现代牧业：2025年中期报告

2025Interim Report CORPORATE PROFILE 1 1 1 7471347.23002SGS China Modern Dairy Holdings Ltd. (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 47 farmcompanies in Chinese Mainland, spanning 13 provinces andautonomous regions, with approximately 472,000 dairy cowsbeing raised by the end of the current period, and annualizedmilk yield reaching over 3 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 12 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 which have continuouslycontributed to the development of the Group. Raise healthy cows,“”Safeguard each and every drop of milk CONTENTS目錄 Highlights2Management Discussion and Analysis6Report of the Directors30Corporate Information39Report on Review of Condensed Consolidated Financial Statements41Consolidated Statement of Profit or Loss43Consolidated Statement of Profit or Loss and Other Comprehensive Income44Consolidated Statement of Financial Position45Consolidated Statement of Changes in Equity47Condensed Consolidated Cash Flow Statement49Notes to the Unaudited Interim Financial Report51 HIGHLIGHTS (1)EBITDAi)ii)iii)iv)(2)20256 302024630 (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)Equity attributable to owners of the Company at the period end divided bythe number of ordinary shares in issue at the end of the reporting periods,defined as of 30 June 2025 and 30 June 2024. 股息 DIVIDEND The Board did not declare the payment of any interim dividend for the sixmonths ended 30 June 2025 (six months ended 30 June 2024: nil). 20256302024630) 亮點摘要 HIGHLIGHTS The Group’s corporate vision is “deploying the whole industry chain,be innovative with digital intelligence, and be a global dairy farmingleader”. With the raw milk production as its core business, the Grouphas built a business system covering the entire value chain of the dairyindustry through the dual drives of digital transformation and ecologicaldevelopment. The Group’s current business scope covers breedingresearch and development, forage plantation, feed, dairy cows breedingand value chain digital intelligence platform. Through the collaborativedevelopment model of the entire value chain, the Group’s businessmaintained a steady growth trend. •卓越產品質量：24 •Excellent Product Quality:Modern Dairy’s brand of pure milkhas won the gold medal at the Monde Selection Quality Awards fortwelve consecutive years. We always abide by the mission of “raisinghealthy cows, safeguarding every drop of good milk”. From foragegrass planting, cows breeding to milk processing, the Group utilisesdigital intelligence to carry out 24/7 all-weather monitoring of eachnode in the whole dairy value chain to ensure every drop of milk isof the highest quality and is both nutritious and safe. •強勁經營現金流：490.0202423.3% •Strong Operating Cash Flow:The Group has continuously takeneffective measures to enhance quality and increase efficiency,achieving significant cost savings during the period. The Grouprecorded net cash from operating activities of RMB490.0 million, anincrease of 23.3% compared to the same period in 2024, enhancingthe Group’s core competitiveness and resilience to industry cycles. •Healthy Dairy Cow Structure:As at 30 June 2025, the Groupraises a total of 472,480 dairy cows, representing a year-on-year(“yoy”) increase of 6.2%, and the proportion of milkable cows tothe total number of dairy cows increased by 3.5 percentage point(“ppt”) to 54.1% as compare to same period last year, which are inline with the Group’s overall herd management strategy. •健康牛群結構：2025630472,4806.2%54.1%3.5 HIGHLIGHTS •13.21.5%166.114.6% •Continued Raw Milk Business Growth:During the period, theaverage annualized milk yield (“AMY”) per milkable cow andtotal milk production reached record highs. The average AMY permilkable cow reached 13.2 tons, a yoy increase of 1.5%, leadingthe industry. The total raw milk yield reached 1.661 million tons,representing a yoy increase of 14.6%, for the period. •ESG表現卓越：MSCI Inc.MSCIA2025 •Outstanding ESG Performance:MSCI Inc., one of the world’slargest index companies, has upgraded M