现代牧业2023 中期报告

CORPORATE PROFILE 本 公 司現 代 牧業本集團中國4241.82502SGS China Modern Dairy Holdings Limited (the “Company” or“Modern Dairy” together with its subsidiaries, the “Group”) isthe leading dairy farming operator and raw milk producer in thePeople’s Republic of China (the “PRC”). Modern Dairy operates42 dairy farming companies in the PRC with dairy cows over418,000 heads and annualized milk yield of over 2.50 milliontons. The Group is a leading dairy farming operator and rawmilk producer in terms of herd size in the PRC. The Companyinitiated the production model of “Zero-distance Integrationof Forage Grass Planting, Cows Breeding and Milk Processingwithin Two Hours”, which is the first in the PRC that appliesintegrated production model with SGS certification. ModernDairy’s products have been awarded the Gold Prize of MondeSelection which is generally regarded as the “Nobel Prize” in thefood industry, for the past ten consecutive years. In recent years,we have also successfully expanded our business to feed andforage, intelligent digital platform and dairy cows breeding. CONTENTS目錄 Highlights2Farm Map6Corporate Culture Panorama7Products of the Group and Associates8Management Discussion and Analysis10Report of the Directors36Corporate Information44Report on Review of Condensed Consolidated Financial Statements46Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income48Condensed Consolidated Statement of Financial Position50Condensed Consolidated Statement of Changes in Equity52Condensed Consolidated Statement of Cash Flows53Notes to the Condensed Consolidated Financial Statements56 HIGHLIGHTS (1)EBITDAi)ii)iii)iv) (2)(3)20236302022630 (1)Cash EBITDA is defined as earnings before finance costs and tax havingadded back: i) depreciation and amortisation charged to profit or loss; ii)other gains and losses, net; iii) impairment losses under expected creditloss model, net of reversal; and iv) loss arising from changes in fair valueless costs to sell of dairy cows. (2)Free cash flow is defined as the net cash generated from operatingactivities less the net cash outflow from investing activities. 股息 DIVIDEND The Board did not recommend the payment of any interim dividend forthe six months ended 30 June 2023 (six months ended 30 June 2022: nil). 20236302022630) 亮點摘要 HIGHLIGHTS With the corporate vision of “establishing a whole dairy value chain,innovating with digital intelligence, and becoming a global dairy farmingleader”, while focusing on the core business of raw milk and driven bydigitalization and ecological approaches, the Group’s businesses cover theentire dairy value chain of the dairy industry’s upstream sectors, includingbreeding, forage plantation, feeds, dairy farming and dairy value chaininternet trading platform. As the domestic consumer market recoversgradually, the Group started to see a rapid release of raw milk productioncapacity. With its cost advantage and leveraging on an organic synergybetween new and the conventional businesses, the Group substantiates astable and continuous business development with high quality. 核心業務增長強勁：202363042418,59635,9039.4%12.62.4%124.98.4%50.443.8% Strong Growth in Core Business:Raw milk production being the corebusiness of the Group, has performed solidly. During the period, the herdsize, AMY, total milk yield and sales revenue of raw milk have all recordeda significant growth. As of 30 June 2023, the Group had invested in andoperated 42 dairy farming companies in mainland China, and the numberof dairy cows reached 418,596 heads, representing a yoy increase of35,903 heads over the same period last year or a yoy increase of 9.4%.The AMY per milkable dairy cow reached an industry-leading level of 12.6tons as at the end of the period, representing a yoy increase of 2.4%, andit is expected to grow continuously. Total milk yield reached 1.249 milliontons during the period, representing a yoy increase of 8.4%, with salesrevenue amounting to RMB5,044 million, representing a yoy increase of3.8%. Robust Financial Fundamental with Decreasing Leverage:Duringthe period, the Group’s persistent strengthening of cost reduction andcash flow control internally and the active exploration of upstream anddownstream synergies externally to cope with the operation pressurefrom the industry, resulted in a significant yoy increase of 70% in netcash inflow from operating activities to RMB2.18 billion (compared toRMB1.28 billion for the same period last year) and net free cash inflowof approximately RMB900 million (compared to that of net outflowof approximately RMB560 million for the same period last year). TheGroup’s overall financial foundation is solid and resilient, and all businesssegments continue to grow healthily. 財務基礎穩健槓桿下降：70%21.812.89.05.6 HIGHLIGHTS 新業務發展迅速：15.9105% Rapid Development of New Business:Along with last year’s successfulacquisition of Aiyangniu and development of Liangyuan Technology,Modern Feed, Modern Grassland and Meng Yuan Genetic