2026年全国两会，作为"十五五"规划的谋篇布局之年，也承担着为中国经济高质量发展定调的重任。在 众多关乎国计民生的议题中，全国人大代表、中国飞鹤董事长冷友斌提交的两份建议——《关于促进国 民优质蛋白营养摄入、助力人口高质量发展的建议》与《关于加强乳品精深加工、推动食品产业高质量 发展的建议》，引发了行业与舆论的重点关注。 在业内看来，冷友斌的两份议案，精准击中了中国乳业乃至食品工业的关键痛点：一边是原奶过剩导致 的百亿级行业亏损，另一边却是国民对蛋白营养认知不足。冷友斌提出的"蛋白策"，不仅是中国乳业的 突围之路，也同样是关乎到国民健康战略的升级之路。 乳业产业结构亟待调整 "在荷兰、法国等乳业发达国家，液态奶和精深加工产品的比例约为5：5，而在中国市场，这一比例甚 至超过9：1。"在接受媒体采访时冷友斌表示，国外乳制品产业发展成熟，相比之下国内乳制品行业还 处于以初级产品为主的阶段，液态奶的占比超过92.7%，奶酪和黄油等高附加值产品占比不足7.3%，中 国乳业向产业结构升级和向价值链高端延伸已刻不容缓。 冷友斌表示，由于长期的结构性失调，国内乳业形成了"低端过剩、高端短缺"的不合理格局。近年来， 随着国 ...

2026年全国两会，作为"十五五"规划的谋篇布局之年，也承担着为中国经济高质量发展定调的重 任。在众多关乎国计民生的议题中，全国人大代表、 中国 飞鹤董事长冷友斌提交的两份建议 —— 《关于促进国民优质蛋白营养摄入 、 助力人口高质量发展的建议》与《关于加强乳品精深加工、推 动食品产业高质量发展的建议》，引发了行业与舆论的重点关注。 在业内看来， 冷友斌的两份议案，精准击中了中国乳业乃至食品工业的 关键痛点 ：一边是原奶过 剩导致的百亿级行业亏损，另一边却是 国民对蛋白营养认知不足。 冷友斌提出的 "蛋白策"，不仅 是 中国乳业的突围之路 ， 也同样是 关乎 到 国民健康 战略 的 升级 之路。 乳业产业结构亟待调整 "在荷兰、法国等乳业发达国家，液态奶和精深加工产品的比例约为5：5，而在中国市场，这一比例 甚至超过9：1。"在接受媒体采访时冷友斌表示，国外乳制品产业发展成熟，相比之下国内乳制品行 业还处于以初级产品为主的阶段，液态奶的占比超过92.7%，奶酪和黄油等高附加值产品占比不足 7.3%，中国乳业向产业结构升级和向价值链高端延伸已刻不容缓。 冷友斌 表示 ，由于长期的结构性失调，国内乳业形成了 "低 ...

Core Viewpoint - China Feihe (06186.HK) has been actively repurchasing shares, indicating strong confidence in its future growth and stability in cash flow [1][3]. Group 1: Share Buyback and Financial Strategy - On December 12, 2025, Feihe repurchased over 5.65 million shares, bringing the total repurchased shares to over 236 million, with a cumulative buyback amount exceeding 900 million HKD [1]. - In its mid-year earnings forecast on July 4, 2025, Feihe announced a plan to utilize no less than 1 billion HKD for share repurchases, targeting up to 10% of total shares [3]. - Feihe aims to maintain a stable dividend policy, expecting to distribute no less than 2 billion HKD in dividends for 2025, reflecting its robust operational cash flow [3]. Group 2: Product Innovation and Market Leadership - Feihe has maintained its position as the market leader in China's infant formula sector for six consecutive years, showcasing its role as a benchmark for high-quality development in the dairy industry [3]. - The company recently launched the "New Generation More Suitable" initiative, which includes a comprehensive upgrade across four dimensions: full industry chain, breast milk-based formula, fresh nutrition, and feeding effectiveness [3]. - Feihe introduced two new products, "Jicui" and "Qicui," which embody the "New Generation More Suitable" concept and set new freshness standards in the infant formula industry [5]. Group 3: Commitment to Social Responsibility and Innovation - Feihe has actively engaged in public welfare, contributing a total of 840 million RMB by the end of 2024, with a focus on medical, educational, and maternal-infant care initiatives [6]. - Since 2022, the company has invested over 65 million RMB in the "Support Longjiang Education Public Welfare Action," benefiting over 3.3 million teachers and students [6]. - Feihe's R&D investment has seen a compound annual growth rate of over 30% from 2018 to 2024, emphasizing its commitment to technological innovation [6].

Core Viewpoint - China Feihe (06186.HK) has been actively repurchasing shares, indicating strong confidence in its future growth and stability, alongside a commitment to maintaining dividends [4][7]. Group 1: Share Buyback and Financial Commitment - On December 12, 2025, China Feihe repurchased over 5.65 million shares, bringing the total repurchased shares to over 236 million, with a cumulative buyback amount exceeding 900 million HKD [1]. - In July 2025, the company announced a share buyback plan with a minimum of 1 billion HKD allocated for repurchases, targeting up to 10% of total shares [4]. - The company plans to maintain a stable dividend policy, expecting to distribute at least 2 billion HKD in dividends for 2025 [4]. Group 2: Market Leadership and Product Innovation - China Feihe has maintained its position as the leading brand in China's infant formula market for six consecutive years, reflecting its role as a benchmark for high-quality development in the dairy industry [4]. - The company launched a new product line, "New Generation More Suitable," which emphasizes breakthroughs in four dimensions: full industry chain, breast milk-like formula, fresh nutrition, and feeding effectiveness [4]. - The introduction of the "Fresh Nutrition System" ensures a comprehensive quality assurance system from raw milk to finished products, with 100% control over 11 core raw materials and full traceability [4]. Group 3: Social Responsibility and Technological Innovation - China Feihe has actively engaged in social responsibility initiatives, contributing 840 million CNY in donations and launching the "Support Longjiang Education Public Welfare Action," investing over 65 million CNY since 2022 [6][7]. - The company has prioritized technological innovation, with an average annual growth rate of over 30% in R&D investment from 2018 to 2024 [7]. - In 2025, China Feihe introduced "乳蛋白鲜萃提取科技" and established an international-leading database for HMOs, further enhancing its R&D capabilities [7]. Group 4: International Expansion - China Feihe is accelerating its internationalization efforts, having obtained a production license for infant formula in Canada, with products already available in over 1,500 North American retail stores [7].

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].