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。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 本公告並不構成或組成在美國或未根據其證券法例登記或不符合資格即提呈出售、 招攬或銷售任何證券即屬違法的任何其他司法權區提呈出售或招攬提呈收購、購買 或認購任何證券的任何要約。本公告或其任何內容並非任何合約或承諾之基礎。證 券並無亦不會根據一九三三年美國證券法（經修訂）（「證券法」）或美國任何州或其他 司法權區之證券法例登記。除非予以登記，否則證券僅可在根據證券法或任何其他 司法權區的證券法例獲豁免登記的交易中提呈發售。證券可根據證券法S規例於美 國境外提呈發售及銷售，惟不會在美國或任何其他限制或禁止此類發售的司法權區 公開發售。 – 1 – 於香港聯合交易所有限公司 上市的通告 CHINA MENGNIU DAIRY COMPANY LIMITED 中國蒙牛乳業有限公司* （在開曼群島註冊成立之有限公司） （股份代號：2319） 二零三零年到期 ...

| 2025.05.20 | 15.00 | 18.380 | 18.320 | 275.31 | | --- | --- | --- | --- | --- | | 2025.05.19 | 15.00 | 18.100 | 18.020 | 271.01 | | 2025.05.16 | 15.00 | 18.420 | 18.300 | 276.05 | | 2025.05.15 | 15.00 | 18.460 | 18.260 | 275.41 | | 2025.05.14 | 15.00 | 18.660 | 18.280 | 278.17 | | 2025.05.13 | 20.00 | 18.380 | 18.100 | 365.05 | | 2025.05.12 | 15.00 | 18.780 | 18.540 | 280.41 | | 2025.05.09 | 15.00 | 18.840 | 18.600 | 280.99 | | 2025.05.08 | 15.00 | 19.100 | 18.840 | 285.26 | | 2025.05.07 | 30.00 | 19.660 ...

Group 1 - The core point of the article is that Mengniu Dairy plans to issue sustainable development bonds to refinance existing debts [1] Group 2 - The proceeds from the bond issuance will be used for refinancing several existing debts [1]

Summary of Key Points Core Viewpoint - Mengniu Dairy has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [2][3]. Share Buyback Details - On July 11, Mengniu Dairy repurchased 200,000 shares at a price range of HKD 16.260 to HKD 16.460, totaling HKD 3.2772 million [2]. - The stock closed at HKD 16.240 on the same day, reflecting a 2.01% increase, with a total trading volume of HKD 580 million [2]. - Since July 10, the company has conducted buybacks for two consecutive days, accumulating a total of 600,000 shares and a total expenditure of HKD 9.6366 million, with the stock rising 2.78% during this period [2]. Year-to-Date Buyback Activity - Year-to-date, Mengniu Dairy has executed 54 buybacks, acquiring a total of 12.102 million shares for a cumulative amount of HKD 21 million [3]. - The detailed buyback transactions include various dates, share quantities, and price ranges, showcasing a consistent approach to share repurchase throughout the year [3][4].

Summary of Key Points Core Viewpoint - Mengniu Dairy has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent fluctuations in the market [2][3]. Share Buyback Details - On July 2, 2025, Mengniu Dairy repurchased 200,000 shares at a price range of HKD 16.360 to HKD 16.380, totaling HKD 3.273 million [2]. - The stock closed at HKD 16.360 on the same day, reflecting a 1.61% increase with a total trading volume of HKD 516 million [2]. - Since June 19, 2025, the company has conducted buybacks for nine consecutive days, acquiring a total of 3.05 million shares for a cumulative amount of HKD 49.5939 million [2]. - During this period, the stock has experienced a cumulative decline of 2.62% [2]. - Year-to-date, the company has executed 52 buybacks, totaling 11.502 million shares and an aggregate amount of HKD 200 million [2]. Buyback Breakdown - A detailed table of buyback activities shows various dates, number of shares repurchased, highest and lowest prices, and total amounts spent [3]. - For instance, on June 30, 2025, 250,000 shares were repurchased at a maximum price of HKD 16.140, amounting to HKD 4.0308 million [3]. - The buyback activities reflect a consistent effort by the company to stabilize its stock price amid market volatility [2][3].

证券时报·数据宝统计，蒙牛乳业在港交所公告显示，6月30日以每股16.100港元至16.140港元的价格回 购25.00万股，回购金额达403.08万港元。该股当日收盘价16.100港元，下跌0.98%，全天成交额3.84亿 港元。 自6月19日以来公司已连续8日进行回购，合计回购285.00万股，累计回购金额4632.09万港元。 其间该 股累计下跌4.17%。 今年以来该股累计进行51次回购，合计回购1130.20万股，累计回购金额1.97亿港元。（数据宝） 蒙牛乳业回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.06.30 | 25.00 | 16.140 | 16.100 | 403.08 | | 2025.06.27 | 30.00 | 16.300 | 16.260 | 488.72 | | 2025.06.26 | 25.00 | 16.500 | 16.460 | 411.94 | | 2025.06.25 | 35.00 | 16.460 | 1 ...

Group 1 - The new president, Gao Fei, will implement a "one body, two wings" strategy focusing on six core businesses: ambient, chilled, fresh milk, cheese, ice cream, and milk powder, while also developing innovative and international businesses [1] - In 2024, the company achieved a revenue of 88.675 billion yuan, with liquid milk, ice cream, milk powder, and cheese accounting for 82.40%, 5.84%, 3.74%, and 4.87% of total revenue respectively [1] - The overseas revenue contribution increased to 5.3%, driven by the Southeast Asian ice cream brand "Aixue," which generated over 3 billion yuan in revenue [1] Group 2 - The company has established a solid competitive advantage through strategic investments in large dairy groups and long-term partnerships to secure high-quality milk sources [2] - The company is continuously adjusting its channel system to enhance market penetration and control over terminal outlets, forming a nationwide distribution network [2] - Product innovation is being pursued to meet diverse, high-end, and health-oriented consumer demands, creating a diversified product matrix and a strong international brand image [2] Group 3 - In 2024, the company is expected to clear operational pressures, with inventory levels returning to normal, which may lead to a recovery in growth [3] - The company has recognized goodwill impairment of 1.15 billion yuan and other intangible asset impairments of 3.49 billion yuan, primarily related to the Bellamy brand [3] - The industry is witnessing a reduction in upstream capacity, stabilizing milk prices, which is expected to improve profitability [3] Group 4 - Revenue projections for 2025-2027 are 90.44 billion, 94.03 billion, and 97.34 billion yuan, with corresponding net profits of 4.67 billion, 5.65 billion, and 6.12 billion yuan, indicating significant growth [3] - The company is compared with peers like Yili, New Dairy, Guangming Dairy, and China Feihe, with a target price of 81.4 billion yuan, suggesting a potential 40% upside from the current market value [3]

Summary of Key Points Core Viewpoint - Mengniu Dairy has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [2][3] Share Buyback Details - On June 26, 2025, Mengniu Dairy repurchased 250,000 shares at a price range of HKD 16.460 to HKD 16.500, totaling HKD 4.1194 million [2] - The stock closed at HKD 16.480 on the same day, reflecting a 0.61% increase with a total trading volume of HKD 312 million [2] - Since June 19, 2025, the company has conducted buybacks for six consecutive days, acquiring a total of 2.3 million shares for a cumulative amount of HKD 37.4029 million [2] - Year-to-date, Mengniu Dairy has executed 49 buybacks, totaling 10.752 million shares and an aggregate amount of HKD 188 million [2] Historical Buyback Data - The buyback activity includes various dates with specific details on the number of shares repurchased, highest and lowest prices, and total amounts spent [3] - For instance, on June 25, 2025, 350,000 shares were repurchased at a maximum price of HKD 16.460, amounting to HKD 5.753 million [3] - The buyback strategy appears to be consistent, with multiple transactions recorded throughout May and June 2025, reflecting a proactive approach to managing share price and investor confidence [3]

Investment Rating - The report initiates coverage with a "Buy" rating for Mengniu Dairy [3][8] Core Views - The company is expected to recover profitability in 2025 after a challenging 2024, driven by inventory optimization and a stabilizing raw milk price environment [7][10] - The strategic focus on "One Body, Two Wings" aims to enhance operational efficiency and quality across core business segments while expanding innovative and international operations [7][22] - The report forecasts significant revenue and profit growth from 2025 to 2027, with a target price indicating a potential 40% upside from the current market valuation [8][10] Summary by Sections Management Stability and Core Competitiveness - Mengniu Dairy's largest shareholder is COFCO Group, holding 24.24% of shares, which provides stable management and strategic support [17] - The company has established a solid competitive advantage through strategic investments in upstream dairy sources and a robust distribution network [29][34] Raw Milk Price Stabilization - The report anticipates that raw milk prices will stabilize in 2025, benefiting from ongoing supply adjustments in the upstream dairy sector [10][49] - The reduction in raw milk supply is expected to improve the overall profitability of the industry [10][49] Financial Data and Profit Forecast - Revenue projections for Mengniu Dairy are set at RMB 90.44 billion, RMB 94.03 billion, and RMB 97.34 billion for 2025, 2026, and 2027, respectively, with corresponding growth rates of 1.99%, 3.97%, and 3.52% [6][8] - The net profit attributable to shareholders is forecasted to rebound significantly from RMB 104.51 million in 2024 to RMB 4.67 billion in 2025, reflecting a growth rate of 4371.16% [6][8] Catalysts for Stock Performance - Key catalysts for stock performance include breakthrough product innovations, improvement in terminal demand, and a more favorable competitive landscape [11][39] - The company’s ongoing efforts in product innovation and marketing strategies are expected to enhance brand recognition and consumer engagement [39][40]

Summary of Key Points Core Viewpoint - Mengniu Dairy has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2][3]. Share Buyback Details - On June 23, Mengniu Dairy repurchased 500,000 shares at a price range of HKD 15.980 to HKD 16.080, totaling HKD 8.0243 million [2]. - The stock closed at HKD 16.080 on the same day, reflecting a decrease of 1.47%, with a total trading volume of HKD 369 million [2]. - Since June 19, the company has conducted buybacks for three consecutive days, acquiring a total of 1.3 million shares for a cumulative amount of HKD 21.0078 million, during which the stock price fell by 4.29% [2]. - Year-to-date, Mengniu Dairy has executed 46 buybacks, totaling 9.752 million shares and an aggregate amount of HKD 171 million [2]. Buyback Transaction Table - A detailed table of buyback transactions shows various dates, number of shares repurchased, highest and lowest prices, and total amounts spent [3]. - For example, on June 20, 40,000 shares were repurchased at a maximum price of HKD 16.340, amounting to HKD 6.5093 million [3]. - The buyback activity reflects a consistent effort by the company to stabilize its stock price amidst market fluctuations [2][3].