蒙牛乳业中期报告 2024

CORPORATE PROFILE China Mengniu Dairy Company Limited (the “Company”; stock code: 2319)andits subsidiaries(collectively“the Group”or“Mengniu”)mainlymanufacture and distribute quality dairy products in China. It is one of theleading dairy product manufacturers in China, withMENGNIU as its corebrand. Mengniu offers diversified products including liquid milk products, icecream, milk formula and cheese. In March 2014, Mengniu became a HangSeng Index constituent, making it the first blue-chip Chinese dairy productmanufacturer. In 2023, Mengniu’s MSCI ESG rating was elevated to AA.Mengniu is a constituent of the Hang Seng Corporate Sustainability Index,Hang Seng (Mainland and Hong Kong) Corporate Sustainability Index, HangSeng Corporate Sustainability Benchmark Index and HSI ESG EnhancedSelect Index. 公司簡介 2319MSCI ESGAAESG CONTENTS目錄CONTENTS目錄 53Consolidated Statement ofComprehensive Income綜合全面收益表54Consolidated Statement ofFinancial Position綜合財務狀況表57Consolidated Statement ofChanges in Equity綜合權益變動表59Condensed ConsolidatedStatement of Cash Flows簡明綜合現金流量表61Notes to UnauditedInterim Financial Report未經審核中期財務報告附註 2Corporate Information公司資料4Highlights摘要6Management Discussion and Analysis管理層討論及分析34Report of the Directors董事會報告50Review Report審閱報告52Consolidated Statement ofProfit or Loss綜合損益表 CORPORATE INFORMATION公司資料 BOARD OF DIRECTORSExecutive Directors 執行董事 Mr. LU MinfangMr. GAO Fei(appointed on 26 March 2024)Ms. WANG YanMr. ZHANG Ping(resigned on 26 March 2024) 非執行董事 Non-executive DirectorsMr. QING Lijun(appointed on 22 May 2024) Simon Dominic STEVENS Mr. CHEN Lang(resigned on 22 May 2024)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. ZHANG PingMr. LUO YanMr. YAN ZhiyuanMr. HAN JianjunMr. ZHAO JiejunMr. WEN YongpingMr. YANG ZhigangMr. LI PengchengMs. LIU LijunMr. CHEN YiyiMr. KWOK Wai Cheong, Chris(Qualified Accountant &Company Secretary) Subsequentto the reporting period and with effect from 28August 2024, Mr. Meng Fanjie was appointed as a non-executivedirector and Mr. Wang Xi resigned as a non-executive director. 2319 STOCK CODE Hong Kong Stock Exchange 2319 26232ir@mengniu.cnwww.mengniuir.com INVESTOR RELATIONS CONTACT Ms. Willow WU32nd Floor, COFCO Tower262 Gloucester RoadCauseway BayHong KongEmail: ir@mengniu.cnWebsite: www.mengniuir.com PLACE OF BUSINESS IN HONG KONG 32nd Floor, COFCO Tower262 Gloucester Road, Causeway BayHong Kong 26232 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 HONG KONG BRANCH SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedRooms 1712–1716, 17th Floor, Hopewell Center183 Queen’s Road East, WanchaiHong Kong LEGAL ADVISORS • As to Hong Kong LawSullivan & Cromwell (Hong Kong) LLP Maples and Calder Asia As to Cayman Islands LawMaples 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 INVESTOR RELATIONS CONSULTANTChristensen China Limited GREEN1+NTNFD ••The Group is consistently implementing its “GREEN” strategyand “dual-carbon goals”, actively driving initiatives such asd e f o r e s t a t i o n - f r e es t r a t e g i e s ,g r e e n p a c k a g i n gtransformation,and promoting a circular economy andestablishinga“1+N”Sustainability Report DisclosureSystem,publishing China’s first TNFD report in the dairyindustry,continuously steering the entire industry,bothupstreamand downstream,towards a greener and moresustainable future. RMB Million MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 BUSINESS REVIEW FIRST In the first half of 2024, the industry experienced a brief downturndue to an oversupply of raw milk, lower-than-expected consumerdemand, and the imbalance between demand and supply. Whileactivelytackling short-term challenges and maintaining itslong-term strategic focus, Mengniu has focused on its “Creating aNew Mengniu” initiative and the FIRST blueprint. In promoting itsoverarching goal of high-quality development, it firmly adhered tothe principles of “value creation, consistent focus on R&D andinnovation,brand building,digitization,accelerated channeloptimisation, and new business development”. To B During the reporting period, Mengniu consistently upgraded andinnovatedits product categories,created div