Core Viewpoint - Different consumer sectors exhibit both differences and commonalities in recovery rhythms, with ROA being a leading indicator for operational recovery in consumer enterprises [1][2] Group 1: Recovery Rhythm Analysis - The recovery rhythm of various consumer sectors is influenced by industry supply and demand, as well as supply chain structures, with a focus on stock market competition as a mainstream phenomenon [2] - The stages of enterprise and channel adjustments are outlined, starting from oversupply to a new balance in supply and demand, with ROA serving as a key indicator throughout these stages [2] - Current recovery sequences indicate that soft drinks and snacks are leading, followed by food supply chains, condiments, dairy products, beer, and finally, liquor [2][3] Group 2: Investment Strategy - Emphasis on sectors where ROA stabilizes, indicating potential valuation recovery opportunities, with a preference for sectors that still show price or volume growth [3] - Price logic suggests that rising CPI may drive valuation recovery in traditional industries with high penetration rates, such as liquor, beer, and dairy products, which are likely to attract incremental capital [3][4] - Recommended companies in the liquor sector include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while in dairy, focus on Yili and Mengniu [3] Group 3: Volume Logic - In the context of cost-effective consumption, companies with high supply chain efficiency are expected to gain volume, with specific recommendations for companies in the food supply chain and soft drinks [4] - Industries with low penetration rates may withstand economic cycles, with recommendations for low-alcohol beverages and functional foods that can enhance brand premium through specialization [4] - Companies benefiting from overseas market expansion include Angel Yeast and Bailong Chuangyuan [4]

Group 1: Core Insights - The report emphasizes the recovery stage of consumer spending, highlighting that different sectors exhibit both commonalities and differences in their recovery rhythms, driven by supply-demand dynamics and industry structure [4][5] - ROA (Return on Assets) is identified as a leading indicator for the operational recovery of consumer companies, with a focus on analyzing various sub-sectors [4][13] Group 2: Sector Performance - The current recovery sequence indicates that soft drinks and snacks are leading, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [5][25] - The report draws parallels with Japan's 1990s consumption differentiation, noting that sectors addressing consumer pain points and with low penetration rates are likely to succeed [5][6] Group 3: Investment Strategy - The report suggests focusing on sectors where ROA is stabilizing, indicating potential valuation recovery opportunities, particularly in traditional sectors like liquor, beer, and dairy [6][8] - It recommends identifying sub-sectors with either price or volume growth, with a preference for price-driven strategies [6][8] Group 4: Detailed Sector Analysis - The frozen food sector is showing signs of marginal improvement, with leading companies enhancing operational efficiency through product innovation and channel reforms [27][28] - The snack sector is experiencing high demand, driven by new channel developments, although competition is intensifying [33][35] - The beer industry is under pressure, with a focus on high-end products, but overall growth is slowing due to external economic factors [39][41] - The dairy sector is nearing the end of its adjustment phase, with expectations of improved performance as raw milk prices rise [41][42] - The liquor sector is currently in a phase of inventory reduction, with performance risks gradually clearing as channels stabilize [43][48]

Core Viewpoint - The Ministry of Commerce has announced a preliminary ruling on anti-subsidy investigations against EU dairy imports, implementing temporary anti-subsidy deposit measures starting December 23, 2025, which could accelerate domestic dairy product processing and promote local alternatives [1][2]. Group 1: Anti-subsidy Measures - The Ministry of Commerce decided to impose temporary anti-subsidy tax deposits on EU dairy products, with rates ranging from 21.9% to 42.7%, generally close to 30% [1]. - The investigation found that EU dairy products have received subsidies that harm the domestic dairy industry [1]. Group 2: Impact on Domestic Market - The anti-subsidy tax is expected to increase import prices, thereby accelerating the shift towards domestic dairy product processing [2]. - The current domestic milk prices are lower than international prices, which may further enhance the competitiveness of local products [2]. Group 3: Demand and Supply Dynamics - The deep processing of dairy products is anticipated to increase the consumption of raw milk, improving the supply-demand balance in the upstream raw milk industry [3]. - Domestic milk prices have stabilized since August, driven by supply adjustments from social pastures and increased demand from expanding consumption scenarios such as milk tea [3]. Group 4: Investment Opportunities - Companies benefiting from the deep processing business include Miaokelando (600882.SH), Yili (600887.SH), Mengniu Dairy (02319), and Lihigh Food (300973.SZ) [4]. - Upstream livestock companies that may benefit include Youran Dairy (09858), Modern Dairy (01117), and China Shengmu (01432) [4].

Group 1 - The core viewpoint of the article highlights the positive movement in Hong Kong dairy stocks, with companies like Modern Dairy (01117.HK) and China Wangwang (00151.HK) both rising over 2% [1] - Other dairy stocks such as China Shengmu (01432.HK) and China Feihe (06186.HK) also experienced gains, indicating a broader positive trend in the sector [1] - Citic Securities stated that the EU's anti-subsidy ruling is favorable for domestic dairy product substitutes, suggesting a potential boost for local companies in the industry [1]

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） 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） 聯合公告 有 關 中國聖牧獨立董事委員會的中國聖牧獨立財務顧問 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 ...

(Stock Code股份代號:1432) CHINA SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) NOTIFICATION LETTER 通知信函 12 December 2025 Dear Non-Registered Shareholder(1), China Shengmu Organic Milk Limited (the "Company") – Notification of publication of Circular and Notice of EGM ("Current Corporate Communications") The Current Corporate Communication of the Company, in both English and Chinese versions, is available on the websites of The Stock Exchang ...

CHINA SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code股份代號：1432) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, 12 December 2025 China Shengmu Organic Milk Limited (the "Company") – Notification of publication of Circular and Notice of EGM ("Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at http://www.shengmuorga ...

– 1 – 1. 「動議： (a) 批准、追認及確認內蒙古聖牧高科牧業有限公司（「聖牧高科」）（為其自身及代 表其附屬公司）與內蒙古蒙牛乳業（集團）股份有限公司（「內蒙古蒙牛」）（為其 自身及代表其附屬公司）訂立日期為二零二五年十一月二十四日，內容有關內 蒙古蒙牛及其附屬公司向本集團採購生鮮乳，期限為三年（自二零二六年一月 一日起至二零二八年十二月三十一日止）的生鮮乳供應框架協議（「二零二六年 生鮮乳供應框架協議」），以及該協議項下擬進行的交易及截至二零二六年、 二零二七年及二零二八年十二月三十一日止三個年度的建議年度上限；及 (b) 授權本公司任何一名董事採取一切行動或事宜及簽署其認為就二零二六年生 鮮乳供應框架協議、該協議項下擬進行的交易以及截至二零二六年、二零 二七年及二零二八年十二月三十一日止各年度的建議年度上限而言屬必要、 合適或權宜的或與之相關之一切必要文件。」 普通決議案 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，概不就因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA SH ...

股 東 特 別 大 會（ 或 其 任 何 續 會 ）適 用 的 代 表 委 任 表 格 CHINA SHENGMU ORGANIC MILK LIMITED 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：1432） 代表委任表格 將於二零二五年十二月三十日舉行之 本人╱吾等 （附註a） 地址為 為中國聖牧有機奶業有限公司（「本公司」）股本中每股面值0.00001港元的普通股 （附註b） 股的持有人， 茲委任本公司將於二零二五年十二月三十日舉行之股東特別大會（「大會」）主席或 （附註c） 地址為 代表本人╱吾等出席謹訂於二零二五年十二月三十日上午十時正假座中國內蒙古自治區呼和浩特市土默特左旗如意開發新區南區沙爾沁工業園區 聖牧大樓2層會議室舉行的大會及其任何續會，並代表本人╱吾等按照以下指示投票。 請在適當的空欄內劃上記號（「」），以表示閣下的投票意願 （附註d） 。 | | | 普通決議案 | 贊成 | 反對 | | --- | --- | --- | --- | --- | | 1 | (a) | 批准、追認及確認內蒙古聖牧高科牧業有限公司（「聖牧高科」）（為其自身及代表 | | ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢持牌證券商或註冊證券機構、銀行經理、律師、專業會 計師或其他專業顧問。 閣下如已將名下中國聖牧有機奶業有限公司的股份全部售出或轉讓，應立即將本通函及隨附的代表委任表格送交買方 或承讓人或經手買賣或轉讓的銀行、持牌證券商或註冊機構或其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，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通函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。 及 股東特別大會通告 CHINA SHENGMU ORGANIC MILK LIMITED 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：1432） (1) 重續有關二零二六年生鮮乳供應 框架協議的持續關連交易 (2) 有關二零二六年大北農產品及服務 供應框架協議的持續關連交易及 二零二四年加工服務框架協議與二零二五年 益嬰美乳業奶粉採購框架協議的終止 | 釋義 | 1 | | --- | --- | | 董事會函件 | 5 | | 獨立董事委員會 ...