蒙牛乳业中期报告 2023

INTERIM REPORT2023INTERIM REPORT2023 CORPORATE PROFILE ChinaMengniu Dairy Company Limited(the“Company”;stock code:2319)and itssubsidiaries (collectively “the Group” or “Mengniu”) mainly manufacture and distributequality dairy products in China. It is one of the leading dairy product manufacturers inChina, withMENGNIU as its core brand. Mengniu offers diversified products includingliquid milk products, ice cream, milk formula and cheese. Mengniu ranked at the 8th in“Global Dairy Top 10” in 2023, and placed 26th on BrandZ™’s list of most valuableChinesebrands.Mengniu’s brand value grew by 15%year-on-year,ranking first inChina’s dairy industry and was the only Chinese FMCG brand with double-digit growth.Mengniu also made it again among Brand Finance’s list of the top 500 most valuablebrands of the world. As at the end of June 2023, the Group’s annual dairy productioncapacity reached 13.60 million tons. In March 2014, Mengniu became a Hang SengIndex constituent, making it the first blue chip Chinese dairy product manufacturer. Inaddition, Mengniu is a constituent of Hang Seng Corporate Sustainability Index, HangSeng (Mainland and Hong Kong) Corporate Sustainability Index, Hang Seng CorporateSustainability Benchmark Index and HSI ESG Enhanced Select Index. 公司簡介 2319BrandZ™2615%Brand Finance5001,360ESG CONTENTS目錄 59Consolidated Statement ofComprehensive Income60Consolidated Statement ofFinancial Position63Consolidated Statement ofChanges in Equity65Condensed ConsolidatedStatement of Cash Flows67Notes to UnauditedInterim Financial Report 2Corporate Information4Highlights7Management Discussion and Analysis39Report of the Directors56Review Report58Consolidated Statement ofProfit or Loss CORPORATE INFORMATION公司資料 Board of Directors 執行董事 Executive DirectorsMr. LU Minfang(Chief Executive Officer)Ms. WANG YanMr. ZHANG Ping 非執行董事Simon Dominic STEVENS Non-executive DirectorsMr. CHEN Lang(Chairman)Mr. WANG XiMr. Simon Dominic STEVENS 獨立非執行董事 Independent Non-executive DirectorsMr. YIH Dieter (alias Yih Lai Tak, Dieter)Mr. LI Michael HankinMr. GE Jun 高級管理層 Senior Management Mr. GAO FeiMr. WEN YongpingMr. ZHAO JiejunMr. LUO YanMr. CHEN YiyiMs. LIU LijunMr. YANG ZhigangMr. HAN JianjunMr. LI PengchengMr. KWOK Wai Cheong, Chris(Qualified Accountant & CompanySecretary) 股份代號2319 Stock CodeHong Kong Stock Exchange 2319 Investor Relations Contact Ms. Willow WU32nd Floor, COFCO Tower262 Gloucester Road, Causeway BayHong KongEmail: ir@mengniu.cnWebsite: www.mengniuir.com 26232ir@mengniu.cnwww.mengniuir.com Place of Business in Hong Kong 26232 32nd Floor, COFCO Tower262 Gloucester Road, Causeway BayHong Kong Registered Office Maples Corporate Services LimitedP.O. Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands Maples Corporate Services LimitedP.O. Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands Principal Share Registrar Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands 183171712–1716 Hong Kong Branch Share RegistrarComputershare Hong Kong Investor Services Limited Rooms 1712–1716, 17th Floor, Hopewell Center183 Queen’s Road East, WanchaiHong Kong • Legal Advisors As to Hong Kong LawSullivan & Cromwell (Hong Kong) LLP As to Cayman Islands LawMaples and Calder Asia Maples and Calder Asia Principal Bankers Agricultural Bank of ChinaBNP ParibasDBS BankIndustrial Commercial Bank of ChinaRabobankStandard Chartered Bank Auditors KPMGPublic Interest Entity Auditor registered in accordance with theAccounting and Financial Reporting Council Ordinance HIGHLIGHTS摘要 •In the first half of 2023, with the gradual recovery of theconsumermarket,the overall domestic demand for dairyproductsand end-market sales steadily rebounded,asconsumers attached greater importance to nutrition, healthand immunity enhancement. During the period, focusing onthethree key strategic approaches of“Greener,MoreNutritiousand Smarter”,the Group achieved stable andhigh-quality growth. Its core business demonstrated strongand resilient growth momentum while its innovation businessmadesignificant breakthroughs,bolstering the overallstrengths of its brand. 511.1854 7 7 . 2 2 37.1%29.9%32.74925.2036.4%5.3%110 •The revenue of the Group amounted to RMB51,118.5 millionforthe six months ended 30 June 2023(2022:RMB47,722.3 million), representing a year-on-year increaseof7.1%.Benefiting from cost reduction,efficiencyenhancementand product structure improvement,theGroup’s operating profit increased by 29.9% year-on-year toRMB3,274.9million(2022:RMB2,520.3 million),while itsoperatingprofit margin increased to 6.4%(2022:5.3%),representing a significant year-on-year increase of 110 basispoints. •Duringthe period,the Group actively promoted productinnovation, brand upgrades, and channel cultivation, drivingconti