2025年12月12日，中国飞鹤（06186.HK，下称"飞鹤"）在港交所回购超565万股。该公司已连续回购合 计超2.36亿股，累计回购金额超过9亿港元。 近期，飞鹤还发布了迹萃、启萃两款新品，这不仅是产品的升级，更是飞鹤"新一代更适合"的具象化落 地。以这两款新品为载体，飞鹤在婴配粉行业内率先将"原料鲜活"纳入奶粉新鲜度标准，引领行业迈 进"母乳化配方+鲜萃活性工艺"的6.0时代。 作为国内奶粉行业龙头企业，除了行业的引领，飞鹤一直秉持高度的社会责任感，积极投身公益事业， 构建了多元且立体的公益行动体系，涵盖医疗、教育和母婴关爱等多个重要领域，截至2024年底，累计 捐赠款物达8.4亿元。而从2022年开始，飞鹤更是启动"助力龙江教育公益行动"，三年投入6500余万 元，通过"精英种子培养计划"等项目，定向支持教师校长综合素质提升，惠及超330万师生。 在公益事业积极投入的同时，飞鹤更将"科技创新"作为企业发展的重要驱动力。从2018年到2024年，公 司研发投入年均复合增长率超过30%。2025年1月，飞鹤发布"乳蛋白鲜萃提取科技"；5月，飞鹤还建成 HMOs（母乳低聚糖）全谱系结构数据库，技术达到国际 ...

2025年12月12日，中国飞鹤（06186.HK，下称"飞鹤"）在港交所回购超565万股。该公司已连续回购合 计超2.36亿股，累计回购金额超过9亿港元。 （飞鹤2025年7月份公告"股份购回计划"部分） 此前，飞鹤在2025年7月4日的中期业绩预告中宣布拟动用不少于10亿元用于回购股份，最多回购总股份 的10%。在此预告中，飞鹤同时宣布将维持稳定分红政策，预期2025年分派股息总额不少于20亿元。飞 鹤的密集回购与持续分红，离不开稳定的经营现金流，也反映了管理层对公司未来稳健发展的信心。 作为国内奶粉行业龙头企业，除了行业的引领，飞鹤一直秉持高度的社会责任感，积极投身公益事业， 构建了多元且立体的公益行动体系，涵盖医疗、教育和母婴关爱等多个重要领域，截至2024年底，累计 （飞鹤"新一代更适合"新品迹萃） 捐赠款物达8.4亿元。而从2022年开始，飞鹤更是启动"助力龙江教育公益行动"，三年投入6500余万 元，通过"精英种子培养计划"等项目，定向支持教师校长综合素质提升，惠及超330万师生。 在公益事业积极投入的同时，飞鹤更将"科技创新"作为企业发展的重要驱动力。从2018年到2024年，公 司研发投入年 ...

Core Insights - The company Feihe Aiben has been awarded the "Wiley China High Contribution Author Award" for its significant contributions to nutrition research for the elderly, highlighting the global importance of elderly nutrition needs [1][2] - The award is based on the high download rate of their impactful paper published in the journal "Food Science & Nutrition," which discusses sensory characteristics in aging and their effects on dietary intake [2][3] Research Findings - The research identifies the decline in sensory functions such as taste and smell in the elderly, which leads to decreased appetite and insufficient nutrient intake, addressing a common issue in elderly care [3] - It emphasizes the need for a specialized sensory evaluation system for the elderly and suggests further research into the neurobiological mechanisms of sensory decline [3] Product Development - Feihe Aiben has developed the "Aiben Dynamic Protein Nutrition Powder," targeting the muscle loss issue prevalent among the elderly, which affects their mobility and quality of life [4] - The product features "Aiben Dynamic Protein," a small molecule whey protein developed over seven years, designed for better absorption and digestion in older adults [4] Collaborative Efforts - The company has established the "Capital Medical University-Feihe Aiben Life Nutrition Research Center" to conduct clinical trials assessing the dual benefits of their product on muscle and bone health in the elderly [5] Future Plans - Feihe Aiben aims to enhance its research investments in elderly health, focusing on various common health issues such as brain health, immunity, and blood sugar levels, to support a healthier aging population [6]

Core Viewpoint - China Feihe has demonstrated resilience in the face of industry challenges, maintaining its position as the leading player in both the Chinese and global infant formula markets, with a focus on quality and social responsibility [4][6][8]. Group 1: Company Performance - In the first half of 2025, China Feihe reported total revenue of 9.15 billion and a net profit of 1.033 billion [4]. - The company continues to hold the largest market share in the infant formula sector, achieving first place in both the Chinese and global markets for six and four consecutive years, respectively [7][8]. - Despite industry pressures, the company has not compromised on product quality, maintaining a strong brand trust among consumers [9]. Group 2: Quality Control and Production - China Feihe has established a complete industrial chain for infant formula since 2006, ensuring strict control over milk sources [10]. - The company operates 13 farms with over 100,000 cows located in the world's prime milk-producing region, ensuring high-quality milk supply [11]. - The production facilities adhere to stringent pharmaceutical-grade standards, with air purification levels comparable to those in hospital ICUs [12]. Group 3: Social Responsibility and Innovation - The company has proactively reduced channel inventory to maintain product freshness and has introduced a 1.2 billion yuan maternity subsidy plan to support families [13][14]. - China Feihe has invested nearly 100 million yuan over six years to establish the only industrial production line for lactoferrin in China, breaking foreign monopolies [15]. - The company has diversified its product offerings, launching adult milk powder and other health-focused products targeting various demographics [16][17]. Group 4: Financial Health and Shareholder Returns - China Feihe maintains a high asset ratio of fixed assets, which has historically been between 25% and 28% of total assets, indicating a robust operational leverage [22][24]. - As of June 30, the company reported cash reserves of 6.477 billion and structured deposits of 10.387 billion, with total bank borrowings under 1 billion, reflecting strong liquidity [24]. - The company announced a mid-year dividend of 0.1209 HKD per share, with total dividends expected to exceed 2 billion yuan annually, indicating a commitment to shareholder returns [25][30].