Core Viewpoint - China Feihe (06186) shares rose over 3%, currently at 4.11 HKD with a trading volume of 129 million HKD, driven by the acceleration of local childcare subsidy approvals [1] Group 1: Company Performance - China Feihe's market share in the infant formula sector continues to increase, supported by strong brand and channel advantages [1] - The company is expected to see revenue recovery in the second half of 2025, aided by channel adjustments and new product launches, alongside the positive impact of the childcare subsidy policy [1] Group 2: Industry Context - Local childcare subsidy approvals are speeding up, with varying distribution timelines across regions; for instance, Xining plans to distribute the first batch of subsidies by the end of October, while other areas may do so in November or December [1]

Group 1 - JD Supermarket launched the "Assured Camel Milk Powder" quality verification and merchant management program at the 2025 Camel Milk Powder Industry Summit, providing a comprehensive verification service from factory inspection to product testing and online sampling [1][3] - The program aims to purify the market environment and enhance brand credibility [1][3] Group 2 - The primary consumers of camel milk powder on JD Supermarket are individuals aged 26 to 55, including middle-aged and elderly groups, with a diverse urban distribution [3] - The demand for camel milk powder is driven by health awareness, the rise of the silver economy, and various consumption scenarios such as caring for elders and personal health supplements, with online transaction numbers exceeding 2.78 million, a 90% year-on-year increase [3] - Several brands, including Wangyuan, Fengcao Pasture, and Original Gold, signed cooperation agreements with JD Supermarket, and awards were given to trusted brands like New Camel and Wangyuan [3]

Core Viewpoint - The 2025 World Dairy Summit, hosted by the International Dairy Federation (IDF), will take place in Santiago, Chile, from October 20 to 23, highlighting global dairy industry innovations and sustainability efforts [1][3]. Group 1: Innovation in Dairy Products - Mengniu Group's "Future Star" children's formula milk has been nominated for the "IDF Dairy Innovation Award" in the category of human nutrition dairy product innovation, showcasing its commitment to global dairy innovation through independent research and development [4][5]. - The unique formulation of the "Future Star" product combines human milk oligosaccharides (HMO) with prebiotics (GOS and FOS), providing multidimensional support for children's gut health and has received a Chinese invention patent [5]. Group 2: Sustainable Development Initiatives - Mengniu's "Yogurt Day" brand has successfully entered the "Dairy Packaging and Transparency Innovation Award" category with its PHA straws, which are designed to biodegrade in marine environments, offering a sustainable alternative to plastic [6]. - The company is advancing its green packaging strategy, proposing the "4R1D" strategy for 2024, which focuses on reducing packaging material usage, promoting recycling, utilizing reusable designs, applying renewable materials, and using biodegradable materials [6][8]. Group 3: Digital Transformation in the Dairy Industry - During the summit, Mengniu will present on the development of smart laboratories in the dairy industry, sharing its practices and experiences in digital and intelligent research and development [8]. - The company is accelerating the application of digital technologies such as IoT, digital twins, and smart detection, aiming to create smart laboratories, intelligent factories, and smart pastures to facilitate the digital transformation of the entire dairy supply chain [8][10]. Group 4: Future Outlook - Mengniu's Ningxia factory has been certified as a "Lighthouse Factory" for its capacity and output, while its Wuhan factory has been recognized as the world's largest single low-temperature yogurt factory, demonstrating efficient and precise control from production to consumption [10]. - The company aims to continue driving innovation, digitalization, and sustainability as key engines for growth, collaborating with global partners to contribute to the advancement of the dairy industry [10].

Core Viewpoint - The controlling shareholder of New Hope Dairy, Universal Dairy Limited (UDL), did not execute its planned share reduction within the specified timeframe, maintaining its shareholding status in the company [2][4]. Shareholder Reduction Situation - UDL had announced a plan to reduce its holdings by up to 25,820,305 shares, representing 3% of the total share capital, from July 21, 2025, to October 20, 2025 [1]. - As of October 20, 2025, UDL did not reduce any shares, and its shareholding remained unchanged [2]. Compliance with Regulations - The reduction plan adhered to relevant laws and regulations, including the Securities Law of the People's Republic of China and the Shenzhen Stock Exchange's rules [3]. - UDL has complied with its commitments made during the initial public offering, indicating a preference to continue holding shares unless specific financial needs arise [4]. Additional Notes - UDL has not violated any commitments regarding share reduction and has not triggered any conditions that would require an extension of the lock-up period or necessitate an increase in shareholding [5].

Summary of Key Points from the Conference Call Industry Overview - The food and beverage sector is experiencing mixed performance, with the liquor segment under pressure due to regulatory impacts and overall market conditions [2][8] - The overall performance of the food and beverage sector has been below market expectations, particularly in the liquor category, which is still in a phase of pressure release [2][8] Key Insights on Specific Companies and Segments General Food and Beverage - The dining supply chain has shown improvement compared to Q2, with companies like Anjuke Food expecting single-digit revenue growth and profit growth outpacing revenue [1][3] - Q3 performance for Qianwei Central Kitchen remains stable, but profit pressures are significant due to high channel costs [3] Bakery Supply Chain - Angel Yeast is projected to achieve double-digit revenue growth in Q3, benefiting from reduced shipping costs that enhance profit margins [4] - Lihigh Food is expected to maintain double-digit growth despite a slowdown in the second half of the year [4] Snack Industry - Wancheng Group is experiencing increased same-store sales and store openings, with expectations for high revenue and profit growth [5] - Yanjin Pouch continues to grow steadily, with Q3 revenue expected to show double-digit growth and profit growth exceeding revenue growth [6] Pet Sector - Zhongchong reported strong Q3 results, with significant expectations for its self-owned brand during the upcoming Double Eleven shopping festival [7] - Peidi's export business remains stable, with plans for increased product launches in Q4 [7] Liquor Industry - The liquor industry is facing challenges due to a ban on alcohol sales, with sales declining in September but showing signs of recovery during the National Day holiday [8] - High-end and mid-low price segments are stable, while the sub-high-end segment is under pressure, with Moutai's price below 1,800 yuan and other brands like Wuliangye and Guojiao around 850 yuan [8][9] - Most liquor companies are expected to report declines in Q3 performance, with Moutai and Fenjiu being exceptions with slight revenue increases [8][9] Beer Industry - Qingdao Beer reported slight volume growth in Q3, benefiting from a low base last year, while Yanjing Beer faced revenue pressure but maintained good profit growth [10] Dairy Industry - Yili's ambient liquid milk continues to face pressure, while milk powder and cold drinks show growth [11] - Miaokelando is performing well in both B-end and C-end markets, with expectations for a 30% profit growth due to cost advantages [11] Beverage Industry - Dongpeng energy drinks continue to grow steadily, with overall revenue expected to increase by about 30% [12] Recent Investments - Yeyuan Holdings has made significant investments in the pet food and veterinary sectors, indicating a strategic move towards diversifying its business [13] - Mixue Ice City plans to acquire a majority stake in Fulujia, leveraging synergies to enhance brand value and operational efficiency [14][15] Additional Insights - The overall sentiment in the food and beverage sector suggests cautious optimism, with certain segments showing resilience and potential for growth despite broader market challenges [2][8]

| 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） | | --- | --- | --- | --- | --- | | 2025.10.21 | 50.00 | 14.550 | 14.460 | 725.55 | | 2025.10.20 | 70.00 | 14.520 | 14.370 | 1014.14 | | 2025.10.17 | 120.00 | 14.250 | 14.070 | 1696.90 | | 2025.10.16 | 100.00 | 14.490 | 14.390 | 1443.90 | | 2025.10.09 | 30.00 | 14.650 | 14.560 | 438.71 | | 2025.10.08 | 50.00 | 14.210 | 14.180 | 709.78 | | 2025.10.06 | 100.00 | 14.420 | 14.390 | 1440.99 | | 2025.10.03 | 40.00 | 14.800 | 14.680 | 590.10 | | 2025.10.02 | 40.0 ...

Group 1 - The establishment of Gansu Nongkan Dairy Research Co., Ltd. has been reported, with a registered capital of 10 million yuan [2] - The company's business scope includes dairy product production, fresh milk acquisition, beverage production, food sales, and food management [2] - The company is wholly owned by Zhuangyuan Pasture (002910) [2]

Core Viewpoint - Universal Dairy Limited (UDL), the controlling shareholder of the company, planned to reduce its stake by up to 3% through a combination of centralized bidding and block trading between July 21 and October 20, 2025, but ultimately did not sell any shares, maintaining its ownership level [1] Group 1 - UDL intended to reduce its holdings by up to 8.6068 million shares (1%) through centralized bidding [1] - UDL also planned to reduce its holdings by up to 17.2135 million shares (2%) through block trading [1] - The total intended reduction was not to exceed 3% of the company's total share capital [1] Group 2 - As of the end of the reduction period on October 20, 2025, UDL did not sell any shares [1] - UDL's shareholding quantity and percentage remained unchanged [1]

证券日报网讯新乳业（002946）10月21日在互动平台回答投资者提问时表示，截至2025年10月20日公司 股东总户数为16532户。 ...

Core Viewpoint - The 2025 Autumn Baking Exhibition serves as a key node connecting the New Year and Spring Festival baking peak seasons, showcasing new products and trends in the industry. Yili Professional Dairy leads the market with its new product "Oriental Inspiration Premium Cream," redefining the quality standards and innovation boundaries of domestic animal cream [1][9]. Group 1: Product Launch and Market Position - Yili Professional Dairy has been recognized as the "No. 1 Chinese brand in sales of 100% animal cream," reinforcing its position as a benchmark for domestic dairy products [5]. - The launch of "Oriental Inspiration Premium Cream" aligns with the new national standards, marking a significant milestone in the Chinese cream industry and setting a new quality benchmark [9][12]. - The product family includes high-end representatives like "Enjoy Cream" and "ZhiXiang Cream," which have already established themselves as synonymous with high-quality baking ingredients [6]. Group 2: Industry Leadership and Innovation - Yili has established a comprehensive product matrix covering refrigerated and ambient creams, catering to diverse usage scenarios from baking to beverages [8]. - The company has invested 3 billion in building a cheese manufacturing benchmark base, showcasing its commitment to high-quality product standards [10]. - Yili's global layout includes 15 innovation centers, creating a full industry chain network from farm to table, enhancing its capability to lead the domestic dairy market [10]. Group 3: Event Highlights and Industry Collaboration - The exhibition featured industry leaders witnessing the launch of "Oriental Inspiration Premium Cream," emphasizing the product's dual recognition from frontline brands and authoritative institutions [12][14]. - A live demonstration by world-class bakers showcased the product's excellent whipping and stability properties, providing practical applications for industry clients [17][23]. - The event also included interactions with baking masters, enhancing brand credibility and establishing a strong trust network within the industry [27]. Group 4: Market Strategy and Future Outlook - Yili's proactive approach to market trends is evident as it introduces solutions for the upcoming Spring and Summer seasons, transforming aesthetic concepts into commercially viable products [27]. - The company aims to promote high-quality, clean-label products, driving the Chinese baking industry towards innovation and value co-creation [28]. - The launch of "Oriental Inspiration Premium Cream" symbolizes a new beginning for the Chinese baking industry, entering a high-standard era [28].