现代牧业2024 中期报告

CORPORATE PROFILE 本 公 司現 代 牧業1 1 1 7本 集團中國421344.52592SGS China Modern Dairy Holdings Limited (the “Company”or “Modern Dairy”, stock code: 1117, together with itssubsidiaries, the “Group”) is a leading dairy farming operatorand raw milk producer in the industry in the People’s Republicof China (the “PRC”). We invest in and operate 42 farmcompanies in Chinese Mainland, spanning 13 provinces andautonomous regions, with approximately 445,000 dairy cowsbeing raised by the end of the current period, and annualizedmilk yield reaching 2.59 million tons. The Company pioneeredthe production model of “Zero-distance Integration of ForageGrass Planting, Cows Breeding and Milk Processing within TwoHours”, being the first in the PRC with integrated productionmodel certified by SGS. Modern Dairy’s branded milks havebeen awarded the Gold Prize of Monde Selection, known as the“Nobel Prize” in the food industry, for the past 11 consecutiveyears. In recent years, the business scope of the Group hasexpanded to new areas such as intelligent digital platform, feed,forage grass and dairy cows breeding, and such new businesseshave continuously contributed to the development of theGroup. CONTENTS目錄 Highlights2Farm Map6Management Discussion and Analysis7Report of the Directors32Corporate Information41Report on Review of Condensed Consolidated Financial Statements43Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income45Condensed Consolidated Statement of Financial Position47Condensed Consolidated Statement of Changes in Equity49Condensed Consolidated Statement of Cash Flows50Notes to the Condensed Consolidated Financial Statements53 HIGHLIGHTS Notes: (1)EBITDAi)ii)iii)iv)(2)(3)20246 302023630 (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 credit lossmodel, net of reversal; and iv) loss arising from changes in fair value less coststo sell of dairy cows. (2)Free cash flow is defined as the net cash generated from operating activitiesless the net cash outflow from investing activities. 股息 DIVIDEND 20246302023630) The Board did not recommend the payment of any interim dividend forthe six months ended 30 June 2024 (six months ended 30 June 2023: nil). 亮點摘要 HIGHLIGHTS EBITDA1,515202324419.2% The Group’s corporate vision is “deploying the whole industry chain, beinnovative with digital intelligence, and be a global dairy farming leader.”With raw milk production as its core business, driven by digitalizationand ecological practices, the Group’s business spans across the entiredairy value chain, covering breeding, forage grass, feed, dairy farming,and intelligent digital platforms, laying a solid foundation for the Group’ssustained and steady development. To cope with the challenges of atough market environment, the Group has proactively taken effectivemeasures to reduce costs and increase efficiency, achieving significant costsavings during the period, enhancing the Group’s core competitivenessand resilience against the cyclical fluctuations in the industry. Duringthe period, the Group recorded cash EBITDA of RMB1,515 million, anincrease of approximately RMB244 million or 19.2% compared to thesame period in 2023. •原料奶業務持續增長：133.2%14013.4%51.121.3%20232.020231208.4% •Continued Raw Milk Business Growth:The average annualizedmilk yield (“AMY”) per milkable cow and total milk productionreached record highs, and raw milk sales revenue also increased.The average AMY per milkable cow reached 13 tons, a year-on-year increase of 3.2%, leading the industry. Total raw milk salesreached 1.4 million tons, demonstrating a year-on-year increase of13.4%. Raw milk sales revenue reached RMB5.112 billion, a year-on-year increase of 1.3%. The Group’s raw milk business grossprofit margin increased by 2.0 percentage points compared to thesame period in 2023. The gross profit of the raw milk businessincreased by RMB120 million compared to the same period in 2023,demonstrating an increase of 8.4%. •債務結構穩健：3.5%3.4%202362.7%76.2% •Healthy Debt Structure:The Group continued to strengtheninternal cost reduction and efficiency improvement measures, takingadvantage of the domestic interest rate cut window, and furtherreducing the financing cost ratio from 3.5% in the same periodlast year to 3.4% this year. The Group’s asset-liability ratio stayedrelatively constant compared to the end of 2023, at 62.7%. Thedebt structure continued to be optimized, with long-term debtaccounting for 76.2%. HIGHLIGHTS •評級展望穩定：4BBB •Stable Rating Outlook:Modern Dairy has been awarded a“BBB” investment grade credit rating by Standard & Poor’s for fourconsecutive years, with a stable outlook, which facilitates the Groupto obtain financing on more competitive terms. •ESG表現卓越：MSCIInc.MSCIBBB2024 •Outstanding ESG Performance:MSCI Inc., one of the world’slargest index companies,