China Shengmu Organic Milk Limited announced the resignation of Chief Financial Officer Niu Yuesheng, effective 25 March 2026, citing internal position rotation. Niu confirmed no disagreements with the board and no matters requiring shareholder attention.

Effective the same day, the board appointed Li Li, aged 49, as the new CFO. Li joined China Shengmu in March 2026 after holding senior management roles at China Mengniu Dairy Company Limited from June 2002 to March 2026. Her academic credentials include: • Bachelor’s degree in Business Administration, The Open University of China (2010) • Master’s degree in Agricultural Extension, Inner Mongolia Agricultural University (2015) • Doctorate in Business Administration, Brest Business School (2024) She also obtained the International Certified Public Accountant Certificate in 2021.

The board expressed gratitude to Niu for his contributions and welcomed Li to her new role. The announcement was signed by Chairman Chen Yiyi on 25 March 2026 in Hong Kong.