1、Morningstar Equity Company Report|Report as of 29 Aug 2025 10:29,UTC|Reporting Currency:CNY|Trading Currency:HKD|Exchange:HONG KONG EXCHANGES AND CLEARING LTDPage 1 of 27?China Feihe Ltd Ordinary Shares 06186 QQQQ 29 Aug 2025 10:23,UTCLast Price4.36 HKD28 Aug 2025Fair Value Estimate5.50 HKD29 Aug 20

2、25 10:20,UTCPrice/FVE0.79Market Cap39.80 HKD Bil29 Aug 2025Economic MoatTMNarrowEquity Style Box1 Large ValueUncertaintyHighCapital AllocationStandardESG Risk Rating Assessment1;4 Jun 2025 05:00,UTCJacky Tsang,CFAEquity AnalystMContentsAnalyst Note(29 Aug 2025)Business DescriptionBusiness Strategy&O

3、utlook(29 Aug 2025)Bulls Say/Bears Say(29 Aug 2025)Fair Value and Profit Drivers(29 Aug 2025)Economic Moat(29 Aug 2025)Risk and Uncertainty(16 Jul 2025)Financial Strength(29 Aug 2025)Capital Allocation(29 Aug 2025)FinancialsESG RiskRecent Analyst NotesResearch Methodology for Valuing CompaniesImport

4、ant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ primary analyst covering this company does

5、not own its stock.Reporting Currency:CNY|Trading Currency:HKDCurrency amounts expressed with$are in U.S.dollars(USD)unless otherwise denoted.1The ESG Risk Rating Assessment is a representation of Sustainalytics ESG Risk Rating.China Feihe Earnings:Inventory Clearance Weighs on Results;Cut Fair Value

6、 Estimate by 7%Analyst Note Jacky Tsang,CFA,Equity Analyst,29 Aug 2025China Feihes first-half revenue fell by 9%year on year,while net income declined by 36%,affected by price discounts associated with inventory clearance and childbirth subsidies for consumers.Why it matters:Net income trailed our e