China Modern Dairy Holdings Ltd. China Shengmu Organic Milk Limited 中國現代牧業控股有限公司 中國聖牧有機奶業有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） （股份代號：1432） 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聯合公告的內容概 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，概不對因本聯合 公告全部或任何部分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 聯 合 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 現 代 牧 業 控 股 或 中 國 聖 牧 證 券 的 邀 請 或 要 約，亦 不 在 任 何 司 法 權 區 構 成 任 何 投 票 或 批 准 的 招 攬。本 聯 合 公 告不會於或向構成違反相關司法權區相關法律的任何司法權區發佈、刊發或派發。 （於開曼群島註冊成立的有限公司） 中信里昂證券有限公司代表中國現代牧業控股有限公司 提出的可能強制有條件現金要約以收購中國聖牧有機奶業有限公司 的 全 部 已 發 行 股 份（中 國 現 代 牧 業 控 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector in the next six months [1]. Core Insights - The food and beverage industry is expected to benefit from the extended Chinese New Year stocking period, which may lead to improved performance in Q1 2026 [5]. - The raw milk price has been stabilizing at a low level, with the average price at 3.02 CNY/kg as of January 8, 2026, indicating a potential turning point in supply and demand dynamics [5]. - The secondary market performance showed a decline of 2.10% in the food and beverage sector, underperforming the CSI 300 index by 1.53 percentage points [10]. Summary by Sections 1. Secondary Market Performance - The food and beverage sector ranked 25th among 31 sectors, with all sub-sectors under pressure, particularly health products which saw a smaller decline of 0.72% [10]. - The top five performing stocks included CITIC Nia, Good Idea, and others, with gains ranging from 5.05% to 8.85% [10]. 2. Major Consumer Goods and Raw Material Prices - As of January 9, 2026, the retail price of fresh milk was 12.18 CNY/liter, and yogurt was 15.88 CNY/kg, showing slight weekly increases [26]. - The price of live pigs was 12.78 CNY/kg, with a weekly increase of 1.19% but a year-on-year decrease of 18.91% [26]. 3. Industry Dynamics - Yuanji Food Group and Jinxing Beer have submitted applications for listing on the Hong Kong Stock Exchange, with projected revenues of 2.026 billion CNY and 3.56 billion CNY respectively for 2023 [53]. - The dairy farming sector in Shandong is experiencing a recovery in raw milk prices, with a reported average cost of 3.34 CNY/kg for dairy farming [54].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the market index [1]. Core Insights - The food and beverage industry is expected to benefit from the extended Chinese New Year stocking period, which may lead to improved performance in Q1 2026 [5]. - The raw milk price has been stabilizing at a low level, with the average price at 3.02 CNY/kg as of January 8, 2026, indicating a potential turning point in supply and demand dynamics [5]. - The secondary market performance showed a decline of 2.10% in the food and beverage sector, underperforming the CSI 300 index by 1.53 percentage points [10]. - Key companies such as Yuanji Food and Jinxing Beer have submitted applications for listing on the Hong Kong Stock Exchange, indicating growth and expansion in the sector [53]. Summary by Sections 1. Secondary Market Performance - The food and beverage sector experienced a decline of 2.10%, ranking 25th among 31 sectors [10]. - The top five gainers included CITIC Nia, Good Idea, and others, with gains ranging from 5.05% to 8.85% [10]. 2. Major Consumer Goods and Raw Material Prices - As of January 9, 2026, the retail price of fresh milk was 12.18 CNY/liter, and yogurt was 15.88 CNY/kg, showing slight increases [26]. - The price of live pigs was 12.78 CNY/kg, with a week-on-week increase of 1.19% [26]. 3. Industry Dynamics - Yuanji Food reported revenues of 2.026 billion CNY and 2.561 billion CNY for 2023 and 2024, respectively, with a net profit increase of 31% in the first nine months of 2025 [53]. - Jinxing Beer achieved revenues of 3.56 billion CNY and 7.30 billion CNY for 2023 and 2024, respectively, with a significant increase in net profit [53].

为什么 2026 年可能是原奶、乳制品大年？20260118 摘要 牧场成本压力因奶牛呈双位数增长趋势加剧，2025 年 9 月已出清约 20 万头奶牛，但规模化牧场占比提升及单产增加使总体原料奶产量小幅增 长。存栏出清将逐步传导至牛奶产量下降，大包粉进口价格仍高于国内， 2026 年国际奶价大幅下跌可能性小。 促消费政策落地，深加工产能及出口探索带动乳制品需求。2025 年前 三季度乳制品产量同比变化分别为减少 1.7%、增加 1.8%和增加 0.4%。春节旺季及后续政策有望拉动消费，多家企业布局深加工产线， 预计贡献 400 万吨以上生鲜乳需求，有望填补供需缺口。 预计 2026 年乳制品行业有望在供需两端作用下达到平衡，并可能迎来 价格拐点。肉牛价格自 2025 年 2 月触底反弹，截至 12 月上涨约 10%，受养殖周期影响，供需错配被放大。2025 年三季度末全国肉牛 存栏量同比减少 2.4%至 9,932 万头。 肉牛育肥业务已扭亏为盈，但养殖场户仍持谨慎态度，产能区划继续。 本轮肉牛上行周期已基本明确，底部已经建立并开启新的增长周期。伊 利股份、蒙牛乳业、中国飞鹤、李子园等企业将在乳制品深加工领 ...

（来源：内蒙古日报） □本报记者 鲍庆胜 通讯员 韩云玲 如今，通辽市通过科学"减抗"实现多方共赢：养殖成本降低、动物疫病发生率下降、绿色畜产品竞争力 提升，既守护了群众"舌尖上的安全"，又倒逼养殖业绿色转型，让农业新质生产力转化为乡村振兴的实 际成效。 "以前养殖户不懂药物敏感性试验，动物发病后盲目试药；现在驻场指导先检测病菌，精准用药不仅治 愈率大幅提升，还完善了兽药使用管理体系。"1月6日，在现代牧业（通辽）有限公司的智慧养殖场车 间内，通辽市农牧局驻场技术人员汪东雪一边通过数据终端查看奶牛健康指标与用药记录，一边道出 了"减抗"行动的实效。 5年来，通辽市通过个性化的管理举措、加强宣传培训和典型示范，全方位推动"减抗"行动落实。推 行"一场一策"清单管理，为养殖场量身定制"减抗"方案。26名技术人员驻场推广精准诊断技术，60万平 方米养殖场完成全面消毒，150批次饲料抽检全覆盖。发放禁限用药清单、统一兽药使用记录本等各类 宣传材料，进一步规范养殖行为。开展3期短视频线上传播、1600人次从业人员线下培训，让"减抗"理 念深入基层。 转自：内蒙古日报 作为"减抗"行动的受益企业，现代牧业（通辽）有限公司 ...

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The pig farming sector is experiencing a slow pace of market release, leading to a rebound in pig prices. As of January 16, the pig price is 12.77 CNY/kg, with a week-on-week increase of 0.19 CNY/kg. The average monthly release completion rate is 31%, lower than the same period last year [2][9] - In the beef sector, calf prices are rising due to increased replenishment enthusiasm following the implementation of import beef restrictions. As of January 16, calf prices are 33.03 CNY/kg, up 1.91% week-on-week, indicating a long-term upward trend in beef prices [3][29] - The poultry sector is seeing a decline in chick prices as the market transitions out of a vaccination pause. As of January 16, the price for white feather broiler chicks is 2.74 CNY/chick, down 0.85 CNY/chick from before the pause [3][38] Summary by Sections Pig Farming - The slow release pace in pig farming is pushing prices up, with profits for self-bred and purchased piglets at 7.39 CNY/head and 48.35 CNY/head respectively, both showing week-on-week increases [2][9] - The average weight of pigs being released has increased to 128.85 kg, with a week-on-week rise of 0.31 kg [12][17] - The number of breeding sows has decreased to 39.9 million, down 1.12% from the previous month, indicating a gradual reduction in production capacity [27][28] Beef Sector - The implementation of import beef restrictions is expected to benefit domestic beef prices, with a forecasted upward trend in prices from 2026 to 2027 [29] - The current price for fattened bulls is 25.66 CNY/kg, reflecting a week-on-week increase of 0.59% [29] Poultry Sector - The egg price has increased to 7.29 CNY/kg, up 0.69% week-on-week, driven by pre-holiday stocking [3][42] - The profit margins for broiler chickens and parent stock are showing mixed results, with broiler chicken farming profit at 0.3 CNY/chick and slaughter profit at -0.51 CNY/chick [3][38] Seed Industry - The seed industry is seeing strengthened intellectual property protection, which is expected to enhance market order and accelerate the commercialization of genetically modified organisms [49]

Core Insights - The report highlights a rebound in pork prices during the consumption peak season, with the average price of lean pigs at 12.49 CNY/kg, up 2.6% week-on-week but down 22.7% year-on-year [6][14]. - The report emphasizes the growth potential of leading feed companies expanding overseas, suggesting a focus on their international business growth [6][16]. Livestock Farming - The average price of 6.5 kg piglets has risen to 330 CNY/head, reflecting a 7.5% week-on-week increase, indicating a positive outlook among farmers for pork prices in the second half of the year [6][14]. - Major recommended companies in the livestock sector include Wen's Food Group and Muyuan Foods, with attention also on Dekang Agriculture and New Hope [6][14]. - The report notes that the industry is in a "tug-of-war" state, with companies possessing cost advantages having a significant competitive edge [6][14]. Dairy Industry - The current price of fresh milk in major production areas is 3.02 CNY/kg, down 0.3% week-on-week and 3.2% year-on-year, while some regions see prices rebounding to 3.3-3.4 CNY/kg [15]. - The report anticipates a continued upward trend in beef prices due to supply constraints, recommending companies like Yuran Dairy and Modern Dairy [15]. Feed and Animal Health - Prices for common and specialty fish and shrimp have continued to rise, driven by tight supply and increased demand as the Spring Festival approaches [16]. - The report suggests that leading feed companies are likely to see market share growth due to their comprehensive advantages, with a focus on international expansion [16]. - In the animal health sector, companies are expanding into pet healthcare, with recommendations for companies like Keqian Biological and Princely Biological [16]. Agricultural Sector - The report indicates that the domestic corn price is 2364 CNY/ton, up 0.5% week-on-week, while soybean meal prices are at 3196 CNY/ton, down 0.9% [18][44]. - The report highlights the importance of biotechnology advancements and industry consolidation in the seed sector, recommending companies like Suqian Agricultural Development and Beidahuang [18]. Market Performance - The agricultural sector underperformed the market by 2.7 percentage points, with the animal health sector showing a 1.2% increase [22]. - The report notes that the livestock sector is experiencing a recovery in profitability, with self-bred pigs showing a profit of 7.39 CNY/head [24].

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 或任何部分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 現 代 牧 業 控 股 或 中 國 聖 牧 證 券 的 邀 請 或 要 約，亦 不 在 任 何 司 法 權 區 構 成 任 何 投 票 或 批 准 的 招 攬。本 公 告 不 會 於 或向構成違反相關司法權區相關法律的任何司法權區發佈、刊發或派發。 China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） 於二零二六年一月十六日舉行的股東特別大會 的投票表決結果 茲提述(i)中 國 現 代 牧 業 控 股 有 限 公 司（「現代牧業控股」）於 二 零 二 五 年 十 月 三 十 日 刊 發 的 公 告，內 容 有 關（其 中 包 括）中 信 里 昂 證 券 有 限 公 司 代 表 現 代 牧 業 控 股 提出的可能強制有條件現金要約以收購中國 ...

Group 1 - The core viewpoint of the news is that the dairy industry is entering a new phase characterized by "structural differentiation," with companies facing performance pressures in 2025 and a slowdown in liquid milk business growth [1] - The market is experiencing a significant shift, with traditional liquid milk consumption declining due to changing consumption scenarios, leading to intense price wars as a survival strategy for companies [1] - High-value segments such as premium milk powder, low-temperature fresh milk, and life-cycle nutrition products are rapidly emerging, creating new growth trajectories for the industry [1] Group 2 - Companies are now competing on a broader scale, moving beyond simple size and price comparisons to a systematic contest involving technology, supply chain, and brand value [1] - The industry is expected to see new development prospects by 2026 amid structural adjustments and transformations [1] Group 3 - In the stock market, dairy stocks in Hong Kong saw a rebound, with Yurun Dairy leading with a nearly 8% increase, followed by Modern Dairy with over 5%, and Australia Asia Group with a 2.3% rise [2] - Other companies such as Original Ecology Dairy, Mengniu Dairy, and China Feihe also experienced gains, albeit smaller, indicating a positive market response [2]

Group 1 - The core viewpoint of the news highlights a rebound in Hong Kong dairy stocks, with significant gains in companies like Yurun Agriculture, Modern Farming, and Australia Asia Group, amidst a challenging performance outlook for the dairy industry in 2025 [1] - The dairy industry is entering a new phase characterized by "structural differentiation," with liquid milk business growth slowing down and intense price competition becoming a survival strategy for companies [1] - High-value segments such as premium milk powder, low-temperature fresh milk, and life-cycle nutrition products are emerging rapidly, creating new growth trajectories for the industry [1] Group 2 - The competitive landscape has shifted from simple scale and price competition to a comprehensive contest involving technology, supply chain, and brand value [1] - Structural adjustments and transformations are expected to lead to new development prospects for the industry by 2026 [1] Group 3 - Specific stock performance includes Yurun Agriculture rising by 7.91% to 4.640, Modern Farming increasing by 5.37% to 1.570, and Australia Asia Group up by 2.30% to 2.670 [2] - Other companies such as Original Ecology Agriculture, Mengniu Dairy, and China Feihe also experienced slight increases in their stock prices [2]