Core Viewpoint - China Feihe has issued a profit warning for the first half of 2025, reporting a significant decline in both revenue and net profit, marking the worst mid-year performance in five years [1] Group 1: Financial Performance - Revenue for the first half of 2025 is projected to be between 9.1 billion and 9.3 billion yuan, representing a year-on-year decline of 7.87% to 9.86% [1] - Net profit is expected to be between 1 billion and 1.2 billion yuan, down 37.17% to 47.64% year-on-year, also the lowest mid-year performance in five years [1] Group 2: Reasons for Performance Decline - The decline in performance is attributed to several factors: 1. The company has actively fulfilled its social responsibility by providing fertility subsidies to consumers, leading to a decrease in revenue [1] 2. The company has reduced channel inventory of infant formula to maintain product freshness and health, impacting sales [1] 3. There has been a reduction in government subsidies received by the company [1] 4. The company has made impairment provisions for whole milk powder products [1] Group 3: Core Business Insights - The core business of infant formula remains under pressure, with sales volume struggling and diversification efforts showing limited results [2] - In 2024, the infant formula segment generated 19.062 billion yuan in revenue, contributing 91.9% to total revenue, indicating its critical importance to the company [2] Group 4: Market Dynamics - The demand for infant formula is closely tied to the birth rate, which has been declining in China, despite recent policies aimed at increasing birth rates [4] - The government has announced cash subsidies for families, but there are reports of price increases for various baby products, including China Feihe's products, leading to consumer concerns [4][5] Group 5: Pricing and Distribution Challenges - There are discrepancies in pricing across different sales channels, with reports of significant price variations for the same product [6] - The company relies heavily on over 2,800 distributors, which accounts for 77.1% of its total revenue from dairy products, leading to potential issues with brand control and pricing consistency [5][6]

Core Viewpoint - China Feihe is facing significant challenges with a forecasted decline in both revenue and net profit for the first half of 2025, marking the worst mid-year performance in five years due to over-reliance on infant formula and ineffective diversification strategies [1][2] Financial Performance - Revenue for the first half of 2025 is expected to be between 9.1 billion and 9.3 billion yuan, representing a year-on-year decline of 7.87% to 9.86% [1][2] - Net profit is projected to be between 1 billion and 1.2 billion yuan, down 37.17% to 47.64% year-on-year, also the lowest mid-year performance in five years [1][2] Business Challenges - The primary reasons for the poor performance include: 1. Heavy reliance on infant formula sales, which are under pressure due to declining birth rates and increased competition [2][3] 2. Ongoing struggles with channel inventory management [2][3] 3. Rising marketing expenses that have not translated into proportional revenue growth [2][3] Market Dynamics - The infant formula segment remains the core business, contributing 91.9% of total revenue, but only saw a modest year-on-year growth of 6.6% in 2024 [3] - The demand for infant formula is significantly influenced by the declining birth rate in China, which has been a persistent issue despite government policies aimed at increasing birth rates [3] Pricing and Consumer Perception - Following the announcement of government subsidies for child-rearing, there have been consumer complaints regarding price increases for certain products, including those from China Feihe [5][6] - Specific examples of price increases include the Feihe Star Flying A2-2 formula, which saw a price rise from 960 yuan to 1020 yuan per box, reflecting a price increase of approximately 14% to 20% [5][6] Distribution and Pricing Strategy - China Feihe relies heavily on over 2,800 distributors, which account for 77.1% of its total revenue from dairy products, leading to potential issues with brand control and pricing consistency [7][8] - There is a noted lack of price transparency, with significant discrepancies in product pricing across different sales channels, indicating a need for improved pricing index systems to reduce information asymmetry [8]

Core Viewpoint - The article highlights the launch of Feihe's 2025 Fresh Nutrition Witness Journey, showcasing the company's commitment to high-quality, fresh nutrition products through immersive experiences and advanced technology [1][9]. Group 1: Event Overview - The Fresh Nutrition Witness Journey features a diverse group of participants, including celebrities, cultural scholars, and media representatives, who explore Feihe's production facilities and supply chain [1][5]. - The event includes engaging activities such as a dairy cow beauty contest and live demonstrations of fresh technology, emphasizing the company's innovative approach [5][6]. Group 2: Technology and Production - Feihe's production process is highlighted, showcasing the entire supply chain from dairy farms to the final product, ensuring high-quality fresh milk reaches consumers [6][9]. - The company employs advanced technologies such as low-temperature extraction and membrane separation to enhance the nutritional value of its products, aiming to replicate the quality of breast milk [9][10]. Group 3: Social Impact and Sustainability - Feihe's initiatives contribute to rural revitalization, creating 170,000 jobs and increasing the income of over 160,000 farmers, demonstrating the company's commitment to social responsibility [12]. - The company aims to transform ecological challenges into economic opportunities, aligning its business growth with environmental sustainability [12]. Group 4: Future Directions - Feihe plans to continue its focus on research-driven product development, aiming to enhance the nutritional health of families through its innovative offerings [12]. - The company emphasizes its role in the high-quality development of the Chinese dairy industry, striving to set new standards in fresh nutrition [12].

中國飛鶴有限公司 China Feihe Limited 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 就 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。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6186） 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 謹定於二零二五年八月二十八日（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 六 月 三 十 日 止 六 個 月 的 中 期 業 績，及 派 發 中 期 股 息（如 有）， 以 及 處 理 其 他 事 項。 承董事會命 中國飛鶴有限公司 主 席 冷友斌 中 國 北 京，二 零 二 五 年 八 月 十 八 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 ...

恒生指数低开0.15%，恒生科技指数跌0.31%。盘面上，乳业概念走强，中国飞鹤涨近1%；新能源汽车 股走弱，理想汽车跌近2%。 中信证券研报称，行情的定位决定了主导资金的行为，资金的行为决定了上涨的行业结构及模式。历史 上增量流动性驱动的行情中，领涨行业大都是持续集中，而不是高切低轮动；背后的本质是资金对效率 的追逐，更倾向于高共识品种，而非在低位品种里"蹲变化"。7月的行情演绎也验证了这一点，行业逐 步向趋势性品种聚焦，而高切低模式效率偏低；近期增量流动性边际上有所放缓，行情需要降温才能行 稳致远。目前我们重点关注的依然聚焦在AI、创新药、资源、恒科以及科创板。 关于港股后市 华泰证券发布港股策略研报称，近期港股回调主因内外预期修正，但中期流动性宽松逻辑不改。配置上 建议寻找景气改善+低估值板块，尤其强调对科技板块的配置；短期交易围绕中报业绩展开，建议关 注：1)估值有性价比且景气改善的游戏和互联网电商龙头；2)前向12个月估值分位数略高但盈利兑现度 高，如港股创新药及非银金融。 浙商证券认为，建议坚持当前中线仓位。行业配置方面，继续采取"1+1+X"均衡配置，但需要注意积极 挖掘年线上方低位个股，做好板 ...

| 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： USD 50,000 FF301 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: 中國飛鶴有限公司 呈交日期: 2025年8月5 ...

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。 | | | | 所認購 | 預 期 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本金金額 | 年收益率 | | | | | | 序號 | 認購日期 | 產品名稱 | （人 民 幣 元） | | % 到期日 | | 產品類型 | 投資範圍 | | 1 | 二零二五年 | 上信紅寶石T+N第101期 | 200,000,000 | 2.60% | | 二零二六年 | 非保本浮動 | 固定收益類資產 | | | 八月四日 | | | | | 六月二日 | 收益型 | | | 2 | 二零二五年 | 上信鑫月豐利FL2001 | 100,000,000 | 2.60% | | 二零二六年 | 非保本浮動 | 固定收益類資產 | | | 八月四日 | 第1 ...

截至2024年年报，中国飞鹤营业总收入207.49亿元、净利润35.7亿元。 本文源自：金融界 7月30日，中国飞鹤(06186)盘中上涨2.34%，截至14:20，报4.82元/股，成交3.0亿元。 中国飞鹤有限公司专注于婴幼儿奶粉领域，连续四年全球销量第一，构建了涵盖牧草种植、奶牛养殖到 智能制造的全产业链体系。公司深耕科研创新与可持续发展，承担多项国家科研项目，累计带动17万人 就业并在公益捐赠方面投入超8亿元。 作者：行情君 ...

Group 1 - The Hang Seng Index opened down by 0.42% and the Tech Index opened down by 0.57% [1] - The dairy products sector opened higher, with China Feihe (06186.HK) rising by 5.12% [1]

Group 1 - The core point of the article is that Dazhuangyuan Meat Industry Group Co., Ltd. is progressing with its IPO guidance, having initiated the process on June 24, 2022, and is currently in the guidance period from April 1, 2025, to June 30, 2025, with Zhongxin Jian Investment as the advisory institution [2] - Dazhuangyuan Meat Industry previously attempted to list on the A-share market by submitting an IPO application on June 21, 2021, but withdrew the application on May 26, 2022, due to changes in the capital market environment and internal considerations [2] - The company specializes in beef and lamb slaughtering, meat processing, proprietary brand chain retail, and international trade, offering a diverse product range that includes 3 major categories, 32 subcategories, and over 1,000 individual products [2] Group 2 - The largest shareholder of Dazhuangyuan Meat Industry is Chen Xibin, who holds a direct stake of 66.3% and an indirect stake of 1.98%, totaling 68.28% [3] - Other significant shareholders include Leng Youbin with a direct holding of 9.26%, Chen Jin with a direct holding of 7.41%, and Chen Jiajia with a direct holding of 7.41% [3][4] - Chen Xibin and Chen Jiajia, as well as Chen Jin, are related as father and daughter, while Leng Youbin is the chairman of China Feihe Limited [3]