 2,213.8 million, compared to RMB 4,179.3 million in 2024[78]. - The net cash flow from investing activities in 2025 was RMB 9.6 million, a significant decrease from RMB 1,316.8 million in 2024[78]. - The group's total capital expenditure for the year ended December 31, 2025, was approximately RMB 1,519.8 million, mainly due to property, plant, and equipment investments[81]. Dividends - The board proposed a final dividend of HKD 0.1290 per share, down from HKD 0.1632 per share in 2024[2]. - The interim dividend declared per ordinary share is HKD 0.1209 for 2025, down from HKD 0.1632 in 2024, equivalent to about RMB 1.0 billion compared to RMB 1.35 billion in the previous year[38]. - The company proposed a final dividend of HKD 0.1290 per share for the year ending December 31, 2025, totaling approximately HKD 1,135,997,019 (equivalent to about RMB 1,000,000,000) pending shareholder approval[96]. - The dividend policy aims to distribute no less than 30% of the net profit for each fiscal year, subject to future investment plans[97]. Market and Industry Trends - China's birth rate has declined from 8.52‰ in 2020 to 5.63‰ in 2025, resulting in a decrease in newborns to approximately 7.9 million[45]. - The number of children aged 0-3 years is projected to decrease from approximately 41.9 million in 2020 to about 26.5 million in 2025, impacting the infant formula market[45]. - The average disposable income in China is expected to reach RMB 43,377 in 2025, with a compound annual growth rate of 6.1% from 2020 to 2025, enhancing demand for premium infant formula products[45]. - The Chinese government aims to maintain a 60% self-sufficiency level for domestically produced infant formula, encouraging the use of fresh milk in production[46]. - New national safety standards for infant formula were implemented in February 2023, setting stricter regulations on protein, carbohydrates, and micronutrients, benefiting leading companies in the industry[46]. - The government has introduced supportive measures for the three-child policy to counteract declining birth rates, including increased maternity benefits and healthcare insurance[46]. Company Operations and Strategy - The company was established in October 2012 and is engaged in the production and sale of dairy products and nutritional supplements[8]. - The company was listed on the Hong Kong Stock Exchange on November 13, 2019[9]. - The group has established 11 production facilities with a designed annual capacity of over 438,000 tons as of December 31, 2025[52]. - The group aims to optimize its production arrangements to enhance capacity and efficiency[52]. - The group offers a diversified product portfolio to meet a wide range of customer needs, including ultra-high-end and high-end categories[49]. - The group has implemented innovative online and offline marketing strategies to strengthen brand recognition in the Chinese infant formula market[53]. - The company has established an audit committee consisting of three members to oversee financial reporting and risk management[94]. - The audit committee reviewed the financial statements for the year ending December 31, 2025, ensuring compliance with accounting principles[94]. - The company maintains a commitment to corporate governance, adhering to the guidelines set forth by the Hong Kong Stock Exchange[89]. Share Buyback and Securities - The company repurchased a total of 259,587,000 shares during the reporting period, with a total cost of HKD 1,100,059,040[91]. - The highest price paid per share during the buyback was HKD 4.70, while the lowest was HKD 4.02[91]. - The board believes that the share buyback reflects confidence in the company's market position and long-term growth prospects[92]. - The company has not engaged in any other purchases or sales of its listed securities during the reporting period[91]. - The company will apply the remaining unutilized net proceeds from the global offering as outlined in the prospectus[93].

格隆汇3月16日丨中国飞鹤(06186.HK)发布公告，谨定于2026年3月26日（星期四）举行董事会会议，以 考虑及通过集团截至2025年12月31日止的全年业绩，及建议的末期股息（如有），以及处理其他事项。 ...

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的內容概不 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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 中 國 北 京，二 零 二 六 年 三 月 十 六 日 於本公告日期，我們的執行董事為冷友斌先生、劉華先生、蔡方良先生及涂芳而 女士；非執行董事為高煜先生、陳國勁先生、張國華先生及Maher EL-OMARI先 生 （別 名：Mac）；以 及 獨 立 非 執 行 董 事 為 劉 晉 萍 女 士、宋 建 武 先 生、范 勇 宏 先 生 及 Jacques Maurice LAFORGE先 生。 董事會召開日期 中國飛鶴有限公司（「本公司」及 其 附 屬 公 司「本集團」）董事會（「董事會」）兹通告 謹定於二零二六年三月二十六日（星 期 四）舉 行 董 事 會 會 議，以 考 慮 及 通 過 本 集 團 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 的 全 年 業 績，及 建 議 之 末 期 股 息（如 有）， 以 及 處 理 其 他 事 ...

Core Insights - The core ingredients such as whey protein and lactoferrin are essential for infant formula and functional foods, but the industry heavily relies on imports, putting the domestic sector in a passive position [1] - The chairman of China Feihe, Leng Youbin, suggests enhancing core technology and deep processing to increase the added value of raw milk and optimize product structure, focusing on high-value products to promote the transformation and high-quality development of the dairy industry [1] Industry Structure - There is a significant imbalance in China's dairy product industry structure, with liquid milk accounting for 92.7% of the market, while high-value products like cheese and butter make up less than 7.3%, contrasting with developed countries like the Netherlands and France, where the ratio is approximately 5:5 [1] - The urgent need for structural upgrades and extending the value chain in the dairy industry is emphasized [1] Policy Recommendations - Leng Youbin recommends increasing policy support, improving regulations, assessment systems, and testing technologies, and enhancing professional talent training [2] - A target of over 60% domestic production rate for core ingredients like whey protein is suggested for the 14th Five-Year Plan to ensure a self-controlled supply chain in the dairy industry [2] - The need for timely adjustments to laws and regulations, industry standards, and approval processes for new technologies and products in dairy processing is highlighted [2] Talent Development - The dairy deep processing sector is identified as a multidisciplinary frontier with a shortage of specialized talent [2] - A proposal to cultivate over a thousand internationally competitive core R&D and engineering talents through interdisciplinary training and curriculum innovation is made to support high-quality development in the dairy industry [2]

Core Insights - The chairman of China Feihe, Leng Youbin, emphasizes the need to overcome the reliance on imported core raw materials such as whey protein and lactoferrin, which are essential for infant formula and functional foods [1] - The current structure of China's dairy industry is imbalanced, with liquid milk accounting for 92.7% of production, while high-value products like cheese and butter make up less than 7.3% [1] - Leng suggests that increasing the domestic production rate of core raw materials to over 60% during the 14th Five-Year Plan is crucial for ensuring the autonomy of the dairy supply chain [2] Industry Recommendations - To adapt to the rapid development of deep processing technologies in dairy products, it is recommended to adjust and improve relevant laws, regulations, and assessment systems while maintaining strict supervision over infant formula production [3] - The establishment of specialized evaluation methods for new technologies and products in the production of functional dairy ingredients is proposed, alongside the encouragement of companies to register raw materials and expedite approval processes [3] - A call for the cultivation of over a thousand core R&D and engineering talents with international competitiveness is made, to support the high-quality development of the dairy industry through interdisciplinary training and curriculum innovation [3]

Core Viewpoint - The proposals submitted by Leng Youbin, Chairman of China Feihe, during the 2026 National People's Congress focus on promoting high-quality protein intake and enhancing deep processing in the dairy industry, addressing critical issues in China's dairy and food sectors [1][2]. Industry Challenges - The Chinese dairy industry faces a structural imbalance, with a significant surplus of raw milk leading to industry losses in the billions, while public awareness of protein nutrition remains insufficient [2][3]. - The current product structure in China is heavily skewed towards liquid milk, with over 92.7% of production, while high-value products like cheese and butter account for less than 7.3% [3][4]. - The domestic dairy industry has experienced a cumulative income loss of 70 billion yuan from 2023 to 2025, with losses from fresh milk powder reaching 20 billion yuan [3][4]. Proposed Solutions - Leng Youbin suggests that the government should set a target for domestic production of key raw materials like whey protein at over 60% during the 14th Five-Year Plan, to ensure a self-sufficient supply chain [6][19]. - There is a call for increased support for deep processing enterprises in the dairy sector through tax incentives, talent development, and regulatory support [6][19]. Company Initiatives - China Feihe has been pioneering in the dairy industry for 20 years, establishing a complete supply chain from farming to production, with 100% self-controlled milk sources [7][9]. - The company has developed advanced protein deep processing technologies, achieving 100% self-sufficiency in 11 key raw materials by 2025 [9][10]. - Feihe has launched a fresh raw material traceability system, enhancing supply chain transparency and efficiency [11][12]. Nutritional Focus - The emphasis on protein intake is critical for public health, especially in the context of an aging population, with 45% of adults and nearly 90% of the elderly reportedly consuming insufficient protein [17][18]. - The global market for casein is projected to reach $49.8 billion by 2030, highlighting the growing demand for protein supplements [15][18]. Strategic Importance - The proposals reflect a broader strategy to elevate the quality of protein supply in China, aligning with national health goals and addressing the urgent need for high-quality protein sources [14][20]. - The focus on domestic production of key protein ingredients is essential for ensuring food security and reducing reliance on imports, particularly in light of geopolitical uncertainties [18][19].

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 | | | 致：香港交易及結算所有限公司 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 公司名稱: 中國飛鶴有限公司 呈交日期: 2026年3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 | | | 法定/註冊股本 | | | 上月底結存 ...

Group 1 - The current protein intake among Chinese residents is insufficient, with a lack of high-quality protein, prompting the National Health Commission to lead the development of a "National Quality Protein Intake Guide" [2] - The State Administration for Market Regulation will standardize "high-protein" food labeling and include casein and other high-quality proteins in the health food raw material directory, enhancing dietary guidance and awareness [2] - Policies such as tax reductions and R&D subsidies will be introduced to encourage innovation in core technologies for deep processing of milk protein, aiming to improve the self-supply capacity of high-quality protein [2] Group 2 - A comprehensive regulatory chain involving demand, supply, and oversight will be established to support industrial development and supply upgrades, thereby strengthening the nutritional foundation for high-quality population development [2] - Since 2011, Feihe has initiated research on deep processing of milk protein, achieving industrialization of milk protein extraction technology last year, and is now focused on creating products that meet national health needs throughout their lifecycle [2]

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的內容概不 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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Feihe Limited 中國飛鶴有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6186） 須予披露交易 認購金融產品 認購金融產品 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 五 月 八 日、二 零 二 五 年 五 月 十 四 日、二 零 二 五 年 八 月 四 日、二 零 二 五 年 九 月 十 日、二 零 二 五 年 九 月 十 七 日、二 零 二 五 年 十 月 二 十 七 日、二 零 二 五 年 十 一 月 五 日、二 零 二 五 年 十 一 月 二 十 六 日、二 零 二 五 年 十 二 月 八 日 及 二 零 二 五 年 十 二 月 二 十 八 日 的 公 告，內 容 有 關 本 集 團 認 購 若 干 浦發銀行的理財及結構性存款金融產品（「認購浦發銀行金融產品」）。 ...

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].