YuanShengTai Dairy Farm Limited (Stock Code: 1431) published a circular regarding its new 2026 Feihe Master Agreement for the supply of raw milk to China Feihe. The agreement is set to commence on 1 January 2026 and conclude on 31 December 2028, subject to shareholder approval.

Under the new arrangement, the priority supply commitment allows Feihe Dairy Group to purchase raw milk under terms no less favorable than those offered to other buyers. The pricing mechanism references a quarterly indicative price issued in Heilongjiang Province and is adjusted for metrics such as microbe count, protein content, fat content, and other quality indicators. Payment is typically settled within one month, with no interest incurred during this period.

The proposed annual transaction caps are RMB3.1 billion for 2026, RMB3.4 billion for 2027, and RMB3.7 billion for 2028. A special general meeting is scheduled for 28 November 2025. Shareholders are invited to vote on approving all arrangements, including the priority supply terms and the new annual caps, outlined in the agreement.