Group 1 - The company announced the resignation of Cao Gaofeng as a non-executive director and member of the Environmental, Social, and Governance (ESG) Committee, effective from October 21, 2025 [1] - Song Liang has been appointed as a member of the ESG Committee, effective from October 21, 2025 [1]

董事會謹此衷心感謝曹先生在任期間為本公司及董事會作出的寶貴貢獻。 1 (1) 曹高峰先生辭任本公司非執行董事，環境、社會及管治委員會成員，自 2025 年 10 月 21 日起生效；及 (2) 非執行董事宋亮先生獲委任為為環境、社會及管治委員會成員，自 2025 年 10 月 21 日起生效。 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。 ( 於百慕達註冊成立之有限公司 ) （股份代號：506） 非執行董事的辭任 及董事會委員會組成的變動 董事會宣佈： 非執行董事的辭任 中國食品有限公司(「本公司」)董事會(「董事會」)宣佈，自 2025 年 10 月 21 日起，曹高 峰先生(「曹先生」)因工作調動，已辭任本公司非執行董事，環境、社會及管治委員會成員。 曹先生已確認彼與董事會並無意見分歧，亦無就彼的辭任有關的其他事宜需要知會本公司 股東。 於本公告日期，董事會成員包括：慶立軍先生為董事會主席及非執行董事；展在中先生及 唐强先生為執行董事；陳剛先生 ...

Core Viewpoint - Morgan Stanley has revised its profit forecast for China Foods (00506), lowering the 2025 profit estimate by 4% while increasing the 2027 profit estimate by 2% [1] Summary by Relevant Sections - **Profit Forecast Adjustments** - The 2025 profit forecast has been decreased by 4% [1] - The 2027 profit forecast has been increased by 2% [1] - **Gross Margin Estimates** - The gross margin forecast for the years 2025 to 2027 has been raised by 1.2 percentage points [1] - This adjustment is driven by higher average selling prices following price increases in 2024 and a higher base effect [1] - **Target Price and Rating Changes** - The target price for China Foods has been raised from HKD 2.6 to HKD 2.9 [1] - The rating has been downgraded to "Underweight" [1]

Core Viewpoint - Morgan Stanley has adjusted its profit forecasts for China Foods (00506), lowering the 2025 profit estimate by 4% while increasing the 2027 profit estimate by 2% due to higher gross margin expectations [1] Summary by Category - **Profit Forecast Adjustments** - The 2025 profit forecast has been reduced by 4% [1] - The 2027 profit forecast has been increased by 2% [1] - **Gross Margin Expectations** - Gross margin forecasts for 2025 to 2027 have been raised by 1.2 percentage points [1] - The increase is driven by higher average selling prices following price hikes in 2024 and a higher base [1] - **Target Price and Rating Changes** - The target price for China Foods has been raised from HKD 2.6 to HKD 2.9 [1] - The rating has been downgraded to "Underweight" [1]

摩根士丹利发表报告，将中国食品2025年利润预测下调4%，2027年的利润预测上调2%；2025至27年毛 利率预测上调1.2个百分点，受2024年加价后更高的平均售价以及更高的基数驱动。该行将其目标价由 2.6港元上调至2.9港元，反映2027年及以后年度较高的盈利预测，评级"减持"。 ...

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 公司名稱: 中國食品有限公司 呈交日期: 2025年10月2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) | 00506 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,000,000 ...

Core Viewpoint - China Foods (00506) has seen a significant stock price increase of over 20% since September 8, with a current price of 5.03 HKD and a trading volume of 78.07 million HKD, following its inclusion in the Hong Kong Stock Connect list [1] Group 1: Stock Performance - The stock price of China Foods rose by more than 8% recently, with a cumulative increase of over 20% since September 8 [1] - As of the latest report, the stock is trading at 5.03 HKD, with a trading volume of 78.07 million HKD [1] Group 2: Strategic Developments - The company is currently formulating its 14th Five-Year Plan, expected to be completed by the end of this year, with business layout initiatives anticipated to start next year [1] - China Foods plans to accelerate its entry into the nutritional health food sector through a combination of organic growth and external acquisitions, aiming to establish a core platform within its food segment [1] Group 3: Business Expansion - The company has expanded beyond its single beverage business, with channels like vending machines and "Yuexianghui" now contributing nearly 200 million RMB to non-beverage business in the first half of 2025 [1] - Long-term strategies include consolidating advantages in core categories such as carbonated drinks and juices while strategically entering the nutritional health food market to enhance operational efficiency [1] - As the most suitable entity within COFCO Group to undertake food business, China Foods is actively advancing its related plans, with specific measures expected to be implemented next year [1]

Core Viewpoint - China Foods (00506) has seen a significant stock price increase of over 20% since September 8, with a current price of 5.03 HKD and a trading volume of 78.07 million HKD [1] Group 1: Stock Performance - The stock price rose by more than 8% recently, with a cumulative increase of over 20% since September 8 [1] - As of the latest update, the stock is trading at 5.03 HKD, reflecting a 4.79% increase [1] Group 2: Strategic Developments - The Shenzhen Stock Exchange announced that China Foods has been included in the Hong Kong Stock Connect list, effective from September 8 [1] - The company is currently formulating its 14th Five-Year Plan, expected to be completed by the end of this year, with business initiatives likely to launch next year [1] - China Foods plans to accelerate its entry into the nutritional health food sector through a combination of organic growth and external acquisitions [1] Group 3: Business Expansion - The company is expanding beyond its core beverage business, with channels like vending machines and "Yuexianghui" already generating nearly 200 million RMB in non-beverage sales in the first half of 2025 [1] - Long-term strategies include consolidating advantages in core categories like carbonated drinks and juices while strategically entering the nutritional health food market [1] - The company aims to achieve operational efficiency through strategic collaboration between its beverage and food segments, with specific initiatives expected to be implemented next year [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Consumer Sector**, focusing on the **Staples Food** industry, particularly **condiments, frozen food, instant noodles, beverages, meat, and snacks** [2][3]. Core Insights and Arguments 1. **Condiments and Frozen Food**: - Q2 2025 was challenging due to slowing consumption, especially in the 2B channel, leading to sluggish sales for major companies. - Favorable raw material prices resulted in gross profit margin (GPM) expansion for most companies, offset by significantly higher sales and marketing expenses. - Only Haitian's results exceeded expectations in Q2 2025, while others were in line or missed [2][2]. 2. **Instant Noodles & Beverages**: - Tingyi and UPC reported strong profit growth in Q2 2025 due to favorable raw material costs supporting GPM expansion for beverages. - However, intensified competition is expected to challenge beverage sales in Q3 2025. - Sales checks for July-August indicated a year-over-year decline for Tingyi's beverage sales and flat sales for UPC [2][2]. 3. **Meat & Snacks**: - WH Group's Q2 2025 results beat expectations with strong performances in the US, China, and Europe. - Sustained strength in the US business and a recovery in China are anticipated to lead to another resilient quarter in Q3 2025. - Weilong's results showed robust growth in vegetable products, with expectations of maintaining 15-20% topline growth in Q3 2025. - Chacha's Q2 margin was disappointing due to raw material cost pressures, with expectations of flat year-over-year revenue growth in Q3 [2][2]. 4. **Restaurant Sales**: - Restaurant sales in China rose by 2.1% year-over-year in August, with above-scale restaurant sales increasing by 1.0% [3][3]. 5. **Cost Trends**: - Continued pressure from milk powder and palm oil price hikes was noted, with milk powder prices rising by 19% year-over-year and palm oil prices also increasing by 19%. - Declining prices were observed for soybeans (-13%) and sugar (-6%), while packaging materials saw a price downtrend [4][4]. Additional Important Insights - **Valuation Summary**: - The report includes a valuation summary for various companies in the staples food sector, with ratings ranging from Buy to Neutral. - Notable companies include Haitian, Anjoy, Jonjee, and WH Group, with respective price targets and market caps provided [6][6]. - **Key Risks**: - Risks for the China Consumer Staples sector include demand recovery variability, cost inflation or deflation, and changes in the competitive landscape. - Specific risks for WH Group include integration challenges post-acquisition and international operational risks [48][49]. - **Investment Recommendations**: - The sector's top picks are WH Group and Weilong, with detailed price targets and expected growth rates outlined for various companies [2][6]. This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the China Consumer Sector, particularly in the staples food industry.

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） NOTIFICATION LETTER 通知信函 19 September 2025 Dear Non-Registered Holder(s) (Note 1) , Notification of publication of corporate communication(s) on the Company's website We hereby notify you that the English and Chinese versions of the following corporate communication(s) (the "Current Corporate Communication(s)") of China Foods Limited (the "Company") is/are available on, and may be accessed under Investor Relations section of the Company's webs ...