Core Points - Mr. Cao Gaofeng has resigned as a non-executive director and member of the Environmental, Social and Governance (ESG) Committee, effective from October 21, 2025 [1] - Mr. Song Liang has been appointed as a member of the ESG Committee, effective from October 21, 2025 [1]

（於百慕達註冊成立之有限公司） （股份代號：506） 董事會名單、角色及職能 中國食品有限公司董事會（「董事會」）共有8名董事，每名董事的姓名、角色及職能載列如下： | 董事會委員會 | 審核 | 薪酬 | 提名 | 環境、社會 | 執行 | | --- | --- | --- | --- | --- | --- | | 董事會 | 委員會 | 委員會 | 委員會 | 及管治 委員會 | 委員會 | | 執行董事： | | | | | | | 展在中（董事總經理） | - | - | - | - | C | | 唐強 | - | - | - | C | M | | 非執行董事： | | | | | | | 慶立軍（主席） | - | - | C | - | - | | 陳剛 | - | - | - | - | - | | 宋亮 | - | - | - | M | - | | 獨立非執行董事： | | | | | | | 李鴻鈞 | C | M | M | - | - | | 莫衛斌 | M | C | M | M | - | | 梁家麗，銀紫荊星章 | M | M | M | - | - | 附註: M 相關 ...

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]