蒙牛乳业年报2024

ChinaMengniu Dairy Company Limited(the“Company”;stock code:2319)and its subsidiaries(collectively the“Group”or“Mengniu”)mainly manufacture and distributequality dairy products in China. It is one of theleading dairyproduct manufacturers in China, withMENGNIU as its corebrand.Mengniu offers diversified products including liquidmilk products, ice cream, milk formula and cheese. Mengniuranked ninthin the 2024“GlobalDairy Top 20”listpublishedby Rabobank. As of 31 December 2024, the Group’s annualdairyproduction capacity amounted to around 14 milliontons.In March 2014, Mengniu became a Hang SengIndexconstituent,making it the first blue chip Chinese dairyproduct manufacturer. Mengniu’s MSCI ESG rating of AA isthehighest rating received by a comprehensive dairycompanyin China.Mengniu is a constituent of the HangSeng Corporate Sustainability Index, Hang Seng (MainlandandHK)Corporate Sustainability Index,Hang SengCorporateSustainability Benchmark Index and HSI ESGEnhanced Select Index. 23191,400MSCIESGAAESG CONTENTS 摘要2生產基地位置圖6主要獎項及殊榮7總裁致辭10管理層討論及分析18董事及高級管理層61企業管治報告72董事會報告98公司資料127獨立核數師報告129綜合損益表138綜合全面收益表139綜合財務狀況表140綜合權益變動表143綜合現金流量表145財務報表附註148五年財務概要315 HighlightsPlant MapMajor Awards and AchievementsCEO’s StatementManagement Discussion and AnalysisDirectors and Senior ManagementCorporate Governance ReportReport of the DirectorsCorporate InformationIndependent Auditor’s ReportConsolidated Statement of Profit or LossConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Financial StatementsFive-Year Financial Summary HIGHLIGHTS 886.74810.1%2.439.6% •In 2024, due to the imbalance between demand and supplyinthe dairy industry and lower-than-expected consumerdemand,the Group booked a revenue of RMB88,674.8million,representing a year-on-year decrease of 10.1%.Grossprofit margin increased by 2.4 percentage pointsyear-on-year to 39.6%.• •72.5671.98.2% •Toaddress external challenges,the Group steadfastlyadvancedthe execution of its“One Core,Two Wings”strategy, with a focus on R&D and innovation, brand driven,and digital transformation. The Group accelerated channeloptimizationand new business development,whilestrengthening and refining operations and improving qualityandefficiency.By comprehensively driving high-qualitydevelopment,the Group achieved an operating profit ofRMB7,256.7 million, with operating profit margin increasingby 1.9 percentage points year-on-year to 8.2%. Revenue by Product Mix (For the year ended 31 December)RMB Million 海外生產基地Overseas Plants 印尼生產基地、雅士利新西蘭生產基地、貝拉米澳洲生產基地Indonesia Plant, Yashili’s New Zealand Plant,Bellamy’s Australia Plant Burra澳洲生產基地、艾雪印尼生產基地、艾雪菲律賓生產基地Burra’s Australia Plant, AICE’s Indonesia Plant,AICE’s Philippines’ Plant MAJOR AWARDSAND ACHIEVEMENTS — MENGNIU GROUP—Includedin the“Global Dairy Top 20”list published by Rabobankfor the 16th consecutive year,ranking 9thglobally —BrandZTMTop30 —Ranked Top 30 in “Most Valuable Chinese Brands List ()” of BrandZ™ —MSCIESG rating maintained at AA,continuing to leadChina’s dairy industry —Mengniu Ningxia factory has been approved as the world’sfirst “Lighthouse Network ()” in the dairy industryandhas been selected as one of the first batch ofexcellence-levelintelligent factories by the Ministry ofIndustry and Information Technology — —Awardedthe second prize of the National Science andTechnology Progress Award issued by the State Council for“Key Technological Innovation and Application of ExcellentLacticAcid Bacteria Germplasm Resource Mining andIndustrialisation ()” — MENGNIU’S BRANDS, PRODUCTS AND R&D—Milk Deluxe Organic Series products won the gold award at theBIOFACH Germany()foranother consecutive year —C2024C-BPI —YoyiC won the first place in China Brand Power Index(C-BPI) industry in 2024 —2024 —Champion Jianzihao () won the Immunity Product ofthe Year Award () in the Asia PacificFunctional Food Industry Awards () in2024 — —Chilled fresh milk category innovation and key technologyintegrationproject won the second prize of Science andTechnology Award of China National Light Industry Council —ITI —A number of Shiny Meadow’s products received the GoldAward of Monde Selection () and SuperiorTaste Award of ITI —• CEO’SSTATEMENT China’s dairy industry faced multiple challenges in 2024, includingsofter-than-expected consumer demand, intensified competition,rawmilk supply and demand imbalances,accelerated channelrestructuring, and insufficient product diversification. Despite theseheadwinds, we remain committed to prioritising the health needsofconsumers and capitalized on the opportunities created byrising health awareness to drive innovation, strategic upgrades,andunlock consumer potential.Through brand driven,R&Dinnovation,and digital transformation,we continued to developnew products, create new consumption scenarios, expand intonew segments, and refine our new-quality produc