中国圣牧中期报告2024

Corporate Profile China Shengmu Organic Milk Limited (the “Company” or “Shengmu”, together with its subsidiaries, the “Group”) is an integrated“ Forage Grass Planting, Cows Breeding” desert eco-organic circular raw milk enterprise, covering the entire value chain of thedairy industry, from forage grass planting and cows breeding to raw milk production. With a safe milk source base as the core, organic planting and breeding, high quality organic raw milk as the basis, Shengmu isable to secure partnerships with downstream dairy companies. Currently, the Group has 34 farms with a stock of 148,000 cows.Shengmu’s original organic ecological desert management industry system in the Ulan Buh Desert has been selected by theUnited Nations Global Compact as the best integrated practice for the “Sustainable Production and Consumption” category. TheCompany is also the first with its raw milk brand in Mainland China that has obtained dual certifications of organic standardsdomestically and in the EU as well. 3414.8 Contents 25782637394041434547 Corporate InformationHighlightsCorporate CultureManagement Discussion and AnalysisReport of the DirectorsReport on Review of Interim Financial StatementInterim Condensed Consolidated Statement of Profit or LossInterim Condensed Consolidated Statement of Comprehensive IncomeInterim Condensed Consolidated Statement of Financial PositionInterim Condensed Consolidated Statement of Changes in EquityInterim Condensed Consolidated Statement of Cash FlowsNotes to Interim Condensed Consolidated Financial Information Corporate Information Board of DirectorsEXECUTIVE DIRECTORMr. ZHANG Jiawang(Chief Executive Officer) NON-EXECUTIVE DIRECTORS Mr.CHENYiyi(Chairman)Mr. ZHANG PingMr. ZHAO JiejunMr. SUN QianMs. SHAO Lijun INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. WANG LiyanMr. WU LiangMr. SUN Yansheng (CPA, ACG, HKACG) Company SecretaryMr. LI Kwok Fat(CPA, ACG, HKACG) Authorised Representatives Mr. ZHANG JiawangMr. LI Kwok Fat Audit Committee Mr. WANG Liyan(Chairman)Mr. ZHANG PingMr. WU Liang Remuneration Committee Mr. SUN Yansheng(Chairman)Mr. ZHANG PingMr. WU Liang Nomination Committee Mr. CHEN Yiyi(Chairman)Mr. WANG LiyanMr. WU Liang Strategic and Sustainability Committee Mr. CHEN Yiyi(Chairman)Mr. ZHANG JiawangMr. ZHAO JiejunMr. SUN Qian Registered Office P.O. Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands P.O. Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands Principal Place of Business in Hong Kong 26232A Room A, 32nd Floor COFCO Tower262 Gloucester RoadCauseway BayHong Kong Headquarter and Principal Place of Business inChina Food Industry ParkDeng Kou County Bayannur CityInner Mongolia Autonomous RegionPRC 1432 Stock Code The Main Board of The Stock Exchange of Hong Kong Limited1432 Principal Share Registrar and Transfer Office Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1112Cayman Islands Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1112Cayman Islands Corporate Information Hong Kong Branch Share Registrar and TransferOffice 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Principal Bankers Bank of China LimitedBank of Communications Co., Ltd.Industrial Bank Co., Ltd.The Export-Import Bank of ChinaDBS Bank Ltd. AuditorErnst & Young Legal Advisor AS TO HONG KONG LAWAllen Overy Shearman Sterling AS TO CAYMAN ISLANDS LAWMaples and Calder Website http://www.shengmuorganicmilk.com http://www.shengmuorganicmilk.com Highlights Corporate Culture Management Discussion and Analysis Industry Overview 2024616,8365.0%235,9693.7%9.6%5.6%2024(CPI)0.1%1.4%20,7335.4%5.3% In the first half of 2024, the domestic economy developed steadily butprogressively, with GDP reaching RMB61,683.6 billion, representing a year-on-year growth of 5.0%; total retail sales of consumer goods reached RMB23,596.9billion, representing a year-on-year growth of 3.7%; and retail sales of food andoil, and beverage recorded by businesses of at least a certain scale () increased by 9.6% and 5.6%, respectively. In the first half of 2024, theChinese consumer price index (CPI) rose by 0.1% year-on-year, of which food,tobacco and alcohol prices fell by 1.4%. The national disposable income percapita reached RMB20,733, representing a nominal year-on-year increase of5.4%, and a real year-on-year increase of 5.3% after deducting price factors. 20241,4333.0%20242024130.815.6%806.015.6%202438.320.7%29.511.6%2024.3% In the first half of 2024, in terms of the dairy products industry, consumptionof dairy products is still recovering. The production of dairy manufacturingenterprises above the designated size () in Chinawas 14.33 million tonnes, representing a year-on-year decrease of 3.0%. Interms of imports, the total amount of dairy products imported into China inthe first half of 2024 continued to decline as compared with the corre