蒙牛乳业：2025年中期报告

CORPORATEPROFILE 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 includingliquidmilk products,ice cream,milk formula and cheese.In March 2014,Mengniubecamea Hang Seng Index constituent,making it the first blue-chip Chinese dairyproduct manufacturer.Mengniu maintained its MSCI ESG Rating of“AA”, which is alsothe highest rating received by comprehensive dairy companies in China.Mengniu is aconstituent of the Hang Seng Corporate Sustainability Index, Hang Seng (Mainland andHongKong)Corporate Sustainability Index,Hang Seng Corporate SustainabilityBenchmark Index and HSI ESG Enhanced Select Index. 公司簡介 2319MSCI ESGAAESG CONTENTS目錄 公司資料 執行董事 BOARD OF DIRECTORSExecutive Directors Mr. GAO FeiMs. WANG Yan 非執行董事Lillie Li VALEUR Non-executive DirectorsMr. QING LijunMr. MENG FanjieMr. WANG XiMs. Lillie Li VALEUR 獨立非執行董事 Independent Non-executive DirectorsMr. YIH Dieter Lai TakMr. LI Michael HankinMr. GE Jun 高級管理層 Senior Management Mr. ZHANG PingMr. YAN ZhiyuanMr. HAN JianjunMr. WEN YongpingMr. YANG ZhigangMr. LI PengchengMs. LIU LijunMr. CHEN YiyiMs. LI ChengjieMr. KWOK Wai Cheong, Chris(Qualified Accountant &Company Secretary) 2319 STOCK CODEHong Kong Stock Exchange 2319 INVESTOR RELATIONS CONTACT 26232ir@mengniu.cnwww.mengniuir.com Ms. Willow WU32nd Floor, COFCO Tower262 Gloucester RoadCauseway BayHong KongEmail: ir@mengniu.cnWebsite: www.mengniuir.com 26232 PLACE OF BUSINESS IN HONG KONG 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 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 HIGHLIGHTS摘要 •In the first half of 2025, due to persistent oversupply of rawmilk and lower-than expected consumer demand recovery,thesupply and demand imbalance in the dairy industrycontinued. The Group delivered a revenue of RMB41,567.2million,representing a year-on-year decrease of 6.9%.Grossprofit margin increased by 1.4 percentage pointsyear-on-year to 41.7%. ••TheGroup proactively embraced consumers’growingdemand for basic nutrition, premium quality, and diverse orpersonalisednutritional options.Over one hundred newproducts were launched in the first half of the year, leadingtheway in ensuring that consumers“Drink More”,“DrinkGood”,and“Drink Right”.During the reporting period,specialisedcategories including chilled yogurt,fresh milk,milk formula, cheese and ice products demonstrated growthtrends, with initial results emerging from the optimisation ofproduct portfolio structure. 12 •The Group is always committed to create long-term value totheShareholders and generate stable and sustainablereturns for the Shareholders. As an important measure toimprovethe value to the Shareholders,the Group willcontinueto implement repurchase of the Shares in thefollowing 12 months, with plans no less than the scale ofrepurchase conducted in the previous 12 months, so as tocontinuously enhance the earnings per Share and value totheShareholders,while demonstrating the Board’s firmconfidence in the Group’s long-term development and Shareprice. ••The Group continually implemented its “GREEN” sustainabilitystrategyand“dual carbon strategic goals”throughcontinuouslyimproving its disclosure of sustainabilityinformation and actively promoting key issues such as greensupplychain,sustainable water resource management,green packaging and responsible procurement, thus guidingupstreamand downstream along the industrial chaintowards a greener and more sustainable future. GREEN 管理層討論及分析 BUSINESS REVIEW In the first half of 2025, raw milk prices declined year-on-year.Oversupply persisted in the short term, while demand recovery fellshortof expectations.The imbalance