DISCLOSEABLE TRANSACTION SUBSCRIPTION OF FINANCIAL PRODUCT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.China Feihe Limited中国飞鹤有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 6186) DISCLOSEABLE TRANSACTION SUBSCRIPTION OF FINANCIAL PRODUCT SUBSCRIPTION OF FINANCIAL PRODUCT We refer to the announcements of the Company dated 19 April 2023 26 December 2023 and 11 April 2024 in relation to among other things the subscription of certain wealth management and structured deposit financial products of CITIC Bank by the Group (the “Subscription of CITIC Financial Products”).The Board announces that on 26 June 2024 Feihe HLJ a wholly-owned subsidiary of the Company subscribed for wealth management financial product offered by CITIC Bankwith an amount of RMB300 million using its idle funds (the “Subscription of WealthManagement Allwin No. 13”). The key terms of the Subscription of Wealth Management Allwin No. 13 are set out in the table below: Principal Expected Amount Annual Subscription Subscribed Return Rate Maturity Date Product Name (in RMB) % Date Type of Product Investment Scope 26 June 2024 Xinyin Wealth Management 300000000 3.05% 27 June 2025 Non-principal guaranteed Debt assets Allwin Xiangzhiying Fixed with floating return Income Stable Profit Closed-ended Wealth Management Product No.13 (信银理财全盈象智赢 固收稳利封闭13号理财产品) As at the date of this announcement the aggregated outstanding principal amount of the Group’s wealth management and structured deposit financial products subscribed from CITIC Bank was RMB3400000000.– 1 –BASIS OF DETERMINATION FOR THE CONSIDERATION The Directors confirmed that the consideration of the Subscription of Wealth Management Allwin No. 13 was determined on the basis of commercial terms negotiated at arm’s length between the Group and CITIC Bank having considered (i) the current available surplus cash of the Group for treasury management purpose; and (ii) the expected investment return and terms of the relevant product.R E A S O N S F O R A N D B E N E F I T S O F T H E S U B S C R I P T I O N O F W E A L T H MANAGEMENT ALLWIN NO. 13 Using temporary idle funds reasonably and effectively will enhance the capital gain of the Company which is consistent with the core objectives of the Company to ensure capital safety and liquidity and meet the capital needs of the Group’s daily operations and dividend payment etc. The risk associated with the Subscription of Wealth Management Allwin No. 13 is low while the Company can enjoy a relatively higher return from investments in the Subscription of Wealth Management Allwin No. 13 than current savings or time deposits generally offered by commercial banks in the PRC.The Directors considered that the terms and the transaction contemplated under the agreement in respect of the Subscription of Wealth Management Allwin No. 13 are fair and reasonable on normal commercial terms and are in the interests of the Company and its Shareholders as a whole.The Group has implemented adequate and appropriate internal control procedures to ensure the Subscription of Wealth Management Allwin No. 13 would not affect the working capital or the operations of the Group and that such investment would be conducted on the principle of protecting the interests of the Company and its Shareholders as a whole.GENERAL INFORMATION ON THE PARTIES Information on the Group The Company is an exempted company incorporated in the Cayman Islands with limited liability on 26 October 2012 whose shares are listed on the Main Board of the Stock Exchange. The Group is primarily engaged in the production and sale of dairy products and raw milk and sale of nutritional supplements.Information on CITIC Bank CITIC Bank is a joint stock limited company incorporated in the PRC whose H shares and A shares are listed on the Stock Exchange (stock code: 998) and Shanghai Stock Exchange (stock code: 601998) respectively. CITIC Bank provides a full range of financial products and services to its customers nationwide with corporate banking personal banking and financial market operations as its principal businesses.As at the date of this announcement to the best knowledge and belief of the Directors and having made all reasonable enquiries CITIC Bank and its ultimate substantial beneficial owners as publicly disclosed by CITIC Bank are independent third parties of the Company and its connected persons.– 2 –LISTING RULES IMPLICATIONS As (i) the Subscription of CITIC Financial Products and the Subscription of Wealth Management Allwin No. 13 are made between the Group and CITIC Bank and (ii) when making the Subscription of Wealth Management Allwin No. 13 some of the wealth management and structured deposit financial products subscribed under the Subscription of CITIC Financial Products remain outstanding pursuant to Rule 14.22 of the Listing Rules such transactions shall be aggregated. As the highest applicable percentage ratio (as defined under Rule 14.07 of the Listing Rules) on an aggregate basis in respect of the Subscription of CITIC Financial Products and the Subscription of Wealth Management Allwin No. 13 exceeds 5% but is less than 25% such transactions constitute discloseable transactions of the Company for the purpose of the Listing Rules and are subject to the notification and announcement requirements but are exempt from the shareholders’ approval requirement under Chapter 14 of the Listing Rules.DEFINITIONS In this announcement the following expressions have the meanings set out below unless the context requires otherwise: “Board” the board of directors of the Company “CITIC Bank” China CITIC Bank Corporation Limited (中信银行股份有限公司)“CITIC the wealth management and structured deposit financial productsFinancial Products” issued by CITIC Bank and subscribed by the Company which were disclosed in the announcements of the Company dated 19 April 2023 26 December 2023 and 11 April 2024 “Company” China Feihe Limited an exempted company incorporated in the Cayman Islands with limited liability on 26 October 2012 “connected person” has the meaning ascribed thereto in the Listing Rules “Director(s)” director(s) of the Company “Feihe HLJ” Heilongjiang Feihe Dairy Co. Limited* (黑龙江飞鹤乳业有限公司) a company established in the PRC on 21 August 1996 and a wholly- owned subsidiary of the Company as at the date of this announcement “Group” the Company and its subsidiaries“independent third an individual(s) or a company(ies) who or which to the bestparty(ies)” knowledge and belief of the Directors and having made all reasonable enquiries is(are) not a connected person of the Company within the meaning of the Listing Rules – 3 –“Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited “PRC” the People’s Republic of China excluding for the purposes of this announcement the Hong Kong Special Administrative Region of the PRC the Macau Special Administrative Region of the PRC and Taiwan “RMB” Renminbi the lawful currency of the PRC “Shareholder(s)” shareholder(s) of the Company “Stock Exchange” The Stock Exchange of Hong Kong Limited “%” Per cent By Order of the Board China Feihe Limited LENG Youbin Chairman Beijing China 26 June 2024 As at the date of this announcement our executive directors are Mr. LENG Youbin Mr. LIU Hua Mr. CAI Fangliang and Ms. Judy Fong-Yee TU; our non-executive directors are Mr.GAO Yu Mr. Kingsley Kwok King CHAN and Mr. CHEUNG Kwok Wah; and our independent non-executive directors are Ms. LIU Jinping Mr. SONG Jianwu Mr. FAN Yonghong and Mr.Jacques Maurice LAFORGE.* For identification purposes only –4–